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Interim Report Q3 2025 23 October 2025
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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%. • EBITDA was up 3.7%. • Comparable cash flow grew by 12.1%. • In Finland, post-paid churn increased to 22.3% (17.1% in Q2 2025). • Post-paid subscriptions decreased by 20,400, of which 5,700 were M2M and IoT subs. • The fixed broadband subscription base increased by 4,800. • Security features for consumer voice subscriptions proceeded as expected – well received by customers. INTERIM REPORT Q3 2025 2
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Growth in revenue and EBITDA, competition raised churn INTERIM REPORT Q3 2025 23,2 23,6 23,9 24,1 24,3 16,8% 20,2% 18,6% 17,1% 22,3% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 254 255 255 260 263 4,8% 4,1% 2,6% 3,4% 3,3% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 206 198 199 198 214 38,4% 34,1% 35,8% 35,8% 38,1% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 536 580 556 552 561 -1,6% 2,9% 4,0% 2,0% 4,6% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Revenue Mobile service revenue EBITDA1 ARPU and churn2 Increase • ISS, mobile and fixed services • Acquisitions • Interconnection and roaming Decrease • Consumer digital • Divestment • 5G upselling continuing • Product changes • Mobile services • ISS • Efficiency improvements • YoY ARPU growth 4.6% • 5G upselling • More competition in 4G 2) Finland, churn annualised1) Comparable Post-paid ARPU, € Post-paid churn,% MSR, €m YoY change,% EBITDA, €m EBITDA-% Revenue, €m YoY change, % 3
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Competition hit B2C, strong quarter in B2B INTERIM REPORT Q3 2025 Consumer Customers Corporate Customers Revenue +0.9% + Mobile and fixed services + Interconnection and roaming - Equipment sales - Divestment EBITDA1 +0.4% Revenue +5.6% + Mobile and fixed services + Interconnection and roaming + Equipment sales EBITDA1 +3.6% 1) Comparable4 International Software Services Revenue +53.4% + Acquisitions + Comparable growth +3.0% + Services and recurring revenue EBITDA1 +€5m 176 196 187 183 18668 62 62 61 70 38% 32% 33% 33% 38% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 338 345 329 331 341144 135 135 139 145 43% 39% 41% 42% 43% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 22 39 40 38 34-6 1 2 -2 -1 -27% 2% 5% -6% -4% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Revenue, €m EBITDA1, €m EBITDA-%
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Transformation programme to accelerate Faster Profitable Growth strategy 5 • Transformation programme launched to: • Simplify operations • Increase productivity, agility and speed of operations • Improve competitiveness in the current market environment • Aiming for EUR 40 million annual cost savings to ensure medium-term revenue and EBITDA targets achieved • Organisational streamlining and process optimisation may lead to personnel reductions • Reduction in outsourced services • Procurement efficiency improvements • In line with the Faster Profitable Growth strategy presented at CMD in March 2025 INTERIM REPORT Q3 2025
