Sustain ability Report 2024
Message from our CEO
2024 marked an exciting year for Speed Fibre Group (SFG) as we advanced our Environmental, Social, and Governance (ESG) journey with determination and purpose. Building on the momentum of organisational ownership changes initiated in late 2023, we successfully embedded these transitions throughout 2024, ensuring a solid foundation for sustainable growth.
Our commitment to ESG excellence was validated this year with remarkable achievements. In the annual GRESB assessment—a globally recognised benchmark for ESG performance—SFG earned a prestigious 5-star rating, scoring an exceptional 99/100, and securing the top position in our peer group across Europe. This accolade underscores our leadership in sustainability governance and reflects our dedication to transparent and impactful ESG practices.
We also made significant strides in environmental sustainability, such as
exploring energy efficiency projects for colocation facilities to reduce cooling power consumption and maintaining green energy procurement across operational sites. Additionally, we advanced our hybrid fleet transition which now make up 25% of our total fleet.
Equally significant was achieving the Great Place to Work certification in 2024, reinforcing our commitment to fostering a supportive and inspiring workplace. From launching group-wide learning and development initiatives, including access to Udemy for professional growth, to achieving zero reportable health and safety incidents, our focus on employee wellbeing and growth remained paramount.
We are proud of our social impact initiatives this year, including a successful volunteer day at the Mid-West School for the Deaf and the rollout of training programs to enhance workplace inclusivity. The renewal of our Silver Investors in Diversity accreditation underscores our dedication to embedding diversity and inclusion at every level of our organisation.
As we reflect on 2024’s achievements, I am filled with pride in our team’s dedication to fostering a sustainable, inclusive, and resilient future. These milestones are not just benchmarks but steppingstones towards our vision of sustainable success. SFG will continue to lead by example, innovating and collaborating to drive positive change.
Thank you for your continued support on this journey.
Peter McCarthy, Group CEO
Our Strategy and Materiality
Our Strategy and Materiality
We at SFG continue to see three high-level objectives as being fundamental to our operations;
Facilitating a Low Carbon Economy
We are dedicated to carrying out our responsibilities and commitments under the 2015 Paris Climate Agreement as well as running our company with consideration for climate change. We aim to explore how we can implement a net carbon zero pathway within our business and align to Irelands 2030 and 2050 targets.
Social & Economic Inclusivity
We acknowledge that we significantly influence others’ ability to fulfil their ESG commitments, particularly in the social sphere. As a result, we are focused on aligning our operations in accordance with the United Nations Sustainable Development Goals (‘UNSDG’s’) and will evaluate our direct and indirect positive and negative contributions with regard to achieving these objectives.
We have embarked on a double materiality assessment in late 2024 to identify the issues that matter most to our business and stakeholders. This approach evaluates both financial materiality, focusing on how various ESG factors impact our financial performance, and impact materiality, which considers how our operations affect society, the environment, and the economy.
Transparency & Influence
In the interest of transparency, we commit to annually publishing our progress on ESG performance through the GRESB assessment so that our stakeholders can follow our progress as we aim to maintain our 5-star rating and also in the hopes to influence other companies to begin their ESG journey.
By adopting this holistic perspective, we are better able to understand risks and opportunities, enhance transparency in our sustainability reporting, and ensure compliance with broader ESG frameworks. This commitment helps us build resilience, foster trust with our stakeholders, and contribute meaningfully to global sustainability.
2024 ESG Highlights
2024 ESG Highlights Environmental Progress:
Environmental Policies: Comprehensive review and update of environmental policies, including the introduction of a new Virtual Office Best Practice policy to minimise the carbon footprint of remote working (Scope 3).
Hybrid Fleet Transition: Speed Fibre continues its sustainable transition with 25% of its fleet now comprising mild hybrid vehicles.
Green Energy Procurement: Continued commitment to securing green energy tariffs for all operational sites.
Energy Audit: S1426 and ISO50002 aligned energy audit of our 2024 energy and GHG data is taking place to ensure accurate and transparent reporting.
Limerick Office Energy Efficiency: Power usage review conducted for the Limerick office.
Energy Cost Efficiency Trials: Trialling a floating market rate energy model for our two highestconsuming colocation sites, aiming to optimise energy costs and sustainability.
Scope 3 Expansion: Scope 3 indirect emissions reporting now covers home working, business travel, and employee commuting. Previous years only captured employee commuting.
Scope 2 Emissions: In 2024, renewable energy contracts accounted for 97% of Speed Fibre’s energy consumption (Scope 2, market-based emissions).
Waste: No waste discarded by landfill. All waste was responsibly disposed of through circular means or recycling.
2024 ESG Highlights
Social Impact:
Great Place to Work Certification: Achieved Great Place to Work certification, enhancing employee engagement and organisational culture.
Stakeholder Engagement: Conducted customer and employee satisfaction surveys to drive continuous improvement in stakeholder experience.
Health & Safety: Achieved zero reportable health and safety accidents, demonstrating our commitment to a safe working environment.
Investors in Diversity Re-Accreditation: Preparations for Silver re-accreditation renewal is underway and will be delivered in April 2025.
Team Building and Engagement: Held groupwide team-building days, fostering collaboration and engagement across the company.
EDI Training: Groupwide rollout of mandatory Bullying and Harassment & Dignity at Work training is now underway.
Community Involvement: Organised a volunteer week at Mid-West School for the Deaf, strengthening community engagement and inspiring employee involvement in meaningful social initiatives.
Learning and Development: Rolled out access to Udemy for professional development, encouraging continuous learning across the workforce.
Employee Feedback: Launched a Suggestion Box initiative, empowering employees to contribute ideas for workplace improvements.
Disability and Neurodiversity Awareness: Delivered disability awareness training and had high profile speaker to promote an inclusive and supportive workplace and men’s health.
2024 ESG Highlights
Governance Improvements:
Supplier ESG Due Diligence: Supplier ESG Due Diligence questionnaires are being rolled out in Q4 to ensure responsible sourcing and procurement practices.
