Interim report
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Interim Report Q3 2026 21 October 2026
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2 Elisa | INTERIM REPORT Q3 2026 ELISA’S INTERIM REPORT JANUARY–SEPTEMBER 2026 Third quarter 2026 financial highlights • Revenue was at the previous year’s level, EUR 561m. • Telecom service revenue decreased by 1.3 per cent, or EUR -5m, to EUR 349m. • International Software Services revenue increased by 11 per cent, or EUR 4m to EUR 38m. • Comparable EBITDA decreased by 2 per cent, or EUR 4m, to EUR 210m. • Comparable EBIT decreased by 5 per cent, or EUR 7m, to EUR 131m. • Comparable cash flow decreased by 7 per cent, or EUR 8m, to EUR 116m. • In Finland, mobile post-paid ARPU was EUR 24.0 (24.0 in the previous quarter), and mobile post- paid churn increased to 18.7 per cent (16.7). • During the quarter, the number of post-paid mobile subscriptions excluding M2M and IoT decreased by 16,300. M2M and IoT subscriptions increased by 9,900. • Prepaid subscriptions increased by 22,400 during the quarter. • The number of fixed broadband subscriptions increased by 20,400 during the quarter. Key indicators 1) 3Q2026 excluding EUR 5m and 1Q –3Q2026 excluding EUR 14m in restructuring costs, customer credit provision and exceptional impairment of trade receivables. 1Q–3Q2025 excluding EUR 6m in restructuring costs. 2) 3Q2026 excluding one -off items affecting EBIT and 1Q –3Q2026 excluding one -off items affecting EBIT and EUR 1m impairment of loan receivables. 3Q2025 and 1Q–3Q2025 excluding one-off items affecting EBIT. 3) Excluding leases, shares and business acquisitions. 4) (Interest-bearing debt – financial assets) / (four previous quarters’ comparable EBITDA). 5) Cash flow before financing activities. 6) 3Q2026 excluding EUR 20m and 1Q –3Q2026 excluding EUR 30m in share and business investments and sales. 3Q2025 excluding EUR 2m and 1Q–3Q2025 excluding EUR 9m in share investments and sales. Additional key performance indicators are available at elisa.com/investors (Elisa Operational Data.xlsx). EUR million 3Q26 3Q25 Δ % 1Q-3Q26 1Q-3Q25 Δ % Revenue 561 561 0.1 % 1,660 1,669 -0.5 % EBITDA 204 214 -4.3 % 599 604 -0.8 % Comparable EBITDA (1 210 214 -1.8 % 614 610 0.6 % EBIT 126 139 -9.0 % 368 382 -3.7 % Comparable EBIT (1 131 139 -5.1 % 383 389 -1.5 % Profit before tax 115 128 -10.4 % 339 351 -3.5 % Comparable profit before tax (2 120 128 -6.2 % 355 358 -0.8 % EPS, EUR 0.57 0.64 -11.8 % 1.69 1.77 -4.3 % Comparable EPS, EUR (2 0.59 0.64 -7.7 % 1.77 1.80 -1.5 % Capital expenditure (3 77 65 20.0 % 211 205 2.7 % Net debt 1,520 1,390 9.4 % 1,520 1,390 9.4 % Net debt / EBITDA (4 1.9 1.7 1.9 1.7 Gearing ratio, % 113.7 % 116.4 % 113.7 % 116.4 % Equity ratio, % 38.0 % 35.7 % 38.0 % 35.7 % Cash flow (5 96 122 -21.8 % 253 312 -18.8 % Comparable cash flow (6 116 125 -6.6 % 283 320 -11.7 %
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3 Elisa | INTERIM REPORT Q3 2026 CEO’s review: Mobile recovery continues at a more moderate pace – good progress in data center connectivity and international software services In the third quarter, revenue was at the previous year’s level. Last year's competitive situation still affected this quarter’s results. Comparable EBITDA decreased by 1.8 per cent to EUR 210 million compared to the strong third quarter in 2025. We discontinued our Public Switched Telephone Network (PSTN) after 140 years of service. This had approximately EUR 2 million negative impact on our EBITDA and revenue development for the quarter, but it will simplify our network technologies, reduce costs and open possibilities to monetise copper assets in the future. During the third quarter, mobile business recovery continued, albeit at a more moderate pace due to slightly intensified competition. New sales prices for our consumer mobile subscriptions in Finland were above the previous year’s level and take effect with a delay. Sales and marketing costs were down from previous year due to value-based actions, including reduced use of vouchers. Churn increased from 16.7 to 18.7 per cent, which is typical of seasonally active third quarter. Telecom service revenue was still negatively impacted by last year's harsh competitive environment in mobile services. We saw growth of 2 per cent in fixed service revenue and strong fiber base growth of 20,400 new subscriptions. We continued our cost -saving actions and initiated an operating model change of Elisa Industriq. The transformation programme is progressing according to plan and will deliver the targeted cost savings of EUR 40 million during the ye ar. We continue to improve efficiency by leveraging AI and further simplifying operations. We focus strongly on customer experience and have reorganised our Consumer Customers business into a more customer -centric operating