Elisa (ELISA) investor relations material

Executive summary

• Q2 2026 revenue was flat year-over-year at €551 million, with comparable EBITDA up 1.4% to €201 million, driven by cost measures and transformation program progress.

• Mobile service revenue declined 1.7%, while fixed service revenue grew 2.2%; international software services saw 0.6% organic revenue growth, though some deals were postponed.

• Post-paid churn normalized to 16.7%, mobile post-paid subscriptions increased by 21,000, and fixed broadband subscriptions grew by 3,500.

• Transformation and cost-saving programs are on track, targeting €40 million in annual savings and focusing on customer centricity and AI-enabled growth.

• Notable acquisitions include Napapiirin Kuituverkot Oy (fiber network), Tokoi eCommerce Oy, and Tridea Oy’s business.

Financial highlights

• Comparable EBITDA margin improved to 36.5% in Q2 2026; comparable EBIT for Q2 was €123 million, down 0.9% year-over-year.

• Net profit for Q2 was €89 million, with EPS at €0.55; H1 net profit was €180 million.

• Comparable cash flow for Q2 was €71 million, down 37% due to higher financial expenses and less favorable working capital.

• H1 2026 CAPEX was €95 million, mainly for 5G, fiber, and IT; Q2 CAPEX was €72 million.

• Net debt at end of Q2 was €1,482 million, with net debt/EBITDA at 1.8x and equity ratio at 39.1%.

Outlook and guidance

• 2026 revenue expected to be at or slightly above 2025 levels, with comparable EBITDA guidance of €815–845 million.

• Telecom service revenue growth forecast updated to 0–2%; international software services organic revenue growth 5–10%.

• CAPEX to remain at 12% of revenue.

• Q4 2026 EBITDA is expected to be stronger than Q3, reversing historical seasonality.

• Mobile service revenue growth will be more visible in Q4 due to lag from fixed-term contracts.