Residential building & income producing real-estate.
Kardan Israel ended 2025 with a wider operating platform, but also with a sharp gap between strong headline net profit and a business that still has a large amount of capital tied up in inventory, execution, and future projects.
Kardan Israel's reported 2025 profit looks strong, but its cash conversion is weak: too much of the result stayed in inventory, receivables and accrued revenue, so the balance sheet and financing line carried the story instead of operating cash flow.
The credit update narrowed the set of facilities that still count as reportable credit, but at solo level Kardan Israel still runs on a relatively tight funding base: NIS 335 million of net financial liabilities, only NIS 3 million of cash and short-term investments, and general…
Data centers are already material to Kardan Israel's story, but 2025 still reflects an asset-under-construction and value-uplift model more than a stabilized profit engine. Kfar Saba needs to turn early occupancy into NOI, and Shoham needs to go live before the economics become…
