ADMIE Holding

What ADMIE Holding does

ADMIE Holding is a Greek publicly listed holding company (Euronext Athens ticker: ADMIE) that owns 51% of IPTO S.A., the Independent Power Transmission Operator of Greece. Established and IPO'd in 2017 following the ownership separation of IPTO, the holding exists primarily to maintain Greek State control over the national transmission system (with the Hellenic Republic legally required to hold ≥51%) while providing transparent governance and investor relations. State Grid Corporation of China holds a strategic stake in IPTO, and a board-level leadership transition placed Ioannis Karampelas as CEO in 2022.

The company's underlying asset is IPTO's national electricity transmission infrastructure, which spans 13,721 km of overhead and subsea/underground cables plus EHV substations operating at 400kV. IPTO is the sole operator of the Greek grid and is executing a multi-decade capital program encompassing the Crete-Peloponnese (€324 million), Cyclades (€247 million+ Phase A), Crete-Attica (the largest project in national transmission history), and Dodecanese (€1.5 billion, 2027 target) interconnections. These projects displace diesel-based island generation, deliver documented consumer savings (e.g., €80 million annually for Cyclades, €215 million reduction in Utility Supply Costs from Crete interconnection), and form the backbone for renewable energy integration.

ADMIE Holding generates revenue primarily through dividends from IPTO, whose own revenue is regulated by the Regulatory Authority for Energy (RAE) under a multi-year allowed-revenue framework. The 10-Year Development Plan commits €3.68 billion of investment through 2029. In H1 2025, IPTO Group reported €220 million in revenue and €152.7 million in EBITDA. The company completed a major share capital increase in June 2026, issuing 130,864,197 new shares on Euronext Athens with preemption rights abolished to fund IPTO's 2026-2029 Strategic Plan, and was designated as implementing body for the Greece-Cyprus-Israel international interconnection in 2023.

Name

ADMIE Holding

Legal name

ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ ΑΔΜΗΕ ΣΥΜΜΕΤΟΧΩΝ (ADMIE (IPTO) Holding S.A.)

Website

https://admieholding.gr

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

ADMIE Holding is a Greek listed holding company owning 51% of IPTO S.A., Greece's Independent Power Transmission Operator. It oversees Greece's national electricity transmission grid, including 13,721 km of cables, EHV substations, and major island and international interconnection projects.

Ownership category

akta.pro rank

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Others

Revenue model

1. Dividend Income from IPTO S.A. As a holding company owning 51% of IPTO S.A., ADMIE Holding generates revenue primarily through dividends received from its subsidiary. IPTO S.A. operates as the Independent Power Transmission Operator with regulated revenue from transmission system access tariffs.
2. Transmission System Operation: Revenue from regulated transmission system operation managed by IPTO S.A., including grid management and system stability services.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

ADMIE Holding is a publicly listed holding company that owns a controlling 51% stake in IPTO S.A. (Independent Power Transmission Operator), the exclusive operator of Greece's national electricity transmission system. Through IPTO, the group operates 13,721 km of high-voltage transmission lines and cables, EHV substations, and executes large-scale island interconnection projects (Crete-Peloponnese, Crete-Attica, Cyclades, Dodecanese) and international interconnections. Its role as a holding company is to promote IPTO's mission and to manage investor relations with transparency for shareholders on Euronext Athens.

Product overview

ADMIE Holding is a holding company that holds a 51% stake in IPTO S.A. (Independent Power Transmission Operator, also known as ADMIE S.A.). The company's primary purpose is to promote the activities of IPTO and to manage relationships with investors and partners with transparency. ADMIE Holding does not operate a distinct product or service portfolio in the traditional sense — its core offering is the management and oversight of its investment in the transmission system operator, which is responsible for the uninterrupted energy supply of Greece, electricity transmission infrastructure, and the planning and execution of Greece's island interconnection projects. IPTO Group operates Greece's national electricity transmission system, including extra-high-voltage substations, overhead and underground cable networks spanning 13,721 km, and major interconnection projects such as the Crete-Peloponnese, Crete-Attica, Cyclades, and Dodecanese interconnections.

