Outlook and medium-term targets

Outlook and guidance for 2024

 Development in the general economy includes many uncertainties. Growth in the Finnish economy is expected to stall. In particular, uncertainty relating to Russia’s war in Ukraine and other conflicts, such as in inflation and energy prices, is continuing. Challenges in global supply chains may also result in uncertainties in volumes and prices. Competition in the Finnish telecommunications market remains keen.

Full-year revenue is estimated to be same level or slightly higher than in 2023. Mobile data and digital services are expected to increase revenue. Full-year comparable EBITDA is anticipated to be same level or slightly higher than in 2023. Capital expenditure is expected to be 12–13 per cent of revenue.

Elisa is continuing to develop to improve productivity, for example by increasing automation and data analytics in different processes, such as customer interaction, network operations and delivery. Additionally, Elisa’s continuous quality improvement measures will increase customer satisfaction and efficiency, and reduce costs.

Elisa’s transformation into a provider of exciting, new and relevant services for its customers is continuing. Long-term revenue growth and profitability improvement will derive from growth in the mobile data market, as well as domestic and international digital services.

Medium-term financial targets  by the end of 2025

Revenue growth2022–2025 CAGR >2% 
EBITDA growth2022–2025 CAGR >3% 
CAPEX/SalesMaximum 12 per cent
Net Debt/EBITDA1.5 – 2x
Equity ratio> 35 per cent

Distribution policy

According to Elisa’s distribution policy, profit distribution is 80–100 per cent of the previous fiscal year’s net profit. In addition, any excess capital can be distributed to shareholders. When making the distribution proposal or decision, the Board of Directors will take into consideration the company's financial position, future financial needs and financial targets. Profit distribution includes dividend payment, capital repayment and purchase of treasury shares.

Page updated 26 January 2024