Elisa (ELISA) Q4 2025 earnings summary

Executive summary

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

• Comparable EBITDA reached EUR 808m for the year, flat in Q4, and EBIT hit EUR 512m, both at record highs.

• Comparable cash flow after investments rose 15% to EUR 411m, with Q4 up 37.6%.

• Transformation program targets EUR 40m annual cost savings by 2026, including 357–360 job reductions.

• Board proposes a dividend of up to EUR 2.40 per share, marking the 12th consecutive annual increase, and authorisation for up to 5 million share buybacks.

Financial highlights

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

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

• Q4 net profit: EUR 90m (-2% YoY); full-year net profit: EUR 342m.

• EPS for Q4: EUR 0.56 (-3% YoY); full-year EPS: EUR 2.36.

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

Outlook and guidance

• 2026 revenue expected at or slightly above 2025 levels; comparable EBITDA guidance EUR 815–845m.

• Capital expenditure forecasted at 12% of revenue.

• Telecom service revenue growth of 1–3% and international software services organic growth over 10% anticipated.

• Economic and operating environment expected to gradually improve in 2026.