ELISA FINANCIAL STATEMENT RELEASE 30 JANUARY 2026 AT 8:30 AM
Fourth quarter 2025 financial highlights
- Revenue increased by EUR 9m to EUR 588m, mainly due to growth in mobile services and international software services.
- Mobile service revenue increased by 2.4 per cent to EUR 261m.
- Comparable EBITDA was at the previous year's level EUR 198m.
- Comparable EBIT decreased by EUR 2m to EUR 123m.
- Comparable cash flow increased by EUR 25m to EUR 91m.
- In Finland, mobile post-paid ARPU was EUR 24.3 (24.3 in the previous quarter), and mobile post-paid churn increased to 23.0 per cent (22.3).
- During the quarter, the number of post-paid mobile subscriptions decreased by 2,200. The M2M and IoT subscription base grew by 18,800.
- In Finland consumer mobile voice subscription base was stable.
- Prepaid subscriptions decreased by 9,100 during the quarter.
- The number of fixed broadband subscriptions increased by 6,000 during the quarter.
Key indicators
| EUR million | 4Q25 | 4Q24 | Δ % | 2025 | 2024 | Δ % | |
| Revenue | 588 | 580 | 1,5 % | 2 257 | 2 191 | 3,0 % | |
| EBITDA | 160 | 191 | -16,2 % | 764 | 767 | -0,3 % | |
| Comparable EBITDA (1 | 198 | 198 | 0,2 % | 808 | 783 | 3,2 % | |
| EBIT | 84 | 119 | -29,5 % | 466 | 488 | -4,4 % | |
| Comparable EBIT (1 | 123 | 125 | -1,4 % | 512 | 504 | 1,5 % | |
| Profit before tax | 73 | 105 | -29,9 % | 425 | 448 | -5,1 % | |
| Comparable profit before tax (1 | 113 | 116 | -2,6 % | 471 | 469 | 0,2 % | |
| EPS, EUR | 0,36 | 0,51 | -29,1 % | 2,13 | 2,23 | -4,6 % | |
| Comparable EPS, EUR (1 | 0,56 | 0,58 | -2,6 % | 2,36 | 2,35 | 0,5 % | |
| Capital expenditure (2 | 74 | 80 | -6,5 % | 280 | 295 | -5,2 % | |
| Net debt | 1 508 | 1 473 | 2,4 % | 1 508 | 1 473 | 2,4 % | |
| Net debt / EBITDA (3 | 1,9 | 1,9 | 1,9 | 1,9 | |||
| Gearing ratio, % | 119,8 % | 113,9 % | 119,8 % | 113,9 % | |||
| Equity ratio, % | 35,9 % | 38,7 % | 35,9 % | 38,7 % | |||
| Cash flow (4 | 88 | 23 | 279,5 % | 400 | 256 | 56,0 % | |
| Comparable cash flow (5 | 91 | 66 | 37,6 % | 411 | 357 | 15,1 % | |
1) 4Q25 EBITDA excluding EUR 26m in restrucuring costs and EUR 12m in network dismantling and repair costs. 2025 EBITDA excluding EUR 32m in restructuring costs and EUR 12m in network dismantling and repair costs. 4Q25 and 2025 EBIT, profit before tax and EPS excluding one-off items affecting EBITDA and EUR 2m impairment of fixed assets. 4Q24 EBITDA and EBIT excluding EUR 6m and 2024 excluding EUR 17m in restructuring costs. 4Q24 and 2024 profit before tax and EPS excluding one-off items affecting EBIT and 5m impairment of loan receivables.
2) Excluding leases, reclassification on inventories and shares and business acquisitions.
3) (Interest-bearing debt - financial assets) / (four previous quarters' comparable EBITDA).
4) Cash flow before financing activities.
5) 4Q25 excluding EUR 3m and 2025 excluding EUR 12m in share investments and sales. 4Q24 excluding EUR 43m and 2024 excluding EUR 101m in share and business investments and loans granted.
The Board of Directors proposes dividend authorisation of EUR 2.40 per share (see "Profit distribution"). The Board of Directors proposes also an authorisation to acquire a maximum of 5 million own shares.
Additional key performance indicators are available at elisa.com/investors (Elisa Operational Data.xlsx).
CEO Topi Manner: Solid results in a tough competitive environment
In the fourth quarter, revenue grew by 1.5 per cent to EUR 588 million mainly driven by international software and mobile service revenue, as well as equipment sales. EBITDA was at the previous year's level EUR 198 million. Comparable cash flow grew strongly by 38 per cent, driven by a positive change in net working capital and CAPEX discipline. During full year 2025 revenue increased by 3 per cent to EUR 2.3 billion. Both comparable EBITDA and EBIT were the best ever, at EUR 808 million (783) and EUR 512 million (504), respectively. Full year comparable cash flow was all time high, EUR 411 million, 15 per cent growth from the previous year.
