Holds insurance & real-estate companies.
Zur Shamir posted a strong 2025 report mainly because insurance delivered, but the holdco layer still depends heavily on upstream dividends and refinancing to preserve real financial flexibility.
Adgar looks better in 2025, but the improvement still rests mainly on valuation, compensation, and funding structure while rent itself barely moved and the balance sheet remains sensitive to FX and cap-rate assumptions.
Direct Finance remained a real growth engine in 2025, but the quality of that growth weakened: income rose, profit slipped, assets expanded much faster than equity, and post-balance-sheet loan recycling already became a core part of how growth is sustained.
At the parent-company level, Zur Shamir does not sit on a large cash pile. It sits on a liquidity layer built mainly from current financial assets while debt remains heavy, which makes upstream dividends and debt-market access a basic operating requirement rather than a convenie…
