11/20/2025 - 08:19 AM

2025年11月20日- 上午 08:19

OR YEHUDA, Israel, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Formula Systems (1985) Ltd. (Nasdaq and TASE: FORTY) (“Formula Systems,” or the “Company”), a global information technology group engaged, through its subsidiaries and affiliates, in providing software consulting services and computer-based business solutions and developing proprietary software products, today announced its third quarter and nine-months period ended September 30, 2025 results of operations.

以色列奧爾耶胡達，2025年11月20日（全球新聞通訊）——Formula Systems (1985) Ltd.（納斯達克和特拉維夫證券交易所代碼：FORTY）（“Formula Systems” 或 “公司”）是一家全球信息技術集團，通過其子公司和關聯公司提供軟件諮詢服務和基於計算機的商業解決方案，並開發專有軟件產品，今天宣佈截至2025年9月30日的第三季度和九個月的運營結果。

Financial Highlights for the Quarter Ended September 30, 2025

截至2025年9月30日的季度財務亮點

On August 13, 2025, Sapiens International Corporation N.V, (hereafter “Sapiens”) announced that it has entered into a definitive agreement to be acquired by Advent, a leading global private equity investor, for $43.50 per common share, in an all-cash transaction. Under the terms of the agreement, the Company will continue to retain significant minority ownership in Sapiens, which under the new structure will translate into an approximately 18% ownership stake. Retaining this meaningful minority position reflects the Company’s continued conviction in Sapiens’ long-term strategy, its talented team, and the exciting opportunities ahead in partnership with Advent to accelerate the transition to AI and SaaS, delivering the next generation of insurance solutions for Sapiens customers. On November 19, 2025, Sapiens held an extraordinary general meeting of shareholders at which all proposals relating to the definitive agreement were approved. The transaction is expected to close during 2025 fourth quarter or during the first quarter of 2026, subject to the satisfaction of customary closing conditions and receipt of regulatory approvals. Following the signing of the definitive agreement by Sapiens’ to be acquired by Advent and its approval by Sapiens’ shareholders, the consolidated results of Sapiens are reported separately as discontinued operations in our third quarter financial statements.

-2025年8月13日，Sapiens International Corporation N.V（以下簡稱 “Sapiens”）宣佈已與領先的全球私募股權投資者 Advent 達成最終協議，以每股 43.50 美元的現金交易收購 Sapiens。根據協議條款，公司將繼續在 Sapiens 中保留重要的少數股權，在新結構下，這將轉化為約 18% 的持股比例。保留這一重要的少數股權反映了公司對 Sapiens 長期戰略、其優秀團隊以及與 Advent 合作加速向人工智能和軟件即服務（SaaS）轉型的激動人心的機會的持續信心，為 Sapiens 客户提供下一代保險解決方案。2025年11月19日，Sapiens 召開了股東特別大會，所有與最終協議相關的提案均獲得批准。該交易預計將在 2025 年第四季度或 2026 年第一季度完成，前提是滿足慣常的交割條件並獲得監管批准。在 Sapiens 與 Advent 達成最終協議並獲得 Sapiens 股東批准後，Sapiens 的合併結果在我們的第三季度財務報表中作為終止運營單獨報告。

Revenues for the third quarter ended September 30, 2025, increased by approximately 23.6% year over year, to approximately $696.6 million, compared to approximately $563.6 million in the same period last year.
Operating income for the third quarter ended September 30, 2025, increased by approximately 10.8% year over year, to approximately $54.6 million, compared to approximately $49.2 million in the same period last year. Operating income for the third quarter ended September 30, 2024 included a capital gain in an amount of $6.5 million, realized from the initial public offering of our affiliate, TSG IT Advanced Systems Ltd, on the Tel-Aviv stock exchange. This gain reflected the appreciation in value of our investment in TSG IT Advanced Systems Ltd and was recorded under “Other income, net” in our consolidated financial statements. Excluding the capital gain recorded with respect to TSG IT Advanced Systems’ initial public offering, operating income for the third quarter ended September 30, 2025 would have increased by approximately 27.7% compared to the same period last year.
Net income from continued operation attributable to Formula Systems’ shareholders for the third quarter ended September 30, 2025, decreased by approximately 26.4% year over year, to approximately $11.6 million, or $0.73 per fully diluted share, compared to $15.8 million, or $1.00 per fully diluted share, in the same period last year. Excluding the impact of the capital gain recorded with respect to TSG IT Advanced Systems initial public offering, net income from continued operation attributable to Formula Systems’ shareholders for the third quarter ended September 30, 2025, would have increased by approximately 25.2% compared to the same period last year.
Net income attributable to Formula Systems’ shareholders for the third quarter ended September 30, 2025, decreased by approximately 26.6% year over year, to approximately $17.3 million, or $1.08 per fully diluted share, compared to $23.6 million, or $1.51 per fully diluted share, in the same period last year. Excluding the impact of the capital gain recorded with respect to TSG IT Advanced Systems initial public offering, net income attributable to Formula Systems’ shareholders for the third quarter ended September 30, 2025 would have increased by approximately 1.2% compared to the same period last year.

