Producing & importing car batteries & tires.
Shanap is exiting 2025 with a genuinely stronger battery core and a solid profit engine in tires, but weakness in Adi and aggressive dividends leave the story much tighter than the consolidated report alone suggests.
Adi no longer looks like a growth layer inside Shanap. It looks like an operation that is too concentrated in the vehicle-importer channel, too light on contract visibility, and weaker exactly where the group needed an expansion engine.
This follow-up shows that 2025 was a year of better operating cash generation at Shanap, but not a year of comfortable excess cash. Net cash from continuing operations rose to NIS 23.75 million, yet that cash was largely absorbed by a heavy use layer that included NIS 15.0 milli…
Shanap's consolidated report mostly captures the battery floor, while the real economic group depends on a holdings layer that adds meaningful off-top-line activity but also spreads value and funding across several different floors.
