Invests in oil & gas exploration and real-estate companies.
Naphtha ended 2025 as an energy company still overwhelmingly dependent on Tamar: the operating core remains strong, but translation into owner-level free cash has weakened because of investment, taxes, and financing.
Tamar has clearly advanced after the balance-sheet date, but for now it is back on a path that can enable growth, not yet in a phase where that growth has already been realized. Phase 1 is complete and Kasem is effective, but full capacity, export readiness, and future volumes s…
At the consolidated level Naphtha still looks like an energy company generating strong profit and cash, but at the shareholder layer 2025 was a year of cash leakage: a large share stayed with minority holders in Isramco Negev 2, another share was absorbed by investment and debt…
