ITURAN PRESENTS FOURTH QUARTER & FULL YEAR 2025 RESULTS
Record revenue and EBITDA driven by strong 2025 subscribers-adds;
Significant dividend totaling $30 million for the quarter and new additional buy-back of $10 million;
AZOUR, Israel, March 5, 2026 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN) today announced its consolidated financial results for the fourth quarter and full year of 2025.
Highlights of Full Year 2025
Highlights of the Fourth Quarter of 2025
Management Comment
Eyal Sheratzky, Co-CEO of Ituran, said, "2025 was a record year for Ituran marked by ongoing growth and continued improvements in profitability. We continued to add new subscribers at a high rate, bringing in 42,000 during the fourth quarter, leading to a record year of 221,000 net subscriber-adds, which includes those gained through our OEM deal with Stellantis at the start of 2025. Looking ahead, we expect to maintain our subscriber-add rate at 160,000-180,000 for 2026. The growth is driven by our long-term efforts in bringing customers new value-adding telematics and connected-car products and services."
Mr. Sheratzky continued, "Given our success and strong cash generation, we announced a special dividend of $20 million and a new share buy-back program of $10 million, in addition to the regular dividend policy of $10 million per quarter. The dividends issued for 2025 represent a yield of 7% based on our year-end share price, and approximately 100% of our net income for the year. This signifies the importance we place on sharing the fruits of our ongoing success with our shareholders."
Mr. Sheratzky added, "2026 started with strong momentum in our strategic partnerships. We are continuously working to add new partners to our growing OEM roster to drive further growth in our subscriber base. We recently announced a new agreement with Stellantis to launch the 'Connect Fiat' project in South America. This full end-to-end solution, spanning hardware, services, and the user app, reinforces our leadership in the region in providing telematics services to OEMs and their customers, and our ability to deliver fully integrated connectivity at scale."
Concluded Mr. Sheratzky, "After several years of investment in developing new offerings and services that significantly expand our total addressable market, we expect to begin seeing the returns on these investments in 2026. In addition to Israel and Brazil, our first initiative, IturanMob, has expanded its operations into the United States market, where it targets small and mid-sized car rental companies, streamlining and significantly improving the vehicle rental process. The second is our Big Data initiative, which leverages the large volumes of data we collect and monetizes it by offering valuable insights to third parties. The third initiative, Credit Carbon, enables EV owners to monetize their low carbon footprint through Ituran's advanced technological platform. I am very excited about these initiatives and strongly believe they have the potential to transform Ituran into a significantly larger company over the coming years."
Fourth Quarter 2025 Results
Revenues for the fourth quarter of 2025 were $93.5 million, a 13% increase compared with revenues of $82.9 million in the fourth quarter of 2024.
76% of revenues were from location-based service subscription fees, and 24% were from product revenues.
Revenues from subscription fees were $71.1 million, an increase of 15% over the fourth quarter of 2024 revenues.
The subscriber base expanded to 2,630,000 by the end of December 2025, marking an increase of 42,000 from the previous quarter.
Product revenues were $22.4 million, an increase of 5% year-over-year.
Gross profit for the quarter was $47.2 million (50.5% of revenues), a 15% increase compared with gross profit of $41.1 million (49.6% of revenues) in the fourth quarter of last year.
The gross margin in the quarter on subscription revenues was 59.5%, compared to 59.6% in the fourth quarter of last year. The gross margin on products was 21.9% in the quarter, compared with 20.8% in the fourth quarter of last year. The variance in the product gross margin between quarters was due to the change in the product mix sold.
Operating income for the quarter was $20.4 million (21.8% of revenues), representing a 13% increase compared to $18.0 million (21.8% of revenues) in the fourth quarter of last year.
EBITDA for the quarter was $25.3 million (27.1% of revenues), an increase of 12% compared with EBITDA of $22.5 million (27.2% of revenues) in the fourth quarter of last year.
Net income for the fourth quarter of 2025 was $15.3 million (16.3% of revenues) or diluted earnings per share of $0.77, an increase of 10% compared to $13.8 million (16.7% of revenues) or diluted earnings per share of $0.70 in the fourth quarter of last year.
Cash flow from operations for the fourth quarter of 2025 was $29.4 million.
Full Year 2025 Results
Revenues for 2025 were a record $359.0 million, a 7% increase over the $336.3 million reported in 2024. 74% of revenues were from location-based service subscription fees and 26% were from product revenues.
Revenues from subscription fees were $264.6 million, representing an increase of 9% over 2024.
Product revenues were $94.5 million, representing an increase of 1% compared with 2024.
