GlobalConnect A/S Due Diligence
Run due diligence on GlobalConnect A/S: check compliance and get alerts when suppliers or ownership change.
Denmark · owned by EQT Infrastructure (Sweden) · www.globalconnect.dk · 43 vendors
GlobalConnect A/S is one of the leading providers of digital infrastructure and data communications in the Nordic countries, operating over 235,000 kilometres of fibre network across Denmark, Norway, Sweden, Germany, and Finland. The company delivers fibre-based broadband services to more than 800,000 private consumers and end-to-end network solutions to over 30,000 B2B customers, including managed networking, cybersecurity, cloud, and telephony services. GlobalConnect is headquartered in Copenhagen, Denmark (CVR 26759722) and handles more than 50% of all data traffic in the Nordics.
Resilience scores
- Digital Sovereignty: 26
- Digital Resilience: 5
- Financial Resilience: 5
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Services catalogue
23 services in catalogue across 5 categories; runs on 43 sub-vendors.
- Telecommunications
- GlobalConnect Hosting
- MailAnyone Email Security
Insights
Last updated 2026-09-13 · revision 32
43 direct vendors, 326 subvendors
Direct vendors by controlling owner country (sample)
- Australia: 1
- Japan: 1
- United States: 28
Subvendors by controlling owner country (sample)
- Unknown: 2
- India: 5
- UK: 1
Compliance
10 in-scope frameworks identified; showing 3.
ISAE 3000 (source) — No public evidence
Evidence: https://globalconnect.dk/produkter/sikkerhed/soc/, https://globalconnect.dk/produkter/cloud/colocation/, https://www.iaasb.org/publications/international-standard-assurance-engagements-isae-3000-revised-assurance-engagements-other-audits
GDPR (source) — Evidence found
Evidence: https://globalconnect.dk/globalconnect-privatlivspolitik-for-forretningsforbindelser/, https://globalconnect.dk/cookies/, https://www.datatilsynet.dk/, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32016R0679
ePrivacy Directive — Evidence found
Evidence: https://globalconnect.dk/cookies/, https://globalconnect.dk/globalconnect-privatlivspolitik-for-forretningsforbindelser/, https://www.datatilsynet.dk/, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32002L0058
Financials
Three-year financials
- 2025: revenue DKK 1.27B, EBIT DKK 17.3M, equity DKK 640M
- 2024: revenue DKK 1.19B, EBIT DKK 47.1M, equity DKK 828M
- 2002: revenue DKK 1.27B, EBIT DKK -134M, equity DKK 822M
Financial Resilience Score: 5/10
GlobalConnect Group demonstrates a mixed financial resilience profile. On the positive side, it owns the largest pan-Nordic fibre backbone (~250,000 km), has a highly recurring contracted revenue base (SEK 7.5bn MRC in 2025), and has consistently grown Adjusted EBITDA to SEK 4.8bn in 2025 with an expanding margin of 59.9% (up from 53.2% in 2023). Organic revenue growth of ~6% and improving operating profit (turning positive in 2024 and tripling in 2025) suggest the business is reaching an inflection point where earnings approach investment levels. However, the group is heavily leveraged with interest-bearing debt of SEK 44bn against equity of only SEK 8.6bn (gross debt/EBITDA ~9x). Equity has eroded by ~38% over three years due to persistent large net losses (SEK -2.15bn in 2025, SEK -2.83bn in 2024, SEK -2.64bn in 2023) driven by heavy depreciation (~SEK 4.3bn/yr) and interest expense (~SEK 2.7-3.2bn/yr). Cash position remains thin (SEK 363m) relative to debt service needs. Mitigating factors include long-dated debt maturities (2028), 64% of debt hedged to fixed rates, full covenant compliance, and strong sponsorship from EQT and Mubadala. The Denmark CGU is flagged as vulnerable to negative DCF changes with SEK 4.1bn of goodwill at risk. Overall, the company has strong operational fundamentals but a strained balance sheet requiring continued sponsor support and successful EBITDA-to-CapEx convergence.
Key strengths: Largest pan-Nordic fibre backbone (~250,000 km) with ~50% of Nordic data traffic, Highly recurring contracted revenue base (SEK 7.5bn MRC in 2025), Strong Adjusted EBITDA growth to SEK 4.8bn (59.9% margin) in 2025, Organic revenue growth of ~6% in both 2024 and 2025, Long-dated debt maturities (2028) with full covenant compliance, 64% of debt hedged to fixed rates, Strong sponsors: EQT Infrastructure III & IV (~84%) and Mubadala, Operating profit turned positive in 2024 and tripled in 2025
Risk factors: Very high leverage: gross debt/Adj. EBITDA ~9x (SEK 44bn debt vs SEK 8.6bn equity), Persistent large net losses (SEK -2.15bn in 2025) eroding equity base, Equity declined 38% over three years (SEK 13.8bn to SEK 8.6bn), Denmark CGU flagged as vulnerable with SEK 4.1bn of goodwill at risk, Physical infrastructure risks: Baltic subsea cable sabotage, cyber threats (NIS2/CER), FX exposure across SEK/EUR/NOK/DKK on debt and revenue, Transition risk from ongoing B2C divestments (Norway to Telenor, Finland to Telia), Thin cash position (SEK 363m) relative to debt service needs, Regulatory risk from NIS2, CSRD and evolving EU frameworks
Revenue by geography
- Sweden (incl. Finland & Norwegian IP-Only): 47.8%
- Denmark (incl. Germany): 26.6%
- Norway: 25.6%
Revenue by product/service
- B2B & GlobalConnect Carrier (GCC): 60.5%
- B2C: 39.5%
Workforce by country
- Sweden (incl. Finland): 730
- Denmark (incl. Germany): 557
- Norway: 446
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