Building residential projects in israel.
Eshel Hayarden moved in 2025 from a land-accumulation stage into a broader execution stage, with a sharp improvement in operating profitability, but it still depends on external financing because operating cash flow is negative and finance costs remain high.
Eshel Hayarden's new working-capital surplus is mainly the product of projects moving from land-bank status into active inventory and of a changed liability profile, not of cash creation. So 2025 improved the balance-sheet optics, but it did not solve the liquidity question.
Eshel Hayarden's pipeline is real, but its conversion into revenue is likely to be slower, more concentrated, and less attributable to the company than the gross unit count implies.
Eshel Hayarden ended 2025 in compliance with all bond covenants, but its real funding room is narrower than the covenant picture alone suggests because most of the debt sits in bank credit and other floating-rate liabilities.
