Target: AFRY AB (publ) Domain: Economic Research date: 26 October 2026 Evidence period: 2013–2026 Scope: Commercial operations, engineering services, supply-chain relationships, investment, ownership, financial exposure and potential activity in internationally recognised occupied territories.
Supply Chain & Sourcing Relationships
Direct supplier relationships
AFRY describes its business as engineering, project management and advisory services, including consultancy for energy infrastructure and industrial facilities, rather than the retail distribution of agricultural products.1
No public evidence identified of AFRY directly sourcing Israeli agricultural products from Mehadrin, Hadiklaim, Galilee Export or Agrexco successors in the reviewed corporate disclosures.2
Verified Israeli commercial relationships
On 6 July 2021, AFRY announced an owner’s engineering contract awarded by Ellomay Pumped Storage Ltd for the 156 MW Manara pumped-storage power plant in northern Israel.3
AFRY identified Ellomay Pumped Storage (2014) Ltd as the project company and Ellomay Capital Ltd as its Israel-based parent.3
The engineering assignment included design review, construction support, coordination with the EPC contractor, Electra Infrastructure Ltd, and commissioning support.4
AFRY’s July 2021 announcement described an approximately 60-month service schedule, although this does not independently confirm actual performance throughout that period.3
In its September 2021 Solar Capability Statement, AFRY identified Bank Leumi Le-Israel BM and Enlight Renewable Energy as clients for lenders’ technical advisory services concerning the 55 MW Halutziot photovoltaic plant in Israel.5
The statement described technical due diligence, construction monitoring, certification and quarterly operation monitoring, and identified the engagement as beginning in 2013 and continuing as of September 2021.5
Enlight’s project disclosure independently confirms that Halutziot 1 has operated since 2015 and that Halutziot 2 subsequently added 32 MW of solar capacity and 66 MWh of energy storage.6
Importer-of-record structure
No public evidence identified of an AFRY-owned Israeli agricultural import company, dedicated importer of record or Israeli-origin produce procurement joint venture in the reviewed group disclosures.2
Seasonal procurement
No public evidence identified of recurring Israeli agricultural procurement during December–April or any other seasonal window in the reviewed material.1
Third-party and indirect sourcing
No public evidence identified of Israeli agricultural products reaching AFRY through private-label distributors, wholesalers, resellers or retail supply contracts in the reviewed corporate business descriptions.7
Infrastructure supply-chain involvement
AFRY’s 2021 Manara announcement expressly identifies Electra Infrastructure Ltd as the project’s EPC contractor and describes AFRY’s engineering role in relation to the EPC work.3
This establishes an engineering-services relationship within the Manara project delivery structure but does not establish that AFRY directly purchased equipment from the EPC contractor.4
Product Origin, Labeling & Regulatory Compliance
Settlement-origin products
No public evidence identified of AFRY marketing agricultural products labelled “Produce of Israel” or originating from West Bank settlements, the Jordan Valley or the Golan Heights in the reviewed company disclosures.1
Country-of-origin compliance
No public evidence identified of a DEFRA, customs or other product-origin labelling enforcement action against AFRY concerning goods produced in Israeli settlements in the reviewed business and annual-report materials.8
Corporate labelling policy
No public evidence identified of a dedicated AFRY country-of-origin labelling policy addressing agricultural goods produced in internationally recognised occupied territories in the reviewed sustainability and corporate materials.9
Engineering and infrastructure services
AFRY’s disclosed energy consultancy activities include technical assessment, project management, commissioning and operational support for electricity infrastructure.10
These services are distinct from agricultural product distribution and produce labelling, although equipment procurement and project supply chains may still require separate geographic due diligence.10
Occupied-territory location checks
AFRY describes the Manara pumped-storage project as being situated in the Upper Galilee in northern Israel, adjacent to the Lebanese border and overlooking the Hula Valley.4
Enlight identifies Halutziot 1 and 2 as solar-energy projects in Israel.6
No public evidence identified in the inspected project descriptions that either identified AFRY engagement involved infrastructure physically situated in the occupied West Bank, East Jerusalem or the Golan Heights.4, 6
Relevant settlement-business reporting framework
The publicly accessible OHCHR settlement-database aggregation identifies construction equipment, infrastructure services, utilities, financial activities and natural-resource exploitation among the categories examined under the UN settlement-business reporting framework.11
No verified AFRY-specific entry was established from the reviewed database information.11
Investment, Capital & Financial Exposure
