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Cellcom Israel Ltd.

CEL

1

exclusion reason

1 theme

Geopolitical Conflict (1)
CEL Current as of April 2026

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.

Cellcom Israel Ltd. operates telecommunications infrastructure and provides cellular services within Israel and the occupied territories. The company’s network extends into the occupied West Bank, East Jerusalem, and the Syrian Golan Heights, providing essential connectivity and infrastructure to Israeli settlements there. According to research by Who Profits, Cellcom’s active antennas and services materially support these settlements, which are widely considered illegal under international law and exist within active conflict zones.

Providing commercial services to settlements in occupied territories directly supports their permanence and economic viability. This activity integrates the company into the ongoing conflict, as these settlements are a core point of contention and violence. No evidence suggests Cellcom’s operations in these areas serve as the sole or indispensable source of essential civilian infrastructure for the Palestinian population; rather, the services primarily sustain the settlement enterprise.

Research Sources 1 organization

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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.