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21 October 2026 Interim Report Q3 2026
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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 flow solid at EUR 116m, decreased by -6.6% due to lower EBITDA, higher financial expenses and higher CAPEX. • In Finland, post-paid churn increased to 18.7% (16.7% in Q2 2026). • Mobile post-paid subscriptions decreased by 16,300. M2M/IoT base grew by 9,900. • The fixed broadband subscription base increased by 20,400 driven by good fiber demand. • Transformation programme is proceeding according to plan. Transformation continued with changed operating model in Consumer Customers business and similar process started in International Software Services. • Board of Directors decided on the third instalment of the dividend, EUR 0.60, to be paid on 4 November 2026. INTERIM REPORT Q3 2026
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561 588 548 551 561 4,6% 1,5% -1,3% -0,3% 0,1% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Revenue, €m 24,3 24,3 23,9 24,0 24,0 22,3% 23,0% 17,2% 16,7% 18,7% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 353 356 345 348 349 3,6% 2,1% 0,5% -0,7% -1,3% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 214 198 203 201 210 38,1% 33,6% 37,0% 36,5% 37,4% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Revenue Telecom service revenue EBITDA1 Increase • ISS • Fixed services • Equipment sales Decrease • Mobile services • Consumer digital • Discontinuation of PSTN business • Mobile price competition • MSR down, but grew slightly QoQ • Upsell continues • Fiber bb growth continues Increase • Transformation programme Decrease • Discontinuation of PSTN business • Telecom service revenue • ARPU: Lag effect from Q4/25 • Churn: in line with long-term average TSR, €m YoY change,% EBITDA, €m EBITDA-% YoY change, % ARPU and churn2 Post-paid ARPU, € Post-paid churn,% 1) Comparable 2) Finland, churn annualised 3 Mobile recovery continuing at a more moderate pace INTERIM REPORT Q3 2026
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• New sales prices above Q2 2025 level • Slightly down QoQ as a result of slightly intensified competition • New sales prices impact with delay and will be more visible in 2027 • Q3 churn in line with long-term average • Mobile sales and marketing costs at the previous quarter’s level Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 ~EUR 5m Mobile sales and marketing costs ~EUR 1mNormalised level 22,3% 23,0% 17,2% 16,7% 18,7% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 New sales prices of consumer voice subscriptions1 Churn2 1) Postpaid voice subscriptions in Finland, average quarterly price 2) Finland, churn annualised, consumer and corporate customers Post-paid churn,% Indexed price, Q1/25 = 100 • 10 yr Q3 average 18.7% • 10 yr average 18.4%, INTERIM REPORT Q3 2026 4 Mobile KPIs impacted by seasonality and slightly increased competition
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Revenue, €m EBITDA1, €m EBITDA-% 341 351 324 331 345145 131 137 142 144 43% 37% 42% 43% 42% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Consumer Customers Still impacted by last year’s fierce competition Corporate Customers Impacted by PSTN discontinuation Revenue +1.4% + Fixed services + Equipment sales - Digital services - Discontinuation of PSTN business EBITDA1 -0.8% Revenue -4.3% - Mobile and fixed services - Discontinuation of PSTN business - Bigger deals in Q3 2025 EBITDA1 -6.6% 1) Comparable International Software Services Returning to growth Revenue +10.5% Comparable +10.9% - Seasonality - Postponed projects EBITDA 1 change +€2m 186 194 182 182 17870 63 63 64 65 38% 33% 35% 35% 37% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 34 43 43 38 38-1 4 3 -5 1 -4% 9% 7% -13% 2% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Mixed results in segments INTERIM REPORT Q3 2026
