Elisa Oyj Class A · OMXHEX:ELISA
Elisa Oyj Class A — Elisa Oyj Ord A — Q1 2026 Earnings Presentation
21 slides from Elisa Oyj Class A's earnings presentation, Apr 21, 2026
Slide 1: Interim Report Q1 2026
Interim Report Q1 2026 21 April 2026
Slide 2: Q1 2026 highlights
INTERIM REPORT Q1 2026 Q1 2026 highlights • Revenue decreased by 1.3%, mainly due to significantly lower equipment sales. • Telecom service revenue increased by 0.5%, mobile service revenue declined by 0.1%. • International software services revenue increased by 6.9%; comparable revenue growth was 7
Slide 3: A quarter of slower growth
INTERIM REPORT Q1 2026 A quarter of slower growth Revenue Telecom service revenue Revenue, €m YoY change, % Decrease MSR, €m YoY change,% • Equipment sales • Mobile price 4,0% 2,0% 4,6% 1,5% 3,6% -1,3% • Divestment 1,8% 2,2% 2,1% competition 0,5% • Consumer digital • Upsell continues • Traditional f
Slide 4: Positive trends in mobile KPIs
INTERIM REPORT Q1 2026 Positive trends in mobile KPIs Prices of new consumer mobile subscriptions1 Q1 2026 Indexed price, Q1/25 = 100 • New sales prices returned to Q1 2025 level in March • Churn decreased, Q1 churn broadly in line with long- term average • Reduced sales and marketing costs QoQ Q1/2
Slide 5: Competition hit B2C, stable B2B, ISS improving profitability
INTERIM REPORT Q1 2026 Competition hit B2C, stable B2B, ISS improving profitability Consumer Customers Corporate Customers International Software Services Revenue -1.7% Revenue -2.5% Revenue +6.9% - Equipment sales - Equipment sales + Comparable revenue +7.7% - Divestment - Traditional fixed (PSTN)
Slide 6: Solid progress in Estonia continues
INTERIM REPORT Q1 2026 Solid progress in Estonia continues Q1 2026 Revenue Revenue, €m YoY change, % • Revenue increased by 3% • Growth in mobile and fixed services 3,9% 2,2% 3,3% 3,4% -10,4% • EBITDA increased by 2% • Mobile post-paid base -1,900; pre-paid -3,000 • Churn 11.7% (11.8% in Q4) 52,9 54
Slide 7: Focused on implementing the strategy
INTERIM REPORT Q1 2026 Focused on implementing the strategy Further emphasis on customer centricity and AI-enabled growth and productivity 7
Slide 8: 5G penetration above 50%, strong growth in fiber
INTERIM REPORT Q1 2026 – BUSINESS HIGHLIGHTS 5G penetration above 50%, strong growth in fiber Mobile upselling continues 5G smartphone and 5G subscription penetration1 • Upgrade with security features for consumer voice subscriptions continues, 700,000+ customers • Who’s Calling (Kuka Soittaa) servi
Slide 9: New domestic digital services, good progress in international software services
INTERIM REPORT Q1 2026 – BUSINESS HIGHLIGHTS New domestic digital services, good progress in international software services Home Services • We published 5th season of Ivalo, the most popular of Elisa Viihde original series • Elisa continues as one of the most significant producers of domestic drama
Slide 10: Outlook and guidance for 2026
INTERIM REPORT Q1 2026 Outlook and guidance for 2026 (unchanged) • 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
Slide 11: Financial review Q1 2026
Nise Financial review Q1 2026
Slide 12: Solid EBITDA growth despite revenue decline
INTERIM REPORT Q1 2026 Solid EBITDA growth despite revenue decline EUR million1 Q1/26 Q1/25 Change % 2025 Q1 2026 YoY revenue change -€7m Revenue 548 556 -7 -1% 2,257 Other operating income 2 2 0 16% 10 Materials and services -178 -189 11 -6% -786 556 2 3 0 2 -9 Employee expenses -115 -120 5 -4% -47
Slide 13: CAPEX in line with guidance
INTERIM REPORT Q1 2026 CAPEX in line with guidance • CAPEX: €75m (72), excl. licences, lease CAPEX1 agreements and acquisitions: €61m (65) CAPEX / sales1 % 13% 12% 14% 12% 11% • Consumer Customers €47m (47) • Corporate Customers €25m (25) • International Software Services €4m (1) 76 74 65 65 61 • Ma
Slide 14: Strong cash flow development continued
INTERIM REPORT Q1 2026 Strong cash flow development continued • Comparable cash flow: €95m (82), +16% Cash flow and comparable cash flow, €m + Higher EBITDA, positive change in NWC, lower CAPEX and lower Comparable paid interest costs 113 125 91 95 82 112 122 77 88 89 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 C
Slide 15: Efficient capital structure and good returns
INTERIM REPORT Q1 2026 Efficient capital structure and good returns • Capital structure according to target Maturities as of 31 March 2026, €m Bonds Loans RCF1 CP Loan facility • Net debt / EBITDA: 1.8× (target 1.5–2×) • Equity ratio: 39.4% (target >35%) 146 • Return ratios at good level • Efficient
Slide 16: Q&A
Q&A
Slide 17: P&L by quarter
APPENDIX P&L by quarter EUR million Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Revenue 548.4 588.3 560,6 552.4 555.8 579.7 535.9 541.4 534.5 YoY growth -1.3% 1.5% 4.6% 2.0% 4.0% 2.9% -1.6% 1.6% -1.0% Other operating income 1.8 1.9 2.8 3.3 1.6 2.6 1.1 1.8 0.7 Materials and services -178.1
Slide 18: Cash flow YoY comparison
APPENDIX Cash flow YoY comparison EUR million Q1/26 Q1/25 Change1 % 2025 EBITDA 199 195 4 2% 764 Change in receivables 36 51 -15 -30% 7 Change in inventories -4 1 -5 -391% 13 Change in payables -25 -49 24 -49% 25 Change in NWC 7 4 3 94% 45 Financials (net) -14 -18 3 -19% -30 Taxes for the year -20 -
Slide 19: Cash flow by quarter
APPENDIX Cash flow by quarter EUR million Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 EBITDA 199 160 214 196 195 191 206 190 180 Change in receivables 36 -49 11 -5 51 -60 38 3 48 Change in inventories -4 5 3 3 1 2 2 0 1 Change in payables -25 49 -8 33 -49 45 -28 12 -49 Change in NWC 7 5 6
Slide 20: Debt structure
APPENDIX Debt structure EUR million at the end of the quarter Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Bonds and notes 1,091 1,278 1,080 1,079 896 896 895 895 894 Commercial paper 40 90 108 210 312 307 191 230 183 Credit facility 0 0 0 0 0 50 0 40 70 Loans from financial institutions 30
Slide 21: 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