Always connected, always powered.
We make it happen by transforming society
for a sustainable future.
Annual Report
2024
Contents
Overview
Eltel in brief .............................................................................3
The year in brief .....................................................................4
CEO comment ........................................................................ 5
Trends transforming the infranet sector ..........................7
Why invest in Eltel? ................................................................8
Our values ...............................................................................9
Our strategy and targets ....................................................10
Operations ...................................................................12
Our offering and markets ..............................................13
— Communication business area ....................................14
— Power business area ......................................................15
Segments
— Finland ...............................................................................16
— Sweden ..............................................................................19
— Norway ..............................................................................21
— Denmark ............................................................................23
— Other business .................................................................25
Sustainability Report 26
General information ............................................................27
Strategy, business model and value chain .....................28
Sustainability governance .................................................32
Environmental information ...............................................34
— EU Taxonomy ......................................................................38
Social information ...............................................................44
Governance information ....................................................49
Auditor’s opinion re. the Sustainability Report ..............51
Board of Directors’ report 52
Risk management ...............................................................56
Governance 60
Corporate Governance report ...........................................60
Board of Directors ...............................................................65
Group Management Team ................................................66
Financial reports 67
Consolidated financial statements .................................67
Notes to consolidated financial statements .................72
Parent Company financial statements ...........................98
Notes to the Parent Company financial statements . 101
Signatures .......................................................................... 104
Auditor’s report ................................................................. 105
Other 109
The Eltel share .................................................................. 110
Five-year summary ........................................................... 112
Quarterly figures ............................................................... 113
Definitions and key ratios ............................................... 115
Contact information ........................................................ 116
Financial Calendar
13 May 2025 — Annual General Meeting 2025
30 April 2025 — Q1 interim report 2025
24 July 2025 — Half-year report 2025
30 October 2025 — Q3 interim report 2025
February 2026 — Full-year report 2025
Annual Report 2024 2
Overview Operations GovernanceSustainability OtherFinancial reportsBoard of Directors’ report
Eltel in brief
Eltel is the leading Nordic infrastructure and service provider
for critical communication and power networks – infranets.
Transforming how we power and connect the world
Everyone depends on stable communication and
power networks. Eltel designs, builds, maintains and
upgrades these critical lifelines of modern society for
national network operators and owners.
Our business areas
Within our business area Communication, Eltel estab-
lishes high-performing networks and supports the
societal need for greater digitalization. We design, install,
upgrade and service mobile and fixed communication
networks, including mobile indoor solutions.
Within our business area Power, we enable the electrifi-
cation of society. We install, maintain and upgrade elec-
tricity distribution and transmission infrastructure, and
provide turnkey solutions for smart grids, e-Mobility,
solar power, wind power and Battery Energy Storage
Systems (BESS).
We are increasingly combining our unique communica-
tion and power expertise on projects. Data centers, for
example, may include both communication and power
services.
Eltel operates in the Nordic countries, Germany and
Lithuania within country-based organizations that have
full responsibility for their own financial performance.
Finland
357.7 1,478
Sweden
211.8 950
Norway
114.9 761
Denmark
92.0 487
Other business
61.9 693
BUSINESS AREAS PRODUCT AREAS OFFERING MARKETS CUSTOMERS NET SALES
Communication
Market leader in the Nordics.
»More on page 14.
• Fixed telecom
• Mobile telecom
• Fixed wireless access
• Mobile indoor
• Data centers
• Design, installation,
upgrading and servicing
• The Nordics
• Lithuania
• Telecom operators and
network owners
• Industrial customers
• Public sector
61%
Power
A key player in the Nordics.
A niche actor in Germany.
»More on page 15.
• Power distribution
and transmission
• Smart grids
• e-Mobility
• Renewable energy
• Data centers
• Design, build, mainte-
nance, upgrades and
turnkey solutions
• The Nordics
• Germany
• Lithuania
• Network owners and
operators
• Industrial customers
• Public sector
• Utility companies
39%
NET SALES
EUR million
EMPLOYEES
FTE, average
What are ”smart grids”?
A smart grid is an electricity
network that uses advanced
digital technologies to
monitor and manage the
supply of electricity to meet
legislation as well as the
varying electricity demands
of end users. Smart grids
can improve the efficiency,
reliability and sustainability
of electricity production,
distribution and
consumption.
What are ”infranets”?
The term combines the
words ”infrastructure” and
”networks” and refers to
both the communication
and power infrastructure
networks that Eltel delivers.
