Building residential projects in israel.
Boni Hatichon is entering 2026 with a large backlog and modest operating improvement, but the real test is still balance-sheet conversion: turning inventory and contract assets into cash before financing cost keeps consuming the progress.
Series 23 gave Boni Hatichon a real principal deferral, but it did not create a broad funding cushion. The balance sheet stayed heavily current, bank debt kept rising, and the residual left after project surpluses plus Series 21 and Series 23 debt service is only NIS 63.8 millio…
Boni Hatichon’s 2025 problem is not one accounting line but working capital stretched across the full development chain: recognized work not yet collected, inventory still tied up in execution and finished units, and weaker customer advances, with external financing filling the…