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Upselling in mobile continues, growth in fiber Good development in mobile, but price competition more intense • Heated competition slows down MSR growth • Upgrade with security features for consumer voice subscriptions progressing as planned • New security features launched; scam call blocking for calls from foreign numbers • Private 5G standalone network with slicing technology for Mussalo port operations to ensure efficiency and security Good momentum in fiber business continuing • Strong revenue growth • Accelerated network construction 1) In Finland INTERIM REPORT Q3 2025 – BUSINESS HIGHLIGHTS 6 5G smartphone and speed penetration1 49% 53% 56% 59% 61% 65% 67% 69% 71% 49% 51% 52% 55% 56% 58% 59% 62% 63% 51% 49% 48% 45% 44% 42% 41% 38% 37% Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 5G smartphone penetration >200 Mbps <200 Mbps Average billing increase of over €3 in 5G upgrades intact
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Solid performance in digital, but delays impacting international software services 7 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, UK and Poland) • Elisa Kotiakku home battery system available to 70% of small residential buildings in Finland Corporate IT & cyber • Strong growth in cybersecurity services continued • Kesko chose Elisa as cybersecurity provider International Software Services • 5–10% organic growth expected for full year; continuing delays in customer projects impacting licence and service revenue • Recurring revenue growth 13% in Q3 (YTD +15%) • Gridle (Elisa’s energy flexibility solution) selected to optimise Vantaan Energia’s new 10 MW battery INTERIM REPORT Q3 2025 – BUSINESS HIGHLIGHTS
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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 conflicts. Competition remains keen. • Revenue at same level as or slightly higher than in 2024 • Comparable EBITDA at same level or slightly higher than in 2024 • CAPEX1 max. 12% of revenue INTERIM REPORT Q3 2025 1) Excluding leasing, licences and business acquisitions 8
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Financial review Q3 2025
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Solid revenue and EBITDA growth INTERIM REPORT Q3 2025 Q3 2025 YoY revenue change +€25m 536 561 0 0 9 3 2 12 Q3/24 Q3/25 1) Comparable figures. Growth is calculated using exact figures prior to rounding. EUR million1 Q3/25 Q3/24 Change % 2024 Revenue 560.6 535.9 24.7 4.6% 2,191 Other operating income 2.8 1.1 1.8 166.0 % 6 Materials and services -191.7 -189.1 -2.5 1.3% -784 Employee expenses -102.1 -93.2 -8.9 9.6% -433 Other operating expenses -56.1 -48.7 -7.4 15.1% -214 EBITDA 213.5 205.9 7.6 3.7% 783 EBITDA % 38.1% 38.4% 35.7% Depreciation -74.9 -69.8 -5.1 7.2% -279 EBIT 138.6 136.0 2.6 1.9% 504 EBIT % 24.7% 25.4% 23.0% Net financial expenses -10.6 -10.5 -0.1 0.6% -35 Profit before tax 128.0 125.5 2.5 2.0% 469 Net profit 103.3 100.2 3.1 3.1% 375 EPS, € 0.64 0.63 0.01 2.3% 2.35 Mobile Fixed Domestic digital International Software Services Equipment sales Inter- connection & other 10
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Growth and profitability improved in Estonia • Revenue increased by EUR 1m, +2% • Growth in mobile and fixed services, decrease in equipment sales • EBITDA increase by EUR 2m, 9% • Service revenue growth and cost efficiency measures • Mobile post-paid base -1,200; pre-paid -200 • Churn 9.4% (8.6% in Q2) 11 INTERIM REPORT Q3 2025 Revenue EBITDA 54,1 57,4 52,9 54,2 55,3 -4,1% -4,8% 3,9% -10,4% 2,2% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 19,1 17,9 17,1 18,1 20,8 35,3% 31,2% 32,3% 33,4% 37,6% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Revenue, €m YoY change, % EBITDA, €m EBITDA-%