Segments
Other business
Annual Report 2024
3
Overview Operations GovernanceSustainability OtherFinancial reportsBoard of Directors’ report
The year in brief
2024 highlights
Polish High Voltage business divested
Eltel divested its High Voltage business in Poland in the
second quarter. The divestment is expected to create
value for Eltel and its shareholders by minimizing the
complexity and risks associated with project work
outside the Nordics and allowing a greater focus on
core markets.
Continued focus on operational and
commercial efficiency
All Country Units continued to improve their operational
excellence – to promote profitability, quality and cus-
tomer satisfaction. This involved improvements in
project management, more specifically in resource
optimization and planning, including a more efficient
use of subcontractors. Our commercial excellence
initiatives focused on boosting profitability within our
current operations, including price increases and
renegotiations of commercial terms.
Broadened customer base
During the year we have expanded our customer base,
both in Communications, mainly within public infrastruc-
ture and defence, and in Power, where our broad service
portfolio attracted a diverse customer base.
Position taken in utility scale solar parks
During the year Eltel has delivered solar park projects
in Finland, Denmark and Sweden. The largest park is
Hallstavik (64 MWp) 100 km north of Stockholm, in
which Eltel is delivering all electrical works. There is a
true momentum for solar parks in the Nordics and Eltel
is taking a position as a stable and trustworthy turnkey
contractor with local expertise.
First battery energy storage project completed
The BESS (Battery Energy Storage System) market is
growing and during the year Eltel delivered its first
projects in Denmark and Finland. Eltel has taken the
role as a turnkey solution provider for industrial
customers as well as utility developers.
Capitalization on e-Mobility opportunities
throughout the Nordics
Electric vehicle charging station projects were carried
out for customers in Norway, Finland, Sweden and
Denmark. We see a growing demand for our e-Mobility
services on all markets, especially from the heavy
transport and logistics industries.
Green offering intensified
The Eltel Green Choice concept was launched to
highlight more sustainable project alternatives to
customers. The first Green Choice project began
for Helen Electricity Network in Helsinki, Finland.
KEY FIGURES
828.7
Net sales, EUR million
10.5
Adjusted EBITA, EUR million
863.3
Signed contracts, EUR million
1.3
Adjusted EBITA margin, %
4,550
Average number of employees,
FTE
Overview Operations GovernanceSustainability OtherFinancial reportsBoard of Directors’ report
4 Annual Report 2024
Eltel’s CEO and President Håkan Dahlström reflects on Eltel’s
financial performance and strategic progress in 2024.
How would you summarize Eltel’s performance
in 2024?
2024 was a year of improved profitability. Three out of
four segments delivered as expected, and Norway fell
behind expectations. Our core Communication and
Power businesses performed well, at the same time
as net sales from new business areas increased signifi-
cantly. We made solid progress on our strategy across
the Nordics, positioning ourselves for continued positive
development in 2025.
How did the Country Units perform during the year?
We saw broad profitability improvements in Finland,
driven by FTTH (fiber-to-the-home) and our Power
services business. In Sweden, our Smart Grids projects
delivered better than expected along with our Communi-
cation business, and we saw growth in public infrastruc-
ture. Faced with significantly lower market activity in
Norway, due to lower investments in Communication
impacting the volumes negatively, we resized our
Norwegian organization to better align with the antici-
pated future market need. We managed a shift toward
Power projects in Denmark, which resulted in the Power
business compensating for the decline in Communica-
tion. In the new areas we saw a rapid growth in market
demand in BESS, and we delivered our first projects in
Denmark and Finland.
Solid progress with strong growth
potential going forward
Annual Report 2024 5
OverviewCEO statement Operations GovernanceSustainability OtherFinancial reportsBoard of Directors’ report
Tell us more about the development of these new
business areas
Building on our Communication and Power capabilities,
we are establishing ourselves as a key player in several
new markets with growing opportunities:
Solar – we are drawing on our vast experience with large
roll out projects to capitalize on rapid growth in the
development of solar parks, particularly in Finland and in
Sweden.
BESS – we won several new BESS contracts in Denmark
and Finland during the year.
e-Mobility – we are becoming an established turnkey
provider of large electric charging projects.
Data centers – we are seeing increasing demand to
establish very large data centers in the Nordics where
we can combine our communication and power
competence.
We will strive to scale up opportunities in these new
business areas in 2025 and beyond.
Are there opportunities to deliver several of these
new business areas on single customer projects?
Absolutely! First Data centers are by itself an area where
we can combine our strengths in Power and Communi-
cation. We are also in discussion with several customers
on combining solar, e-Mobility and BESS on projects.
