Elisa Oyj

Group revenue was EUR 551 million, essentially flat year over year. Comparable EBITDA / EBIT was EUR 201 million, up EUR 3 million year over year, and the EBITDA margin improved to 36.5% from 35.8%. Comparable EPS increased to EUR 0.59 from EUR 0.57. Comparable cash flow was EUR 71 million, down from EUR 130 million in the prior-year quarter, a 37% decline, mainly because of higher interest costs and less favorable working capital. CapEx was EUR 72 million versus EUR 76 million last year. For full-year 2026, Elisa kept guidance unchanged: revenue at the same level or slightly higher than 2025 and comparable EBITDA of EUR 815 million-EUR 845 million. The company now expects telecom service revenue growth of 0%-2%, with the improvement expected to be more visible in Q4 than Q3. In Elisa Industriq, management expects revenue growth of 5%-10% during this calendar year.

Topi Manner framed the quarter as one where cost execution and normalizing operating trends outweighed a still-soft revenue environment. He said mobile indicators have normalized, fixed broadband demand is improving, fiber is a growth focus, and the first large-scale data-center connectivity deals mark an important new long-term opportunity. His tone was constructive and confident, but he repeatedly stressed that revenue recovery in mobile and software will show up with a lag, especially in Q4.

Kristian Pullola emphasized that profitability improved despite flat revenue, driven by operating cost savings from the transformation program and broader cost discipline. He pointed to EBITDA of EUR 201 million, margin of 36.5%, EPS of EUR 0.59, and CapEx of EUR 72 million, while noting cash flow of EUR 71 million was weaker versus an exceptionally strong comparison quarter because of higher paid interest and less favorable working capital. He also said net debt to EBITDA was 1.8x, equity ratio was 39.1%, and the balance sheet remains comfortably within target ranges, with proactive refinancing of 2027 maturities underway.

Analysts pressed management on the timing of mobile revenue improvement and whether the company had underestimated the impact of fixed-term contracts. Management said the lag from contract transfers and renewals is longer than expected, and that Q4 should show the revenue benefit more clearly than Q3. On ISS, investors asked if slower growth was structural or tied to AI spend shifts; Topi said the issue looks macro and project-timing related, not AI-related, and stressed no deals were lost. Questions also focused on fiber consolidation, data-center contract economics, and dividend/cash-flow coverage; management said bolt-on fiber deals remain possible, data-center returns and cash flows are attractive, and the dividend policy remains intact.