• The Nestlé of kosher foods.

• Dairy Products: Imports and distributes a wide assortment of cheeses, yogurts, dairy desserts, and other milk-based items.
• Canned Goods: Offers a broad selection of canned fruits, vegetables, fish, and other preserved food products.
• Dry Groceries & Staple Foods: Provides essential pantry items such as pasta, rice, grains, oils, and baking ingredients.
• Frozen Foods: Distributes a range of frozen vegetables, pastries, desserts, and ready-to-eat meals.
• Snacks & Confectionery: Markets various cookies, crackers, chocolates, candies, and other sweet and savory snack items.
• Delicatessen & Specialty Foods: Includes imported pickles, sauces, spreads, and other gourmet or specialty food products.

G. Willi-Food International (symbol: WILC) primarily sells its wide range of kosher food products to other companies (B2B), which then distribute or sell these products to end consumers. The company acts as an importer, marketer, and distributor, with its major customers being supermarket chains and wholesalers, predominantly in Israel.

Based on their annual report (20-F filing for the year ended December 31, 2022), the following companies are identified as major customers:

• Shufersal Ltd. (TASE: SAE) - accounted for approximately 25.1% of total sales.
• Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (TASE: RMLI) - accounted for approximately 18.0% of total sales.
• Victory Supermarket Chain Ltd. (TASE: VCTR) - accounted for approximately 10.7% of total sales.
• Yohananof Supermarket Network 1993 Ltd. (TASE: YOHI) - accounted for approximately 9.9% of total sales.
• Tiv Ta'am Holdings 1995 Ltd. (TASE: TTAM) - accounted for approximately 6.2% of total sales.

These five customers collectively represented approximately 69.9% of G. Willi-Food International's total sales for the year ended December 31, 2022.

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Joseph Williger, Chief Executive Officer & Director

Joseph Williger was appointed Chief Executive Officer of G. Willi-Food International Ltd. in January 2023. He previously served as Co-Chairman of the Board and is one of the company's controlling shareholders. Mr. Williger co-founded the Willi-Food group and has held various executive roles within G. Willi-Food International Ltd. and Willi-Food Investments Ltd., including CEO, President, and Director. He has a history of exiting the company twice, reportedly generating hundreds of millions of shekels. He also sits on the board of Y.M Dekel Holdings and Investments Ltd and Yossi Willi Management and Investments Ltd, both private companies.

Zwi Williger, Co-Chairman of the Board

Zwi Williger serves as Co-Chairman of the Board of G. Willi-Food International Ltd. He is a co-founder of the Willi Food group and has held positions as CEO and director in Willi-Food Investments Ltd. and as an active chairman in G. Willi-Food International Ltd. and its subsidiaries. Similar to Joseph Williger, Zwi Williger has exited the company twice. He attended Business Administration studies at Fresno California University and an advanced management program at Harvard University.

Yitschak Barabi, Chief Financial Officer & Controller

Yitschak Barabi has served as the Chief Financial Officer of G. Willi-Food International Ltd. since September 2019. Prior to this, he held the position of the company's Controller and Deputy CFO starting from October 15, 2017. Mr. Barabi is a certified public accountant in Israel and holds a Bachelor of Arts degree in Accounting & Economics from the Hebrew University.

Ran Asulin, Chief Trade & Selling Officer

Ran Asulin has served as the Chief Trade and Selling Officer of G. Willi-Food International Ltd. since September 2019. Before his appointment as CSO, Mr. Asulin held other senior positions within the company starting from December 2010. He holds a Bachelor of Arts degree in Business Administration from the College of Law and Business in Ramat Gan.

G. Willi-Food International (WILC) operates within the broader food distribution sector, specializing in a wide array of kosher food products. The company's main product lines include canned goods (vegetables, pickles, fish, fruit), edible oils, dairy and dairy substitute products, dried fruit, nuts, beans, and other various food items, all marketed predominantly under the "Willi-Food" or "Euro European Dairies" brands. Given the company's focus and primary operational base in Israel, as well as its international distribution, the addressable markets can be sized as follows:

