GlobalConnect today announced its 2024 results, with organic adjusted EBITDA growth of 10% and investments in its Northern European network of SEK 4.8 billion. In 2024, the company expanded its fiber network by 28,000 km, including the largest Nordic fiber project in a decade, and made progress on its sustainability goals, achieving its emissions targets ahead of schedule.

In a year marked by rising security threats and increased demand for reliable digital infrastructure, GlobalConnect to focus on delivering secure, large-scale connectivity for businesses, public institutions and households in the region.

In 2024, GlobalConnect delivered significant revenue growth and strengthened its financial performance in Denmark, Norway, Sweden, Finland and Germany. Net sales and other income increased by 6.9% to 8.1 billion SEK. According to GlobalConnects CEO, Martin Lippert, the results underscore GlobalConnect's ability to meet growing demand for secure digital infrastructure:

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“In 2024, society’s dependence on our digital backbone networks deepened further. More customers than ever now see us as mission-critical to their operations. Our strong performance in 2024 confirms that we are on track to become the preferred route into the Nordics and a trusted partner for organizations of all sizes – from global tech giants to local business and public institutions – which depend on secure and future-proof connectivity.

In response to increasing threats to digital infrastructure, GlobalConnect has intensified network monitoring and increased preparedness in its Network Operations Center. The company continues to work closely with relevant authorities in the region and has advocated that the protection of critical infrastructure should be seen as an important part of societal security.

Expansion of regional presence

Since the company became a unified regional player in 2020, GlobalConnect continuously invested to expand its presence. In 2024, supported by investments of SEK 4.8 billion, the company expanded its fiber network by an additional 28,000 kilometers, reaching 100,000 new private households with the opportunity to connect. The total network now amounts to 244,000 kilometers in the region, including the delivery of the largest Nordic fiber project in a decade: a 2,600-kilometer super fiber cable connecting northern Sweden with Berlin.

“With our unique combination of dense geographic coverage and cross-border reach, we have created unparalleled connectivity opportunities in Northern Europe,” says Martin Lippert. “We see a need for a regional player that thinks beyond national borders. This not only meets the increasing 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 driving separate initiatives such as quantum-secure communications.”

Profitability is picking up speed

The full-year results for 2024 show an increase in organic adjusted EBITDA of 10%, from SEK 4.0 billion in 2023 to 4.4 billion in 2024, resulting in an adjusted EBITDA margin of 53.7%.

“The results reflect a solid operational performance 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, for the first time, exceeds investments. At the same time, we continue to expand in the region – especially in Finland, where the demand for reliable fiber connectivity is still at an early stage,” says Martin Lippert.

In 2024, GlobalConnect passed another 100,000 homes and the number of active private households in its network now stands at 730,000, while the business segment grew to 97,000 active business locations. In Finland, where GlobalConnect entered the fiber-to-home market in 2023, the company gained strong momentum in 2024, connecting 10,000 new homes, reaching a total of 11,000. Overall, the business segment reported organic growth of 14.1% in recurring revenue.

Reducing emissions, increasing resilience

GlobalConnect remained committed to reducing its environmental impact in 2024. They report that they are on track with their short-term Scope 1 and 2 emissions targets and that they have already achieved their Scope 3 target for 2030. One of the projects that led to significant progress in 2024 was the decommissioning of a large amount of older systems, devices and servers.

“At GlobalConnect, we are actively working to reduce carbon emissions across our operations and value chain in line with our SBTi-validated targets. The decarbonization initiative not only reduced energy consumption and emissions, but also improved network resilience, increased 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 and Sustainability Report for 2024

Key figures 2024