GROSS PROFIT INCREASED BY 9.7% OVER COMPARABLE PERIOD IN 2025
YAVNE, Israel, May 26, 2026 /PRNewswire/ -- G. Willi-Food International Ltd. $(WILC)$ (the "Company" or "Willi-Food"), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter Fiscal Year 2026
-- Sales increased by 8.3% to NIS 157.0 million (US$ 49.6 million) from NIS
144.8 million (US$ 45.8 million) in the first quarter of 2025.
-- Gross profit increased by 9.7% year-over-year to NIS 49.0 million (US$
15.5 million).
-- Operating profit for the first quarter of 2026 is NIS 20.0 million (US$
6.3 million).
-- Net profit increased by 3.0% year-over-year to NIS 20.1 million (US$ 6.3
million).
-- Basic earnings per share of NIS 1.44 (US$ 0.5).
-- Cash and cash equivalents balance of NIS 274.1 million (US$ 86.6 million)
as of March 31, 2026.
Management Comment
Zwi Williger, Chairman and Joseph Williger, CEO, commented: "We are pleased to begin 2026 with a strong first quarter, reflecting continued growth in both sales and profitability, driven by the consistent execution of our strategic plan.
During the quarter, we remained focused on a more profitable product mix, while ensuring high product availability to support growing demand and further strengthen our relationships with customers and suppliers. In addition, the appreciation of the NIS against the U.S. dollar and the Euro supported our cost structure as an importer, enabling us to offer competitive pricing and deliver strong value to consumers.
We continue to advance the construction of our new refrigerated logistics center. However, due to delays resulting from the ongoing war situation, the expected completion and commencement of operations of the facility is currently anticipated during the fourth quarter of 2026. We believe the new logistics center will support the Company's future growth and improve its operational efficiency.
Looking ahead, we remain optimistic and confident in our ability to continue generating sustainable growth and long-term value for our shareholders."
First Quarter Fiscal 2026 Summary
Sales for the first quarter of 2026 increased by 8.3% to NIS 157.0 million (US$ 49.6 million) from NIS 144.8 million (US$ 45.8 million) recorded in the first quarter of 2025. The increase in sales was attributed to improved product availability for customers and growing demand for the company's products.
Gross profit for the first quarter of 2026 increased by 9.7% to NIS 49.0 million (US$ 15.5 million), or 31.2% of revenues, from NIS 44.6 million (US$ 14.1 million), or 30.8% of revenues recorded in the first quarter of 2025. The increase in gross profit and gross profit margin was primarily attributable to the increase in sales, improved purchase prices of the Company's products, resulting in part from the strengthening of the NIS against the U.S. dollar and the Euro, and the Company's focus on selling a more profitable product portfolio.
Selling expenses for the first quarter of 2026 increased by 22.0% to NIS 20.9 million (US$ 6.6 million), or 13.3% of revenues, compared to NIS 17.1 million (US$ 5.4 million), or 11.8% of revenues, recorded in the first quarter of 2025. The increase was mainly due to an increase in advertising.
General and administrative expenses for the first quarter of 2026 increased by 6.4% to NIS 8.0 million (US$ 2.5 million), or 5.1% of revenues, from NIS 7.6 million (US$ 2.4 million), or 5.2% of revenues, recorded in the first quarter of 2025. The increase was primarily driven by higher payroll expenses.
Operating profit for the first quarter of 2026 was NIS 20.0 million (US$ 6.3 million), or 12.8% of revenues, remaining at the same level as in the first quarter of 2025.
Financial income, net increased to NIS 5.7 million (US$ 1.8 million) recorded in the first quarter of 2026 compared to NIS 5.2 million (US$ 1.6 million) in the first quarter of 2025. Financial income, net for the first quarter of 2026 comprised mainly of income from revaluation of the Company's portfolio of securities to a fair value in an amount of NIS 2.9 million (US$ 0.9 million) and interest and dividend income from the Company's portfolio of securities in an amount of NIS 2.8 million (US$ 0.9 million).
Income before taxes in the first quarter of 2026 was NIS 25.7 million (US$ 8.1 million) compared to NIS 25.1 million (US$ 7.9 million) in the first quarter of 2025.
