Elisa Oyj Class A · OMXHEX:ELISA
Elisa Oyj Class A — Elisa Oyj Ord A — Q4 2025 Earnings Presentation
22 slides from Elisa Oyj Class A's earnings presentation, Jan 30, 2026
Slide 1: Interim Report Q4 2025
Interim Report Q4 2025 30 January 2026
Slide 2: Q4 2025 highlights
INTERIM REPORT Q4 2025 Q4 2025 highlights • Revenue increased by 1.5%, driven by an increase in mobile service revenue and growth in international software services. • Mobile service revenue increased by 2.4%, and telecom service revenue* by 2.2%. • International software services revenue increased
Slide 3: A quarter of slower growth, competition raised churn
INTERIM REPORT Q4 2025 A quarter of slower growth, competition raised churn Revenue Mobile service revenue Revenue, €m YoY change, % Increase MSR, €m YoY change,% • ISS and mobile • 5G upselling 2,9% 4,0% 2,0% 4,6% 1,5% services 4,1% 3,4% 2,6% 3,3% 2,4% continuing • Acquisitions • Product • Equipmen
Slide 4: Competition hit B2C, stable B2B, ISS improving profitability
INTERIM REPORT Q4 2025 Competition hit B2C, stable B2B, ISS improving profitability Consumer Customers Corporate Customers International Software Services Revenue +1.9% Revenue -1.2% Revenue +11.3% + Mobile and fixed services - Fixed services + Acquisitions + Equipment sales - Equipment sales + Comp
Slide 5: Solid progress in Estonia continues
INTERIM REPORT Q4 2025 Solid progress in Estonia continues Q4 2025 Revenue Revenue, €m YoY change, % • Revenue increased by 3% • Growth in mobile and fixed services 3,9% 2,2% 3,3% -4,8% -10,4% • EBITDA decreased by 1% • Mobile post-paid base -800; pre-paid -1,600 • Churn 11.8% (11.2% in Q3) 57,4 52,
Slide 6: Record year 2025: 3% growth in revenue and EBITDA, 15% growth in cash flow
INTERIM REPORT Q4 2025 Record year 2025: 3% growth in revenue and EBITDA, 15% growth in cash flow Comparable figures CHANGE CHANGE Financials 2025 IN 2025 Operational KPIs 2025 IN 2025 Revenue €2,257m +3.0% Mobile service revenue €1,039m +2.9% EBITDA €808m +3.2% International Software Serv. €159m +2
Slide 7: Faster Profitable Growth strategy on track
INTERIM REPORT Q4 2025 Faster Profitable Growth strategy on track Further emphasis on customer centricity and AI-enabled growth and productivity 7
Slide 8: 5G penetration already reached 50%, growth in fiber
INTERIM REPORT Q4 2025 – BUSINESS HIGHLIGHTS 5G penetration already reached 50%, growth in fiber Upselling continues, but price competition 5G smartphone and 5G subscription penetration1 more intense • Heated competition slows down MSR growth • 5G SA (stand alone) share of 5G subscriptions is alread
Slide 9: New domestic digital services, good progress in international software services
INTERIM REPORT Q4 2025 – BUSINESS HIGHLIGHTS New domestic digital services, good progress in international software services Home Services • Elisa Viihde Sound launched bringing home theater-quality sound as part of entertainment services • Licenced Elisa home security (Elisa Kotiturva) services lau
Slide 10: Outlook and guidance for 2026
INTERIM REPORT Q3 2025 Outlook and guidance for 2026 • Revenue at same level as or slightly higher than in 2025 • Comparable EBITDA EUR 815 – 845m • CAPEX1 12% of revenue • Outlook and guidance assumptions • Economic and operating environment gradually improves during the year • Telecom service reve
Slide 11: Financial review Q4 2025
Nise Financial review Q4 2025
Slide 12: Revenue and EBITDA impacted by intense competition
INTERIM REPORT Q4 2025 Revenue and EBITDA impacted by intense competition EUR million1 Q4/25 Q4/24 % 2025 2024 % Q4 2025 YoY revenue change +€8m Revenue 588 580 1% 2,257 2,191 3% Other operating income 2 3 -26% 10 6 56% 1 Materials and services -225 -217 3% -786 -784 0% -5 Employee expenses -137 -11
Slide 13: Full year CAPEX in line with guidance
INTERIM REPORT Q4 2025 Full year CAPEX in line with guidance • CAPEX: €113m (92), excl. licences, lease CAPEX1 agreements and acquisitions: €74m (80) CAPEX / sales1 % 14% 12% 14% 12% 13% • Consumer Customers €73m (61) • Corporate Customers €33m (30) • International Software Services €6m (1) 80 76 74
Slide 14: Strong cash flow development continued
INTERIM REPORT Q4 2025 Strong cash flow development continued • Comparable cash flow: €91m (66), +38% Cash flow and comparable cash flow, €m + Positive change in NWC, lower CAPEX and lower paid interest costs Comparable 125 - Lower EBITDA 113 82 91 • Full year comparable cash flow: €411m (357), +15%
Slide 15: Efficient capital structure and good returns
INTERIM REPORT Q4 2025 Efficient capital structure and good returns • Capital structure according to target Maturities as of 31 December 2025, €m • Net debt / EBITDA: 1.9× (target 1.5–2×) Bonds Loans RCF1 CP Loan facility • Equity ratio: 35.9% (target >35%) • Return ratios at good level 146 • Effici
Slide 16: Competitive remuneration continues
INTERIM REPORT Q4 2025 Competitive remuneration continues • Dividend proposal of EUR 2.40 per share Dividend • Moving from semi-annual to quarterly payments Dividend per share, € Pay-out ratio1), % • Dividend growth +2.1% 94% 92% 93% 90% 96% 95% 95% 92% 96% 100% 102% 89% • Pay-out ratio1) 102%, • Di
Slide 17: Q&A
Q&A
Slide 18: P&L by quarter
APPENDIX P&L by quarter EUR million Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Q4/23 Revenue 588.3 560,6 552.4 555.8 579.7 535.9 541.4 534.5 563.3 YoY growth 1.5% 4.6% 2.0% 4.0% 2.9% -1.6% 1.6% -1.0% 0.1% Other operating income 1.9 2.8 3.3 1.6 2.6 1.1 1.8 0.7 2.4 Materials and services -224.5 -
Slide 19: Cash flow YoY comparison
APPENDIX Cash flow YoY comparison EUR million Q4/25 Q3/24 Change1 % 1-12/25 1-12/24 Change1 % EBITDA 160 191 -31 -16% 764 767 -2 0% Change in receivables -49 -60 10 -17% 7 30 -23 -77% Change in inventories 5 2 4 212% 13 6 8 139% Change in payables 49 45 4 -9% 25 -20 45 -225% Change in NWC 5 -13 18 -
Slide 20: Cash flow by quarter
APPENDIX Cash flow by quarter EUR million Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Q4/23 EBITDA 160 214 196 195 191 206 190 180 191 Change in receivables -49 11 -5 51 -60 38 3 48 -53 Change in inventories 5 3 3 1 2 2 0 1 8 Change in payables 49 -8 33 -49 45 -28 12 -49 46 Change in NWC 5 6 30
Slide 21: Debt structure
APPENDIX Debt structure EUR million at the end of the quarter Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Q4/23 Bonds and notes 1278 1080 1,079 896 896 895 895 894 1,141 Commercial paper 90 108 210 312 307 191 230 183 35 Credit facility 0 0 0 0 50 0 40 70 0 Loans from financial institutions 209
Slide 22: 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