Car leasing & rental services.
Eldan ended 2025 as a larger company with relatively open funding access, but the economics weakened: used-car gross profit compressed, the equity ratio fell, and on an all-in cash basis the company still relied on external funding to keep expanding.
Eldan's used-car profitability weakened in 2025 in a way that looks less like a simple price collapse and more like a combination of fewer disposals out of leasing and rental, more weight in a low-margin trading channel, and a depreciated cost base that rose even as turnover fel…
Eldan does not look like a company heading into an immediate covenant breach, but its real funding room relies on debt rollover, excess collateral, and the ability to reopen the bond market, not on strong internal cash generation.
