The company operates in residential development and income-producing real estate.
Gabay entered 2026 as a company whose income-producing portfolio still supports the result and the asset base, but whose development segment almost stopped contributing, financing costs turned heavy, and the balance sheet now requires much more precise execution and much less le…
The Mor covenant waiver is a sign of a tighter balance sheet rather than one-off noise, because Gabay ended 2025 above the Mor ratio ceiling and still depended on large outside financing to hold liquidity together.
Gabay Group's backlog is real, but in 2026 and 2027 it is not supposed to convert evenly. Kfar Shalem East carries most of the near-term conversion, Kehilat Warsaw supports it, and Hof Lido Ashdod still looks more like future value than an immediate funding engine.
Gabay’s equity cushion rests structurally on the fair value of the yielding portfolio, because income-producing property is carried at NIS 871.2 million against total equity of NIS 503.5 million, but the ongoing 2025 support came more from NOI than from revaluation. At Beit Gaba…