Direct operational investment
The confirmed Manara relationship announced in July 2021 was an owner’s engineering services contract awarded to AFRY, rather than an announced AFRY acquisition of the power plant or an equity interest in the project company.3
AFRY’s September 2021 description of its Halutziot role identifies it as lenders’ technical advisor, with responsibilities including engineering due diligence and operational monitoring.5
No public evidence identified of AFRY holding a controlling equity stake in either Manara or Halutziot in the reviewed AFRY project documents.3, 5
Manara project structure
AFRY identified Ellomay Pumped Storage (2014) Ltd as the special-purpose company developing the 156 MW Manara facility.3
The same announcement identifies Israel Electric Company as the electricity purchaser under a power-purchase agreement and describes the plant’s intended role in supporting the Israeli electricity system.3
AFRY’s project description details a pumped-storage system intended to provide grid support and reserve-generation capacity.4
Halutziot and financial-sector counterparties
AFRY’s September 2021 capability statement identifies Bank Leumi Le-Israel BM and Enlight Renewable Energy as clients for its technical assessment of Halutziot.5
The engagement included review of engineering guarantees, maintenance arrangements and project performance.5
This establishes an AFRY commercial advisory engagement involving an Israeli financial institution, without establishing AFRY’s participation as a lender, bond underwriter, shareholder or guarantor.5
Renewable-energy infrastructure
Enlight describes Halutziot as one of its principal operational solar facilities in Israel and confirms the expansion from Halutziot 1 to Halutziot 2.6
AFRY’s published services concerned the original 55 MW installation, and the available 2021 statement does not independently establish participation in the later 32 MW expansion.5
Research and development facilities
No public evidence identified of an AFRY-owned Israeli research laboratory, engineering innovation centre, accelerator or dedicated R&D facility in the reviewed group and acquisition disclosures.2
Acquired Israeli operating companies
AFRY’s 2025 Annual and Sustainability Report includes a comprehensive group-company schedule identifying subsidiaries and their jurisdictions.2
No Israeli-incorporated operating subsidiary was identified in the inspected 2025 group-company information.2
AFRY’s disclosed 2025 acquisition was Reta Engenharia Ltda., a Brazilian engineering and construction-management business, rather than an Israeli company.2
On 16 February 2026, AFRY announced an agreement to acquire AMC Consultants, a mining consultancy with approximately 170 employees and an established presence in markets including Australia and Canada.12
AMC subsequently announced that the acquisition completed on 1 May 2026.13
No public evidence identified that either of these disclosed acquisitions involved the purchase of an Israeli operating company.12, 13
For Israeli acquired subsidiaries, no public evidence identified of an acquisition date, purchase price, controlling percentage, Israeli factory, Israeli employment base or defence-related manufacturing activity attributable to an AFRY-controlled Israeli subsidiary in the reviewed acquisition and annual-report disclosures.2, 12
Portfolio investments
No public evidence identified of direct AFRY corporate holdings in Israeli sovereign bonds, Israel Bonds, Israeli-listed equities or Israeli-focused investment funds in the reviewed 2025 financial disclosures.2
Israeli state financing
No public evidence identified of AFRY acting as an underwriter, lead arranger, distributor or issuer of Israeli sovereign debt or Israel Bonds in the reviewed corporate financial materials.14
No public evidence identified of AFRY providing banking loans, insurance underwriting or trade-finance facilities to Israeli defence manufacturers or companies included in the OHCHR settlement-business dataset.14, 11
Financial exposure classification
The identified Israel-related financial relationships consist of commercial engineering and technical advisory services, with project-level equity ownership or sovereign-financing activity by AFRY remaining unverified.3, 5
Operational Presence & Market Activity
Confirmed Israeli project activity
AFRY announced its Manara owner’s engineering engagement in July 2021 for a planned 156 MW pumped-storage power plant in northern Israel.3
AFRY’s project page describes the facility as incorporating a reversible pump-turbine capable of electricity generation, pumping and frequency-control functions.4
The project was intended to provide reserve-generation capability for Israel Electric Company.3
Manara project counterparties
The announced project involved Ellomay Pumped Storage (2014) Ltd, Ellomay Capital Ltd, Electra Infrastructure Ltd, Israel Electric Company and the Israeli Electricity Authority.3
AFRY identified Ernst Zeller, Regional Director of AFRY Austria GmbH, in the 2021 project announcement.3
Historical service period
The July 2021 announcement described an approximately 60-month engineering-services schedule covering construction and commissioning support.3
