Building residential projects in israel.
Azorim exits 2025 as a more diversified and more profitable company on paper, but it is still fundamentally a developer where deliveries, inventory and funding matter more than recurring NOI.
Azorim has not yet proven a real deleveraging phase. For now leverage looks well managed and well refinanced, but still mostly rolled forward until deliveries, sales and asset improvements do the heavy lifting.
Azorim’s yielding leg is now large enough to change how the company should be read, but not yet large enough to carry the entire equity story on clean recurring profit.
Azorim ended 2025 with real net profit, but not with real surplus capital: cash generated before working capital was heavily absorbed on the way to the cash balance, so even a profitable year still required fresh external funding.
