Israir ECONOMIC

Target: Israir Group Ltd.; Israir Airlines & Tourism Ltd.

Evidence cutoff: 25 October 2026.

Scope: Corporate ownership, Israeli economic operations, supply chains, capital expenditure, subsidiaries, and documented relationships involving occupied territories.

Supply Chain & Sourcing Relationships

1. Direct supplier relationships

Israir Group describes itself as an aviation and tourism group, and its published investor materials identify passenger transportation, tourism services, digital sales, aircraft investment, and related travel operations as significant commercial activities in 2025–2026.^{1, 2, 3}

No public evidence identified of a direct procurement relationship between Israir and Mehadrin, Hadiklaim, Galilee Export, Agrexco successors, or another named Israeli agricultural exporter supplying fruit, vegetables, or other fresh produce for resale.

2. Importer-of-record arrangements

No public evidence identified of an Israir-controlled importer-of-record company dedicated to agricultural products originating in Israel or occupied territories.

3. Seasonal sourcing

No public evidence identified of recurring December–April agricultural sourcing by Israir from Israeli produce exporters.

4. Third-party distributors and indirect procurement

Israir operates an international aviation and tourism business and, through its group structure, markets travel-related services under multiple brands.^{1, 4}

No public evidence identified that Israeli-origin agricultural products are supplied to Israir for retail distribution through a named third-party agricultural wholesaler or private-label arrangement.

5. Aviation maintenance and service suppliers

Bird Aviation identifies itself as an EASA-approved aircraft maintenance, repair, and overhaul business based in Cyprus, operating maintenance infrastructure at the former Larnaca Airport.^{5, 6}

Bird Aviation reported a renewed multi-year maintenance agreement with a European airline following cooperation during the 2024–2025 maintenance season, although the published announcement does not name the customer.⁵

Israir’s March 2026 financial coverage identifies approximately US$1.5 million in payments to shareholders associated with its Cyprus maintenance centre during the 2025 investment period.⁴

The accessible sources do not establish the centre’s complete ownership structure, the value of maintenance services purchased by Israir, or whether a particular maintenance contract involved Israeli military aircraft.

6. Settlement-related supply chains

Who Profits identifies the separately incorporated Rami Levy Hashikma Marketing supermarket business as operating branches and deliveries in occupied West Bank settlements, East Jerusalem, and the occupied Syrian Golan.⁷

AFSC Investigate independently identifies the Rami Levy supermarket business as operating settlement branches and holding commercial-property interests associated with those operations.⁸

These findings relate to a separate retail enterprise associated with Israir’s controlling shareholder, Rami Levy; the available sources do not establish that Israir supplies those supermarkets or includes their operations in its own consolidated financial statements.^{1, 7, 8}

No public evidence identified of a named procurement agreement through which Israir directly sources goods or services from an occupied settlement.

Product Origin, Labeling & Regulatory Compliance

1. Settlement-origin merchandise

The corporate activity identified in Israir’s 2025–2026 disclosures concerns aviation and tourism services, including passenger travel and related services.^{1, 2, 4}

No public evidence identified of settlement-origin agricultural merchandise sold by Israir under a “Produce of Israel” label.

2. Country-of-origin labeling

No public evidence identified of an enforcement action, customs determination, DEFRA finding, or court judgment against Israir concerning the labeling of settlement-produced agricultural goods.

3. Corporate labeling policy

No public evidence identified of a published Israir policy governing the sourcing or country-of-origin labeling of settlement-produced retail merchandise.

4. Tourism-product documentation

Israir’s publicly described business encompasses air travel, tourism packages, and related travel services, while its group investor website identifies several associated tourism brands.^{1, 9}

No public evidence identified of a documented enforcement action against Israir concerning misdescription of a particular hotel, tour, or travel destination located in an occupied settlement.

5. Separately controlled retail interests

Who Profits identifies Rami Levy Hashikma Marketing as providing online deliveries to named settlements in the West Bank, East Jerusalem, and Golan Heights.⁷

An independently published supermarket branch directory lists Rami Levy’s Sha’ar Binyamin branch at the Geva Binyamin commercial centre, with telephone number 02-6335506.¹⁰

A contemporary retail-price and branch database identifies a Rami Levy Hashikma Marketing branch at 1 Eitam Street in the Mishor Adumim industrial area.¹¹

These records establish retail-location evidence for the separately incorporated supermarket business; they do not establish that Israir controls the merchandise, labeling, pricing, or procurement of those branches.^{1, 7, 11}

No public evidence identified of an Israir-specific settlement labeling violation.

