Partner Reports 12% Rise in Q3 Profit, Approves Conditional NIS 500 Million Dividend

Partner Communications reported a 12% year-on-year rise in third-quarter net profit to NIS 101 million on November 9. The Israeli telecommunications company's board also approved a NIS 500 million cash dividend, conditional on completing a public Series I bond issue. Revenue for the quarter ended September 30 rose 6% to NIS 829 million. Service revenue increased 7% to NIS 695 million, while equipment and other revenue remained at NIS 134 million. Operating profit reached NIS 148 million, compared with NIS 132 million a year earlier. Adjusted EBITDA rose 6% to NIS 350 million, equivalent to 42% of revenue. Adjusted free cash flow fell 66% to NIS 43 million, and net financial debt increased to NIS 327 million from NIS 160 million. Partner attributed the cash-flow impact mainly to higher working capital, including mobile-device inventory for the Accountant General's tender and upcoming device launches. Cash capital expenditure rose 3% to NIS 122 million. Partner ended the quarter with 2.739 million mobile subscribers, including 1.185 million paying 5G subscribers, and 485,000 fiber subscribers. Monthly mobile revenue per user rose to NIS 46 from NIS 44 a year earlier. According to Partner, a court approved the exceptional distribution outside distributable profits on October 21, with completion required within four months. The company described the planned bond issue as up to NIS 750 million in face value. The company forecast 2026 cash capital expenditure of NIS 450 million to NIS 500 million.