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"value": "8000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-352": { "value": "189300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-353": { "value": "
Equity attributable to shareholders of the parent company
Shareholders\u2019 equity consists of the share capital, other paid-in capital, reserves and accumulated
profits and losses. Other paid-in capital includes share subscription prices to the extent that they
are not included in share capital (premium) and unconditional shareholders\u2019 contribution. Actu-
arial gains and losses arising from employee benefits are recorded under revaluation of defined
benefit plans. Hedging reserve comprises of net investment hedges. Gains and losses from hedge
accounted derivative instruments are temporarily recognized in other comprehensive income un-
der hedging reserve for their effective part and will be reclassified to the income statement as the
hedged item affects the income statement. The currency translation reserve includes differences
arising on translation of the financial statements of foreign entities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "Eltel AB", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "leading Nordic service provider for critical infrastructure in communication and power networks", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "Nordic market", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "Eltel AB (publ)", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "public limited liability company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "Stockholm, Sweden", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "Adolfsbergsv\u00e4gen 13, Bromma", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "Sweden", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "Eltel AB", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "2. Material accounting policies for the consolidated accounts These consolidated financial statements of the Group are prepared in accord- ance with IFRS Accounting Standards as adopted by EU effective at 31 De- cember 2025. In addition, the Group applies RFR 1 Supplementary Account- ing Rules for Groups, issued by the Swedish Corporate Reporting Board. The financial statements have been authorized by the Board of Directors of Eltel AB on 24 March 2026 for issue on 26 March 2026 and are subject to adoption by the Annual General Meeting on 12 May 2026. The financial statements are prepared on a going concern basis. At the date of signing the financial statements, management is required to assess the par- ent company\u2019s and the Group\u2019s ability to continue as a going concern, and this assessment should cover the parent company\u2019s and the Group\u2019s prospects for a minimum of 12 months from the end of the reporting period. Consolidated financial statements have been prepared under the historical cost convention, except for derivative financial instruments, which are meas- ured at fair value. The information in the consolidated financial statements is presented in millions of Euros unless otherwise stated. All figures in the finan- cial statements have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. Adoption of new or amended IFRS standards and interpretations The IFRS standards, amendments and interpretations that took effect in the financial year 2025 did not have any impact on the financial statements. The new standards and amendments effective for 2026 financial year or later include the following: \u2022 IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 replaces IAS 1, which sets out presentation and base disclosure requirements for financial statements. The changes, which mostly affect the income statement, include the requirement to classify income and expenses into three new categories \u2013 operating, investing and financing \u2013 and present subtotals for operating profit or loss and profit or loss before financing and income taxes. IFRS 18 also provides enhanced guidance for aggregation and disaggregation of information in the financial statements, introduces new disclosure requirements for management-defined perfor- mance measures (MPMs) and eliminates classification options for interest and dividends in the statement of cash flows. This standard will change the presentation and disclosure of the consolidated financial statements. The standard will be effective for financial years beginning on 1 January 2027. The other published standards, amendments and interpretations that are ef- fective on the financial year beginning 1 January 2026 or later are not expected to have significant impact on the Group. European Single Electronic Format (ESEF) As required under the EU Commission\u2019s Delegated Regulation (EU) 2019/815 (ESEF Regulation), Eltel\u2019s annual report for the financial year 2025 is filed in the European Single Electronic Format (ESEF). The primary statements and notes in the IFRS consolidated financial statements are tagged in accordance with ESEF taxonomy in electronic format called iXBRL. ESEF taxonomy is de- veloped by ESMA and it is based on the IFRS taxonomy published by the IFRS Foundation. Critical accounting estimates and judgments The preparation of the consolidated financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the reported amounts of income and expenses during the period. The actual results may differ from these estimates and assumptions. Possible changes in estimates and as- sumptions are recognized in the financial period when the changes occur and in all subsequent financial periods. The areas where significant judgments and estimates are made in preparing the financial statements and where a subsequent change in the estimates and assumptions may cause a material adjustment to the carrying amounts of as- sets and liabilities are outlined below: a) Impairment testing The Group tests annually and always, if there are indications of impairment, whether goodwill has suffered any impairment by comparing the book value with the recoverable value. The recoverable amounts of cash- generating units have been determined based on value-in-use calculations. The value -in-use calculations require estimation of future cash flows expected to arise from cash-generating units and a suitable discount rate in order to calculate pres- ent value. See note 27 Intangible assets for more information on impairment testing. b) Revenue recognition over time The Group applies the five-step model of IFRS 15 when recognizing revenue from contracts with customers. Revenue for the period is recognized to the extent that the performance obligation(s) to the customer have been satisfied. The Group typically uses input method to measure the progress of satisfying the performance obligation(s). The progress is measured based on costs in- curred relative to the total estimated costs and revenue is recognized based on this percentage of completion. The estimated outcome of a long-term contract that extends over several accounting periods may vary due to changes in circumstances and, for this reason, lead to revised estimations in the next reporting period. Cost esti- mates require estimate of the final outcome of the project and the actual fu- ture outcome may deviate from the estimate. Deviations from original plan in project execution may result in significant increases in cost to complete due to various reasons including cost for additional work and materials, price in- creases as well as cost for delays and available resources. Project business contains inherent risks related to the pricing of the project and estimates of the ultimate cost and performance of the contract. Additionally, project business involves risk related to authority, customer or other external conditions outside of Eltel\u2019s control, including the risk of delays and in certain cases the risk of inability of the Group\u2019s customers to obtain financing to fund planned projects and services. The essential skills for performance and profitability of a project are the Group\u2019s ability to accurately foresee the project\u2019s costs, to correctly assess the various resources necessary to carry out the project, to effective- ly manage the services provided by subcontractors, and to control technical events that could affect and delay progress on the project. c) Taxes Determination of income taxes and deferred taxes when the ultimate tax deter- mination is uncertain requires management judgement. The Group recognizes deferred tax assets resulting from tax losses and temporary differences when the realization of related tax benefit due to future taxable profits is probable. However, deferred tax asset is always recognized if it can be utilized against current taxable temporary differences. The assumptions regarding future tax- able profits requires significant judgement and are based on the current busi- ness plan and further estimates added by consideration for the uncertainties. The Group uses estimates for recognition of liabilities for anticipated tax audit and tax controversy issues based on all available information at the time of recognition. d) Lease contracts valid until further notice The IFRS 16 standard requires use of estimates for valuating contracts that are valid until further notice. Eltel has estimated the length of these contracts based on expected usage in current business operations. This has consid- erable impact on the amount of right-of-use assets and leasing liabilities for premises. The right-of-use assets and leasing liabilities are presented as sep- arate lines in the balance sheet. Principles of consolidation The consolidated financial statements include the parent company Eltel AB and all companies in which, at the end of the financial year, Eltel exercises control, i.e. subsidiary companies. Control is achieved when the Group is ex- posed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. This usually means that Eltel holds over 50% of the voting rights or otherwise has the power to govern the financial and operating policies of the entity. Sub- sidiaries are consolidated from the date on which control is transferred to the Group and disposed subsidiaries are consolidated up to their date of disposal. Acquired subsidiaries are accounted for using the purchase method. The cost of an acquisition is measured as the fair value of the assets given, eq- uity instruments issued and liabilities incurred or assumed at the date of ex- change. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recognized as goodwill. Intercompany transactions, receivables, liabilities and unrealized margins, as well as distribution of profits within the Group, are eliminated in full on con- solidation. Non-controlling interest is presented as a separate line item in the income statement and in equity. Joint operations are joint arrangements whereby the partners, which have joint control of the arrangement, have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control, which is the contrac- tually agreed sharing of the control of an arrangement, exists only when deci- sions about the relevant activities require unanimous consent of the partners sharing control. The Group recognizes its interest in joint operations using the proportionate method of consolidation, whereby the Group\u2019s share of each of the assets, liabilities, income and expenses of the joint operations are combined with the similar items, line by line, in its consolidated financial statements. A list of subsidiaries and joint operations is presented in note 35 Group companies. Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group companies are measured using the currency of the primary economic environment in which the company operates (the functional currency). The consolidated financial statements are presented in Euros, which is also the functional and presenta- tion currency of the parent company. Foreign currency transactions Foreign currency transactions are translated into the functional currency us- ing the exchange rates prevailing at the date of transaction. Monetary items denominated in foreign currencies are translated into the functional curren- cy using the exchange rates prevailing at the balance sheet date. All other non-monetary items are valued using the exchange rates prevailing at the date of transaction. Foreign exchange gains and losses resulting from the translation of busi- ness transactions and monetary items are recognized in the income state- ment. Exchange rate gains and losses on actual business operations are rec- ognized in respective items above operating profit. Exchange rate gains and losses on financing are entered as exchange rate differences in financial in- come and expenses. See further information on hedge accounting for foreign currency differences arising from the translation of financial assets and liabilities desig- nated as hedges in note 14. Foreign subsidiaries Income statements and cash flow statements of foreign subsidiaries are trans- lated into Euros at the average exchange rates for each month and the balance sheets are translated using the exchange rates prevailing at the balance sheet date. Exchange differences arising from the translation are recognized in other comprehensive income. When a subsidiary is partially disposed or sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on the sale. Revenue recognition (IFRS 15) The Group applies the five-step model of IFRS 15 when recognizing revenue from contracts with customers. IFRS 15 requires identifying deliverables in contracts with customers that qualify as separate performance obligations. The deliverables may include good(s) or service(s) or a combination of goods and services. Revenue is recognized for each performance obligation sepa- rately on a relative stand-alone selling price basis and takes place when a cus- tomer obtains control of the related good(s) or service(s) and has the ability to direct the use of and obtain the benefits from the good(s) or service(s), either over time or at a point in time. Major part of Group\u2019s revenue comes from the following revenue types: installation delivery services, upgrade services and maintenance services. The Group\u2019s contracts are either stand-alone agreements or contracts within frame agreements. Only agreements that are committing both of the contract- ing parties are defined as a contract under IFRS 15. A contract includes promises to transfer good(s) or service(s) to a customer. If those goods or services are distinct, the promises are performance obliga- tions that are each accounted for separately in revenue recognition. The Group has analyzed the different revenue types and concluded that in the installation delivery and upgrade services revenue is typically recognized over time as cus- tomer controls the asset Eltel creates or enhances. In maintenance services customer typically receives benefits as Eltel performs and revenue is and con- tinues to be recognized based on the services performed. When revenue from contracts with customers is recognized over time, reve- nue for the period is recognized to the extent of satisfying the performance ob- ligation(s) to the customer. The Group typically uses the input method based on the costs incurred to measure the progress of satis fying the performance obligation(s) over time. The progress is measured based on costs incurred relative to the total estimated costs and revenue is recognized based on this percentage of completion. An expected loss on a customer contract is recog- nized as an expense immediately. IFRS 15 does not include any guidance on how to account for loss contracts. Accordingly, such contracts are accounted for using the guidance in IAS 37 \u2018Provisions, Contingent Liabilities and Contin- gent Assets\u2019. Whenever the Group\u2019s customer contracts contain a variable consider- ation the amount shall be withhold so that the Group does not recognize any amount relating to variable consideration until it is highly probable that a sig- nificant revenue reversal will not incur. The assessment of the likelihood of revenue reversal is based on historical evidence from earlier similar type of contracts. Also the materiality is estimated. A typical variable price element in Eltel\u2019s contracts is delay penalties. In some contracts the timing of customer payments may differ significantly from the timing of the transfer of goods or services to the customer (for ex- ample the consideration is prepaid or is paid after the services are provided). When the difference is more than a year the Group assesses at the beginning of the contract whether the contact contains a significant financing compo- nent. If the contract contains a significant financing component the prom- ised amount of consideration is adjusted and Eltel recognizes revenue at an amount that reflects the cash selling price of the promised goods or services. Contract assets and contract liabilities IFRS 15 distinguishes between contract assets and contract receivables. Contract receivable is a right to consideration that is unconditional and only passage of time is required before the payment is due, i.e. trade receivable. Contract asset is a right to consideration in exchange for goods or services the Group has transferred to customer, i.e. revenue recognized but not yet in- voiced as the contractual right to invoice has not yet occurred. The contract receivables and contract assets are included in the balance sheet in the trade and other receivables. A contract liability is an obligation to transfer goods or services to a cus- tomer for which the Group has received consideration from the customer. Ad- vances received in the balance sheet represent the Group\u2019s contract liabilities. Segment reporting (IFRS 8) Eltel's segment structure has been updated from 1 January 2025. The oper- ations in Denmark and Germany are presented in one segment named Den- mark & Germany. Smart Grids Germany was presented outside segments un- der Other business until 31 December 2024. The remaining part of the Other business and Group functions are combined and named as Group Support Functions. Starting from 1 January 2025 the segments are Finland, Sweden, Denmark & Germany and Norway. All communication and power business in these countries will continue to be presented under country segments. The Group Support Functions include Group functions and Lithuania as well as closing activities for Power Transmission International and High Voltage Po- land until its divestment in Q2 2024. Comparative figures for 2024 are present- ed according to the new segment structure. Operating segments are business activities that may earn revenues or incur expenses, whose operating results are regularly reviewed by the chief operat- ing decision maker, the CEO, in order to evaluate the results and to be able to allocate resources to the operating segments and for which financial informa- tion is available. Operating segments constitute the operational structure for governance, monitoring and reporting. Revenues, costs, operative assets and liabilities are allocated to segments on consistent basis. Income statement items below adjusted EBITA are not allocated to the segments. Goodwill and other intangible assets (IAS 38) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets of the acquired company on the date of acquisition. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is not amortized, but tested annually for any impairment and al- ways, if there are indications of impairment. For the purpose of testing good- will for any impairment, goodwill is allocated to cash-generating units. Good- will is stated at cost less impairments. Other intangible assets Intangible assets are recognized only if the cost of the asset can be measured reliably and it is probable that the future economic benefits attributable to the asset will flow to the Group. Intangible assets in the Group include acquired computer software, brand, order backlog and customer relationships. The val- uation of intangible assets acquired in a business combination is based on fair value. Other intangible assets (except for brands) subsequent to initial recog- nition, are recognized at cost less amortizations and impairments, if any. On initial recognition they are recognized at fair value at the acquisition date which is regarded as their cost. Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized using the straight-line method over their expected useful lives (3\u20137 years). Costs associated with developing or maintaining computer software pro- grams are recognized as an expense as incurred. Costs that are directly as- sociated with the development of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Costs include the software development employee costs and an appropriate portion of relevant overheads and external consultancy fees. Computer software de- velopment costs recognized as assets are amortized over their expected use- ful lives (7 years). Brand, order backlog and customer relationships have been acquired in business combinations. The brand relates to the Eltel brand as a result of the acquisition of Eltel Group Corporation. Fair value of the brand is determined based on the relief-from-royalty method. Brand is not amortized, but tested annually for impairment. The fair value of order backlog is determined based on the future cash flows expected to arise from the existing contracts with customers. Order backlog is amortized using the straight-line method over the period until delivery (2\u20134 years). The fair value of customer relationships is determined based on the future cash flows expected to arise from contracts with the existing customers. Cus- tomer relationship is amortized using the straight-line method over their ex- pected useful lives (5\u201310 years). The amortization period for an intangible asset is reviewed at least at each financial year-end. If the expected useful life of the asset is different from pre- vious estimates, the amortization period is changed accordingly. Impairment Assets that have an indefinite useful life, for example goodwill, are not sub- ject to amortization but are tested annually for impairment. In addition, other assets are assessed for impairment whenever events or changes in circum- stances indicate that the carrying amount may not be recoverable. Should any indication of an impaired asset exist, the asset\u2019s recoverable amount will be estimated. For the purposes of assessing impairment, assets are grouped at the low- est levels for which there are separately identifiable cash flows and which are mainly independent (cash-generating units or groups of cash-generating units). The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. The value-in-use is determined by reference to dis- counted future net cash flow expected to be generated by the asset. Whenever the asset\u2019s carrying amount exceeds its recoverable amount, it is impaired, and the resulting impairment loss is recognized in the income statement. Impairment will only be reversed if there has been a change in the estimate used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. Impairment is not reversed over the balance sheet value that would have been reported, with deductions for amortization, if no impair- ment had been made. Impairment losses recognized for goodwill are not re- versed in any circumstances. In addition to goodwill and brand, the Group does not have any assets that have an in definite useful life. See note 27 Intangible assets for information on impairment testing of goodwill. Property, plant and equipment (IAS 16) Property, plant and equipment are stated at historical cost less accumulated depreciation according to plan and any impairment. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:
Buildings and structures
15\u201340 years
Machinery and equipment
3\u201310 years
Heavy machinery
10\u201315 years
The expected useful life of an asset is reviewed at each balance sheet date and, where they differ significantly from previous estimates, depreciation peri- ods are changed accordingly. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Right-of-use assets and leasing liabilities (IFRS 16) The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impair- ment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commence- ment date less any lease incentives received. The IFRS 16 standard requires use of estimates for valuating contracts that are valid until further notice. The Group has estimated the length of these contracts based on expected usage in current business operations. The cost of a right-of-use asset also includes an estimate of costs to be incurred by the Group in restoring the asset to the condition required by the terms and conditions of the lease. The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment assessments according to IAS 36. At the commencement of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term using the incremental borrowing rate at the lease commencement date. The lease payments include fixed payments, variable lease payments that de- pend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease liabilities are subsequently measured at amor- tized cost using the effective interest method. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, e.g. a change in the lease term or a change in future lease payments resulting from a change in an index or rate used to determine those payments. Generally, the amount of remeasurement of the lease liability is recognized as an adjustment to the right-of-use asset. Short-term leases and leases of low-value assets The Group applies the recognition exemption to its short-term leases that have a lease term of 12 months or less from the commencement date and to leases that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Incremental borrowing rate In calculating the present value of lease payments, the Group uses the incre- mental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. To arrive at the incremental borrowing rate the Group applies the respective country\u2019s (economic environ- ment) risk free rate for the term corresponding to the lease term, adjusted for credit risk of each Group company. Financial instruments (IAS 32, IFRS 7, IFRS 9) Recognition and derecognition All purchases and sales of financial assets are accounted for at trade date. Financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are in- itially recognized at fair value and transaction costs have been included for all financial assets not carried at fair value through profit or loss. However, trade receivables without significant financing components are recognized at trans- action price. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or the Group has transferred sub- stantially all risks and rewards of ownership. Financial liabilities are derecog- nized when the obligation specified in the contract is discharged or cancelled or expires. Classification and measurement The Group classifies its financial assets into the following categories according to IFRS 9: Financial assets at amortized cost, fair value through other compre- hensive income or fair value through profit and loss. The classification is made on the basis of the Group\u2019s business model for managing the financial assets and the characteristics of the contractual cash flow of the financial assets. The Group classifies all the financial liabilities at amortized costs except the derivative financial instruments which are classified at fair value through profit or loss or at fair value through other comprehensive income. See note 17 Fi- nancial instruments by category. Financial assets and liabilities at fair value through profit or loss are financial assets held for trading, derivative financial assets not designated as hedges and financial assets relating to pension capitalization plans, as the Group has not designated any other financial assets as at fair value through profit or loss upon initial recognition. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term, except for the financial assets relating to pension capitalization plans. Gains or losses arising from changes in the fair value of financial assets at fair value through profit or loss are recognized in the income statement in the period in which they arise either as other income and expenses or financial income or expenses depending on whether they relate to business or financial items. The Group applies cash flow hedge accounting to interest rate swaps which are classified as derivative instruments hedge accounted. These deriv- ative instruments are classified as financial assets at fair value through other comprehensive income. Financial assets at amortized costs are non-derivative financial assets with fixed or determinable payments and which are not held for trading. They in- clude trade and other receivables which are measured at amortized cost less impairment and are presented in the balance sheet as current assets, except for maturities greater than 12 months after the balance sheet date. The im- pairment losses according to the expected credit losses method (ECL) in IFRS 9, related to trade receivables and contract assets are recognized in other ex- penses. Financial assets at amortized costs also include cash and cash equiv- alents, consisting of cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Financial liabilities at amortized cost include all other financial liabilities than derivative instruments. Financial liabilities are classified as both current and non-current liabilities and they can be interest-bearing as well as non-in- terest-bearing. Bank overdrafts are shown within debt in current liabilities. Transaction costs including the arrangement and amendment fees related to the financial liabilities are allocated to the expected lifetime of the financial instrument. Impairment of financial assets The Group applies the expected credit losses (ECL) model according to IFRS 9 for impairment of trade receivables, contract assets and other financial as- sets. Credit risk is the risk of a loss if a customer or counterparty in a financial instrument does not fulfil its contractual obligations. The Group\u2019s credit risk relates primarily to trade receivables and to cash and cash equivalents. The Group evaluates the credit risk of existing receivables at each reporting date. Trade receivables and contract assets The Group\u2019s trade receivables and contract assets are divided into two groups for measurement of credit risk. One group consists of larger customers that account for a significant part of the Group\u2019s net sales. These customers are solid infrastructure network owners, typically well-known publicly listed com- panies or companies owned by governments or municipalities in Europe. The other group consists of other customers. The Group\u2019s loss allowance for ex- pected credit losses on trade receivables and contract assets are measured according to the simplified method. This means that the loss allowance is measured for the remaining time to maturity, which is generally less than one year. The loss allowance for expected credit losses is based on individual assess- ments regarding the largest customers, where a rating-based model is used in combination with other known information and forward-looking factors. The Group uses external ratings if possible and for unrated companies an estimat- ed corresponding rating is applied. For the other group consisting of several smaller customers, the Group applies a collective impairment model based on age analysis of the receivables and historically realized losses in combina- tion with forward-looking factors that affect the customers\u2019 ability to pay the outstanding receivables. Cash and cash equivalents Credit risk also originates from investments in cash and cash equivalents. El- tel\u2019s investments in bank accounts are kept in Eltel\u2019s financing banks. For any other deposits, the aim is that the counterparty has a credit rating of at least AA (S&P) or equivalent. The expected credit risk for cash and cash equivalents is measured by a rating-based model in combination with other known infor- mation and forward-looking factors. Due to the short maturity and high credit- worthiness of counterparties, the loss allowance is generally not assessed to be significant. Other receivables and assets, not measured at fair value in income statement For any other receivables and assets, the need for impairment is assessed by the rating model described above, if applicable, or otherwise based on man- agement\u2019s assessment of the present value of the difference between contrac- tual and expected cash flows. Measurement of the loss reserve corresponds to 12 months\u2019 expected credit losses, or a shorter time period due to time to maturity. In the event of a significant increase in credit risk, the loss reserve is based on the entire remaining time to maturity of the receivable or asset. Financial instruments, hedging (IFRS 9) The Group\u2019s derivative instruments include currency forward contracts, cur- rency swaps and interest rate swaps. All derivative contracts are entered into for economic hedging purposes. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently measured at fair value on each balance sheet date. The method of recognizing the resulting gain or loss de- pends on whether the derivative is designated as a hedging instrument. The Group designates interest rate swaps as cash flow hedges. Other derivatives are classified as financial assets or liabilities measured at fair value through profit or loss. Cash flow hedges The Group has applied cash flow hedge accounting to the future cash flows with interest rate swaps in 2025. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items. The Group also documents its assessment, both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transac- tions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of gains and losses from the derivative instruments un- der cash flow hedge accounting is recognized in other comprehensive income under hedging reserve. The cumulative gain or loss is transferred to profit or loss when the hedged items affect profit or loss. The ineffective portion is rec- ognized immediately in profit or loss in other income or expenses if the reval- uation of the hedging instrument is larger than the revaluation of the hedged item. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction ultimately affects profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss recognized in equity is immediately transferred to profit or loss in other income or expenses. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative instrument is more than 12 months and as a current asset or liability when the remaining maturity of the derivative instrument is less than 12 months. The Group did not apply cash flow hedge accounting in 2024. Net investment hedges The Group used to apply net investment hedge accounting for certain foreign currency denominated loans which hedge the translation risk relating to net investments in subsidiaries, which are currently discontinued hedges. The foreign exchange differences for these loans have been recognized in other comprehensive income under translation reserve. If the amount of the net in- vestment decreases through divestment or otherwise, the related accumulat- ed gains or losses recognized in translation reserve are transferred to profit or loss (see note 14.1 for more information). Share capital Share capital presents the registered share capital of the parent company Eltel AB. Share subscription proceeds in excess of share capital (premium) is pre- sented in other paid-in capital. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds. Hybrid bond In April 2023, Eltel AB issued subordinated sustainability-linked hybrid capi- tal securities in the aggregate principal amount of EUR 25 million (the \u201chybrid bond\u201d). The instrument had no maturity date and, if no dividends were distrib- uted, the payment of interest could be deferred in perpetuity. The hybrid bond was sustainability-linked with interest at a fixed rate of 13.50% per annum. The hybrid bond was classified as an equity instrument. Interest was recorded into retained earnings when the commitment to payment arose. During 2025 the hybrid bond was fully redeemed in connection with the refinancing. See note 14.4 Capital management for more information. Earnings per share (IAS 33) The basic earnings per share (EPS) is calculated by dividing the net result at- tributable to the parent company\u2019s shareholders with the weighted average number of ordinary shares during the financial period. Ordinary shares pur- chased and held by the Group, if any, are subtracted from number of outstand- ing shares. Diluted earnings per share reflect the possible impact of the share- based incentive plans. Provisions and contingent liabilities (IAS 37) Provisions are recognized in the balance sheet when: the Group has a present legal or constructive obligation as a result of a past event; it is probable that an outflow of economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. Where some of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement shall be recognized as a separate asset, but only when it is certain that the reimbursement will be received. A warranty provision is recognized, when the product including a warranty clause is sold. The amount of the warranty provision is based on the past ex- perience of the realization of the warranty costs and the future expectations. A provision for restructuring is recognized when management has developed and approved a detailed formal plan for restructuring to which it is committed. Employee termination benefits are recognized when the repre- sentatives of employees or individual employees have been informed of the intended measures in detail and the related compensation packages can be reliably measured. The costs included in a provision for restructuring are those costs that are either incremental or incurred as a direct result of the plan or are the result of a continuing contractual obligation with no continuing economic benefit to the Group or a penalty incurred to cancel the contractual obligation. Restructuring expenses are recognized in respective expenses depending on the nature of the restructuring expenses. Provisions are not recognized for fu- ture operating losses. A provision is recognized for an onerous contract, when the inevitable costs required to meet the obligations under the contract exceed the benefits to be received. A contingent liability is a possible obligation that does not fulfil the criteria to be recognized in balance sheet as a provision due to future uncertainties outside Group's control towards the existence of obligation or outflow of re- sources required to settle the obligation. Contingent liabilities are regularly monitored, and in case the outflow of resources becomes probable, they are recognized as provisions. Income taxes (IAS 12) The Group\u2019s income tax expense includes taxes of the group companies based on current period\u2019s taxable income and the changes in the deferred taxes. In- come tax is recognized in the income statement, except for the items recog- nized directly in other comprehensive income, when the tax effect is accord- ingly recognized in other comprehensive income. Income tax expense is based on the local tax rate in each country. Tax adjustments from previous periods are included in tax expense. Deferred tax assets or liabilities are calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the relat- ed deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only to the extent that it appears prob- able that future taxable profit will be available, against which the tax losses or temporary differences can be utilized. Deferred income tax is provided on tem- porary differences arising on investments in subsidiaries and associates, ex- cept where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Eltel is within the scope of the OECD Pillar Two model rules. The Pillar Two legislation has been effective since 1 January 2024. Under the legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effec- tive tax rate per jurisdiction and the 15% minimum rate. The Group applies the temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. Employee benefits (IAS 19) Short-term benefits to employees are calculated without discounting and are recognized as a cost when the related services are received. The Group