Net profit in the first quarter of 2026 was NIS 20.1 million (US$ 6.3 million), or NIS 1.44 (US$ 0.5) per share, compared to NIS 19.5 million (US$ 6.2 million), or NIS 1.41 (US$ 0.5) per share, recorded in the first quarter of 2025.
Willi-Food ended the first quarter of 2026 with NIS 274.1 million (US$ 86.6 million) in cash and securities. Net cash from operating activities for the first quarter of 2026 was NIS 22.4 million (US$ 7.1 million).
Willi-Food's shareholders' equity at the end of March 2026 was NIS 653.8 million (US$ 206.6 million).
NOTE A: NIS to US$ exchange rate used for convenience only
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on March 31, 2026, with U.S. $1.00 equal to NIS 3.165 The translation was made solely for the convenience of the reader.
NOTE B: IFRS
The Company's consolidated financial results for the three-month period ended March 31, 2026, are presented in accordance with International Financial Reporting Standards ("IFRS").
ABOUT G. WILLI-FOOD INTERNATIONAL LTD.
G. Willi-Food International Ltd. is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly and through its subsidiaries in the design, import, marketing and distribution of over 650 food products worldwide. As one of Israel's leading food importers, Willi-Food markets and sells its food products to over 1,500 customers and 3,000 selling points in Israel and around the world, including large retail and private supermarket chains, wholesalers and institutional consumers. The Company's operating divisions include Willi-Food in Israel and Euro European Dairies, a wholly owned subsidiary that designs, develops and distributes branded kosher, dairy-food products.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products, expected sales, operating results, and earnings. Forward-looking statements include statements regarding the commercial terms with customers and suppliers and timing of construction of the Company's new logistics center and its expected benefits. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: the inability to improve commercial terms with customers and suppliers: delays in the construction of the Company's new logistics center and the risk that its expected benefits will not be materialized, inability to sustain improvements and growth in the future; monetary risks including changes in marketable securities or changes in currency exchange rates- especially the NIS/U.S. Dollar exchange rate, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, loss of one or more of our principal clients, increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in political, economic and military conditions in Israel, particularly the recent war in Israel. Economic conditions in the Company's core markets, delays and price increases due to the attacks on global shipping routes in the Red Sea, our inability to accurately predict consumption of our products and changes in consumer preferences, our inability to protect our intellectual property rights, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims, risks associated with product liability claims and risks associated with the start of credit extension activity. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 24, 2026. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
------------------------------------------------------------------------------
March 31, December 31 March 31, December 31
---------------- ----------- ---------------- -----------
2 0 2 6 2 0 2 5 2025 2 0 2 6 2 0 2 5 2025
------- ------- ----------- ------- ------- -----------
NIS US dollars (*)
----------------------------- -----------------------------
(in thousands)
------------------------------------------------------------
ASSETS
----------------
Current assets
Cash and cash
equivalents 145,483 116,870 124,158 45,966 36,926 39,228
Financial assets
at fair value
through profit
or loss 128,636 117,120 124,591 40,643 37,005 39,365
Trade
receivables,
Net 181,738 172,919 181,762 57,421 54,635 57,429
Other
receivables and
prepaid
expenses 3,967 7,287 2,244 1,253 2,302 709
Inventories, Net 92,313 123,152 94,074 29,167 38,911 29,723
Current tax
assets 1,823 - 1,585 576 - 501
------- ------- ----------- ------- ------- -----------
Total current
assets 553,960 537,348 528,414 175,026 169,779 166,955