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Q3 2026 • Revenue increased by 5% • Growth in mobile and fixed services • Growth in equipment sales • EBITDA increased by 1% • Service revenue growth and accounting alignment • Mobile post-paid base +4,800; pre-paid -600 • Churn 11.3% (12.7% in Q2) 6 Revenue EBITDA 55,3 59,3 54,7 55,9 58,0 2,2% 3,3% 3,4% 3,1% 4,9% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 20,8 17,7 17,5 20,4 21,0 37,6% 29,8% 32,0% 36,5% 36,2% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Revenue, €m YoY change, % EBITDA, €m EBITDA-% Solid progress in Estonia continues INTERIM REPORT Q3 2026
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7 Focused on implementing the strategy INTERIM REPORT Q3 2026 Further emphasis on customer centricity and AI-enabled growth and productivity
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Mobile upsell continues • Scailarc, Elisa and Nokia demonstrated world-first call handled without answering Strong fiber growth • Strong fixed broadband subscription base growth driven by continued FTTH network expansion and new MDU customers • Growth accelerated in third quarter Home Services • New long-term contract with MTV, a Finnish commercial TV company, MTV Katsomo+ included in Elisa Viihde service Corporate IT & cyber • AI-powered, future-ready IT end-user services for Kempower • Acquisition of PRO IT Teenused OÜ strengthens Estonian B2B business 5G smartphone1 and 5G subscription penetration 61% 65% 67% 69% 71% 74% 76% 77% 79% 39% 41% 42% 44% 46% 50% 53% 58% 61% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 5G smartphone penetration 5G subscription penetration Average billing increase of over €3 in 5G upgrades intact 8 5G upsell continues, focus on customer experience INTERIM REPORT Q3 2026
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• Several major new global customer deals, including three leading chipmakers in semiconductor industry • Operating model to be renewed including efficiency measures and targeting a significant improvement in profitability • Two global business areas: • Manufacturing, e.g. mobility, industrial equipment, consumer industries, process industries, high-tech manufacturing • Critical Infrastructure, telecommunications and energy industries • Organic revenue expected to grow 5–10 per cent in 2026 • Gradual improvement in EBITDA expected 9 INTERIM REPORT Q3 2026 – BUSINESS HIGHLIGHTS Operating model for international Software Services to be renewed
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Data center connectivity business rapidly expanding in Finland INTERIM REPORT Q3 2026 – NEW BUSINESS OPPORTUNITIES • 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 operator Fingrid has signed 5 GWs of grid contracts with data center operators • Expanding partnership with Google through a long-term agreement • Connectivity to the expanding Hamina data center and new data center campuses in Kajaani, Muhos and Vaala • Building on long-standing partnership in autonomous networks, cloud services, and connectivity • Year-to-date cumulative data center connectivity order intake approx. EUR 100 million, mainly coming in during the third quarter • Cashflow dynamics continue to be attractive, and we expect positive net cashflow for the year Vaala Kajaani Hamina New large-scale data center sites planned in Finland Jämsä Vaasa Salo Muhos
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• 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 assistant, that utilises NVIDIA Nemotron open models and distributed infrastructure. • AI-RAN collaboration with Nokia and NVIDIA advances • Developing AI-enabled mobile networks combining connectivity, network intelligence and distributed AI computing • Potential long-term benefits from network efficiency, autonomous operations and new distributed computing use cases • Update on AI-RAN collaboration will be announced later 11 INTERIM REPORT Q3 2026 – NEW BUSINESS OPPORTUNITIES AI-RAN partnership with Nokia and NVIDIA: from proof of concept to implementation
