Elisa Oyj

Q2 group revenue was EUR 551 million, essentially flat year over year. Comparable EBITDA was EUR 201 million, up EUR 3 million year over year, and EBITDA margin improved to 36.5% from 35.8%. Comparable EPS was EUR 0.59 versus EUR 0.57 a year ago. Comparable cash flow was EUR 71 million, down from EUR 130 million last year, mainly because of higher financial expenses and less favorable working capital. CapEx was EUR 72 million versus EUR 76 million last year. Guidance for 2026 was unchanged: revenue expected at the same level or slightly higher than 2025, comparable EBITDA expected at EUR 815 million-EUR 845 million, and telecom service revenue growth expected at 0%-2%.

Topi Manner said the quarter showed normalized operating conditions in mobile, better fixed-service momentum, and continued execution on Elisa’s transformation program. He highlighted fiber, 5G, and data center connectivity as the main strategic growth areas, and said the new data center business has attractive returns and cash flow characteristics over the long term. His tone was constructive but measured: he repeatedly stressed that some benefits, especially from mobile pricing and the software business, will show up with a lag.

Kristian Pullola emphasized that profitability improved despite flat revenue, with comparable EBIT/EBITDA up to EUR 201 million and margin at 36.5%. He said CapEx was EUR 72 million, with spending focused on 5G, fiber, and IT systems, while net debt to comparable EBITDA was 1.8x and equity ratio was 39.1%, both within targets. On cash flow, he pointed to EUR 71 million of comparable cash flow versus EUR 130 million last year, citing higher paid interest and weaker working capital as the main drags, but said the balance sheet remains strong and refinancing work on 2027 maturities is underway.

Analysts focused heavily on telecom service revenue timing, asking why the company had not anticipated the lag from fixed-term mobile contracts and whether improvement would come in Q3 or Q4. Management said the market had more fixed-term contracts than expected, that the effect is longer on transfers than renewals, and that the uplift should be most visible in Q4. Qs also covered ISS softness, where management said delays were due to macro/geopolitical uncertainty and postponed projects rather than AI disruption or lost deals. Additional questions probed fiber M&A, data center contract economics, dividend coverage, and whether cost savings are flowing through fast enough; management said bolt-on deals remain possible, data center terms are attractive but early-stage, dividend policy is intact, and most savings are already in but revenue headwinds are limiting the full EBITDA flow-through.