Elisa Oyj Class A · OMXHEX:ELISA
Elisa Oyj Class A — Q3 2026 Earnings Presentation
23 slides from Elisa Oyj Class A's earnings presentation, Oct 21, 2026
Slide 1: Interim Report Q3 2026
Interim Report Q3 2026 21 October 2026
Slide 2: Q3 highlights
INTERIM REPORT Q3 2026 Q3 highlights • Revenue flat, comparable EBITDA down by 1.8%. • Telecom service revenue decreased by 1.3%. Mobile service revenue declined by 2.3%, fixed service revenue grew by 1.6%. • International Software Services comparable revenue increased by 10.9%. • Comparable cash fl
Slide 3: Mobile recovery continuing at a more moderate pace
INTERIM REPORT Q3 2026 Mobile recovery continuing at a more moderate pace Revenue Telecom service revenue Revenue, €m YoY change, % Increase TSR, €m YoY change,% 4,6% • ISS • Mobile price 1,5% -1,3% 0,1% • Fixed services 3,6% competition -0,3% 2,1% 0,5% -0,7% • Equipment sales -1,3% • MSR down, but
Slide 4: Mobile KPIs impacted by seasonality and slightly increased competition
INTERIM REPORT Q3 2026 Mobile KPIs impacted by seasonality and slightly increased competition • New sales prices above Q2 2025 level New sales prices of consumer voice subscriptions1 Indexed price, Q1/25 = 100 • Slightly down QoQ as a result of slightly intensified competition • New sales prices imp
Slide 5: Mixed results in segments
INTERIM REPORT Q3 2026 Mixed results in segments Consumer Customers Corporate Customers International Software Services Still impacted by last year’s fierce competition Impacted by PSTN discontinuation Returning to growth Revenue +1.4% Revenue -4.3% Revenue +10.5% + Fixed services - Mobile and fixed
Slide 6: Solid progress in Estonia continues
INTERIM REPORT Q3 2026 Solid progress in Estonia continues Q3 2026 Revenue Revenue, €m YoY change, % • Revenue increased by 5% 2,2% 3,3% 3,4% 3,1% 4,9% • Growth in mobile and fixed services • Growth in equipment sales • EBITDA increased by 1% 55,3 59,3 54,7 55,9 58,0 • Service revenue growth and acc
Slide 7: Focused on implementing the strategy
INTERIM REPORT Q3 2026 Focused on implementing the strategy Further emphasis on customer centricity and AI-enabled growth and productivity 7
Slide 8: 5G upsell continues, focus on customer experience
INTERIM REPORT Q3 2026 5G upsell continues, focus on customer experience Mobile upsell continues 5G smartphone1 and 5G subscription penetration • Scailarc, Elisa and Nokia demonstrated world-first call handled without answering 61% Strong fiber growth 58% 53% 50% • Strong fixed broadband subscriptio
Slide 9: Operating model for international Software Services to be renewed
INTERIM REPORT Q3 2026 – BUSINESS HIGHLIGHTS Operating model for international Software Services to be renewed • Several major new global customer deals, including three leading chipmakers in semiconductor industry • Operating model to be renewed including efficiency measures and targeting a signifi
Slide 10: Data center connectivity business rapidly expanding in Finland
INTERIM REPORT Q3 2026 – NEW BUSINESS OPPORTUNITIES Data center connectivity business rapidly expanding in Finland • Finland is experiencing a data center boom • In September, several new sites announced around the country • As an indicator of an emerging market size, Finland’s electricity grid oper
Slide 11: AI-RAN partnership with Nokia and NVIDIA: from proof of concept to implementation
INTERIM REPORT Q3 2026 – NEW BUSINESS OPPORTUNITIES AI-RAN partnership with Nokia and NVIDIA: from proof of concept to implementation • AI adoption grows — Elisa drives development as one of the first in the world • Most recently, we launched a beta version of Moontalk AIRI Personal, a real-time AI
Slide 12: Outlook and guidance for 2026 (unchanged)
INTERIM REPORT Q3 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 service re
Slide 13: Financial Review Q3 2026
Financial Review Q3 2026
Slide 14: Stable revenue and solid cost control
INTERIM REPORT Q3 2026 Stable revenue and solid cost control EUR million1 Q3/26 Q3/25 Change % 2025 Q3 2026 YoY revenue change +€0.3m Revenue 561 561 +0 +0% 2,257 Other operating income 2 3 -1 -32% 10 561 561 5 -3 Materials and services -195 -192 -3 2% -786 -6 1 -1 4 Employee expenses -107 -102 -5 5
Slide 15: CAPEX excl. data center investments in line with guidance
INTERIM REPORT Q3 2026 CAPEX excl. data center investments in line with guidance CAPEX1 • CAPEX: €97m (81), excl. licences, lease CAPEX / sales1 % 12% 13% 11% 13% 14% agreements and acquisitions: €77m (65) • Consumer Customers €67m (55) • Corporate Customers €30m (24) 74 72 77 65 61 • International
Slide 16: Cash flow affected by lower EBITDA and higher CAPEX
INTERIM REPORT Q3 2026 Cash flow affected by lower EBITDA and higher CAPEX • Comparable cash flow: €116m (125), -7% Cash flow and comparable cash flow, €m + Change in NWC Comparable - EBITDA, higher interest costs, higher CAPEX 125 116 91 95 • YTD comparable cash flow: €283m (320), -12% 71 - EBITDA,
Slide 17: Efficient capital structure and solid returns
INTERIM REPORT Q3 2026 Efficient capital structure and solid returns • Capital structure according to target Maturities as of 30 September 2026, €m • Net debt / EBITDA: 1.9× (target 1.5–2×) Bonds Loans RCF1 CP • Equity ratio: 38.0% (target >35%) • Return ratios at good level *2027 bond fully covered
Slide 18: Q&A
Q&A
Slide 19: P&L by quarter
APPENDIX P&L by quarter EUR million Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Revenue 560.9 550.8 548.4 588.3 560,6 552.4 555.8 579.7 535.9 YoY growth 0,1% -0.3% -1.3% 1.5% 4.6% 2.0% 4.0% 2.9% -1.6% P&L by quarter Other operating income 1.9 1.5 1.8 1.9 2.8 3.3 1.6 2.6 1.1 Materials and s
Slide 20: Cash flow YoY comparison
APPENDIX Cash flow YoY comparison EUR million Q3/26 Q3/25 Change1 % 1-9/26 1-9/25 Change1 % 2025 EBITDA 204 214 -9 -4% 599 604 -5 -1% 764 Change in receivables 3 11 -8 -71% 45 56 -11 -20% 7 Change in inventories -13 3 -17 -482% -19 8 -27 -346% 13 Change in payables 30 -8 38 -464% 0 -24 24 -100% 25 C
Slide 21: Cash flow by quarter
APPENDIX Cash flow by quarter EUR million Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 EBITDA 204 196 199 160 214 196 195 191 206 Change in receivables 3 6 36 -49 11 -5 51 -60 38 Change in inventories -13 -2 -4 5 3 3 1 2 2 Change in payables 30 -5 -25 49 -8 33 -49 45 -28 Change in NWC 20 -1
Slide 22: Debt structure
APPENDIX Debt structure EUR million at the end of the quarter Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 Q3/24 Bonds and notes 1,086 1,092 1,091 1,278 1,080 1,079 896 896 895 Commercial paper 110 62 40 90 108 210 312 307 191 Credit facility 0 0 0 0 0 0 0 50 0 Loans from financial institutions 3
Slide 23: 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