Mor Pension Fund Reports Slight Profit Drop but Raises 2026 Earnings Forecast

Mor Pension and Provident Fund reported a slight 3% decrease in total profit for the second quarter, earning 17.5 million shekels compared to the same period last year. Despite this, the company has grown to become Israel's second-largest pension fund manager, with assets totaling 115.5 billion shekels as of the end of June 2024. Its pension fund manages 21 billion shekels, and overall assets have increased by 15% since the start of the year.

The company's revenue from management fees rose by 33% to 197 million shekels in the second quarter, up from 148 million shekels a year earlier. However, profitability declined due to higher marketing fees, which increased to 107 million shekels from 78 million shekels in the comparable quarter. Under CEO Eldad Tzinman, Mor Pension raised its adjusted pre-tax profit forecast for 2026 to between 150 million and 165 million shekels, up from a previous range of 140 million to 160 million shekels.

Over the past 12 months, Mor Pension's stock price has risen by 23%, currently valued at 2.2 billion shekels. Mor Investments holds a 66.4% controlling stake in Mor Pension and Provident Fund, with the Meirov and Levi families as the controlling shareholders of the investment house.