Provides of pipes, valves accessories for water, sewage & gas.
Gaon Group ends 2025 with a real improvement in profitability and a much larger backlog, but still without proof that the new earnings profile has already become comfortable funding flexibility.
Gaon's pneumatic-systems backlog is currently worth more as proof of demand and bid-winning capability than as proof of near-term profitability: most of the execution backlog is long dated, Ramat Gan already dominates a large share of the stack, and 2025 still did not show gross…
Gaon's 2025 profit jump was real, but it did not translate into free cash: receivables, raw materials, leases, and current bank debt absorbed the operating improvement and left the all-in cash test negative.
