Elisa Oyj Class A · OMXHEX:ELISA
Elisa Oyj Class A — Elisa Oyj Ord A — Q3 2025 Earnings Presentation
20 slides from Elisa Oyj Class A's earnings presentation, Oct 23, 2025
Slide 1: Interim Report Q3 2025
Interim Report Q3 2025 23 October 2025
Slide 2: Q3 2025 highlights
INTERIM REPORT Q3 2025 Q3 2025 highlights • Revenue increased by 4.6%, driven by growth in international software services and an increase in mobile service revenue. • Mobile service revenue increased by 3.3%. • International software services revenue increased by 53.4%; comparable growth was 3.0%.
Slide 3: Growth in revenue and EBITDA, competition raised churn
INTERIM REPORT Q3 2025 Growth in revenue and EBITDA, competition raised churn Revenue Mobile service revenue Revenue, €m YoY change, % Increase MSR, €m YoY change,% • ISS, mobile and • 5G upselling 2,9% 4,0% 2,0% 4,6% fixed services 4,8% 4,1% 3,4% -1,6% 2,6% 3,3% continuing • Acquisitions • Product
Slide 4: Competition hit B2C, strong quarter in B2B
INTERIM REPORT Q3 2025 Competition hit B2C, strong quarter in B2B Consumer Customers Corporate Customers International Software Services Revenue +0.9% Revenue +5.6% Revenue +53.4% + Mobile and fixed services + Mobile and fixed services + Acquisitions + Interconnection and roaming + Interconnection a
Slide 5: Transformation programme to accelerate Faster Profitable Growth strategy
INTERIM REPORT Q3 2025 Transformation programme to accelerate Faster Profitable Growth strategy • Transformation programme launched to: • Simplify operations • Increase productivity, agility and speed of operations • Improve competitiveness in the current market environment • Aiming for EUR 40 milli
Slide 6: Upselling in mobile continues, growth in fiber
INTERIM REPORT Q3 2025 – BUSINESS HIGHLIGHTS Upselling in mobile continues, growth in fiber Good development in mobile, but price 5G smartphone and speed penetration1 competition more intense • Heated competition slows down MSR growth 62% 63% 58% 59% • Upgrade with security features for consumer voi
Slide 7: Solid performance in digital, but delays impacting international software services
INTERIM REPORT Q3 2025 – BUSINESS HIGHLIGHTS Solid performance in digital, but delays impacting international software services Home Services • Cannes Coup de Coeur-winning Elisa Viihde original series Jään vangit (Icebreaker) premiered in Finland, Spain, Portugal and Australia (also sold to Germany
Slide 8: Outlook and guidance for 2025
INTERIM REPORT Q3 2025 Outlook and guidance for 2025 The development of the general economy includes many uncertainties. Growth in the Finnish economy is expected to be weak. In particular, there is continuing uncertainty in global supply chains relating to Russia’s war in Ukraine and other conflict
Slide 9: Financial review Q3 2025
Nise Financial review Q3 2025
Slide 10: Solid revenue and EBITDA growth
INTERIM REPORT Q3 2025 Solid revenue and EBITDA growth EUR million1 Q3/25 Q3/24 Change % 2024 Q3 2025 YoY revenue change +€25m Revenue 560.6 535.9 24.7 4.6% 2,191 Other operating income 2.8 1.1 1.8 166.0 % 6 0 0 Materials and services -191.7 -189.1 -2.5 1.3% -784 Employee expenses -102.1 -93.2 -8.9
Slide 11: Growth and profitability improved in Estonia
INTERIM REPORT Q3 2025 Growth and profitability improved in Estonia • Revenue increased by EUR 1m, +2% Revenue Revenue, €m YoY change, % • Growth in mobile and fixed services, decrease in equipment sales -4,1% -4,8% 3,9% 2,2% -10,4% • EBITDA increase by EUR 2m, 9% • Service revenue growth and cost e
Slide 12: CAPEX in line with guidance
INTERIM REPORT Q3 2025 CAPEX in line with guidance • CAPEX: €81m (93), excl. licences, lease CAPEX1 agreements and acquisitions: €65m (77) CAPEX / sales1 % 14% 14% 12% 14% 12% • Consumer Customers €55m (67) • Corporate Customers €24m (25) • International Software Services €2m (0) 77 80 76 65 65 Q3/2
Slide 13: Strong cash flow
INTERIM REPORT Q3 2025 Strong cash flow • Comparable cash flow: €125m (111), +12% Cash flow and comparable cash flow, €m + Higher EBITDA, lower CAPEX and lower paid interest Comparable 113 125 - Less positive change in NWC 111 82 • YTD comparable cash flow: €320m (291), +10% 66 112 122 + Higher EBIT
Slide 14: Efficient capital structure and good returns
INTERIM REPORT Q3 2025 Efficient capital structure and good returns • Capital structure according to target Maturities as of 30 September 2025, €m Bonds Loans RCF1 CP Loan facility • Net debt / EBITDA: 1.7× (target 1.5–2×) • Equity ratio: 35.7% (target >35%) • Return ratios at good level 146 • Effic
Slide 15: Q&A
Q&A
Slide 16: P&L by quarter
APPENDIX P&L by quarter EUR million Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Q4/23 Q3/23 Revenue 560,6 552.4 555.8 579.7 535.9 541.4 534.5 563.3 544.7 YoY growth 4.6% 2.0% 4.0% 2.9% -1.6% 1.6% -1.0% 0.1% 2.0% Other operating income 2.8 3.3 1.6 2.6 1.1 1.8 0.7 2.4 1.7 Materials and services -191.7 -
Slide 17: Cash flow YoY comparison
APPENDIX Cash flow YoY comparison EUR million Q3/25 Q3/24 Change1 % 1-9/25 1-9/24 Change1 % 2024 EBITDA 214 206 8 4% 604 576 28 5% 767 Change in receivables 11 38 -27 -71% 56 90 -33 -37% 30 Change in inventories 3 2 1 71% 8 4 4 107% 6 Change in payables -8 -28 20 -71% -24 -65 41 -63% -20 Change in N
Slide 18: Cash flow by quarter
APPENDIX Cash flow by quarter EUR million Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Q4/23 Q3/23 EBITDA 214 196 195 191 206 190 180 191 199 Change in receivables 11 -5 51 -60 38 3 48 -53 0 Change in inventories 3 3 1 2 2 0 1 8 0 Change in payables -8 33 -49 45 -28 12 -49 46 7 Change in NWC 6 30 4 -13
Slide 19: Debt structure
APPENDIX Debt structure EUR million at the end of the quarter Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Q4/23 Q3/23 Bonds and notes 1080 1,079 896 896 895 895 894 1,141 1,140 Commercial paper 108 210 312 307 191 230 183 35 152 Credit facility 0 0 0 50 0 40 70 0 70 Loans from financial institutions 2
Slide 20: Contacts
Contacts Mr Vesa Sahivirta Ms Kati Norppa Forward-looking statements: Statements made in this document relating to the future, vesa.sahivirta@elisa.fi kati.norppa@elisa.fi including future performance and other trend projections, are forward-looking statements. By their nature, forward-looking state