Elisa (ELISA) Q3 2024 earnings summary

Executive summary

• Q3 revenue declined by 1.6% to €535.9m, mainly due to acquisitions/disposals, lower equipment sales, and regulatory impacts.

• EBITDA increased by 3.7% to €205.9m, with margin improving to 38.4% from 36.5% a year ago.

• Mobile service revenue grew 4.8% year-over-year; international digital services revenue up 25%, with 7% organic growth.

• EPS stable at €0.63; net profit was €100m.

• 5G network now covers over 95% of Finland’s population; fibre network expanded via acquisition.

Financial highlights

• Q3 EBITDA: €205.9m (+3.7%), margin 38.4%; EBIT: €136m (+3.6%), margin 25.4%.

• EPS unchanged at €0.63; net profit stable at €100.2m.

• Comparable cash flow up 4% to €111m in Q3; YTD €291m, up 2%.

• Net debt/EBITDA at 1.7x; equity ratio 38%.

• CapEx in Q3: €93m (excluding licenses/acquisitions), focused on 5G, fibre, and IT.

Outlook and guidance

• Full-year EBITDA outlook upgraded; now expected to be slightly higher than 2023.

• Revenue expected at or slightly above 2023; CapEx guidance at 12–13% of revenue.

• IDS expected to deliver double-digit organic growth for full year 2024.

• Productivity improvements and automation to continue; long-term growth from mobile data and digital services.

• Economic growth in Finland expected to stall; supply chain and geopolitical risks persist.