------- ------- ----------- ------- ------- -----------
Non-current
assets
Property, plant
and equipment 212,426 179,515 201,692 67,117 56,719 63,726
Less
-Accumulated
depreciation 65,009 59,679 63,468 20,540 18,856 20,053
------- ------- ----------- ------- ------- -----------
147,417 119,836 138,224 46,577 37,863 43,673
------- ------- ----------- ------- ------- -----------
Right of use
asset 3,914 4,838 4,562 1,237 1,529 1,441
Financial assets
at fair value
through profit
or loss 42,084 50,332 49,067 13,297 15,903 15,503
Goodwill 36 36 36 11 11 11
------- ------- ----------- ------- ------- -----------
Total
non-current
assets 193,451 175,042 191,889 61,122 55,306 60,628
------- ------- ----------- ------- ------- -----------
747,411 712,390 720,303 236,148 225,085 227,583
======= ======= =========== ======= ======= ===========
EQUITY AND
LIABILITIES
----------------
Current
liabilities
Current
maturities of
lease
liabilities 2,123 1,939 2,191 671 613 692
Short-term
credit from
banks 4,121 - - 1,302 - -
Trade payables 25,364 35,047 23,291 8,014 11,073 7,359
Employees
Benefits 6,974 5,904 4,861 2,204 1,865 1,536
Other payables
and accrued
expenses 39,594 52,916 17,438 12,510 16,719 5,510
------- ------- ----------- ------- ------- -----------
Total current
liabilities 78,176 95,806 47,781 24,701 30,270 15,097
------- ------- ----------- ------- ------- -----------
Non-current
liabilities
Lease
liabilities 2,210 2,730 2,739 698 863 865
Deferred taxes 11,864 9,706 13,331 3,748 3,067 4,212
Retirement
benefit
obligation 1,361 1,102 1,361 430 349 430
------- ------- ----------- ------- ------- -----------
Total
non-current
liabilities 15,435 13,538 17,431 4,876 4,279 5,507
------- ------- ----------- ------- ------- -----------
Shareholders'
equity
Share capital 1,492 1,491 1,492 471 471 471
Additional paid
in capital 175,288 173,614 174,700 55,383 54,854 55,197
Remeasurement of
the net
liability in
respect of
defined benefit (256) (256) (256) (81) (81) (81)
Capital fund 247 247 247 78 78 78
Retained
earnings 477,657 428,578 479,536 150,918 135,412 151,512
Treasury shares (628) (628) (628) (198) (198) (198)
------- ------- ----------- ------- ------- -----------
Equity
attributable to
owners of the
Company 653,800 603,046 655,091 206,571 190,536 206,979
------- ------- ----------- ------- ------- -----------
747,411 712,390 720,303 236,148 225,085 227,583
======= ======= =========== ======= ======= ===========
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
------------------------------------------------------------------------------
Three months Three months
ended ended
March 31, March 31,
-------------------------- ------------------------
2 0 2 6 2 0 2 5 2 0 2 6 2 0 2 5
------------ ------------ ----------- -----------
NIS US dollars (*)
-------------------------- ------------------------
In thousands (except per share and share data)
----------------------------------------------------
Sales 156,891 144,843 49,571 45,764
Cost of sales 107,939 100,215 34,104 31,664
------------ ------------ ----------- -----------
Gross profit 48,952 44,628 15,467 14,100
------------ ------------ ----------- -----------
Operating costs and
expenses:
Selling expenses 20,884 17,111 6,598 5,406
General and
administrative
expenses 8,043 7,558 2,541 2,388
------------ ------------ ----------- -----------
Operating profit 20,025 19,959 6,328 6,306
------------ ------------ ----------- -----------
Financial income 6,114 5,491 1,932 1,735
Financial expense (395) (320) (125) (101)
------------ ------------ ----------- -----------
Total financial income 5,719 5,171 1,807 1,634
------------ ------------ ----------- -----------
Income before taxes on
income 25,744 25,130 8,135 7,940
Taxes on income (5,661) (5,625) (1,789) (1,777)
------------ ------------ ----------- -----------
Profit for the period 20,083 19,505 6,346 6,163
============ ============ =========== ===========
Earnings per share:
Basic earnings per share 1.44 1.41 0.46 0.44
============ ============ =========== ===========
Diluted earnings per
share 1.44 1.39 0.46 0.44
============ ============ =========== ===========
Shares used in
computation of basic
EPS 13,906,412 13,877,447 13,906,412 13,877,447
============ ============ =========== ===========
Shares used in
computation of diluted
