Elisa (ELISA) Q3 2025 earnings summary

Executive summary

• Revenue grew between 4.6% and 5% year-over-year, driven by international software services, mobile, and fixed service revenue, with 5G upselling and new security features supporting growth.

• EBITDA increased 3.7% to 4% to EUR 214 million, with a margin of 38.1%, and comparable cash flow rose 12%.

• A transformation program was launched, targeting EUR 40 million in annual cost savings by 2026, including 450 job reductions, mainly in Finland.

• Fixed broadband and fiber-related revenue showed positive momentum, while postpaid churn in Finland rose above 22% due to intense 4G competition.

• Acquisitions contributed positively to revenue, while divestments had a negative impact.

Financial highlights

• Q3 2025 revenue: EUR 561 million (+5% YoY); EBITDA: EUR 214 million (+4% YoY); EBIT: EUR 139 million (+2% YoY); Net profit: EUR 103 million; EPS: EUR 0.64 (+2.3% YoY).

• Comparable cash flow increased 12% in Q3 to EUR 125 million; YTD comparable cash flow up 10%.

• CapEx (excluding licenses, leases, acquisitions) was EUR 65 million, in line with 12% of sales; main areas: 5G, fiber, IT.

• ISS revenue increased 53% (3% organic), with recurring revenue up 13% in the quarter and 15% year-to-date.

• Net debt rose 7% to EUR 1,390 million; gearing ratio at 116.4%; equity ratio at 35.7%.

Outlook and guidance

• Full-year 2025 revenue and comparable EBITDA expected at or slightly above 2024 levels; guidance remains unchanged.

• ISS organic comparable growth for the full year expected between 5% and 10%.

• Mobile service revenue growth for the year projected at low to mid-single digits, with Q4 expected to remain challenging due to competition.

• CapEx capped at 12% of revenue.

• Transformation program aims to achieve midterm revenue and EBITDA targets, with most cost savings realized from Q1 2026.