Data Protection & Security: Ongoing initiatives in data protection and security, including NIS 2 and DORA compliance, reinforcing our commitment to cybersecurity and regulatory compliance.
CSRD: The business has initiated preparations in respect of CSRD reporting. The business will commence a comprehensive double materiality assessment in December. Preparations will continue until scope clarity is confirmed following the EU Omnibus Simplification Package.
GRESB Rating: Achieved a GRESB score of 99/100, earning 5 stars and ranking 1st in our peer group in Europe, reflecting our leadership in sustainability governance. SFG was also recognised as an infrastructure asset sector leader.
Facilitating a Low Carbon Economy
Facilitating a Low Carbon Economy
Our Network
SFG is a leading supplier of both wholesale (‘Enet’) and retail business connectivity (‘Magnet+’) to the Irish market with a network that is utilised by all major Irish, European and US telecommunications carriers.
Enet Network:
More than 500km owned fibre network
More than 6,000km leased fibre network
More than 300 high site locations
Our Metropolitan Area Network spreads across 90 locations
Serving 100 Carriers Across Ireland
Magnet+ Network:
More than 12,000 connections
More than 6,500 B2B Customers
More than 1,500 B2C Customers
At SFG, we recognise the reach we have in Ireland and further afield through our business and so we always aim to facilitate a low carbon economy, through our own activities or through positively influencing others.
Speed Fibre Group’s Nationwide Coverage
Wholesale fibre and wireless networks serving Ireland’s major towns and cities.
Galway
Limerick
Belfast
Facilitating a Low Carbon Economy
Our Journey to Net-Zero
At SFG, we place the transition to a lowcarbon economy at the forefront of our strategy, recognising it as a cornerstone of future resilience. Our contributions go beyond facilitating this transition; they positively connect communities, grow the economy, and support the delivery of sustainable development. We acknowledge that our expanding network is a critical resource for service providers and businesses across Ireland, offering reliable connectivity that enables enterprises to thrive in an increasingly unpredictable world.
SFG champions sustainable connection and has taken meaningful steps to advance the low-carbon economy. By providing customers with access to more sustainable connectivity options, we are enabling them to meet their own environmental goals while driving economic growth and innovation.
For the last number of year, SFG have been committed to monitoring, improving, and disclosing our energy and carbon performance. With the urgency of climate action intensifying, we are steadfast in pursuing change and embracing innovation across all facets of our business. Our NetZero Pathway ensures SFG is positioned to mitigate the most severe impacts of climate change, safeguarding the economies and communities that rely on our services while acting as a responsible operator.
Recognising the ambitious but necessary targets set by the 2015 Paris Climate Agreement, we have created a realistic and measurable Net-Zero Carbon Pathway, aligning with Ireland’s 2030 and 2050 goals. In 2024, we expanded this pathway by formalising periodic emissions reduction milestones, leveraging the
availability, scope, and quality of data to ensure a credible and impactful approach which we aim to confirm and begin reporting in 2025.
We firmly believe in the principle, “You can’t manage what you can’t measure.” This ethos underpins our robust system for monitoring, tracking, and assessing greenhouse gas (‘GHG’) emissions annually, empowering us to make data-driven decisions that drive meaningful change.
Facilitating a Low Carbon Economy
Our Net-Zero Pathway is guided by a strategic approach:
1. Eliminate – Remove unnecessary emissions through operational efficiencies.
2. Reduce – Minimise emissions through energy optimisation and innovation.
3. Substitute – Transition to renewable energy and sustainable alternatives.
4. Compensate – Offset residual emissions through credible carbon offset programs.
SFG’s dedication to sustainability is evidenced by our proactive steps to integrate ESG considerations into decision-making and operations. During 2024, using we have identified and implemented a number of meaningful initiatives, such as:
• Reducing cooling power consumption in colocation facilities, our largest energy consumer.
• Conducting a comprehensive energy review of lighting at our main Limerick office, implementing improvements to boost energy efficiency.
• Procuring green tariff energy for several colocation sites, with 97% of our Scope 2 energy now derived from verified renewable sources.
SFG remains unwavering in our commitment to sustainability. As we continue to expand our use of green energy tariffs and implement solutions to reduce emissions, we aim to achieve carbon neutrality, aligned with Ireland’s long-term climate goals. Together with our stakeholders, we are driving positive change for a more sustainable, connected future.
2024 Energy Consumption
Scope 1 and Scope 2 Trends (2021–2024)
At SFG, we remain committed to reducing our environmental footprint through active carbon management and transparency in our reporting practices. We have identified our main carbon impact areas as follows:
• Scope 1: direct emissions through corporate fuel usage, heating at SFG offices and employee travel in company owned vehicles.
• Scope 2: electricity used by SFG at sites owned and/or controlled by them.
• Scope 3: indirect emissions through employee travel in employee-owned vehicles, employee home-working emissions, emissions associated with materials and supply chain.
Our Scope 1 emissions, which cover direct heating, cooling and fleet emissions from sources controlled or owned by SFG, have remained relatively stable over the last four years, with some minor fluctuation reflecting operational demands.
In contrast, we achieved a significant and commendable reduction in Scope 2 emissions, which represent indirect emissions from purchased electricity. Scope 2 emissions peaked at 1,021 tCO2 in 2022, before dropping sharply to 249 tCO2 in 2023, and further to just 31 tCO2 in 2024. This reduction highlights the success of our strategic transition towards procuring renewable energy sources and implementing energy efficiency initiatives across our network and operational facilities.
Scope 1 & 2 Data - 2021 – 2024 comparison (market based approach )
2024 Energy Consumption
2024 Detailed GHG Emissions (Location-Based vs. Market-Based Approach)
For 2024, we also conducted emissions calculations using both the location-based and market-based methodologies, in line with best practice standards:
• Scope 1 emissions remained the same across both methodologies, totalling 203.42 tCO2
• Scope 2 emissions were significantly lower under the market-based approach, with emissions reported at 31.20 tCO2, compared to 895.80 tCO2 using the
location-based method. This variance reflects the benefits of our renewable energy procurement activities under our green energy contracts.
