- Comprehensive income attributable to shareholders grew significantly to ~NIS 63 million in the quarter and ~NIS 117 million for full-year 2025
- ~30% growth in shareholders’ equity during 2025 to a record of ~NIS 770 million, after distribution of NIS 44 million in dividends during the year
- The company will distribute an additional dividend of ~NIS 35 million in respect of Q4
Subsidiary highlights for 2025
IDI Insurance: Comprehensive income for 2025 grew by ~24.5% YoY, totaling ~NIS 381 million.
Direct Finance (Mimun Yashir): Loan originations in 2025 totaled ~NIS 11 billion, ~32% growth YoY; 44% growth in the managed mortgage portfolio; net income attributable to shareholders totaled ~NIS 121 million in the quarter compared to ~NIS 142 million last year.
Adgar: NOI in 2025 totaled ~NIS 299 million, similar to last year. FFO in 2025 totaled ~NIS 120 million compared to ~NIS 122 million YoY; comprehensive income in 2025 totaled ~NIS 85 million compared to a comprehensive loss of ~NIS 85 million in the prior period.
Neema: The growth trend continues with ~35% revenue growth YoY, totaling ~NIS 123 million.
Muki Schneidman, CEO of Zur Shamir and a controlling shareholder, said:
We are closing another year with strong results that continue the positive momentum across the group’s activities. IDI Insurance posted a record year with sustained growth, customer-base expansion, and continued improvement across all lines, thanks to the implementation of strategic initiatives. Direct Finance posted significant growth in loan originations and in income from finance operations this year, with the mortgage segment continuing to be a key growth engine. Adgar demonstrates financial resilience with growth in equity and improved leverage. The company continues with strategic moves to enhance its assets and to advance its extensive Canadian building-rights pipeline, which is a meaningful engine for future value creation for the group. Neema continues to establish itself as a meaningful and leading player in its space, and we expect this trend to continue.
Yossi Kucik, Chairman of Zur Shamir, said:
We are closing 2025 with comprehensive income of ~NIS 117 million — a result that reflects a year of significant achievements across the group’s activities, supported by positive momentum at our subsidiaries and by initiated moves we led to strengthen the equity base and reduce net debt. We started 2026 with a solid financial position and continue to act with full energy to implement the business strategy at each of our group companies. Despite the challenges facing the Israeli economy in light of the war and its implications that are not yet fully clear, we are acting decisively to realize the group’s business goals through prudent and responsible management.
Q4 and FY 2025 highlights — group total
Comprehensive income attributable to shareholders totaled ~NIS 63 million in the quarter, compared with a small loss in the corresponding quarter. Comprehensive income attributable to shareholders for full-year 2025 totaled ~NIS 117 million, compared with profit of ~NIS 47 million in the prior year. The significant increase in profit stems from improvement in the results of the subsidiary IDI Insurance. Adgar contributed significantly to the increase in profit, mainly as a result of a final settlement agreement with the authorities in Canada providing additional compensation in respect of property expropriation in Canada of ~NIS 80 million.
Shareholders’ equity attributable to owners stood at ~NIS 770 million as of December 31, 2025, compared with ~NIS 593 million at year-end 2024 — growth of ~30%. The growth stems, inter alia, from the sale of 8% of IDI Insurance shares, and after distribution of NIS 44 million in dividends during the year. Against the backdrop of these strong results, the company will distribute a NIS 35 million dividend for Q4 2025.
Q4 highlights — IDI Insurance (Direct Insurance)
- Gross premiums in Q4 totaled ~NIS 807.5 million vs. ~NIS 795.5 million in the corresponding quarter last year — growth of ~2%. The growth stems from increased activity across all lines, mainly higher customer counts and coverages per customer.
- Comprehensive income in Q4 totaled ~NIS 106.2 million vs. ~NIS 95.4 million in the corresponding quarter last year — growth of ~11%.
Q4 highlights — Direct Finance (Mimun Yashir)
- Loan originations in Q4 totaled ~NIS 3.286 billion vs. ~NIS 2.094 billion in the corresponding quarter last year — growth of ~57%.
- Net income from finance operations in Q4 totaled ~NIS 261.2 million vs. ~NIS 256.6 million in the corresponding quarter last year — growth of ~2%.
- Net income attributable to shareholders in Q4 totaled ~NIS 24.4 million vs. ~NIS 33.4 million in the corresponding quarter last year.
- As of December 31, 2025, the managed loan portfolio totaled ~NIS 18.5 billion vs. ~NIS 15.6 billion as of December 31, 2024 — growth of 19%.
Q4 highlights — Adgar
- NOI in Q4 totaled ~NIS 73.3 million vs. ~NIS 77.2 million in the corresponding quarter last year. The decline is mainly due to lower exchange rates.
- FFO in Q4 totaled ~NIS 28.9 million vs. ~NIS 28.1 million in the corresponding quarter last year.
- Shareholders’ equity attributable to owners rose, totaling ~NIS 1,607 million as of December 31, 2025.
- Comprehensive income for the quarter totaled ~NIS 70 million compared to a comprehensive loss of ~NIS 73 million in the corresponding quarter last year, impacted by signing a final settlement agreement with Canadian authorities providing compensation for the Fraser 7 property expropriation of ~NIS 80 million.
Q4 highlights — Neema
- Neema’s revenue grew ~13% in the quarter, totaling ~NIS 35 million vs. ~NIS 31 million in the corresponding quarter last year. The growth stems from increased digital-account activity, mainly from funds management and customer money transfers, as well as customer-base growth.
- Comprehensive loss before tax totaled ~NIS 4 million vs. a small profit of ~NIS 0.3 million in the corresponding quarter last year. The loss stems from an increase in operating, marketing and G&A expenses in line with the growth in activity.
About Zur Shamir
Zur Shamir is a leading holding company investing in insurance, finance, income-producing real estate and global financial services. The company holds, through Direct Insurance — Financial Investments (88%), ~41% of IDI Insurance, the pioneer of direct insurance in Israel, operating for over 30 years and the largest in its field. In addition, it holds ~44% of Direct Finance, the leading company in auto loans and a growing mortgage lender; ~54% of Adgar, operating in income-producing real estate with assets totaling over NIS 5 billion. Direct Insurance also holds ~98% of Neema, which engages, inter alia, in global financial services including via a money-transfer application.
