Eltel

What Eltel does

Eltel is a Northern European provider of technical services for critical infrastructure networks – known as 'Infranets' – operating across power and communication segments. The company designs, constructs, installs, and maintains electricity grids, telecom networks (fiber, 5G, fixed and offshore), smart metering systems, data centers, e-Mobility charging infrastructure, solar PV installations, and battery energy storage systems (BESS). Headquartered in Stockholm, Sweden, and listed on Nasdaq Stockholm under the ticker ELTEL since 2015, Eltel operated with a workforce of approximately 4,000 colleagues organized into more than 300 field teams across Sweden, Finland, Norway, Denmark, Germany, Lithuania, and Poland as of FY2025.

The business model is exclusively B2B, with revenue generated through large enterprise contracts, multi-year frame agreements, and turnkey project work negotiated directly with utilities, telecom operators, railway and transportation authorities, and increasingly data center developers. Major contracted and awarded positions in 2025-2026 include a EUR 275M service and maintenance award from Vattenfall Eldistribution (with an initial four-year term worth EUR 137.5M), a EUR 60M frame agreement with telecom operator Elisa, a EUR 25M data center contract with Hyperco, a five-year Helen Elnät frame agreement serving approximately 400,000 Helsinki customers, and a Banedanmark railway communications upgrade. Pricing is not publicly disclosed and is negotiated case-by-case on long-duration service contracts.

Eltel's core differentiators are scale (300+ field teams, ~3,000-vehicle fleet), localized compliance expertise across seven jurisdictions, SBTi-verified 1.5°C-aligned climate targets, ESRS/CSRD-compliant sustainability reporting, EcoVadis 63/100 and CDP B ratings, and proprietary products such as the registered Turvatikas Safety Ladder® system. The company reported FY2025 net sales of EUR 817.8M, achieved 11 consecutive quarters of year-over-year adjusted EBITA improvement, and saw its emerging-services segment (data centers, e-Mobility, BESS, renewable grid connections) grow from 6% to 23% of net sales in Q1 2026 - the clearest indication of strategic re-mix toward higher-growth infrastructure verticals.

Name

Eltel

Legal name

Eltel AB (publ)

Website

https://www.eltelgroup.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Eltel is a Nordic infrastructure services provider designing, building, installing, and maintaining power and communication networks for utilities, telecom operators, data center developers, and transportation authorities across the Nordics, Germany, Lithuania, and Poland.

Ownership category

akta.pro rank

Product category

Infrastructure Services

NAICS

Power and Communication Line and Related Structures Construction (237130), Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112), Electric Power Distribution (221122)

SIC

Electric Services (4911), Communications Services, Nec (4899)

akta.pro primary industry

Underground Distribution (Cable, Duct Bank & Vault) EPC (EUAEACAB)

akta.pro secondary industries

Conductor, Cable & Hardware Stringing / Replacement (EUAEACAF), Telecom, SCADA & OPGW/Fiber Integration for T&D Projects (EUAEABAG)

Keywords

• Power network services
• Telecommunications infrastructure
• Electrical grid maintenance
• Fiber optic construction
• Smart metering services

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. Infrastructure Services (Communication & Power): Eltel provides design, construction, installation and maintenance services for high-performing communication and power networks. Revenue is generated through project-based work, frame agreements and ongoing service/maintenance contracts with utilities, telecom operators and other infrastructure owners across the Nordics.
2. Renewable Energy Services: Services related to solar PV installations, e-Mobility charging infrastructure, battery energy storage systems (BESS) and wind power grid connections, enabling the digitalization and electrification of society.
3. Smart Metering Services: Installation and project management services for smart meter rollout projects across Nordic countries.
4. Data Center Services: Infrastructure services for data center buildout, including the EUR 25 million contract with Hyperco.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Eltel is a Northern European provider of technical services for critical infrastructure networks (Infranets) across Power and Communication segments. The company designs, builds, installs and maintains high-performing power and communication networks for utilities, telecom operators, data centers, and transportation authorities, with specialized capabilities in e-Mobility charging, solar PV, battery energy storage systems, smart metering, and offshore communications.

Product overview

Eltel is a leading Nordic critical infrastructure services provider offering integrated communication and power network services. The company operates a unified services portfolio organized around two core offerings: Communication Services (telecommunications infrastructure, offshore communications, smart meter installation) and Power Services (electrical grid infrastructure, e-Mobility, solar PV, data centers, battery energy storage, safety equipment). Services are delivered through approximately 300 engaged teams across Denmark, Finland, Germany, Lithuania, Norway, Poland and Sweden, with around 4,000 colleagues enabling digitalization and electrification of society. The company also maintains proprietary products like the Turvatikas Safety Ladder® and provides specialized services such as offshore communication networks for maritime and wind energy applications.

