Ashtrom Group

קבוצת אשטרום

Ashtrom Group is a TASE-listed construction, property and building-industries group founded in 1963. It holds no Sde Dov land: it is the main contractor building Israel Canada's RAINBOW, a 40-storey tower and six 8-storey buildings with about 459 homes, under a contract of about ₪736M signed in December 2025 and reported on 1 January 2026. Works began in January 2026, with the last phase due about four and a half years later; no other Sde Dov contract was found.

The company

Legal name: Ashtrom Group Ltd קבוצת אשטרום בע"מ
Founded: 1963, by five founders
Head office: Israel
Listed: TASE: ASHG
Ownership: Public, in the TA-90 index. S&P Maalot affirmed its rating with a stable outlook in April 2026. Chairman Avraham (Rami) Nussbaum, CEO Gil Giron. The Sde Dov works are carried out by Ashtrom Engineering and Construction, a subsidiary of Ashtrom Contracting.
Scale: For 2025: revenue about ₪4.65B, net profit about ₪287M (about ₪270M attributable to shareholders), EBITDA about ₪671M, order backlog about ₪9.5B, and a ₪100M dividend (results published March 2026). In 2026 it moved to losses: about ₪40M in the first quarter and ₪78M in the second, on net finance costs of ₪223M in the second quarter; equity attributable to shareholders was about ₪5.1B at 30 June 2026. Around 120,000 residential units and 3.5M sqm of commercial space built historically (company-stated).
Elsewhere: Eight divisions: contracting and infrastructure, residential development, rental housing, income property in Israel, Germany and England, building industries, renewable energy, concessions and international work
Shikun HaRofim, next to Sheba Medical Center: 1,189 homes for rent and sale, about ₪2.2B, won December 2025, due 2031 to 2032
Rental housing: fifth project completed at Neve Ayalon in early 2026; about 3,280 rental homes planned once Shikun HaRofim is complete
RISHO, Ha'Elef complex, Rishon LeZion: five office buildings with the Phoenix group (Ashtrom Properties)
Renewable energy in Texas, including EL PATRIMONIO, about 195 MWdc (from 2025)
Completed: Da Vinci Towers in Tel Aviv, Beresheet Hotel in Mitzpe Ramon, LYFE Towers in Bnei Brak, the New Haifa Bay Port (company site)
Not to be confused with: Ashtrom holds no land at Sde Dov. Its role here is as a contractor, building RAINBOW for Israel Canada. It is also not the district's infrastructure contractor, which is Galnor.

Timeline

Signed in December 2025 and reported on 31 December 2025 and 1 January 2026: main contractor for Israel Canada's RAINBOW, about 75,000 sqm, a 40-storey tower and six 8-storey buildings with about 459 homes and 1,600 sqm of retail, for about ₪736M linked to the residential construction input index
Works began in January 2026; the skeleton and concrete-pouring stage was under way by April 2026; the last phase is due about 4.5 years from the start
No other Sde Dov contract found (Hebrew press and company news, September 2026)

On the record

Published facts a buyer would want before signing. Each carries its source.

Net losses in the first half of 2026

After a 2025 net profit of about ₪287M, Ashtrom reported a net loss of about ₪40M in the first quarter of 2026, mainly from a negative revaluation in rental housing, and a net loss of ₪78M in the second quarter, mainly from ₪223M of net finance costs. Its order backlog stood at about ₪9.5B and Maalot kept a stable outlook in April 2026. Buyers in RAINBOW contract with Israel Canada, not with Ashtrom.

Sources

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