AMIDAR

Amidar: The Northern Cluster, Doubtful Debts, and the Real Economic Test of Senior Housing

Amidar's senior-housing platform grew sharply with the Northern Cluster, but 2025 showed scale without profitability proof: revenue rose 44.1%, attributable costs rose 59.0%, and the segment loss deepened to NIS 6.3 million.

Follow-up

Amidar: The Rating Looks Sovereign, but Where Exactly Is the Line Between State Support and a Guarantee

Amidar's Series A bonds are rated as though they are almost sovereign risk, but the documents make clear that bondholders do not have a direct state guarantee. What they have is a payment mechanism that runs through Amidar, plus a very high probability that the state would suppo…

Follow-up

Amidar: How Much of the Cash Stack Is Actually Free After the Maintenance Fund, Designated Deposits, and the Bond Mechanism

Amidar ends 2025 with a broad liquidity layer, but at least NIS 282.6 million of it is already explicitly tied to the maintenance fund, designated deposits, and tenant-deposit refunds. Even the remaining NIS 403.6 million of cash and short-term investments is better read as an o…

Amidar 2025: Activity Expanded, but Accessible Profit Remains Tied to the State and the Maintenance Fund

Amidar expanded activity in 2025, but profit quality and accessible liquidity remained too dependent on the state, the maintenance fund, and working-capital timing.