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%.

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, Svenska Handelsbanken 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

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.

Credit Ratings


Long-term rating

Short-term rating

Latest published opinion (pdf)

Moody's Investors ServiceBaa2 (stable)-20 Dec 2022
S&P Global RatingsBBB+ (stable)A-214 April 2023

Read more about credit ratings:


Mr Juha Kervinen
Group Treasurer
tel. +358 50 555 3625

                       Elisa Investor Relations