Third quarter 2026 financial highlights

• Revenue was at the previous year's level, EUR 561m.
• Telecom service revenue decreased by 1.3 per cent, or EUR -5m, to EUR 349m.
• International Software Services revenue increased by 11 per cent, or EUR 4m to EUR 38m.
• Comparable EBITDA decreased by 2 per cent, or EUR 4m, to EUR 210m.
• Comparable EBIT decreased by 5 per cent, or EUR 7m, to EUR 131m.
• Comparable cash flow decreased by 7 per cent, or EUR 8m, to EUR 116m.
• In Finland, mobile post-paid ARPU was EUR 24.0 (24.0 in the previous quarter), and mobile post-paid churn increased to 18.7 per cent (16.7).
• During the quarter, the number of post-paid mobile subscriptions excluding M2M and IoT decreased by 16,300. M2M and IoT subscriptions increased by 9,900.
• Prepaid subscriptions increased by 22,400 during the quarter.
• The number of fixed broadband subscriptions increased by 20,400 during the quarter.

Key indicators

¹⁾ 3Q2026 excluding EUR 5m and 1Q-3Q2026 excluding EUR 14m in restructuring costs, customer credit provision and exceptional impairment of trade receivables. 1Q-3Q2025 excluding EUR 6m in restructuring costs.
²⁾ 3Q2026 excluding one-off items affecting EBIT and 1Q-3Q2026 excluding one-off items affecting EBIT and EUR 1m impairment of loan receivables. 3Q2025 and 1Q-3Q2025 excluding one-off items affecting EBIT.
³⁾ Excluding leases, shares and business acquisitions.
⁴⁾ (Interest-bearing debt - financial assets) / (four previous quarters' comparable EBITDA).
⁵⁾ Cash flow before financing activities.
⁶⁾ 3Q2026 excluding EUR 20m and 1Q-3Q2026 excluding EUR 30m in share and business investments and sales. 3Q2025 excluding EUR 2m and 1Q-3Q2025 excluding EUR 9m in share investments and sales.

Additional key performance indicators are available at elisa.com/investors (Elisa Operational Data.xlsx).

CEO Topi Manner: Mobile recovery continues at a more moderate pace - good progress in data center connectivity and international software services

In the third quarter, revenue was at the previous year's level. Last year's competitive situation still affected this quarter's results. Comparable EBITDA decreased by 1.8 per cent to EUR 210 million compared to the strong third quarter in 2025. We discontinued our Public Switched Telephone Network (PSTN) after 140 years of service. This had approximately EUR 2 million negative impact on our EBITDA and revenue development for the quarter, but it will simplify our network technologies, reduce costs and open possibilities to monetise copper assets in the future.

During the third quarter, mobile business recovery continued, albeit at a more moderate pace due to slightly intensified competition. New sales prices for our consumer mobile subscriptions in Finland were above the previous year's level and take effect with a delay. Sales and marketing costs were down from previous year due to value-based actions, including reduced use of vouchers. Churn increased from 16.7 to 18.7 per cent, which is typical of seasonally active third quarter. Telecom service revenue was still negatively impacted by last year's harsh competitive environment in mobile services. We saw growth of 2 per cent in fixed service revenue and strong fiber base growth of 20,400 new subscriptions.

We continued our cost-saving actions and initiated an operating model change of Elisa Industriq. The transformation programme is progressing according to plan and will deliver the targeted cost savings of EUR 40 million during the year. We continue to improve efficiency by leveraging AI and further simplifying operations.

We focus strongly on customer experience and have reorganised our Consumer Customers business into a more customer-centric operating model with strong regional presence and strengthened customer service. We want to serve households with all their digital and connectivity needs. In the area of home services, we included MTV Katsomo+ streaming service to Elisa Viihde customers. This tangible benefit has been well received by our customers.

Demand for data center connectivity is rapidly expanding as Finland is experiencing a data center boom. During the quarter we announced an important deal with Google to provide connectivity to their three new data center campuses in Finland, reflecting our competitiveness and position as trusted provider in these services. As a sign of strong growth, our year-to-date cumulative data center connectivity order intake is almost EUR 100 million, most of which was secured during the third quarter. While the revenue impact from the order backlog will start mainly from 2028 onwards, cash flow dynamics are attractive, and we expect positive net cash flow from data center connectivity for the year.

Our AI-RAN collaboration with NVIDIA and Nokia, announced in March, continues to advance. Most recently, we launched a beta version of Moontalk AIRI Personal, a real-time AI assistant, that utilises NVIDIA Nemotron open models and distributed infrastructure.

In International Software Services we saw good progress. We won several major new deals, especially in the semiconductor industry, with global customers. The operating model change in Elisa Industriq will result in two global business areas: manufacturing and critical infrastructure for telecommunications and energy industries. The change will include efficiency measures and targets a significant improvement in profitability going forward.

We continue to focus on implementing our faster profitable growth strategy, creating customer value by being a frontrunner in technology, and continuously improving our competitiveness, productivity and quality.

Outlook and guidance for 2026 

The development in the general economy includes many uncertainties. Growth in the Finnish economy has been weak. Finnish telecom market is competitive.

Full-year revenue is estimated to be at the same level as or slightly higher than in 2025. Full-year comparable EBITDA is anticipated to be EUR 815-845 million. Capital expenditure¹ is expected to be 12 per cent of revenue. (Guidance unchanged).

The outlook and guidance assume that the economic and operating environment gradually improves during the year. It further assumes telecom service revenue growth of 0-2 per cent and international software services organic revenue growth 5-10 per cent. Mobile service revenue is the main driver of telecom service growth.

¹ Excluding leases, shares, business acquisitions and data center investments

Profit distribution

Elisa's Annual General Meeting held on 1 April 2026, decided to pay a maximum dividend of EUR 2.40 per share based on the adopted balance sheet of 31 December 2025. The dividend will be paid in four instalments.

The first instalment of the dividend of EUR 0.60 per share was paid on 15 April 2026, and the second instalment was paid on 29 July 2026.

On 20 October 2026, the Board decided that the third instalment of the dividend is EUR 0.60 per share and it will be paid to a shareholder registered in the shareholders' register held by Euroclear Finland Oy on the dividend payment record date of 26 October 2026. The dividend will be paid on 4 November 2026. Following this announced distribution, the Board's remaining distribution authorisation is a maximum of EUR 0.60 per share.

ELISA CORPORATION

Vesa Sahivirta
IR Director
tel. +358 50 520 5555

Juho Saarinen
Group Treasurer
tel. +358 44 535 0595

Distribution:  

Nasdaq Helsinki
Principal media
elisa.com