GVG Glasfaser has secured €135 million in additional financing from an international banking consortium and an institutional investor to accelerate its fibre-to-the-home (FTTH) expansion across Germany.
The funding comes from Hamburg Commercial Bank, KfW, Raiffeisenlandesbank Oberösterreich and an unnamed institutional investor. According to the German fibre operator, the volume exceeds initial expectations and will support new, fully self-financed FTTH projects in 2026, alongside the completion of ongoing deployments.
The deal follows an earlier financing round completed in late summer 2024, when GVG secured €85 million in credit facilities from ING, KfW and Norddeutsche Landesbank Girozentrale. Macquarie Capital again acted as exclusive financial adviser, with Hogan Lovells providing legal counsel. Commercial and technical due diligence was carried out by Altman Solon, while financial due diligence was conducted by EY-Parthenon.
According to GVG, the company had outperformed wider market trends in 2025, increasing activated homes by around 70% year on year and reporting positive operating results from the beginning of 2025. The operator attributed the performance to a focus on active, paying customers and the timely completion of self-financed projects including Schöngeising in Bavaria, Liederbach, Rockenberg, and Münzenberg in Hesse, as well as a several municipalities in the Lower Saxony districts Osnabrück and Diepholz.
“As a company, we have now surpassed the challenges many of our competitors are still facing. Our initial strategies are now paying off,” said CEO Thorsten Fellmann. “As part of our transformation, we have placed an even stronger focus on our customers and making significant improvements to user satisfaction.”
“The results speak for themselves,” addd Fellmann. “We have significantly increased our number of active customers while implementing a fibre optic network expansion that’s more efficient and effective, thus sustainably positioning the GVG Group for the future.”
The latest round also signals investor confidence in the group’s growth trajectory despite tighter financing conditions in the telecoms sector. “Given the current situation in the financial markets, I see this as a great vote of confidence for our company’s continued momentum,” Fellmann said.
GVG, founded in 2014 and headquartered in Kiel, provides FTTH connections to more than 180,000 households and businesses across over 260 municipalities. The company has been operationally profitable since the start of 2025, according to CFO Susanne Küppers. “Substance is key, especially when it comes to credit decisions made by leading banks and investors,” she said.
Frankfurt-based infrastructure investor Palladio Partners remains the sole shareholder, backing the operator with long-term capital from institutional investors including pension funds and insurers.