companies have different pension schemes in accordance with the local conditions and practices in the countries where they operate including statutory pension plans and supplementary pension benefits. The schemes are generally funded through payments to insurance companies or trustee-administered funds. The plans are classified as either defined contribution plans or defined ben- efit plans. In the defined contribution plan, pension contributions are paid directly to insurance companies and once the contributions have been paid, the Group has no further payment obligations if the company receiving the payments cannot fulfil its obligations. These contributions are charged to the income statement in the year to which they relate. For supplementary pension capital- ization plans the Group recognizes a long-term pension provision and corre- sponding financial asset, which is classified and measured according to IFRS 9. For defined benefit plans, the liability in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date minus the fair value of plan assets. The pension obligation is defined us- ing the projected unit credit method separately for each plan. The discount rate applied to calculate the present value of post-employment benefit obliga- tions is determined by the market yields of long-term corporate bonds or gov- ernment bonds with corresponding maturity to the obligation. The net interest cost is estimated by applying the discount rate to the net defined benefit obli- gation and recognized as financial expenses. Past service costs are recognized immediately in the income statement. Remeasurements of the defined benefit plan due to actuarial assumptions are recognized directly in other comprehen- sive income. Termination benefits A provision is recognized in connection with termination of employment if the company is committed to a formal and detailed plan to terminate employment before the normal retirement date. When a termination benefit is offered to encourage voluntary redundancy, a cost is recognized if it is probable that the offer will be accepted and the number of employees who will accept the offer can be reliably estimated. Share-based payments (IFRS 2) Eltel has incentive programs that are recognized as share-based payments settled with equity instruments in accordance with IFRS 2. The fair value of the share incentives granted to the key employees is recognized as an employee expense on a straight-line basis over the vesting period when employee ser- vices are performed with corresponding entry to equity. The fair value of the share incentives is the market value at the grant date. The total amount to be expensed over the vesting period is determined based on the grant date fair value of shares and Group\u2019s estimate of the number of the shares that are ex- pected to be vested by the end of the vesting period. The impact of a non-mar- ket vesting condition and estimate for the fulfilment of continued employment criteria at the end of the vesting period is included in the assumptions about the number of share incentives. The estimate is updated at each reporting date and changes in estimate are recorded through the statement of income. Social costs related to the share-based incentive scheme are expensed during the periods when services are performed based on the fair value at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "
These consolidated financial statements of the Group are prepared in accord-
ance with IFRS Accounting Standards as adopted by EU effective at 31 De-
cember 2025. In addition, the Group applies RFR 1 Supplementary Account-
ing Rules for Groups, issued by the Swedish Corporate Reporting Board. The
financial statements have been authorized by the Board of Directors of Eltel AB
on 24 March 2026 for issue on 26 March 2026 and are subject to adoption by
the Annual General Meeting on 12 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "These consolidated financial statements of the Group are prepared in accord- ance with IFRS Accounting Standards as adopted by EU effective at 31 De- cember 2025. In addition, the Group applies RFR 1 Supplementary Account- ing Rules for Groups, issued by the Swedish Corporate Reporting Board. The financial statements have been authorized by the Board of Directors of Eltel AB on 24 March 2026 for issue on 26 March 2026 and are subject to adoption by the Annual General Meeting on 12 May 2026. The financial statements are prepared on a going concern basis. At the date of signing the financial statements, management is required to assess the par- ent company\u2019s and the Group\u2019s ability to continue as a going concern, and this assessment should cover the parent company\u2019s and the Group\u2019s prospects for a minimum of 12 months from the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "These consolidated financial statements of the Group are prepared in accord- ance with IFRS Accounting Standards as adopted by EU effective at 31 De- cember 2025.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "The financial statements have been authorized by the Board of Directors of Eltel AB on 24 March 2026 for issue on 26 March 2026 and are subject to adoption by the Annual General Meeting on 12 May 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "
The financial statements are prepared on a going concern basis. At the date
of signing the financial statements, management is required to assess the par-
ent company\u2019s and the Group\u2019s ability to continue as a going concern, and this
assessment should cover the parent company\u2019s and the Group\u2019s prospects for
a minimum of 12 months from the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "
Adoption of new or amended IFRS standards and interpretations
The IFRS standards, amendments and interpretations that took effect in the
financial year 2025 did not have any impact on the financial statements.
The new standards and amendments effective for 2026 financial year or later
include the following:
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 replaces IAS 1, which sets out presentation and base disclosure
requirements for financial statements. The changes, which mostly affect
the income statement, include the requirement to classify income and
expenses into three new categories \u2013 operating, investing and financing \u2013
and present subtotals for operating profit or loss and profit or loss before
financing and income taxes. IFRS 18 also provides enhanced guidance for
aggregation and disaggregation of information in the financial statements,
introduces new disclosure requirements for management-defined perfor-
mance measures (MPMs) and eliminates classification options for interest
and dividends in the statement of cash flows. This standard will change the
presentation and disclosure of the consolidated financial statements. The
standard will be effective for financial years beginning on 1 January 2027.
The other published standards, amendments and interpretations that are ef-
fective on the financial year beginning 1 January 2026 or later are not expected
to have significant impact on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "Adoption of new or amended IFRS standards and interpretations The IFRS standards, amendments and interpretations that took effect in the financial year 2025 did not have any impact on the financial statements. The new standards and amendments effective for 2026 financial year or later include the following: \u2022 IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 replaces IAS 1, which sets out presentation and base disclosure requirements for financial statements. The changes, which mostly affect the income statement, include the requirement to classify income and expenses into three new categories \u2013 operating, investing and financing \u2013 and present subtotals for operating profit or loss and profit or loss before financing and income taxes. IFRS 18 also provides enhanced guidance for aggregation and disaggregation of information in the financial statements, introduces new disclosure requirements for management-defined perfor- mance measures (MPMs) and eliminates classification options for interest and dividends in the statement of cash flows. This standard will change the presentation and disclosure of the consolidated financial statements. The standard will be effective for financial years beginning on 1 January 2027. The other published standards, amendments and interpretations that are ef- fective on the financial year beginning 1 January 2026 or later are not expected to have significant impact on the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "
Critical accounting estimates and judgments
The preparation of the consolidated financial statements in accordance with
IFRS requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, as well as the reported amounts
of income and expenses during the period. The actual results may differ from
these estimates and assumptions. Possible changes in estimates and as-
sumptions are recognized in the financial period when the changes occur and
in all subsequent financial periods.
The areas where significant judgments and estimates are made in preparing
the financial statements and where a subsequent change in the estimates and
assumptions may cause a material adjustment to the carrying amounts of as-
sets and liabilities are outlined below:
a) Impairment testing
The Group tests annually and always, if there are indications of impairment,
whether goodwill has suffered any impairment by comparing the book value
with the recoverable value. The recoverable amounts of cash- generating units
have been determined based on value-in-use calculations. The value -in-use
calculations require estimation of future cash flows expected to arise from
cash-generating units and a suitable discount rate in order to calculate pres-
ent value. See note 27 Intangible assets for more information on impairment
testing.
b) Revenue recognition over time
The Group applies the five-step model of IFRS 15 when recognizing revenue
from contracts with customers. Revenue for the period is recognized to the
extent that the performance obligation(s) to the customer have been satisfied.
The Group typically uses input method to measure the progress of satisfying
the performance obligation(s). The progress is measured based on costs in-
curred relative to the total estimated costs and revenue is recognized based
on this percentage of completion.
The estimated outcome of a long-term contract that extends over several
accounting periods may vary due to changes in circumstances and, for this
reason, lead to revised estimations in the next reporting period. Cost esti-
mates require estimate of the final outcome of the project and the actual fu-
ture outcome may deviate from the estimate. Deviations from original plan in
project execution may result in significant increases in cost to complete due
to various reasons including cost for additional work and materials, price in-
creases as well as cost for delays and available resources. Project business
contains inherent risks related to the pricing of the project and estimates of the
ultimate cost and performance of the contract. Additionally, project business
involves risk related to authority, customer or other external conditions outside
of Eltel\u2019s control, including the risk of delays and in certain cases the risk of
inability of the Group\u2019s customers to obtain financing to fund planned projects
and services. The essential skills for performance and profitability of a project
are the Group\u2019s ability to accurately foresee the project\u2019s costs, to correctly
assess the various resources necessary to carry out the project, to effective-
ly manage the services provided by subcontractors, and to control technical
events that could affect and delay progress on the project.
c) Taxes
Determination of income taxes and deferred taxes when the ultimate tax deter-
mination is uncertain requires management judgement. The Group recognizes
deferred tax assets resulting from tax losses and temporary differences when
the realization of related tax benefit due to future taxable profits is probable.
However, deferred tax asset is always recognized if it can be utilized against
current taxable temporary differences. The assumptions regarding future tax-
able profits requires significant judgement and are based on the current busi-
ness plan and further estimates added by consideration for the uncertainties.
The Group uses estimates for recognition of liabilities for anticipated tax audit
and tax controversy issues based on all available information at the time of
recognition.
d) Lease contracts valid until further notice
The IFRS 16 standard requires use of estimates for valuating contracts that
are valid until further notice. Eltel has estimated the length of these contracts
based on expected usage in current business operations. This has consid-
erable impact on the amount of right-of-use assets and leasing liabilities for
premises. The right-of-use assets and leasing liabilities are presented as sep-
arate lines in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "
Principles of consolidation
The consolidated financial statements include the parent company Eltel AB
and all companies in which, at the end of the financial year, Eltel exercises
control, i.e. subsidiary companies. Control is achieved when the Group is ex-
posed to or has rights to variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity.