Gross profit for the year was $178.6 million (49.7% of revenues). This represents an increase of 11% compared with gross profit of $160.6 million (47.8% of revenues) in 2024. The gross margin in the year on subscription revenues was 59.0%, compared with 58.7% in 2024. The gross margin on products was 23.8%, compared with 19.5% in 2024, with the variance representative of the product mix sold during the year.
Operating profit for 2025 was $77.0 million (21.5% of revenues), an increase of 8% compared with operating profit of $71.2 million (21.2% of revenues) in 2024.
EBITDA for 2025 was $96.2 million (26.8% of revenues), an increase of 5% compared to $91.3 million (27.1% of revenues) in 2024.
Net income in 2025 was $58.0 million (16.1% of revenues) or fully diluted earnings per share of $2.92, an increase of 8% compared with net income of $53.7 million (16.0% of revenues) or fully diluted earnings per share of $2.70 in 2024.
Cash flow from operations for the year was $88.6 million.
On the balance sheet, as of December 31, 2025, the Company had net cash, including marketable securities, of $107.6 million. This is compared with net cash, including marketable securities, of $77.2 million, as of year-end 2024.
Buy Back
During the quarter $1.6 million in shares were purchased under the existing share buy-back program.
The Board of Directors authorized a new $10 million increase to the share buy-back program. This brings the total authorization, including that remaining, to approximately $13.5 million. Share repurchases will be funded by available cash and will be made in accordance with SEC Rule 10b-18.
Dividend
The Board of Directors declared a total dividend of $30 million for the fourth quarter. This is made up of $10 million under the Company's existing quarterly dividend policy and an additional $20 million as a special dividend.
The current dividend takes into account the Company's continuing strong profitability, ongoing positive cash flow and strong balance sheet.
The Company will also be hosting a video conference call via the Zoom platform later today, Thursday, March 5, 2026 at 9am Eastern Time and 4pm Israel time.
On the call, management will review and discuss the results and will be available to answer investor questions.
To participate in the Zoom call, please register at the following link:
https://us06web.zoom.us/webinar/register/WN_hiXNOoC0TmePKQkUTrz0GA
For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Ituran's website.
Certain statements in this press release are "forward-looking statements" within the meaning of the Securities Act of 1933, as amended. These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to, but not limited to, changes in global political, economic, business, competitive, market and regulatory factors. Forward-looking statements are not guarantees of future performance, and involve risks, uncertainties and assumption that may cause our actual results materially from the expectations that we describe in our forward-looking statements. We disclaim any obligation to update forward-looking statements, even if our assumptions and projections change, except where applicable law may otherwise require us to do so.
About Ituran
Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management and control services for vehicles, cargo and personal security for the retail, insurance and financing industries, as well as car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel Aviv-based DRIVE startup incubator to promote the development of smart mobility technology.
Ituran's subscriber base has been growing significantly since the Company's inception to over 2.6 million subscribers using its location-based services with a market-leading position in Israel and Latin America. Established in 1995, Ituran has approximately 2,800 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Colombia, India, Canada and the United States.
For more information, please visit Ituran's website, at: www.ituran.com
Company Contact
Udi Mizrahi
[email protected]
Deputy CEO & VP Finance, Ituran
(Israel) +972 3 557 1348
International Investor Relations
Ehud Helft
[email protected]
EK Global Investor Relations
(US) +1 212 378 8040
ITURAN LOCATION AND CONTROL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
US dollars
December 31,
(In thousands)
2025
2024
Current assets
Cash and cash equivalents
107,551
77,357
Investments in marketable securities
3
10
Accounts receivable (net of provision for credit loss)
58,517
47,688
Other current assets
48,360
46,067
Inventories
23,213
23,434
237,644
194,556
Long-term investments and other assets
Investments in affiliated companies
517
519
Investments in other companies
1,542
1,491
Other non-current assets
5,413
5,853
Deferred income taxes
15,684
12,273
Funds in respect of employee rights upon retirement
28,480
21,823
51,636
41,959
Property and equipment, net
39,386
33,080
Operating lease right-of-use assets, net
8,878
8,947
Intangible assets, net
8,839
9,011
Goodwill
39,831
39,325
Total assets
386,214
326,878
ITURAN LOCATION AND CONTROL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS (cont.)
