SCHEDULE: Migdal Insurance Boosts Stake in Gilat Satellite to 10.66%

Migdal Insurance & Financial Holdings Ltd and its subsidiaries have reported a beneficial ownership of 10.66% in Gilat Satellite Networks Ltd, totaling 7,800,503 ordinary shares.

Summary

• Migdal Insurance & Financial Holdings Ltd and its various direct or indirect subsidiaries collectively beneficially own 7,800,503 ordinary shares of Gilat Satellite Networks Ltd.
• This aggregate ownership represents 10.66% of Gilat Satellite Networks Ltd's total outstanding ordinary shares, based on 73,143,907 shares outstanding as of January 19, 2026.
• The beneficial ownership is primarily held by Migdal Sal Domestic Equities (4,960,282 shares, representing 6.78%) and Migdal Mutual Funds Ltd. (2,840,221 shares, representing 3.88%).
• The reporting persons, Migdal Insurance & Financial Holdings Ltd and Migdal Sal Domestic Equities, exercise shared voting and shared dispositive power over these securities.
• The securities are held for the benefit of insurance policyholders, owners of portfolio accounts, or members of provident and pension funds.
• The reporting persons certify that the shares were not acquired for the purpose of changing or influencing the control of Gilat Satellite Networks Ltd.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as it signifies continued institutional confidence in Gilat Satellite Networks Ltd without indicating any immediate operational changes or financial distress.

Positives

• Increased institutional ownership by a significant financial entity like Migdal Insurance & Financial Holdings Ltd can signal confidence in Gilat Satellite Networks Ltd's long-term prospects.
• The diversified nature of the holding across various Migdal subsidiaries (pension funds, mutual funds, etc.) suggests a broad institutional investment strategy rather than a speculative one.

Future Outlook

NA

Management Comments

• Each of the Subsidiaries operates under independent management and makes its own independent voting and investment decisions.
• Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission by either the Filing Persons or Subsidiaries that a group exists for purposes of Section 13(d) of the Securities Exchange Act of 1934 or for any other purpose, and each reporting person disclaims the existence of any such group.
• The economic interest or beneficial ownership in a portion of the securities covered by this Statement is held for the benefit of insurance policy holders, the owners of portfolio accounts, or the members of the provident funds or pension funds, as the case may be.
• The securities 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

StockSavvy.ai notes that an increase in institutional ownership, particularly by a major insurance and financial holding company like Migdal, can be a positive signal for companies in the satellite communications sector. This sector often requires significant capital and long-term investment, and a stable institutional shareholder base can provide support. Gilat Satellite Networks operates in a competitive global market for satellite-based broadband communication, and such an investment suggests confidence in its market position or future growth trajectory.

Comparison to Industry Standards

• A 10.66% stake by a single institutional investor group is a significant holding, often placing the investor among the top shareholders of a publicly traded company.
• For a company like Gilat Satellite Networks, operating in the specialized satellite communications industry, attracting and retaining large institutional investors like Migdal Insurance & Financial Holdings Ltd is crucial for stability and market perception, comparable to how other technology or infrastructure companies attract long-term institutional capital.
• While specific comparable companies or projects are not mentioned in the filing, a stake of this size is generally viewed favorably, indicating a belief in the company's fundamentals and future prospects, similar to how major institutional investors like BlackRock or Vanguard build significant positions in leading technology or industrial firms globally.

Stakeholder Impact

• Shareholders: The increased institutional ownership may be viewed positively, potentially signaling stability and long-term interest in the company, which could support share price.
• Management: The filing confirms that the stake is not for influencing control, allowing current management to continue their strategic direction without immediate pressure from this specific investor.

Next Steps

• Migdal Insurance & Financial Holdings Ltd and its subsidiaries will continue to monitor their investment in Gilat Satellite Networks Ltd.
• Further Schedule 13G amendments would be filed if there are significant changes in their beneficial ownership (e.g., crossing another 1% threshold up or down).

Key Dates

Recommendation

This filing indicates a significant institutional investor has increased its stake, which is generally a positive signal of confidence. However, a Schedule 13G primarily reports ownership and does not provide new operational or financial performance data to warrant a 'buy' or 'sell' recommendation. It reinforces a 'hold' position for existing investors, suggesting stability, while new investors might consider it a positive indicator for further due diligence.

Keywords

Gilat Satellite Networks, Migdal Insurance, Migdal Sal Domestic Equities, Schedule 13G, Beneficial Ownership, Institutional Investor, Satellite Communications, Equity Stake, Israel