Elisa Oyj Class A · OMXHEX:ELISA
Elisa Oyj Class A — Elisa Oyj Ord A — Q2 2025 Earnings Presentation
21 slides from Elisa Oyj Class A's earnings presentation, Jul 15, 2025
Slide 1: Interim Report Q2 2025
Interim Report Q2 2025 15 July 2025
Slide 2: Q2 2025 highlights
INTERIM REPORT Q2 2025 Q2 2025 highlights • Revenue increased by 2.0%, driven by growth in international software services and an increase in mobile service revenue. Equipment sales decreased €12m YoY. • Mobile service revenue increased by 3.4% • International software services revenue increased by
Slide 3: Good EBITDA growth driven by MSR and efficiency
INTERIM REPORT Q2 2025 Good EBITDA growth driven by MSR and efficiency Revenue Mobile service revenue Revenue, €m YoY change, % Increase MSR, €m YoY change,% • ISS and mobile • 5G upselling 1,6% 2,9% 4,0% 2,0% services 4,7% 4,8% 4,1% 3,4% -1,6% 2,6% continuing • Acquisitions • Product • Interconnect
Slide 4: Good EBITDA growth, weak macro trends impacted B2B in Q2
INTERIM REPORT Q2 2025 Good EBITDA growth, weak macro trends impacted B2B in Q2 Consumer Customers Corporate Customers International Software Services Revenue +2.4% Revenue -6.4% Revenue +70.8% + Mobile and fixed services - Fixed services + Acquisitions + Interconnection and roaming - Equipment sale
Slide 5: Updated strategy
INTERIM REPORT Q2 2025 Updated strategy Our vision We are the global benchmark for generating value in communication and digital services. Our constant pursuit of excellence and innovation makes us better every day. 5
Slide 6: Success in mobile continuing, accelerated fiber rollout
INTERIM REPORT Q2 2025 – BUSINESS HIGHLIGHTS Success in mobile continuing, accelerated fiber rollout New mobile services, upsell continues 5G smartphone and speed penetration1) • Upgrade with security features for consumer voice subscriptions • Extension of 5.5G network in Finland and Estonia with N
Slide 7: Solid performance in digital and software services
INTERIM REPORT Q2 2025 – BUSINESS HIGHLIGHTS Solid performance in digital and software services Home Services • New Elisa Viihde original series (The Man Who Died, season 2) • Elisa Kotiturva home security service launched • In collaboration with Avarn Security, a Finnish provider of security servic
Slide 8: Ranked 55th most sustainable company in the world
We are proud to be ranked as the 55th most sustainable company in the world and as one of the 500 best employers in Europe. 8
Slide 9: Outlook and guidance for 2025
INTERIM REPORT Q2 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 10: Financial review Q2 2025
Nise Financial review Q2 2025
Slide 11: Good EBITDA growth continuing
INTERIM REPORT Q2 2025 Good EBITDA growth continuing EUR million1 Q2/25 Q2/24 Change % 2024 Q2 2025 YoY revenue change +€11m Revenue 552.4 541.4 11.1 2.0% 2,191 Other operating income 3.3 1.8 1.5 80.6 % 6 Materials and services -180.8 -192.4 11.7 -6.1% -784 12 Employee expenses -118.3 -106.8 -11.5 1
Slide 12: Profitability improved in Estonia
INTERIM REPORT Q2 2025 Profitability improved in Estonia • One-time deal impacted revenue change Revenue Revenue, €m YoY change, % • Revenue decreased by EUR 6m or 10% • Comparison period included EUR 7m one-time deal; 9,4% 3,9% excluding this deal, revenue increased by 2% -4,1% -4,8% -10,4% • Stron
Slide 13: Full-year CAPEX guidance intact
INTERIM REPORT Q2 2025 Full-year CAPEX guidance intact • CAPEX: €89m (84), excl. licences, lease CAPEX1) agreements and acquisitions: €76m (81) CAPEX / sales1 % 15% 14% 14% 12% 14% • Consumer Customers €57m (58) • Corporate Customers €31m (26) • International Software Services €1m (0) 81 77 80 76 65
Slide 14: Strong cash flow
INTERIM REPORT Q2 2025 Strong cash flow • Comparable cash flow: €113m (94), increase 20% Cash flow and comparable cash flow, €m + Higher EBITDA, positive change in NWC, lower CAPEX Comparable 111 113 - Financial expenses and taxes 94 82 66 • H1 comparable cash flow: €196m (180), increase 9% 76 95 77
Slide 15: Efficient capital structure and good returns
INTERIM REPORT Q2 2025 Efficient capital structure and good returns • Solid capital structure Net debt Net debt, €m Net debt / EBITDA • Net debt / EBITDA: 1.9× (target 1.5–2×) 1,7 1,7 1,7 1,9 1,9 • Equity ratio: 32.7% (target >35%) 1 473 1 495 1 219 1 276 1 304 • Return ratios at good level 2021 202
Slide 16: Q&A
Q&A
Slide 17: P&L by quarter
APPENDIX P&L by quarter EUR million Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Q4/23 Q3/23 Q2/23 Revenue 552.4 555.8 579.7 535.9 541.4 534.5 563.3 544.7 532.7 YoY growth 2.0% 4.0% 2.9% -1.6% 1.6% -1.0% 0.1% 2.0% 2.2% Other operating income 3.3 1.6 2.6 1.1 1.8 0.7 2.4 1.7 1.3 Materials and services -180.8 -
Slide 18: Cash flow YoY comparison
APPENDIX Cash flow YoY comparison EUR million Q2/25 Q2/24 Change 1) % H1/25 H1/24 Change 1) % 2024 EBITDA 196 190 6 3% 391 370 21 6% 767 Change in receivables -5 3 -8 -282% 45 51 -6 -12% 30 Change in inventories 3 0 3 590% 4 2 3 147% 6 Change in payables 33 12 21 170% -16 -37 21 -57% -20 Change in N
Slide 19: Cash flow by quarter
APPENDIX Cash flow by quarter EUR million Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Q4/23 Q3/23 Q2/23 EBITDA 196 195 191 206 190 180 191 199 183 Change in receivables -5 51 -60 38 3 48 -53 0 7 Change in inventories 3 1 2 2 0 1 8 0 7 Change in payables 33 -49 45 -28 12 -49 46 7 8 Change in NWC 30 4 -13 12
Slide 20: Debt structure
APPENDIX Debt structure EUR million at the end of the quarter Q2/25 Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 Q4/23 Q3/23 Q2/23 Bonds and notes 1,079 896 896 895 895 894 1,141 1,140 894 Commercial paper 210 312 307 191 230 183 35 152 241 Credit facility 0 0 50 0 40 70 0 70 100 Loans from financial institutions
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