Investing in the Future, Empowering Growth

Dear Shareholders

We are pleased to present Elco’s financial statements, reflecting yet another period of growth and innovation. Elco continues its long journey, building on a legacy of resilience, determination, and visionary leadership to deliver exceptional value to shareholders and communities alike.

A Legacy Interwoven with Israel’s Story

Founded by Alexander Salkind in 1949, Elco began as a manufacturer of transformers and electricity meters for the Israel Electric Corporation. Under the leadership of Gershon Salkind, Elco evolved beyond manufacturing into a diversified business group. This transformation, marked by challenges and successes, shaped Elco into the thriving organization it is today—a global leader with over 23,500 employees, rooted in strong values of integrity, diligence, and innovation.

Transforming for a New Era

In recent years, Elco transitioned from a manufacturing-focused company to a service-oriented business group, aligning with global trends and opportunities. Today, the Group operates in construction, energy, consumer products, real estate, and more. Each of our subsidiaries—Electra, Electra Consumer Products, Electra Real Estate, and Electra Power -—drives innovation and growth in its sector.

Highlights

• Electra Infrastructure: Expanded its role in construction and national infrastructure, including significant projects worth billions of shekels.
• Electra Real Estate: Continued to grow its U.S. multifamily fund portfolio and launched investment funds targeting hotels and office spaces in Europe and the U.S.
• Electra Consumer Products: Strengthened its position in food retail through the Carrefour partnership and expanded its footprint in electrical appliances and leisure.
• Supergas Energy: Advanced its renewable energy initiatives and strategic investments in co-generation power stations and solar energy projects.

Looking Forward

Our strategy emphasizes sustainable growth, expanding existing activities, and exploring new opportunities with a focus on the Israeli economy. Through organic development and strategic investments, such as our acquisition of shares in Discount Investment, we aim to deliver long-term value for our shareholders. With over 23,000 talented employees, we are confident in our ability to adapt, innovate, and lead in a rapidly changing business environment. By fostering a culture of excellence and focusing on customer-centric solutions, Elco is positioned to continue its legacy of growth and impact for years to come.

Yours sincerely,
D. Salkind & M. Salkind
Co-Managing Directors