截至2025年9月30日的第三季度收入同比增長約 23.6%，達到約 6.966 億美元，而去年同期約為 5.636 億美元。
截至2025年9月30日的第三季度營業收入同比增長約 10.8%，達到約 5460 萬美元，而去年同期約為 4920 萬美元。2024年9月30日的第三季度營業收入包括來自我們關聯公司 TSG IT Advanced Systems Ltd 在特拉維夫證券交易所首次公開募股的 650 萬美元資本收益。該收益反映了我們對 TSG IT Advanced Systems Ltd 投資價值的增值，並在我們的合併財務報表中記錄為 “其他收入，淨額”。如果不考慮與 TSG IT Advanced Systems 首次公開募股相關的資本收益，2025年9月30日的第三季度營業收入將同比增長約 27.7%。
截至2025年9月30日的第三季度，歸屬於 Formula Systems 股東的持續經營淨收入同比下降約 26.4%，降至約 1160 萬美元，或每股稀釋後 0.73 美元，而去年同期為 1580 萬美元，或每股稀釋後 1.00 美元。如果不考慮與 TSG IT Advanced Systems 首次公開募股相關的資本收益，2025年9月30日的第三季度歸屬於 Formula Systems 股東的持續經營淨收入將同比增長約 25.2%。
截至2025年9月30日的第三季度，歸屬於 Formula Systems 股東的淨收入同比下降約 26.6%，降至約 1730 萬美元，或每股稀釋後 1.08 美元，而去年同期為 2360 萬美元，或每股稀釋後 1.51 美元。如果不考慮與 TSG IT Advanced Systems 首次公開募股相關的資本收益，2025年9月30日的第三季度歸屬於 Formula Systems 股東的淨收入將同比增長約 1.2%。

Financial Highlights for the Nine-Months Period Ended September 30, 2025

截至2025年9月30日的九個月財務亮點

Revenues for the nine-months period ended September 30, 2025, increased by approximately 15.6% to approximately $1.92 billion, compared to approximately $1.66 billion in the same period last year.
Operating income for the nine-months period ended September 30, 2025, increased by approximately 14.4% to approximately $154.8 million, compared to approximately $135.3 million in the same period last year. Excluding the capital gain recorded with respect to TSG IT Advanced Systems initial public offering, operating income for the nine-months period ended September 30, 2025, would have increased by approximately 20.2% compared to the same period last year.
Net income from continued operation attributable to Formula Systems’ shareholders for the nine-months period ended September 30, 2025, decreased by approximately 12.8% year over year, to approximately $32.2 million, or $2.02 per fully diluted share, compared to approximately $36.9 million, or $2.36 per fully diluted share, in the same period last year. Excluding the impact of the capital gain recorded with respect to TSG IT Advanced Systems initial public offering, net income from continued operation attributable to Formula Systems’ shareholders for the nine-months period ended September 30, 2025, would have increased by approximately 5.9% compared to the same period last year.
Net income attributable to Formula Systems’ shareholders for the nine-months period ended September 30, 2025, decreased by approximately 13.3% year over year, to approximately $51.7 million, or $3.24 per fully diluted share, compared to approximately $59.6 million, or $3.81 per fully diluted share, in the same period last year. Excluding the impact of the capital gain recorded with respect to TSG IT Advanced Systems initial public offering, net income attributable to Formula Systems’ shareholders for the nine-months period ended September 30, 2025, would have decreased by approximately 2.7% compared to the same period last year.
As of September 30, 2025, Formula Systems held 48.12%, 43.42%, 46.71%, 69.1%, 42.32%, 90.1%, 80%, 100%, 100% and 51% of the outstanding ordinary shares of Matrix IT Ltd., Sapiens International Corporation N.V., Magic Software Enterprises Ltd., Michpal Technologies Ltd., TSG IT Advanced Systems Ltd., Insync Staffing Solutions, Inc., Ofek Aerial Photography Ltd., ZAP Group Ltd., Shamrad Electronics (1997) Ltd., and Hashahar Telecom and Electricity Ltd., respectively.
Consolidated cash and cash equivalents and short-term bank deposits totaled approximately $432.1 million as of September 30, 2025, compared to approximately $563.2 million as of December 31, 2024.
Total equity as of September 30, 2025, was approximately $1.58 billion (representing 47.4% of the total consolidated statements of financial position), compared to approximately $1.39 billion (representing 46.1% of the total consolidated statements of financial position) as of December 31, 2024.

截至2025年9月30日的九個月期間，收入約為 19.2 億美元，同比增長約 15.6%，而去年同期約為 16.6 億美元。截至2025年9月30日的九個月期間，營業收入約為 1.548 億美元，同比增長約 14.4%，而去年同期約為 1.353 億美元。若不考慮與 TSG IT Advanced Systems 首次公開募股相關的資本收益，營業收入將同比增長約 20.2%。截至2025年9月30日，歸屬於 Formula Systems 股東的持續經營淨收入同比下降約 12.8%，約為 3220 萬美元，或每股攤薄後 2.02 美元，而去年同期約為 3690 萬美元，或每股攤薄後 2.36 美元。若不考慮與 TSG IT Advanced Systems 首次公開募股相關的資本收益，歸屬於 Formula Systems 股東的持續經營淨收入將同比增長約 5.9%。截至2025年9月30日，歸屬於 Formula Systems 股東的淨收入同比下降約 13.3%，約為 5170 萬美元，或每股攤薄後 3.24 美元，而去年同期約為 5960 萬美元，或每股攤薄後 3.81 美元。若不考慮與 TSG IT Advanced Systems 首次公開募股相關的資本收益，歸屬於 Formula Systems 股東的淨收入將同比下降約 2.7%。截至2025年9月30日，Formula Systems 持有 Matrix IT Ltd.、Sapiens International Corporation N.V.、Magic Software Enterprises Ltd.、Michpal Technologies Ltd.、TSG IT Advanced Systems Ltd.、Insync Staffing Solutions, Inc.、Ofek Aerial Photography Ltd.、ZAP Group Ltd.、Shamrad Electronics (1997) Ltd.和 Hashahar Telecom and Electricity Ltd.的普通股分別為 48.12%、43.42%、46.71%、69.1%、42.32%、90.1%、80%、100%、100% 和 51%。截至2025年9月30日，合併現金及現金等價物和短期銀行存款總額約為 4.321 億美元，而截至2024年12月31日約為 5.632 億美元。截至2025年9月30日，總權益約為 15.8 億美元（佔合併財務狀況表總額的 47.4%），而截至2024年12月31日約為 13.9 億美元（佔合併財務狀況表總額的 46.1%）。

Declaration of Dividend for the Third Quarter of 2025

2025 年第三季度股息聲明

Based on the Company’s results, the Company’s board of directors approved the distribution of a cash dividend in an amount of NIS 1.64 per share (approximately $0.50 per share) and in an aggregate amount of approximately NIS 25.2 million (approximately $7.7 million).