EPS 13,913,507 13,988,885 13,913,507 13,988,885
============ ============ =========== ===========
Actual number of shares 13,906,412 13,877,447 13,906,412 13,877,447
============ ============ =========== ===========
(*) Convenience translation into U.S. dollars
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
--------------------------------------------------------------------------
Three months Three months
ended ended
March 31, March 31,
-------------------------- ------------------------
2 0 2 6 2 0 2 5 2 0 2 6 2 0 2 5
------------ ------------ ----------- -----------
NIS US dollars (*)
-------------------------- ------------------------
In thousands (except per share and share data)
----------------------------------------------------
CASH FLOWS -
OPERATING
ACTIVITIES
--------------------
Profit from
continuing
operations 20,083 19,505 6,346 6,163
Adjustments to
reconcile net
profit to net cash
from continuing
operating
activities
(Appendix A) 2,311 (19,194) 730 (6,064)
------------ ------------ ----------- -----------
Net cash from
continuing
operating
activities 22,394 311 7,076 99
------------ ------------ ----------- -----------
CASH FLOWS -
INVESTING
ACTIVITIES
--------------------
Acquisition of
property plant and
equipment (1,049) (529) (331) (167)
Acquisition of
property plant and
equipment under
construction (9,685) (10,769) (3,060) (3,403)
Proceeds from sale
of marketable
securities, net 6,072 5,140 1,918 1,624
------------ ------------ ----------- -----------
Net cash used in
continuing
investing
activities (4,662) (6,158) (1,473) (1,946)
------------ ------------ ----------- -----------
CASH FLOWS -
FINANCING
ACTIVITIES
--------------------
Lease liability
payments (597) (580) (189) (183)
Short term credit
from banks 4,121 - 1,302 -
------------ ------------ ----------- -----------
Net cash from (used
in) continuing
financing
activities 3,524 (580) 1,113 (183)
------------ ------------ ----------- -----------
Increase (decrease)
in cash and cash
equivalents 21,256 (6,427) 6,716 (2,031)
Cash and cash
equivalents at the
beginning of the
year 124,158 122,938 39,228 38,843
Exchange gains on
cash and cash
equivalents 69 359 22 113
------------ ------------ ----------- -----------
Cash and cash
equivalents at the
end of the year 145,483 116,870 45,966 36,925
------------ ------------ ----------- -----------
(*) Convenience Translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
------------------------------------------------------------------------
CASH FLOWS -- OPERATING ACTIVITIES:
------------------------------------------------------------------------
A. Adjustments to reconcile net profit to net cash from
continuing operating activities:
Three months Three months
ended ended
March 31, March 31,
-------------------- -----------------
2 0 2 6 2 0 2 5 2 0 2 6 2 0 2 5
------- ----------- ------- --------
NIS US dollars (*)
-------------------- -----------------
(in thousands)
---------------------------------------
Decrease in deferred income
taxes (1,467) (182) (464) (58)
Unrealized gains on marketable
securities (3,133) (1,561) (990) (493)
Depreciation and amortization 1,541 (**) 1,330 487 (**) 421
Depreciation expense on
right-to-use assets 648 (**) 525 205 (**) 165
Stock based payment 588 552 186 174
Exchange gains on cash and cash
equivalents (69) (359) (22) (113)
Changes in assets and
liabilities:
Increase in trade receivables
and other receivables 1,914 1,469 605 464
Decrease (Increase) in
inventories 1,761 (24,918) 556 (7,873)
Increase in trade payables,
other payables and other
current liabilities 4,380 6,166 1,384 1,949
------- ----------- -------
Cash generated from (used in)
operations 6,163 (16,978) 1,947 (5,364)
Income tax paid (3,852) (2,216) (1,217) (700)
Net cash flows from (used in)
operating activities 2,311 (19,194) 730 (6,064)
======= =========== ======= ========
(*) Convenience Translation into U.S. Dollars.
(**) Reclassified
This information is intended to be reviewed in conjunction with the Company's filings with the Securities and Exchange Commission.
Company Contact:
G. Willi - Food International Ltd.
Yitschak Barabi, Chief Financial Officer
(+972) 8-932-1000
itsik.b@willi-food.co.il
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SOURCE G. Willi-Food International Ltd.