• Scope 3 emissions, covering indirect emissions such as those from home working, business travel, and employee commuting, totalled 300.24 tCO2 under both methodologies.
This dual reporting demonstrates the impact of SFG’s targeted actions to reduce carbon intensity across its operations and to contribute meaningfully to Ireland’s climate goals for 2030 and 2050.
Energy Assurance and Verification
As part of our ongoing commitment to sustainability and responsible energy stewardship, SFG undertook a comprehensive, organisation-wide energy audit in 2025 (based on 2024 energy data), delivered by independent consultants Celtic Dynamics. This audit encompassed 100% of our Irish operations, including our Limerick headquarters, Dublin offices and warehouse, and a representative sample of our nationwide co-location (CoLo) sites.
The energy audit was carried out in alignment with the ISO 50002 standard for energy auditing, ensuring the highest levels of rigour and transparency in our energy data verification processes. Celtic Dynamics reviewed recent utility bills and site metering data, conducted on-site assessments, and evaluated the functionality of mechanical and electrical systems across all premises. The scope included all major energy-consuming systems—such as HVAC, lighting, data centre infrastructure, and transport—and was designed to identify actionable Energy Conservation Measures (ECMs).
To validate the integrity of the reported energy data, a sampling of utility invoices was cross-checked for material accuracy, with no discrepancies found. This process provides us with a high degree of confidence in our consumption figures and emissions data, which underpin our sustainability strategy. Our energy verification efforts form a critical foundation for achieving near-term efficiency improvements and our longer-term ambition of carbon neutrality. These efforts also reinforce transparency and accountability in our sustainability reporting and demonstrate alignment with best practices in energy governance and disclosure.
Looking Ahead
We are proud of our progress but recognise that the journey to Net Zero demands continued commitment. Going forward, we will continue to implement further energy efficiency initiatives, expand renewable energy usage where possible, and enhance Scope 3 emissions tracking to ensure that SFG plays a proactive role in enabling a more sustainable future.
Our Commitment to Sustainable Procurement and a Circular Economy
At SFG, we are committed to championing the principles of a circular economy through the collective efforts of our customers, partners, employees, and the broader community. As demand for telecommunications products and services continues to rise, with an estimated 800 kilotons of network equipment sold annually across the industry, we see this as a prime opportunity to enhance our business, improve our network, and align our contributions with the United Nations Sustainable Development Goals (‘UNSDGs’).
We have already begun integrating some circular practices into our operations, such as recycling IT and network equipment through WEEE-certified electrical waste companies. All waste generated by SFG in 2024 was disposed of through circularity means or recycling, meaning no waste from our network or offices ended up in landfill. Recognising that ESG compliance has become a core business obligation, we view the adoption of circular economy principles as a way to distinguish SFG as a leader in sustainable practices. By
fostering alignment across our stakeholder groups on ESG issues, including sustainable procurement and ESG screening processes, we are positioning ourselves as a responsible telecommunications practices.
In 2024, SFG took a significant step forward by initiating and formalising a supplier audit and ESG screening process, which is set to be trialled in early 2025. These processes will ensure that our suppliers meet the same high standards of sustainability and responsibility that we hold ourselves to, reinforcing our commitment to environmental and social governance.
The implementation of circular economy principles and sustainable procurement practices is not merely a ‘box-ticking’ exercise - it is also about fostering long-term sustainability and competitiveness. At SFG, we understand that embracing sustainability drives innovation, achieves cost savings, and reinforces our role as a responsible corporate citizen committed to environmental stewardship and societal well-being.
To promote transparency and accountability, we will continue to report on our end-to-end product management practices in alignment with the Sustainability Accounting Standards Board (‘SASB’) Telecommunications Standard. Through these efforts, SFG strives to lead by example, demonstrating that sustainable practices are not only a necessity but also a pathway to growth and resilience.
Social & Economic Inclusivity
Our Customers Case Studies
Delivering Connectivity to Local and Regional Media
In 2024, Enet renewed its contract to deliver connectivity services to RTÉ’s seven regional studios via a new carrier partner. These connections are critical in enabling Ireland’s national broadcaster to produce and broadcast news and programming from across the country, giving voice to local and regional stories and issues.
This initiative complements Enet’s existing work in the media sector, where we provide essential network services to major broadcasters such as TG4 and RTÉ Raidió na Gaeltachta, supporting Ireland’s Irishlanguage television and radio output. Enet also supplies high-capacity connectivity to the country’s three largest newspaper groups—Independent News & Media, The Irish Times, and The Irish Examiner—as well as to more than 10 regional media organisations spanning both print and radio.
Our ability to deliver high-quality, cost-effective connectivity in regional and provincial areas has been a key enabler for local media. By providing robust and reliable network infrastructure, Enet helps these organisations expand their reach, improve their digital output, and continue to serve their communities with relevant, timely, and local content.
Our Customers Case Studies
Galway County Council Wifi4EU
Over the past three years, Magnet+ has been working with Galway County Council on the provision of outdoor Wi-Fi services across a number of locations within Galway County. These locations are provided under the WiFi4EU initiative and are typically located in small towns and villages within Galway County. The access points are usually installed around community gathering areas - green spaces, harbours and public seating locations. The service allows users to access the internet at these locations free of charge and allows all members of the community to access to the internet regardless of their financial or social situation.
The service is promoted within the villages and towns, where it is installed, via street signage and social member posts and regular and consistent use of the service is seen across all locations allowing members of the community to stay in touch with friends and family across the world.
“At Magnet+, we are proud to support Galway County Council through the WiFi4EU initiative, helping to ensure that no member of the community is left behind in the digital age. From an ESG perspective, this initiative is a strong example of how technology can drive social inclusion, protect individual privacy, and promote sustainable community development. By providing free and secure internet access in public spaces, we are enabling equal opportunities for education, communication, and digital participation — especially for those in rural areas and for newer members of the community. This is about more than just connectivity; it’s about building resilient, inclusive communities for the future.”, said Patrick Masterson, MD Magnet+
Customer Satisfaction
Enet
At Enet, customer satisfaction is integral to our social performance and long-term value creations. We have actively monitored customer feedback through customer surveys, interviews, Net Promotor Score (NPS), Customer Effort Score (CES), and Customer Satisfaction Score (CSAT).
