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.

Topi Manner

CEO