Provides engineering, software, environment, energy solutions.
Ludan exited 2025 as a more focused post-spin engineering group, but its financial flexibility is thinner than the lower-debt headline suggests because Europe is carrying the business while Israel weakens and some of the asset-side cushion now sits in a related-party loan rather…
Ludan's Israel MEP backlog looks large, but too much of it sits too far out in time and the conversion of work into cash has weakened. At year-end 2025, backlog stood at NIS 235.7 million, yet NIS 149.1 million, 63.3%, was scheduled for 2027 and later while operating profit fell…
Romania is still not the revenue base of Ludan's foreign business, but it is already the clearest source of marginal growth, superior margin, and visibility beyond 2025. If it broadens beyond one nuclear client, it can move from supporting activity to a real growth platform.
After the spin-off, part of Ludan's cushion moved from cash into a related-party loan. The reported net financial position is positive NIS 17.292 million, but excluding the NIS 30.426 million loan the picture turns negative, so capital-allocation quality is not yet proven.