(END) Dow Jones Newswires
GROSS PROFIT INCREASED BY 9.7% OVER COMPARABLE PERIOD IN 2025
YAVNE, Israel, May 26, 2026 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter Fiscal Year 2026
-- Sales increased by 8.3% to NIS 157.0 million (US$ 49.6 million) from NIS
144.8 million (US$ 45.8 million) in the first quarter of 2025.
-- Gross profit increased by 9.7% year-over-year to NIS 49.0 million (US$
15.5 million).
-- Operating profit for the first quarter of 2026 is NIS 20.0 million (US$
6.3 million).
-- Net profit increased by 3.0% year-over-year to NIS 20.1 million (US$ 6.3
million).
-- Basic earnings per share of NIS 1.44 (US$ 0.5).
-- Cash and cash equivalents balance of NIS 274.1 million (US$ 86.6 million)
as of March 31, 2026.
Management Comment
Zwi Williger, Chairman and Joseph Williger, CEO, commented: "We are pleased to begin 2026 with a strong first quarter, reflecting continued growth in both sales and profitability, driven by the consistent execution of our strategic plan.
During the quarter, we remained focused on a more profitable product mix, while ensuring high product availability to support growing demand and further strengthen our relationships with customers and suppliers. In addition, the appreciation of the NIS against the U.S. dollar and the Euro supported our cost structure as an importer, enabling us to offer competitive pricing and deliver strong value to consumers.
We continue to advance the construction of our new refrigerated logistics center. However, due to delays resulting from the ongoing war situation, the expected completion and commencement of operations of the facility is currently anticipated during the fourth quarter of 2026. We believe the new logistics center will support the Company's future growth and improve its operational efficiency.
Looking ahead, we remain optimistic and confident in our ability to continue generating sustainable growth and long-term value for our shareholders."
First Quarter Fiscal 2026 Summary
Sales for the first quarter of 2026 increased by 8.3% to NIS 157.0 million (US$ 49.6 million) from NIS 144.8 million (US$ 45.8 million) recorded in the first quarter of 2025. The increase in sales was attributed to improved product availability for customers and growing demand for the company's products.
Gross profit for the first quarter of 2026 increased by 9.7% to NIS 49.0 million (US$ 15.5 million), or 31.2% of revenues, from NIS 44.6 million (US$ 14.1 million), or 30.8% of revenues recorded in the first quarter of 2025. The increase in gross profit and gross profit margin was primarily attributable to the increase in sales, improved purchase prices of the Company's products, resulting in part from the strengthening of the NIS against the U.S. dollar and the Euro, and the Company's focus on selling a more profitable product portfolio.
Selling expenses for the first quarter of 2026 increased by 22.0% to NIS 20.9 million (US$ 6.6 million), or 13.3% of revenues, compared to NIS 17.1 million (US$ 5.4 million), or 11.8% of revenues, recorded in the first quarter of 2025. The increase was mainly due to an increase in advertising.
General and administrative expenses for the first quarter of 2026 increased by 6.4% to NIS 8.0 million (US$ 2.5 million), or 5.1% of revenues, from NIS 7.6 million (US$ 2.4 million), or 5.2% of revenues, recorded in the first quarter of 2025. The increase was primarily driven by higher payroll expenses.
Operating profit for the first quarter of 2026 was NIS 20.0 million (US$ 6.3 million), or 12.8% of revenues, remaining at the same level as in the first quarter of 2025.
Financial income, net increased to NIS 5.7 million (US$ 1.8 million) recorded in the first quarter of 2026 compared to NIS 5.2 million (US$ 1.6 million) in the first quarter of 2025. Financial income, net for the first quarter of 2026 comprised mainly of income from revaluation of the Company's portfolio of securities to a fair value in an amount of NIS 2.9 million (US$ 0.9 million) and interest and dividend income from the Company's portfolio of securities in an amount of NIS 2.8 million (US$ 0.9 million).
Income before taxes in the first quarter of 2026 was NIS 25.7 million (US$ 8.1 million) compared to NIS 25.1 million (US$ 7.9 million) in the first quarter of 2025.
Net profit in the first quarter of 2026 was NIS 20.1 million (US$ 6.3 million), or NIS 1.44 (US$ 0.5) per share, compared to NIS 19.5 million (US$ 6.2 million), or NIS 1.41 (US$ 0.5) per share, recorded in the first quarter of 2025.