model with strong regional presence and strengthened customer service. We want to serve households with all their digital and connectivity needs. In the area of home services, we included MTV Katsomo+ streaming service to Elisa Viihde customers. This tangible benefit has been well received by our customers. Demand for data center connectivity is rapidly expanding as Finland is experiencing a data center boom. During the quarter we announced an important deal with Google to provide connectivity to their three new data center campuses in Finland, reflecting our competitiveness and position as trusted provider in these services. As a sign of strong growth, our year-to-date cumulative data center connectivity order intake is almost EUR 100 million, most of which was secured during the third quarter. While the revenue impact from the order backlog will start mainly from 2028 onwards, cash flow dynamics are attractive, and we expect positive net cash flow from data center connectivity for the year. Our AI-RAN collaboration with NVIDIA and Nokia, announced in March, continues to advance. 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. In International Software Services we saw good progress. We won several major new deals, especially in the semiconductor industry, with global customers. The operating model change in Elisa Industriq will result in two global business areas: manufacturing and critical infrastructure for telecommunications and energy industries. The change will include efficiency measures and targets a significant improvement in profitability going forward. We continue to focus on implementing our faster profitable growth strategy, creating customer value by being a frontrunner in technology, and continuously improving our competitiveness, productivity and quality. Topi Manner, CEO
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4 Elisa | INTERIM REPORT Q3 2026 INTERIM REPORT JANUARY–SEPTEMBER 2026 This interim report has been prepared in accordance with the IFRS recognition and measurement principles, although not all requirements of the IAS 34 standard have been followed. The information presented in this interim report is unaudited. Outlook and guidance for 2026 The development in the general economy includes many uncertainties. Growth in the Finnish economy has been weak. Finnish telecom market is competitive. Full-year revenue is estimated to be at the same level as or slightly higher than in 2025. Full -year comparable EBITDA is anticipated to be EUR 815–845 million. Capital expenditure 1 is expected to be 12 per cent of revenue. (Guidance unchanged). The outlook and guidance assume that the economic and operating environment gradually improves during the year. It further assumes telecom service revenue growth of 0– 2 per cent and international software services organic revenue growth 5– 10 per cent. Mobile service revenue is the main driver of telecom service growth. Profit distribution Elisa’s Annual General Meeting held on 1 April 2026, decided to pay a maximum dividend of EUR 2.40 per share based on the adopted balance sheet of 31 December 2025. The dividend will be paid in four instalments. The first instalment of the dividend of EUR 0.60 per share was paid on 15 April 2026, and the second instalment was paid on 29 July 2026. On 20 October 2026, the Board decided that the third instalment of the dividend is EUR 0.60 per share and it will be paid to a shareholder registered in the shareholders’ register held by Euroclear Finland Oy on the dividend payment record date of 26 October 2026. The dividend will be paid on 4 November 2026. Following this announced distribution, the Board’s remaining distribution authori sation is a maximum of EUR 0.60 per share. Market situation The competitive environment of mobile services has been active, however, less i ntense compared to second half of 2025. The usage of mobile services has continued to evolve favourably. Good demand for 5G services has also continued due to the wider range of 5G devices and better network coverage. The soft macroeconomic environment and geopolitical uncertainties continued. This situation has increased the demand for cybersecurity services. Competition in the fixed broadband market has continued to be intense. Traditional fixed network services were discontinued at the end of the previous quarter. The markets for IT services have continued to develop favourably. The prevailing uncertainty in the general economy has caused some companies to delay investment decisions and project implementation. Geopolitical uncertainties have continued due to the war in Ukraine and Iran. While Elisa is not directly impacted by the conflict and rising energy prices, we are not immune to possible indirect effects, resulting, for example, from higher inflation and interest rates. 1 Excluding leases, shares, business acquisitions and data center investments
