New Risk • Jun 25
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 9.8% 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 Share price has been highly volatile over the past 3 months (9.8% average weekly change). Earnings have declined by 54% per year over the past 5 years. Buy Or Sell Opportunity • Jun 10
Now 21% undervalued Over the last 90 days, the stock has risen 61% to ₪98.47. The fair value is estimated to be ₪125, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 05
New major risk - Revenue and earnings growth Earnings have declined by 54% 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 Risk Earnings have declined by 54% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). New Risk • Mar 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Israeli stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.4% average weekly change). Duyuru • Mar 12
Ashdod Refinery Ltd to Report Q4, 2025 Results on Mar 25, 2026 Ashdod Refinery Ltd announced that they will report Q4, 2025 results on Mar 25, 2026 Reported Earnings • Nov 28
Third quarter 2025 earnings released: US$8.70 loss per share (vs US$1.10 loss in 3Q 2024) Third quarter 2025 results: US$8.70 loss per share (further deteriorated from US$1.10 loss in 3Q 2024). Revenue: US$885.0m (up 4.9% from 3Q 2024). Net loss: US$109.0m (loss widened US$95.0m from 3Q 2024). Duyuru • Nov 27
Ashdod Refinery Ltd, Annual General Meeting, Dec 31, 2025 Ashdod Refinery Ltd, Annual General Meeting, Dec 31, 2025. Location: co. offices, Israel Duyuru • Nov 20
Ashdod Refinery Ltd to Report Q3, 2025 Results on Nov 26, 2025 Ashdod Refinery Ltd announced that they will report Q3, 2025 results on Nov 26, 2025 Buy Or Sell Opportunity • Sep 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to ₪52.56. The fair value is estimated to be ₪66.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last year. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ₪55.03. The fair value is estimated to be ₪69.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last year. Meanwhile, the company became loss making. Reported Earnings • Aug 21
Second quarter 2025 earnings released: US$0.50 loss per share (vs US$0.60 profit in 2Q 2024) Second quarter 2025 results: US$0.50 loss per share (down from US$0.60 profit in 2Q 2024). Revenue: US$668.0m (down 23% from 2Q 2024). Net loss: US$6.00m (down 186% from profit in 2Q 2024). Duyuru • Aug 11
Ashdod Refinery Ltd to Report Q2, 2025 Results on Aug 20, 2025 Ashdod Refinery Ltd announced that they will report Q2, 2025 results on Aug 20, 2025 Reported Earnings • May 29
First quarter 2025 earnings released: EPS: US$0.30 (vs US$0.45 loss in 1Q 2024) First quarter 2025 results: EPS: US$0.30 (up from US$0.45 loss in 1Q 2024). Revenue: US$738.0m (down 11% from 1Q 2024). Net income: US$4.00m (up US$10.0m from 1Q 2024). Profit margin: 0.5% (up from net loss in 1Q 2024). The move to profitability was driven by lower expenses. Reported Earnings • Mar 29
Full year 2024 earnings released: US$2.70 loss per share (vs US$9.29 profit in FY 2023) Full year 2024 results: US$2.70 loss per share (down from US$9.29 profit in FY 2023). Revenue: US$3.22b (down 15% from FY 2023). Net loss: US$34.0m (down 129% from profit in FY 2023). Duyuru • Mar 24
Ashdod Refinery Ltd to Report Q4, 2024 Results on Mar 27, 2025 Ashdod Refinery Ltd announced that they will report Q4, 2024 results on Mar 27, 2025 New Risk • Jan 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Israeli stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.9% average weekly change). Reported Earnings • Nov 27
Third quarter 2024 earnings released: US$1.10 loss per share (vs US$5.40 profit in 3Q 2023) Third quarter 2024 results: US$1.10 loss per share (down from US$5.40 profit in 3Q 2023). Revenue: US$844.0m (down 21% from 3Q 2023). Net loss: US$14.0m (down 122% from profit in 3Q 2023). Duyuru • Oct 15
Ashdod Refinery Ltd, Annual General Meeting, Oct 30, 2024 Ashdod Refinery Ltd, Annual General Meeting, Oct 30, 2024. Location: co. offices, Israel New Risk • Aug 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.4% Last year net profit margin: 2.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (1.4% net profit margin). Reported Earnings • Aug 24
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$868.0m (down 7.4% from 2Q 2023). Net income: US$7.00m (up 31% from 2Q 2023). Profit margin: 0.8% (up from 0.6% in 2Q 2023). The increase in margin was driven by lower expenses. Duyuru • Aug 15
Ashdod Refinery Ltd to Report Q2, 2024 Results on Aug 22, 2024 Ashdod Refinery Ltd announced that they will report Q2, 2024 results on Aug 22, 2024 Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: US$9.90 (vs US$2,831 in FY 2022) Full year 2023 results: EPS: US$9.90. Revenue: US$3.77b (down 5.7% from FY 2022). Net income: US$116.0m (up 132% from FY 2022). Profit margin: 3.1% (up from 1.3% in FY 2022). The increase in margin was driven by lower expenses. Duyuru • Mar 20
Ashdod Refinery Ltd to Report Q4, 2023 Results on Mar 21, 2024 Ashdod Refinery Ltd announced that they will report Q4, 2023 results on Mar 21, 2024 Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₪102, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 8x in the Oil and Gas industry in Israel. New Risk • Feb 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Israeli stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 5.9% over the past year. High level of non-cash earnings (38% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). New Risk • Dec 14
New major risk - Revenue and earnings growth Revenue has declined by 5.9% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 5.9% over the past year. High level of non-cash earnings (38% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₪87.74, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 7x in the Oil and Gas industry in Israel. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₪89.27, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 8x in the Oil and Gas industry in Israel.