根據公司的業績，公司董事會批准分配每股 1.64 新謝克爾（約合 0.50 美元）的現金股息，總額約為 2520 萬新謝克爾（約合 770 萬美元）。

The dividend is payable on January 13, 2026, to all of the Company’s shareholders of record at the close of trading on the Nasdaq Global Select Market (or the Tel-Aviv Stock Exchange, as appropriate) on December 30, 2025. The dividend will be paid in New Israeli Shekels with respect to the Company's ordinary shares traded on the Tel Aviv Stock Exchange and American Depositary Receipts traded on the Nasdaq Global Select Market.

股息將在2026年1月13日支付給截至2025年12月30日納斯達克全球精選市場（或特拉維夫證券交易所，視情況而定）交易結束時的所有公司股東。股息將以新謝克爾支付，適用於在特拉維夫證券交易所交易的公司普通股和在納斯達克全球精選市場交易的美國存託憑證。

In accordance with Israeli tax law, the dividend is subject to withholding tax at source at the rate of 30% (if the recipient of the dividend is at the time of distribution or was at any time during the preceding 12-month period the holder of 10% or more of the Company's share capital) or 25% (for all other dividend recipients) of the dividend amount payable to each shareholder of record, subject to applicable exemptions.

根據以色列税法，股息需按 30% 的税率（如果股息接收者在分配時或在前 12 個月內持有公司 10% 或以上的股份）或 25% 的税率（適用於所有其他股息接收者）進行源頭扣税，具體金額取決於每位股東的適用豁免。

Debentures Covenants

債券契約

As of September 30, 2025, Formula Systems was in compliance with all of its financial covenants under the debenture series issued by it, based on the following achievements:

截至2025年9月30日，Formula Systems 遵守其發行的債券系列下的所有財務契約，基於以下成就：

Covenant 1

契約 1

Target equity attributable to Formula Systems’ shareholders (excluding non-controlling interests): required to be above $325 million.

歸屬於 Formula Systems 股東的目標權益（不包括非控股權益）：要求高於 3.25 億美元。

Actual equity attributable to Formula Systems’ shareholders as of September 30, 2025 was $777.7 million.

截至2025年9月30日，歸屬於 Formula Systems 股東的實際權益為 7.777 億美元。

Covenant 2

契約 2

Target ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for Formula Systems’ Series C and D Secured Debentures): required to be below 65%.

淨財務負債與淨資本化的目標比率（根據 Formula Systems C 系列和 D 系列擔保債券的契約定義）：要求低於 65%。

Actual ratio of net financial indebtedness to net capitalization, as of September 30, 2025, was 6.34%.

截至2025年9月30日，淨財務負債與淨資本化的實際比率為 6.34%。

Covenant 3

契約 3

Target ratio of net financial indebtedness to EBITDA (based on the accumulated calculation for the four most recent quarters): required to be below 5.

淨財務負債與 EBITDA 的目標比率（基於最近四個季度的累計計算）：要求低於 5。

Actual ratio of net financial indebtedness to EBITDA as of September 30, 2025 was 0.13.

截至2025年9月30日，淨財務負債與 EBITDA 的實際比率為 0.13。

Comments of Management

管理層評論

Commenting on the results, Guy Bernstein, CEO of Formula Systems, said: “We are very pleased to continue our strong momentum delivering solid and consistent results this quarter. Our performance underscores our sustained commitment to fostering durable growth and operational excellence across all major parts of our business lines. We take pride in our ongoing recognition as industry leaders, as we broaden and advance our capabilities in rapidly evolving technologies, including cloud, cybersecurity, digital solutions, data, DevOps and AI. These technologies enable us to provide significant value to our customers by supporting them in optimizing, accelerating and scaling their operations.”

Formula Systems 首席執行官 Guy Bernstein 評論業績時表示：“我們非常高興能夠繼續保持強勁的勢頭，在本季度交出穩健且一致的業績。我們的表現強調了我們在推動可持續增長和運營卓越方面的持續承諾，涵蓋我們所有主要業務領域。我們為自己在快速發展的技術領域（包括雲計算、網絡安全、數字解決方案、數據、DevOps 和人工智能）中不斷獲得行業領導者的認可而感到自豪。這些技術使我們能夠為客户提供重要價值，支持他們優化、加速和擴展運營。”

“ Matrix reported its best third quarter in history with record-breaking results recorded across all its key financial indices: revenues, gross profit, operating income, net income and EBITDA. Matrix revenues for the third quarter grew by approximately 15.7% year over year, when measured based on New Israeli Shekel, reaching an all-time third quarter high of NIS 1.64 billion (approximately $488.0 million). Operating income for the third quarter increased by 21.5%, year over year, when measured based on New Israeli Shekel, reaching an all-time third quarter high of NIS 131.5 million (approximately $39.1 million). Matrix's leading position, particularly in high-demand technologies and solutions, its broad range of technological services and solutions, its wide sectoral diversification, and its wide U.S. operations all enable Matrix to maintain its vitality, value, and leadership in the industry for its clients, partners, and investors. These strengths allow Matrix to continue demonstrating growth even during challenging political and security periods, including the mobilization of hundreds of Matrix employees to reserve duty.”

