Project execution and commissioning risk
New facilities must be delivered on schedule and to specification to start generating contracted revenue.
- Scope
- Stockholm 4 South, Stockholm 5 North, Stockholm 3 North
- Materiality
- high
Conapto Holding
Conapto Holding AB (publ) is a Swedish digital infrastructure company that develops and operates colocation data centers in the Stockholm area. Its facilities provide secure space, power, cooling, and connectivity for enterprise and cloud workloads, including capacity designed for AI-oriented hardware.
| % | |
|---|---|
| Colocation services | 96% Rack, power, cooling, and secure facility space for customer IT equipment. |
| Ancillary services | 3% Supporting services sold alongside colocation, such as connectivity and related facility services. |
| Other | 1% Minor non-core revenue items and one-off service income. |
Conapto serves B2B customers that need outsourced data center capacity rather than owning and operating their own...
- Cloud and AI infrastructure customersprimary
Buy high-density colocation capacity for cloud platforms and AI hardware that needs specialized power and cooling.
- Enterprise IT and digital infrastructure usersprimary
Buy secure hosting space and power for business-critical servers and network equipment.
- Long-term contracted capacity customersprimary
Sign multi-year agreements for reserved MW capacity to secure future expansion needs.
- Ancillary service customerssecondary
Purchase connectivity and related facility services bundled with colocation deployments.
Conapto’s business is concentrated in the Stockholm region, where it develops and operates its data center campuses...
- •Operations are centered in Stockholm, Sweden
- •Revenue is generated from Swedish data center campuses
- •Stockholm 4 South is a core operating site
- •Future growth includes Stockholm 5 North and Stockholm 3 North
- •Financing has drawn Nordic and international investor demand
Conapto is expanding its Stockholm data center platform through new builds and capacity additions, with a focus on...
01
Expand and pre-lease new capacitymedium-term
Reserved capacity improves visibility and supports utilization of new data center builds.
02
Target AI-oriented workloadsmedium-term
AI customers need high-density, specialized infrastructure that can differentiate the platform.
03
Lock in long-term customer contractsshort-term
Multi-year agreements stabilize future capacity and underpin contracted EBITDA.
04
Maintain high service qualityshort-term
Colocation customers value reliability, deployment speed, and operational consistency.
Conapto’s main risks stem from large capital-intensive projects, dependence on power and technical execution, and the...
Power and cooling constraints
Data center capacity depends on reliable electricity supply and specialized cooling for dense workloads.
- Scope
- AI-ready and liquid-cooled deployments
- Materiality
- high
Financing and leverage risk
Growth requires substantial external funding before capacity is fully monetized.
- Scope
- Bond-funded expansion
- Materiality
- high
Customer concentration and contract timing
Revenue depends on a limited number of large capacity contracts and their delivery schedules.
- Scope
- 10-year MW contracts and pre-leased capacity
- Materiality
- high
Geopolitical and sustainability risk
Infrastructure assets and supply chains can be affected by regulation, energy policy, and broader geopolitical conditions.
- Scope
- Nordic digital infrastructure platform
- Materiality
- medium
Revenue recognition timing
Revenue mix and timing can shift reported quarterly results
One-time expansion income
Can distort underlying run-rate performance
IFRS 16
IFRS 16 lease accounting
Affects equity, lease liabilities, and operating expense presentation
Depreciation of data center assets
Influences operating profit and asset carrying values
: 11/08/2026