Investment, Capital & Financial Exposure

1. Israeli operational investment

Israir Group’s investor-relations website states that the business was acquired by Rami Levy and Shalom Haim in 2021 and that shares began trading on the Tel Aviv Stock Exchange in June 2022.¹

The group’s 2025 financial results recorded approximately US$690 million in annual revenue, while its 2025 investor presentation described a fleet-expansion and investment programme.^{2, 4}

Calcalist reported that Israir purchased two aircraft for approximately US$39 million during 2025, with approximately US$25 million financed from the company’s own resources.⁴

The same March 2026 reporting identified an approximately US$3.2 million hotel-property acquisition in Italy and an approximately US$7.4 million advance for two additional wide-body aircraft.⁴

These investments concern aircraft and overseas hospitality assets; the cited transaction descriptions do not identify the Italian hotel or Cyprus maintenance expenditure as investment in an occupied settlement.^{4, 5}

2. Research and development facilities

No public evidence identified of a separately incorporated Israir research and development centre, government-funded technology accelerator, or Preferred Technology Enterprise facility in Israel.

3. Controlling ownership

Israir’s own corporate profile identifies Rami Levy and Shalom Haim as the businessmen behind its 2021 acquisition.¹

The company’s winter–spring 2025 passenger magazine identifies Shalom Haim as owner of the Taaman Group and publicly acknowledges the group’s continuing support.⁹

Israir’s investor-relations platform identifies its shares as publicly traded on the Tel Aviv Stock Exchange, with financial reports and investor presentations published through 2026.^{1, 12}

No independently reconciled current beneficial-ownership percentage for each controlling shareholder was established from the directly accessible primary disclosures.

4. Controlling-principal investments

Who Profits documents Rami Levy Hashikma Marketing’s supermarket operations in occupied West Bank settlements and occupied East Jerusalem, including branches at Mishor Adumim and Sha’ar Binyamin.⁷

AFSC Investigate independently reports that the supermarket company operates multiple settlement branches and owns commercial property associated with some of its locations.⁸

Contemporary retail-location records continue to identify a Rami Levy business at Mishor Adumim, indicating that the location remains publicly listed during 2026.¹¹

Rami Levy’s controlling connection to Israir is documented by Israir itself, while the settlement-retail activities are documented for the separate supermarket company.^{1, 7, 8}

No public evidence identified of a verified direct equity holding by Israir Group in Rami Levy Hashikma Marketing or of a documented transfer of settlement-retail operating profits to Israir.

5. Israeli operating-company acquisitions

Israir’s investor-relations website identifies multiple group tourism brands, including Diesenhaus, Natour, PTC, and other travel businesses.¹

Contemporary financial coverage identifies Ski Deal and Diesenhaus as businesses associated with the group’s operating results.^{4, 13}

The available accessible material does not provide a complete, independently reconciled acquisition-date, consideration, employee-count, and current-shareholding schedule for these operating businesses.

No public evidence identified of an Israir-controlled Israeli manufacturing company operating a factory in an occupied settlement.

6. International acquisitions

Israir pursued negotiations to acquire an interest in Czech airline Smartwings, but Calcalist reported that the acquisition process was terminated in July 2025.¹⁴

Pegasus Airlines announced that it completed its acquisition of Smartwings Group and Czech Airlines on 1 October 2026.¹⁵

Accordingly, the documented Smartwings transaction does not establish a completed Israir acquisition.^{14, 15}

7. Financial-sector and portfolio holdings

No public evidence identified that Israir Group acts as an underwriter or lead arranger of Israeli sovereign debt, distributes Israel Bonds, or directly underwrites Israeli military or settlement-related insurance policies.

No public evidence identified of a disclosed Israir investment portfolio containing a material, named holding in Israeli sovereign bonds or a settlement-focused investment fund.

No public evidence identified of an independently verified direct loan by Israir to a company listed in the OHCHR settlement-business database.