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5 Elisa | INTERIM REPORT Q3 2026 Revenue, earnings and financial position 1) 3Q2026 excluding EUR 5m and 1Q –3Q2026 excluding EUR 14m in restructuring costs, customer credit provision and exceptional impairment of trade receivables. 1Q–3Q2025 excluding EUR 6m in restructuring costs. Third quarter 2026 Revenue was at the previous year’s level. Growth in international software services , fixed services and equipment sales increased revenue. A decrease in mobile and consumer digital services , as well as discontinuation of PSTN business had negative revenue impacts . Comparable EBITDA decreased by 2 per cent, and EBIT decreased by 5 per cent. Net financial income and expenses were EUR -11 million (-10). Income taxes in the income statement amounted to EUR 24 million (25). Net profit stood at EUR 91 million (103), and comparable earnings per share was EUR 0.59 (0.64). January–September 2026 Revenue decreased by 1 per cent on the previous year . Decreases in mobile and consumer digital services, di vestment of Epic TV and d iscontinuation of PSTN business impacted revenue negatively. Growth in fixed, corporate digital and international software services had a positive effect on revenue. Comparable EBITDA increased by 1 per cent and comparable EBIT decreased by 2 per cent. Net financial income and expenses increased to EUR -32 million (-30), mainly due to higher debt. Income taxes in the income statement were EUR 68 million ( 68). Net profit was EUR 272 million ( 283), and comparable earnings per share was EUR 1.77 (1.80). Financial position 1) (Interest-bearing debt – financial assets) / (four previous quarters’ comparable EBITDA) 2) Cash flow before financing activities. 3) 3Q2026 excluding EUR 20m and 1Q –3Q2026 excluding EUR 30m in share and business investments and sales. 3Q2025 excluding EUR 2m and 1Q–3Q2025 excluding EUR 9m in share investments and sales. EUR million 3Q26 3Q25 Δ % 1Q-3Q26 1Q-3Q25 Δ % Revenue 561 561 0.1 % 1,660 1,669 -0.5 % EBITDA 204 214 -4.3 % 599 604 -0.8 % EBITDA-% 36.4 % 38.1 % 36.1 % 36.2 % Comparable EBITDA (1 210 214 -1.8 % 614 610 0.6 % Comparable EBITDA-% 37.4 % 38.1 % 37.0 % 36.6 % EBIT 126 139 -9.0 % 368 382 -3.7 % EBIT-% 22.5 % 24.7 % 22.2 % 22.9 % Comparable EBIT (1 131 139 -5.1 % 383 389 -1.5 % Comparable EBIT-% 23.4 % 24.7 % 23.0 % 23.3 % Return on equity, % 25.0 % 29.5 % 25.0 % 29.5 % EUR million 3Q26 3Q25 Δ % 1Q-3Q26 1Q-3Q25 Δ % Net debt 1,520 1,390 9.4 % 1,520 1,390 9.4 % Net debt / EBITDA(1 1.9 1.7 1.9 1.7 Gearing ratio, % 113.7 % 116.4 % 113.7 % 116.4 % Equity ratio, % 38.0 % 35.7 % 38.0 % 35.7 % Cash flow (2 96 122 -21.8 % 253 312 -18.8 % Comparable cash flow (3 116 125 -6.6 % 283 320 -11.7 %
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6 Elisa | INTERIM REPORT Q3 2026 Third quarter 2026 Net debt in creased by 9 per cent to EUR 1,520 million. Comparable cash flow after investments decreased by 7 per cent to EUR 116 million. Cash flow was positively affected by a positive change in net working capital , and negatively impacted by lower EBITDA, higher financial expenses and higher capital expenditure. Elisa’s financial position and liquidity remain strong. Cash and undrawn committed credit lines totalled EUR 430 million at the end of the quarter. In addition, Elisa has an undrawn EUR 300 million committed credit facility to refinance the bond maturing in 2027. January–September 2026 Comparable cash flow after investm ents decreased by 1 2 per cent to EUR 283 million. Cash flow was negatively impacted by lower EBITDA, less positive change in net working capital , higher capital expenditure and higher financial expenses. Changes in corporate structure In August, Elisa announced the acquisition of Estonian IT services provider PRO IT Teenused OÜ. The acquisition of Napapiirin Kuituverkot Oy, a fiber network provider in the Lapland area , was closed in July. Consumer Customers business 1) 3Q2026 excluding EUR 2m in restructuring costs and 1Q–3Q2026 excluding EUR 7m in restructuring costs and customer credit provision. 1Q–3Q2025 excluding EUR 3m in restructuring costs. Third quarter 2026 Revenue increased by 1 per cent. Revenue was positively affected by growth in fixed services and equipment sales. Decrease in mobile and consumer digital services, as well as discontinuation of PSTN business affected revenue negatively. Comparable EBITDA decreased by 1 per cent. January–September 2026 Revenue was at the previous year’s level . Revenue was positively affected by growth in fixed services and equipment sales . Decreases in mobile and consumer digital services , d iscontinuation of PSTN business as well as the Epic TV divestment affected revenue negatively. Comparable EBITDA in creased by 1 per cent. EUR million 3Q26 3Q25 Δ % 1Q-3Q26 1Q-3Q25 Δ % Revenue 345 341 1.4 % 1,000 1,001 -0.1 % EBITDA 142 145 -1.9 % 415 416 -0.1 % EBITDA-% 41.1 % 42.5 % 41.5 % 41.5 % Comparable EBITDA (1 144 145 -0.8 % 422 419 0.9 % Comparable EBITDA-% 41.6 % 42.5 % 42.2 % 41.8 % EBIT 91 97 -5.3 % 266 272 -2.1 % EBIT-% 26.5 % 28.4 % 26.6 % 27.2 % Comparable EBIT (1 93 97 -3.7 % 274 275 -0.6 % Comparable EBIT-% 26.9 % 28.4 % 27.3 % 27.5 % CAPEX 67 55 20.0 % 174 159 9.6 %
