Solid but unspectacular quarter — revenue and gross margin improved, but operating profit was flat as selling costs grew faster than sales. The strong cash position and operating cash flow are positives, but the logistics center delay and war-related risks temper enthusiasm. Monitor Q2 for operating leverage improvement and logistics center progress.
Price Chart
Executive Summary
G. Willi-Food International reported Q1 2026 results with sales up 8.3% YoY to NIS 157.0M (US$49.6M) and net profit up 3.0% to NIS 20.1M (US$6.3M). Gross margin improved to 31.2% from 30.8%, but operating profit was flat at NIS 20.0M as selling expenses rose 22%. The company has a strong cash position of NIS 274.1M (US$86.6M) and continues construction of a new logistics center, now expected to complete in Q4 2026 due to war-related delays.
Key Facts
- Sales increased 8.3% YoY to NIS 157.0M (US$49.6M) from NIS 144.8M (US$45.8M)
- Gross profit increased 9.7% YoY to NIS 49.0M (US$15.5M); gross margin improved to 31.2% from 30.8%
- Net profit increased 3.0% YoY to NIS 20.1M (US$6.3M); basic EPS NIS 1.44 (US$0.46)
- Operating profit flat at NIS 20.0M as selling expenses rose 22% YoY to NIS 20.9M
- Cash and cash equivalents of NIS 145.5M (US$46.0M); total cash and securities NIS 274.1M (US$86.6M)
- New refrigerated logistics center delayed to Q4 2026 due to ongoing war situation
- Net cash from operating activities surged to NIS 22.4M (US$7.1M) from NIS 0.3M in Q1 2025
- Shareholders' equity at NIS 653.8M (US$206.6M)
Financial Impact
Sales +8.3%, net profit +3.0%, operating profit flat — modest beat on revenue but no operating leverage
Risk Factors
- War in Israel causing logistics center delays and potential supply chain disruption
- Selling expenses growing faster than revenue (22% vs 8.3%) pressuring margins
- Currency exposure — NIS appreciation benefit may reverse
- Flat operating profit despite revenue growth indicates limited operating leverage
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-002894 |
| Document: zk2635406.htm | 0001178913-26-002894 |
| Document: 0001178913-26-002894-index-headers.html | 0001178913-26-002894 |
| Document: 0001178913-26-002894-index.html | 0001178913-26-002894 |
| Document: 0001178913-26-002894.txt | 0001178913-26-002894 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 11w ago | 6-K | $30.20 | awaiting T+20 | — | — |
Aug 4, 2026 12w ago | Press Release | $29.61 | awaiting T+20 | — | — |
Aug 4, 2026 12w ago | 6-K | $29.61 | awaiting T+20 | — | — |
Aug 4, 2026 12w ago | 6-K | $29.61 | awaiting T+20 | — | — |
May 26, 2026 22w ago | 6-K | $36.02 $31.64 | ▼ −12.16% | ▼ −10.21% | — |
US Market Status
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