What Afcon Holdings does

Afcon Holdings Ltd. (TASE: AFHL) is a publicly listed Israeli engineering and infrastructure group operating as the holding vehicle of the Shlomo Group, headquartered in Petah Tikva with approximately 1,300 employees and over 75 years of operating history. The group executes multi-system construction, electro-mechanical, control, and infrastructure projects through roughly 28 wholly-owned subsidiaries organized across complementary divisions: Projects & Infrastructure (Afcon Construction, Afcon Systems, Afcon Manufacture); Environment & Sustainability (Afcon Renewable Energy, Water Technologies, Recycling); Electric Transportation; Technologies (Fire Detection, Control & Automation/MANAM, Security, Building Control, Parking Systems, Software/SWS, MAGOS, GM Security); Telecom & Multimedia (Gal-Net, DM Engineering, Tadiran Telecom TBSI/TTL); Trade (ATEKA, RBS Telecom); and Service & Maintenance.

The group monetizes through EPC project contracts, equipment distribution via its trade subsidiaries, recurring service and maintenance agreements, and increasingly through ownership and operation of renewable energy assets (solar PV, battery energy storage). Major counterparties include Israel Electric Corporation, Israeli government entities, the Polish government, and strategic JV partners such as Namco Realty (U.S.) and Libra Group (Poland). As of Q1 2026, the order backlog reached a record 2.5 billion NIS, FY2025 net profit was 83 million NIS (operating profit up ~50%, EBITDA up ~33%), and Q1 2026 net profit of 25 million NIS grew 82% year-over-year. The Afcon Innovations arm invests in technology startups, while the broader franchise is positioned as an integrated infrastructure-and-technology platform serving commercial, utility, and government clients across Israel, Europe, and the United States.

Name

Afcon Holdings

Legal name

Afcon Holdings Ltd. (אפקון החזקות בע"מ)

Website

https://afcon.co.il

Company type

Public

Founded year

1950

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Infrastructure Engineering and Construction Services

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Substation & Interconnection EPC (Collector/POI Substations, Switchyards) (EUAEADAC)

akta.pro secondary industry

Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls) (EUAEAAAM)

Keywords

• Electro-mechanical infrastructure
• EPC construction services
• Renewable energy systems
• Building automation technology
• Telecom infrastructure solutions

Headquarters

HQ city

Petah Tiqva

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Projects and Infrastructure: EPC contracts for construction, systems installation, and manufacturing projects including substations, renewable energy facilities, and complex electro-mechanical projects
2. Trade/Distribution: Sale and distribution of technology products including ATEKA, RBS Telecom equipment, and telecommunications solutions
3. Service and Maintenance: Ongoing maintenance and service contracts for installed systems and infrastructure
4. Renewable Energy Operations: Operation of owned renewable energy assets generating electricity and energy storage capacity

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Afcon Holdings delivers end-to-end infrastructure and technology solutions for large-scale, multi-system construction projects through EPC contracting. Offerings span renewable energy (solar PV, battery energy storage), building technologies (fire detection, security, control and automation, automated parking), telecom and multimedia infrastructure, water technologies, electric transportation, and defense systems via subsidiaries such as Afcon Construction, Afcon Systems, Afcon Renewable Energy, Afcon Control & Automation (MANAM), ATEKA, Tadiran Telecom, and MAGOS. Revenue is generated from one-time EPC project contracts, equipment and product sales through trade subsidiaries, recurring service and maintenance agreements, and operations of owned renewable energy assets.

Product overview

Afcon Holdings is an Israeli engineering and infrastructure group organized as a multi-subsidiary portfolio rather than a single unified product. The group operates across complementary divisions — Environment & Sustainability (Renewable Energy, Water Technologies, Recycling), Electric Transportation, Technologies (Fire Detection, Control & Automation via MANAM, Security, Buildings Control & Industry, Parking Systems, Software/SWS, MAGOS, GM Security), Telecom & Multimedia (Gal-Net, DM Engineering, Tadiran Telecom TBSI, Tadiran Telecom TTL), Projects & Infrastructure (Construction, Systems, Manufacture), Trade (ATEKA LTD., RBS Telecom), Service & Maintenance (Afcon Service, Sherut Hogen), Concession, and Afcon Energy. The group's model delivers end-to-end infrastructure and technology solutions by combining subsidiaries' synergies, providing customers with integrated, project-based offerings across energy, transport, communications, safety, and digital infrastructure. Afcon Innovations also invests in technological start-ups, while the group maintains a publicly listed stock (AFHL) and employs approximately 1,300 people with a backlog of approximately 2.5 billion NIS.

