Strong growth in EBITDA and cash flow

In the second quarter, revenue grew by 2 per cent to EUR 552 million. The growth in revenue was affected by a EUR 12 million decrease in low-margin equipment sales, including a one-off, EUR 7 million deal in Estonia in the comparison quarter. Comparable EBITDA improved by 4 per cent to EUR 198 million, boosted by continuous improvements in efficiency. Comparable cash flow grew by 20 per cent, driven by growing EBITDA, positive net working capital change and strict CAPEX discipline. Relative to many other industries, Elisa’s business will remain stable in uncertain geopolitical times, even though we are not immune to all customer impacts. 

During the second quarter, we launched a significant upgrade to our consumer voice subscriptions, which now include a suite of security features: mobile ID, scam site blocking and data leakage monitoring. This upgrade was well received by customers, as witnessed by the decreasing overall churn rate, and resulted in an improved growth rate in mobile service revenue. We will continue the rollout of the upgraded offering during the remainder of the year and beyond. 

We became the first operator in the world to offer customers mobile subscriptions using 5.5G (5G Advanced) technology. We announced an agreement with Nokia on the extension of the 5.5G networks in Finland and Estonia. 

We were also the first operator in Europe to achieve download speeds of up to 8 Gbps with carrier aggregation in the 5G Standalone network in Finland, together with Ericsson and MediaTek. In Estonia, Ookla rated Elisa's 5G network as the fastest. 

To further enhance efficiency, resilience and customer experience, we announced expanded collaboration with Google Cloud to enable the implementation of AI-driven autonomous network operations.

In the Corporate Customers business, we gained significant new customer wins. In IT services, the number of workstations covered by Elisa’s AI-enhanced service will increase by 40 per cent during 2025, strengthening our position among the top four IT service companies in Finland. For our B2B customers, we launched Moontalk AIRI, an AI-assisted service for companies that provides automatic note-taking and call summaries for phone calls. 

In International Software Services, we had several customer wins, especially in the telecom industry. As a result, comparable organic growth for the quarter was 10 per cent. The launch of Elisa Industriq brand continued during the quarter.

Elisa’s long-term sustainability work continued to gain international recognition. In the latest report from Time Magazine and Statista, Elisa ranked as the 55th most sustainable company in the world. We were also included in the Financial Times and Statista Europe’s Best Employers ranking.

Our performance during the second quarter clearly demonstrates our strong commitment to faster profitable growth, creating customer value by being a frontrunner in technology, and continuously improving our productivity and quality.

Topi Manner

CEO