Residential projects & income-producing real-estate
Issta Nadlan posted a real improvement in 2025 earnings and in its yielding portfolio, but most of the upside still came from the investee and project layer while cash conversion remained weak.
The purchase-tax ruling could materially reshape residential project economics in the Sela Issta layer, but it is not one unified event. It splits into a cash refund, pretax profit on projects already recognized, and better profitability estimates on projects not yet recognized.
Issta Nadlan's equity cushion is real, but a large part of it is already committed to residential projects, assets under construction, and guarantee layers, so financing flexibility is tighter than the single public bond series suggests.
