Telecommunications company Partner (TASE: PTNR) has released its third-quarter financial results. As expected, the company announced that its board of directors had approved a special dividend distribution of NIS 500 million not out of its profits in accordance with recently received court approval and subject to the issue of a new series of bonds. Parner's share price is currently up 5.6%.
Partner, under the leadership of Avi Gabbay, had 5.7% higher third quarter revenue, at NIS 829 million. Adjusted EBITDA reached NIS 350 million, and net profit grew by 12.2% to NIS 101 million. Operating profit for the quarter was NIS 148 million. The company notes that these profitability metrics represent a fourteen-year high. Fourteen years ago, a regulatory reform introduced numerous competitors into the cellular market, triggering a market upheaval and a significant drop in prices.
Broken down by business segment, the cellular division generated NIS 381 million in revenue from cellular services, with an additional NIS 128 million derived from the sale of equipment. At the end of the third quarter, Partner’s mobile subscriber base totaled 2.7 million, 14,000 more than in the previous quarter and 72,000 more than in the corresponding quarter of 2025. 43% are 5G subscribers. ARPU (Average Revenue Per User) reached NIS 46, up from both the previous quarter (NIS 43) and the corresponding quarter NIS 44).
Partner’s television subscriber base grew by 2,000 during the quarter, reaching 214,000. The company notes that since the launch of its upgraded television service, "Partner tv+," there has been an increase in viewer engagement and satisfaction, with total monthly VOD viewing minutes per subscriber rising by 84%. The number of internet subscribers grew by 3,000 during the quarter to 503,000, with an average monthly revenue per internet subscriber of NIS 97.
For the first three quarters of the year, Partner recorded revenue of NIS 2.4 billion, unchanged from the same period last year, while operating profit rose 14.3% to NIS 376 million. Net profit for the period was NIS 259 million, which compares with NIS 226 million in the corresponding period in 2025.
Massive dividend
As mentioned, Partner is set to distribute a dividend sourced from funds other than current profits following the early redemption of two bond series whose holders had not approved the distribution. The primary beneficiary of this planned distribution is Partner’s largest shareholder, Amphissa Holdings, which holds a 21.2% stake in the company. Amphissa comprises companies controlled by Shlomo Rodav, Ronnie Gat, Mori Arkin, Phoenix Financial, and Partner CEO Avi Gabbay. Its share of the distribution will amount to approximately NIS 106 million. The dividend will be funded through the issuance of a new series of bonds (Series 9) totaling up to NIS 750 million, which has been assigned an 'ilAA-' rating by S&P Maalot.
In documents submitted to the court, Partner noted that its debt-to-EBITDA ratio would rise as a result of this move, reversing a trend of reduction seen over previous years. At the end of the third quarter, the ratio stood at 0.3; it is expected to rise to 1.1 before gradually declining thereafter. In the third quarter, Partner’s adjusted free cash flow was NIS 43 million, 66% less than in the same quarter last year, because of the procurement of mobile devices for the Accountant General’s tender (in which it was partially successful) and in preparation for the launch of new devices.
CEO Avi Gabbay stated: "With every decision we make at Partner, we ask: what is best for our customers, our employees, and our shareholders? This is our 'triangle' approach, and the strong quarterly results demonstrate that it is proving effective."
Published by Globes, Israel business news - en.globes.co.il - on November 9, 2026.
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