SCHEDULE: Menora Mivtachim Discloses 5.03% Stake in ICL Group

Menora Mivtachim Holdings Ltd. has reported a 5.03% beneficial ownership stake in ICL Group Ltd., totaling 65,339,816 ordinary shares.

Summary

• Menora Mivtachim Holdings Ltd., an Israeli entity, has filed a Schedule 13G, disclosing its beneficial ownership in ICL Group Ltd.
• The reporting person, along with its subsidiaries, beneficially owns 65,339,816 ordinary shares of ICL Group Ltd.
• This ownership represents 5.03% of ICL Group Ltd.'s total ordinary shares outstanding as of November 6, 2025.
• The total ordinary shares outstanding for ICL Group Ltd. were 1,290,672,729 as of November 6, 2025.
• The shares are held by various Menora Mivtachim subsidiaries, including Menora Mivtachim Pensions and Gemel Ltd. (4.42%), Menora Mivtachim Insurance Ltd. (0.60%), Menora Mivtachim Vehistadrut Hamehandesim Nihul Kupot Gemel Ltd. (0.03%), and Shomera Insurance Company Ltd. (0.01%).
• The filing indicates a passive investment purpose, stating the securities were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a factual disclosure of a significant passive stake by an institutional investor, which can be seen as a vote of confidence, but it contains no operational or financial performance data to assess sentiment more broadly.

Positives

• A significant institutional investor, Menora Mivtachim Holdings Ltd., has disclosed a substantial 5.03% stake in ICL Group Ltd., potentially signaling confidence in the company's long-term prospects.
• The investment is diversified across several Menora Mivtachim subsidiaries, including pension and insurance funds, indicating a strategic allocation.

Negatives

• The filing itself does not contain any negative financial or operational information about ICL Group Ltd.

Risks

• The filing does not explicitly mention risks related to ICL Group Ltd.'s operations or financial health; it is a disclosure of ownership.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding ICL Group Ltd.'s future performance or Menora Mivtachim Holdings Ltd.'s investment strategy beyond the passive nature of the investment.

Management Comments

• The filing includes a certification from Menora Mivtachim Holdings Ltd. that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of ICL Group Ltd.

Industry Context

The disclosure of a significant stake by a major Israeli institutional investor like Menora Mivtachim Holdings Ltd. in ICL Group Ltd., a global specialty minerals company, highlights continued institutional interest in established companies within the materials and chemicals sectors. Such investments often reflect a long-term view on the underlying industry fundamentals and the company's market position.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may be viewed positively, potentially increasing investor confidence and liquidity.
• Management: Awareness of a large passive institutional holder may influence strategic decisions, though the filing explicitly states no intent to influence control.

Next Steps

• The filing does not specify any immediate future actions or milestones related to ICL Group Ltd. or Menora Mivtachim Holdings Ltd.'s investment beyond the ongoing passive holding.

Key Dates

Keywords

ICL Group Ltd., Menora Mivtachim Holdings Ltd., Schedule 13G, Beneficial Ownership, Institutional Investor, Ordinary Shares, SEC Filing, Passive Investment, Israel