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Elisa Oyj: Elisa's Half-Year Financial Report January-June 2026
ELISA CORPORATION HALF-YEAR FINANCIAL REPORT RELEASE 15 JULY 2026 AT 8:30 AM
Second quarter 2026 financial highlights
- Revenue was at the previous year's level, EUR 551m.
- Telecom service revenue decreased by 0.7 per cent, or EUR -3m, to EUR 348m.
- Comparable EBITDA grew by 1 per cent, or EUR 3m, to EUR 201m.
- Comparable EBIT decreased by 1 per cent, or EUR 1m, to EUR 123m.
- Comparable cash flow decreased by 37 per cent, or EUR 42m, to EUR 71m.
- In Finland, mobile post-paid ARPU increased to EUR 24.0 (23.9 in the previous quarter), and mobile post-paid churn decreased to 16.7 per cent (17.2).
- During the quarter, the number of post-paid mobile subscriptions increased by 21,000, of which M2M and IoT subscriptions grew by 15,100.
- Prepaid subscriptions increased by 7,900 during the quarter.
- The number of fixed broadband subscriptions increased by 3,500 during the quarter.
Key indicators
| EUR million | 2Q26 | 2Q25 | Δ % | 1H/26 | 1H/25 | Δ % | |
| Revenue | 551 | 552 | -0,3 % | 1 099 | 1 108 | -0,8 % | |
| EBITDA | 196 | 196 | 0,0 % | 395 | 391 | 1,1 % | |
| Comparable EBITDA (1 | 201 | 198 | 1,4 % | 404 | 397 | 1,8 % | |
| EBIT | 118 | 122 | -3,3 % | 242 | 244 | -0,7 % | |
| Comparable EBIT (1 | 123 | 124 | -0,9 % | 251 | 250 | 0,5 % | |
| Profit before tax | 111 | 112 | -0,6 % | 224 | 223 | 0,4 % | |
| Comparable profit before tax (2 | 117 | 114 | 3,0 % | 235 | 230 | 2,2 % | |
| EPS, EUR | 0,55 | 0,56 | -1,4 % | 1,12 | 1,12 | 0,0 % | |
| Comparable EPS, EUR (2 | 0,59 | 0,57 | 2,5 % | 1,18 | 1,15 | 1,9 % | |
| Capital expenditure (3 | 72 | 76 | -5,0 % | 133 | 141 | -5,2 % | |
| Net debt | 1 482 | 1 495 | -0,8 % | 1 482 | 1 495 | -0,8 % | |
| Net debt / EBITDA (4 | 1,8 | 1,9 | 1,8 | 1,9 | |||
| Gearing ratio, % | 110,5 % | 137,0 % | 110,5 % | 137,0 % | |||
| Equity ratio, % | 39,1 % | 32,7 % | 39,1 % | 32,7 % | |||
| Cash flow (5 | 68 | 112 | -39,2 % | 157 | 189 | -16,9 % | |
| Comparable cash flow (6 | 71 | 113 | -37,2 % | 167 | 196 | -14,9 % | |
1) 2Q2026 excluding EUR 5m and 1H2026 excluding EUR 9m in restructuring costs, customer credit provision and exceptional impairment of trade receivables. 2Q2025 excluding EUR 2m and 1H2025 EUR 6m in restructuring costs.
2) 2Q2026 and 1H2026 excluding one-off items affecting EBIT and EUR 1m impairment of loan receivables. 2Q2025 and 1H2025 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) 2Q2026 excluding EUR 3m and 1H2026 excluding EUR 10m in share and business investments and sales. 2Q2025 excluding EUR 1m and 1H2025 excluding EUR 7m in share investments.
Additional key performance indicators are available at elisa.com/investors (Elisa Operational Data.xlsx).
CEO Topi Manner: Continued improvement in EBITDA and mobile indicators
In the second quarter, revenue was at the previous year's level. Comparable EBITDA increased by 1.4 per cent to EUR 201 million. Comparable cash flow was EUR 71 million.
During the second quarter, mobile KPIs returned to normalised levels. Prices for our new consumer mobile subscriptions in Finland exceeded the previous year's level. Sales and marketing costs were down from the previous quarter to a normal level. At the same time, churn decreased slightly from 17.2 to 16.7 per cent, which is in line with our 10-year average Q2 churn. While we saw an improvement in mobile KPIs, telecom service revenue was still negatively impacted by last year's harsh competitive environment in mobile services. We saw solid growth of 3 per cent in fixed service revenue, partly offsetting the negative development in mobile service revenue. Improved pricing in mobile takes effect with a delay, especially supporting Q4 telecom service revenue.
We continued our cost-saving actions, securing continued improvement in EBITDA. 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.
The fibre subscription base continued to grow. In July, we acquired Napapiirin Kuituverkot Oy in the Lapland area, and Finland's largest rental housing company, Lumo Plc, with a portfolio of 44,000 apartments, chose Elisa as its service provider. As part of our network and service upgrades, we completed the ramp-down of the fixed-line network that served Finns for over 140 years.
Elisa is in a strong position as a trusted connectivity service provider in the growing data centre market in Finland, where the first deals with large-scale data centre operators have been signed. This gives Elisa attractive business opportunities going forward.
Elisa's cooperation on drone detection with the Finnish Border Guard and Sensofusion, as well as successful testing of submarine cable security with the Finnish Border Guard and the Finnish Navy, demonstrate our ability to develop innovative solutions to strengthen Finland's comprehensive security.
In international software services, Q2 revenue and profitability were below our expectations as global, geopolitically driven uncertainties resulted in some license agreements being postponed. Order backlog, however, developed positively. Spain's leading mobile operator MasOrange selected Elisa Industriq's solution across its newly combined mobile network.
In July, we were pleased to reach an agreement with MTV, a Finnish commercial TV company. Under the new agreement, we will deepen collaboration and together further develop our services. We would like to thank our customers for their patience during a regrettable interruption of MTV's content during the prolonged negotiations.
We are proud to be one of the world's most sustainable companies. For the third consecutive year, TIME Magazine and Statista ranked Elisa in the top 100 in their global analysis, demonstrating our commitment to long-term and systematic sustainability work.
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 expenditure 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 (update) and international software services organic revenue growth 5-10 per cent (update). Mobile service revenue is the main driver of telecom service growth.
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. In addition, the AGM authorised the Board of Directors to later decide, at its discretion, on the distribution of a maximum dividend of EUR 1.80 per share in total. The authorisation is valid until the next AGM.
On 14 July 2026, the Board decided that the second 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 20 July 2026. The dividend will be paid on 29 July 2026. Following this announced distribution, the Board's remaining distribution authorisation is a maximum of EUR 1.20 per share.
ELISA CORPORATION
Additional information:
Topi Manner, CEO, tel. +358 10 265 1200
Kristian Pullola, CFO, tel. +358 10 262 5939
Vesa Sahivirta, IR Director, tel. +358 50 520 5555
Distribution:
Nasdaq Helsinki
Principal media
elisa.com