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7 Elisa | INTERIM REPORT Q3 2026 Corporate Customers business 1) 3Q2026 excluding EUR 2m in restructuring costs and 1Q –3Q2026 excluding EUR 5m in restructuring costs and exceptional impairment of trade receivables. 1Q–3Q2025 excluding EUR 2m in restructuring costs. Third quarter 2026 Revenue decreased by 4 per cent. Decrease in mobile and fixed services, equipment sales and discontinuation of PSTN business affected revenue negatively . Comparable EBITDA de creased by 7 per cent. January–September 2026 Revenue decreased by 2 per cent. Revenue was negatively affected by decrease in equipment sales and discontinuation of PSTN business . Growth in corporate digital services affected revenue positively . Comparable EBITDA was at the previous year’s level. International Software Services 1) 3Q2026 excluding EUR 1m and 1Q –3Q2026 excluding EUR 2m in restructuring costs. 1Q –3Q2025 excluding EUR 0.6m restructuring costs. Third quarter 2026 Revenue increased by 11 per cent, driven by growth in services and recurring revenue . Comparable EBITDA improved by EUR 2 million to stand at EUR 1 million. January–September 2026 Revenue increased by 5 per cent, driven by growth in services and recurring revenue . Comparable EBITDA increased by EUR 0.4 million, being EUR -1 million. EUR million 3Q26 3Q25 Δ % 1Q-3Q26 1Q-3Q25 Δ % Revenue 178 186 -4.3 % 542 556 -2.5 % EBITDA 63 70 -10.1 % 187 191 -1.9 % EBITDA-% 35.4 % 37.7 % 34.5 % 34.3 % Comparable EBITDA (1 65 70 -6.6 % 193 193 -0.4 % Comparable EBITDA-% 36.8 % 37.7 % 35.5 % 34.8 % EBIT 38 47 -19.5 % 112 122 -8.2 % EBIT-% 21.1 % 25.1 % 20.6 % 21.9 % Comparable EBIT (1 40 47 -14.3 % 117 124 -5.7 % Comparable EBIT-% 22.5 % 25.1 % 21.6 % 22.4 % CAPEX 30 24 24.9 % 85 80 6.4 % EUR million 3Q26 3Q25 Δ % 1Q-3Q26 1Q-3Q25 Δ % Revenue 38 34 10.5 % 118 112 5.4 % EBITDA -1 -1 - -3 -2 - EBITDA-% -1.8 % -4.0 % -2.6 % -2.1 % Comparable EBITDA (1 1 -1 - -1 -2 - Comparable EBITDA-% 1.8 % -4.0 % -1.2 % -1.6 % EBIT -3 -5 - -10 -12 - EBIT-% -7.7 % -13.6 % -8.4 % -10.4 % Comparable EBIT (1 -2 -5 - -8 -11 - Comparable EBIT-% -4.1 % -13.6 % -7.0 % -9.8 % CAPEX 1 2 - 8 4 -
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8 Elisa | INTERIM REPORT Q3 2026 Investments The main capital expenditures were related to capacity and coverage increases in 5G networks, fiber and other networks, as well as IT investments. Personnel In January –September, the average number of personnel at Elisa was 6 ,079 (6,220), and employee expenses totalled EUR 333 million ( 341). In the third quarter, employee expenses were EUR 107 million (102). Personnel by segment at the end of the period: Financing arrangements and ratings On August 28, Elisa signed a committed EUR 300 million credit facility to secure the refinancing of a EUR 300 million bond maturing in September 2027. The facility can be drawn within a pre-agreed period up to the maturity date. The credit facility matures in August 2029. EUR million 3Q26 3Q25 1Q-3Q26 1Q-3Q25 Capital expenditure, of which 97 81 267 243 Consumer Customers 67 55 174 159 Corporate Customers 30 24 85 80 International Software Services 1 2 8 4 Shares and business acquisitions 22 4 33 12 Total investments 119 85 300 254 Shares and business combinations 22 4 34 12 Leases 19 17 55 37 Capital expenditure excluding leases, shares and business acquisitions 77 65 211 205 Capital expenditure as % of revenue 14 12 13 12 30 Sep 26 30 Sep 25 31 Dec 25 Consumer Customers 2,976 3,040 2,920 Corporate Customers 1,871 1,890 1,928 International Software Services 1,267 1,328 1,329 Total 6,114 6,258 6,177 Maximum In use on EUR million amount 30 Sep 2026 Committed credit limits (RCFs) 300 0 Credit facility (committed)1 300 0 Credit facility (not committed) 125 0 Commercial paper programme (not committed) 350 110 Bank loans 300 300 EMTN programme (not committed) 2,000 1,100 1 An undrawn EUR 300 million committed credit facility available to refinance the bond maturing in 2027 Long term credit ratings Rating Outlook Credit rating agency Moody's Ratings Baa2 Stable S&P Global Ratings BBB+ Stable