Willi-Food ended the first quarter of 2026 with NIS 274.1 million (US$ 86.6 million) in cash and securities. Net cash from operating activities for the first quarter of 2026 was NIS 22.4 million (US$ 7.1 million).
Willi-Food's shareholders' equity at the end of March 2026 was NIS 653.8 million (US$ 206.6 million).
NOTE A: NIS to US$ exchange rate used for convenience only
The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was made at the rate of exchange prevailing on March 31, 2026, with U.S. $1.00 equal to NIS 3.165 The translation was made solely for the convenience of the reader.
NOTE B: IFRS
The Company's consolidated financial results for the three-month period ended March 31, 2026, are presented in accordance with International Financial Reporting Standards ("IFRS").
ABOUT G. WILLI-FOOD INTERNATIONAL LTD.
G. Willi-Food International Ltd. is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly and through its subsidiaries in the design, import, marketing and distribution of over 650 food products worldwide. As one of Israel's leading food importers, Willi-Food markets and sells its food products to over 1,500 customers and 3,000 selling points in Israel and around the world, including large retail and private supermarket chains, wholesalers and institutional consumers. The Company's operating divisions include Willi-Food in Israel and Euro European Dairies, a wholly owned subsidiary that designs, develops and distributes branded kosher, dairy-food products.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products, expected sales, operating results, and earnings. Forward-looking statements include statements regarding the commercial terms with customers and suppliers and timing of construction of the Company's new logistics center and its expected benefits. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: the inability to improve commercial terms with customers and suppliers: delays in the construction of the Company's new logistics center and the risk that its expected benefits will not be materialized, inability to sustain improvements and growth in the future; monetary risks including changes in marketable securities or changes in currency exchange rates- especially the NIS/U.S. Dollar exchange rate, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, loss of one or more of our principal clients, increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in political, economic and military conditions in Israel, particularly the recent war in Israel. Economic conditions in the Company's core markets, delays and price increases due to the attacks on global shipping routes in the Red Sea, our inability to accurately predict consumption of our products and changes in consumer preferences, our inability to protect our intellectual property rights, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims, risks associated with product liability claims and risks associated with the start of credit extension activity. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 24, 2026. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
------------------------------------------------------------------------------
March 31, December 31 March 31, December 31
---------------- ----------- ---------------- -----------
2 0 2 6 2 0 2 5 2025 2 0 2 6 2 0 2 5 2025
------- ------- ----------- ------- ------- -----------
NIS US dollars (*)
----------------------------- -----------------------------
(in thousands)
------------------------------------------------------------
ASSETS
----------------
Current assets
Cash and cash
equivalents 145,483 116,870 124,158 45,966 36,926 39,228
Financial assets
at fair value
through profit
or loss 128,636 117,120 124,591 40,643 37,005 39,365
Trade
receivables,
Net 181,738 172,919 181,762 57,421 54,635 57,429
Other
receivables and
prepaid
expenses 3,967 7,287 2,244 1,253 2,302 709
Inventories, Net 92,313 123,152 94,074 29,167 38,911 29,723
Current tax
assets 1,823 - 1,585 576 - 501
------- ------- ----------- ------- ------- -----------
Total current
assets 553,960 537,348 528,414 175,026 169,779 166,955
------- ------- ----------- ------- ------- -----------
Non-current
assets
Property, plant
and equipment 212,426 179,515 201,692 67,117 56,719 63,726
Less
-Accumulated
