ELTELNasdaq StockholmIndustrialsIFRS · SEK

Eltel

Eltel is a service provider specializing in critical infrastructure that supports renewable energy and high-performing communication networks. The company operates primarily in the Nordic countries, Germany, Poland, and Lithuania, offering services through country-based organizations. Eltel's business areas include Communication, where it designs and maintains mobile and fixed networks, and Power, where it supports the transition to renewable energy with services for power distribution and smart grids. The company has recently expanded into Data Centers, Solar PV, and Battery Energy Storage Systems, which are becoming significant parts of its new business initiatives.

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Revenue818m SEK
−1.3 %y/y
Operating profit (EBIT)19.4m SEK
+207.8 %y/y
EBIT margin2.4%
+4.5 ppy/y
Net income3.2m SEK
+111.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20002004006008001,000m SEK2020: 938 m SEK2020: EBIT 25 m SEK20202021: 813 m SEK2021: EBIT 15 m SEK20212022: 824 m SEK2022: EBIT -2.0 m SEK20222023: 850 m SEK2023: EBIT -5.3 m SEK20232024: 829 m SEK2024: EBIT -18 m SEK20242025: 818 m SEK2025: EBIT 19 m SEK202581819
RevenueOperating profit (EBIT)
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Business

Share of revenue
Communication50 %

Design, installation, and maintenance of mobile and fixed networks

Power40 %

Maintenance and upgrade services for power distribution and transmission

New Business10 %

Includes Data Centers, Solar PV, and Battery Energy Storage Systems

Customers

Eltel serves a diverse range of customers primarily in the telecommunications and energy sectors. Key customers include mobile and fixed communication network owners and operators, as well as public and private sector entities seeking digitalization solutions. In the Power sector, Eltel's customers are typically utility companies and organizations involved in renewable energy projects. The company's expertise in both Communication and Power allows it to offer comprehensive solutions to data centers, which is a growing customer segment.

Telecommunications Operators

Purchase network design and maintenance services to support digital infrastructure

Utility Companies

Require maintenance and upgrade services for power distribution

Public Sector

Invest in digitalization and renewable energy projects

Data Centers

Seek comprehensive infrastructure solutions for operations

Strategy

Eltel's strategic priorities focus on achieving sustainable profitable growth by improving efficiency and profitability, broadening the customer base, and expanding into new markets. The company aims to integrate sustainability into its offerings and operations, develop commercial capabilities, and implement new business models. These strategic initiatives are designed to enhance Eltel's competitive position and ensure long-term value creation for stakeholders.

Improve efficiency and profitabilityShort term

To enhance margins and competitive position

Broaden customer baseMedium term

To reduce dependency on existing clients and diversify revenue

Expand into new marketsLong term

To capture growth opportunities in renewable energy

Geography

Eltel operates predominantly in the Nordic countries, with significant activities in Finland, Sweden, Denmark, and Norway. The company also has operations in Germany, Poland, and Lithuania, with Poland serving as a Shared Services Center. The geographic distribution allows Eltel to leverage regional expertise and market presence, particularly in renewable energy and communication network projects. Finland and Sweden are key markets, driving growth in new business areas such as Data Centers and Solar PV.

Risks

Eltel faces several business and financial risks, including market volatility and dependency on key customers, particularly in Norway. The unpredictability of customer investment volumes can impact net sales and profitability. Global uncertainties may delay investment decisions in new business areas. Seasonal variations and cyclicality in project business add volatility to financial performance, and there is a risk of breaching financial covenants due to leverage. The company also monitors potential goodwill impairment risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Market volatility1Dependency on key customers2Global uncertainties3Seasonal variations4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Market volatilityImpact: HighLikelihood: High

    Unpredictable customer investments

  2. Dependency on key customersImpact: HighLikelihood: High

    Significant impact on Norwegian operations

  3. Global uncertaintiesImpact: MediumLikelihood: Medium

    Delays in new business investments

  4. Seasonal variationsImpact: MediumLikelihood: Low

    Cyclicality affects financial performance

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Accounting

Judgemental items
Revenue recognition timing

Essential for understanding financial performance

Seasonal variations

Impact quarterly revenue and cost fluctuations

Derivative instruments

Affect reported financial positions

Goodwill impairment tests

Ensure accurate asset valuations

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Last updated: 24/09/2026