Building urban renewal projects.
Yuvalim enters 2026 with a broad pipeline, comfortable covenant headroom, and execution momentum, but the real test has shifted from accounting profit to collections, deliveries, and the ability to carry high financing costs without eroding creditor protection.
Nearly 35% of the units sold in Kalanit Phase A and YAMIM Hatzeira Phase A were sold into a related or business-linked buyer circle, and in several disclosed packages only about 40% of consideration had been paid by year-end 2025. The sales pace therefore looks strong, but the q…
At Yuvalim, earnings have already been booked but cash has not completed the same route: part of it is stuck in overdue buyer balances, part in mature inventory, and part keeps circulating through equity-accounted affiliates, which is why even NIS 76.3 million of operating cash…
Yuvalim still offers real protection to bondholders, but that protection is built mainly on pledged project surplus, covenants, and security tests rather than on unrestricted cash. The real 2026 test is therefore not just formal compliance with the trust deeds, but whether surpl…
