Invest in and develop industrial & infrustructure companies
In 2025 Alma moved from a holdings story waiting for realization events into a more operational platform, but the parent-level cash story still depends too heavily on upstreaming value from the holdings, especially Triple.
Alma's parent cash looks strong on a gross basis, but on an all-in basis that includes current liabilities, the unpaid Dvir balance, and the next acquisition thread, immediately free cash looks closer to NIS 41 million to NIS 47 million than to almost NIS 90 million. That makes…
Alma's marked value in Triple is not the same thing as free cash: most of the NIS 226.8 million rests on IPM and the Bar Tuvia land, while the truly near-cash layer is thin and the step-up in 2025 receipts leaned partly on refinancing and reserve releases.