Differentiator

Problem solved

Functional benefit

Products and services

• Afcon Renewable Energy Designs, develops, and executes renewable energy projects including solar PV installations and battery energy storage systems, targeting commercial, government, and utility-scale customers.
• Afcon Fire Detection (Afcon Ash veBithahut) Provides fire detection and fire safety systems for buildings and industrial facilities, including design, installation, and maintenance services for enterprise and government clients.
• Afcon Control & Automation (MANAM) Delivers control and automation solutions for infrastructure, buildings, and industrial applications, integrating building management and process control systems for enterprise clients.
• Afcon Security (Afcon Bitahon) Delivers security systems and solutions including surveillance, access control, and integrated security management for commercial and infrastructure projects.
• Afcon Parking Systems Offers automated parking systems and solutions for commercial and residential developments, including design and implementation of parking infrastructure.
• Afcon Water Technologies Offers water treatment and water technology solutions supporting sustainable water management in infrastructure and industrial contexts.
• Afcon Electric Transportation Provides solutions and infrastructure for electric transportation, supporting the transition to electric mobility across various sectors.
• Afcon Construction Executes multi-system construction projects and infrastructure for complex, system-intensive construction projects within the group's projects and infrastructure division.
• Afcon Systems Provides systems integration and project execution for clients within the group's projects and infrastructure division.
• Tadiran Telecom (TBSI and TTL) Provides telecommunications systems and services for business customers through wholly-owned Tadiran Telecom business units.
• Afcon Service & Maintenance (Afcon Service / Sherut Hogen) Provides ongoing service and maintenance solutions for installed systems across the group's various technology and infrastructure divisions.
• ATEKA Ltd. Trading subsidiary distributing technology products and solutions within Afcon's trade division.
• U.S. Energy Infrastructure Joint Venture with Namco Realty Develops solar installations, energy storage systems, and smart energy management solutions across U.S. commercial properties, targeting approximately 65 MWp of generation capacity with projected pre-leverage IRRs of 11%-13%.

Quantifiable outcome

• Order backlog reached 2.5 billion NIS (Q1 2026), up from 2.1 billion NIS in prior year period
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Namco RealtycoreStrategic or Co-development Partner · 24 November 2025Joint venture valued at up to $185 million for US energy infrastructure market entry. Partnership will develop solar installations, energy storage systems and smart energy management solutions across US commercial properties, targeting approximately 65 MWp of generation capacity with projected pre-leverage IRR of 11-13%. First projects expected to begin operating in 2027.
• Libra Group (Dutch)minorStrategic or Co-development Partner · 20 April 2023Dutch Libra Group joined Afcon for activity in the Polish energy market as a partner in several projects totaling 120 MW capacity. Projects acquired in Poland as part of portfolio expansion.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Quanta Services: Largest US specialty contractor for electric power, transmission, distribution, and renewable energy infrastructure. Directly comparable to Afcon's substation EPC and renewable energy business lines, with overlapping capabilities in BoP electrical work for utility-scale projects.
• Electra Ltd: Israeli publicly listed diversified infrastructure and construction conglomerate that, like Afcon, delivers multi-discipline EPC, electrical, telecom, and building-technology projects across Israel and internationally. Closely comparable business model, scale, and geographic focus.
• MYR Group: US specialty electrical construction services firm focused on transmission, distribution, substation, and renewable BoP — directly comparable to Afcon's substation EPC contract wins and Electrical Balance-of-Plant solar work.
• MasTec: US infrastructure construction operator across power delivery, oil & gas, clean energy, and communications. Comparable to Afcon's renewable energy EPC entry into the US market and its substation/transmission project wins, with similar execution-and-margin dynamics.
• EMCOR Group: US-listed provider of electrical and mechanical construction, building services, and industrial solutions — a direct functional analog to Afcon's integrated electro-mechanical EPC and recurring service/maintenance business, particularly across data center, utility, and commercial end markets.
• IES Holdings: US electrical and mechanical infrastructure services contractor across commercial, industrial, and data-center markets. Closely parallels Afcon's integrated electrical/communications/security systems work and project-based revenue model.
• Sterling Infrastructure: US infrastructure solutions provider covering transportation, building, and e-infrastructure including power delivery work. Directly comparable to Afcon's combined construction, electrical infrastructure, and renewable energy EPC portfolio.
• Comfort Systems USA: US mechanical and electrical services contractor delivering commercial, industrial, and institutional building system installations with strong recurring service revenue — directly analogous to Afcon's building controls, fire detection, and integrated MEP project delivery.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries27 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Afcon Holdings