INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about intangible assets [abstract]

NOTE 7:

INTANGIBLE ASSETS, NET

	Software			Customer relationships			Technology			Goodwill			Total
	USD thousands
Cost
Balance as of January 1, 2024		47,388			74,039			133,749			246,352			501,528
Exchange rate differences		(68	)		(139	)		(380	)		(526	)		(1,113	)
Additions		16,218			-			-			-			16,218
Disposals		(3,397	)		-			-			-			(3,397	)
Balance as of December 31, 2024		60,141			73,900			133,369			245,826			513,236
Exchange rate differences		141			688			882			1,806			3,517
Additions		17,577			-			-			-			17,577

Balance as of December 31, 2025		77,859			74,588			134,251			247,632			534,330

Amortization
Balance as of January 1, 2024		27,583			45,120			66,825			-			139,528
Exchange rate differences		(49	)		(146	)		(214	)		-			(409	)
Additions		10,903			11,523			18,320			-			40,746
Disposals		(3,397	)		-			-			-			(3,397	)
Balance as of December 31, 2024		35,040			56,497			84,931			-			176,468
Exchange rate differences		111			688			615			-			1,414
Additions		14,595			5,102			18,375			-			38,072

Balance as of December 31, 2025		49,746			62,287			103,921			-			215,954

Carrying amounts
As of December 31, 2025		28,113			12,301			30,330			247,632			318,376
As of December31, 2024		25,101			17,403			48,438			245,826			336,768

Capitalized development costs

Development costs capitalized in the period amounted to USD 17,427 thousand (2024: USD 15,366 thousand) and were classified under software.

Impairment testing for intangible assets

The Company's qualitative assessment as of December 31, 2025, and December 31, 2024, did not indicate that it is more likely than not that the recoverable amount of its intangible assets, and other long-lived assets is less than their aggregate carrying amount.

As of December 31, 2025, the estimated recoverable amount based on Company’s market value was lower than the carrying amount, and therefore the recoverable amount was estimated based on value in use and was determined by discounting the future cash flows. The estimated value in use was higher than the carrying amount of its net assets and therefore there was no need for impairment.

Key assumptions used in the calculation of recoverable amounts are as of December 31, 2025:

Post-tax discount rate 14% (WACC)

Terminal value growth rate 3%

The cash flow projections include specific estimates for 5 years and a terminal value growth rate thereafter. EBITDA growth rate is expressed as the annual growth rate in the initial 5 years of the plans used for impairment testing and has been mainly based on past experience and management expectations.

As of December 31, 2024, the recoverable amount based on Company’s fair value estimated according to quoted price of the Company’s ordinary shares was higher than the carrying amount, and therefore there was no need for impairment.