As customer satisfaction is at the heart of everything we do. Our 2024 Customer Relationship Survey provided valuable insights, helping us to enhance our services and meet customer needs effectively. We achieved a Net Promoter Score (NPS) of +49, reflecting strong customer loyalty. A Customer Effort Score (CES) oof 1.76 out of 5, indicating a low effort rate. We achieved a comparative perception metric of 83%. Showing that 83% our customers favor Enets products and services over competitors.
An average CSAT of 4.26 out of 5 indicating a relatively high level of satisfaction among customers, suggesting that they generally find Enet’s services satisfactory. Customers rated
‘Getting help & support from Enet’ highest as compared to the other services with a CSAT of 4.34/5. The Sales Team has the highest overall ratings as compared to the other teams with a CSAT score of 4.62/5, followed by Technical Presales at 4.55/5. The Service Delivery & Install Team scored 4.46/5.
By continuing to embed and grow on customer centric practises we continue to strengthen trust, foster loyalty and support our broader ESG objectives.
Customer Satisfaction Magnet+
At Magnet Plus, our customers are at the heart of everything we do. That’s why the NPS is so important to us. It’s not just a metric—it’s a powerful tool that offers a clear, honest view of how our customers truly feel about their experience with us.
NPS helps us understand how likely our customers are to recommend Magnet Plus, which is one of the strongest indicators of satisfaction and loyalty.
NPS reflects the trust our customers place in us, the quality of the service we provide, and the strength of the relationships we’ve built. Every piece of feedback—whether positive or constructive—provides valuable insight. It tells us what we’re doing well, and just as importantly, where we need to improve.
By actively listening to this feedback and acting on it, we’re able to continuously refine our offerings, enhance the customer journey, and ensure we remain aligned
with the evolving needs and expectations of those we serve.
At Magnet Plus, we believe that customer loyalty is earned through transparency, responsiveness, and a relentless focus on service excellence, we aim to build long-term relationships that go beyond transactions and foster genuine trust.
Our Community Charity and Volunteering
At SFG, we believe in the importance of connecting with and supporting the local communities around us. One of the most meaningful experiences for us this year was the opportunity to work closely with the Mid-West School for the Deaf in Rosbrien, Limerick.
In July, over the course of three days, more than 60 of us from across the company took part in a ‘School Clean-Up’ initiative at the school. Our aim was to help transform their outdoor space into an area that felt brighter, safer, and more joyful for the students who use it every day. We painted the entire exterior of the building, refreshed playground equipment—including swings and slides—and landscaped the garden areas to make them more inviting and welcoming.
It was hard work, but incredibly rewarding. Seeing the reactions of the students and staff as they returned to the newly refreshed environment made every moment worthwhile.
We also wanted to make a lasting impact beyond the physical improvements. As part of our contribution, SFG donated ten laptops to the school, providing post-primary
students with access to better technology and digital tools to support their education and development.
Maria Allen, the school’s Principal, shared how much the improvements meant to them. Hearing her words was truly humbling and reminded all of us of the positive impact our business can have when we come together for a common purpose.
“Supporting the communities around our offices is something we take great pride in at Speed Fibre Group. The time and energy our people gave to this project not only transformed the school environment for the students but also created a hugely rewarding experience for our teams. It showed the difference we can make when we come together with a shared purpose.” – Lisa Gillivan, Head of Marketing, Communications & CSR, Speed Fibre Group
Our People
At SFG, we believe that our people are not just central to our success — they are the driving force behind our culture, innovation, and purpose. From the outset, we have been intentional about creating an inclusive, high-performing workplace where individuals are empowered to grow, feel valued, and contribute meaningfully. Our culture is shaped by listening to our employees, responding with purpose, and investing in what matters most — from accessible learning and dedicated wellbeing initiatives to inclusive leadership and authentic recognition. In 2024, these efforts were proudly validated through our Great Place to Work certification, reflecting the high levels of trust, engagement, and belonging felt across our teams. But beyond the metrics, it’s the sense of shared ambition and community that defines who we are.
Our commitment to people extends far beyond our organisation. At SFG, our operational ethos is rooted in equitable treatment for all stakeholders — employees, customers, and communities alike. Through the expansion of high-quality fibre and 5G
connectivity, we are actively advancing the social dimension of ESG by driving inclusion, supporting economic growth, and bridging the digital divide. Our networks are not only catalysts for business innovation but also enablers of education, entrepreneurship, and sustainable development in regions that have traditionally been underserved. By aligning our people strategy with our broader ESG goals, we are creating long-term value —
fostering a culture where individual growth and social progress go hand in hand. As we look to the future, we remain committed to being an employer, partner, and community leader that prioritises both human and societal advancement through everything we do.
Our People
Training and Development
At SFG, the appetite for learning and personal growth has been impossible to ignore. It quickly became clear that simply offering a limited number of training courses per year wasn’t enough — our people wanted more. They wanted faster access, more flexibility, and opportunities that matched their drive for continuous improvement in an alwayson culture. To meet this demand, in 2024, we took a bold step forward and invested in a one-stop learning platform through our partnership with Udemy. The response has been phenomenal. Employees can now explore thousands of courses aligned not only to their roles but also to their personal interests and aspirations. Managers can assign tailored learning paths for individuals and teams, ensuring development remains strategic, relevant, and empowering. This collaboration will offer our people unlimited access to a vast array of courses, empowering them to drive their own learning journey. We have also introduced dedicated learning hours each month, providing our employees with uninterrupted time for self-study and highlighting our desire to be a learning organisation. Additionally, learning is a key
objective, with employees expected to complete a specified number of courses annually to enhance their development. Managers will provide personalised learning paths through the learning platform to facilitate continual upskilling and retraining in areas of interest, free from time constraints. By eliminating rigid attendance schedules, our goal is to optimise employee autonomy and self-directed learning, perfectly aligning with the objectives of our Learning &
Development strategy. Our training hours has increased by 87% and our external training costs have reduced by 57%. At SFG, we’re proud to foster a culture where curiosity is encouraged, growth is celebrated, and learning never stops.