This usually means that Eltel holds over 50% of the voting rights or otherwise
has the power to govern the financial and operating policies of the entity. Sub-
sidiaries are consolidated from the date on which control is transferred to the
Group and disposed subsidiaries are consolidated up to their date of disposal.
Acquired subsidiaries are accounted for using the purchase method. The
cost of an acquisition is measured as the fair value of the assets given, eq-
uity instruments issued and liabilities incurred or assumed at the date of ex-
change. The excess of the cost of acquisition over the fair value of the Group\u2019s
share of the identifiable net assets acquired is recognized as goodwill.
Intercompany transactions, receivables, liabilities and unrealized margins,
as well as distribution of profits within the Group, are eliminated in full on con-
solidation. Non-controlling interest is presented as a separate line item in the
income statement and in equity.
Joint operations are joint arrangements whereby the partners, which have
joint control of the arrangement, have rights to the assets and obligations for
the liabilities relating to the arrangement. Joint control, which is the contrac-
tually agreed sharing of the control of an arrangement, exists only when deci-
sions about the relevant activities require unanimous consent of the partners
sharing control.
The Group recognizes its interest in joint operations using the proportionate
method of consolidation, whereby the Group\u2019s share of each of the assets,
liabilities, income and expenses of the joint operations are combined with the
similar items, line by line, in its consolidated financial statements.
A list of subsidiaries and joint operations is presented in note 35 Group
companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "The consolidated financial statements include the parent company Eltel AB and all companies in which, at the end of the financial year, Eltel exercises control, i.e. subsidiary companies. Control is achieved when the Group is ex- posed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. This usually means that Eltel holds over 50% of the voting rights or otherwise has the power to govern the financial and operating policies of the entity. Sub- sidiaries are consolidated from the date on which control is transferred to the Group and disposed subsidiaries are consolidated up to their date of disposal. Acquired subsidiaries are accounted for using the purchase method. The cost of an acquisition is measured as the fair value of the assets given, eq- uity instruments issued and liabilities incurred or assumed at the date of ex- change. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recognized as goodwill. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets of the acquired company on the date of acquisition. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is not amortized, but tested annually for any impairment and al- ways, if there are indications of impairment. For the purpose of testing good- will for any impairment, goodwill is allocated to cash-generating units. Good- will is stated at cost less impairments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "The consolidated financial statements include the parent company Eltel AB and all companies in which, at the end of the financial year, Eltel exercises control, i.e. subsidiary companies. Control is achieved when the Group is ex- posed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. This usually means that Eltel holds over 50% of the voting rights or otherwise has the power to govern the financial and operating policies of the entity. Sub- sidiaries are consolidated from the date on which control is transferred to the Group and disposed subsidiaries are consolidated up to their date of disposal. Acquired subsidiaries are accounted for using the purchase method. The cost of an acquisition is measured as the fair value of the assets given, eq- uity instruments issued and liabilities incurred or assumed at the date of ex- change. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recognized as goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "The consolidated financial statements include the parent company Eltel AB and all companies in which, at the end of the financial year, Eltel exercises control, i.e. subsidiary companies. Control is achieved when the Group is ex- posed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. This usually means that Eltel holds over 50% of the voting rights or otherwise has the power to govern the financial and operating policies of the entity. Sub- sidiaries are consolidated from the date on which control is transferred to the Group and disposed subsidiaries are consolidated up to their date of disposal. Acquired subsidiaries are accounted for using the purchase method. The cost of an acquisition is measured as the fair value of the assets given, eq- uity instruments issued and liabilities incurred or assumed at the date of ex- change. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recognized as goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "Joint operations are joint arrangements whereby the partners, which have joint control of the arrangement, have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control, which is the contrac- tually agreed sharing of the control of an arrangement, exists only when deci- sions about the relevant activities require unanimous consent of the partners sharing control. The Group recognizes its interest in joint operations using the proportionate method of consolidation, whereby the Group\u2019s share of each of the assets, liabilities, income and expenses of the joint operations are combined with the similar items, line by line, in its consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "
Functional and presentation currency
Items included in the financial statements of each of the Group companies are
measured using the currency of the primary economic environment in which
the company operates (the functional currency). The consolidated financial
statements are presented in Euros, which is also the functional and presenta-
tion currency of the parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "
Foreign currency transactions
Foreign currency transactions are translated into the functional currency us-
ing the exchange rates prevailing at the date of transaction. Monetary items
denominated in foreign currencies are translated into the functional curren-
cy using the exchange rates prevailing at the balance sheet date. All other
non-monetary items are valued using the exchange rates prevailing at the date
of transaction.
Foreign exchange gains and losses resulting from the translation of busi-
ness transactions and monetary items are recognized in the income state-
ment. Exchange rate gains and losses on actual business operations are rec-
ognized in respective items above operating profit. Exchange rate gains and
losses on financing are entered as exchange rate differences in financial in-
come and expenses.
See further information on hedge accounting for foreign currency
differences arising from the translation of financial assets and liabilities desig-
nated as hedges in note 14.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "
Revenue recognition (IFRS 15)
The Group applies the five-step model of IFRS 15 when recognizing revenue
from contracts with customers. IFRS 15 requires identifying deliverables in
contracts with customers that qualify as separate performance obligations.
The deliverables may include good(s) or service(s) or a combination of goods
and services. Revenue is recognized for each performance obligation sepa-
rately on a relative stand-alone selling price basis and takes place when a cus-
tomer obtains control of the related good(s) or service(s) and has the ability to
direct the use of and obtain the benefits from the good(s) or service(s), either
over time or at a point in time.
Major part of Group\u2019s revenue comes from the following revenue types:
installation delivery services, upgrade services and maintenance services.
The Group\u2019s contracts are either stand-alone agreements or contracts within
frame agreements. Only agreements that are committing both of the contract-
ing parties are defined as a contract under IFRS 15.
A contract includes promises to transfer good(s) or service(s) to a customer.
If those goods or services are distinct, the promises are performance obliga-
tions that are each accounted for separately in revenue recognition. The Group
has analyzed the different revenue types and concluded that in the installation
delivery and upgrade services revenue is typically recognized over time as cus-
tomer controls the asset Eltel creates or enhances. In maintenance services
customer typically receives benefits as Eltel performs and revenue is and con-
tinues to be recognized based on the services performed.
When revenue from contracts with customers is recognized over time, reve-
nue for the period is recognized to the extent of satisfying the performance ob-
ligation(s) to the customer. The Group typically uses the input method based
on the costs incurred to measure the progress of satis fying the performance
obligation(s) over time. The progress is measured based on costs incurred
relative to the total estimated costs and revenue is recognized based on this
percentage of completion. An expected loss on a customer contract is recog-
nized as an expense immediately. IFRS 15 does not include any guidance on
how to account for loss contracts. Accordingly, such contracts are accounted
for using the guidance in IAS 37 \u2018Provisions, Contingent Liabilities and Contin-
gent Assets\u2019.
Whenever the Group\u2019s customer contracts contain a variable consider-
ation the amount shall be withhold so that the Group does not recognize any
amount relating to variable consideration until it is highly probable that a sig-
nificant revenue reversal will not incur. The assessment of the likelihood of
revenue reversal is based on historical evidence from earlier similar type of
contracts. Also the materiality is estimated. A typical variable price element in
Eltel\u2019s contracts is delay penalties.
In some contracts the timing of customer payments may differ significantly
from the timing of the transfer of goods or services to the customer (for ex-
ample the consideration is prepaid or is paid after the services are provided).
When the difference is more than a year the Group assesses at the beginning
of the contract whether the contact contains a significant financing compo-
nent. If the contract contains a significant financing component the prom-
ised amount of consideration is adjusted and Eltel recognizes revenue at an
amount that reflects the cash selling price of the promised goods or services.
Contract assets and contract liabilities
IFRS 15 distinguishes between contract assets and contract receivables.
Contract receivable is a right to consideration that is unconditional and only
passage of time is required before the payment is due, i.e. trade receivable.
Contract asset is a right to consideration in exchange for goods or services
the Group has transferred to customer, i.e. revenue recognized but not yet in-
voiced as the contractual right to invoice has not yet occurred. The contract
receivables and contract assets are included in the balance sheet in the trade
and other receivables.
A contract liability is an obligation to transfer goods or services to a cus-
tomer for which the Group has received consideration from the customer. Ad-
vances received in the balance sheet represent the Group\u2019s contract liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "
Segment reporting (IFRS 8)
Eltel's segment structure has been updated from 1 January 2025. The oper-
ations in Denmark and Germany are presented in one segment named Den-
mark & Germany. Smart Grids Germany was presented outside segments un-
der Other business until 31 December 2024. The remaining part of the Other
business and Group functions are combined and named as Group Support
Functions. Starting from 1 January 2025 the segments are Finland, Sweden,
Denmark & Germany and Norway. All communication and power business in
these countries will continue to be presented under country segments. The
Group Support Functions include Group functions and Lithuania as well as
closing activities for Power Transmission International and High Voltage Po-
land until its divestment in Q2 2024. Comparative figures for 2024 are present-
ed according to the new segment structure.
Operating segments are business activities that may earn revenues or incur
expenses, whose operating results are regularly reviewed by the chief operat-
ing decision maker, the CEO, in order to evaluate the results and to be able to
allocate resources to the operating segments and for which financial informa-
tion is available. Operating segments constitute the operational structure for
governance, monitoring and reporting. Revenues, costs, operative assets and
liabilities are allocated to segments on consistent basis. Income statement
items below adjusted EBITA are not allocated to the segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
Goodwill and other intangible assets (IAS 38)
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value
of the net assets of the acquired company on the date of acquisition. Gains
and losses on the disposal of an entity include the carrying amount of goodwill
relating to the entity sold.
