FORMULA SYSTEMS 1985 LTD

Ticker: FORTY CUSIP: 346414105 Class: COM

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (1)

Smartleaf Asset Management LLC

Value ($000) $0 Shares 2

Institution	Shares	Value ($000)
Smartleaf Asset Management LLC	2	$0

Increased Positions (1)

Altshuler Shaham Ltd

Value ($000) $1,182 (+58.0%) Shares 7,015 (+30.8%)

Institution	Prev Shares	Curr Shares	Change
Altshuler Shaham Ltd	5,365	7,015	+1,650 (+30.8%)

Decreased Positions (4)

Value ($000) $3 (-83.5%) Shares 17 (-86.2%)

EverSource Wealth Advisors, LLC

Value ($000) $0 (-81.6%) Shares 2 (-84.6%)

CX Institutional

Value ($000) $0 (-9.3%) Shares 2,159 (-23.9%)

OSAIC HOLDINGS, INC.

Value ($000) $1 (-14.8%) Shares 5 (-28.6%)

Institution	Prev Shares	Curr Shares	Change
UBS Group AG	123	17	-106 (-86.2%)
EverSource Wealth Advisors, LLC	13	2	-11 (-84.6%)
CX Institutional	2,838	2,159	-679 (-23.9%)
OSAIC HOLDINGS, INC.	7	5	-2 (-28.6%)

Exited Positions (1)

PRINCIPAL SECURITIES, INC.

Value ($000) $10 Shares 71

Institution	Prev Shares	Prev Value ($000)
PRINCIPAL SECURITIES, INC.	71	$10