נטו מ.ע. אחזקות | Tel Aviv Stock Exchange | Security no. 168013 | Food & Consumer
Data as of: 25 August 2026 | Primary source: Q2 2026 report (approved 19.8.2026)
Neto M.E. Holdings Ltd. (NTCH) is an Israeli holding company operating in kosher food and in household consumer products that are not food. The company was incorporated in 1980 under the name "Meir Ezra and Son", has traded on the Tel Aviv Stock Exchange since December 1983, and adopted its present name in November 2002. Its registered office is at 5 Meir Ezra Street, Kiryat Malachi.
All operating activity is conducted through Neto Melinda Sachar Ltd. — a subsidiary whose own shares are listed on the Tel Aviv Stock Exchange (security no. 1105097). Neto Holdings holds 42.83% of its share capital and 45.18% of its voting rights as at 31 December 2025, and consolidates it. In the words of the report: "the company consolidates Neto Melinda although it holds less than half of the voting rights, because it has the power to determine the financial and operating policy of the company."
The group's plants are all held by Neto Melinda: Tivon Vil Holdings (meat and meat products), Williger Industries (canned fish and salmon processing), Delidag (fish), Shloshet HaOfim (dough products and processed cheese), Palace Neto Industries (household consumer products that are not food), and N.G. Rich Industries (67% held — Rich whipped-topping products).
| Segment | Description per the report | Revenue H1 2026 |
|---|---|---|
| Group plants | Sale of output from the group's own plants | ILS 377.5M |
| Import | Fresh and frozen meat, live cattle, fresh and frozen fish, quality and semi-hard cheeses, canned fish, preserved fruit and vegetables, Rich whipped-topping products, ready meals, and non-food household products | ILS 1,220.0M |
| Local market | Mainly fresh poultry and meat under standard and mehadrin kosher certification, fresh fish, frozen bakery products, fish delicacies, quality cheeses, frozen vegetables and tomato sauce | ILS 1,297.3M |
Source: Q2 2026 report, note 1 · 2025 annual report, notes 8.1.1 and 8.1.2.1 · description of the corporation's business
| ILS thousands | H1 2026 | H1 2025 | Change | Q2 2026 | Q2 2025 | FY 2025 |
|---|---|---|---|---|---|---|
| Revenue | 2,894,828 | 2,522,948 | +14.7% | 1,327,595 | 1,222,877 | 5,222,181 |
| Cost of revenue | 2,528,385 | 2,180,140 | +16.0% | 1,154,677 | 1,063,360 | 4,520,120 |
| Gross profit | 366,443 | 342,808 | +6.9% | 172,918 | 159,517 | 702,061 |
| Gross margin | 12.66% | 13.59% | −93bp | 13.03% | 13.04% | 13.44% |
| Selling and marketing expenses | 170,243 | 148,730 | +14.5% | 84,423 | 75,626 | 309,839 |
| General and administrative expenses | 37,100 | 34,973 | +6.1% | 19,844 | 17,742 | 71,558 |
| Operating profit before other income | 159,100 | 159,105 | 0.0% | 68,651 | 66,149 | 320,664 |
| Operating margin | 5.50% | 6.31% | −81bp | 5.17% | 5.41% | 6.14% |
| Net finance expenses | (18,016) | (14,249) | +26.4% | (13,086) | (5,505) | (23,731) |
| Profit before income tax | 142,989 | 146,999 | −2.7% | 58,359 | 63,280 | 303,075 |
| Income tax | 34,656 | 46,484 | — | 14,128 | 16,467 | 90,818 |
| Effective tax rate | 24.24% | 31.62% | — | 24.21% | 26.02% | 29.97% |
| Profit for the period | 108,333 | 100,515 | +7.8% | 44,231 | 46,813 | 212,257 |
| Attributable to owners of the parent | 46,736 | 43,806 | +6.7% | 19,563 | 20,918 | 86,698 |
| Attributable to non-controlling interests | 61,597 | 56,709 | +8.6% | 24,668 | 25,895 | 125,559 |
| Earnings per share (ILS) | 14.01 | 13.13 | +6.7% | 5.86 | 6.27 | 25.98 |
| ILS thousands | 2025 | 2024 | 2023 |
|---|---|---|---|
| Purchased goods | 4,454,967 (85.3%) | 4,070,150 | 3,601,352 |
