Elisa Oyj
Sector unknown·ELISA · Nasdaq Helsinki·Fiscal year to 31/12/2025
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Telecoms and 5G
Technology
DriverNegative impact: weakens
“The competitive environment has been active, especially in mobile subscriptions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Competition in the fixed broadband market has continued to be intense, and the number and usage of traditional fixed network subscriptions is declining.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“The rapid developments in telecommunications technology may have a significant impact on Elisa’s business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Furthermore, the volume of phone traffic on the fixed network has been decreasing during recent years.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Capital expenditure, of which 355 338 Consumer Customers 232 229 Corporate Customers 112 106 International Software Services 11 2 Shares Total investments 371 452 Shares and business acquisitions 15 124 Reclassification on inventories 13 Leases Capital expenditure excluding leases, reclassification on inventories, shares and business acquisitions 280 295 Capital expenditure as % of revenue 12 13 The main capital expenditures were related to the capacity and coverage increases in 5G networks, fiber and other networks, as well as IT investments.”
Annual report 2025A · The company itself
Market
“It further assumes telecom service revenue growth of 1–3 per cent and international software services organic revenue growth over 10 percent.”
Annual report 2025A · The company itself
Market
“Mobile service revenue is the main driver of telecom service growth.”
Annual report 2025A · The company itself
Market
“Good demand for 5G services has also continued due to the wider range of 5G devices and better network coverage.”
Annual report 2025A · The company itself
Market
“Revenue increased by 3 per cent on the previous year, mainly due to growth in mobile and international software services, corporate digital services as well as interconnection and roaming.”
Annual report 2025A · The company itself
Market
“Revenue decreased by 1 per cent, being negatively affected by fixed services and equipment sales. Revenue was positively affected by growth in mobile and digital services as well as interconnection and roaming.”
Annual report 2025A · The company itself
Market
“Revenue was positively affected by growth in mobile, fixed and energy software services, as well as in interconnection and roaming revenue.”
Annual report 2025A · The company itself
IT operations and cloud
Raw materials and inputs
StrategyPositive impact: strengthens
“Revenue 2025 level or slightly higher EBITDA EUR 815–845 million CAPEX-to-sales 12% Medium-term financial targets by the end of 2027 Revenue 2024–2027 CAGR >4% EBITDA 2024–2027 CAGR >4% CAPEX/Sales Maximum 12 per cent Net Debt/EBITDA 1.5–2x Equity ratio > 35 per cent Annual General Meeting Elisa’s Annual General Meeting will be held on 1 April 2026.”
Annual report 2025A · The company itself
Market
“The markets for IT services have continued to develop favourably.”
Annual report 2025A · The company itself
Market
“Revenue increased by 3 per cent on the previous year, mainly due to growth in mobile and international software services, corporate digital services as well as interconnection and roaming.”
Annual report 2025A · The company itself
Market
“Revenue was positively affected by growth in mobile, fixed and energy software services, as well as in interconnection and roaming revenue.”
Annual report 2025A · The company itself
Market
“Revenue increased by 43 per cent, driven by acquisitions, growth in services and recurring revenue.”
Annual report 2025A · The company itself
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Therefore, the applicable data protection legislation (especially the General Data Protection Regulation) as well as other data-related legislation might have a significant impact on Elisa and its businesses.”
Annual report 2025A · The company itself
Market
“This situation has increased the demand for cybersecurity services.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Media and entertainment
End markets
Market
“Acquisitions had a positive effect on revenue, while decreases in equipment sales, fixed services, consumer digital services as well as the Epic TV divestment impacted revenue negatively.”
Annual report 2025A · The company itself
Power grid expansion
Technology
StrategyPositive impact: strengthens
“Capital expenditure, of which 355 338 Consumer Customers 232 229 Corporate Customers 112 106 International Software Services 11 2 Shares Total investments 371 452 Shares and business acquisitions 15 124 Reclassification on inventories 13 Leases Capital expenditure excluding leases, reclassification on inventories, shares and business acquisitions 280 295 Capital expenditure as % of revenue 12 13 The main capital expenditures were related to the capacity and coverage increases in 5G networks, fiber and other networks, as well as IT investments.”
Annual report 2025A · The company itself
Chains in: Electricity strengthens, Electrification strengthens, Energy security strengthens, Wind power strengthens, Reconstruction of Ukraine strengthens
Financial regulation
Regulation
DriverNegative impact: weakens
“The telecommunications industry is also subject to heavy regulation.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Changes in tax authorities’ interpretations of tax laws may lead to an increase in the tax burden for corporations.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Growth in the Finnish economy has been weak.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Geopolitical uncertainties and the soft macroeconomic environment still continued.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The prevailing uncertainty in the general economy has caused some companies to delay investment decisions and project implementation.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Geopolitical uncertainties and the soft macroeconomic environment still continued.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Changes in governmental relationships, including in the security environment, may increase the risk of restrictions being imposed on equipment from particular network providers that is also used in Elisa’s network. This could have financial or operational impacts on Elisa’s business.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“In 2025, the average number of personnel at Elisa was 6,233 (5,781), and employee expenses totalled EUR 478 million (433).”
Annual report 2025A · The company itself
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Competition in the Finnish telecommunications market has been intense.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Denmark
Geography
Geography
“Elisa’s main market is Finland, where the number of mobile phones per inhabitant is among the highest in the world and growth in subscriptions is therefore limited.”
Annual report 2025A · The company itself
Nordics
Geography
Geography
“Elisa’s main market is Finland, where the number of mobile phones per inhabitant is among the highest in the world and growth in subscriptions is therefore limited.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 2.26 bn EUR |
| Revenue growth vs. the year before, same method | 3 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 1.51 bn EUR |
| Diluted EPS per share | 2.13 EUR |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.