“ Matrix 報告了其歷史上最佳的第三季度，所有關鍵財務指標均創下紀錄：收入、毛利潤、營業收入、淨收入和 EBITDA。Matrix 第三季度的收入同比增長約 15.7%，以新以色列謝克爾計，達到歷史最高的 16.4 億新謝克爾（約 4.88 億美元）。第三季度的營業收入同比增長 21.5%，以新以色列謝克爾計，達到歷史最高的 1.315 億新謝克爾（約 3910 萬美元）。Matrix 在高需求技術和解決方案中的領先地位、廣泛的技術服務和解決方案、廣泛的行業多樣化以及廣泛的美國業務，使 Matrix 能夠在行業中為客户、合作伙伴和投資者保持活力、價值和領導地位。這些優勢使 Matrix 即使在政治和安全形勢嚴峻的時期，也能繼續展現增長，包括數百名 Matrix 員工被動員到預備役。”

“ Magic Software reported another strong quarter of growth and resilience, delivering record breaking third quarter and nine-months period performance in key financial indices, achieving all-time highs in revenues, gross profit and operating income, while continuing to strengthen its operational foundations and expand its strategic footprint in key markets, including the United States, where momentum remains robust. Magic Software results of operations demonstrate its strong position in the IT market along with the sustained demand for its digital, AI-driven and cloud transformation solutions, combined with disciplined execution across the organization. Magic Software revised its full-year 2025 revenue guidance, increasing the previous estimated range of $600 million to $610 million to a revised range of $610 million to $620 million. This updated guidance reflects Magic Software’s sustained operational momentum and favorable outlook for the fourth quarter of the fiscal year, representing an anticipated annual revenue growth rate of approximately 10.4% to 12.2%. We believe in Magic Software’s ability to sustain momentum and drive long-term profitability, delivering lasting value to its shareholders.”

“ Magic Software 報告了又一個強勁的增長和韌性季度，在關鍵財務指標上實現了創紀錄的第三季度和九個月的業績，收入、毛利潤和營業收入均創歷史新高，同時繼續加強其運營基礎，並在包括美國在內的關鍵市場擴展其戰略足跡，勢頭依然強勁。Magic Software 的運營結果展示了其在 IT 市場的強大地位，以及對其數字化、人工智能驅動和雲轉型解決方案的持續需求，結合了組織內的嚴格執行。Magic Software 修訂了 2025 年的全年收入指引，將之前估計的 6 億美元至 6.1 億美元的範圍上調至 6.1 億美元至 6.2 億美元的修訂範圍。此更新的指引反映了 Magic Software 持續的運營勢頭和對財年第四季度的良好前景，預計年收入增長率約為 10.4% 至 12.2%。我們相信 Magic Software 有能力維持勢頭並推動長期盈利，為其股東創造持久價值。”

Matrix IT and Magic Software are now advancing into the final phase of completing the merger of Magic Software into Matrix IT, an undertaking that represents the largest merger ever executed in the Israeli IT sector, subject to receipt of all required regulatory approvals, including approval at the special general meetings of shareholders of each of the companies, both scheduled for December. This transaction constitutes for both companies a pivotal strategic milestone. The merger is expected to significantly enhance the combined entity’s scale, capabilities, and global positioning, creating one of the largest publicly traded IT services companies worldwide. Based on current share prices of both companies. the combined entity is projected to exceed a valuation of NIS 11 billion (approximately $3.4 billion) and will benefit from an expanded international footprint, with particular strengthening in its core target market in the United States.

Matrix IT 和 Magic Software 目前正在推進將 Magic Software 合併到 Matrix IT 的最終階段，這一舉措代表了以色列 IT 領域有史以來最大的合併，需獲得所有必要的監管批准，包括兩家公司股東特別大會的批准，均定於 12 月舉行。這筆交易對兩家公司來説都是一個關鍵的戰略里程碑。預計合併將顯著增強合併實體的規模、能力和全球定位，創造全球最大的上市 IT 服務公司之一。根據兩家公司當前的股價，合併實體的估值預計將超過 110 億新謝克爾（約 34 億美元），並將受益於擴展的國際足跡，特別是在其核心目標市場美國的增強。”

“ Michpal Technologies’ successfully concluded on September 21, 2025 its initial public offering of 4,910,000 ordinary shares on the Tel-Aviv stock exchange at an initial public offering price of NIS 61.1 per share (approximately $18.6 per share) raising approximately NIS 288.7 million, net of issuance expenses (approximately $87.3 million). Michpal Technologies together with its subsidiaries (collectively, the “Michpal Group”) engage in the fields of payroll, recruitment, time and attendance, pension administration, and human resources, as well as in the provision of software solutions for business and financial processes. As part of its activities, the Michpal Group develops and offers a broad suite of services, software products and proprietary technological solutions covering the full spectrum of human capital management within organizations. These offerings integrate cloud-based, artificial intelligence and automation technologies, alongside advanced solutions for the management of complex (partly digital) business processes across multiple use cases. Michpal Technologies concluded the third quarter of 2025 with revenues of NIS 49.8 million (approximately $14.8 million), growing 24.1% year over year when measured based on New Israeli Shekel.