| Manufactured goods | 766,664 (14.7%) | 730,233 | 759,371 |
| Retail chains | 2,003,609 | 1,964,633 | 1,830,576 |
| Private market | 1,546,725 | 1,551,831 | 1,288,905 |
| Institutional market | 1,671,847 | 1,295,239 | 1,256,102 |
| Customer A (above 10%) | 773,323 (14.8%) | 684,762 | 505,609 |
| Customer B (above 10%) | 269,210 | 407,019 | 552,874 |
Source: Q2 2026 report, consolidated statements of profit or loss · 2025 annual report, note 21
| ILS thousands | 30.6.2026 | 31.12.2025 | 30.6.2025 |
|---|---|---|---|
| Cash and cash equivalents | 9,810 | 24,495 | 7,641 |
| Trade receivables | 1,308,292 | 1,230,726 | 1,194,239 |
| Inventory | 777,251 | 766,457 | 589,155 |
| Total current assets | 2,130,376 | 2,056,879 | 1,833,398 |
| Property, plant and equipment | 188,069 | 198,203 | 198,103 |
| Total assets | 2,399,730 | 2,350,242 | 2,167,743 |
| Bank credit (current) | 488,633 | 440,502 | 355,034 |
| Bank credit (non-current) | 1,183 | 2,341 | 14,565 |
| Trade payables | 414,106 | 464,796 | 413,928 |
| Total current liabilities | 960,326 | 984,659 | 834,687 |
| Equity attributable to owners of the parent | 509,957 | 464,274 | 396,948 |
| Equity attributable to non-controlling interests | 876,595 | 842,263 | 767,834 |
| Total equity | 1,386,552 | 1,306,537 | 1,164,782 |
| Owners' share of equity | 36.78% | 35.53% | 34.08% |
| Metric | 30.6.2026 | 30.6.2025 |
|---|---|---|
| Net financial debt | 479,863 | 361,958 |
| Net debt to EBITDA (trailing twelve months) | 1.29x | — |
| Interest cover | 12.4x | — |
| Current ratio | 2.22 | 2.20 |
| Days sales outstanding | 81.8 | 85.7 |
| Days inventory | 55.6 | 48.9 |
| Days payable | 29.6 | 34.4 |
| Cash conversion cycle (days) | 107.8 | 100.2 |
| ILS thousands | H1 2026 | H1 2025 | 2025 | 2024 | 2023 |
|---|---|---|---|---|---|
| Cash flow from operating activities | (27,257) | (56,508) | (71,792) | 296,395 | 208,923 |
| Purchase of property, plant and equipment | (14,711) | (19,201) | (45,739) | (43,663) | (67,594) |
| Free cash flow | (41,968) | (75,709) | (117,531) | +252,732 | +141,329 |
| Depreciation and amortisation | 28,103 | 29,926 | 51,945 | — | — |
| Interest paid | 20,936 | 16,017 | 24,171 | — | — |
| Dividend to non-controlling interests | 25,998 | 38,937 | 70,687 | — | — |
| Dividend to Neto Holdings shareholders | 0 | 0 | 0 | 0 | 0 |
Source: Q2 2026 report — consolidated statements of financial position and of cash flows · 2025 annual report · note 34 (pledges)
| Segment (ILS thousands) | Revenue H1 2026 | Revenue H1 2025 | Change | Result 2026 | Result 2025 | Change | Margin 2026 | Margin 2025 |
|---|---|---|---|---|---|---|---|---|
| Group plants | 377,524 | 384,397 | −1.8% | 11,347 | 15,866 | −28.5% | 3.01% | 4.13% |
| Import | 1,219,994 | 946,708 | +28.9% | 93,798 | 88,903 | +5.5% | 7.69% | 9.39% |
| Local market | 1,297,310 | 1,191,843 | +8.8% | 55,419 | 56,325 | −1.6% | 4.27% | 4.73% |
| Total | 2,894,828 | 2,522,948 | +14.7% | 160,564 | 161,094 | −0.3% | 5.55% | 6.39% |
| Segment | Revenue 2026 | Revenue 2025 | Change | Result 2026 | Result 2025 | Change |
|---|---|---|---|---|---|---|
| Group plants | 171,320 | 201,228 | −14.9% | 4,552 | 7,644 | −40.4% |
| Import | 533,205 | 412,013 | +29.4% | 40,619 | 32,301 | +25.8% |
| Local market | 623,070 | 609,636 | +2.2% | 26,719 | 27,588 | −3.2% |
Source: Q2 2026 report, note 5 — operating segments · board of directors' report section A.2
Neto Melinda operates in the Israeli kosher food market — a market in which the refrigerated distribution network, logistics footprint and kosher certification infrastructure constitute practical barriers to entry. The group holds wholly owned production plants in meat, fish, dough products and processed cheese, alongside a broad import operation.