8. Occupied-territory capital expenditure

No public evidence identified of a separately documented Israir investment in an occupied-territory factory, warehouse, hotel, airport, logistics facility, or commercial property.

The separately incorporated Rami Levy supermarket enterprise has documented retail and commercial-property activity in occupied West Bank settlements.^{7, 8}

Israir falls within the framework of Israeli Government Decision 2821, published on 2 March 2025, governing state contributions towards eligible aviation-security expenditure during 2025–2031. The decision establishes government participation of 95% in 2025 and 94% in 2026, with airlines bearing the corresponding 5% and 6%. Government participation subsequently decreases to 93.5% in 2027, 93% in 2028 and 92.5% from 2029. These percentages apply subject to the decision’s conditions, including security requirements, eligible expenditure and the participating airline’s written undertaking. The decision expressly identifies Israir as an eligible existing airline, subject to those conditions, while identifying El Al as the airline providing centrally coordinated aviation-security services. Accordingly, the framework establishes a state-funded aviation-security cost-sharing mechanism applicable to Israir, rather than an unrestricted government grant or proof that Israir individually signed the principal El Al–state agreement.^{16, 17}

The government decision establishes an initial annual airline-contribution threshold of US$2 million for Israir and Arkia, compared with US$13 million for El Al and US$1 million for Air Haifa. Where the relevant airline’s contribution exceeds its applicable threshold, the state finances 97.5% of qualifying expenditure above the threshold and the airline bears 2.5%, subject to the specified adjustments. El Al’s September 2025 financial reporting confirms that the broader arrangement runs from 1 January 2025 through 31 December 2031, with a possible extension through 2034, index-linked thresholds and specified later adjustments. The Israeli state therefore assumes the principal financial obligation for eligible security expenditure while participating airlines retain their contractual contribution obligations. The reviewed evidence does not establish a separate fixed annual payment by the government directly to Israir or quantify Israir’s actual 2025–2026 reimbursements.^{16, 17}

Israir’s acquisition of 10% of Rami Levy Club Ltd. was approved through the relevant shareholder and corporate approval procedures in August 2026. Israir’s interim financial disclosures identify approval of the transaction by the relevant general meetings on 6 August 2026 and entry into force of the club agreement on 12 August 2026, following satisfaction of the conditions precedent. The transaction involved Israir acquiring 10% of the customer-club company from Rami Levy Hashikma Marketing and Isracard, leaving the shareholders with 72%, 18% and 10%, respectively. The agreement also establishes an eight-year commercial relationship covering customer benefits, aviation and tourism services, marketing arrangements and financing. Reporting published on 7 August 2026 described the shareholder approval as having received approximately 99% support; the available primary filings establish 6 August as the relevant approval date rather than independently confirming that the shareholder vote occurred on 7 August.^{18, 19}

The difference between the approximately NIS 20 million consideration announced in May 2026 and the approximately NIS 15.1 million subsequently disclosed represents a documented contractual revision. Rami Levy Hashikma Marketing’s 29 May 2026 stock-exchange announcement recorded estimated consideration of NIS 20 million for the 10% holding, with approximately 56% payable to Rami Levy Hashikma Marketing. Israir’s August 2026 interim report states that the share-purchase agreement was amended on 29 July 2026, reducing the consideration to NIS 15.1 million, a reduction of NIS 4.9 million, or 24.5%. The revised arrangement was structured to minimise Israir’s immediate cash expenditure: approximately NIS 5.1 million was to be financed through signing and marketing-related grants receivable from Isracard, while NIS 10 million was to be financed through an arrangement involving the sale of airline tickets to the customer-club company for its launch. The tickets were specified as European destinations excluding London, at US$270 per ticket including trolley baggage and taxes. The latter arrangement also involved proportional shareholder funding, with Israir’s share stated as NIS 1 million. The figures therefore represent successive contractual terms and associated financing arrangements, rather than two independently verified simultaneous purchase prices.^{18, 20}

