Eltel signs agreement with Helen Electricity Network in Finland

Eltel announced on Thursday that it had signed a five-year agreement with Helen Electricity Network. The agreement is set to begin on April 1, 2025, with an option to extend it for a further three years. Under the agreement, Eltel will construct and maintain Helsinki’s electricity distribution network. This includes grid design, construction, fault repair, maintenance and documentation. The estimated value of the contract is around 50 MEUR.

Spread roughly evenly over the years, the agreement is relatively small for Eltel (2024e revenue 843 MEUR, 1% of the group’s sales) In any case, the contract still brings important volume for Finland’s country unit (2023 revenue 359 MEUR) and more precisely Finland’s Power business area (2023 revenue 190 MEUR) for the coming years. However, the agreement has no direct impact on our forecasts or view of the company. The initiation of coverage, where we have taken a more extensive look at the company, can be read here.