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Mivtach Shamir still leans on Manif and the real-estate portfolio to carry the current result, but 2026 will be a real test of Shamir Energy, leverage discipline and the group’s ability to turn funded pipeline into tangible execution.
Manif gives Mivtach Shamir a large economic cushion, but real financing flexibility is defined by parent-level cash and by the covenant-bound funding structure inside Manif, not by the full market-value gap over book value.
At MRC in 2025, operating profit weakened, but the bottom line weakened much more because the year ran through an embedded derivative, economic hedges, much lower FX gains and a heavier debt burden just as the peaker project moved from construction into operation.
After financing, the building permit, the license, and the Electricity Authority confirmation, Negev Phase 1 has finally crossed from promotion into execution. But the right way to read Shamir Energy is not that the whole pipeline is near build-out. It is that only Kesem and Neg…