Rami Levy Club agreement - verification of effective date. Primary public transaction disclosures confirm 12 August 2026 as the date the Rami Levy Club agreement entered into force, supporting the existing Economic statement and correcting the 6 August 2026 effective date stated in Political. Israir Group’s immediate disclosure dated 13 August 2026 (reference 2026-01-075872) explicitly states that the share-purchase transaction was completed and the new club agreement entered into force on 12 August 2026. It distinguishes this from the company’s 6 August 2026 disclosure (reference 2026-01-074260), which reported satisfaction of the conditions precedent. Rami Levy Hashikma Marketing’s August 2026 interim report independently confirms that the general meeting approved the transaction on 6 August and that the agreements entered into force on 12 August. Israir’s own second-quarter 2026 interim report likewise identifies 6 August as the shareholder-approval and conditions-satisfaction date and 12 August as the agreement’s effective date. Accordingly, the existing Economic paragraph under Investment, Capital & Financial Exposure, beginning “Israir’s acquisition of 10% of Rami Levy Club Ltd.”, is accurate on both dates. The Political statement identifying 6 August as the effective date conflates approval or satisfaction of conditions precedent with contractual commencement and should be corrected to 12 August 2026.^{21, 19, 18}

Rami Levy Club - origin of the competing 20% ownership figure. The reported 20% Israir investment originated in preliminary arrangements announced in July 2025, when Israir contemplated purchasing one-fifth of Rami Levy Club for approximately NIS 40 million. Calcalist’s 17 March 2026 report explicitly identifies the subsequent reduction to a proposed 10% acquisition for approximately NIS 20 million, citing Israir’s competing capital requirements for aircraft purchases and international route expansion. Rami Levy Hashikma Marketing’s primary disclosure dated 17 March 2026 independently confirms that the revised preliminary arrangement involved acquiring 10%, while the company’s 29 May 2026 disclosure confirms that the parties subsequently signed an agreement on that basis. Thus, the 20% references concern an abandoned preliminary investment proposal rather than an additional completed holding or a competing current ownership record. The later completed 10% transaction, revised consideration of NIS 15.1 million, effective date of 12 August 2026, and resulting 72% Rami Levy Hashikma Marketing, 18% Isracard and 10% Israir ownership structure are already established in the existing audit.^{22, 23, 20}

Operational Presence & Market Activity

1. Israeli aviation operations

Israir is an Israeli airline operating domestic and international passenger services, with commercial activity centred on Israel’s aviation market.^{1, 24, 9}

Israir’s own investor-relations website reports a 12.7% share of Ben Gurion Airport passenger traffic for the second quarter of 2026.¹

The same company disclosure reports approximately US$140.7 million in second-quarter 2026 revenue.¹

Specialist aviation reporting identifies Israir and Arkia as operators on the domestic route connecting Ben Gurion Airport and Ramon Airport near Eilat.²⁴

The Israel Airports Authority identifies Ramon Airport as a domestic and international airport located approximately 19 kilometres north of Eilat.²⁵

2. Market scale

Israir’s 2025 investor presentation states that its passenger traffic exceeded two million during the year and that revenue reached approximately US$700 million.²

Its reported annual financial results give a more precise revenue figure of approximately US$690 million for 2025.^{4, 26}

Calcalist reported that 2025 passenger numbers increased approximately 43% and revenue increased approximately 52% compared with 2024.⁴

MarketScreener separately reported the same approximate annual revenue and passenger volumes from Israir’s March 2026 earnings disclosure.²⁶

The group’s 2025 gross profit was approximately US$85 million, with operating cash flow of approximately US$100 million according to contemporaneous reporting.^{2, 4}

3. 2026 financial and operational developments

CTech reported that Israir’s first-half 2026 revenue declined approximately 8.6% to US$249.5 million from US$273.1 million in the comparable 2025 period.¹³

The same report identified a first-half 2026 net loss of approximately US$35.5 million, compared with approximately US$17.2 million in the first half of 2025.¹³

Israir’s August 2026 investor presentation described disruption arising from military conflict, reduced flight activity, increased operating expenses, and currency movements during the reporting period.³

The company’s September 2026 regulatory announcement documented the opening of a New York route as part of its international expansion.²⁷

4. Employment

Bird Aviation reported employment of more than 230 personnel at its Cyprus-based maintenance operation in its published maintenance-expansion announcement.⁵

No independently reconciled 2026 headcount was established for Israir’s Israeli workforce, excluding overseas subsidiaries and contractors.