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9 Elisa | INTERIM REPORT Q3 2026 Share Share trading volumes are based on trades made on the Nasdaq Helsinki and alternative marketplaces. Closing prices are based on the Nasdaq Helsinki. 1) Source: Modular Finance. On 4 February 2026, Elisa transferred 56,822 treasury shares to people included in the Performance Share Plan for the period 2023–2025 and the Restricted Share Plan 2023 for the period 2024-2025. On 5 June 2026, Elisa transferred 4,147 treasury shares to persons belonging to the Restricted Share Plan 2023 for the commitment period 2024–2026. The following commitment periods under the Restricted Share Plan 2023 are currently ongoing: - Commitment period (4,000 shares) expires in October 2026. - Commitment period (8,000 shares) expires in December 2026. - Commitment period (14,750 shares) expires in January 2027. - Commitment period (1,500 shares) expires in November 2027. - Commitment period (1,750 shares) expires in December 2027. Significant legal and regulatory issues In September, the Ministry of Transport and Communications launched preparations for the mobile spectrum licence period starting in 2034, covering the 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2 GHz, 3.5 GHz and 26 GHz bands. The process will determine the awar d method, licence duration, spectrum allocation and key licence conditions, with key decisions to be taken during the next government term. Trading of shares, millions 3Q26 3Q25 2025 Nasdaq Helsinki 29.7 14.7 74.9 Cboe 56.8 41.4 186.8 London Stock Exchange 6.2 5.5 27.1 Other marketplaces 6.4 3.6 16.7 Total volume (1 99.1 65.2 305.6 Value, EUR million 3,557 2,975 13,175 % of shares 59.2 % 38.9 % 182.6 % Shares and market values 30 Sep 2026 30 Sep 2025 2025 Total number of shares 167,335,073 167,335,073 167,335,073 Treasury shares 6,760,570 6,821,539 6,821,539 Outstanding shares 160,574,503 160,513,534 160,513,534 Closing price, EUR 36.24 44.66 37.74 Market capitalisation, EUR million 6,064 7,473 6,315 Treasury shares, % 4.04 % 4.08 % 4.08 % Number of shares Total Treasury Outstanding Shares on 31 Dec 2025 167,335,073 6,821,539 160,513,534 Performance Share Plan, 4 Feb 2026 -53,416 53,416 Restricted Share Plan, 4 Feb 2026 -3,406 3,406 Restricted Share Plan, 5 Jun 2026 -4,147 4,147 Shares on 30 Sep 2026 167,335,073 6,760,570 160,574,503
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10 Elisa | INTERIM REPORT Q3 2026 The Ministry also launched a consultation on 2.6 GHz licences for 2029– 2033, following the expiry of the current 2.6 GHz licences in December 2029. The new licences are expected to be awarded through a comparative selection procedure in early 2027. In July 2020, Tucana Telecom NV initiated legal proceedings against Polystar OSIX AB in the Business Court of Brussels with a claim of infringement of exclusivity included in a distribution agreement and also of wrongful termination of the distribution agreement. This case has been resolved pursuant to a judgement issued on 10 June 2022. The claim against Polystar OSIX AB was dismissed in full by the court, and consequently, no compensation or damages were awarded to the claimant. The decision has been appealed. The Court of Appeal has issued an interim decision on 22 April 2026, rejecting most of the claimant's claims. An appeal has been brought before the Court of Cassation of Belgium against the interim decision of the Court of Appeal. Substantial risks and uncertainties associated with Elisa’s operations Risk management is part of Elisa’s internal control system. It aims to ensure that risks affecting the company’s business are identified, influenced and monitored. The company classifies risks into strategic, operational, hazard and financial risks. Strategic and operational risks: The telecommunications industry is intensely competitive in Elisa’s main market areas, which may have an impact on Elisa’s business. The telecommunications industry is also subject to heavy regulation. Elisa and its businesses are monitored and regulated by several public authorities. This regulation also affects the price level of some products and services offered by Elisa and may also require invest ments that have long payback times. Elisa’s mobile business in Finland and Estonia requires frequency licences that are essential to its operations. No assurance can be given that in the future Elisa will be able to obtain the licences desired or required or that the price or other terms of licences will remain the same. Elisa processes different kinds of data, including personal and traffic data. Network and cyber threats and other disruptions may negatively affect service integrity and data security. The applicable data protection legislation (especially the General Data Protection Regulation) as well as other data -related legislation might have a significant impact on Elisa and its businesses. The rapid developments in telecommunications technology may have a significant impact on Elisa’s business. Changes in governmental relationships, security