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6 13 7 13 17 15 62 6 2 4 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 CAPEX in line with guidance • CAPEX: €81m (93), excl. licences, lease agreements and acquisitions: €65m (77) • Consumer Customers €55m (67) • Corporate Customers €24m (25) • International Software Services €2m (0) • Main CAPEX areas • 5G coverage increase • Fiber • IT investments 12 INTERIM REPORT Q3 2025 1) Investments excluding shares. business acquisitions, licences and rental agreements (IFRS 16) 77 80 65 76 65 14% 14% 12% 14% 12% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 CAPEX / sales1 % Shares, €m Licences, €m CAPEX1 Shares, business acquisitions, licences and rental agreements (IFRS 16) IFRS 16, €m
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Strong cash flow • Comparable cash flow: €125m (111), +12% + Higher EBITDA, lower CAPEX and lower paid interest - Less positive change in NWC • YTD comparable cash flow: €320m (291), +10% + Higher EBITDA, positive change in NWC and lower CAPEX - Financial expenses 13 INTERIM REPORT Q3 2025 Operating cash flow, €m1 Cash conversion 1) Comparable EBITDA – CAPEX excluding shares, business acquisitions, licences and rental agreements (IFRS 16) (EBITDA − CAPEX) / EBITDA, %1 129 112 134 122 149 63% 58% 67% 62% 70% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Cash flow and comparable cash flow, €m 95 23 77 112 122 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 12 -13 4 30 6 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Comparable Change in net working capital, €m 111 66 82 113 125
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Efficient capital structure and good returns • Capital structure according to target • Net debt / EBITDA: 1.7× (target 1.5–2×) • Equity ratio: 35.7% (target >35%) • Return ratios at good level • Efficient capital structure • Average interest expense: ~2.5% 14 INTERIM REPORT Q3 2025 Return ratios2 ROE ROI Net debt 1 219 1 276 1 304 1 473 1 390 1,7 1,7 1,7 1,9 1,7 2021 2022 2023 2024 Q3/25 Net debt, €m Net debt / EBITDA 29,3% 30,5% 29,7% 29,0% 30,7% 17,2 % 18,4 % 18,7 % 18,5 % 18,6 % 2021 2022 2023 2024 2025 YTD 1) RCFs were undrawn as of 30 September 2025 2) Comparable 185 300 300 300 58 50 146 154 100 100 2025 2026 2027 2028 2029 2030 2031 Bonds RCF1 CPLoans Maturities as of 30 September 2025, €m Loan facility
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Q&A
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P&L by quarter 16 APPENDIX 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 -180.8 -189.0 -217.2 -189,1 -192.4 -185.2 -213.7 -205.7 Employee expenses -102.1 -118.3 -120.3 -113.4 -93,2 -106.8 -120.0 -105.0 -97.1 Other operating expenses -56.1 -60.8 -53.5 -60.4 -48,7 -54.0 -50.3 -55.7 -45.0 EBITDA 213.5 195.9 194.6 191.2 205.9 189.9 179.7 191.3 198.6 EBITDA % 38.1 35.5% 35.0% 33,0% 38.4% 35.1% 33.6% 34.0% 36.5% YoY growth 3.7% 3.2% 8.3% 0,0% 3.7% 4.0% -2.0% 3.4% 2.4% Comparable EBITDA 213.5 198.0 198.7 197.6 205.9 189.9 190.0 191.3 198.6 YoY growth 3.7% 4.3% 4.6% 3.3% 3.7% 4.0% 3.6% 3.4% 2.4% Comparable EBITDA % 38.1% 35.8% 35.8% 34.1% 38.4% 35.1% 35.5% 34.0% 36.5% Depreciation, amortisation and impairment 74.9 -73.8 -73.0 -72.7 -69.8 -68.6 -68.1 -73.4 -67.2 EBIT 138.6 122.1 121.6 118.6 136.0 121.3 111.7 117.9 131.3 Comparable EBIT 138.6 124.3 125.7 124.9 136.0 121.3 121.9 123.5 131.3 Financial income 1.8 3.2 2.4 3.0 1.3 2.7 2.4 2.3 2.6 Financial expense -12,0 -13.3 -12.1 -15.8 -11.4 -11.8 -8.8 -10.0 -8.2 Share of associated companies' profit -0.3 -0.4 -0.2 -1.0 -0.3 1.4 -1.2 0.5 -0.7 Profit before tax 128.0 111.6 111.8 104.7 125.5 113.7 -104.0 110.6 125.0 Comparable profit before tax 128.0 113.8 115.9 116.0 125.5 113.7 114.3 116.2 125.0 Income taxes -24.7 -21.5 -21.9 -22,5 25.3 -22.3 -21.4 -17.7 -24.9 Profit for the period 103.3 90.1 89.9 82.2 100.2 91.4 82.6 92.9 100.2 Comparable profit 103.3 91.8 93.2 92.3 100.2 91.4 90.8 97.4 100.2 Earnings per share (EUR) 0.64 0.56 0.56 0.51 0.63 0.57 0.52 0.58 0.63 Comparable EPS 0.64 0.57 0.58 0.58 0.63 0.57 0.57 0.61 0.63 YoY growth 2.3% -0,1% 2.3% -5.5% 0.3% 2.4% -0.5% 2.0% -0.7%
