Residential construction & urban renewal
Elbit Imaging already has the backlog, permits, and financing scaffolding of a real residential developer, but the 2025 report shows that the conversion from backlog into reported revenue and free cash is still only beginning.
Elbit Imaging's urban-renewal backlog contains real value, but most of the headline still sits in option value: only NIS 313 million of expected surplus is in projects already under construction, while NIS 943 million still sits outside execution.
Elbit Imaging already carries a much bigger balance sheet and a meaningful project pipeline, but at the parent-company level it ended 2025 with a relatively small direct cash box, a growing public bond layer, and project surplus that is still trapped behind banks, partners, and…