5. Tax registration and contributions

Israir Group publicly describes itself as an Israeli business with shares traded on the Tel Aviv Stock Exchange and substantial domestic aviation operations.¹

No independently verified figure was identified for total Israeli corporate income tax paid by the group during 2025 or the first half of 2026.

No public evidence identified of a specific Israeli Preferred Technology Enterprise tax award granted to Israir Group.

6. Settlement-based physical operations

No public evidence identified of an Israir-operated ticket office, warehouse, maintenance hangar, hotel, or other physical facility at a specifically named occupied West Bank or Golan Heights settlement.

The Rami Levy supermarket business associated with Israir’s controlling shareholder has separately documented branches in occupied West Bank settlements.^{7, 8, 10, 11}

7. Government infrastructure relationships

Israir’s domestic aviation operations use Ben Gurion Airport and Ramon Airport, both within the Israel Airports Authority’s aviation infrastructure network.^{25, 24}

Globes reported in August 2025 that the Israeli Ministry of Transport requested expanded domestic service to Eilat and that the aviation market included Israir, Arkia, and other Israeli carriers.²⁸

No public evidence identified of Israeli government ownership of Israir Group.

No public evidence identified of a named direct contract under which Israir supplies weapons, intelligence systems, or military equipment to the Israel Defense Forces.

8. Operations after July and November 2024

Israir’s 2025 annual results and its 2026 interim corporate disclosures establish continued airline and tourism operations after 19 July 2024 and November 2024.^{1, 2, 3}

The Rami Levy supermarket business is independently documented as having settlement-related operations, and contemporary branch listings identify continuing public retail presence in 2026.^{7, 8, 11}

Those two operational records concern different corporate enterprises; no verified direct transaction connecting Israir to a particular settlement branch was established.^{1, 7, 11}

Bird Aviation confirmed the inauguration of its second aircraft-maintenance hangar at Larnaca International Airport, Cyprus, with a ceremony attended by Cypriot Finance Minister Makis Keravnos. Israir Group chief executive Uri Sirkis publicly associated the expansion with Bird Aviation’s development as an Eastern Mediterranean maintenance hub. Bird Aviation separately announced construction of a third hangar, incorporating a fourth maintenance bay for narrow-body aircraft, with completion scheduled for November 2025. The company’s announcements establish that the second hangar was inaugurated and a third was planned for November 2025; they do not establish that the second hangar itself opened during November 2025 or that the third hangar was completed on schedule.^{29, 30}

2026 Eilat–Ben Gurion public-service-obligation contract - confirmed terms. Israir Group’s primary stock-exchange disclosure dated 19 July 2026 confirms that the company won a tender administered by Israel’s Civil Aviation Authority for scheduled passenger services between Ben Gurion Airport and Eilat Ramon Airport. The contract runs from 2 August 2026 through 1 August 2027, with an option for the authority to extend it by one additional year. Israir must operate eight individual flights daily, equivalent to four round trips, Sunday through Thursday, excluding weekends, holiday eves and holidays. At least 40 seats per flight must be reserved for residents of Eilat and the Hevel Eilot region, with a maximum one-way fare of NIS 99 per passenger. The authority may require up to 60 reserved seats per flight, with an additional NIS 100 payable for each extra reserved seat. Israir receives NIS 6,500 including VAT per operated flight, subject to contractual deductions for specified service failures, including delays and insufficient reserved-seat availability. Cancellation of a committed flight incurs NIS 5,000 in agreed compensation payable by Israir unless exceptional circumstances apply. The company’s disclosure establishes these contractual terms and payment rates directly.³¹

Reported NIS 40 million tender value - distinction between reporting and contractual payments. Ch-aviation reported on 31 July 2026 that the Israeli Ministry of Transport valued Israir’s Eilat public-service-obligation tender at approximately NIS 40 million (US$13 million). It reported a minimum of four daily round trips, with Israir offering five during the bidding process, and described an operational launch deadline of 27 August 2026. The earlier primary disclosure instead specifies eight daily individual flights and a contractual start date of 2 August 2026. The NIS 40 million figure is independently reported as the tender value but is not identified as a guaranteed payment to Israir in the reviewed primary disclosure. Actual receipts depend on qualifying flights performed, any additional reserved seats, applicable deductions and whether the extension option is exercised. The differing launch and frequency descriptions should therefore be attributed to their respective sources rather than combined into a single contractual obligation.^{31, 32}

