
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
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