Building residential projects in israel.
Zarfati ends 2025 with a pipeline and sales engine that still move, but with the center of gravity shifted from selling to funding, delivery, and capital allocation. Net profit fell to ILS 21.0 million, provisions rose sharply, and the new money raised in January 2026 immediatel…
Zarfati's 2026 sits mainly on AZUR Stage A, not on the full backlog. That project alone carries NIS 136.5 million of unrecognized gross profit and NIS 139.4 million of expected 2026 customer receipts, while Shprinzak, Ra'anana, and Bat Yam already look mostly like close-out proj…
Zarfati does not suffer from a lack of reported profit. It suffers from weak profit-to-cash conversion: in 2025 operating cash flow was negative 50.0 million ILS after land, contract assets, and finished inventory absorbed the cash.
Bond XIV bought Zarfati real time, but not a capital solution. At year-end 2025 the company still had workable covenant room, and in January 2026 it locked in NIS 200 million par value at a fixed 4.99% rate. But the proceeds were meant mainly for ongoing operations and debt recy…