depreciation 65,009 59,679 63,468 20,540 18,856 20,053
------- ------- ----------- ------- ------- -----------
147,417 119,836 138,224 46,577 37,863 43,673
------- ------- ----------- ------- ------- -----------
Right of use
asset 3,914 4,838 4,562 1,237 1,529 1,441
Financial assets
at fair value
through profit
or loss 42,084 50,332 49,067 13,297 15,903 15,503
Goodwill 36 36 36 11 11 11
------- ------- ----------- ------- ------- -----------
Total
non-current
assets 193,451 175,042 191,889 61,122 55,306 60,628
------- ------- ----------- ------- ------- -----------
747,411 712,390 720,303 236,148 225,085 227,583
======= ======= =========== ======= ======= ===========
EQUITY AND
LIABILITIES
----------------
Current
liabilities
Current
maturities of
lease
liabilities 2,123 1,939 2,191 671 613 692
Short-term
credit from
banks 4,121 - - 1,302 - -
Trade payables 25,364 35,047 23,291 8,014 11,073 7,359
Employees
Benefits 6,974 5,904 4,861 2,204 1,865 1,536
Other payables
and accrued
expenses 39,594 52,916 17,438 12,510 16,719 5,510
------- ------- ----------- ------- ------- -----------
Total current
liabilities 78,176 95,806 47,781 24,701 30,270 15,097
------- ------- ----------- ------- ------- -----------
Non-current
liabilities
Lease
liabilities 2,210 2,730 2,739 698 863 865
Deferred taxes 11,864 9,706 13,331 3,748 3,067 4,212
Retirement
benefit
obligation 1,361 1,102 1,361 430 349 430
------- ------- ----------- ------- ------- -----------
Total
non-current
liabilities 15,435 13,538 17,431 4,876 4,279 5,507
------- ------- ----------- ------- ------- -----------
Shareholders'
equity
Share capital 1,492 1,491 1,492 471 471 471
Additional paid
in capital 175,288 173,614 174,700 55,383 54,854 55,197
Remeasurement of
the net
liability in
respect of
defined benefit (256) (256) (256) (81) (81) (81)
Capital fund 247 247 247 78 78 78
Retained
earnings 477,657 428,578 479,536 150,918 135,412 151,512
Treasury shares (628) (628) (628) (198) (198) (198)
------- ------- ----------- ------- ------- -----------
Equity
attributable to
owners of the
Company 653,800 603,046 655,091 206,571 190,536 206,979
------- ------- ----------- ------- ------- -----------
747,411 712,390 720,303 236,148 225,085 227,583
======= ======= =========== ======= ======= ===========
(*) Convenience translation into U.S. dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
------------------------------------------------------------------------------
Three months Three months
ended ended
March 31, March 31,
-------------------------- ------------------------
2 0 2 6 2 0 2 5 2 0 2 6 2 0 2 5
------------ ------------ ----------- -----------
NIS US dollars (*)
-------------------------- ------------------------
In thousands (except per share and share data)
----------------------------------------------------
Sales 156,891 144,843 49,571 45,764
Cost of sales 107,939 100,215 34,104 31,664
------------ ------------ ----------- -----------
Gross profit 48,952 44,628 15,467 14,100
------------ ------------ ----------- -----------
Operating costs and
expenses:
Selling expenses 20,884 17,111 6,598 5,406
General and
administrative
expenses 8,043 7,558 2,541 2,388
------------ ------------ ----------- -----------
Operating profit 20,025 19,959 6,328 6,306
------------ ------------ ----------- -----------
Financial income 6,114 5,491 1,932 1,735
Financial expense (395) (320) (125) (101)
------------ ------------ ----------- -----------
Total financial income 5,719 5,171 1,807 1,634
------------ ------------ ----------- -----------
Income before taxes on
income 25,744 25,130 8,135 7,940
Taxes on income (5,661) (5,625) (1,789) (1,777)
------------ ------------ ----------- -----------
Profit for the period 20,083 19,505 6,346 6,163
============ ============ =========== ===========
Earnings per share:
Basic earnings per share 1.44 1.41 0.46 0.44
============ ============ =========== ===========
Diluted earnings per
share 1.44 1.39 0.46 0.44
============ ============ =========== ===========
Shares used in
computation of basic
EPS 13,906,412 13,877,447 13,906,412 13,877,447
============ ============ =========== ===========
Shares used in
computation of diluted
EPS 13,913,507 13,988,885 13,913,507 13,988,885
============ ============ =========== ===========