environment or regulation, may increase the risk of restrictions being imposed on equipment from particular network providers that is also used in Elisa’s network. This could have financial or operational impacts on Elisa’s business. Elisa’s main market is Finland, where the number of mobile phones per inhabitant is among the highest in the world and growth in subscriptions is therefore limited. Furthermore, the volume of phone traffic on the fixed network has been decreasing during recent years. These factors may limit opportunities for growth. New international business expansion and possible future acquisitions abroad may increase risks. Elisa is liable to pay direct and indirect taxes and withholding taxes in the countries in which it operates. Changes in tax authorities’ interpretations of tax laws may lead to an increase in the tax burden for corporations. Uncertainty relating to regional conflicts globally, e specially Russia’s war in Ukraine, is continuing. This is expected to affect the general economic environment, e.g. inflation and energy prices. Challenges in
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11 Elisa | INTERIM REPORT Q3 2026 global supply chains may also result in uncertainties in volumes and prices. Disturbances related to running infrastructure may also occur, for example due to cyber incidents. Elisa’s business in Russia was not essential, and Elisa withdrew from the Russian market in 2022. Hazard risks: The company’s core operations are covered by insurance against damage and interruptions caused by accidents and disasters. Accident risks also include litigation and claims. Financial risks: In order to manage the interest rate risk, the Group’s loans and investments are diversified into fixed- and variable-rate instruments. Interest rate swaps can be used to manage the interest rate risk. As most of Elisa’s operations and cash flow are denominated in euros, the exchange rate risk is minor. Currency derivatives can be used to manage the currency risk. The objective of liquidity risk management is to ensure the Group’s financing in all circumstances. Elisa has cash reserves, committed credit facilities and a sustainable cash flow to cover its foreseeable financing needs. Liquid assets are invested within confirmed limits in financially solid banks, domestic companies and institutions. Credit risk concentrations in accounts receivable are minor as the customer base is broad. Russia’s war in Ukraine and other geopolitical uncertainties have increased volatility in the financial markets. This might have an effect on Elisa’s ability to raise funds and may increase financing costs. A detailed description of financial risk management can be found in Note 7.1 to the Annual Report 2025. BOARD OF DIRECTORS
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12 Elisa | INTERIM REPORT Q3 2026 Unaudited Consolidated income statement 7-9 7-9 1-9 1-9 1-12 EUR million Note 2026 2025 2026 2025 2025 Revenue 1 560.9 560.6 1,660.1 1,668.8 2,257.1 Other operating income 1.9 2.8 5.3 7.7 9.6 Materials and services -194.6 -191.7 -557.6 -561.4 -785.9 Employee expenses -107.5 -102.1 -333.2 -340.7 -477.8 Other operating expenses -56.4 -56.1 -175.3 -170.3 -238.6 EBITDA 1 204.3 213.5 599.3 604.0 764.4 Depreciation, amortisation and impairment 1 -78.2 -74.9 -231.0 -221.6 -298.4 EBIT 1 126.1 138.6 368.3 382.4 465.9 Financial income 1.5 1.8 6.7 7.5 9.9 Financial expenses -12.8 -12.0 -38.3 -37.5 -49.9 Share of associated companies' profit 0.0 -0.3 2.4 -0.9 -1.1 Profit before tax 114.7 128.0 339.1 351.5 424.8 Income taxes -23.5 -24.7 -67.6 -68.1 -83.0 Profit for the period 91.2 103.3 271.5 283.4 341.8 Attributable to Equity holders of the parent 91.1 103.2 271.4 283.4 342.0 Non-controlling interests 0.2 0.1 0.1 -0.1 -0.2 91.2 103.3 271.5 283.4 341.8 Earnings per share (EUR) Basic 0.57 0.64 1.69 1.77 2.13 Diluted 0.57 0.64 1.69 1.76 2.13 Average number of outstanding shares (1000 shares) Basic 160,575 160,514 160,565 160,500 160,503 Diluted 160,665 160,639 160,655 160,625 160,652 Consolidated statement of comprehensive income Profit for the period 91.2 103.3 271.5 283.4 341.8 Other comprehensive income, net of tax Cash flow hedge 0.6 0.4 1.1 0.0 -0.4 Translation differences 0.2 -0.5 1.1 -2.9 -2.8 0.8 -0.2 2.2 -2.9 -3.2 Remeasurements of the net defined benefit liability -0.3 Total comprehensive income 92.0 103.2 273.7 280.4 338.4 Total comprehensive income attributable to Equity holders of the parent 91.8 103.1 273.5 280.6 338.5 Non-controlling interest 0.2 0.1 0.2 -0.1 -0.2 92.0 103.2 273.7 280.4 338.4 Items that are not reclassified subsequently to profit or loss Items that may be reclassified subsequently to profit or loss