“ Michpal Technologies 於2025年9月21日成功完成了在特拉維夫證券交易所首次公開募股，發行 4,910,000 股普通股，首次公開募股價格為每股 61.1 新謝克爾（約 18.6 美元），籌集約 2.887 億新謝克爾，扣除發行費用（約 8730 萬美元）。Michpal Technologies 及其子公司（統稱為 “Michpal Group”）從事薪資、招聘、考勤、養老金管理和人力資源等領域，以及為商業和財務流程提供軟件解決方案。作為其活動的一部分，Michpal Group 開發並提供廣泛的服務、軟件產品和專有技術解決方案，涵蓋組織內人力資本管理的全方位。這些產品整合了基於雲的、人工智能和自動化技術，以及針對多種使用案例的複雜（部分數字化）業務流程管理的先進解決方案。Michpal Technologies 在 2025 年第三季度結束時的收入為 4980 萬新謝克爾（約 1480 萬美元），同比增長 24.1%，以新以色列謝克爾計。

“TSG concluded the third quarter of 2025 with strong results, demonstrating significant growth in revenue and profits. Revenues for the third quarter of 2025 increased by 30.4% year over year, when measured based on New Israeli Shekel, to NIS 109.8 million (approximately $32.6 million). Operating income for the third quarter, when measured based in New Israeli Shekel, increased by 50.9% year-over-year, when measured based on New Israeli Shekel, to NIS 10.1 million (approximately $3.0 million), compared to NIS 6.7 million (approximately $1.8 million) in the same period last year. TSG’s continued growth is driven by a combination of business combination and organic expansion, mainly in its defense-sector activities, including, among other things, the initial delivery of licenses to the United States Army pursuant to a strategic agreement with an American company. Concurrently, TSG is experiencing growing demand from local municipalities and public-sector entities.”

“ TSG 在 2025 年第三季度結束時取得了強勁的業績，顯示出收入和利潤的顯著增長。2025 年第三季度的收入同比增長 30.4%，以新以色列謝克爾計，達到 1.098 億新謝克爾（約 3260 萬美元）。第三季度的營業收入同比增長 50.9%，以新以色列謝克爾計，達到 1010 萬新謝克爾（約 300 萬美元），相比去年同期的 670 萬新謝克爾（約 180 萬美元）。TSG 的持續增長得益於業務組合和有機擴展的結合，主要是在其國防部門的活動中，包括根據與一家美國公司的戰略協議向美國陸軍首次交付許可證。同時，TSG 正在經歷來自地方市政當局和公共部門實體的需求增長。”

Stand-Alone Financial Measures

“獨立財務指標

This press release presents, further below, certain stand-alone financial measures to reflect Formula Systems’ stand-alone financial position in reference to its assets and liabilities as the parent company of its group of companies. These financial measures are prepared consistently with the accounting principles applied in the consolidated financial statements of the group. Such measures include investments in subsidiaries and a jointly controlled entity measured at cost adjusted by Formula Systems’ share in the investees’ accumulated undistributed earnings and other comprehensive income or loss.

本新聞稿在下文中呈現了某些獨立財務指標，以反映 Formula Systems 作為其集團公司的母公司在資產和負債方面的獨立財務狀況。這些財務指標的編制與集團合併財務報表中適用的會計原則一致。這些指標包括按成本計量的子公司和共同控制實體的投資，調整 Formula Systems 在被投資者的累計未分配收益和其他綜合收益或損失中的份額。

Formula Systems believes that these financial measures provide useful information to management and investors regarding Formula Systems’ stand-alone financial position. Formula Systems’ management uses these measures to compare the Company’s performance in the current period to that of prior periods for trend analysis. These measures are also used in financial reports prepared for management and in quarterly financial reports presented to the Company’s board of directors. The Company believes that the use of these stand-alone financial measures provides an additional tool for investors to use in evaluating Formula Systems’ financial position.

Formula Systems 認為，這些財務指標為管理層和投資者提供了有關 Formula Systems 獨立財務狀況的有用信息。Formula Systems 的管理層使用這些指標將公司當前期間的業績與之前期間進行比較，以進行趨勢分析。這些指標還用於為管理層準備的財務報告和提交給公司董事會的季度財務報告。公司認為，使用這些獨立財務指標為投資者評估 Formula Systems 的財務狀況提供了額外的工具。

Management of the Company does not consider these stand-alone measures in isolation or as an alternative to financial measures determined in accordance with GAAP. Formula Systems urges investors to review the consolidated financial statements which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business or financial position.

公司的管理層並不將這些獨立指標孤立地考慮，也不將其視為根據 GAAP 確定的財務指標的替代品。Formula Systems 敦促投資者查看其在宣佈季度財務結果時包含的合併財務報表，包括本新聞稿，並且不要僅依賴任何單一財務指標來評估公司的業務或財務狀況。

About Formula Systems

關於 Formula Systems

Formula Systems, whose ordinary shares are traded on the Tel-Aviv Stock Exchange and ADSs are traded on the Nasdaq Global Select Market, is a global information technology holding company engaged, through its subsidiaries and affiliates, in providing software consulting services and computer-based business solutions and developing proprietary software products.

Formula Systems 的普通股在特拉維夫證券交易所交易，ADS 在納斯達克全球精選市場交易，是一家全球信息技術控股公司，通過其子公司和附屬公司提供軟件諮詢服務和基於計算機的商業解決方案，並開發專有軟件產品。

For more information, visit www.formulasystems.com.

欲瞭解更多信息，請訪問 www.formulasystems.com。

Press Contact:

媒體聯繫：

Formula Systems (1985) Ltd.

+972-3-5389487

ir@formula.co.il

Forward Looking Statements

前瞻性聲明

Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on Formula Systems’ (“we,” “us” or “our”) beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,” “may,” “will,” “plan” and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: adverse macro-economic trends and their duration, including persistent inflation, relatively high interest rates, and supply chain delays, which trends may last for a significant period and materially adversely affect our results of operations; the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the degree of our success in developing and deploying new technologies for software solutions that address the updated needs of our customers and serve as the basis for our revenues; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers’ systems particularly in the current hybrid office/work-from-home environment; risks related to industries, such as the insurance, healthcare, defense and the telecom, in which certain of our clients operate; risks posed by our global sales and operations, such as changes in regulatory requirements, supply chain disruptions, geopolitical, wide-spread viruses and epidemics or fluctuations in currency exchange rates; and risks related to our and our subsidiaries’ principal location in Israel.

