SCHEDULE 13G/A: Phoenix Financial Boosts Gilat Satellite Stake to 11.38%

Phoenix Financial Ltd. has increased its beneficial ownership in Gilat Satellite Networks Ltd. to 11.38% of outstanding ordinary shares.

Summary

• Phoenix Financial Ltd. reported beneficial ownership of 8,325,123.88 ordinary shares in Gilat Satellite Networks Ltd.
• This represents 11.38% of Gilat Satellite Networks Ltd.'s ordinary shares outstanding.
• The percentage is based on 73,143,907 ordinary shares outstanding as of January 19, 2026.
• The shares are held across various subsidiaries and accounts of Phoenix Financial Ltd., including trust funds (2.47%), "nostro" accounts (0.73%), linked insurance policies (0.12%), Partnership for Israeli shares (8.03%), and Partnership for investing in shares indexes (0.03%).
• Phoenix Financial Ltd. and its subsidiaries disclaim the existence of a group for Section 13(d) purposes and any beneficial ownership in excess of their actual pecuniary interest therein.
• The securities were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates a substantial and diversified beneficial ownership stake by a major financial institution, Phoenix Financial Ltd., in Gilat Satellite Networks Ltd. This suggests a degree of institutional confidence and stability in the company's equity, without implying any intent to influence control.

Positives

• A significant institutional investor, Phoenix Financial Ltd., maintains a substantial stake (11.38%) in Gilat Satellite Networks Ltd., indicating continued confidence in the company.
• The diversified holding across various Phoenix Group entities (trust funds, nostro accounts, insurance policies, and partnerships) suggests a strategic, long-term investment approach.

Negatives

• NA

Risks

• NA

Future Outlook

NA

Management Comments

• "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."
• "Each of the Filing Persons and Subsidiaries disclaims any beneficial ownership of the securities covered by this report in excess of their actual pecuniary interest therein."
• "This Statement shall not be construed as an admission by the Filing Persons or Subsidiaries that they are the beneficial owners of any of the Ordinary Shares covered by this Statement."
• "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

NA

Stakeholder Impact

• Shareholders: The continued significant stake by Phoenix Financial Ltd. may be viewed positively by other shareholders as a sign of institutional confidence and stability.
• Management: The filing clarifies that Phoenix Financial Ltd. does not intend to influence control, which may reassure Gilat's management regarding operational autonomy.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a significant, stable institutional ownership stake by Phoenix Financial Ltd. in Gilat Satellite Networks Ltd. While the substantial 11.38% holding indicates institutional confidence, the filing itself does not provide new operational, financial, or strategic information about Gilat that would warrant a change in investment thesis. It's a routine disclosure of an existing, albeit large, position. Therefore, a "hold" recommendation is appropriate, maintaining current positions based on existing analysis of Gilat's fundamentals, as this filing alone doesn't present a compelling reason to buy or sell.

Keywords

Gilat Satellite Networks, Phoenix Financial, Schedule 13G, Beneficial Ownership, Institutional Investment, Satellite Communications, Ordinary Shares, Equity Stake, SEC Filing