Partner Communications Reports Q3 2025 Results: Profitability Up Across All Indicators

Partner Communications Group published its financial results for the third quarter of 2025, reporting broad improvement in profitability metrics compared to the same period last year. Net profit rose 6% to NIS 90 million, operating profit increased 10% to NIS 132 million, and adjusted EBITDA was up 4% to NIS 331 million.

The company highlighted the continued rollout of its G5 Private cellular network and the successful launch of its upgraded Partner +tv service as key drivers of growth.

Strong Operational Momentum

Partner reported solid customer growth as its technological upgrades reached full scale:

• 36,000 net new cellular subscribers since the beginning of 2025

• 19,000 net new subscribers in Q3 alone

• 766,000 5G subscribers

• 457,000 fiber-optic subscribers (+5,000 vs. previous quarter)

• 484,000 total Internet subscribers (94% connected via fiber)

• Internet ARPU climbed to NIS 95, up NIS 5 year-on-year

• Cellular ARPU remained stable at NIS 44

• Cellular churn improved to 4.9%, down from 5.1%

Partner also emphasized that it remains the only operator in Israel able to offer fiber service to every household where fiber infrastructure exists—covering a potential 2.9 million homes thanks to its independent network and wholesale agreements.

New +tv Service Rolls Out Nationwide

The upgraded Partner +tv service, offering an improved interface and expanded content catalog, was launched late in the third quarter.
All existing customers completed the migration in early Q4.

Despite the upgrade, TV subscribers totaled 196,000, reflecting a modest decrease of 3,000 compared to Q2.

Executive Commentary

Avi Gabbay, CEO, Partner Group

“With the launch of the new television service, we have completed the upgrade of all of Partner’s core activities. Combined with our broad fiber deployment and advanced cellular network, these steps have a dramatic impact on customer satisfaction. We continue to invest in growth, innovation, and operational excellence.”

Miri Takutiel, CFO, Partner Group

“Quarterly profit was positively influenced by the cancellation of the VAT provision for Netflix customers, alongside increased revenues from Internet services, business data, and cellular packages. These gains were partially offset by higher spectrum fee expenses. Free cash flow reached NIS 125 million in the quarter and NIS 363 million for the year to date.”

Financial Highlights: Q3 2025 vs. Q3 2024

Revenue Trends

• Total revenues: NIS 784 million, down 3% from NIS 811 million (net of interconnection fees), due to a one-time high income from a fiber-leasing deal in Q3 2024.

• Service revenues: NIS 650 million, down 5%, primarily due to the same one-time business fiber deal last year.

• Equipment revenues: NIS 134 million, up 5% from NIS 128 million.

Profitability

• Operating profit: NIS 132 million, up 10%, boosted by the reversal of a NIS 38 million VAT provision for Netflix customers.

• Net profit: NIS 90 million, up 6% from NIS 85 million.

• Adjusted EBITDA: NIS 331 million, up 4% from NIS 319 million.

Cash Flow and Debt

• Adjusted free cash flow: NIS 125 million, down 49% from NIS 243 million due to higher CAPEX and a one-time NIS 34 million tax refund recorded last year.

• Free cash flow for the first three quarters: NIS 363 million, up 39% from NIS 262 million.

• Net financial debt: NIS 160 million, down from NIS 255 million in the corresponding quarter.

Partner’s management emphasized that the company is well-positioned for continued growth, supported by technological differentiation, expanded fiber coverage, and improved product offerings.