In the fourth quarter, we took swift action to improve our competitiveness. We announced a transformation programme to simplify our operations and increase productivity, in line with the strategy of Faster Profitable Growth. The transformation programme, with annual cost-saving target of EUR 40 million in 2026, is proceeding as planned. The change negotiations related to personnel impacts resulted in personnel reduction of 357. The subsequent steps of the programme include e.g. reductions of outsourced services and procurement efficiency improvements.
During the fourth quarter, the intense competitive situation experienced in the third quarter in the Finnish consumer mobile market continued. Campaigning was more intense than what has been seen in many years, leading to higher than usual sales costs. 5G upselling, however, continued in mobile services and fibre demand remained strong. As a sign of our competitiveness, in the heated mobile competition we maintained our market share in consumer voice subscriptions.
The challenging cyber security situation is increasingly visible in the everyday lives of our customers. Our capabilities in this area are strong. As an example, our fraud call prevention service won the European Crime Prevention Award. We have also developed a feature for mobile subscriptions that allows the call recipient to see the caller's name without a separate application. This Who's Calling (Kuka Soittaa) service was launched to our customers in November and has been well received.
Elisa is an important part of Finland's and Estonia's critical infrastructure and security of supply. The break in Elisa's submarine cable at the end of the year did not, once again, have any impact on our customers or the functioning of our services as our network is designed and secured with multiple different routes.
For the full year 2025, Elisa Industriq business turned EBITDA positive according to plans. In the fourth quarter Elisa Industriq won a strategic partnership with a leading telecom group operating across Asia and MENA.
Elisa signed a new EUR 200 million loan agreement with the Nordic Investment Bank (NIB). With sustainability-linked loans, we promote equal access to high-speed connections and accelerate reduction of greenhouse gas emissions, which is essential for achieving our net zero 2040 target.
We are strongly committed to our strategy of faster profitable growth, creating customer value by being a frontrunner in technology, and continuously improving our competitiveness, productivity and quality.
Outlook and guidance for 2026
The development in the general economy includes many uncertainties. Growth in the Finnish economy has been weak. Competition in the Finnish telecommunications market has been intense.
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 is expected to be 12 per cent of revenue.
The outlook and guidance assume that the economic and operating environment gradually improves during the year. It further assumes telecom service revenue growth of 1-3 per cent and international software services organic revenue growth over 10 percent. Mobile service revenue is the main driver of telecom service growth.
Profit distribution
According to Elisa's distribution policy, profit distribution is 80-100 per cent of the previous fiscal year's net profit. In addition, any excess capital can be distributed to shareholders. When making the distribution proposal or decision, the Board of Directors will take into consideration the company's financial position, future financial needs and financial targets. Profit distribution includes dividend payment, capital repayment and share buybacks.
The Board of Directors proposes to the General Meeting that the profit for the financial period 2025 be added to accrued earnings and that a maximum dividend of EUR 2.40 per share be paid based on the adopted balance sheet of 31 December 2025 adopted by the General Meeting. According to the proposal, the dividend will be paid in four instalments as follows.
The first instalment of the dividend of EUR 0.60 per share is proposed to be paid to a shareholder registered in the shareholders' register of the Company held by Euroclear Finland Oy on the dividend payment record date of the first instalment of 7 April 2026. The Board of Directors proposes that the first instalment of the dividend be paid on 15 April 2026.
In addition, the Board of Directors proposes that the Annual General Meeting authorise the Board of Directors to later decide, at its discretion, on the distribution of a maximum dividend of EUR 1.80 per share in total. The authorisation would be valid until the opening of the next Annual General Meeting.
Unless the Board of Directors decides otherwise for a justified reason, the authorisation will be used to distribute dividend in three equal-sized instalments during the period of validity of the authorisation. The Board of Directors will make separate resolutions on each distribution of dividend so that the preliminary record and payment dates for each dividend instalment will be as set out below. The Company will make separate announcements of each such resolution.
Preliminary record dates Preliminary payment dates Preliminary amounts
20 July 2026 29 July 2026 EUR 0.60 per share
26 October 2026 4 November 2026 EUR 0.60 per share
10 February 2027 17 February 2027 EUR 0.60 per share
Each dividend instalment based on the authorisation will be paid to shareholders registered in the Company's shareholder register maintained by Euroclear Finland Ltd on the dividend record date of the instalment in question.
The Board of Directors also decided to propose to the General Meeting that the Board of Directors be authorised to acquire a maximum of five million treasury shares, which corresponds to 3 per cent of the total number of shares.
ELISA CORPORATION
Additional information:
Topi Manner, CEO, tel. +358 10 265 1200
Kristian Pullola, CFO, tel. +358 10 262 5939
Vesa Sahivirta, IR Director, tel. +358 50 520 5555
Distribution:
Nasdaq Helsinki
Principal media
elisa.com
