Debt financing

Elisa has strong reliable cash flow and an efficient balance sheet structure

Elisa has centralised its debt issuance in the parent company, which takes care of the funding for the subsidiaries. The centralised treasury manages the financing activities and debt portfolio to ensure optimum financing arrangements, minimising financial expences and refinancing risk, and proving liquidity for all group companies.

Keeping Elisa's current investment-grade credit ratings is an important part of financing strategy. Elisa's financial policy on leverage is to maintain a net debt to EBITDA ratio of between 1.5– 2.0× and an equity ratio > 35%.

Key figures

EMTN Programme

Elisa established a European Medium Term Note (EMTN) Programme in 2000.  The programme is updated annually, and it is the main source for medium- and long-term funding.

Issuer: Elisa Corporation

Programme size: EUR 1,500,000,000

Listing: Luxembourg Stock Exchange

Arranger: Nordea Bank

Dealers: Danske Bank, Landesbank Baden-Württenberg, Nordea Bank, OP Corporate Bank, SEB, Unicredit and Swedbank

Issuing and Principal Paying Agent: The Bank of New York Mellon

Sustainability Finance

Elisa’s mission is a sustainable future through digitalisation. We are committed to conducting responsible and sustainable business at all levels, including our financing operations.

As a part of this commitment, we signed our first Sustainability Linked RCF in 2021, and established a Sustainability Finance Framework in 2022 to support the company's sustainability goals. Elisa can issue bonds and other financial instruments to finance or refinance sustainable investments and projects in accordance with the Framework. The first Green Bond was issued on 20 Sept 2023.

In addition to Elisa's climate goals, the Sustainability Finance Framework includes areas of digital and social responsibility. The Sustainable Finance Use of Proceeds categories are:

Energy efficiency
Renewable energy
Green buildings and data centres
Digital inclusion
Social inclusion

Documents

Elisa Sustainability Finance Framework

Sustainalytics Second Party Opinion

Elisa Green Bond Report September 2024

Limited Assurance Report Elisa Green Bond 2024

Elisa has worked together with Handelsbanken Capital Markets to develop this Sustainability Finance Framework. Sustainalytics has provided a second party opinion on the framework.  The Sustainability Finance Framework is based on the Green Bond Principles, the Social Bond Principles, the Sustainability Bond Guideline, all as published by the International Capital Market Association (ICMA), as well as on the  Green Loan Principles and the Social Loan Principles, each as published by the Loan Market Association.

Elisa details the allocation of Sustainability Financing net proceeds on this website.

Credit Ratings


 

Long-term rating

Short-term rating

Latest published opinion (pdf)

Moody's Investors Service
moodys.com

Baa2 (stable)-30 July 2024
S&P Global Ratings
spglobal.com		BBB+ (stable)A-215 April 2025

Contacts

Juho Saarinen

Group Treasurer
tel. +358 44 535 0595
juho.saarinen@elisa.fi

Elisa Investor Relations

investor.realations@elisa.fi