Equity (Tables)

12 Months Ended

Dec. 31, 2024

Composition:

	As of December 31, 2024		As of December 31, 2023
	Authorized	Issued and paid	Authorized	Issued and paid

Number of ordinary shares of Israeli Shekel 1 par value (in millions)	1,485	1,315	1,485	1,314

Number of Special State shares of Israeli Shekel 1 par value	1	1	1	1

(*) For information regarding the amount of treasury shares, see Note 19.G.

Schedule of reconciliation of the number of shares outstanding

Number of Outstanding Shares (in millions)

As of January 1, 2023	1,314
Issuance of shares	-
As of December 31, 2023	1,314
Issuance of shares	1
As of December 31, 2024	1,315

Schedule of share-based payments to employees, non-marketable options

Non-marketable options

Grant date	Employees entitled	Number of instruments (thousands)	Issuance's details	Instrument terms	Vesting conditions	Expiration date
June 30, 2016	Officers and senior employees	3,035	An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, as amended in June 2016 (hereinafter – the amended 2014 Equity Compensation Plan).	Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company.	3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date	June 30, 2023
September 5, 2016	Former chairman of BOD	186				June 30, 2023
February 14, 2017	Former CEO	114				February 14, 2024
June 20, 2017	Officers and senior employees	6,868				June 20, 2024
August 2, 2017	Former chairman of BOD	165				June 20, 2024
March 6, 2018	Officers and senior employees	5,554				March 6, 2025
May 14, 2018	CEO	385				May 14, 2025
August 20, 2018	Former chairman of BOD	403				August 20, 2025
April 15, 2019	Officers and senior manager	13,242			2 equal tranches: (1) half at the end of 24 months after the grant date. (2) half at the end of 36 months after the grant date.	5 years after the grant date
June 27, 2019	CEO	3,512
May 29, 2019 *	Chairman of BOD	2,169
June 30, 2021	Senior employees	647
February 8, 2022	Senior employees	9,294			3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date
March 30, 2022	CEO	1,941
March 30, 2022	Chairman of BOD	1,055
February 14, 2023	Senior managers	461
April 4, 2024	Officers and senior managers	12,333

The options were issued upon Mr. Doppelt's entry into office on July 1, 2019.

Schedule of share-based payments to employees, non-marketable options, grants parameters

	2014 Plan
	Granted 2016	Granted 2017	Granted 2018	Granted 2019	Granted 2021	Granted 2022	Granted 2023	Granted 2024

Share price (in $)	3.9	4.5	4.4	5.4	6.8	10.0	7.7	5.1
CPI-linked exercise price (in $)	4.3	4.3	4.3	5.3	7.1	10.1	7.6	5.1
Expected volatility:
First tranche	30.51%	31.88%	28.86%	27.85%	31.70%	31.80%	35.84%	32.20%
Second tranche	30.51%	31.88%	28.86%	27.85%	31.70%	30.88%	34.15%	32.26%
Third tranche	30.51%	31.88%	28.86%	-	-	30.52%	33.77%	32.62%
Expected life of options (in years):
First tranche	7.0	7.0	7.0	4.4	4.4	3.2	3.1	3.1
Second tranche	7.0	7.0	7.0	4.4	4.4	3.8	3.7	3.7
Third tranche	7.0	7.0	7.0	-	-	4.0	3.9	3.9
Risk-free interest rate:
First tranche	0.01%	0.37%	0.03%	(0.67)%	0.43%	(1.46)%	1.49%	2.09%
Second tranche	0.01%	0.37%	0.03%	(0.67)%	0.43%	(1.29)%	1.43%	2.17%
Third tranche	0.01%	0.37%	0.03%	-	-	(1.21)%	1.43%	2.17%
Fair value (in $ millions)	4.0	11.3	8.8	7.5	0.6	24.9	0.9	15.4
Weighted average grant date fair value per option (in $)	1.1	1.6	1.4	1.2	1.3	2.0	2.0	1.3

Schedule of share-based payments to employees, non-marketable options, movement in the options

	Number of options (in millions)

Balance as of January 1, 2023	15
Movement in 2023:
Exercised during the year	(1)
Total options outstanding as of December 31, 2023	14
Movement in 2024:
Granted during the year	12
Exercised during the year	(3)
Total options outstanding as of December 31, 2024	23

Schedule of share-based payments to employees, non-marketable options, exercise price

December 31, 2024

December 31, 2023

December 31, 2022

Granted in 2016	-	-	3.41
Granted in 2017	-	2.79	3.14
Granted in 2018	2.77	2.70	3.06
Granted in 2019	-	4.27	4.57
Granted in 2021	5.60	5.64	6.00
Granted in 2022	8.60	8.56	8.91
Granted in 2023	7.23	7.23	-
Granted in 2024	5.17	-	-

Schedule of share-based payments to employees, non-marketable options, number of options vested

December 31, 2024

December 31, 2023

December 31, 2022

Number of options exercisable (in Millions)	8	7	5
Weighted average exercise price in Israeli Shekel	30.36	22.57	15.67
Weighted average exercise price in US Dollar	8.33	6.22	4.45

(*) The share price as of December 31, 2024, is NIS 18.00 and $4.94.

Schedule of share-based payments to employees, non-marketable options, range of exercise prices

December 31, 2024

December 31, 2023

December 31, 2022

Range of exercise price in Israeli Shekel	10.12-31.38	9.46-34.30	10.77-30.06
Range of exercise price in US Dollar	2.77-8.60	2.70-9.81	3.06-8.54

Schedule of share-based payments to employees, non-marketable options, average remaining contractual life

December 31, 2024

December 31, 2023

December 31, 2022

Average remaining contractual life

3.24

2.59

3.42

Schedule of dividends distributed to the company's shareholders

Dividends distributed to the Company's Shareholders

Date of dividend distribution by the Board of Directors

Actual date of dividend distribution

Gross dividend distributed

($ millions)

Dividend per share

(in $)

February 8, 2022	March 8, 2022	169	0.13
May 10, 2022	June 15, 2022	307	0.24
July 26, 2022	September 14, 2022	376	0.29
November 8, 2022	December 14, 2022	314	0.24
Total 2022		1,166	0.90
February 14, 2023	March 15, 2023	178	0.14
May 9, 2023	June 14, 2023	146	0.11
August 8, 2023	September 13, 2023	82	0.06
November 7, 2023	December 20, 2023	68	0.05
Total 2023		474	0.36
February 26, 2024	March 26, 2024	61	0.05
May 8, 2024	June 20, 2024	59	0.05
August 12, 2024	September 18, 2024	63	0.05
November 10, 2024	December 18, 2024	68	0.05
Total 2024		251	0.20
February 25, 2025*	March 25, 2025	52	0.04

(*) The record date is March 12, 2025, and the payment date is March 25, 2025.