SCHEDULE: Harel Insurance Discloses 8.8% Stake in Perion Network

Harel Insurance Investments & Financial Services Ltd. has disclosed an 8.8% beneficial ownership stake in Perion Network Ltd. as of June 30, 2025.

Summary

• Harel Insurance Investments & Financial Services Ltd. reported beneficial ownership of 3,961,645 Ordinary Shares of Perion Network Ltd.
• This ownership represents 8.8% of Perion Network Ltd.'s outstanding Ordinary Shares.
• The percentage is calculated based on 45,037,180 Ordinary Shares issued and outstanding as of March 5, 2025, as reported by Perion Network Ltd. in its Annual Report on Form 20-F.
• Of the total shares, 3,961,642 Ordinary Shares are held for public members through various funds and insurance policies managed by Harel's subsidiaries.
• Only 3 Ordinary Shares are beneficially held for Harel Insurance's own account.
• Harel Insurance explicitly states that the filing should not be construed as an admission that it is the beneficial owner of more than 3 Ordinary Shares for its own account.
• The reporting person has shared voting power and shared dispositive power over all 3,961,645 shares.

Sentiment

Score: 5

Explanation: The filing is a factual, compliance-driven disclosure of beneficial ownership. It does not contain operational or financial performance updates, thus maintaining a neutral sentiment. The large institutional stake could be seen as a minor positive signal, but it's a passive holding.

Positives

• A significant institutional investor, Harel Insurance Investments & Financial Services Ltd., maintains a substantial 8.8% stake in Perion Network Ltd., indicating continued interest or confidence in the company.

Negatives

• NA

Risks

• The filing clarifies that Harel Insurance's beneficial ownership is primarily on behalf of public members through managed funds, and not for the purpose of changing or influencing control of Perion Network Ltd., which means this stake does not represent an activist position.

Future Outlook

The filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding Perion Network Ltd.'s future performance or Harel Insurance's future investment intentions beyond the passive nature of the holding.

Industry Context

This filing reflects a routine disclosure by a large institutional investor, Harel Insurance, regarding its passive stake in Perion Network, an ad-tech company. Such disclosures are common in the financial industry as institutional investors manage diversified portfolios on behalf of clients.

Comparison to Industry Standards

• This is a standard Schedule 13G filing, which is a compliance document for reporting beneficial ownership exceeding 5% in a public company. It aligns with typical regulatory requirements for institutional investors.
• The breakdown of shares held for public members through various funds (provident, mutual, pension, insurance, ETFs) is a common structure for large financial services companies like Harel Insurance, which manage assets for a broad client base.

Stakeholder Impact

• Shareholders: May view the continued significant stake by a large institutional investor as a sign of stability or confidence, although the holding is passive and not intended to influence control.
• Management: Awareness of a large, passive institutional holder, which is a common aspect of public company ownership.

Next Steps

• Harel Insurance Investments & Financial Services Ltd. will continue to file amendments to Schedule 13G if there are material changes to its beneficial ownership of Perion Network Ltd. shares.

Key Dates

Recommendation

This filing is a disclosure of a passive, significant institutional stake in Perion Network Ltd. by Harel Insurance. While the 8.8% ownership indicates a substantial investment by a reputable entity, the filing itself does not provide new operational or financial performance data to warrant a 'buy' or 'sell' recommendation. It primarily confirms a large institutional investor's continued presence, suggesting a 'hold' position for existing investors and a neutral stance for potential new investors based solely on this compliance document.

Keywords

Perion Network, Harel Insurance, Beneficial Ownership, SEC Filing, Schedule 13G, Ordinary Shares, Institutional Investment, Shareholder Disclosure