The revenue mix nonetheless describes the character of the activity: in 2025, purchased goods accounted for ILS 4,455.0 million out of ILS 5,222.2 million — 85.3% of revenue. Goods manufactured by the group accounted for ILS 766.7 million, or 14.7%.
The group's most material commercial arrangement. The disclosed particulars:
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Purchases from Tal Hel (ILS thousands) | 861,279 | 804,761 | 824,060 |
| Share of the company's total purchases | 19.9% | 20.3% | 23.5% |
| Share of local-market segment purchases | 47.7% | 43.7% | 52.6% |
| Share of group revenue | 16.5% | 16.7% | 18.8% |
Source: 2025 annual report, description of the corporation's business section 7 and note 22.1 · Q2 2026 report, note 7.2
Source: all figures in this section are drawn from the Q2 2026 report and the 2025 annual report
| Item | Position per the report | What the next report tests |
|---|---|---|
| Effective tax rate | 24.24% in H1 2026 against 31.62%. Interim reports under IAS 34 contain no tax reconciliation note | Whether the rate returns to the 29%–30% range or remains around 24% |
| Segment margins | Decline across all three segments. Import 170 basis points, group plants 112, local market 46 | Whether the decline halts, and in which segment |
| Group plants segment | In Q2, revenue −14.9% and result −40.4%. Property, plant and equipment down 5.1% over six months | Whether this is a single quarter or a trend |
| Working capital and funding | Cash conversion cycle lengthened by 7.6 days. Net financial debt rose from ILS 362.0 million to ILS 479.9 million. Interest paid ILS 20.9 million in the half — 87% of all of 2025 | The third quarter is historically strong in cash flow — whether net debt falls |
| Credit structure | ILS 489.8 million of bank credit, 99.8% of it short term, all secured by pledges. No disclosure of financial covenants was found | Disclosure on credit facilities and their terms |
| Tal Hel Yiska agreement | 16.5% of group revenue. A fixed commission per kilogram. Cancellable on six months' notice. On 18.5.2026 the limit was raised to 95% | The third quarter is the first full quarter under the new limit — the local-market segment result |
| Derivative claim | Filed 21.6.2023 against the serving directors, against Neto M.E. Holdings, against Tal Hel Yiska and against Nur Yiska. In the amended request (5.9.2024) the claimed minimum amount is ILS 177,843,525. The expert opinion attached to the original request was withdrawn. The pre-trial hearing was postponed to 24.11.2026 | The outcome of the pre-trial hearing |
| Customer concentration | Customer A — ILS 773.3 million in 2025, 14.8% of revenue, up 53% over two years. Customer B fell from ILS 552.9 million to ILS 269.2 million | Stability of the two material customers |
| Control structure | Per regulation 21A: "the company is a company without a controlling shareholder" — since 14.9.2021. Adi Ezra holds 23.38% of capital, David Metsa through Nur Yiska 22.72%. The company regards both as parties with a mutual personal interest for the purposes of section 268 of the Companies Law | Changes in interested-party holdings |
| Security situation | Operation 'Sha'agat Ari' from 28.2.2026, ceasefire from 8.4.2026, Lebanese-sector agreement 26.6.2026. The company's position: "no material harm has occurred to the company's activity", alongside uncertainty as to what follows | Effect on supply chains and imports |
| Inputs and regulation | Meat, fish and poultry prices · price controls · kosher certification standards | — |
Source: Q2 2026 report, notes 7.2–7.4 · 2025 annual report, note 19.3 and regulations 21A and 22 · note 34
Scenarios are descriptive, not predictive. The scenarios describe conditions that can be tested against the next report, and contain no price estimates, probabilities or forecasts.
| # | Source | Date | Type |
|---|---|---|---|
| 1 | Periodic report for the second quarter of 2026 (as at 30.6.2026) — auditor: Ziv Haft, unqualified review conclusion | Approved 19.8.2026 | Primary — Maya |
| 2 | Periodic report for the first quarter of 2026 (as at 31.3.2026) | Approved 28.5.2026 | Primary — Maya |
| 3 | Annual periodic report 2025 | Approved 30.3.2026 | Primary — Maya |
| 4 | Annual periodic report 2023 | — | Primary — Maya |
| 5 | Trading data — Neto Holdings (168013) and Neto Melinda (1105097) | 25.8.2026 | Secondary — market data |
All financial figures in this document are taken from the official financial statements as published on Maya. The document contains no estimates or assessments that do not appear in the source.
The full Neto M.E. Holdings (NTCH) analysis is available to Premium members of Bakshi Finance — Family Office.
The analysis includes a professional review across 10 structured sections, 6 charts, a segment breakdown and a framework of scenarios.
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