New Risk • Mar 23
New major risk - Revenue and earnings growth Earnings have declined by 7.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.7% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.4% average weekly change). Earnings have declined by 7.6% per year over the past 5 years. Reported Earnings • Mar 23
Full year 2025 earnings released: ₪0.22 loss per share (vs ₪0.19 profit in FY 2024) Full year 2025 results: ₪0.22 loss per share (down from ₪0.19 profit in FY 2024). Revenue: ₪286.1m (up 50% from FY 2024). Net loss: ₪200.5m (down 216% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Mar 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Israeli stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.7% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Announcement • Mar 16
Shikun & Binui Energy Ltd to Report Fiscal Year 2025 Results on Mar 18, 2026 Shikun & Binui Energy Ltd announced that they will report fiscal year 2025 results on Mar 18, 2026 New Risk • Jan 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Israeli stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.7% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.9% average weekly change). Reported Earnings • Nov 20
Third quarter 2025 earnings released: ₪0.10 loss per share (vs ₪0.098 profit in 3Q 2024) Third quarter 2025 results: ₪0.10 loss per share (down from ₪0.098 profit in 3Q 2024). Revenue: ₪104.0m (up 22% from 3Q 2024). Net loss: ₪90.9m (down 201% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Sep 17
Shikun & Binui Energy Ltd, Annual General Meeting, Oct 22, 2025 Shikun & Binui Energy Ltd, Annual General Meeting, Oct 22, 2025. Location: co. offices, Israel Reported Earnings • Aug 19
Second quarter 2025 earnings released: ₪0.04 loss per share (vs ₪0.08 profit in 2Q 2024) Second quarter 2025 results: ₪0.04 loss per share (down from ₪0.08 profit in 2Q 2024). Revenue: ₪67.2m (up 58% from 2Q 2024). Net loss: ₪71.4m (down 201% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • May 21
First quarter 2025 earnings released: EPS: ₪0.03 (vs ₪0.09 in 1Q 2024) First quarter 2025 results: EPS: ₪0.03 (down from ₪0.09 in 1Q 2024). Revenue: ₪34.4m (up 34% from 1Q 2024). Net income: ₪24.9m (down 68% from 1Q 2024). Profit margin: 72% (down from 304% in 1Q 2024). New Risk • Apr 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.8% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (91% net profit margin). Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₪0.19 (vs ₪0.17 in FY 2023) Full year 2024 results: EPS: ₪0.19 (up from ₪0.17 in FY 2023). Revenue: ₪190.4m (up 61% from FY 2023). Net income: ₪172.8m (up 8.3% from FY 2023). Profit margin: 91% (down from 135% in FY 2023). Announcement • Mar 17
Shikun & Binui Energy Ltd to Report Q4, 2024 Results on Mar 19, 2025 Shikun & Binui Energy Ltd announced that they will report Q4, 2024 results on Mar 19, 2025 New Risk • Feb 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Israeli stocks, typically moving 9.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.5% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.0% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (97% net profit margin). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₪2.79, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 23x in the Construction industry in Israel. Negligible returns to shareholders over past year. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪2.68, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 19x in the Construction industry in Israel. Total loss to shareholders of 7.9% over the past year. New Risk • Nov 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Israeli stocks, typically moving 7.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.2% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.4% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (97% net profit margin). Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: ₪0.10 (vs ₪0.03 in 3Q 2023) Third quarter 2024 results: EPS: ₪0.10 (up from ₪0.03 in 3Q 2023). Revenue: ₪85.5m (up 95% from 3Q 2023). Net income: ₪89.7m (up 193% from 3Q 2023). Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₪2.27, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 19x in the Construction industry in Israel. Total loss to shareholders of 23% over the past year. New Risk • Aug 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 189% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.4% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (83% net profit margin). Announcement • Aug 23
Shikun & Binui Energy Ltd, Annual General Meeting, Sep 26, 2024 Shikun & Binui Energy Ltd, Annual General Meeting, Sep 26, 2024. Location: co. offices, Israel Reported Earnings • Aug 21
Second quarter 2024 earnings released: EPS: ₪0.08 (vs ₪0.11 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.08 (down from ₪0.11 in 2Q 2023). Revenue: ₪42.5m (up 47% from 2Q 2023). Net income: ₪70.8m (down 27% from 2Q 2023). Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: ₪0.17 (vs ₪0.072 in FY 2022) Full year 2023 results: EPS: ₪0.17 (up from ₪0.072 in FY 2022). Revenue: ₪118.2m (down 17% from FY 2022). Net income: ₪159.6m (up 201% from FY 2022). Announcement • Mar 21
Shikun & Binui Energy Ltd to Report Q4, 2023 Results on Mar 21, 2024 Shikun & Binui Energy Ltd announced that they will report Q4, 2023 results on Mar 21, 2024 Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪2.88, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 12x in the Construction industry in Israel. Total loss to shareholders of 8.6% over the past year. Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: ₪0.03 (vs ₪0.03 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.03 (in line with 3Q 2022). Revenue: ₪43.9m (down 23% from 3Q 2022). Net income: ₪30.6m (up 1.6% from 3Q 2022). Profit margin: 70% (up from 53% in 3Q 2022). The increase in margin was driven by lower expenses. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: ₪0.11 (vs ₪0.11 in 2Q 2022) Second quarter 2023 results: EPS: ₪0.11 (up from ₪0.11 in 2Q 2022). Revenue: ₪28.9m (down 27% from 2Q 2022). Net income: ₪97.3m (up 58% from 2Q 2022). Announcement • Jun 14
Shikun & Binui Energy Ltd (TASE:SBEN) acquired Two 43 MW Agro-photovoltaic Projects in Tuscany, Italy. Shikun & Binui Energy Ltd (TASE:SBEN) acquired Two 43 MW Agro-photovoltaic Projects in Tuscany, Italy on June 12, 2023. The acquisition of two agro-photovoltaic projects by Shikun & Binui, will add to an existing pipeline of four projects, with a capacity of 257 MW in Sicily , for a total of 300 MW of green and clean energy in Italy. Andrea Gentili of Green Horse Legal Advisory acted as legal advisor to Shikun & Binui.Shikun & Binui Energy Ltd (TASE:SBEN) completed the acquisition of Two 43 MW Agro-photovoltaic Projects in Tuscany, Italy on June 12, 2023. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₪0.11 (vs ₪0.02 in 1Q 2022) First quarter 2023 results: EPS: ₪0.11 (up from ₪0.02 in 1Q 2022). Revenue: ₪25.1m (up 28% from 1Q 2022). Net income: ₪101.0m (up ₪87.0m from 1Q 2022). Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: ₪0.07 (vs ₪0.089 in FY 2021) Full year 2022 results: EPS: ₪0.07 (down from ₪0.089 in FY 2021). Revenue: ₪142.4m (up 112% from FY 2021). Net income: ₪53.0m (flat on FY 2021). Profit margin: 37% (down from 79% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₪2.51, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 9x in the Construction industry in Israel. Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: EPS: ₪0.03. Net income: ₪30.2m (up ₪30.2m from 3Q 2021).