October 2026 Israeli Police procurement notice - additional identifiable state-sector relationship. Israel’s official public-procurement portal published notice 4000622498 on 7 October 2026, identifying Israir Airlines & Tourism Ltd. (company registration 511483133) as the proposed supplier of flights between Tel Aviv and Ramon Airport for the Israel Police, under the Ministry of Public Security. The notice records an estimated contract value of NIS 150,000, a proposed performance period from 27 October 2026 through 31 December 2028, and reliance on Regulation 3(29), concerning a single-supplier exemption. The objection deadline was 26 October 2026. This establishes a specifically identified, contemporary government procurement intention involving Israir. The reviewed notice is expressly classified as an intention to contract and does not independently establish that a final contract was executed or that payments had commenced by 28 October 2026.³³

Historical Ministry of Defence aviation contracts - 2001. Contemporary reporting dated 4 February 2001 establishes that Israir won an Israeli Ministry of Defence tender to operate eight weekly flights between Tel Aviv and Ramon Air Force Base, with an annual contract value of approximately NIS 3 million. The agreement ran for one year with options for two additional years. The report separately identifies Arkia, rather than Israir, as the winner of a contemporaneous tender for flights transporting soldiers between Ben Gurion Airport, Ovda and Eilat. These were contracts for domestic military personnel transportation, distinct from Israir’s 2026 civilian Eilat public-service-obligation contract.³⁴

Historical Ministry of Defence aviation contracts - 2004. Reporting published by Ynet and Walla on 25 July 2004 independently establishes that Israir won a Ministry of Defence tender transporting soldiers between Sde Dov Airport in Tel Aviv and Eilat, valued at approximately NIS 6.5 million annually. Contemporary statements also identify existing Israir services transporting personnel to Ovda Air Base in the Negev, with an estimated annual value of NIS 6 million. Israir’s then-chief executive, Sabina Biran, described the agreements as involving tens of thousands of soldiers annually and making Israir the principal domestic airline contractor for the Ministry of Defence at that time. Arkia separately won an approximately NIS 2 million annual tender for soldier flights between Ben Gurion and Eilat. These reports establish the historical commercial relationship but provide no contractual evidence extending the arrangements into 2026.^{35, 36}

2005–28 October 2026 - no public evidence identified: continuation of Israir’s 2001 or 2004 Ministry of Defence contracts. Searches examined subsequent Ministry of Defence airline tenders, soldier and reservist transportation, Ramon Air Force Base, Ovda Air Base, domestic military flights, and the contemporary government procurement record. The accessible sources confirm the original 2001 and 2004 agreements but do not establish a continuous contractual relationship, subsequent renewal dates, current military flight volumes or payments to Israir in 2026. Israel’s published military flight-entitlement regulations establish that eligible soldiers, reservists and Defence Ministry employees may receive domestically funded air transportation, but do not identify Israir as a current contracted carrier. The October 2026 Police procurement notice demonstrates a separate contemporary state-sector relationship and does not establish a Defence Ministry agreement.^{33, 34, 35, 37}

Corporate Structure & Foundational Ties

1. Corporate origins

Israir operates as an Israeli airline and tourism business, and its group investor-relations website identifies its corporate acquisition in 2021 and subsequent Tel Aviv Stock Exchange listing in June 2022.¹

The company’s winter–spring 2025 passenger magazine expressly describes its operations as those of an Israeli airline.⁹

No public evidence identified of an original foreign incorporation subsequently transformed into a non-Israeli corporate identity.

2. Legal domicile and headquarters

Israir Group maintains an Israeli corporate and capital-markets identity through its Tel Aviv Stock Exchange listing and Israeli investor-relations disclosures.^{1, 12}

No public evidence identified of a foreign legal domicile replacing its Israeli corporate domicile as of October 2026.

No independently verified current registered-office street address was established from the accessible primary records.

