InterCure Ltd.

What they do

InterCure operates in the medical cannabis sector, though specific products, brands, and operations are not detailed in the provided excerpts. The company is incorporated in Israel and reports in New Israeli Shekels (NIS) under IFRS. Its shares trade on the Nasdaq Global Market and the TASE.

Revenue drivers

• Medical cannabis products — The company operates in the pharmaceutical preparations industry (SIC code 2834), suggesting revenue from cannabis-based medical products, but no specific product lines or relative sizes are disclosed in the excerpts.
• Geographic markets — As an Israeli company, likely generates revenue in Israel and potentially other markets, but no geographic breakdown is provided.
• Non-cannabis sector — The MD&A mentions exclusion of non-cannabis sector expenses from certain measures, implying some non-cannabis activities exist, but details are not provided.

Recent performance

For the fiscal year ended December 31, 2025, InterCure filed its annual report on Form 20-F. The company reported 54,681,335 outstanding ordinary shares as of December 31, 2025. Financial results, including revenue and net income, are not included in the provided excerpts. The company uses non-IFRS measures such as Adjusted EBITDA and EBITDA to evaluate performance. Reconciliation of net income to these measures is referenced in Item 5 of the filing.

Strategy

The company's strategy is not explicitly outlined in the provided excerpts. Management utilizes Adjusted EBITDA and EBITDA to measure operating performance, suggesting a focus on profitability and operational efficiency. The company operates in the medical cannabis industry, but specific strategic initiatives, investments, or priorities are not detailed. The filing notes forward-looking statements but does not provide strategic direction.

Risks

• Regulatory risk — As a medical cannabis company, InterCure faces changing regulations in Israel and other markets that could affect its operations.
• Industry data reliance — The company relies on third-party and management estimates for market data, which may be inaccurate or incomplete.
• Non-IFRS measures — Adjusted EBITDA and EBITDA are non-IFRS measures and may not be comparable to similar measures used by other companies.
• Forward-looking statements — The company's forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.

Outlook

Management does not provide specific guidance or outlook in the provided excerpts. The company includes forward-looking statements subject to risks and uncertainties. No future plans or expectations are detailed beyond the use of non-IFRS measures.