Elisa (ELISA) investor relations material

Executive summary

• Revenue grew 3% year-over-year to EUR 2,257m, driven by mobile and international software services, with Q4 revenue up 1.5%.

• Comparable EBITDA remained stable year-over-year at EUR 808m for the full year, despite intense competition and temporary sales costs.

• Comparable cash flow reached record highs, up 37.6% in Q4 and 15% for the year, supported by positive working capital changes.

• Board proposes a dividend of up to EUR 2.40 per share, marking the twelfth consecutive increase, with quarterly payments and share buyback authorization.

• Transformation program targets EUR 40m in cost savings by 2026, with over 350 job reductions already implemented.

Financial highlights

• Q4 revenue: EUR 588m (+1.5% YoY); full-year revenue: EUR 2,257m (+3%).

• Q4 comparable EBITDA: EUR 198m (flat YoY); full-year EBITDA: EUR 808m (+3%).

• Net profit for the year: EUR 342m; EPS: EUR 2.36.

• Record comparable cash flow in Q4: EUR 91m (+38% YoY); full-year: EUR 411m (+15%).

• Dividend payout ratio: 102%; dividend yield: 6.4%.

Outlook and guidance

• 2026 revenue expected to be at or slightly above 2025 levels.

• Comparable EBITDA guidance for 2026: EUR 815–845m.

• CapEx to remain at 12% of revenue.

• Telecom service revenue growth expected at 1–3%, with mobile as the main driver; international software services organic growth expected above 10%.

• Midterm targets of 4% revenue and EBITDA growth reaffirmed for 2027.