Our People
Wellness and Employee Engagement
At SFG, we believe that when our people are supported — mentally, physically, financially, and socially — they can thrive both at work and in their personal lives. Our approach to wellbeing is holistic, inclusive, and driven by what our employees genuinely value.
To support financial wellbeing, we regularly invite advisors from local banks and credit unions, including the highly renowned Eoin Magee; Financial Advisor, to host sessions on topics such as mortgages, loans, savings, and investments. These events consistently see high attendance, with employees also having the opportunity to book one-onone consultations afterwards for personal guidance.
Physical health is another core focus. Each year, we provide on-site health stations at both our Dublin and Limerick offices, where employees can check vital indicators such as cholesterol, BMI, and heart health. A personalised report is sent directly to each individual, encouraging proactive care. We also host onsite nutritionist-led talks tailored to key wellbeing themes, including Men’s
Health and Menopause Awareness. Through our partnership with VHI, employees have access to monthly wellbeing webinars on topics ranging from stress management to building resilience. These are hosted on our employee engagement platform, Workvivo, ensuring accessibility for our hybrid workforce regardless of location.
Mental health is a cornerstone of our wellness agenda. In 2024, we provided mental health awareness training for all employees and delivered enhanced training for people managers to better support their teams. These programmes were developed to foster a psychologically safe workplace where open conversations are encouraged, and support is always available.
Wellness and Employee Engagement
We also understand the importance of social connection in building a strong workplace culture. From summer BBQs and visits from food trucks and ice cream vans to our annual SFG Summit — a full day dedicated to celebrating achievements and coming together as one team — we create moments that matter. We mark important
Our People
company days with in-house events, bringing in professional speakers and personalities like ‘Rory’s Stories’, who connect, entertain, and share powerful messages about topics like neurodiversity and mental health.
Together, these initiatives create a workplace where people feel valued, supported, and inspired to bring their best selves to work — contributing to strong engagement and retention across the business.
“At SFG, we believe that building a highperforming, inclusive culture starts with genuinely investing in our people. Whether it’s through accessible learning, holistic wellbeing, meaningful recognition, or embedding equity into everything we do — we’re creating an environment where individuals can thrive and grow. Our strategy is not about ticking boxes; it’s about creating real impact that’s felt at every level
of the organisation. The results speak for themselves — including our recent Great Place to Work certification and industry-leading inclusion scores — but more importantly, so do our people, with higher engagement, stronger retention, and a shared sense of purpose across the group.”
-Marie Kearns, HR Director
SFG Summit
In December 2024, all staff across Enet and Magnet Plus came together for the highly anticipated SFG Summit, a day designed to foster collaboration, connection, and engagement among our teams. The event featured a blend of informative sessions, interactive workshops, and team-building activities, providing an invaluable opportunity for employees to align on our shared goals and celebrate our collective achievements. At SFG, we believe that these informal gatherings are essential for maintaining a strong sense of community, encouraging open dialogue, and deepening engagement across the organisation.
The day concluded with the much-celebrated 2024 Employee Recognition Awards, an event that empowers every employee to acknowledge and celebrate the exceptional contributions of their colleagues. These awards highlight the outstanding efforts, achievements, and dedication of individuals and teams across the organisation, regardless of their job title, role, or location. By recognising and valuing the work of our employees, we aim to cultivate a culture where everyone feels motivated to perform to their fullest potential, knowing their contributions are appreciated and rewarded.
This year’s award categories reflected the diverse ways in which our employees make an impact, including:
• All Stars Team / Department of the Year
• Above and Beyond Award
• Inspirational Leadership Award
• Equality, Diversity, and Inclusion Champion Award
• Best New Employee for 2024 Award
• Customer Service Excellence Award
• Cultural Ambassador Award
The event not only celebrated individual and team successes but also reinforced our commitment to recognising and valuing the hard work that drives SFG’s success. These awards are a testament to the incredible talent and dedication within our organisation, and they reflect the spirit of excellence, collaboration, and inclusivity that defines our workplace.
Looking ahead, we remain dedicated to fostering a culture of appreciation and recognition, ensuring that all employees feel empowered and motivated to contribute to SFG’s continued growth and success.
Our People
EDI
SFG’s Diversity, Equity, and Inclusion (DEI) strategy provides a structured and intentional approach to fostering an inclusive workplace, driven by a comprehensive, year-round calendar of DEI-focused events and initiatives. These activities reflect the broad spectrum of experiences and backgrounds within our workforce, ensuring meaningful engagement across the organisation.
In 2024, following a year of consistent promotion and growing visibility, the DEI committee experienced a surge in engagement across the company. With increased interest from new members, our first DEI ERG was formed - named SFG’s Inclusion Ambassadors by staff vote. The Inclusion Ambassadors champion inclusive practices, supporting our goal of achieving Gold Accreditation from the Irish Centre for Diversity (ICFD) by 2026, and creating a space where individuals can connect, collaborate, and develop meaningful workplace relationships.
Relationship-building is considered
fundamental to sustaining our positive workplace culture. This commitment is reflected in our societal engagement efforts, such as our company-wide volunteering days. These initiatives offer employees an opportunity to give back to the community.
A further key milestone has been the rollout of Workvivo, an online employee engagement platform that has become central to our internal communications strategy and a standout success in our DEI journey, significantly enhancing the quality of communication with our staff, particularly on DEI-related matters. This engagement platform allows us to share important documents and policies in an accessible and meaningful way, while also celebrating career milestones, personal achievements, and cultural or religious events. With its social media-like interface, Workvivo fosters a continuous flow of feedback from staff, promoting engagement and connection across the group.
Our ongoing commitment to DEI was recognised in 2024 by The Irish Centre for
Diversity through the introduction of their ‘National Inclusion Score’. We are proud to rank nearly 10% above the National Benchmark, a result that reflects the strength of our inclusive culture and the genuine sense of belonging experienced by our people. This independent measure reinforces our position as a leading diverse and inclusive workplace.