One other fantastic example is a contract that we won
late 2024, in which we combine a high voltage overhead
line, a substation and a large PV Solar park into one solu-
tion. Customers appreciate our ability to deliver
everything in these kinds of projects, which is often quite
unique in the market and will certainly create new
business opportunities going forward.
How are you working to develop profitability?
At Eltel, we’re building our culture of being a profitable
customer-orientated company by being proactive on
both cost efficiency and commercialization. We are
continuing to work with our own internal efficiency in
how we design, plan and execute our business. On the
commercial side, we have been successful in improving
our commercial conditions with customers, including
price, invoicing and payment – particularly when
renegotiating agreements.
What challenges were there during the year?
Our main challenges were related to the significantly
lower activity levels in Norway and some delayed project
investments in other markets. Shifting trends in
Communication and Power opportunities tested our
agility, but I think that our Country Units managed these
challenges well.
What key things have you done to further your
sustainability ambitions during the year?
We continued to reduce the impact of our operations by
switching to electric vehicles, using biodiesel instead of
fossil diesel and sourcing renewable electricity in our
sites and offices. Influencing our subcontractors also
remains important, such as by placing sustainability
demands on how they work on our sites and encourag-
ing them to set their own science-based climate targets.
We also stepped up how we work with customers on
sustainability during the year by proposing green alter-
natives. We had a few projects where customers took us
up on our alternative green proposals, and we would like
to do more of this going forward.
How are Eltel’s new values shaping the company?
Our values are strengthening our culture, setting clear
expectations for professional behaviour and fostering
mutual respect. The values are also our guiding
principles for making decisions, both from a business
perspective and from a leadership and personnel
perspective.
Do you have any final thoughts?
I am proud of how well our teams overcame the chal-
lenges we faced during the year, and that we have made
great progress in new and adjacent business across our
markets. Thanks to the dedication of our colleagues,
we’re well-positioned for 2025 with a larger orderbook
than in many years. We are committed to continuously
driving profitability and expanding our business further
within the Nordics. Even if investments and activities in
the Nordic societies for a more sustainable future, based
on the digitalization and electrification of society is sig-
nificant, I believe that we’re only at the beginning of this
transformation. Eltel has a very important and growing
role in this development.
On my radar for 2025
• Complete the turnaround of our Norway
business.
• Continue to develop our new business areas.
• Promote green project choices among
customers in all our markets.
• Continue to drive operational excellence
throughout our operations.
We signed contracts with 178
new customers and 13% of the
total contract value was related
to new business areas.
What drove performance in 2024?
We achieved improved profitability performance every
quarter compared to the previous year. We have now six
quarters of improved profit year-on-year. One major
milestone was the sale of our Polish High Voltage
business, that despite being a difficult decision, helped
to de-risk our operations, boost working capital and
strengthen our foundation for future growth.
What progress was made in executing the 2023–25
strategy?
We delivered on our strategy by:
1. Improving our profit in our core business of
Communication and Power.
2. Broadening our customer base by looking at where we
can add value in the market – such as by expanding to
serve public infrastructure and industry customers.
3. Establishing ourselves in new and adjacent markets,
including Solar PV, BESS, e-Mobility, data centers, and
indoor/private networks.
The fact that all our Country Units both broadened their
customer bases and delivered net sales in each of our
new business areas demonstrates that we are delivering
on our strategy. We signed contracts with 178 new cus-
tomers in 2024 and closed the year with an impressive
total contract value of EUR 863,3 of which 13% was
related to new business areas.
Annual Report 2024 6
OverviewCEO statement Operations GovernanceSustainability OtherFinancial reportsBoard of Directors’ report
Trends transforming the infranet sector
Megatrends such as digitalization, electrification, hybrid working and
climate change, as well as EU regulation, are fueling a growing demand
for the installation, upgrade, maintenance, and security of communica-
tion and power networks, including renewable energy solutions.
Meeting societal demands for sustainable energy
and digitalization
Infranets are increasingly essential lifelines for modern
society that meet the everyday needs of businesses
and individuals of reliable communication and power
networks.
Communication networks support hybrid working and
the digitalization of society. Power networks enable a
more sustainable and low-carbon society by providing
the infrastructure and services for electrification, electric
vehicles and renewable energy generation.
Market trends shape the sector
The infranet sector is constantly changing due to global
trends affecting society. This creates challenges for
businesses but also huge market opportunities as the
sector evolves.
Renewable energy and digitalization are increasingly
important for both customers and end users. Advance-
ments in AI are having far-reaching implications
throughout society.
The key market trends, how they impact the sector
and how the infranet sector is responding are summa-
rized below.