• Kosher Food Market:
  • Global: The global kosher food market size was valued at approximately USD 22.07 billion in 2024 and is projected to reach USD 29.52 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 3.70% during the forecast period. Other estimates suggest the market reached USD 22.1 billion in 2024 and is expected to grow to USD 29.6 billion by 2033 (CAGR 2.95%). More recent projections indicate a market size of USD 44.56 billion in 2025, reaching USD 81.23 billion by 2034 with a CAGR of 6.9%. Another report estimates the global kosher foods market size at US$41.6 billion in 2025, expected to reach US$67.2 billion by 2032, growing at a CAGR of 7.1%.
  • Europe: The Europe kosher food market size was USD 5.6 billion in 2024 and is anticipated to reach USD 8.0 billion by 2033, with a CAGR of 4.1% from 2025 to 2033. Europe is also identified as a fast-growing region for kosher foods.
  • Israel: The overall Israeli food market, which largely consists of kosher food due to widespread observance, was estimated at $13 billion in 2003. More recently, the Israeli food retail sector was estimated to be $20.7 billion in 2023. The fast-moving consumer goods (FMCG) sales in Israel reached $16.02 billion in 2023, with approximately $12.9 billion coming from food and beverage products.
• Canned Food Market:
  • Israel: The Israel canned food market is projected to reach approximately US$547.949 million by 2027, growing from US$415.552 million in 2020 at a CAGR of 4.03%.
• Dairy and Dairy Substitute Products Market:
  • Israel: The Israel dairy products market is projected to experience growth rates of 11.22% in 2025, softening to 10.31% in 2029, and is anticipated to reach a growth rate of 9.62% by 2027. The Middle East dairy market, which includes Israel, is estimated at USD 19.53 billion in 2025 and is expected to reach USD 24.46 billion by 2030, with a CAGR of 4.60%.
  • Israel (Milk Substitutes): Sales of milk substitutes in Israel reached $89 million in 2019, showing a 12% increase from the previous year.
• Frozen Food Market:
  • Israel: The Israel frozen food market is anticipated to show significant growth. It is projected to be around $2,797.38 million in 2025 and is expected to reach $3,908.43 million by 2032. Israel's frozen food imports are set to reach $482 million by 2026.
• Confectionery Market (including Chocolate and Sugar Confectionery):
  • Israel (Chocolate): The chocolate market in Israel was valued at USD 155.43 million in 2023 and is expected to grow to USD 230.12 million by the end of the forecast period. Another report states the chocolate market in Israel recorded a sales value of ILS 2,091.41 million in 2024 and is expected to grow.
  • Israel (Sugar Confectionery): The sugar confectionery market in Israel is expected to grow significantly during the forecast period, with value sales projected to increase in 2025.

G. Willi-Food International (WILC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Product Development and Portfolio Expansion: The company's management has highlighted a strategic focus on the development of new high-quality products. This, coupled with the expansion of sales and availability of its existing product portfolio, is expected to contribute to sustained growth.
2. Enhanced Logistics and Operational Capabilities: G. Willi-Food International is actively enhancing its logistics and operational abilities to support growing demand across its product categories. The construction of a new logistics center, anticipated to be completed in the second half of 2025, is a significant initiative positioning the company for sustained growth and improved product availability.
3. Growth in Private Label Sales and Strengthened Customer Relationships: An increase in private label sales to large retail chains has already contributed to sales growth. Furthermore, the company is focusing on strengthening relationships with its worldwide suppliers and improving commercial terms with both suppliers and customers to expand business operations and enhance profitability.
4. Increased Inventory Levels and Improved Product Availability: A core driver of past sales increases has been the company's ability to boost inventory levels and improve product availability to meet growing customer demand. This focus on ensuring products are readily accessible is expected to continue supporting revenue growth.

Share Repurchases

• G. Willi-Food International's Board of Directors authorized a share repurchase program on December 24, 2023, permitting the company to repurchase up to $5 million of its Ordinary Shares over the following six months.
• The timing, number, and value of repurchased shares are determined by management based on market and economic conditions, share price, and regulatory requirements.
• The company is not obligated to purchase shares under this program, and it may be increased, suspended, or discontinued without prior notice.

Share Issuance

• G. Willi-Food International Ltd. filed a Form S-8 to register securities under its 2022 Share Option Plan.
• Shareholders have not been meaningfully diluted in the past year.

Capital Expenditures

• Capital expenditures for G. Willi-Food International were $6.3 million in 2023, $3.8 million in 2022, and $2.0 million in 2021.
• Projected capital expenditures are 22 million ILS for 2025, 23 million ILS for 2026, and 24 million ILS for 2027.
• Capital expenditures are projected to be approximately 3% of revenue from 2025 to 2029.