The announcement does not provide dated proof of individual AFRY activities after 19 July 2024 or after November 2024.3
Halutziot operational project
AFRY’s September 2021 capability statement presents Halutziot as a lenders’ technical advisory assignment covering technical due diligence, construction monitoring and quarterly operation monitoring.5
The company identified the relationship as running from 2013 and continuing at the time of the September 2021 publication.5
Enlight reports that Halutziot 1 began operating in 2015 and Halutziot 2 entered commercial operation in 2023.6
The project’s continued operation does not establish continuation of AFRY’s specific advisory contract after September 2021.5, 6
Physical premises
No public evidence identified of an AFRY-owned Israeli office, manufacturing plant, logistics hub or permanent engineering facility in the reviewed annual-report and company-location material.2
Employment
AFRY reported 17,898 group employees at 31 December 2025.15
No Israel-specific AFRY employee count was identified in the reviewed group disclosures.2
Tax and regulatory registration
AFRY’s 2025 report identifies the parent as a Swedish corporation with its registered office in Stockholm.2
No public evidence identified of AFRY holding Israeli tax residency, Israeli Preferred Technology Enterprise status or a separately disclosed Israeli tax registration in the inspected material.2
Market positioning
AFRY’s general Energy business description states that it provides consultancy across power generation and energy markets internationally.10
The Manara and Halutziot materials document specific Israeli engagements, but no public evidence identified of a disclosed AFRY strategy designating Israel as its principal market or corporate headquarters.3, 5
Constructive-notice dates
The 2021 Manara engineering announcement predates 19 July 2024 and November 2024.3
The 2021 Halutziot capability statement also predates those dates.5
No independently verified AFRY service-delivery record after either date was identified in those original project documents.3, 5
Corporate Structure & Foundational Ties
Founding history
AFRY traces its origins to a steam-boiler inspection association established in Malmö, Sweden, in 1895.16
The Swedish consulting business was subsequently transferred to a joint-stock company in 1981 and listed on the Stockholm Stock Exchange in 1986.16
ÅF and the Finnish engineering consultancy Pöyry combined in February 2019 and adopted the AFRY brand in November 2019.17
The corporate history identifies Swedish and Finnish origins rather than Israeli incorporation.16, 17
Legal domicile
AFRY AB (publ), corporate registration number 556120-6474, is registered in Sweden and maintains its head office in the Stockholm area.18
The 2026 annual general meeting was held at AFRY’s Solna headquarters.19
Ownership
AFRY’s 2025 annual report identifies the ÅForsk Foundation as holding 12,566,173 shares, representing approximately 11.1% of equity and 33.6% of votes at 31 December 2025.2
The foundation’s voting influence is greater than its economic stake because AFRY maintains Class A shares with ten votes each and Class B shares with one vote each.2
The same report identifies Handelsbanken Funds, SEB Investment Management, Swedbank Robur Funds and the Fourth Swedish National Pension Fund among AFRY’s largest shareholders at the end of 2025.2
AFRY’s shareholder information, which identifies Modular Finance as the source of its owner list, also confirms that the ÅForsk Foundation is the principal holder of its high-vote Class A shares.20
Israeli beneficial ownership
No public evidence identified of an Israeli individual, Israeli state institution or Israeli-incorporated corporate shareholder exercising control over AFRY in the reviewed dated ownership disclosures.2
Board and executive leadership
AFRY’s board profile identifies Tom Erixon as chair and describes his executive background at Alfa Laval and other industrial companies.21
The April 2026 AGM announcement confirms the re-election of Tom Erixon as board chair.19
AFRY’s 2025 annual-report announcement identifies Linda Pålsson as President and CEO.22
The published board biographies also identify Viveka Beckeman, Jan Berntsson, Magnus Heimburg, Jenny Larsson, Neil McArthur, Åsa Pettersson and Kristina Schauman.21
Controlling principals’ Israeli investments
No public evidence identified in the reviewed AFRY board biographies and governance disclosures of direct personal or family-office investments by the named board members in Israeli defence manufacturers, settlement enterprises or Israeli state-financing vehicles.21
Israeli-Nexus Floor factors
Founded in Israel: The documented founding history identifies Sweden, beginning in 1895.16
Headquartered in Israel: AFRY’s registered office and headquarters are documented in Sweden.18
Israeli tax residency or Preferred Technology Enterprise status: no public evidence identified in the reviewed AFRY annual financial disclosures.2
Control by Israeli capital: no public evidence identified in the dated shareholder table and reviewed governance disclosures.2
Group attribution
AFRY’s subsidiary structure includes multiple operating companies in jurisdictions outside Sweden, including Danish entities identified in its published group-company schedule.23, 24
