Food importer and manufacurer
Sugat ended 2025 with a genuine improvement in the core business, but its shift toward acquisitions and heavier investment makes 2026 a capital allocation test, not just a sales test.
Dvir has strong operating logic, but by the end of 2025 the return thesis is still incomplete: capacity jumps sharply, yet the gap between future rent, the savings headline, and the delay to at least H2 2027 is not fully closed.
Sugat can carry Dvir and Filtuna within a managed 2026 funding plan, but the moment management adds another NIS 200-300 million deal the year stops being an internal-cash story and becomes an external-financing story.
The Eilat-Ein Evrona arrangement created an accounting gain for Sugat in 2025 that was much larger than the cash actually received, so it should be read as relocation and lease economics, not as an immediate jump in cash flexibility.