Actual number of shares 13,906,412 13,877,447 13,906,412 13,877,447
============ ============ =========== ===========
(*) Convenience translation into U.S. dollars
G. WILLI-FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
--------------------------------------------------------------------------
Three months Three months
ended ended
March 31, March 31,
-------------------------- ------------------------
2 0 2 6 2 0 2 5 2 0 2 6 2 0 2 5
------------ ------------ ----------- -----------
NIS US dollars (*)
-------------------------- ------------------------
In thousands (except per share and share data)
----------------------------------------------------
CASH FLOWS -
OPERATING
ACTIVITIES
--------------------
Profit from
continuing
operations 20,083 19,505 6,346 6,163
Adjustments to
reconcile net
profit to net cash
from continuing
operating
activities
(Appendix A) 2,311 (19,194) 730 (6,064)
------------ ------------ ----------- -----------
Net cash from
continuing
operating
activities 22,394 311 7,076 99
------------ ------------ ----------- -----------
CASH FLOWS -
INVESTING
ACTIVITIES
--------------------
Acquisition of
property plant and
equipment (1,049) (529) (331) (167)
Acquisition of
property plant and
equipment under
construction (9,685) (10,769) (3,060) (3,403)
Proceeds from sale
of marketable
securities, net 6,072 5,140 1,918 1,624
------------ ------------ ----------- -----------
Net cash used in
continuing
investing
activities (4,662) (6,158) (1,473) (1,946)
------------ ------------ ----------- -----------
CASH FLOWS -
FINANCING
ACTIVITIES
--------------------
Lease liability
payments (597) (580) (189) (183)
Short term credit
from banks 4,121 - 1,302 -
------------ ------------ ----------- -----------
Net cash from (used
in) continuing
financing
activities 3,524 (580) 1,113 (183)
------------ ------------ ----------- -----------
Increase (decrease)
in cash and cash
equivalents 21,256 (6,427) 6,716 (2,031)
Cash and cash
equivalents at the
beginning of the
year 124,158 122,938 39,228 38,843
Exchange gains on
cash and cash
equivalents 69 359 22 113
------------ ------------ ----------- -----------
Cash and cash
equivalents at the
end of the year 145,483 116,870 45,966 36,925
------------ ------------ ----------- -----------
(*) Convenience Translation into U.S. Dollars.
G. WILLI-FOOD INTERNATIONAL LTD.
APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
------------------------------------------------------------------------
CASH FLOWS -- OPERATING ACTIVITIES:
------------------------------------------------------------------------
A. Adjustments to reconcile net profit to net cash from
continuing operating activities:
Three months Three months
ended ended
March 31, March 31,
-------------------- -----------------
2 0 2 6 2 0 2 5 2 0 2 6 2 0 2 5
------- ----------- ------- --------
NIS US dollars (*)
-------------------- -----------------
(in thousands)
---------------------------------------
Decrease in deferred income
taxes (1,467) (182) (464) (58)
Unrealized gains on marketable
securities (3,133) (1,561) (990) (493)
Depreciation and amortization 1,541 (**) 1,330 487 (**) 421
Depreciation expense on
right-to-use assets 648 (**) 525 205 (**) 165
Stock based payment 588 552 186 174
Exchange gains on cash and cash
equivalents (69) (359) (22) (113)
Changes in assets and
liabilities:
Increase in trade receivables
and other receivables 1,914 1,469 605 464
Decrease (Increase) in
inventories 1,761 (24,918) 556 (7,873)
Increase in trade payables,
other payables and other
current liabilities 4,380 6,166 1,384 1,949
------- ----------- -------
Cash generated from (used in)
operations 6,163 (16,978) 1,947 (5,364)
Income tax paid (3,852) (2,216) (1,217) (700)
Net cash flows from (used in)
operating activities 2,311 (19,194) 730 (6,064)
======= =========== ======= ========
(*) Convenience Translation into U.S. Dollars.
(**) Reclassified
This information is intended to be reviewed in conjunction with the Company's filings with the Securities and Exchange Commission.
Company Contact:
G. Willi - Food International Ltd.
Yitschak Barabi, Chief Financial Officer
(+972) 8-932-1000
itsik.b@willi-food.co.il
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SOURCE G. Willi-Food International Ltd.
(END) Dow Jones Newswires
May 26, 2026 08:00 ET (12:00 GMT)