As part of our ongoing commitment to strengthening and investing in a culture of inclusion, we actively participate in high profile external benchmarking surveys to measure our progress and identify areas for improvement. Most recently, we were proud to achieve ‘Great Place to Work’ certification which required responses from at least 80% of our employees. The response was overwhelming, with high levels of engagement particularly in the ‘Diversity and Inclusion’ category, affirming that our diverse workforce truly feels a sense of inclusion and belonging. In February 2025, we also completed our bi-annual reassessment with the Irish Centre for Diversity, once again achieving an employee response rate of
Our People (Cont.)
over 80%. Continuous feedback through these assessments has clearly shown a marked increase in interest, engagement, and appreciation for DEI across our workforce since we began our journey in 2021. Our leadership team takes full accountability for driving DEI initiatives, ensuring that each department is aligned with our values. Additionally, we use the data from these surveys to track trends and identify areas of improvement. This approach keeps DEI at the forefront of our culture, holding us accountable to our goals and ensuring that every voice is heard.
At SFG, we recognise the importance of equipping our people with the skills and awareness needed to support inclusive hiring and leadership practices. As part of our DEI strategy, the HR department has rolled out a series of targeted training programmes focused on embedding inclusivity across the employee lifecycle. To date, over 40 people managers, team leads have completed a certified Inclusive Recruitment course delivered by the Irish Centre for Diversity. This half-day training explores best practices in DEI during the recruitment process, the
influence of both unconscious and conscious bias, and practical steps for minimising bias in decision-making. As a result, interview panels are now facilitated by trained individuals who bring a heightened awareness of inclusive practices to the assessment and selection of candidates, particularly when agreeing selection criteria. In addition, Inclusive Leadership training was delivered to 10 members of our Senior Management Team. This programme provided valuable insights into the role of inclusive leadership in shaping team culture, along with actionable strategies to engage, support, and unlock the potential of diverse teams. These initiatives mark a significant step in building an equitable and inclusive organisation from the top down—and from the first point of contact with our candidates to the ongoing development of our people.
Transparency & Influence
Our Leadership & Stakeholders
Leadership
In 2024, SFG underwent a significant transformation in governance with the formalisation of a new Board of Directors following the completion of the Group’s acquisition by Cordiant Digital Infrastructure Limited. Cordiant, a UK-listed investment company incorporated in Guernsey, specialises in owning and operating digital infrastructure assets across the UK, the EEA, and North America. The acquisition marked a new chapter for SFG, bringing enhanced strategic oversight and expertise to support our long-term growth and sustainability objectives.
Currently, the Board serves as the principal decision-making body and comprises seven directors, including four executive directors and three non-executive directors, one of whom serves as Chair. To strengthen governance and risk oversight, the Board has established the Audit and Risk Committee (‘ARC’). The ARC acts as an intermediary for all audit and risk-related
matters, meeting bi-annually to review and make recommendations to the Board. This structure ensures robust and transparent governance, aligning with best practices and stakeholder expectations.
At SFG, leadership goes beyond governance structures. We actively encourage our Executive Leadership Team (‘ELT’) and senior management to embody our PACE values, particularly the principle of valuing our people. Our leadership team is equipped with the necessary resources to foster a culture of engagement, effective performance management, and openness. By prioritising transparency and collaboration, we empower our teams to thrive, ensuring that SFG remains an organisation where innovation, inclusivity, and excellence drive sustainable success.
Through strong governance and a peoplefocused leadership philosophy, SFG continues to position itself as a leader in the digital infrastructure sector, delivering value to stakeholders and fostering long-term resilience.
Stakeholders
At SFG, we recognise that businesses operate within a complex ecosystem of diverse stakeholders, each playing a vital role in shaping our success. In 2024, we have continued to build positive and meaningful relationships with our stakeholders in alignment with our GRI-aligned Stakeholder Relations Policy. We prioritise their needs, interests, and expectations in our decisionmaking processes, maintaining regular engagement through initiatives like our Voice of the Customer programme in Magnet+, ongoing liaison meetings with the Department of the Environment, Climate and Communications, and collaborative discussions with ComReg on key industry topics. Additionally, we conducted an indepth employee and customer satisfaction survey to gather valuable insights and feedback.
Our Leadership & Stakeholders (Cont.)
We have identified our primary stakeholders as:
Department of the Environment, Climate and Communications
In 2024, our engagements with stakeholders have directly informed our ESG strategy, and this collaboration will deepen as we progress our revised ESG double materiality assessment in the 2025. This inclusive approach ensures our strategy remains responsive and aligned with stakeholder expectations, reinforcing our commitment to sustainable and responsible business practices.
In 2024, SFG reinforced its commitment to transparent reporting and sustainability excellence through participation in the annual GRESB benchmarking assessment, a globally recognised evaluation of ESG performance and management practices. Under the leadership of our Company Secretary and Sustainability Lead, Emma Armitage, SFG achieved its best results to date, scoring an outstanding 99/100, maintaining a prestigious 5-star rating, and securing 1st place within the European Fibre Networks peer group. For the first time, SFG was also recognised as an Infrastructure Asset Sector Leader, a significant milestone that highlights our leadership in sustainability within the infrastructure industry.
In addition to GRESB, SFG continued to disclose its ESG performance through the SASB (Sustainability Accounting Standards Board) framework, recognising the multiple
benefits of this globally accepted standard. SASB disclosures enhance the transparency, comparability, and relevance of our reporting, allowing us to effectively communicate our ESG efforts to stakeholders while identifying key opportunities for improvement.
Open and collaborative communication remains central to our approach. In 2024, SFG provided transparent updates to our shareholder, Cordiant, and maintained regular dialogue with the Department of the Environment, Climate and Communications. These updates covered our current performance, key achievements, and areas for improvement, reinforcing our commitment to accountability and continuous progress.
Through these efforts, SFG continues to lead by example, fostering trust and demonstrating the value of integrating sustainability into all aspects of our business.
