GlobalConnect Reports Strong Revenue and Profit Growth in 2022

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Digital infrastructure and connectivity provider GlobalConnect reported strong growth in revenue and profitability in 2022, despite a turbulent global landscape. Its revenue grew by 16% compared to previous year, to reach 7.2 billion SEK, while profitability (Adj. EBITDA) increased by 16.9% to 3.6 billion SEK with a 50.8% margin. GlobalConnect’s investments amounted to 9.2 billion SEK and its annual growth was driven by acquisitions, the Fiber-To-The-Home (FTTH) build-out, and by organic growth across all business areas.

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The 2022 annual report shows how GlobalConnect solidified its position as one of the leading and fastest-growing digital infrastructure providers in Europe, offering connectivity services to enterprises and consumers in Sweden, Norway, Denmark, Germany, and Finland. The company managed to grow in revenue while improving profitability compared to the previous year, and the EBITDA margin increased from 50.5% to 50.8%.

“We are committed to continuing our growth trajectory in 2023 as the need for robust high-speed connectivity shows no signs of slowing down. Our mission is to future-proof our region, not only making it a better and more connected place for residents to live and work in, but also to ensure that our region stands the test of time and develops sustainably for coming generations,” says Martin Lippert, Group CEO, GlobalConnect.

With an all-time high investment of 9.2 billion SEK, 2022 was a year where GlobalConnect continued to secure its position in the Nordics. The infrastructure investments contributed to growing GlobalConnect’s backbone network and reach across the region, enabling thousands of new households and enterprises to be connected, as well as securing several key acquisitions across the region.

“2022 was an important and eventful year for us, as we managed to secure several strategic acquisitions, with Telenor Sweden’s Open Universe being the largest one. This while maintaining business momentum, significantly growing our FTTH business, and future-proofing operations and our offerings across the group and business units. The fact that we managed to deliver a strong 2022 despite a turbulent world situation with skyrocketing inflation, soaring energy rates, and supply chain challenges speaks volumes about our resilient business model and our culture, being able to quickly adjust to new unpredictable circumstances,” says Lippert.

In 2022, GlobalConnect’s monthly recurring revenue grew by 20.6% compared to the previous year. Most of the growth was generated from Sweden and Norway, which are its most mature FTTH markets. However, GlobalConnect will keep amplifying its efforts towards the less fiber-penetrated Denmark, Germany, and Finland moving forward, to help fuel further acceleration and growth.

“In 2020, we entered Denmark, in 2021 Germany, and in the beginning of 2023, we entered the Finnish FTTH market. We see a lot of untapped potential in these less mature fiber markets, where we can utilize the knowledge and experience from previous large-scale fiber-roll we have done in Sweden and Norway,” says Lippert.

GlobalConnect’s enterprise customer base amounts to approximately 30,000, and the homes connected base approximately 743,000 at the end of 2022, which is a 76% increase compared to 2021. The group’s fiber footprint now spans over 155,000 km, of which more than 105,000 km is wholly-owned. GlobalConnect’s 17 data centers make up a total of 35,000 square meters, a 16.6% increase compared to the previous year, catering for cloud services and the continuously increasing international demand for high-capacity data services.

SEK  bn20222021
Revenue and other income7.26.2
Organic revenue growth (%)4.8%2.5%
Adjusted EBITDA3.63.1
Adjusted EBITDA margin (%)50.8%50.5%
Total CAPEX9.24.9