US dollars
December 31,
(In thousands)
2025
2024
Current liabilities
Credit from banking institutions
-
114
Accounts payable
19,082
18,847
Deferred revenues
27,206
22,857
Other current liabilities
57,817
45,904
104,105
87,722
Long-term liabilities
Deferred income taxes
531
418
Liability for employee rights upon retirement
35,080
27,593
Deferred revenues
14,876
12,231
Operating lease liabilities, non-current
4,745
5,562
Other non-current liabilities
2,391
2,095
57,623
47,899
Stockholders' equity
217,564
185,227
Non-controlling interests
6,922
6,030
Total equity
224,486
191,257
Total liabilities and equity
386,214
326,878
ITURAN LOCATION AND CONTROL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
US dollars
Year ended
December 31,
Three months period
ended December 31,
(in thousands, except share data)
2025
2024
2025
2024
Revenues:
Telematics services
(unaudited)
264,559
242,491
71,073
61,548
Telematics products
94,464
93,766
22,424
21,335
359,023
336,257
93,497
82,883
Cost of revenues:
Telematics services
108,451
100,195
28,767
24,875
Telematics products
71,995
75,442
17,518
16,892
180,446
175,637
46,285
41,767
Gross profit
178,577
160,620
47,212
41,116
Research and development expenses
20,806
18,090
5,152
4,483
Selling and marketing expenses
18,378
15,271
4,887
3,980
General and administrative expenses
62,456
56,238
16,870
14,667
Other income, net
(91)
(148)
(109)
(49)
Operating income
77,028
71,169
20,412
18,035
Other non-operating expenses
(272)
-
(272)
-
Financing income (expenses), net
(1,854)
80
(732)
(85)
Income before income tax
74,902
71,249
19,408
17,950
Income tax expenses
(14,899)
(14,579)
(3,678)
(3,345)
Share in profit (losses) of affiliated companies, net
(5)
(123)
26
178
Net income for the period
59,998
56,547
15,756
14,783
Less: net income attributable to non-controlling interest
(2,031)
(2,893)
(479)
(945)
Net income attributable to the company
57,967
53,654
15,277
13,838
Basic and diluted earnings per share attributable to
company's stockholders
2.92
2.70
0.77
0.70
Basic and diluted weighted average number of shares
outstanding
19,874
19,894
19,840
19,894
ITURAN LOCATION AND CONTROL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
US dollars
Year ended
December 31,
Three months period
ended December 31,
(in thousands)
2025
2024
2025
2024
(unaudited)
Cash flows from operating activities
Net income for the period
59,998
56,547
15,756
14,783
Adjustments to reconcile net income to net cash from operating
activities:
Depreciation and amortization
19,170
20,083
4,930
4,497
Loss in respect of trading marketable securities and other
investments
8
107
-
22
Increase in liability for employee rights upon retirement
3,298
3,199
1,164
954
Share in losses (profit) of affiliated and other companies, net
277
123
246
(178)
Deferred income taxes
(1,607)
(383)
(716)
958
Capital loss (gain) on sale of property and equipment, net
27
128
(72)
114
Decrease (increase) in accounts receivable
(3,728)
(5,227)
4,730
(435)
Decrease (increase) in other current and non-current assets
6,843
(6,498)
640
(1,170)
Decrease in inventories
2,614
3,366
3,525
776
Increase (decrease) in accounts payable
(2,136)
176
(1,324)
2,558
Increase (decrease) in deferred revenues
2,235
(804)
(80)
(990)
Increase in other current and non-current liabilities
1,579
3,450
551
803
Net cash provided by operating activities
88,578
74,267
29,350
22,692
Cash flows from investment activities
Increase in funds in respect of employee rights upon retirement,
net of withdrawals
(3,324)
(3,353)
(1,002)
(1,016)
Capital expenditures
(21,776)
(13,632)
(4,607)
(4,488)
Return from (investments in) affiliated and other companies, net
(38)
708
11
710
Repayment of (Investments in) long-term deposit
57
(122)
22
(41)
Proceeds from sale of property and equipment
901
459
337
70
Net cash used in investment activities
(24,180)
(15,940)
(5,239)
(4,765)
Cash flows from financing activities
Short term credit from banking institutions
(114)
(433)
-
(49)
Acquisition of company shares
(3,100)
-
(1,625)
-
Dividend paid
(37,585)
(28,050)
(9,933)
(7,759)
Dividend paid to non-controlling interests
(1,908)
(3,286)
(231)
(25)
Net cash used in financing activities
(42,707)
(31,769)
(11,789)
(7,833)
Effect of exchange rate changes on cash and cash equivalents
8,503
(2,635)
2,157
(202)
Net change in cash and cash equivalents
30,194
23,923
14,479
9,892
Balance of cash and cash equivalents at beginning of period
77,357
53,434
93,072
67,465
Balance of cash and cash equivalents at end of period
107,551
77,357
107,551
77,357
Supplementary information on financing activities not involving cash flows:
In November 2025, the Company declared a dividend in an amount of US$10 million. The dividend was paid in January 2026.
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SOURCE Ituran Location and Control Ltd.