Elisa Oyj: Elisa's Interim Report Q1 2026

ELISA CORPORATION INTERIM REPORT RELEASE 21 APRIL 2026 AT 8:30 AM

First quarter 2026 financial highlights

• Revenue decreased by EUR 7m to EUR 548m, mainly due to lower equipment sales.
• Telecom service revenue increased by 0.5 per cent to EUR 345m.
• Comparable EBITDA grew by EUR 4m to EUR 203m.
• Comparable EBIT increased by EUR 2m to EUR 128m.
• Comparable cash flow increased by EUR 13m to EUR 95m.
• In Finland, mobile post-paid ARPU was EUR 23.9 (24.3 in the previous quarter), andmobile post-paid churn decreased to 17.2 per cent (23.0).
• During the quarter, the number of post-paid mobile subscriptions decreased by 2,700.
• The M2M and IoT subscription base grew by 20,000.
• Prepaid subscriptions decreased by 21,700 during the quarter.
• The number of fixed broadband subscriptions increased by 14,000 during the quarter.

Key indicators

EUR million	1Q26	1Q25	Δ %		2025
Revenue	548	556	-1,3 %		2 257
EBITDA	199	195	2,3 %		764
Comparable EBITDA (1	203	199	2,2 %		808
EBIT	124	122	2,0 %		466
Comparable EBIT (1	128	126	1,8 %		512
Profit before tax	113	112	1,5 %		425
Comparable profit before tax (1	117	116	1,3 %		471
EPS, EUR	0,57	0,56	1,5 %		2,13
Comparable EPS, EUR (1	0,59	0,58	1,3 %		2,36
Capital expenditure (2	61	65	-5,4 %		280
Net debt	1 428	1 409	1,3 %		1 508
Net debt / EBITDA (3	1,8	1,8			1,9
Gearing ratio, %	105,8 %	102,3 %			119,8 %
Equity ratio, %	39,4 %	41,6 %			35,9 %
Cash flow (4	89	77	15,3 %		400
Comparable cash flow (5	95	82	15,7 %		411

¹⁾ 1Q26 excluding EUR 4m in restructuring costs. 1Q25 excluding EUR 4m in restructuring costs. 2025 EBITDA excluding EUR 32m in restructuring costs and EUR 12m in network dismantling and repair costs. 2025 EBIT, profit before tax and EPS excluding one-off items affecting EBITDA and EUR 2m impairment of fixed assets.
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⁾ 1Q26 excluding EUR 6m in share investments and business acquisitions. 1Q25 excluding EUR 5m in share investments and 2025 EUR 12m in share investments and sales.

Additional key performance indicators are available at elisa.com/investors (Elisa Operational Data.xlsx).

CEO Topi Manner: Solid results in line with our expectations

In the first quarter, revenue decreased by 1.3 per cent to EUR 548 million, mainly due to significantly lower equipment sales impacted by challenging economic environment and increasing device prices driven by higher component costs. Comparable EBITDA increased by 2.2 per cent to EUR 203 million, in accordance with our expectations, compared to strong first quarter 2025. Comparable cash flow again grew strongly, rising by 16 per cent to EUR 95 million, positively impacted by drivers across the board.

During the first quarter, our prices of new consumer mobile subscriptions in Finland returned to the same level as the previous year. Churn decreased from 23.0 to 17.2 per cent, which is broadly in line with our long-term average churn. 5G upselling and the rollout of security features to mobile subscriptions continued. Now 700,000 customers have the upgraded security features. Fibre subscription base growth was strong, clearly signalling our competitiveness in this area. In Estonia, Elisa received Ookla Speedtest Awards for the best 5G network. We continue our network and service upgrades towards modern technologies and have announced the ramp-down of fixed-line telephone subscriptions by the end of June 2026.

The transformation programme is progressing well. During the first quarter, particular focus was placed on reductions in outsourced services, such as IT consultancy, and improvements in procurement efficiency. We will deliver the planned cost savings of EUR 40 million during the current year. At the same time, we acknowledge the rapid performance improvements in the recently launched Large Language Models and will continue the AI-driven transformation in coming years to improve productivity and identify new growth opportunities.

Customers are increasingly adopting cyber security services. In the corporate customer segment several large corporate customers have updated their cybersecurity services together with Elisa. Over 100,000 customers have activated foreign number block, and over 600,000 foreign calls have been blocked in Finland since August 2025. Elisa's patented Who's Calling (Kuka Soittaa) service, which shows caller's ID, has been well received by the market, and over 130,000 consumer and corporate customers have subscribed to the service already.

Elisa Industriq gained new customers. Cloud-native analytics and performance management solution was implemented for Bouygues Telecom in France. The AI-driven Gridle energy optimisation solution was chosen by Vantage Towers, one of Europe's leading tower companies, to strengthen the resilience, value and sustainability of telecom infrastructure in Spain.

AI benefits Elisa's customers and owners, and it is the driver of our long-term growth. AI use cases, such as autonomous cars or drones, require faster and better telecommunications connections for consumers, corporates, and public sector customers alike. Elisa Industriq is leveraging AI throughout its software solutions. To further improve customer experience and productivity, we are at the forefront of developing autonomous networks, building on our leading network automation capability.

We continue to focus on implementation of our faster profitable growth strategy, 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. 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 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 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.

ELISA CORPORATION

Additional information:

Topi Manner, CEO, tel. [phone]
Kristian Pullola, CFO, tel. [phone]
Vesa Sahivirta, IR Director, tel. [phone]

Distribution:

Nasdaq Helsinki
Principal media
elisa.com