This is a structural review of a quarterly report filed today. It is not investment advice, a recommendation to act, or investment marketing. Every figure was taken from the structured filing submitted to MAYA (report 1765425, second quarter 2026, in shekels), and the ratios were computed directly from it.
The figures as filed
| Line | Amount | Of revenue |
|---|---|---|
| Revenue | 508.6 ILS million | 100.0% |
| Operating profit | 278.7 ILS million | 54.8% |
| Pre-tax | 203.9 ILS million | 40.1% |
| Net profit | 172.2 ILS million | 33.9% |
The margin, and what it is made of
An operating margin of 54.8% on revenue of ILS 508.6 million. In income-producing real estate that is a familiar range, and it reflects two different sources sitting on the same line: rent net of operating costs, and asset revaluation - an increase in the value of an unsold asset, recorded in the income statement under the international reporting standard.
That distinction is not technical. Rent is cash that came in; a revaluation is a fresh estimate. Both are legitimate in the report, but only one reaches the bank account, and they cannot be separated from the operating line alone - only from the notes.
Leverage, which is the unusual figure here, favourably
The total balance sheet stands at ILS 18,753.2 million and equity at ILS 9,014.4 million - a ratio of 2.08 to one, meaning equity represents 48.1% of the balance sheet.
In an industry where 3 to 5 to one is routine, that is materially low. And it shows on the line below operating too: ILS 74.8 million was absorbed there, 26.8% of operating profit - a relatively low share for a real estate company.
And the line that changes earnings per share
Net profit is ILS 172.2 million, but the amount attributable to shareholders is only ILS 119.9 million. The difference - ILS 52.3 million, 30.4% of net profit - belongs to non-controlling interests.
This is the largest gap of its kind among today's filers, and it is practical: almost a third of the profit the company presents does not belong to whoever holds its share. Earnings per share in the report, ILS 5.82, is computed from 119.9 and not from 172.2.
What this report does not say
The structured filing submitted to MAYA does not include the comparable quarter a year earlier, so everything written here is a cross-section of a single quarter - not a trend. From these figures alone it is impossible to say whether an improvement or an erosion continues, and no run-rate can be derived from them. Those answers live only in the full report and its notes.
And a note that applies to every review here: the structure described is neither "good" nor "bad." It is a shape, and a shape behaves differently in every industry. The review describes what is happening - it does not evaluate and does not recommend.