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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 revenue growth of 0–2% and international software services organic revenue growth 5-10% INTERIM REPORT Q3 2026 1) Excluding leasing, licences and business acquisitions, and data center investments 12
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Financial Review Q3 2026
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14 Q3 2026 YoY revenue change +€0.3m 1 Comparable figures. Growth is calculated using exact figures prior to rounding. EUR million1 Q3/26 Q3/25 Change % 2025 Revenue 561 561 +0 +0% 2,257 Other operating income 2 3 -1 -32% 10 Materials and services -195 -192 -3 2% -786 Employee expenses -107 -102 -5 5% -478 Other operating expenses -56 -56 0 1% -239 EBITDA 210 214 -4 -2% 808 EBITDA % 37.4% 38.1% 35.8% Depreciation -78 -75 -3 4% -298 EBIT 131 139 -7 -5% 512 EBIT % 23.4% 24.7% 22.7% Net financial expenses -11 -11 -1 8% -40 Profit before tax 120 128 -8 -6% 471 Net profit 95 103 -8 -8% 378 EPS, € 0.59 0.64 -0.05 -8% 2.36 561 5615 Q3/2025 -6 Mobile 1 Fixed Domestic digital ISS Equipment sales -3 Inter- connection & other Q3/2026 -1 4 Stable revenue and solid cost control INTERIM REPORT Q3 2026
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17 26 13 23 19 4 4 8 3 22 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 • CAPEX: €97m (81), excl. licences, lease agreements and acquisitions: €77m (65) • Consumer Customers €67m (55) • Corporate Customers €30m (24) • International Software Services €1m (2) • YTD CAPEX excluding data center investments in line with guidance (12% of sales) • Main CAPEX areas • 5G coverage increase • Fiber • IT investments 15 1 Investments excluding shares. business acquisitions, licences and rental agreements (IFRS 16) 65 74 61 72 77 12% 13% 11% 13% 14% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 CAPEX / sales1 % Shares, €m Licences, €m CAPEX1 Shares, business acquisitions, licences and rental agreements (IFRS 16) IFRS 16, €m CAPEX excl. data center investments in line with guidance INTERIM REPORT Q3 2026
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• Comparable cash flow: €116m (125), -7% + Change in NWC - EBITDA, higher interest costs, higher CAPEX • YTD comparable cash flow: €283m (320), -12% - EBITDA, less positive change in NWC, CAPEX and higher interest costs • Positive net cash flow from data center connectivity expected for the full year. 16 Operating cash flow, €m1 Cash conversion 1 Comparable EBITDA – CAPEX excluding shares, business acquisitions, licences and rental agreements (IFRS 16) (EBITDA − CAPEX) / EBITDA, %1 149 124 142 129 132 70% 62% 70% 64% 63% Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Cash flow and comparable cash flow, €m 122 88 89 68 96 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 116 6 5 7 -1 20 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Comparable Change in net working capital, €m 125 91 95 71 Cash flow affected by lower EBITDA and higher CAPEX INTERIM REPORT Q3 2026
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• Capital structure according to target • Net debt / EBITDA: 1.9× (target 1.5–2×) • Equity ratio: 38.0% (target >35%) • Return ratios at good level • Efficient capital structure • Average interest expense: ~2.8% • Committed €300m credit facility signed in Aug to secure the refinancing of the bond maturing in 2027 • The facility can be drawn within a pre-agreed period and it matures in 2029. The facility was fully undrawn as of 30 Sept 2026. 17 Return ratios2 ROE ROI Net debt 1 276 1 304 1 473 1 508 1 520 1,7 1,7 1,9 1,9 1,9 2022 2023 2024 2025 Q3/2026 Net debt, €m Net debt / EBITDA 30,5% 29,7% 29,0% 29,7% 28,3% 18,4 % 18,7 % 18,5 % 17,7 % 17,4 % 2022 2023 2024 2025 2026 YTD 1 RCFs were undrawn as of 30 September 2026 2 Comparable 300* 300 500 93 17 146 154 100 200 2026 2027 2028 2029 2030 2031 2032 2033 Bonds RCF1 CPLoans Maturities as of 30 September 2026, €m *2027 bond fully covered by undrawn €300m committed credit facility (maturing 2029) Efficient capital structure and solid returns INTERIM REPORT Q3 2026
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Q&A
