Providing logistics, aviation & archiving services.
Maman looks better at headline level than in underlying quality: aviation and the cargo terminal recovered, but logistics is still eroding earnings quality and the profit rebound has not yet turned into genuine cash flexibility.
Maman enters 2026 with a calmer aviation-service permit calendar, but the risk has changed shape rather than disappeared: less immediate expiry risk, but more concentration risk, replacement risk, and dependence on a handful of large airline relationships.
Gav-Yam Maman is a meaningful part of Maman's earnings quality, but not as a pure rent engine. In 2025 it added recurring NOI, non-cash revaluation profit, and NIS 30 million of cash to Maman through a dividend, so the recurring layer has to be separated from the valuation and c…
In Maman's 2025 numbers, covenant room looks wide but real cash room is much tighter, because NIS 194.6 million of operating cash flow is almost fully absorbed by lease principal, debt repayment and capex.
