SCHEDULE: Phoenix Financial Discloses 14.21% Stake in Gilat Satellite

Phoenix Financial Ltd. has filed an amended Schedule 13G, reporting a 14.21% beneficial ownership stake in Gilat Satellite Networks Ltd. as of September 30, 2025.

Summary

• Phoenix Financial Ltd. (an Israeli entity) beneficially owns 9,130,486.71 Ordinary Shares of Gilat Satellite Networks Ltd.
• This ownership represents 14.21% of Gilat Satellite Networks Ltd.'s outstanding Ordinary Shares, based on 64,255,018 shares outstanding as of October 26, 2025.
• The shares are held by various direct or indirect, majority or wholly-owned subsidiaries of Phoenix Financial Ltd., which manage their own funds and/or funds for others.
• The beneficial ownership is distributed among: The Phoenix Investments House trust funds (0.42%), The Phoenix 'nostro' accounts (1.33%), Partnership for Israeli shares (12.14%), and Partnership for investing in shares indexes (0.31%).
• Phoenix Financial Ltd. explicitly states that the securities were not acquired or held for the purpose of changing or influencing the control of Gilat Satellite Networks Ltd.

Sentiment

Score: 5

Explanation: The filing is a factual report of beneficial ownership, indicating a significant but passive stake. It does not contain information that would suggest a strong positive or negative sentiment regarding the issuer's performance or prospects.

Positives

• A significant institutional investor, Phoenix Financial Ltd., maintains a substantial 14.21% stake in Gilat Satellite Networks Ltd., indicating continued confidence in the company as a passive investment.

Risks

• Phoenix Financial Ltd. disclaims the existence of a 'group' for purposes of Section 13(d) of the Securities Exchange Act of 1934, which could imply potential complexities or differing interests among its subsidiaries.
• The reporting persons disclaim beneficial ownership of the securities in excess of their actual pecuniary interest, and the statement should not be construed as an admission of beneficial ownership of all Ordinary Shares covered.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Gilat Satellite Networks Ltd.'s future performance or operations.

Management Comments

• Eli Schwartz, Vice President Chief Financial Officer of Phoenix Financial Ltd., and Haggai Schreiber, Executive Vice President Chief Investment Officer of Phoenix Financial Ltd., certified that the information is true, complete, and correct to the best of their knowledge and belief.

Industry Context

This filing reflects a significant passive investment by an institutional fund in a satellite communications company. It indicates continued institutional interest in the sector, though it does not provide specific insights into broader industry trends or competitive dynamics.

Related Party Transactions

• All ownership rights in the 'Partnership for Israeli shares' and 'Partnership for investing in shares indexes' belong to companies that are part of Phoenix Group, and the amount of ownership rights changes frequently according to partnership agreements.

Stakeholder Impact

• Shareholders of Gilat Satellite Networks Ltd. are impacted by the disclosure of a significant institutional investor holding a 14.21% stake, which can influence market perception and liquidity.
• The presence of a large, passive institutional investor like Phoenix Financial Ltd. can provide a degree of stability to the shareholder base.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a significant, passive ownership stake by Phoenix Financial Ltd. in Gilat Satellite Networks Ltd. It explicitly states that the securities were not acquired to influence control. As such, the filing itself does not provide new operational or financial information about Gilat Satellite Networks Ltd. that would warrant a change in investment thesis. Investors should 'hold' their position and monitor future filings for any changes in this significant stake or any new information from Gilat's own operational reports.

Keywords

Gilat Satellite Networks, Phoenix Financial, Schedule 13G, Beneficial Ownership, Institutional Investor, Satellite Communications, Equity Stake, M51474118