Advania Reports Strong Growth and Strategic Expansion in 2024
Financial Highlights
Net revenue reached SEK 15.1bn, an increase of 11.3% year-over-year, driven by a combination of organic growth and successful acquisitions. Advania strengthened its presence in the UK through the acquisitions of CCS Media and Servium, and continued to expand its capabilities in cloud, cybersecurity, and AI services across the region. Adjusted EBITDA stood at SEK 1.8bn, reflecting an 11.8% EBITDA margin and demonstrating Advania’s operational resilience and scalable business model.
Key figures from 2024:
- Net revenue: SEK 15.1bn (+11.3%)
- Gross revenue: SEK 17.2bn (+15.6%) (includes agent software sales)
- Pro forma net revenue: SEK 18.4bn (including full-year impact of acquisitions)
- Adjusted EBITDA: SEK 1.8bn (11.8% margin)
- Cash conversion: 92% (reflects strong operational cash flow)
- Cash flow from operations: SEK 109m (up from SEK 67m)
- Net revenue retention: 103% (indicates strong customer growth and loyalty)
- Customer churn: 3% (signaling high customer satisfaction)
- Employees: 4,800 FTE (stable YoY; +6.7% including acquisitions)
- Employee engagement score: 4.1/5.0 (reflects a strong workplace culture)
Scalable Growth and Operational Strength
The results reflect Advania’s balanced approach to growth and profitability. A cash conversion rate of 92% highlights strong operational efficiency, while improved free cash flow increases flexibility for strategic investments. Advania’s stable talent base and recent acquisitions reinforce its model of combining local expertise and autonomy with group-wide capabilities to serve customers across Northern Europe.
“Our priority is to help our customers navigate complexity with confidence,” said Hege Støre, CEO of Advania. “We’ve grown by staying close to our customers and investing in the capabilities they need most—cybersecurity, AI, and scalable IT services. Increasingly, our mid-market customers are turning to us as their end-to-end IT partner. They want to ensure operational stability while preparing for the next wave of digital transformation — and we’re uniquely equipped to help them do both.”
Throughout the year, Advania secured several long-term managed services contracts, launched new circular IT initiatives, and was named EMEA Partner of the Year by Canalys — a recognition of the company’s performance, innovation, and growth across the region. Advania also received awards and certifications from several leading partners, including Microsoft, VMware, HPE, Cisco, and others. In addition, the company reached important sustainability milestones, including completing a double materiality analysis in line with ESRS standards and making progress toward its goal of net-zero emissions by 2045.
“This year’s financial performance reflects the resilience and scalability of our business model,” said Henrik Schibler, CFO of Advania. “We achieved 11.3% net revenue growth in 2024, with strong profitability and consistent cash conversion. On a pro forma basis, including the full-year effect of our 2024 acquisitions, revenue would have reached SEK 18.4 billion. With these businesses now fully integrated and an improved capital structure following our successful debt repricing in the first quarter of 2025, we are entering the year with solid momentum and the flexibility to support continued investment and long-term growth.”
With recent acquisitions integrated and a growing footprint across Northern Europe, Advania enters 2025 with a solid platform to accelerate customer growth and deepen its market presence.
About Advania
Advania is a leading Northern European IT services provider, operating across Sweden, the UK, Norway, Iceland, Finland, and Denmark. The company also leverages near- and offshore talent hubs in South Africa, Poland, Serbia, and Sri Lanka. With more than 4,800 employees, Advania serves over 30,000 customers in both the public and private sectors.
Advania’s decentralised structure places decision-making close to the customer, enabling local teams to deliver fast, tailored support. This approach fosters long-term partnerships and agility across diverse markets.
Covering the full IT value chain, Advania delivers managed services, cloud platforms, cybersecurity, consulting, infrastructure solutions, and value-added resale of hardware and software. Its diversified revenue model includes recurring contracts, product delivery, and project-based services.
Advania is a portfolio company of funds managed by the Private Equity team at Goldman Sachs Asset Management. The company is driven by the purpose of empowering people to create sustainable value through the clever use of technology. Advania supports its customers’ long-term goals through deep technical expertise, strong local relationships, and a commitment to sustainable digitalisation.