“In 2024, SFG achieved remarkable milestones in our sustainability journey, including our highest-ever GRESB score and recognition as an Infrastructure Asset Sector Leader. These accomplishments are a testament to the hard work and dedication of our entire team and reflect our unwavering commitment to integrating ESG principles into everything we do. Transparent reporting, collaboration with stakeholders, and aligning with global standards like GRESB and SASB have been key to our success. As we look to the future, we remain focused on driving continuous improvement and delivering sustainable value for all our stakeholders.”, said Emma Armitage, Company Secretary and Sustainability Lead
Our Awards and Certifications
In 2024, we are delighted to have achieved Great Place to Work Certification, a prestigious recognition that underscores our commitment to fostering a positive, inclusive, and engaging workplace culture. The results from the Great Place to Work survey revealed that 81% of our employees report a mediumhigh overall trust level in the business, which was incredibly rewarding to see, given our ongoing efforts to strengthen Company culture. This achievement, grounded in valuable feedback from our employees, highlights our dedication to creating an environment where everyone feels valued, supported, and empowered to thrive.
Being recognised as a Great Place to Work not only boosts employee morale and retention but also enhances our standing as an employer of choice. It reinforces our belief that a happy, engaged workforce is the foundation of innovation, productivity, and long-term success. By prioritising our people, we are building a resilient and sustainable organisation that delivers lasting value to our stakeholders and contributes meaningfully to a better future.
In addition, our dedicated HR team has been making excellent progress in preparing for Silver re-certification with the Investor in Diversity programme, with the ambition of achieving Gold standard in the coming years. This commitment to diversity and inclusion reflects our broader ethos of continuous improvement and excellence. We have also maintained alignment with several key ISO certifications, including ISO 14001 (Environmental Management System), ISO 9001 (Quality Management), and ISO 45001 (Occupational Health and Safety). These certifications demonstrate our high standards and unwavering commitment to best practices across all facets of our operations. Together, these achievements reflect our holistic approach to sustainability, governance, and organisational excellence.
Our Culture
At SFG, we remain steadfast in upholding the highest standards of integrity and professional conduct. This commitment extends beyond legal and regulatory compliance to embracing our PACE values and fulfilling our voluntary commitments. Our Anti-Bribery and Corruption Policy clearly outlines the responsibility of all employees to identify and address any form of corruption encountered in the course of their work. By fostering a culture of integrity led by our leadership, we aim to create an open, transparent, and ethical working environment that drives the success of our business and builds trust with our stakeholders.
We are equally committed to promoting honesty, openness, and accountability across the organisation. Our robust Whistleblowing Policy educates and empowers employees to report concerns securely through welldefined internal channels. It also provides clear guidance on the protections offered
to whistleblowers to ensure they can voice concerns without fear of retaliation. In 2024, we continue to prioritise creating an environment where individuals feel supported to raise issues, confident that all reports are taken seriously and addressed promptly. This approach reinforces our commitment to ethical conduct, strengthening the foundation of trust and accountability on which our organisation is built.
Our Data Protection & Data Security Measures
At SFG, we take a strategic and proactive approach to data protection and security, ensuring compliance with evolving regulatory frameworks, including NIS 2 and DORA. Recognising the risk-based approach of GDPR and related regulations, we continuously refine our policies and practices through a robust Data Protection Governance Charter. This charter integrates ethical considerations and promotes data protection by design and by default, ensuring we systematically assess the impacts of data processing on our organisation and stakeholders.
Our Data Protection Governance Framework decentralises responsibility and aligns accountability with relevant business areas, supported by our Data Advocates Network (‘DAN’).
NIS 2 and DORA Compliance
Throughout 2024, the Dan focused on revamping our Register of Processing Activities and strengthening data processor agreements, enhancing organisation-wide awareness of data value and risks. Regular, mandatory training on data protection is provided to all employees, including new joiners, to reinforce compliance and best practices.
In partnership with our IT function, we prioritise embedding robust cybersecurity measures and data protection standards, aiming to achieve external accreditation through NIST. This supports our efforts to ensure data protection principles are deeply integrated into our operational culture, protecting the personal data of customers, staff, and partners.
“SFG continues to evolve its cyber security posture in response to the everevolving threat landscape. We do this through fortification of our internal resourcing model, adoption of security management best practice, compliance with regulatory requirements, and partnership with industry leading cybersecurity technology and threat landscape management organisations.”said John Gilvarry, CTO
As the regulatory landscape evolves, we remain focused on aligning with NIS 2 and DORA requirements. These frameworks emphasise the importance of robust cybersecurity, incident response, and operational resilience in safeguarding critical infrastructure and services. Our ongoing efforts include enhancing our security footprint, refining risk management strategies, and integrating advanced monitoring and reporting capabilities. This compliance journey underscores our commitment to maintaining the trust of our stakeholders while adhering to industry standards and regulatory expectations.
