DEFERRED INCOME TAXES

	Statements of financial position				Statements of profit or loss
	As of December 31,				Year ended December 31,
	2025		2024		2025			2024			2023
Deferred tax assets:
Research and development costs		2,788		1,754		1,034			433			(324	)
Employee benefits		6,058		6,259		(201	)		2,638			605
Carryforward losses		-		13		(13	)		(4,114	)		(2,278	)
Leases		1,218		742		476			124			229
IPO expenses		2,687		-		2,687			-			-
Others		56		145		(89	)		(4	)		1
		12,807		8,913		3,894			(923	)		(1,767	)

Deferred tax liabilities:
Intangible assets		4,893		2,873		2,020			25			(1,822	)
Others		797		361		436			107			(63	)
		5,690		3,234		2,456			132			(1,885	)

Deferred tax movement						1,438			(1,055	)		118
Exchange rate differences						-			43			596
Equity reserves						(2,074	)		-			146
Other						717			250			-
Deferred taxes related to acquisition						-			640			-
Deferred taxes income (expense)						81			(122	)		860
Deferred tax assets, net		7,117		5,679

Schedule of Taxes on Income (Tax Benefit)

The reconciliation between the taxes on income (tax benefit) , assuming that all the income and expense, gains and losses in the statement of income were taxed at the statutory tax rate and the taxes on income recorded in profit or loss is as follows:

	December 31,
	2025			2024			2023

Income before taxes on income		253,401			245,619			27,732
Statutory tax rate		23	%		23	%		23	%
Taxes on income computed at the statutory tax rate		58,282			56,492			6,378

Increase (decrease) in taxes on income resulting from the following:
Tax benefit arising from reduced rate as a “Special Preferred Technological Enterprise” and other tax benefits (See Note 17a above)		(28,859	)		(27,280	)		(958	)
Non-deductible expenses		682			3,160			8,571
Uncertain tax positions		20,286			30,410			10,698
Unrecognized temporary differences		(161	)		242			756
Increase in unrecognized tax losses		555			2,382			1,758
Utilization of previously unrecognized tax losses		(217	)		(1,643	)		(4,054	)
Deferred tax credited to equity		382			-			(146	)
Taxable income at other tax rates		(8,134	)		(10,420	)		(3,005	)
Differences in measurement basis		(356	)		-			(676	)
Taxes in respect of previous years		1,456			(214	)		(3,214	)
Recognition of deferred tax asset related to carryforward losses from prior years		-			-			(4,028	)
Impact of exchange rates due to different tax reporting currency and functional currency		(6,127	)		-			-
Other		(84	)		109			393
Taxes on income		37,705			53,238			12,473