Developing infrastructutre projects.
Afcon exited 2025 as a higher-quality business in margin terms and in project selection, but the next test is proving that Systems and EPC profitability can hold without exceptional projects and without recurring reliance on external financing.
Afcon's assisted-living dispute is no longer a narrow legal footnote. It has become a test of earnings quality and cash conversion after a NIS 48 million operating cash drag, realized guarantees, and practical suspension of project scope that still appears on paper.
Afcon's wind farms have moved beyond an operating headache and into a full financing test: rating interruption, early repayments, interest-rate step-ups, parent guarantees, and cure negotiations that were still open in early 2026.
Afcon's renewables portfolio is still worth less than its gross headline size because most of it has not yet crossed the real test of contracted pricing, financing, operation, or sale. Spain and Poland are the first arenas where the promise is starting to turn into bankable proj…
