GlobalConnect today reported its 2024 results, posting 10% organic adjusted EBITDA growth and SEK 4.8 billion invested in its Northern European network. 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 sustainability targets, achieving emission goals ahead of schedule.
In a year marked by rising security threats and growing demand for reliable digital infrastructure, GlobalConnect continued to prioritize secure, large-scale connectivity for businesses, public institutions and households across the region.
Throughout 2024 GlobalConnect delivered notable revenue growth and strengthened financial performance across Denmark, Norway, Sweden, Finland and Germany. Revenue and other income rose 6.9% to SEK 8.1 billion. According to GlobalConnect’s CEO, Martin Lippert, the results underscore the company’s ability to meet growing demand for secure digital infrastructure:
“During 2024 society’s reliance on backbone digital networks intensified. More customers than ever now view our services as critical to their operations. Our strong performance in 2024 confirms we are on the right track to become the preferred route into the Nordics and a trusted partner for organisations of all sizes — from global tech companies to local businesses and public bodies — that depend on secure, future-proof connectivity.”
In response to increasing threats to digital infrastructure, GlobalConnect has stepped up network monitoring and preparedness in its Network Operations Center. The company continues to collaborate closely with regional authorities and to advocate for recognizing protection of critical infrastructure as a key element of public security.
Expansion of regional presence
Since becoming a unified regional operator in 2020, GlobalConnect has steadily invested to expand its footprint. Supported by SEK 4.8 billion in investments in 2024, the company added 28,000 kilometers of fiber and reached 100,000 new private households now eligible to connect. The overall network now totals 244,000 kilometers across the region, including delivery of the largest Nordic fiber project in a decade: a 2,600-kilometer superfiber cable linking northern Sweden with Berlin.
“With our unique combination of dense geographic coverage and cross-border reach, we have created unmatched connectivity opportunities in Northern Europe,” says Martin Lippert. “There is a clear need for a regional operator that thinks beyond national borders. This not only meets rising customer demand for cross-border solutions but also allows us to achieve the scale and professionalism required to future-proof infrastructure — by deploying new superfiber cables to meet growing capacity needs and strengthen regional resilience, and by advancing separate initiatives such as quantum-secure communications.”
Profitability gains momentum
The 2024 annual results show a 10% increase in organic adjusted EBITDA, from SEK 4.0 billion in 2023 to SEK 4.4 billion in 2024, delivering an adjusted EBITDA margin of 53.7%.
“The results reflect solid operational performance and continued focus on profitability, and they show the scale effects of our investments have begun to materialize. We expect 2025 to mark a new chapter for GlobalConnect, where profitability, for the first time, will exceed investments. At the same time we will continue to expand in the region — notably in Finland, where demand for reliable fiber connectivity is still in an early phase,” says Martin Lippert.
In 2024 GlobalConnect passed an additional 100,000 homes, bringing the number of active private household connections on its network to 730,000, while the enterprise segment grew to 97,000 active business sites. In Finland, where GlobalConnect entered the household fiber market in 2023, the company accelerated in 2024 by connecting 10,000 new homes to reach a total of 11,000. Overall, the household segment reported organic recurring revenue growth of 14.1%.
Emission reductions and increased resilience
GlobalConnect remained committed in 2024 to reducing its environmental footprint. The company reports it is on track to meet its short-term Scope 1 and 2 emission targets and has already achieved its Scope 3 target for 2030. One initiative driving significant progress in 2024 was the decommissioning of a large volume 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 improved network resilience, enhanced security and lowered costs, demonstrating the dual benefits of efficiency and sustainability,” says Sofia Lisa Dinesen, SVP Sustainability and Strategy at GlobalConnect.
GlobalConnect Annual & Sustainability Report 2024
Key figures 2024
| SEK bn | 2024 | 2023 |
| Revenue and other income | 8.1 | 7.6 |
| Total revenue and income growth | 6.9% | 6.2% |
| Adjusted EBITDA | 4.4 | 4.0 |
| Adjusted EBITDA margin | 53.7% | 53.2% |
| Total CAPEX | 4.8 | 5.8 |