Differentiator

Problem solved

Functional benefit

Products and services

• Communication Services Design, construction, installation, and maintenance services for telecommunications infrastructure including fiber optic networks, 5G rollout, indoor network coverage, and offshore communication systems for telecom operators across the Nordics.
• Power Services Construction, maintenance, and modernization services for electrical power networks enabling electrification of society, serving utility companies and grid operators across the Nordics.
• e-Mobility Services Electric mobility infrastructure services supporting the transition to sustainable transportation through EV charging network deployment and related electrical infrastructure for utilities and charging operators.
• Eltel Solar PV Solar photovoltaic project services including design, installation, and maintenance of solar energy systems for renewable energy deployment and grid integration.
• Battery Energy Storage Systems (BESS) Battery energy storage system services for grid stability, renewable energy integration, and backup power applications serving utility and energy customers.
• Data Center Services Infrastructure services for data center buildout including construction, power connectivity, and maintenance of facilities supporting digital infrastructure for data center operators.
• Turvatikas Safety Ladder Proprietary safety ladder system for safe work at heights in power and communication network maintenance operations, offered as part of Eltel's Power services portfolio.
• Smart Meter Installation Large-scale smart meter deployment, installation, and project management services for utility companies across Nordic countries, including rollout coordination.
• Offshore Communication Services Specialized offshore telecommunications solutions for wind farms, fish farms, maritime applications, and global offshore operations including 5G networks at sea.

Quantifiable outcome

• Q1 2026 net sales of EUR 191.3 million, up 12.8% year-over-year
• +7 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and minor.

• Vattenfall EldistributioncoreStrategic or Co-development Partner · 8 June 2026Vattenfall Eldistribution awarded Eltel a service and maintenance contract for electricity networks in Roslagen and Uppland areas. The initial 4-year contract is worth EUR 137.5 million with options for another 4 years, totaling EUR 275 million. The contract covers maintenance of electricity and communication networks, fault resolution, customer services, grid connections, projects and metering.
• HypercocoreStrategic or Co-development Partner · 30 April 2026Eltel secured a EUR 25 million data center contract with Hyperco in Q1 2026, representing a significant emerging services win. This contract contributed to the growth of Eltel's emerging services segment from 6% to 23% of net sales year-over-year.
• ElisacoreStrategic or Co-development Partner · 30 April 2026Eltel signed a EUR 60 million frame agreement with telecom provider Elisa, providing telecom network services. This is part of Eltel's strategy to grow its communication services business with major Nordic telecom operators.
• Helen ElnätminorStrategic or Co-development Partner · 9 June 2022Pilot project with Helen Elnät at the Helen Elnät project in Helsinki testing an electric excavator to demonstrate how electric-powered machines can reduce local greenhouse gas emissions and noise from construction sites.
• Helen ElnätcoreStrategic or Co-development Partner · 1 January 2020Eltel entered a five-year frame agreement with Helen Elnät (Helsinki Energy) in 2020 to construct and maintain the Helsinki electricity grid, serving approximately 400,000 customers. The partnership includes collaboration on sustainability innovations such as electric excavator trials to reduce emissions and noise from construction sites.

Scale indicators19 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• SPIE SA: SPIE is a French-headquartered European technical services provider for energy, communications and electrical infrastructure—the closest direct peer to Eltel, operating across multiple European countries with similar design-build-maintain capabilities for power and telecom networks.
• Vinci Energies: Vinci Energies operates an infrastructure services division across Europe providing design, build and maintenance for power, telecom and energy networks—a direct competitor for the same Nordic utility and enterprise customer base that Eltel serves.
• Bilfinger SE: Bilfinger is a German-based industrial services group providing maintenance, engineering and EPC services to power and process industries across Europe, with overlapping capabilities to Eltel's power grid and German operations (Eltel Infranet GmbH).

Broad incumbents

• Skanska AB: Skanska is a major Nordic-headquartered construction group with significant civil and utility-related infrastructure work in Sweden and Norway, competing for some of the same power and communication infrastructure tenders as Eltel.
• Balfour Beatty plc: Balfour Beatty is a UK-based infrastructure services group with Power Transmission & Distribution and rail communications capabilities comparable to Eltel's service portfolio, serving utility and government customers across European geographies.
• MasTec, Inc. MasTec is a North American infrastructure services provider with utilities, communications and clean energy construction capabilities—a public-market comparator for Eltel's services mix though operating in a different geography.
• Quanta Services, Inc. Quanta Services is a large US-listed pure-play infrastructure services firm specializing in electric power, oil/gas and telecom networks—a comparable scale and business-model reference for Eltel's T&D and telecom services.

Others

• AFRY AB: AFRY is a Swedish-Finnish engineering, design and consulting firm with power and infrastructure capabilities adjacent to Eltel's services—an ecosystem participant rather than direct EPC competitor in field services.

Regional players

• Kemp & Lauritzen A/S: Kemp & Lauritzen is a Danish technical services contractor for electrical, heating and ventilation infrastructure, comparable to Eltel Denmark but operating primarily in Denmark versus Eltel's broader Nordic footprint.
• OneCo SA: OneCo is a Norwegian-based infrastructure services provider focused on telecom networks and electrical infrastructure across the Nordics—a regional competitor to Eltel Norway with overlapping capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/eltel-networks

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries11 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eltel