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P&L by quarter 19 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% Other operating income 1.9 1.5 1.8 1.9 2.8 3.3 1.6 2.6 1.1 Materials and services -194.6 -184.9 -178.1 -224.5 -191.7 -180.8 -189.0 -217.2 -189,1 Employee expenses -107.5 -110.6 -115.1 -137.1 -102.1 -118.3 -120.3 -113.4 -93,2 Other operating expenses -56.4 -61.0 -57.9 -68.3 -56.1 -60.8 -53.5 -60.4 -48,7 EBITDA 204.3 195.8 199.1 160.3 213.5 195.9 194.6 191.2 205.9 YoY growth -4.3% 0.0% 2.3% -16.2% 3.7% 3.2% 8.3% 0,0% 3.7% EBITDA % 36.4% 35.5% 36.3% 27.3% 38.1% 35.5% 35.0% 33,0% 38.4% Comparable EBITDA 209.7 200.9 203.0 197.9 213.5 198.0 198.7 197.6 205.9 YoY growth -1.8% 1.4% 2.2% 0.2% 3.7% 4.3% 4.6% 3.3% 3.7% Comparable EBITDA % 37.4% 36.5% 37.0% 33.6% 38.1% 35.8% 35.8% 34.1% 38.4% Depreciation, amortisation and impairment -78.2 -77.7 -75.1 -76.8 -74.9 -73.8 -73.0 -72.7 -69.8 EBIT 126.1 118.1 124.0 83.6 138.6 122.1 121.6 118.6 136.0 Comparable EBIT 131.5 123.2 128.0 123.2 138.6 124.3 125.7 124.9 136.0 Financial income 1.5 2.5 2.8 2.5 1.8 3.2 2.4 3.0 1.3 Financial expense -12.8 -12.4 -13.0 -12.5 -12,0 -13.3 -12.1 -15.8 -11.4 Share of associated companies' profit 0.0 2.7 -0.3 -0.2 -0.3 -0.4 -0.2 -1.0 -0.3 Profit before tax 114.7 110.9 113.5 73.4 128.0 111.6 111.8 104.7 125.5 Comparable profit before tax 117.2 117.4 113.0 128.0 113.8 115.9 116.0 125.5 Income taxes -23.5 -21.9 -22.1 -14.9 -24.7 -21.5 -21.9 -22,5 25.3 Profit for the period 91.2 89.0 91.4 58.5 103.3 90.1 89.9 82.2 100.2 Comparable profit 95.5 94.3 94.5 90.1 103.3 91.8 93.2 92.3 100.2 Earnings per share (EUR) 0.57 0.55 0.57 0.36 0.64 0.56 0.56 0.51 0.63 Comparable EPS 0.59 0.59 0.59 0.56 0.64 0.57 0.58 0.58 0.63 YoY growth -7.7% 2.5% 1.3% -2.6% 2.3% -0,1% 2.3% -5.5% 0.3% P&L by quarter APPENDIX
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20 1) Difference is calculated using exact figures prior to rounding. 2) iCADA Q1/25, Tokoi eCommerce Oy Q1/26, Napapiirin Kuituverkot Oy Q3/26. 3) Excludes share and business acquisitions and sales. 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 Change in NWC 20 6 13 216% 26 40 -15 -36% 45 Financials (net) -3 -1 -2 161% -34 -25 -8 33% -30 Taxes for the year -21 -21 1 -4% -62 -66 3 -5% -83 Taxes for the previous year 0 0 0 0 0 0 0 Taxes -21 -21 1 -4% -62 -65 3 -5% -82 CAPEX -77 -64 -13 -21% -212 -204 -8 4% -279 Licence fees 0 0 0 0 0 Investments in shares2 -21 -4 -17 -30 -11 -20 189% -15 Sale of shares 0 2 -2 0 2 -1 3 Sale of assets and adjustments -6 -9 2 -26% -34 -29 -5 18% -7 Cash flow after investments 96 122 -27 -22% 253 312 -59 -19% 400 Cash flow after investments excl. acquisitions3 116 125 -8 -7% 283 320 -37 -12% 411 Cash flow YoY comparison APPENDIX
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21 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 7 5 6 30 4 -13 12 Financials (net) -3 -16 -14 -5 -1 -7 -18 -7 -3 Taxes for the year -21 -21 -20 -17 -21 -22 -22 -20 -21 Taxes for the previous year 0 0 0 0 0 0 Taxes -21 -21 -21 -17 -21 -23 -22 -20 -21 CAPEX -77 -72 -63 -75 -64 -75 -65 -80 -88 Licence fees -1 Investments in shares -21 -4 -6 -4 -4 -1 -5 -43 -6 Sale of shares 0 0 1 2 0 Sale of assets and adjustments -6 -14 -14 22 -9 -9 -11 -4 -4 Cash flow after investments 96 68 89 88 122 112 77 23 95 Cash flow after investments excl. acquisitions 116 71 95 91 125 113 82 66 111 Cash flow by quarter APPENDIX
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22 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. 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 306 307 308 209 210 211 211 213 204 Lease liabilities 1) 148 136 123 121 107 97 98 97 90 Committed credit lines 2) Interest-bearing debt, total 1,650 1,597 1,562 1,698 1,505 1,598 1,518 1,563 1,381 Cash and cash equivalents 130 115 134 190 115 103 109 90 82 Net debt 3) 1,520 1,482 1,428 1,508 1,390 1,495 1,409 1,473 1,298 APPENDIX Debt structure
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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.