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13 Elisa | INTERIM REPORT Q3 2026 Consolidated statement of financial position 30 Sep 31 Dec EUR million 2026 2025 Non-current assets Property, plant and equipment 914.8 891.2 Right-of-use assets 152.5 124.6 Goodwill 1,280.7 1,262.2 Intangible assets 253.2 244.9 Investments in associated companies 30.8 19.5 Other financial assets 15.6 15.6 Trade and other receivables 122.6 116.9 Deferred tax assets 10.4 14.2 2,780.4 2,689.0 Current assets Inventories 68.5 47.5 Trade and other receivables 564.8 577.8 Tax receivables 17.1 11.9 Cash and cash equivalents 130.5 189.5 780.9 826.7 Total assets 3,561.4 3,515.7 Equity attributable to equity holders of the parent 1,330.6 1,252.5 Non-controlling interests 6.6 6.5 Total shareholders' equity 1,337.2 1,259.0 Non-current liabilities Deferred tax liabilities 54.6 48.9 Interest-bearing financial liabilities 1,090.2 1,301.7 Interest-bearing lease liabilities 112.8 93.0 Trade payables and other liabilities 21.7 22.6 Pension obligations 5.9 6.0 Provisions 15.7 17.6 1,300.8 1,489.8 Current liabilities Interest-bearing financial liabilities 412.0 275.4 Interest-bearing lease liabilities 35.4 27.9 Trade and other payables 465.1 440.3 Tax liabilities 2.0 0.7 Provisions 8.8 22.7 923.3 766.9 Total equity and liabilities 3,561.4 3,515.7
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14 Elisa | INTERIM REPORT Q3 2026 Condensed consolidated cash flow statement 1-9 1-9 1-12 EUR million 2026 2025 2025 Cash flow from operating activities Profit before tax 339.1 351.5 424.8 Adjustments Depreciation, amortisation and impairment 231.0 221.6 298.4 Other adjustments -6.1 1.9 32.5 224.9 223.6 330.9 Change in working capital Increase (-) / decrease (+) in trade and other receivables 45.0 56.3 6.9 Increase (-) / decrease (+) in inventories -19.5 7.9 13.2 Increase (+) / decrease (-) in trade and other payables 0.1 -24.1 24.8 25.6 40.1 44.9 Financial items, net -33.6 -25.3 -29.9 Taxes paid -62.1 -65.4 -82.2 Net cash flow from operating activities 493.9 524.5 688.6 Cash flow from investing activities Capital expenditure -212.3 -204.3 -279.0 Investments in shares and business combinations -31.4 -10.4 -14.6 Capital repayments received from investments 1.0 Repayments of loan receivables 1.0 Loans granted -0.1 -0.1 -0.1 Proceeds from disposal of assets 0.7 1.9 4.6 Net cash used in investing activities -241.0 -212.9 -289.1 Cash flow before financing activities 252.9 311.5 399.5 Cash flow from financing activities Proceeds from long-term borrowings 100.0 297.7 598.8 Repayments of long-term borrowings -190.8 -116.6 -219.0 Increase (+) / decrease (-) in short-term borrowings -0.5 -250.2 -267.0 Repayment of lease liabilities -27.5 -21.5 -29.4 Acquisition of non-controlling interests -0.8 -0.8 Dividends paid -193.3 -194.1 -381.4 Net cash used in financing activities -312.2 -285.6 -298.8 Change in cash and cash equivalents -59.3 26.0 100.7 Translation differences 0.3 -0.8 -1.1 Cash and cash equivalents at beginning of period 189.5 89.9 89.9 Cash and cash equivalents at end of period 130.5 115.1 189.5
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15 Elisa | INTERIM REPORT Q3 2026 Consolidated statement of changes in equity Reserve for invested non- Non- Share Treasury restricted Other Retained controlling Total EUR million capital shares equity reserves earnings interests equity Balance at 1 January 2025 83.0 -118.8 90.9 374.3 856.1 7.3 1,292.8 Profit for the period 283.4 -0.1 283.4 Translation differences -2.9 0.0 -2.9 Cash flow hedge 0.0 0.0 Total comprehensive income 0.0 280.5 -0.1 280.4 Dividend distribution -377.2 -0.1 -377.3 Share-based compensation 2.3 2.3 Acquisition of non-controlling interests -0.5 -0.5 -1.0 Other changes -2.9 0.0 -2.9 Balance at 30 September 2025 83.0 -116.5 90.9 374.3 756.1 6.6 1,194.3 EUR million Balance at 1 January 2026 83.0 -116.5 90.9 373.6 821.4 6.5 1,259.0 Profit for the period 271.4 0.1 271.5 Translation differences 1.1 0.0 1.1 Cash flow hedge 1.1 1.1 Total comprehensive income 1.1 272.5 0.2 273.7 Dividend distribution -192.7 -0.1 -192.8 Share-based compensation 1.3 1.3 Other changes -4.0 0.0 -4.0 Balance at 30 September 2026 83.0 -115.2 90.9 374.7 897.2 6.6 1,337.2
