euNetworks, a dark fiber provider in Western Europe backed by Stonepeak Infrastructure Partners, today disclosed its annual report and financial results for full-year 2020 and provided updates on its acquisition of The Loop Manchester.

Financial Performance in 2020 – euNetworks

In 2020, euNetworks reported revenue of €178.2m, a 6.3% increase year-over-year, and adjusted EBITDA of €111.9m, an 18.4% increase year-over-year. As a result, the company’s EBITDA margin was 62.8% in 2020, a 640 bps improvement year-over-year.

One driver of euNetworks’ EBITDA margin improvement was from lower direct costs of sales by having higher utilization of its own fiber network to provide connectivity services, as opposed to relying on third-party carriers.

Revenue Detail

Of the company’s total revenue of €178.2m, network services and the sale of network infrastructure generated €167.0m (94% of total). While colocation services contributed €11.2m (6% of total).

Geographically, euNetworks’ top five markets by revenue are Germany (€61.9m), the UK (€46.5m), Ireland (€28.0m), the Netherlands (€13.3m), and the United States (€11.5m).

Capital Expenditures

In 2020, euNetworks invested €111.9m in organic capital expenditures to primarily fund more dark fiber builds.


In December 2020, euNetworks acquired 100% of The Loop Manchester, a fiber company headquartered in Manchester, UK for €24.5m. During 2020, The Loop Manchester generated €1.7m of revenue as a standalone business.

euNetworks – Dark Fiber Provider

euNetworks owns 21.6k fiber route miles (34.7k fiber route kilometers) throughout Western Europe. Specifically, this fiber network comprises:

  • Metro (or Intra-City): 1.8k fiber route miles (2.9k fiber route kilometers)
  • Long-Haul (or Inter-City): 19.8k fiber route miles (31.8k fiber route kilometers)

euNetworks owns and operates 17 fiber-based metropolitan networks across Western Europe, with these networks connected by euNetworks’ long-haul network. Additionally, in terms of data center connectivity, the company’s fiber network directly connects to 440+ different facilities in Europe.

Finally, euNetworks operates a data center facility in Amsterdam and a number of colocation sites in Germany.

Services and Customers

euNetworks provides metro and long-haul services including dark fiber, wavelengths, and ethernet. Descriptions of each service are as follows:

  • Dark Fiber: euNetworks leases fiber by strand on their metro and long-haul networks
  • Wavelengths: transmission product, for high-capacity connectivity, usually between data centers. Also, offered in metro and long-haul networks
  • Ethernet: transmission product, for private connections between data centers and business locations

Overall, the company delivers these high-bandwidth services to customers in the wholesale, finance, content, media, data center, and enterprise segments.


euNetworks’ key shareholder is Stonepeak Infrastructure Partners’ $3.5bn Fund II. Also, find out more about their purchase of euNetworks from our comprehensive list of fiber precedent M&A transactions here.

Jonathan Kim covers Fiber for Dgtl Infra, including Zayo Group, Cogent Communications (NASDAQ: CCOI), Uniti Group (NASDAQ: UNIT), Lumen Technologies (NYSE: LUMN), Frontier Communications (NASDAQ: FYBR), Consolidated Communications (NASDAQ: CNSL), and many more. Within Fiber, Jonathan focuses on the sub-sectors of wholesale / dark fiber, enterprise fiber, fiber-to-the-home (FTTH), fiber-to-the-premises (FTTP), and subsea cables. Jonathan has over 8 years of experience in research and writing for Fiber.


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