本新聞稿中討論的某些事項在此處及其中通過引用納入的內容屬於《證券法》第 27A 條、《交易法》第 21E 條及 1995 年美國私人證券訴訟改革法案的安全港條款下的前瞻性聲明，這些聲明基於 Formula Systems（“我們”、“我們” 或 “我們的”）的信念、假設和預期，以及目前可用的信息。這些前瞻性聲明可能通過使用 “預期”、“相信”、“估計”、“期望”、“可能”、“將”、“計劃” 和類似表達來識別。這些聲明反映了我們對未來事件的當前看法，並受到某些風險和不確定性的影響。有重要因素可能導致我們的實際結果、活動水平、業績或成就與前瞻性聲明所表達或暗示的結果、活動水平、業績或成就存在重大差異，包括但不限於：不利的宏觀經濟趨勢及其持續時間，包括持續的通貨膨脹、相對較高的利率和供應鏈延遲，這些趨勢可能持續相當長的時間並對我們的經營結果產生重大不利影響；我們在利用全球足跡推動銷售增長方面的成功程度；我們在通過實施併購增長戰略整合已收購公司的成功程度；我們在開發和部署滿足客户更新需求並作為我們收入基礎的新技術軟件解決方案方面的成功程度；我們解決方案的漫長開發週期，可能會妨礙我們從潛在新解決方案中實現收入和/或利潤的能力；我們漫長而複雜的銷售週期，並不總是導致收入的實現；我們在保留現有客户或有效競爭以獲取更大市場份額方面的成功程度；成功規劃和管理我們運營規模變化的困難；我們執行的長期、大型、複雜項目的頻率，這些項目涉及複雜的項目成本和利潤率估算，有時在進行中發生變化；日益嚴格的隱私法律和法規對我們業務帶來的挑戰和潛在責任；與客户的偶爾爭議，可能對我們的經營結果和聲譽產生不利影響；與我們業務相關的各種知識產權問題；潛在的意外產品漏洞或我們或客户系統的網絡安全漏洞，特別是在當前的混合辦公/居家辦公環境中；與某些客户所在行業（如保險、醫療保健、國防和電信）相關的風險；我們全球銷售和運營所面臨的風險，如監管要求的變化、供應鏈中斷、地緣政治、廣泛傳播的病毒和流行病或匯率波動；以及與我們及其子公司主要位於以色列相關的風險。

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading “Item 3.D Risk Factors” in our most recent Annual Report on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on May 14, 2025, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance, events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, or to conform those statements to actual results or to changes in our expectations.

雖然我們相信這些前瞻性聲明是基於合理的假設，但如果一個或多個基礎假設被證明不正確，或者這些風險或不確定性變為現實，我們的實際結果可能會與前瞻性聲明中表達或暗示的結果有重大差異。請閲讀我們最近提交給美國證券交易委員會的2024年12月31日結束的年度報告中 “第 3.D 項風險因素” 標題下討論的風險，以審查我們認為可能導致實際結果與前瞻性聲明所設想的結果有重大差異的情況。您不應將前瞻性聲明視為未來事件的預測。儘管我們相信前瞻性聲明中反映的預期是合理的，但我們無法保證前瞻性聲明中反映的未來結果、活動水平、表現、事件和情況將會實現或發生。除法律要求外，我們沒有義務因任何原因公開更新任何前瞻性聲明，或使這些聲明與實際結果或我們預期的變化相符。


FORMULA SYSTEMS (1985) LTD.
CONSOLIDATED CONDENSED STATEMENTS OF PROFIT OR LOSS
U.S. dollars in thousands (except per share data)
	Three months ended	Nine months ended
	September 30,	September 30,
	*2025()**	*2024()**	*2025()**	*2024()**
	Unaudited	Unaudited
Revenues	696,638	563,631	1,918,748	1,660,220
Cost of revenues	560,930	453,652	1,539,697	1,335,746

Gross profit	135,708	109,979	379,051	324,474
Research and development costs, net	4,936	4,528	14,736	11,847
Selling, marketing and general and administrative expenses	76,218	63,432	209,531	184,559
Other income, net	-	7,207	-	7,207
Operating income	54,554	49,226	154,784	135,275

Financial expenses, net	8,852	6,327	26,451	17,132

Income before taxes on income	45,702	42,899	128,333	118,143
Taxes on income	11,940	9,598	33,750	28,017

Income after taxes	33,762	33,301	94,583	90,126
Share of profit of companies accounted for at equity, net	928	324	1,967	293

Net income from continued operations	34,690	33,625	96,550	90,419
Net income from discontinued operations	13,269	18,059	45,237	52,318
Net income	47,959	51,684	141,787	142,737
Net income attributable to non-controlling interests from continued operations	23,096	17,865	64,384	53,532
Net income attributable to non-controlling interests from discontinued operations	7,535	10,201	25,706	29,589
Net income attributable to non-controlling interest	30,631	28,066	90,090	83,121

Net income attributable to Formula's shareholders from continued operations	11,594	15,760	32,166	36,887
Net income attributable to Formula's shareholders from discontinued operations	5,734	7,858	19,531	22,729
Net income attributable to Formula's shareholders	17,328	23,618	51,697	59,616

Earnings per share from continued operations (basic)	0.76	1.03	2.10	2.42
Earnings per share from discontinued operations (basic)	0.37	0.52	1.28	1.49
Earnings per share (basic)	1.13	1.55	3.38	3.91

Earnings per share from continued operations (diluted)	0.73	1.00	2.02	2.36
Earnings per share from discontinued operations (diluted)	0.35	0.51	1.22	1.45
Earnings per share (diluted)	1.08	1.51	3.24	3.81

Number of shares used in computing earnings per share (basic)	15,309,139	15,305,453	15,308,389	15,304,360
Number of shares used in computing earnings per share (diluted)	15,804,200	15,650,374	15,765,582	15,616,220

(*) Following the signing of a definitive agreement by Sapiens’ to be acquired by Advent and its approval by Sapiens' shareholders,
the consolidated results of Sapiens are reported separately as discontinued operations in our third quarter financial statements.


