Manufacturing of bathroom, sanitary & kitchen products.
Hamat finished 2025 with a real profitability recovery, but for now that recovery is still driven mainly by ceramics and sanitaryware while kitchens lost visibility and cash has not yet caught up with EBITDA.
In Hamat Kitchens, 2025 was less a volume problem than a quality-of-volume problem: private customers abruptly replaced other customer types, so revenue rose while EBITDA and backlog weakened.
At Hamat, the property layer shifts the debate from leverage pressure to capital allocation: net financial debt of NIS 221 million drops to NIS 83 million after investment property, and the Ashdod valuation gap almost wipes out even that remaining amount.
In Hamat's 2025 story, EBITDA already translated into operating cash flow, but it still did not translate into real cash flexibility because investment, lease cash, dividend, and debt service left only a NIS 13.2 million increase in cash.