Goodwill is not amortized, but tested annually for any impairment and al-
ways, if there are indications of impairment. For the purpose of testing good-
will for any impairment, goodwill is allocated to cash-generating units. Good-
will is stated at cost less impairments.
Other intangible assets
Intangible assets are recognized only if the cost of the asset can be measured
reliably and it is probable that the future economic benefits attributable to the
asset will flow to the Group. Intangible assets in the Group include acquired
computer software, brand, order backlog and customer relationships. The val-
uation of intangible assets acquired in a business combination is based on fair
value. Other intangible assets (except for brands) subsequent to initial recog-
nition, are recognized at cost less amortizations and impairments, if any. On
initial recognition they are recognized at fair value at the acquisition date which
is regarded as their cost.
Acquired computer software licenses are capitalized on the basis of the
costs incurred to acquire and bring to use the specific software. These costs
are amortized using the straight-line method over their expected useful lives
(3\u20137 years).
Costs associated with developing or maintaining computer software pro-
grams are recognized as an expense as incurred. Costs that are directly as-
sociated with the development of identifiable and unique software products
controlled by the Group, and that will probably generate economic benefits
exceeding costs beyond one year, are recognized as intangible assets. Costs
include the software development employee costs and an appropriate portion
of relevant overheads and external consultancy fees. Computer software de-
velopment costs recognized as assets are amortized over their expected use-
ful lives (7 years).
Brand, order backlog and customer relationships have been acquired in
business combinations. The brand relates to the Eltel brand as a result of the
acquisition of Eltel Group Corporation. Fair value of the brand is determined
based on the relief-from-royalty method. Brand is not amortized, but tested
annually for impairment. The fair value of order backlog is determined based
on the future cash flows expected to arise from the existing contracts with
customers. Order backlog is amortized using the straight-line method over the
period until delivery (2\u20134 years).
The fair value of customer relationships is determined based on the future
cash flows expected to arise from contracts with the existing customers. Cus-
tomer relationship is amortized using the straight-line method over their ex-
pected useful lives (5\u201310 years).
The amortization period for an intangible asset is reviewed at least at each
financial year-end. If the expected useful life of the asset is different from pre-
vious estimates, the amortization period is changed accordingly.
Impairment
Assets that have an indefinite useful life, for example goodwill, are not sub-
ject to amortization but are tested annually for impairment. In addition, other
assets are assessed for impairment whenever events or changes in circum-
stances indicate that the carrying amount may not be recoverable. Should any
indication of an impaired asset exist, the asset\u2019s recoverable amount will be
estimated.
For the purposes of assessing impairment, assets are grouped at the low-
est levels for which there are separately identifiable cash flows and which
are mainly independent (cash-generating units or groups of cash-generating
units). The recoverable amount is the higher of an asset\u2019s fair value less costs
to sell and value in use. The value-in-use is determined by reference to dis-
counted future net cash flow expected to be generated by the asset.
Whenever the asset\u2019s carrying amount exceeds its recoverable amount,
it is impaired, and the resulting impairment loss is recognized in the income
statement.
Impairment will only be reversed if there has been a change in the estimate
used to determine the asset\u2019s recoverable amount since the last impairment
loss was recognized. Impairment is not reversed over the balance sheet value
that would have been reported, with deductions for amortization, if no impair-
ment had been made. Impairment losses recognized for goodwill are not re-
versed in any circumstances.
n addition to goodwill and brand, the Group does not have any assets that have an in definite useful life. See note 27 Intangible assets for information on impairment testing of goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets of the acquired company on the date of acquisition. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is not amortized, but tested annually for any impairment and al- ways, if there are indications of impairment. For the purpose of testing good- will for any impairment, goodwill is allocated to cash-generating units. Good- will is stated at cost less impairments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "Other intangible assets Intangible assets are recognized only if the cost of the asset can be measured reliably and it is probable that the future economic benefits attributable to the asset will flow to the Group. Intangible assets in the Group include acquired computer software, brand, order backlog and customer relationships. The val- uation of intangible assets acquired in a business combination is based on fair value. Other intangible assets (except for brands) subsequent to initial recog- nition, are recognized at cost less amortizations and impairments, if any. On initial recognition they are recognized at fair value at the acquisition date which is regarded as their cost. Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized using the straight-line method over their expected useful lives (3\u20137 years). Costs associated with developing or maintaining computer software pro- grams are recognized as an expense as incurred. Costs that are directly as- sociated with the development of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Costs include the software development employee costs and an appropriate portion of relevant overheads and external consultancy fees. Computer software de- velopment costs recognized as assets are amortized over their expected use- ful lives (7 years). Brand, order backlog and customer relationships have been acquired in business combinations. The brand relates to the Eltel brand as a result of the acquisition of Eltel Group Corporation. Fair value of the brand is determined based on the relief-from-royalty method. Brand is not amortized, but tested annually for impairment. The fair value of order backlog is determined based on the future cash flows expected to arise from the existing contracts with customers. Order backlog is amortized using the straight-line method over the period until delivery (2\u20134 years). The fair value of customer relationships is determined based on the future cash flows expected to arise from contracts with the existing customers. Cus- tomer relationship is amortized using the straight-line method over their ex- pected useful lives (5\u201310 years). The amortization period for an intangible asset is reviewed at least at each financial year-end. If the expected useful life of the asset is different from pre- vious estimates, the amortization period is changed accordingly.
Property, plant and equipment (IAS 16)
Property, plant and equipment are stated at historical cost less accumulated
depreciation according to plan and any impairment. Land is not depreciated.
Depreciation on other assets is calculated using the straight-line method
to allocate their cost to their residual values over their estimated useful lives,
as follows:
Buildings and structures
15\u201340 years
Machinery and equipment
3\u201310 years
Heavy machinery
10\u201315 years
The expected useful life of an asset is reviewed at each balance sheet date
and, where they differ significantly from previous estimates, depreciation peri-
ods are changed accordingly.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as
a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item
can be measured reliably. All other repairs and maintenance are charged to
the income statement during the financial period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "Other intangible assets Intangible assets are recognized only if the cost of the asset can be measured reliably and it is probable that the future economic benefits attributable to the asset will flow to the Group. Intangible assets in the Group include acquired computer software, brand, order backlog and customer relationships. The val- uation of intangible assets acquired in a business combination is based on fair value. Other intangible assets (except for brands) subsequent to initial recog- nition, are recognized at cost less amortizations and impairments, if any. On initial recognition they are recognized at fair value at the acquisition date which is regarded as their cost. Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized using the straight-line method over their expected useful lives (3\u20137 years). Costs associated with developing or maintaining computer software pro- grams are recognized as an expense as incurred. Costs that are directly as- sociated with the development of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Costs include the software development employee costs and an appropriate portion of relevant overheads and external consultancy fees. Computer software de- velopment costs recognized as assets are amortized over their expected use- ful lives (7 years). Brand, order backlog and customer relationships have been acquired in business combinations. The brand relates to the Eltel brand as a result of the acquisition of Eltel Group Corporation. Fair value of the brand is determined based on the relief-from-royalty method. Brand is not amortized, but tested annually for impairment. The fair value of order backlog is determined based on the future cash flows expected to arise from the existing contracts with customers. Order backlog is amortized using the straight-line method over the period until delivery (2\u20134 years). The fair value of customer relationships is determined based on the future cash flows expected to arise from contracts with the existing customers. Cus- tomer relationship is amortized using the straight-line method over their ex- pected useful lives (5\u201310 years). The amortization period for an intangible asset is reviewed at least at each financial year-end. If the expected useful life of the asset is different from pre- vious estimates, the amortization period is changed accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "Impairment Assets that have an indefinite useful life, for example goodwill, are not sub- ject to amortization but are tested annually for impairment. In addition, other assets are assessed for impairment whenever events or changes in circum- stances indicate that the carrying amount may not be recoverable. Should any indication of an impaired asset exist, the asset\u2019s recoverable amount will be estimated. For the purposes of assessing impairment, assets are grouped at the low- est levels for which there are separately identifiable cash flows and which are mainly independent (cash-generating units or groups of cash-generating units). The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. The value-in-use is determined by reference to dis- counted future net cash flow expected to be generated by the asset. Whenever the asset\u2019s carrying amount exceeds its recoverable amount, it is impaired, and the resulting impairment loss is recognized in the income statement. Impairment will only be reversed if there has been a change in the estimate used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. Impairment is not reversed over the balance sheet value that would have been reported, with deductions for amortization, if no impair- ment had been made. Impairment losses recognized for goodwill are not re- versed in any circumstances. In addition to goodwill and brand, the Group does not have any assets that have an in definite useful life. See note 27 Intangible assets for information on impairment testing of goodwill. Allocation of goodwill and brand Eltel organizes its business through segments. Starting from 1 January 2025 the segments are Finland, Sweden, Den- mark & Germany and Norway. Testing of goodwill and brand is based on cash generating units (CGUs), where Denmark and Germany are considered separate CGUs. The values and pre-tax discount rates used in valuation are presented in following table.
