Importer & supplier of air-condition systems.
Tadiran's consumer core is sturdier than the net-loss headline suggests, but 2025 showed that Israeli energy weakness, legacy acquisition accounting and poor cash conversion still weigh on earnings quality and capital flexibility.
Series 5 did not deleverage Tadiran. It replaced two NIS 100 million bank bullets with longer unsecured public debt, bought covenant quiet, and left the company dependent on the operating business to push cash upstream.
The impairment removed part of the excess accounting weight around VP Solar, but it did not end the story. Europe grew and VP Solar's operating profit improved in 2025, yet the platform still carries NIS 136.2 million of goodwill and customer relationships plus a NIS 76.8 millio…
