Elisa (ELISA) Q2 2025 earnings summary

Executive summary

• Revenue grew 2% year-over-year in Q2 2025 to €552 million, driven by international software and mobile service revenue, while equipment sales declined.

• Comparable EBITDA increased by 4.3% to €198 million, with record-high cash flow up 20% year-over-year.

• New mobile offerings with embedded security features launched, supporting MSR growth and receiving positive customer feedback.

• Churn decreased to 17% in Finland despite price increases, with 42,800–43,000 net new postpaid mobile subscriptions.

• International software services saw 71% revenue growth (10% organic), with global sustainability recognition.

Financial highlights

• Q2 2025 revenue was €552 million (+2%); comparable EBITDA €198 million (+4.3%), margin 35.8%.

• Comparable cash flow for Q2 was €113 million, up 20% year-over-year.

• EBIT margin at 22.5%; net profit €91.8 million; EPS €0.56–0.57.

• Net debt/EBITDA at 1.9x; equity ratio at 32.7%.

• CapEx for Q2 was €89 million (reported), €76 million (guided, excl. leases/acquisitions).

Outlook and guidance

• Full-year 2025 revenue and comparable EBITDA expected at or slightly above 2024 levels; CapEx capped at 12% of revenue.

• Mid single digit mobile service revenue growth and double-digit organic growth in international software services expected.

• Free cash flow outlook positive, supported by EBITDA growth and stable CapEx policy.

• Macroeconomic and geopolitical uncertainties persist, with supply chain and regulatory risks.