2025
2024
EUR million
Brand
Goodwill
WACC
Brand
Goodwill
WACC
CGU Finland
8.2
79.7
10.6%
8.2
79.7
10.8%
CGU Sweden
5.9
57.8
9.8%
5.6
54.7
10.0%
CGU Denmark
3.5
34.4
10.0%
3.5
34.4
10.1%
CGU Germany
0.9
8.8
11.4%
0.9
8.7
11.6%
CGU Norway
8.1
72.2
10.0%
7.8
70.8
10.4%
Other units
0.1
0.9
12.0%
0.1
0.9
11.9%
Total
26.7
253.7
26.2
249.3
The recoverable amount of above cash generating units (CGUs) is determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on business plans approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using a growth rate of 1.5% (1.5) in average which does not exceed the long-term average growth rate for the businesses in which the Group operates. The key assumptions used for value-in-use calculations are: 1. The sales volumes of the business plan \u2013 determined based on past performance and existing and planned con- tracts with clients. 2. Profitability of the business plan \u2013 determined based on previous years actual profitability and the planned actions to increase the profitability; EBITA. 3. Discount rate (pre-tax) \u2013 determined based on the weighted average cost of capital (WACC) which describes the total cost of debt and equity considering the risks specific to the business. The discount rates used in calculations reflect the current state of macroeconomic uncertainty and risks specific to the business. The annual impairment test conducted for year-end 2025 or 2024 resulted in no impairment. At year-end 2024 the value of goodwill in country unit Norway was sensitive to impairment. Restructuring activities were initiated during Q3 2024 and finalized during 2025. Focus on margin and profitability rather than volumes has resulted in improved profit- ability in 2025. The efforts to expand customer base are yielding positive results and in future years an increasing focus will be on growth. Eltel follows any triggering events and impairment test is conducted in case of any indicators of im- pairment. At year-end, the recoverable amount for CGU Norway exceeds the carrying amount by 15% (8) and use of pre-tax WACC of 11.0% (11.0), reduction of perpetual growth to below 0.2% (0.7) or reduction in EBITA by 2.4 percentage points (1.3) would change the recoverable amount to be equal to its carrying amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "Impairment Assets that have an indefinite useful life, for example goodwill, are not sub- ject to amortization but are tested annually for impairment. In addition, other assets are assessed for impairment whenever events or changes in circum- stances indicate that the carrying amount may not be recoverable. Should any indication of an impaired asset exist, the asset\u2019s recoverable amount will be estimated. For the purposes of assessing impairment, assets are grouped at the low- est levels for which there are separately identifiable cash flows and which are mainly independent (cash-generating units or groups of cash-generating units). The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. The value-in-use is determined by reference to dis- counted future net cash flow expected to be generated by the asset. Whenever the asset\u2019s carrying amount exceeds its recoverable amount, it is impaired, and the resulting impairment loss is recognized in the income statement. Impairment will only be reversed if there has been a change in the estimate used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. Impairment is not reversed over the balance sheet value that would have been reported, with deductions for amortization, if no impair- ment had been made. Impairment losses recognized for goodwill are not re- versed in any circumstances.
In addition to goodwill and brand, the Group does not have any assets that
have an in definite useful life. See note 27 Intangible assets for information on
impairment testing of goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "Property, plant and equipment (IAS 16) Property, plant and equipment are stated at historical cost less accumulated depreciation according to plan and any impairment. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:
Buildings and structures
15\u201340 years
Machinery and equipment
3\u201310 years
Heavy machinery
10\u201315 years
The expected useful life of an asset is reviewed at each balance sheet date and, where they differ significantly from previous estimates, depreciation peri- ods are changed accordingly. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "
Right-of-use assets and leasing liabilities (IFRS 16)
The Group recognizes right-of-use assets at the commencement date of the
lease (i.e., the date the underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated depreciation and impair-
ment losses, and adjusted for any remeasurement of lease liabilities. The cost
of right-of-use assets includes the amount of lease liabilities recognized, initial
direct costs incurred, and lease payments made at or before the commence-
ment date less any lease incentives received. The IFRS 16 standard requires
use of estimates for valuating contracts that are valid until further notice. The
Group has estimated the length of these contracts based on expected usage
in current business operations. The cost of a right-of-use asset also includes
an estimate of costs to be incurred by the Group in restoring the asset to the
condition required by the terms and conditions of the lease. The recognized
right-of-use assets are depreciated on a straight-line basis over the shorter of
its estimated useful life and the lease term. Right-of-use assets are subject to
impairment assessments according to IAS 36.
At the commencement of the lease, the Group recognizes lease liabilities
measured at the present value of lease payments to be made over the lease
term using the incremental borrowing rate at the lease commencement date.
The lease payments include fixed payments, variable lease payments that de-
pend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease liabilities are subsequently measured at amor-
tized cost using the effective interest method. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, e.g. a change in the
lease term or a change in future lease payments resulting from a change in
an index or rate used to determine those payments. Generally, the amount
of remeasurement of the lease liability is recognized as an adjustment to the
right-of-use asset.
Short-term leases and leases of low-value assets The Group applies the recognition exemption to its short-term leases that have a lease term of 12 months or less from the commencement date and to leases that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Incremental borrowing rate In calculating the present value of lease payments, the Group uses the incre- mental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. To arrive at the incremental borrowing rate the Group applies the respective country\u2019s (economic environ- ment) risk free rate for the term corresponding to the lease term, adjusted for credit risk of each Group company", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "
Financial instruments (IAS 32, IFRS 7, IFRS 9)
Recognition and derecognition
All purchases and sales of financial assets are accounted for at trade date.
Financial liabilities are recognized when the Group becomes a party to the
contractual provisions of the instrument. Financial assets and liabilities are in-
itially recognized at fair value and transaction costs have been included for all
financial assets not carried at fair value through profit or loss. However, trade
receivables without significant financing components are recognized at trans-
action price. Financial assets are derecognized when the rights to receive cash
flows from the financial assets have expired or the Group has transferred sub-
stantially all risks and rewards of ownership. Financial liabilities are derecog-
nized when the obligation specified in the contract is discharged or cancelled
or expires.
Classification and measurement
The Group classifies its financial assets into the following categories according
to IFRS 9: Financial assets at amortized cost, fair value through other compre-
hensive income or fair value through profit and loss. The classification is made
on the basis of the Group\u2019s business model for managing the financial assets
and the characteristics of the contractual cash flow of the financial assets.
The Group classifies all the financial liabilities at amortized costs except the
derivative financial instruments which are classified at fair value through profit
or loss or at fair value through other comprehensive income. See note 17 Fi-
nancial instruments by category.
Financial assets and liabilities at fair value through profit or loss are financial
assets held for trading, derivative financial assets not designated as hedges
and financial assets relating to pension capitalization plans, as the Group
has not designated any other financial assets as at fair value through profit or
loss upon initial recognition. A financial asset is classified in this category if
acquired principally for the purpose of selling in the short term, except for the
financial assets relating to pension capitalization plans.
Gains or losses arising from changes in the fair value of financial assets at
fair value through profit or loss are recognized in the income statement in the
period in which they arise either as other income and expenses or financial
income or expenses depending on whether they relate to business or financial
items. The Group applies cash flow hedge accounting to interest rate swaps
which are classified as derivative instruments hedge accounted. These deriv-
ative instruments are classified as financial assets at fair value through other
comprehensive income.
