Elisa (ELISA) investor relations material

Executive summary

• Q3 revenue was €560.9m, up 0.1% YoY; comparable EBITDA was €209.7m, down 1.8%, and comparable EBIT fell 5.1% to €131m.

• Telecom service revenue declined 1.3%; mobile competition and PSTN discontinuation weighed on results, while transformation savings partly offset the pressure.

• Fixed broadband subscriptions grew by 20,400 and International Software Services comparable revenue increased 10.9%.

• FY2026 guidance was unchanged: revenue at the same level as or slightly higher than 2025 and comparable EBITDA of €815–845m.

Financial highlights

• Q3 reported EBIT was €126.1m versus €138.6m; net profit was €91.2m versus €103.3m, and reported EPS was €0.57 versus €0.64.

• Comparable EPS was €0.59 versus €0.64; higher depreciation and slightly higher net financial expenses weighed on earnings.

• Comparable EBITDA margin was 37.4%, down from 38.1%; comparable EBIT margin was 23.4%, down from 24.7%.

• Q3 comparable cash flow after investments was €116m versus €125m; 9M comparable cash flow after investments was €283m versus €320m.

• Q3 capital expenditure excluding licences, leases and acquisitions was €77m versus €65m; 9M was €211m versus €205m.

Outlook and guidance

• FY2026 guidance remains unchanged: revenue at the same level as or slightly higher than 2025; comparable EBITDA €815–845m and CAPEX 12% of revenue.

• Guidance assumes telecom service revenue growth of 0%–2%, with the FY result expected at the lower end, and International Software Services organic revenue growth of 5%–10%.

• International Software Services expects gradual EBITDA improvement, with significant profitability improvement targeted for 2027.

• Q4 EBITDA improvement remains a target, supported by cost discipline and earnings opportunities; increased mobile competition is a headwind.

• Data center connectivity revenue is expected to become material mainly from 2028; positive full-year 2026 net cash flow is expected, with inflows mainly in Q4.