Differentiator

Problem solved

Functional benefit

Products and services

• National Electricity Transmission System Operation (via IPTO S.A. subsidiary)
• Island Interconnection Projects (Crete-Peloponnese, Crete-Attica, Cyclades, Dodecanese)
• Investor Relations and Shareholder Services

Quantifiable outcome

• €80 million annual savings for Cyclades consumers from reduced subsidies
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor.

• FulgorminorImplementation/ SI/ Consulting Partner · 1 November 2018Contractor for the first circuit of the Crete-Peloponnese subsea cable interconnection (€140.2 million contract).
• Prysmian PowerlinkminorImplementation/ SI/ Consulting Partner · 1 November 2018Contractor for the second circuit of the Crete-Peloponnese subsea cable interconnection (€125.9 million contract).
• Ελληνικά Καλώδια (Hellenic Cables)minorImplementation/ SI/ Consulting Partner · 1 November 2018Contractor for underground cable connections in Crete as part of the Crete-Peloponnese interconnection (€41.09 million contract).
• ΤΕΡΝΑ (TERNA)minorImplementation/ SI/ Consulting Partner · 1 November 2018Contractor for the new terminal station in Peloponnese and upgrade of existing substation in Chania, Crete (€18.5 million contract).
• NexansminorImplementation/ SI/ Consulting Partner · 1 October 2018Contractor for Phase C of Cyclades interconnection, installing second subsea cable between Lavrio and Syros (€111.6 million contract).

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Elia Group: Belgian/German TSO listed on Euronext Brussels. Runs regulated transmission in Belgium and Germany through 50Hertz, with significant offshore wind and cross-border interconnection capex — directly comparable operating model and European regulatory environment to ADMIE/IPTO.
• Snam S.p.A. Italian gas TSO listed on Borsa Italiana. Different energy vector (gas vs electricity) but structurally identical model: regulated monopoly, RAB-based returns, multi-year capex plan, and state-influenced holding structure.
• Enagás S.A. Spanish gas system operator and TSO, listed on Bolsa de Madrid. Similar regulated gas-transmission-monopoly profile to ADMIE/IPTO in electricity, with the same type of EU regulatory oversight and capex-driven dividend growth.
• REN - Redes Energéticas Nacionais: Portuguese TSO and gas system operator, listed on Euronext Lisbon. Highly comparable: small-country regulated monopoly, multi-decade capex plan, and exposure to Iberian electricity market integration.
• Terna S.p.A. Italian electricity transmission system operator listed on Borsa Italiana. Closest structural peer: state-influenced holding above a regulated TSO monopoly, with an aggressive multi-year capex plan for subsea and cross-border interconnection.
• Red Eléctrica de España (REE): Spanish TSO and grid manager, formerly listed and now majority state-held via SEPI. Operates the national grid and is the canonical European model for a listed regulated transmission monopoly with island and cross-border interconnections.

Others

• Public Power Corporation of Greece (PPC/DEI): Greek state-controlled generation and supply utility, the largest counterparty for IPTO's transmission services (subject of the €31.8M overdue charges claim). Not a direct competitor but the dominant Greek electricity-sector peer and key customer relationship.

Broad incumbents

• RTE France: French TSO, wholly owned by EDF but legally unbundled. Comparable regulated monopoly with very large transmission asset base and significant capex program, though not listed as a standalone equity.
• TenneT Holding B.V. Dutch/German TSO state-owned by the Dutch government. Operates regulated high-voltage transmission in the Netherlands and much of Germany, with major offshore wind and cross-border interconnection capex — benchmark for European subsea TSO execution.
• National Grid plc: UK-listed owner and operator of electricity and gas transmission networks in the UK and US. Much larger, but operates under the same regulated RAB-monopoly model with similar revenue drivers (transmission tariffs, RIIO framework, capex pass-through).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/admie-holding-s-a

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

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

M&A1 record

Investments

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

Frequently asked questions about ADMIE Holding