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16 Elisa | INTERIM REPORT Q3 2026 Notes ACCOUNTING PRINCIPLES Changes in the accounting principles The interim report has been prepared in accordance with the IFRS recognition and measurement principles, although not all requirements of IAS 34 Interim Financial Reporting have been followed. The information has been prepared in accordance with the International Financial Reporting Standards (IFRS) effective at the time of preparation and adopted for use by the European Union. Apart from the changes in accounting principles stated below, the accounting principles applied in the interim report are the same as in the financial statements on 31 December 2025. Revisions to IFRS accounting standards applied since 1 January 2026 did not have a material impact on the consolidated financial statements. 1. Segment information International 7-9/2026 Consumer Corporate Software Unallocated Group EUR million Customers Customers Services items total Revenue 345.3 177.9 37.7 560.9 EBITDA 142.1 63.0 -0.7 204.3 Depreciation, amortisation and impairment -50.6 -25.4 -2.2 -78.2 EBIT 91.4 37.6 -2.9 126.1 Financial income 1.5 1.5 Financial expenses -12.8 -12.8 Share of associated companies' profit 0.0 0.0 Profit before tax 114.7 Investments 66.5 29.6 0.6 96.7 International 7-9/2025 Consumer Corporate Software Unallocated Group EUR million Customers Customers Services items total Revenue 340.6 185.8 34.1 560.6 EBITDA 144.9 70.0 -1.4 213.5 Depreciation, amortisation and impairment -48.3 -23.3 -3.3 -74.9 EBIT 96.6 46.7 -4.7 138.6 Financial income 1.8 1.8 Financial expenses -12.0 -12.0 Share of associated companies' profit -0.3 -0.3 Profit before tax 128.0 Investments 55.4 23.7 2.4 81.4
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17 Elisa | INTERIM REPORT Q3 2026 International 1-9/2026 Consumer Corporate Software Unallocated Group EUR million Customers Customers Services items total Revenue 1,000.1 542.0 118.0 1,660.1 EBITDA 415.1 187.2 -3.0 599.3 Depreciation, amortisation and impairment -148.9 -75.3 -6.9 -231.0 EBIT 266.2 111.9 -9.9 368.3 Financial income 6.7 6.7 Financial expenses -38.3 -38.3 Share of associated companies' profit 2.4 2.4 Profit before tax 339.1 Investments 174.0 84.6 8.4 267.0 International 1-9/2025 Consumer Corporate Software Unallocated Group EUR million Customers Customers Services items total Revenue 1,001.1 555.8 111.9 1,668.8 EBITDA 415.5 190.9 -2.4 604.0 Depreciation, amortisation and impairment -143.5 -68.9 -9.2 -221.6 EBIT 272.0 121.9 -11.6 382.4 Financial income 7.5 7.5 Financial expenses -37.5 -37.5 Share of associated companies' profit -0.9 -0.9 Profit before tax 351.5 Investments 158.8 79.5 4.3 242.6 International 1-12/2025 Consumer Corporate Software Unallocated Group EUR million Customers Customers Services items total Revenue 1,352.2 749.6 155.4 2,257.1 EBITDA 526.1 239.2 -0.9 764.4 Depreciation, amortisation and impairment -192.8 -93.2 -12.4 -298.4 EBIT 333.2 146.0 -13.3 465.9 Financial income 9.9 9.9 Financial expenses -49.9 -49.9 Share of associated companies' profit -1.1 -1.1 Profit before tax 424.8 Investments 232.2 112.5 10.8 355.4 Total assets 1,952.2 970.1 342.8 250.7 3,515.7
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18 Elisa | INTERIM REPORT Q3 2026 2. Off-balance sheet lease commitments Future minimum lease payments under non-cancellable, off-balance sheet leases: 30 Sep 31 Dec EUR million 2026 2025 Within one year 16.8 13.5 Later than one year, not later than five years 3.9 2.6 Later than five years 0.7 0.6 21.5 16.7 3. Contingent liabilities 30 Sep 31 Dec EUR million 2026 2025 For our own commitments Mortgages 3.8 3.8 Guarantees 12.0 4.4 Deposits 0.5 0.5 On behalf of others Guarantees 40.6 0.2 56.8 8.8 Other contractual obligations Venture capital investment commitment 0.1 0.1 Repurchase obligations 0.1 0.0 0.2 0.1 4. Derivative instruments 30 Sep 31 Dec EUR million 2026 2025 Nominal values of derivatives Electricity derivatives 5.7 2.9 Currency derivatives 3.8 3.9 Interest rate derivatives 200.0 200.0 209.5 206.8 Fair values of derivatives Electricity derivatives 1.3 -0.1 Currency derivatives -0.1 0.0 Interest rate derivatives -8.1 -1.1 -6.9 -1.2 Lease commitments are exclusive of value added tax.
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19 Elisa | INTERIM REPORT Q3 2026 5. Key figures 1-9 1-9 1-12 EUR million 2026 2025 2025 Shareholders' equity per share, EUR 8.29 7.40 7.80 Interest-bearing net debt 1,519.9 1,389.8 1,508.5 Gearing, % 113.7 % 116.4 % 119.8 % Equity ratio, % 38.0 % 35.7 % 35.9 % Return on investment (ROI), % *) 15.5 % 18.0 % 16.2 % Gross investments in fixed assets, 267.0 242.6 355.4 of which right-of-use assets 55.2 37.3 63.0 Gross investments as % of revenue 16.1 % 14.5 % 15.7 % Investments in shares and business acquisitions 32.8 11.5 15.3 Average number of employees 6,079 6,220 6,233 *) Rolling 12 months' profit preceding the reporting date Financial calendar Financial Results for 2026 29 January 2027 Interim Report Q1 2027 20 April 2027 Half-Year Financial Report 2027 16 July 2027 Interim Report Q3 2027 26 October 2027 Dividend record and payment dates: Dividend record date, third instalment 26 October 2026 Dividend payment date, third instalment 4 November 2026 Dividend record date, fourth instalment(1 10 February 2027 Dividend payment date, fourth instalment(1 17 February 2027 1) Preliminary, pending BoD decision Contact information Investor Relations: investor.relations@elisa.fi Press: mediadesk@elisa.fi Elisa website: www.elisa.com