FORMULA SYSTEMS (1985) LTD.
合併簡明損益表
以千美元計（每股數據除外）
	截至三個月	截至九個月
	*2025年9月30日()**	*2024年9月30日()**	*2025 年 ()**	*2024 年 ()**
	未經審計	未經審計
收入	696,638	563,631	1,918,748	1,660,220
收入成本	560,930	453,652	1,539,697	1,335,746

毛利潤	135,708	109,979	379,051	324,474
研發費用，淨額	4,936	4,528	14,736	11,847
銷售、市場及一般管理費用	76,218	63,432	209,531	184,559
其他收入，淨額	-	7,207	-	7,207
營業收入	54,554	49,226	154,784	135,275

財務費用，淨額	8,852	6,327	26,451	17,132

税前收入	45,702	42,899	128,333	118,143
所得税	11,940	9,598	33,750	28,017

税後收入	33,762	33,301	94,583	90,126
按權益法核算的公司利潤份額，淨額	928	324	1,967	293

持續經營的淨收入	34,690	33,625	96,550	90,419
停業經營的淨收入	13,269	18,059	45,237	52,318
淨收入	47,959	51,684	141,787	142,737
歸屬於非控股權益的持續經營淨收入	23,096	17,865	64,384	53,532
歸屬於非控股權益的停業經營淨收入	7,535	10,201	25,706	29,589
歸屬於非控股權益的淨收入	30,631	28,066	90,090	83,121

歸屬於 Formula 股東的持續經營淨收入	11,594	15,760	32,166	36,887
歸屬於 Formula 股東的停業經營淨收入	5,734	7,858	19,531	22,729
歸屬於 Formula 股東的淨收入	17,328	23,618	51,697	59,616

持續經營每股收益（基本）	0.76	1.03	2.10	2.42
停業經營每股收益（基本）	0.37	0.52	1.28	1.49
每股收益（基本）	1.13	1.55	3.38	3.91

持續經營每股收益（稀釋）	0.73	1.00	2.02	2.36
停業經營每股收益（稀釋）	0.35	0.51	1.22	1.45
每股收益（稀釋）	1.08	1.51	3.24	3.81

計算每股收益所用的股份數量（基本）	15,309,139	15,305,453	15,308,389	15,304,360
計算每股收益所用的股份數量（稀釋）	15,804,200	15,650,374	15,765,582	15,616,220

(*) 在 Sapiens 與 Advent 簽署最終協議並獲得 Sapiens 股東批准後，
Sapiens 的合併結果在我們第三季度財務報表中作為停業經營單獨報告。


FORMULA SYSTEMS (1985) LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
		September 30,		December 31,
		*2025()**		2024
		(Unaudited)
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents	431,312		507,799
	Short-term deposits	770		55,401
	Trade receivables, net	784,099		803,235
	Prepaid expenses and other accounts receivable	80,562		89,882
	Inventories	26,271		30,728
	Assets in disposal groups classified as held for sale	737,845		-
Total current assets	2,060,859		1,487,045

NON-CURRENT ASSETS:
	Long-term investments and receivables	52,505		54,629
	Deferred taxes	26,549		33,850
	Investments in companies accounted for at equity	37,085		39,196
	Property, plant and equipment, net	45,891		51,795
	Right-of-use assets	147,796		156,225
	Intangible assets, net and goodwill	956,582		1,192,156
Total non-current assets	1,266,408		1,527,851

Total assets	3,327,267		3,014,896

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
	Loans from banks and others	173,938		141,782
	Debentures	75,305		86,782
	Current maturities of lease liabilities	41,516		45,240
	Trade payables	285,476		296,211
	Deferred revenues	146,576		173,959
	Employees and payroll accrual	203,815		234,845
	Other accounts payable	60,547		98,046
	Dividend payable	7,838		-
	Liabilities in respect of business combinations	7,504		9,191
	Put options of non-controlling interests	61,403		52,420
	Liabilities directly associated with assets in disposal
	groups classified as held for sale	226,368		-
Total current liabilities	1,290,286		1,138,476

LONG-TERM LIABILITIES:
	Loans from banks and others	72,038		62,733
	Debentures	163,446		188,090
	Lease liabilities	112,454		119,586
	Other long-term liabilities	81		11,708
	Deferred taxes	39,722		42,894
	Deferred revenues	17,089		12,522
	Liabilities in respect of business combinations	9,503		8,751
	Put options of non-controlling interests	39,566		30,553
	Employee benefit liabilities	5,714		10,238
Total long-term liabilities	459,613		487,075

EQUITY
	Total equity attributable to Formula Systems (1985) Ltd. shareholders	777,693		679,338
	Non-controlling interests	799,675		710,007
Total equity	1,577,368		1,389,345

Total liabilities and equity	3,327,267		3,014,896

	(*) Following the signing of a definitive agreement by Sapiens’ to be acquired by Advent and its approval by Sapiens' shareholders,
	the consolidated results of Sapiens are reported separately as discontinued operations in our third quarter financial statements.