SASB Disclosures 2024
SASB DISCLOSURES 2024
Table 1. Telecommunication Services: Sustainability Disclosure Topics & Metrics
Environmental Footprint of Operations (1) Total energy consumed (2) percentage grid electricity and (3) percentage renewable
Quantitative Gigajoules (GJ), Percentage (%)
Data Privacy Description of policies and practices relating to behavioural advertising and customer privacy Discussion and Analysis n/a
Number of customers whose information is used for secondary purposes
Total amount of monetary losses as a result of legal proceedings associated with customer privacy
(1) Number of law enforcement requests for customer information, (2) number of customers whose information was requested, (3) percentage resulting in disclosure
Data Security (1) Number of data breaches, (2) percentage involving personally identifiable information (PII), (3) number of customers affected
Description of approach to identifying and addressing data security risks, including use of third-party cybersecurity standards
Quantitative Number
Quantitative Presentation currency
Quantitative Number, Percentage (%)
Quantitative Number, Percentage (%)
TC-TL-130a.1 (1) SFG consumed 3,516.34MWh of electricity (Scope 2) energy in 2024. We have opted to use MwH as this better applies to our reporting metrics compared to GJ. This accounted for 895.80 tCO2 under a location based methodology or 56.46 tCO2 under a market based methodology. (2) 100% (3) 97%
TC-TL-220a.1
Product End-of life Management
1) Materials recovered through take back programs, Percentage of recovered materials that were: (2) reused, (3) recycled, and (4) landfilled
Competitive Behaviour & Open Internet Total amount of monetary losses as a result of legal proceedings associated with anti-competitive behaviour regulations
Average actual sustained download speed of (1) owned and commercially-associated content and (2) non-associated content
Description of risks and opportunities associated with net neutrality, paid peering, zero rating, and related practices
Managing Systemic Risks from
Technology Disruptions
(1) system average interruption duration, (2) system average interruption frequency and (3) customer average interruption duration
Discussion and Analysis n/a
Quantitative Metric tons (t), Percentage (%)
Quantitative Presentation currency
Quantitative Megabits per second (Mbps)
Discussion and Analysis n/a
Quantitative Minutes, Number, Minutes
Discussion of systems to provide unimpeded service during service disruptions Discussion and Analysis n/a
Data Protection compliance is recognised by the Speed Fibre Group Companies as a key contributor to our overall corporate mission. Enet and Magnet Plus both have comprehensive privacy policies published on their websites which outline when and how company data is used (https://www.enet.ie/cookies-privacy-policy/ & https://www.magnetplus.ie/privacystatement/ ). These policies, along with our suite of internal data protection policies, are reviewed and updated as required to accurately capture our current practices and also to comply with any changes in laws or regulations.
Speed Fibre Group does not partake in behavioural advertising.
TC-TL-220a.2 0
TC-TL-220a.3 €0
TC-TL-220a.4 (1) 10 (2) 10 (3) 10%.
TC-TL-230a.1 (1) 1 (2) 100% (3) Residential Customers: c. 3060 former customers and 1528 existing customers were notified.
Business Customers: 3867 businesses were notified.
TC-TL-230a.2
During 2024 Speed Fibre Group have implemented a number of additional security measures, most notably implementation of a 24/7 Managed Security Operations Centre and improvements in other security controls. Additionally, we conducted a comprehensive 3rd party risk assessment against NIST2.0 CSF and NIS2 legislation.
TC-TL-440a.1 (1) 1.15t (2) 0% (3) 100% (through WEEE scheme) (4) 0%
TC-TL-520a.1 €0
TC-TL-520a.2 (1) Not applicable (2) Not applicable
TC-TL-520a.3 Net neutrality and paid peering does not present a material risk to SFG. We continue to monitor and support the industry position. Zero Rating is not applicable in relation to the products and services we provide.
TC-TL-550a.1 (1) 286.6 (2) 9/88 (3) 286.6
TC-TL-550a.2 The business has a robust Business Continuity Plan in place to ensure unimpeded service for our end users.
SASB DISCLOSURES 2024
Table 2. Activity Metrics
This information is not currently measured as is not applicable to our operations.
Sustainable Development Goals Progress
Introduction
As part of our commitment to the UNSDGs, SFG continues to drive sustainability within the telecommunications sector. Our focus on delivering high-end connectivity solutions and wholesale infrastructure supports economic growth, digital transformation, and environmental responsibility across Ireland. This appendix provides an update on our progress toward selected UNSDGs.
GOAL COMMITMENT PROGRESS
Goal 1: No Poverty Enable economic opportunity through inclusive connectivity and community support.
Goal 4: Quality Education Promote access to quality education through connectivity and internal learning platforms.
• Delivered free public Wi-Fi under WiFi4EU with Galway County Council, improving digital access in underserved communities.
• Maintained connectivity in rural and regional areas, supporting local business development
• Provided connectivity in primary schools, secondary schools, universities and research institutions across Ireland.
• Partnered with e-learning platforms, Udemy, to provide staff with on-demand learning.
• Organised a volunteer day and donation at Mid-West School for the Deaf, fostering community support and encouraging employee participation in social initiatives.
• Established a summer internship programme to support and provide students with hands-on experience in our sales and procurement functions
Goal 5: Gender Equality
Create a diverse and inclusive workplace with equal opportunities for all.
• Maintained Investors in Diversity Silver accreditation; progressing towards Gold by 2026.
• Established the ‘Inclusion Ambassadors’ employee resource group.
• Rolled out inclusive hiring and leadership training to managers.
• Delivered mandatory EDI and anti-harassment training group-wide.
GOAL COMMITMENT PROGRESS
Goal 8: Decent Work and Economic Growth
Foster sustainable economic growth through job creation, innovation, and employee development.
• Achieved ‘Great Place to Work’ certification with high trust and engagement scores.
• Created high-skilled roles through network expansion.
• Increased employee training hours by 87% via Udemy and reduced external costs by 57%.
• Conducted employee and customer satisfaction surveys.
Goal 9: Industry, Innovation, and Infrastructure
Goal 13: Climate Action
Drive digital innovation and resilient infrastructure to support long-term growth.
Support climate targets through net-zero pathway and environmental innovation.
• Expanded fibre and B2B networks across Ireland.
• Achieved GRESB 5-star rating (99/100), ranked 1st in peer group.
• Rolled out infrastructure optimisation: preventative maintenance, equipment upgrades, and removal of redundant systems.
• Continued investment in digital infrastructure serving national media and local councils.
• Reduced Scope 2 emissions to 31 tCO₂ (market-based), down from 1021 tCO₂ in 2022.
• Achieved 97% renewable energy usage across operations.
• Completed ISO 50002-aligned energy audit of 100% of operations.
• Rolled out Scope 3 tracking (home working, commuting, travel).
• Initiated supplier ESG screening and expanded circular economy practices.
Future Outlook
SFG remains dedicated to delivering high-end connectivity solutions while advancing sustainability and digital equity. We will continue investing in next-generation infrastructure and partnerships that align with the UNSDGs. Further updates will be provided in our next sustainability report.
Feedback
At SFG, we value constructive feedback from our stakeholders and always operate on a continuous improvement basis.
If you have any comments or queries on this report please get in touch at esg@speedfibregroup.ie