Holds oil & gas exploration companies, controls "new-med", "isracard" and "mehadrin"
Delek Group has moved out of the phase where debt was the central constraint and into a phase where capital allocation is the central test: the assets are strong, but part of the capital is now being locked again into Isracard, Leviathan expansion, and debt recycling.
Leviathan has moved from being a harvest asset into a harvest-and-invest asset. The FID, the amended Egypt export agreement, the third pipeline, and the new bank facilities all lifted NewMed’s value layer, but also pushed a larger part of that value into financed future executio…
Isracard is already large enough to be a meaningful value layer inside Delek Group, but 2025 still does not prove it is a second engine at group level: business scale is already visible, while attributable earnings and true upstream capital return are still in test mode.