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Cash flow YoY comparison 17 APPENDIX 1) Difference is calculated using exact figures prior to rounding. 2) Finland 26 GHZ licence payment EUR 1.4m in Q3/24. 3) Romaric and Moontalk in Q1/24, Leanware and loans granted in Q2/24, Koillisnet in Q3/24, sedApta in Q4/24, iCADA Q1/25. 4) Excludes share and business acquisitions and sales. 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 NWC 6 12 -6 -49% 40 29 11 40% 16 Financials (net) -1 -3 1 -55% -25 -19 -6 32% -27 Taxes for the year -21 -21 0 0% -66 -63 -3 4% -84 Taxes for the previous year 0 0 0 -3 3 -2 Taxes -21 -21 0 0% -65 -66 1 -1% -86 CAPEX -64 -88 24 -27% -204 -226 21 -9% -305 Licence fees2 -1 1 -1 1 -1 Investments in shares3 -4 -6 2 -34% -11 -48 38 -78% -91 Sale of shares 2 0 2 2 0 2 0 Sale of assets and adjustments -9 -4 -5 -29 -11 -18 -15 Cash flow after investments 122 95 27 28% 312 233 79 34% 256 Cash flow after investments excl. acquisitions4 125 111 13 12% 320 291 29 10% 357
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Cash flow by quarter 18 APPENDIX 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 12 15 1 1 6 Financials (net) -1 -7 -18 -7 -3 -5 -12 -3 -4 Taxes for the year -21 -22 -21 -20 -21 -21 -21 -20 -21 Taxes for the previous year 0 0 0 -3 0 Taxes -21 -23 -22 -20 -21 -21 -24 -20 -21 CAPEX -64 -75 -65 -80 -88 -80 -58 -104 -72 Licence fees -1 0 0 -1 Investments in shares -4 -1 -5 -43 -6 -18 -24 -2 0 Sale of shares 2 0 0 4 Sale of assets and adjustments -9 -9 -11 -4 -4 -6 -1 -5 1 Cash flow after investments 122 112 77 23 95 76 62 61 107 Cash flow after investments excl. acquisitions 125 113 82 66 111 94 86 73 107
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Debt structure 19 APPENDIX 1) Lease liabilities are classified as interest-bearing debt in accordance with IFRS 16 from Q1/2019 onwards. 2) The committed credit lines are facilities (totally €300m) that Elisa may use flexibly at agreed -upon pricing. 3) Net debt is interest-bearing debt less cash and interest-bearing receivables. Nominal values of bond, bank loan and CP maturities, 30 September 2025 185 300 300 300 58 50 146 154100 100 2025 2026 2027 2028 2029 2030 2031 Bonds RCF1) CPLoans 1) RCFs were fully undrawn on 30 September 2025. 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 210 211 211 213 204 204 103 103 103 Lease liabilities 1) 107 97 98 97 90 91 93 89 90 Committed credit lines 2) 120 Interest-bearing debt, total 1,505 1,598 1,518 1,563 1,381 1,460 1,344 1,367 1,675 Cash and cash equivalents 115 103 109 90 82 77 84 63 318 Net debt 3) 1,390 1,495 1,409 1,473 1,298 1,383 1,260 1,304 1,356 Loan facility
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Contacts Mr Vesa Sahivirta vesa.sahivirta@elisa.fi +358 50 520 5555 Ms Kati Norppa kati.norppa@elisa.fi +358 50 308 9773 investor.relations@elisa.fi Forward-looking statements: Statements made in this document relating to the future, including future performance and other trend projections, are forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements, due to many factors, many of which are outside of Elisa’s control.