SCHEDULE: Menora Mivtachim Discloses 7.06% Stake in Ellomay

Menora Mivtachim Holdings and its subsidiary have disclosed a combined beneficial ownership of 7.06% in Ellomay Capital Ltd. as passive investors.

Summary

• Menora Mivtachim Holdings Ltd. and its subsidiaries collectively beneficially own 972,346 ordinary shares of Ellomay Capital Ltd.
• This ownership represents 7.06% of Ellomay Capital Ltd.'s total outstanding ordinary shares.
• Menora Mivtachim Pensions and Gemel Ltd., a direct subsidiary, beneficially owns 856,779.05 shares, accounting for 6.22% of the total.
• Other subsidiaries, Menora Mivtachim Insurance Ltd. and Menora Mivtachim Vehistadrut Hamehandesim Nihul Kupot Gemel Ltd., own 109,469.61 shares (0.79%) and 6,097.34 shares (0.04%) respectively.
• The reported ownership is based on 13,778,585 ordinary shares of Ellomay Capital Ltd. outstanding as of July 28, 2025.
• The filing certifies that the securities were acquired and are held for passive investment purposes, without the intent to change or influence the control of the issuer.

Sentiment

Score: 7

Explanation: The disclosure of a significant passive stake by a reputable institutional investor like Menora Mivtachim Holdings Ltd. is generally viewed positively as it indicates confidence in the issuer's long-term prospects.

Positives

• Significant institutional investment by Menora Mivtachim Holdings Ltd., a major Israeli financial group, signals confidence in Ellomay Capital Ltd.'s long-term prospects.
• The passive nature of the investment, as indicated by the Schedule 13G filing, suggests a long-term holding strategy without intent to influence control, which can provide stability to the shareholding structure.

Negatives

• No explicit negative information is contained within this Schedule 13G filing, as it primarily serves as a disclosure of beneficial ownership.

Risks

• The reporting persons disclaim beneficial ownership of the securities except to the extent of their pecuniary interest, indicating a limited liability or responsibility for the underlying assets held for policyholders or fund members.

Future Outlook

The filing indicates a passive investment strategy by Menora Mivtachim Holdings Ltd. and its subsidiaries, with no stated intention to change or influence the control of Ellomay Capital Ltd.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing represents a standard institutional investment disclosure, where a large financial entity, Menora Mivtachim Holdings Ltd., has acquired a significant passive stake in another publicly traded company. Such disclosures are common in the financial industry as part of regulatory transparency requirements for substantial shareholdings.

Comparison to Industry Standards

• This filing is a disclosure of beneficial ownership and does not contain information suitable for direct comparison to industry performance benchmarks or specific comparable companies/projects.

Stakeholder Impact

• Shareholders: Increased institutional ownership may enhance market confidence and liquidity.
• Management: No direct impact on management or control due to the passive nature of the investment.

Next Steps

• Ongoing compliance with SEC reporting requirements for beneficial ownership by the reporting persons.

Key Dates

Recommendation

This Schedule 13G filing indicates a significant passive stake by a major institutional investor, Menora Mivtachim Holdings Ltd., in Ellomay Capital Ltd. While this signals institutional confidence and could provide a floor for the stock, the filing itself does not contain new operational or financial performance data to warrant a change in investment thesis. The investment is stated to be passive, without intent to influence control, suggesting a long-term holding strategy by the investor. Therefore, a 'hold' recommendation is appropriate for existing investors, while new investors should base decisions on Ellomay Capital's fundamental performance and broader market conditions, not solely on this ownership disclosure.

Keywords

Ellomay Capital, Menora Mivtachim, Schedule 13G, Beneficial Ownership, Institutional Investor, Ordinary Shares, Israel, Financial Services