Requirements for a more resilient
power and telecom infrastructure
AI entering more parts
in society
Increased demand for
renewable energy
Transition to smart energy
and digital solutions
Cyber threats and
geopolitical conflicts
IMPACT ON
THE SECTOR
SECTOR
RESPONSE
• Current networks have a need for
increased redundance
• Growing need to upgrade public
infra structure
• Fast technology shifts requires
flexible and agile actions
• Increased demand of electricity
• Demand for Renewable Energy Sources
(RES)
• Networks are under pressure to deliver
smart solutions for managing and
optimizing infranets
• Increased demands on network reliability
and surveillance
• Greater security demands throughout the
procurement, installation, maintenance and
operational phases
• Infrastructure upgrades
• Network investments
• Investments in data centers, private
cloud and supporting infra structure
• Investments in wind and solar energy
and BESS
• Network investments in load management
• Network and capacity upgrades and the
seamless integration of the latest smart
solutions
• Increased risks are mitigated by providing
additional safeguards and security through-
out the value chain
Annual Report 2024 7
Overview Operations GovernanceSustainability OtherFinancial reportsBoard of Directors’ report
Why invest in Eltel?
Investing in Eltel provides access to key growth markets in the Nordic communi-
cation and power sectors. Our customer-centric solutions and services not only
foster innovation but also help build a more resilient and sustainable society.
The infranet sector is evolving rapidly, fueled by mega-
trends such as digitalization, electrification, hybrid work
and climate change (read more about these trends on
page 7). There are significant growth opportunities in
Northern Europe, driven by ongoing trends and substan-
tial investments in network capacity, load management,
smart grids, energy efficiency and renewable energy.
Growth markets for sustainable profitability
We operate in markets with good long-term growth
opportunities – including traditional communication and
power, as well as rapidly expanding markets related to
e-Mobility, solar energy and BESS.
Unique position to support complex projects
Our unique expertise in both communication and power
sets us apart in the market. This competitive advantage
enables us to deliver complex turnkey solutions that
require both communication and power competence,
for instance, solutions for data centers. Additionally,
we are offering innovative combinations of solar energy,
BESS and e-Mobility.
Commercial development focus
We have a robust pipeline, with a favourable business
mix, and are enhancing our organizational capabilities
and cross-border business development opportunities
to enter new and adjacent markets. Since late 2022, we
have secured new commercial terms with customers
that protect us against inflation and enable a positive
development in terms of gross profit, cashflow and net
working capital. In the recent years we have started to
transform the company from serving mainly few large
telecom operators with a narrow offering towards
addressing a rapidly developing market with a diverse
customer base and a high demand with a broadened
offering portfolio.
Sustainably managed operations
Sustainability is a core component of our strategy and
values. We ensure full compliance with regulatory and
customer requirements in environmental, social, and
governance-related topics. Additionally, we consistently
offer innovative and more sustainable ways to operate
throughout the value chain. Our sustainability progress
is demonstrated in our Sustainability Report (p. 27) and
through various sustainability frameworks. We have vali-
dated SBTi climate targets, and our progress is evalu-
ated annually by CDP (Carbon Disclosure Project). Our
goal is to be the industry’s most responsible company.
Annual Report 2024 8
Overview Operations GovernanceSustainability OtherFinancial reportsBoard of Directors’ report
Our values
Eltel’s values align seamlessly with our vision and strategy, shaping the company’s
culture, guiding our behaviour, and our decision-making. Our values are grounded in
a shared vision for the future. They inspire our teams and empower us to forge our
own path in the industry. All our employees were invited to contribute to the
formulation of our values. The four values are:
Create opportunities
We are proactive and drive our colleagues, partners
and customers to go further and beyond expecta-
tions. We think ahead and find solutions – in both a
profitable and sustainable manner. Our customers rely
on us to challenge them, even when the status quo is
more convenient.
Always professional
We earn the trust of society through our extensive
industry knowledge and our track record of never
compro mising on safety and quality. Close collabora-
tion with customers and partners allows us to meet
their holistic needs. Regardless of role or situation,
we always do our best to meet our commitments
and deadlines.
Care for life
We put safety first, which involves following safety guide-
lines and have access to the right equipment to ensure
that everyone returns home safely every day. We promote
good working environments and help our employees find
a healthy work-life balance. Care for life also includes our
responsibility for the environment and the climate.
Combine strengths
Combining our skills, strengths and perspectives is
essential to succeed in a competitive market.
We collaborate closely with our customers and our
partners and always strive to work across teams,
business areas and countries. We seek to create
inclusive ways of working where we can unlock the
benefit of diversity.
Annual Report 2024 9
Overview Operations GovernanceSustainability OtherFinancial reportsBoard of Directors’ report