Third quarter 2025 financial highlights

• Revenue increased by 5 per cent, or EUR 25m, to EUR 561m.
• Mobile service revenue increased by 3.3 per cent, or EUR 9m, to EUR 263m.
• Comparable EBITDA grew by 4 per cent, or EUR 8m, to EUR 214m.
• Comparable EBIT increased by 2 per cent, or EUR 3m, to EUR 139m.
• Comparable cash flow increased by 12 per cent, or EUR 13m, to EUR 125m.
• In Finland, mobile post-paid ARPU increased to EUR 24.3 (24.1 in the previous quarter), and mobile post-paid churn increased to 22.3 per cent (17.1).
• During the quarter, the number of post-paid mobile subscriptions decreased by 20,400, of which M2M and IoT subscriptions share was 5,700.
• Prepaid subscriptions increased by 9,000 during the quarter.
• The number of fixed broadband subscriptions increased by 4,800 during the quarter.

After Q3, Elisa has decided to launch a transformation programme to simplify its operations and to increase productivity in line with the strategy communicated at the Capital Markets Day in March 2025.

Key indicators

¹⁾ 1Q-3Q/2025 excluding EUR 6m in restructuring costs. 1Q-3Q2024 excluding EUR 10m in restructuring costs. ²⁾ Excluding leases, licences, shares and business acquisitions. ³⁾ (Interest-bearing debt - financial assets) / (four previous quarters' comparable EBITDA). ⁴⁾ Cash flow before financing activities. ⁵⁾ 3Q2025 excluding EUR 2m and 1Q-3Q/2025 excluding EUR 9m in share investments and sales. 3Q2024 excluding EUR 16m and 1Q-3Q2024 excluding EUR 58m in share and business investments and loans granted.

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

CEO Topi Manner: Solid financial results, strategy implementation to be accelerated with transformation programme

In the third quarter, revenue grew by 5 per cent to EUR 561 million. EBITDA improved by 4 per cent to EUR 214 million, driven by mobile and international software service revenue as well as fixed service revenue, which turned to growth during the quarter. Comparable cash flow grew by 12 per cent, driven by growing EBITDA, a positive change in net working capital and strict CAPEX discipline. 

As we announced today, we have decided to launch a transformation programme to simplify our operations and to increase our productivity in line with the strategy of faster profitable growth presented at the Capital Markets Day in March 2025. The transformation programme is designed to accelerate the execution of our strategy. At the same time, we are taking swift action to improve our competitiveness in the current market environment.

During the quarter, competition in the Finnish consumer mobile market became more intense most notably in lower-speed-tier 4G subscriptions, resulting in elevated churn. However, mobile service revenue growth was solid at 3.3 per cent, supported by 5G upselling and the updated security features offering. The growth in fixed service revenue was driven by improved demand for enterprise network services and the continued strong growth of fiber broadband. In the International Software Services segment, we saw growth boosted by mergers and acquisitions, even though tariff-related uncertainties have resulted in some delays in customer projects. 

Around 600,000 customers are already using our updated consumer customer voice subscriptions with additional security features. These changes in our offering have improved mobile security in Finland overall. For example, the number of people using Mobile ID has increased by 70 per cent in the last 12 months. We also introduced a new feature allowing customers to block suspicious incoming calls from foreign numbers, which is already making scammers' methods less effective.

Strong demand for cybersecurity services is continuing among corporate customers. Kesko, one of the biggest trading sector operators in Northern Europe, chose Elisa as its provider for cybersecurity services and resilience in Finland, the Nordics and Baltics, and Poland.

We have also continued our long-term work to promote digital wellbeing among children and young people. In October, more than 95,000 middle school students participated in our Super Digischool. This year's topics were digital scams in the age of AI, online bullying and digital safety for young people.

We are strongly committed to our strategy of faster profitable growth, creating customer value by being a frontrunner in technology, and continuously improving our competitiveness, productivity and quality.

Outlook and guidance for 2025

The development in the general economy includes many uncertainties. Growth in the Finnish economy is expected to be weak. In particular, there is continuing uncertainty relating to Russia's war in Ukraine and other geopolitical conflicts. Challenges in global supply chains may also result in uncertainties in volumes and prices. Competition in the Finnish telecommunications market remains keen.

Full-year revenue is estimated to be at the same level as or slightly higher than in 2024. Mobile, digital and software services are expected to increase revenue. Full-year comparable EBITDA is anticipated to be at the same level as or slightly higher than in 2024. Capital expenditure is expected to be a maximum of 12 per cent of revenue.

Elisa continues to improve productivity, for example by increasing automation and data analytics in different processes, such as customer interactions, network operations and delivery. Additionally, Elisa's continuous quality improvement measures will increase customer satisfaction and efficiency, and reduce costs.

Elisa's transformation into a provider of exciting, new and relevant services for its customers is continuing. Long-term revenue growth and profitability improvement will derive from growth in the mobile data market, as well as domestic digital and international software services.

ELISA CORPORATION

Additional information:

Mr Topi Manner, CEO, tel. +358 10 265 1200
Mr Jari Kinnunen, CFO, tel. +358 10 262 9510
Mr Vesa Sahivirta, IR Director, tel. +358 50 520 5555

Distribution:

Nasdaq Helsinki
Principal media
elisa.com