NETELNasdaq StockholmIndustrialsIFRS · SEK

Netel Holding

Netel Holding AB is a Nordic infrastructure contractor that designs, builds, and maintains critical networks and civil works for telecom, power, district heating, water, and sewage systems. The group operates through decentralized local subsidiaries across several European markets, combining regional execution with group-wide project and technical capabilities.

Ask about the company
Revenue3,214m SEK
−2.1 %y/y
Operating profit (EBIT)-13.0m SEK
−109.0 %y/y
EBIT margin-0.4%
−4.8 ppy/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-1,00001,0002,0003,0004,000m SEK2021: 2,418 m SEK2021: EBIT 126 m SEK20212022: 3,141 m SEK2022: EBIT 176 m SEK20222023: 3,459 m SEK2023: EBIT 128 m SEK20232024: 3,284 m SEK2024: EBIT 145 m SEK20242025: 3,214 m SEK2025: EBIT -13 m SEK2025TTM 2026: 2,764 m SEKTTM2,764
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
Ask Clarifo about Netel Holding

Business

Share of revenue
Telecom35 %

Buildout and maintenance of mobile and fixed network infrastructure for operators.

Power35 %

Construction and servicing of electricity distribution and regional grid networks.

Infraservices30 %

Civil engineering and utility projects including water, sewage, and district heating.

Customers

Netel sells mainly to infrastructure owners and operators that need specialized contractors for network buildout, upgrades, and maintenance. Its customer base includes telecom operators, energy companies, municipalities, and private utility-related companies, with local relationships playing an important role in project awards and repeat work.

Telecom operators

Mobile and fixed-network operators that buy fiber, mobile, and network expansion services.

Energy companies

Private and publicly owned utilities that buy power grid and network reinforcement services.

Municipalities

Local public customers that buy civil works, water, sewage, and district heating projects.

Private infrastructure customers

Regional private companies that buy tailored infrastructure and maintenance services.

Strategy

Netel’s strategy centers on serving critical infrastructure markets that benefit from electrification, digitalisation, and the need to modernize aging networks. The group emphasizes local presence, decentralized execution, and long-term customer relationships while broadening its mix across telecom, power, and infraservices to reduce dependence on any single market.

Grow in power and infrastructure servicesMedium term

These areas benefit from electrification and aging utility networks.

Maintain strong local market positionsShort term

Local knowledge and permitting capability are key to winning projects.

Broaden customer and geography mixMedium term

Diversification reduces reliance on any single end market or country.

Geography

Netel is rooted in the Nordic region and has expanded into selected Northern European markets, with operations described across Sweden, Norway, Finland, Germany, and the UK. Its business depends on local execution, permitting, and regulatory knowledge, so geography matters both for customer access and for how projects are delivered.

Risks

Netel is exposed to project execution risk, competition, and the availability of skilled project managers and technical staff. Because its work is tied to infrastructure investment cycles and weather-sensitive field operations, delays, margin pressure, and staffing shortages can affect delivery and profitability.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Increased competition1Inability to attract and retain skilled personnel2Weather-related disruption4IT and cyber security5
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. Increased competitionImpact: HighLikelihood: Medium

    Local and larger contractors can bid into Netel's project areas and pressure pricing.

    Exposure: Regional and national infrastructure projects

  2. Inability to attract and retain skilled personnelImpact: HighLikelihood: Medium

    The business relies on technical staff and senior leaders to execute contracts.

    Exposure: Operations and growth

  3. Shortage of project managersImpact: High

    Delivery depends on experienced managers to run complex infrastructure projects.

    Exposure: Project execution capacity

  4. Weather-related disruptionImpact: MediumLikelihood: Low

    Outdoor infrastructure work is sensitive to winter conditions and storms.

    Exposure: Excavation and power-line assignments

  5. IT and cyber securityImpact: MediumLikelihood: Low

    New systems and digital tools can disrupt operations and increase security exposure.

    Exposure: Project administration and internal systems

Ask Clarifo about Netel Holding

Accounting

Judgemental items
Revenue recognition on construction contracts

Revenue is recognized over time based on completion rate estimates, which affects timing and margin recognition.

Impact: Reported revenue and EBIT can move with project estimates

Goodwill and brand impairment testing

Valuation depends on management's forecasts for growth, margins, and WACC.

Impact: Potential impairment charges if assumptions weaken

Lease accounting under IFRS 16

Leases create right-of-use assets and liabilities that affect leverage and depreciation.

Impact: Balance sheet and EBITDA presentation

Acquisition accounting

The group has grown through acquisitions, which can create goodwill and earn-out liabilities.

Impact: Future impairment and fair value remeasurement risk

Similar listed companies

Publicly listed companies with a comparable business focus.

Healthier Choices Management Corp.

HCMC · Tobacco Products

Hong Yuan Holding Group

HGYN · Plastic Materials, Synth Resins & Nonvulcan Elastomers

Valuence Merger Corp. I

VMCUF · Blank Checks

American Exceptionalism Acquisition Corp. A

AEXA · Blank Checks

Artificial Intelligence Technology Solutions Inc.

AITX · Services-Prepackaged Software

Amgen Inc

AMGN · Biological Products, (No Diagnostic Substances)

Last updated: 24/09/2026

Netel Holding (NETEL) Revenue, Earnings & Financials 2025 – Clarifo