3. Principal shareholders

Israir’s corporate investor profile names Rami Levy and Shalom Haim as the businessmen who acquired the company in 2021.¹

The company’s 2025 passenger magazine identifies Shalom Haim’s connection with the Taaman Group and names Moty Hazan as chairman of Israir Airlines and Uri Sirkis as chief executive of Israir Group.⁹

No independently confirmed complete list of all beneficial shareholders holding at least 10% was established from the accessible 2026 materials.

4. Related business holdings

Who Profits and AFSC Investigate identify the Rami Levy supermarket company as a separate Israeli retail enterprise with operations in occupied West Bank settlements.^{7, 8}

An independent supermarket branch directory and current supermarket-location records provide additional evidence of retail activity associated with that business.^{10, 11}

The source record does not establish that these supermarkets are subsidiaries of Israir or that Israir holds a direct ownership interest in their operating company.^{1, 7, 8}

5. Group brands

Israir’s investor-relations website identifies multiple tourism brands within the group, including Diesenhaus, Natour, CruiseTour, PTC, and other travel businesses.¹

The company’s 2026 financial coverage identifies Ski Deal and Diesenhaus as operationally relevant group businesses.^{4, 13}

No independently reconciled ownership percentage, acquisition price, or legal incorporation date was established for each named travel brand.

6. Aircraft-maintenance relationships

Bird Aviation identifies itself as an aircraft maintenance and overhaul operator based in Cyprus.^{5, 6}

Israir’s March 2026 financial coverage records investment-related payments associated with a maintenance facility in Cyprus.⁴

No independently verified legal-entity record was established linking Bird Aviation to the similarly named Bird Aerosystems defence company.

7. Defence-industry governance connections

No public evidence identified of a specific Israeli defence-industry directorship, settlement-organisation board appointment, or military-intelligence leadership role held by the named Israir chairman or chief executive.

No public evidence identified of a shareholder agreement requiring Israir to provide services to the Israeli military.

8. State governance rights

No public evidence identified of a government-appointed director, Israeli state equity holding, or specific golden-share arrangement in Israir Group.

9. OHCHR settlement-business database

The September 2025 Human Rights Council proceedings describe an OHCHR review of 215 enterprises and an updated settlement-business database containing 158 companies.³⁸

No verified positive listing was established for the exact names Israir Group Ltd. or Israir Airlines & Tourism Ltd. from the accessible materials reviewed.

The separately incorporated Rami Levy supermarket company is documented by Who Profits and AFSC as conducting settlement-related retail activity.^{7, 8}

10. UN Special Rapporteur reporting

The 2025 report A/HRC/59/23, titled “From economy of occupation to economy of genocide,” was issued as a report of the UN Special Rapporteur concerning economic activity connected with the occupied Palestinian territory.³⁹

No independently verified, specifically named Israir transaction was identified through the accessible report references examined.

Israir Group’s 2025 annual report confirms that its subsidiary Israir Airlines & Tourism increased its ownership of Cyprus-based Bird Aviation Ltd. from 75% to 87.5% through the acquisition of an additional 12.5% equity interest. On 1 April 2025, Israir’s board approved accelerating the transaction’s second-stage payment from June 2025 to 2 April 2025. In exchange for early payment, the consideration was reduced from €1.375 million to approximately €1.343 million (US$1.45 million). The remaining 12.5% was subject to a seller put option, allowing the seller to require Israir to purchase the outstanding shares for €1.375 million plus 3% annual interest, subject to contractual conditions. The option’s exercise date was accelerated from 25 June 2027 to 2 March 2027. The annual report independently confirms Israir’s completed 87.5% holding, but the reviewed disclosure does not independently identify Bird Aerosystems as the legal owner of the remaining 12.5%.⁴⁰

Israir’s investment in Rami Levy Club Ltd. establishes a direct 10% equity relationship with a customer-club and credit-card business jointly owned with Rami Levy Hashikma Marketing and Isracard. The May 2026 stock-exchange disclosure expressly identifies Israir Airlines & Tourism as controlled by the same controlling shareholder as Rami Levy Hashikma Marketing and states that the proposed transaction required approval because of that shareholder’s personal interest. The arrangement creates an identifiable related-party investment and an eight-year commercial relationship between Israir and the separately incorporated retail-associated customer-club enterprise. The disclosed equity interest concerns the customer-club company and does not establish an acquisition of equity in Rami Levy Hashikma Marketing itself or direct ownership of its settlement-based supermarket operations.^{18, 20}

