Construction, infrastructure & civil engineering.
Shapir enters 2026 with real operating improvement and visible new growth engines, but the group's current economics still rely on industry and infrastructure while the newer projects continue to demand capital and financing.
Shapir's 2025 infrastructure growth is real, but at this stage it still looks more like acceleration through one very large customer and elevated contract-related balances than like a business already funding itself through broad collection and comfortable customer pre-funding.
Shapir's concessions wave is financed, but it is still not ring-fenced from the parent. Debt sits inside project vehicles, yet equity, capital notes, guarantees, shareholder loans and distribution restrictions still leave the parent carrying a capital burden that is measured in…
For now, Naot Hovav is mainly a financing event with long-duration upside, not a value engine that should already be loaded into 2026 expectations. The award is large and strategically meaningful, but it still sits behind a 15-month financial-close window, a 39-month constructio…