The documented Israeli project relationships are attributable to AFRY’s publicly disclosed engineering and advisory activities, while any separate Israeli investments by individual subsidiaries require entity-specific evidence.3, 5
State and institutional linkages
AFRY’s Manara assignment involved a project intended to sell electricity to Israel Electric Company under a power-purchase arrangement.3
No public evidence identified of AFRY itself being owned by the Israeli state or having Israeli government-appointed board members in the reviewed corporate governance disclosures.2, 21
Structural governance mechanisms
AFRY maintains unequal voting rights between Class A and Class B shares, with ten votes for each Class A share and one for each Class B share.2
No public evidence identified of an Israeli state golden share, Israeli government veto right or charter provision requiring AFRY to advance Israeli state policy objectives in the reviewed corporate-governance materials.2, 19
Profit Repatriation & Economic Contribution
Global revenue
AFRY reported full-year 2025 net sales of SEK 25,758 million, compared with SEK 27,160 million in 2024.15
The company’s February 2026 year-end release reported adjusted EBITA of SEK 1,867 million for 2025 and EBITA of SEK 1,554 million.15
Israeli customer revenue
AFRY publicly identified Ellomay Pumped Storage Ltd as a customer for owner’s engineering services in 2021.3
AFRY also identified Bank Leumi Le-Israel BM and Enlight Renewable Energy as clients in its September 2021 Halutziot technical advisory case study.5
No public evidence identified of contract values, consulting fees or total revenue received from these Israeli customers in the inspected project disclosures.3, 5
Geographic revenue attribution
The reviewed consolidated 2025 financial disclosures do not provide a separately verified Israel-specific revenue total for AFRY.2
Profit flows
AFRY’s parent company is Swedish, and its consolidated financial statements include controlled subsidiaries across several jurisdictions.2
The 2025 financial reporting framework provides for consolidation of subsidiaries from the acquisition date until control ceases.2
No public evidence identified of a quantified profit remittance from Israeli operations into Sweden or a profit distribution from AFRY to an Israeli parent company in the reviewed consolidated financial disclosures.2
Shareholder distributions
AFRY’s April 2026 AGM approved a dividend of SEK 6 per share for the 2025 financial year.19
The company’s 2025 annual report identifies the ÅForsk Foundation and several Swedish and international investment managers among its principal shareholders.2
No public evidence identified that this dividend represented a specifically Israeli-origin profit distribution or a remittance to a controlling Israeli shareholder.2
Israeli economic ecosystem
AFRY’s engineering assignment was connected to the 156 MW Manara pumped-storage project, intended to provide electricity generation and reserve capability to the Israeli electricity system.3, 4
AFRY’s Halutziot technical advisory work concerned a 55 MW solar installation financed or developed by named Israeli energy-sector counterparties.5
Enlight identifies Halutziot as one of its significant operational renewable-energy installations in Israel.6
Bank Leumi’s participation in the Halutziot financing context is separately reflected in AFRY’s identification of the bank as a technical advisory client.5
Scale of economic contribution
The available primary sources establish identified engineering-service and advisory relationships but do not quantify AFRY’s revenue, profit, taxes or capital deployed in Israel through those engagements.3, 5
Additional corporate financial context
AFRY’s February 2026 annual-results announcement reported an order backlog of SEK 20,396 million at 31 December 2025.23
AFRY’s published first-quarter 2026 reporting identifies Energy, Industry and Transportation & Places as its principal global operating divisions.24
No public evidence identified of a separate Israel reporting segment in the reviewed company financial information.2, 24
Footnotes
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AFRY, “Energy - Worldwide Energy Engineering and Consulting Services,” corporate service description, accessed 26 October 2026. https://afry.com/en/industries/energy ↩ ↩2 ↩3
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AFRY AB, “Annual and Sustainability Report 2025,” published March 2026; financial overview, ownership disclosures, governance and subsidiary schedule. https://afry.com/sites/default/files/2026-03/annual_and_sustainability_report_2025.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21 ↩22 ↩23 ↩24 ↩25 ↩26 ↩27 ↩28
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AFRY, “AFRY Strengthens Its International Leading Position as an Engineering Partner on Pumped Storage Power Projects,” 6 July 2021. https://afry.com/en/newsroom/press-releases/afry-strengthens-its-international-leading-position-engineering-partner ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21 ↩22 ↩23 ↩24
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AFRY, “Manara Pumped Storage Plant, Israel - A Green Battery for the IEC,” corporate project description, accessed 26 October 2026. https://afry.com/en/project/manara-pumped-storage-plant-israel-green-battery-iec ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7
