GlobalConnect delivered strong growth in 2024 and expanded its footprint across Northern Europe

GlobalConnect today announced its 2024 annual results, reporting 10% organic adjusted EBITDA growth alongside SEK 4.8 billion in network investments across Northern Europe. The company expanded its fiber footprint by 28,000 km, including the largest Nordic fiber project in a decade, and made progress on sustainability targets, meeting emissions goals ahead of time. In a year marked by heightened security concerns and rising demand for reliable digital infrastructure, GlobalConnect continued to focus on delivering secure, large-scale connectivity for businesses, public institutions, and private households across the region.

In 2024, GlobalConnect delivered substantial revenue growth and strengthened its financial performance across Denmark, Norway, Sweden, Finland, and Germany. Total revenue and other income grew by 6.9% to 8.1 billion SEK. According to GlobalConnect’s Group CEO, Martin Lippert, the results underscore GlobalConnect’s ability to meet a growing demand for secure digital infrastructure:

“In 2024, society’s deepening reliance on our digital backbones grew even further. More customers than ever now see us as business-critical to their operations. Our strong performance in 2024 confirms that we are on the right path toward becoming the preferred gateway to the Nordics and a trusted partner for organizations of all sizes - from global tech giants to local businesses and public institutions - who depend on secure, future-proof connectivity.”
In response to increasing threats against digital infrastructure, GlobalConnect has heightened network surveillance and intensified readiness in its Network Operations Center. The company continues to work closely with relevant authorities across the region and has advocated for safeguarding critical infrastructure to be recognized as a cornerstone of societal security

Expanding the regional footprint
Since its transformation into a cohesive regional player in 2020, GlobalConnect has continuously invested to expand its footprint. In 2024, supported by SEK 4.8 billion investments, the company extended its fiber network by another 28,000 kilometers and passed 100,000 new private households, reaching a total of 244,000 kilometers across the region - including the delivery of the largest Nordic fiber project in a decade: a 2,600-kilometer super fiber cable connecting Northern Sweden to Berlin.

“With our unique combination of high capillarity and cross-border reach, we have built unparalleled connectivity across Northern Europe," says Martin Lippert. "We see a need for a regional player that thinks beyond national borders. This not only meets the rising customer demand for cross-border solutions but also enables us to achieve the scale and professionalism needed to future-proof the infrastructure - both by deploying new super fiber cables to meet growing capacity needs and strengthen regional resilience, and by advancing separate initiatives like quantum-safe communication."

Profitability gains momentum
The 2024 annual results reflect a 10% increase in organic adjusted EBITDA, rising from 4.0 billion SEK in 2023 to 4.4 billion in 2024, resulting in an adjusted EBITDA margin of 53.7%.

"The results reflect solid operational execution and a continued focus on profitability, but also that the scale effects of our investments have materialized. We expect 2025 to mark a new chapter for GlobalConnect, where profitability overtakes investments for the first time. At the same time, we continue to expand across the region - particularly in Finland, where the demand for reliable fiber connectivity is still in its early stages," says Martin Lippert.

In 2024, GlobalConnect passed an additional 100,000 homes, reaching a total of 730,000 active private households, while also growing its professional segment to 97,000 active business locations. In Finland, where GlobalConnect entered the private household fiber market in 2023, the company gained strong momentum in 2024, connecting 10,000 new homes and reaching a total of 11,000. In total the private household segment reported 14.1% organic growth in recurring revenue.

Cutting emissions, boosting resilience
GlobalConnect remained committed to reducing the company’s environmental impact in 2024. The company reports to be on track with their near-term Scope 1 and 2 emissions targets and to have already met their 2030 Scope 3 target. One of the projects that led to substantial progress in 2024 was the decommissioning of a vast amount of legacy systems, devices, and servers.

“At GlobalConnect, we actively work to reduce carbon emissions across our operations and value chain in line with our SBTi-validated targets. The decommissioning initiative not only reduced energy consumption and emissions but also enhanced network resilience, improved security, and lowered costs, demonstrating the dual benefits of efficiency and sustainability,” says Sofia Lisa Dinesen, SVP Sustainability and Strategy at GlobalConnect.

GlobalConnect’s Annual & Sustainability report for 2024: https://globalconnectgroup.com/annual-report/

Key figures 2024 GlobalConnect Group