Elisa (ELISA) Q1 2026 earnings summary

Executive summary

• Revenue declined by 1.3% year-over-year, mainly due to lower equipment sales and divestments, while telecom service revenue grew 0.5% and international software services rose 6.9%.

• Comparable group EBITDA increased by 2.2% to EUR 203m, supported by cost efficiency measures and transformation program savings.

• Comparable cash flow improved by 15.7%–16% year-over-year, driven by OPEX savings and improved working capital.

• Mobile post-paid churn in Finland decreased to 17.2% from 23% in Q4, and fixed broadband subscriptions grew by 14,000, driven by fiber demand.

• Transformation and strategic focus on customer centricity, AI-enabled growth, and productivity are progressing as planned.

Financial highlights

• Q1 2026 revenue was EUR 548m, down from EUR 556m in Q1 2025.

• Comparable EBITDA reached EUR 203m (up 2.2% year-over-year), with EBITDA margin rising to 37%.

• Net profit was EUR 91m–95m, up year-over-year, and EPS rose to EUR 0.59.

• Capital expenditure was EUR 61m–75m, focused on 5G, fiber, and IT investments.

• Net debt/EBITDA at 1.8x, equity ratio at 39.4%, and return on equity at 28.1%–30.4%.

Outlook and guidance

• Full-year 2026 revenue expected to be flat or slightly higher than 2025, with telecom service revenue growth projected at 1–3%.

• Comparable EBITDA guidance for 2026 is EUR 815–845m; CAPEX expected at 12% of revenue.

• International software services organic growth forecast above 10%.

• Mobile service revenue momentum expected to improve in H2 due to contract time lags.

• Guidance assumes gradual improvement in economic and operating environment.