FORMULA SYSTEMS (1985) LTD.
合併財務狀況表
以千美元計
		截至 9 月 30 日，		截至 12 月 31 日，
		*2025()**		2024
		（未經審計）
資產
流動資產：
	現金及現金等價物	431,312		507,799
	短期存款	770		55,401
	應收賬款，淨額	784,099		803,235
	預付費用及其他應收款	80,562		89,882
	存貨	26,271		30,728
	持有待售的處置組資產	737,845		-
流動資產總計	2,060,859		1,487,045

非流動資產：
	長期投資及應收款	52,505		54,629
	遞延税款	26,549		33,850
	按權益法核算的公司投資	37,085		39,196
	不動產、廠房及設備，淨額	45,891		51,795
	使用權資產	147,796		156,225
	無形資產，淨額及商譽	956,582		1,192,156
非流動資產總計	1,266,408		1,527,851

資產總計	3,327,267		3,014,896

負債和股東權益
流動負債：
	銀行及其他貸款	173,938		141,782
	債券	75,305		86,782
	租賃負債的當前到期部分	41,516		45,240
	應付賬款	285,476		296,211
	遞延收入	146,576		173,959
	員工及工資應計	203,815		234,845
	其他應付賬款	60,547		98,046
	應付股息	7,838		-
	與企業合併相關的負債	7,504		9,191
	非控股權益的賣出期權	61,403		52,420
	與持有待售資產直接相關的負債
	持有待售的處置組	226,368		-
流動負債總計	1,290,286		1,138,476

長期負債：
	銀行及其他貸款	72,038		62,733
	債券	163,446		188,090
	租賃負債	112,454		119,586
	其他長期負債	81		11,708
	遞延税款	39,722		42,894
	遞延收入	17,089		12,522
	與企業合併相關的負債	9,503		8,751
	非控股權益的賣出期權	39,566		30,553
	員工福利負債	5,714		10,238
長期負債總計	459,613		487,075

股東權益
	歸屬於 Formula Systems (1985) Ltd. 股東的總權益	777,693		679,338
	非控股權益	799,675		710,007
股東權益總計	1,577,368		1,389,345

負債和股東權益總計	3,327,267		3,014,896

	(*) 在 Sapiens 與 Advent 簽署最終協議並獲得 Sapiens 股東批准後，
	Sapiens 的合併結果在我們的第三季度財務報表中作為終止經營單獨報告。


FORMULA SYSTEMS (1985) LTD.
STAND-ALONE STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
		September 30,		December 31,
		2025		2024
		(Unaudited)
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents	68,390		25,599
	Dividend receivable	16,044		12,013
	Sapiens International Corporation N.V. classified as held for sale	277,960		-
	Other accounts receivable and prepaid expenses	3,448		4,798
Total current assets	365,842		42,410

NON-CURRENT ASSETS:
	Investment in subsidiaries and a jointly controlled entity (*)
	Matrix IT Ltd.	183,429		162,133
	Sapiens International Corporation N.V.	-		264,349
	Magic Software Enterprises Ltd.	133,247		133,786
	TSG	23,000		20,453
	Michpal Group	112,605		69,127
	ZAP	55,834		55,392
	Other	48,528		47,722
	Total investment in subsidiaries and a jointly controlled entity	556,643		752,962

	Other investments and Long term receivables	21,683		24,860
	Property, plants and equipment, net	14		10
Total non-current assets	578,340		777,832

Total assets	944,182		820,242

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
	Loans from banks and others	2,527		2,294
	Debentures	51,795		45,807
	Trade payables	1,216		1,146
	Other accounts payable	5,860		2,109
	Put options of non-controlling interests	1,181		1,005
	Dividends payable	7,838		-
Total current liabilities	70,417		52,361

LONG-TERM LIABILITIES:
	Loans from banks and others	1,470		3,047
	Debentures	94,602		85,496
Total long-term liabilities	96,072		88,543

EQUITY	777,693		679,338

TOTAL LIABILITIES AND EQUITY	944,182		820,242


(*)	The investments' carrying amounts are measured consistent with the accounting principles applied in the consolidated financial statements of the Group and representing the investments’ cost adjusted by Formula’s share in the investees’ accumulated undistributed earnings and other comprehensive income or loss.


FORMULA SYSTEMS (1985) LTD.
單獨財務狀況表
以千美元計
		2025年9月30日		2024年12月31日
		(未經審計)
資產
流動資產：
	現金及現金等價物	68,390		25,599
	應收股息	16,044		12,013
	Sapiens International Corporation N.V. 持有待售	277,960		-
	其他應收款及預付費用	3,448		4,798
流動資產總計	365,842		42,410

非流動資產：
	對子公司及合資企業的投資 (*)
	Matrix IT Ltd.	183,429		162,133
	Sapiens International Corporation N.V.	-		264,349
	Magic Software Enterprises Ltd.	133,247		133,786
	TSG	23,000		20,453
	Michpal Group	112,605		69,127
	ZAP	55,834		55,392
	其他	48,528		47,722
	對子公司及合資企業的投資總計	556,643		752,962

	其他投資及長期應收款	21,683		24,860
	物業、廠房及設備，淨額	14		10
非流動資產總計	578,340		777,832

資產總計	944,182		820,242

負債和股東權益
流動負債：
	銀行及其他貸款	2,527		2,294
	債券	51,795		45,807
	應付賬款	1,216		1,146
	其他應付款	5,860		2,109
	非控股權益的認沽期權	1,181		1,005
	應付股息	7,838		-
流動負債總計	70,417		52,361

長期負債：
	銀行及其他貸款	1,470		3,047
	債券	94,602		85,496
長期負債總計	96,072		88,543

股東權益	777,693		679,338

負債和股東權益總計	944,182		820,242


(*)	投資的賬面價值是根據集團合併財務報表中應用的會計原則進行測量的，代表投資成本調整後加上 Formula 在被投資方未分配收益和其他綜合收益或損失中的份額。

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