Immediate report – Update to the Group's outlook for 2023
Bezeq - The Israel Telecommunications Corp. Ltd.
(the “Company”)
July 26, 2023
Attn. Attn.
Israel Securities Authority Tel Aviv Stock Exchange Ltd.
Immediate report – Update to the Group's outlook for 2023
The Company hereby reports that it updated the Group's outlook for 2023 (which was published in the Company's immediate report of March 14, 2023 - the “Original Outlook”), based on the information currently available to the Company as follows:
- Adjusted net profit[1] is expected to be NIS 1.32 billion (compared with NIS 1.2 billion in the Original Outlook). The change is mainly due to depreciation expenses and net financing expenses.
- Adjusted EBITDA[2] is expected to be NIS 3.8 billion (unchanged compared with the Original Outlook).
- CAPEX[3] is expected to be NIS 1.75 billion (unchanged compared with the Original Outlook).
In addition, regarding the scope of the Company's fiber network deployment – reaching 2 million households, and regarding financial stability – maintaining a high credit rating in the AA group, both are unchanged compared to the original outlook.
The Company's forecasts set out above are forward-looking information, as defined in the Israel Securities Law. The Group’s forecasts are based on the Company’s assessments, assumptions, and expectations, and among other things, on the Group’s assessments for the structure of competition in the telecommunications market and regulation in this sector, on the current economic situation, and accordingly, the Group's ability to implement its plans for 2023, and taking note of changes that may occur in the foregoing, in business conditions and the effects of regulatory decisions, technology changes, or developments in the structure of the telecommunications market, or insofar as one or more of the risk factors listed in the Periodic Report for 2022 materialize.
Yours sincerely,
“Bezeq” The Israel Telecommunication Corp Limited
The above information constitutes a translation of the Immediate Report published by the Company. The Hebrew version was submitted by the Company to the relevant authorities pursuant to Israeli law, and represents the binding version and the only one having legal effect. This translation was prepared for convenience purposes only.