Building residential, commercial &urban renewal projects.
Kardan Nadlan enters 2026 with a larger execution backlog and a stable rating backdrop, but 2025 showed that the story has shifted from classic residential development to a heavier business built on execution, working capital and funding, while equity failed to grow with the bal…
Kardan Nadlan still has funding headroom, but it is much tighter than the cash balance implies. The combination of ILS 1.551 billion of real-estate inventory, ILS 487.1 million of land liabilities, ILS 669 million of net financial debt, and a negative sources-and-uses profile th…
Kardan Nadlan's execution backlog provides strong visibility on work volume, but much weaker evidence of true risk diversification. One third of the backlog is explicitly internal, and even the rest sits under a model where the execution arm works only on projects in which the g…