Profit Repatriation & Economic Contribution

1. Annual revenue

Israir’s reported revenue for the year ended 31 December 2025 was approximately US$690 million, compared with approximately US$453 million in 2024.^{4, 26, 41}

Its 2025 investor presentation described annual revenue as approaching US$700 million.²

Israir’s second-quarter 2026 investor disclosures reported approximately US$140.7 million in quarterly revenue.¹

2. Domestic market contribution

Israir’s 12.7% passenger share at Ben Gurion Airport during the second quarter of 2026 indicates substantial commercial participation in Israel’s national aviation market.¹

The company also operated domestic services connecting Ben Gurion Airport with Ramon Airport during the 2025–2026 period.^{24, 28}

The Israel Airports Authority identifies Ramon Airport as infrastructure serving domestic travel and international tourism to Eilat and southern Israel.²⁵

3. Tourism revenue

Calcalist reported that tourism and related services represented approximately 40% of Israir’s total 2025 revenue under the company’s reported business mix.⁴

The company’s group structure includes additional travel brands and tourism activities beyond its core airline operations.^{1, 4}

No independently verified geographical revenue breakdown was established separating all domestic Israeli sales from foreign-origin ticket sales, overseas accommodation revenue, and other international tourism services.

4. Digital and ancillary revenue

Israir reported approximately US$142 million in website-generated revenue in 2025, compared with approximately US$112 million during 2024.⁴

Reported ancillary-product sales increased from approximately US$37 million in 2024 to approximately US$61 million in 2025.⁴

These are group-wide commercial figures and are not separately verified as domestic Israeli taxable revenue.⁴

5. Profitability

Israir’s reported 2025 net profit was approximately US$16.8 million according to contemporary financial reporting.^{4, 26}

Calcalist reported that net profit declined approximately 30% compared with the previous year, despite the substantial increase in revenue.⁴

The company’s first-half 2026 results subsequently recorded a net loss of approximately US$35.5 million.¹³

6. Operating cash flow

Israir’s 2025 operating cash flow was reported at approximately US$100 million, reflecting increased operational scale and changes in working capital and depreciation.^{2, 4}

The group’s investor-relations website reported second-quarter 2026 operating cash flow of approximately US$2.8 million.¹

7. Capital allocation

Israir’s 2025 investment programme included aircraft purchases, advances against future aircraft acquisitions, a hotel-property acquisition in Italy, and expenditures associated with a Cyprus maintenance operation.⁴

No independently verified amount was identified for profits repatriated from Israir’s foreign businesses to Israel during 2025.

No independently verified amount was identified for dividends distributed during 2025 to Rami Levy, Shalom Haim, or associated holding companies.

8. Group-level economic relationships

Israir’s 2025 passenger magazine identified an intended joint customer club involving Israir, Isracard, and Rami Levy Hashikma Marketing.⁹

The magazine describes this as a planned commercial relationship; it does not quantify revenues, implementation costs, equity ownership, or settlement-related activity attributable to the programme.⁹

The separately incorporated Rami Levy supermarket business conducts documented retail operations in occupied West Bank settlements, while Israir’s own disclosures establish its controlling-person relationship with Rami Levy.^{1, 7, 8}

No public evidence identified of an audited transaction showing that profits from specific settlement supermarkets were transferred into Israir Group.

9. National aviation-sector role

Israir’s own second-quarter 2026 disclosures report a 12.7% share of passenger traffic through Ben Gurion Airport.¹

Independent coverage of Israeli domestic aviation identifies Israir as one of the airlines operating the Ben Gurion–Eilat route, alongside Arkia.^{24, 28}

Its continued flight operations and reported passenger volumes establish participation in the Israeli aviation and tourism economy through 2026.^{1, 2, 3}

10. Occupied-territory revenue attribution

No independently verified revenue figure was identified for sales, tourism packages, or other commercial services provided directly by Israir within occupied West Bank settlements, East Jerusalem settlements, or Golan Heights settlements.

No independently verified financial statement was identified attributing a defined amount of Israir revenue to settlement-specific commercial activity.