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AFRY, “Solar Capability Statement,” September 2021, page 38, “55 MW Halutziot PV Plant, Israel.” https://afry.com/sites/default/files/2022-09/afry_solar_capability_statement.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21
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Enlight Renewable Energy, “Halutziot 1 & 2 - Israel,” corporate project description, accessed 26 October 2026. https://enlightenergy.com/project/halutziot-1-2/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7
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AFRY, “AFRY Publishes Its 2024 Annual and Sustainability Report,” 19 March 2025. https://afry.com/en/newsroom/press-releases/afry-publishes-its-2024-annual-and-sustainability-report ↩
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AFRY, “General Meetings,” official corporate-governance documents and annual-report references, accessed 26 October 2026. https://afry.com/en/investor-relations/corporate-governance/agm ↩
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AFRY, “AFRY Publishes Its 2025 Annual and Sustainability Report,” 18 March 2026. https://news.cision.com/afry/r/afry-publishes-its-2025-annual-and-sustainability-report,c4322535 ↩
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AFRY, “Energy,” description of services and international business activities, accessed 26 October 2026. https://afry.com/en/industries/energy ↩ ↩2 ↩3
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OpenSanctions, “OHCHR List of Companies Linked to Illegal Settlement in the West Bank,” database description and UN reporting categories, accessed 26 October 2026. https://www.opensanctions.org/datasets/ps_ohchr_settlement/ ↩ ↩2 ↩3
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AFRY, “AFRY to Acquire AMC, a Global Leader in Mining and Metals Consulting,” 16 February 2026. https://afry.com/en/newsroom/press-releases/afry-acquire-amc-global-leader-in-mining-and-metals-consulting ↩ ↩2 ↩3
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AMC Consultants, “AMC Is Embarking on a New Chapter as We Become Part of AFRY,” 2026, confirming completion on 1 May 2026. https://www.amcconsultants.com/amc-is-embarking-on-a-new-chapter-as-we-become-part-of-afry ↩ ↩2
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MFN, “AFRY: Year-End Report January–December 2025,” 5 February 2026, reproducing AFRY’s published financial results and corporate financial disclosures. https://mfn.se/cis/a/afry/afry-year-end-report-january-december-2025-7096769e ↩ ↩2
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MFN, “AFRY: Year-End Report January–December 2025,” 5 February 2026, reproducing AFRY’s published financial results. https://mfn.se/cis/a/afry/afry-year-end-report-january-december-2025-7096769e ↩ ↩2 ↩3
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AFRY, “History - Over 130 Years of Making Future,” corporate history, accessed 26 October 2026. https://afry.com/en/about-us/history ↩ ↩2 ↩3 ↩4
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AFRY, “ÅF Pöyry Changes Brand Name to AFRY,” 25 November 2019. https://news.cision.com/afry/r/af-poyry-changes-brand-name-to-afry,c2971803 ↩ ↩2
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Inderes, “AFRY Publishes Its 2025 Annual and Sustainability Report,” 18 March 2026, including registered-office information. https://www.inderes.dk/en/releases/afry-publishes-its-2025-annual-and-sustainability-report ↩ ↩2
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AFRY, “Report from AFRY’s Annual General Meeting 2026,” 28 April 2026. https://afry.com/en/newsroom/press-releases/report-afrys-annual-general-meeting-2026 ↩ ↩2 ↩3 ↩4
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AFRY, “The Share,” official share-class and shareholder information, identifying Modular Finance as the source of its owner list; accessed 26 October 2026. https://afry.com/en/investor-relations/share ↩
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AFRY, “Board of Directors,” official biographies and board appointments, accessed 26 October 2026. https://afry.com/en/investor-relations/corporate-governance/board-directors ↩ ↩2 ↩3 ↩4
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AFRY, “AFRY Publishes Its 2025 Annual and Sustainability Report,” financial-report announcement, 18 March 2026. https://news.cision.com/afry/r/afry-publishes-its-2025-annual-and-sustainability-report,c4322535 ↩
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AFRY AB, “Annual and Sustainability Report 2025,” published March 2026; consolidated group-company schedule identifying Danish subsidiaries and financial overview reporting an order backlog of SEK 20,396 million at 31 December 2025. https://afry.com/sites/default/files/2026-03/annual_and_sustainability_report_2025.pdf ↩ ↩2
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AFRY, “Interim Report January–March 2026,” official first-quarter financial-results announcement, 28 April 2026, with linked consolidated interim financial report. https://afry.com/en/newsroom/press-releases/interim-report-january-march-2026 ↩ ↩2 ↩3