Financial assets at amortized costs are non-derivative financial assets with fixed or determinable payments and which are not held for trading. They in- clude trade and other receivables which are measured at amortized cost less impairment and are presented in the balance sheet as current assets, except for maturities greater than 12 months after the balance sheet date. The im- pairment losses according to the expected credit losses method (ECL) in IFRS 9, related to trade receivables and contract assets are recognized in other ex- penses. Financial assets at amortized costs also include cash and cash equiv- alents, consisting of cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Financial liabilities at amortized cost include all other financial liabilities than derivative instruments. Financial liabilities are classified as both current and non-current liabilities and they can be interest-bearing as well as non-in- terest-bearing. Bank overdrafts are shown within debt in current liabilities. Transaction costs including the arrangement and amendment fees related to the financial liabilities are allocated to the expected lifetime of the financial instrument. Impairment of financial assets The Group applies the expected credit losses (ECL) model according to IFRS 9 for impairment of trade receivables, contract assets and other financial as- sets. Credit risk is the risk of a loss if a customer or counterparty in a financial instrument does not fulfil its contractual obligations. The Group\u2019s credit risk relates primarily to trade receivables and to cash and cash equivalents. The Group evaluates the credit risk of existing receivables at each reporting date. Trade receivables and contract assets The Group\u2019s trade receivables and contract assets are divided into two groups for measurement of credit risk. One group consists of larger customers that account for a significant part of the Group\u2019s net sales. These customers are solid infrastructure network owners, typically well-known publicly listed com- panies or companies owned by governments or municipalities in Europe. The other group consists of other customers. The Group\u2019s loss allowance for ex- pected credit losses on trade receivables and contract assets are measured according to the simplified method. This means that the loss allowance is measured for the remaining time to maturity, which is generally less than one year. The loss allowance for expected credit losses is based on individual assess- ments regarding the largest customers, where a rating-based model is used in combination with other known information and forward-looking factors. The Group uses external ratings if possible and for unrated companies an estimat- ed corresponding rating is applied. For the other group consisting of several smaller customers, the Group applies a collective impairment model based on age analysis of the receivables and historically realized losses in combina- tion with forward-looking factors that affect the customers\u2019 ability to pay the outstanding receivables. Cash and cash equivalents Credit risk also originates from investments in cash and cash equivalents. El- tel\u2019s investments in bank accounts are kept in Eltel\u2019s financing banks. For any other deposits, the aim is that the counterparty has a credit rating of at least AA (S&P) or equivalent. The expected credit risk for cash and cash equivalents is measured by a rating-based model in combination with other known infor- mation and forward-looking factors. Due to the short maturity and high credit- worthiness of counterparties, the loss allowance is generally not assessed to be significant. Other receivables and assets, not measured at fair value in income statement For any other receivables and assets, the need for impairment is assessed by the rating model described above, if applicable, or otherwise based on man- agement\u2019s assessment of the present value of the difference between contrac- tual and expected cash flows. Measurement of the loss reserve corresponds to 12 months\u2019 expected credit losses, or a shorter time period due to time to maturity. In the event of a significant increase in credit risk, the loss reserve is based on the entire remaining time to maturity of the receivable or asset. Financial instruments, hedging (IFRS 9) The Group\u2019s derivative instruments include currency forward contracts, cur- rency swaps and interest rate swaps. All derivative contracts are entered into for economic hedging purposes. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently measured at fair value on each balance sheet date. The method of recognizing the resulting gain or loss de- pends on whether the derivative is designated as a hedging instrument. The Group designates interest rate swaps as cash flow hedges. Other derivatives are classified as financial assets or liabilities measured at fair value through profit or loss. Cash flow hedges The Group has applied cash flow hedge accounting to the future cash flows with interest rate swaps in 2025. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items. The Group also documents its assessment, both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transac- tions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of gains and losses from the derivative instruments un- der cash flow hedge accounting is recognized in other comprehensive income under hedging reserve. The cumulative gain or loss is transferred to profit or loss when the hedged items affect profit or loss. The ineffective portion is rec- ognized immediately in profit or loss in other income or expenses if the reval- uation of the hedging instrument is larger than the revaluation of the hedged item. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction ultimately affects profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss recognized in equity is immediately transferred to profit or loss in other income or expenses. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative instrument is more than 12 months and as a current asset or liability when the remaining maturity of the derivative instrument is less than 12 months. The Group did not apply cash flow hedge accounting in 2024. Net investment hedges The Group used to apply net investment hedge accounting for certain foreign currency denominated loans which hedge the translation risk relating to net investments in subsidiaries, which are currently discontinued hedges. The foreign exchange differences for these loans have been recognized in other comprehensive income under translation reserve. If the amount of the net in- vestment decreases through divestment or otherwise, the related accumulat- ed gains or losses recognized in translation reserve are transferred to profit or loss (see note 14.1 for more information). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "Financial instruments (IAS 32, IFRS 7, IFRS 9) Recognition and derecognition All purchases and sales of financial assets are accounted for at trade date. Financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are in- itially recognized at fair value and transaction costs have been included for all financial assets not carried at fair value through profit or loss. However, trade receivables without significant financing components are recognized at trans- action price. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or the Group has transferred sub- stantially all risks and rewards of ownership. Financial liabilities are derecog- nized when the obligation specified in the contract is discharged or cancelled or expires. Classification and measurement The Group classifies its financial assets into the following categories according to IFRS 9: Financial assets at amortized cost, fair value through other compre- hensive income or fair value through profit and loss. The classification is made on the basis of the Group\u2019s business model for managing the financial assets and the characteristics of the contractual cash flow of the financial assets. The Group classifies all the financial liabilities at amortized costs except the derivative financial instruments which are classified at fair value through profit or loss or at fair value through other comprehensive income. See note 17 Fi- nancial instruments by category. Financial assets and liabilities at fair value through profit or loss are financial assets held for trading, derivative financial assets not designated as hedges and financial assets relating to pension capitalization plans, as the Group has not designated any other financial assets as at fair value through profit or loss upon initial recognition. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term, except for the financial assets relating to pension capitalization plans. Gains or losses arising from changes in the fair value of financial assets at fair value through profit or loss are recognized in the income statement in the period in which they arise either as other income and expenses or financial income or expenses depending on whether they relate to business or financial items. The Group applies cash flow hedge accounting to interest rate swaps which are classified as derivative instruments hedge accounted. These deriv- ative instruments are classified as financial assets at fair value through other comprehensive income. Financial assets at amortized costs are non-derivative financial assets with fixed or determinable payments and which are not held for trading. They in- clude trade and other receivables which are measured at amortized cost less impairment and are presented in the balance sheet as current assets, except for maturities greater than 12 months after the balance sheet date. The im- pairment losses according to the expected credit losses method (ECL) in IFRS 9, related to trade receivables and contract assets are recognized in other ex- penses. Financial assets at amortized costs also include cash and cash equiv- alents, consisting of cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Financial liabilities at amortized cost include all other financial liabilities than derivative instruments. Financial liabilities are classified as both current and non-current liabilities and they can be interest-bearing as well as non-in- terest-bearing. Bank overdrafts are shown within debt in current liabilities. Transaction costs including the arrangement and amendment fees related to the financial liabilities are allocated to the expected lifetime of the financial instrument. Impairment of financial assets The Group applies the expected credit losses (ECL) model according to IFRS 9 for impairment of trade receivables, contract assets and other financial as- sets. Credit risk is the risk of a loss if a customer or counterparty in a financial instrument does not fulfil its contractual obligations. The Group\u2019s credit risk relates primarily to trade receivables and to cash and cash equivalents. The Group evaluates the credit risk of existing receivables at each reporting date. Trade receivables and contract assets The Group\u2019s trade receivables and contract assets are divided into two groups for measurement of credit risk. One group consists of larger customers that account for a significant part of the Group\u2019s net sales. These customers are solid infrastructure network owners, typically well-known publicly listed com- panies or companies owned by governments or municipalities in Europe. The other group consists of other customers. The Group\u2019s loss allowance for ex- pected credit losses on trade receivables and contract assets are measured according to the simplified method. This means that the loss allowance is measured for the remaining time to maturity, which is generally less than one year. The loss allowance for expected credit losses is based on individual assess- ments regarding the largest customers, where a rating-based model is used in combination with other known information and forward-looking factors. The Group uses external ratings if possible and for unrated companies an estimat- ed corresponding rating is applied. For the other group consisting of several smaller customers, the Group applies a collective impairment model based on age analysis of the receivables and historically realized losses in combina- tion with forward-looking factors that affect the customers\u2019 ability to pay the outstanding receivables. Cash and cash equivalents Credit risk also originates from investments in cash and cash equivalents. El- tel\u2019s investments in bank accounts are kept in Eltel\u2019s financing banks. For any other deposits, the aim is that the counterparty has a credit rating of at least AA (S&P) or equivalent. The expected credit risk for cash and cash equivalents is measured by a rating-based model in combination with other known infor- mation and forward-looking factors. Due to the short maturity and high credit- worthiness of counterparties, the loss allowance is generally not assessed to be significant. Other receivables and assets, not measured at fair value in income statement For any other receivables and assets, the need for impairment is assessed by the rating model described above, if applicable, or otherwise based on man- agement\u2019s assessment of the present value of the difference between contrac- tual and expected cash flows. Measurement of the loss reserve corresponds to 12 months\u2019 expected credit losses, or a shorter time period due to time to maturity. In the event of a significant increase in credit risk, the loss reserve is based on the entire remaining time to maturity of the receivable or asset. Financial instruments, hedging (IFRS 9) The Group\u2019s derivative instruments include currency forward contracts, cur- rency swaps and interest rate swaps. All derivative contracts are entered into for economic hedging purposes. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently measured at fair value on each balance sheet date. The method of recognizing the resulting gain or loss de- pends on whether the derivative is designated as a hedging instrument. The Group designates interest rate swaps as cash flow hedges. Other derivatives are classified as financial assets or liabilities measured at fair value through profit or loss. Cash flow hedges The Group has applied cash flow hedge accounting to the future cash flows with interest rate swaps in 2025. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items. The Group also documents its assessment, both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transac- tions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of gains and losses from the derivative instruments un- der cash flow hedge accounting is recognized in other comprehensive income under hedging reserve. The cumulative gain or loss is transferred to profit or loss when the hedged items affect profit or loss. The ineffective portion is rec- ognized immediately in profit or loss in other income or expenses if the reval- uation of the hedging instrument is larger than the revaluation of the hedged item. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction ultimately affects profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss recognized in equity is immediately transferred to profit or loss in other income or expenses. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative instrument is more than 12 months and as a current asset or liability when the remaining maturity of the derivative instrument is less than 12 months. The Group did not apply cash flow hedge accounting in 2024. Net investment hedges The Group used to apply net investment hedge accounting for certain foreign currency denominated loans which hedge the translation risk relating to net investments in subsidiaries, which are currently discontinued hedges. The foreign exchange differences for these loans have been recognized in other comprehensive income under translation reserve. If the amount of the net in- vestment decreases through divestment or otherwise, the related accumulat- ed gains or losses recognized in translation reserve are transferred to profit or loss (see note 14.1 for more information). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "Financial instruments (IAS 32, IFRS 7, IFRS 9) Recognition and derecognition All purchases and sales of financial assets are accounted for at trade date. Financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are in- itially recognized at fair value and transaction costs have been included for all financial assets not carried at fair value through profit or loss. However, trade receivables without significant financing components are recognized at trans- action price. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or the Group has transferred sub- stantially all risks and rewards of ownership. Financial liabilities are derecog- nized when the obligation specified in the contract is discharged or cancelled or expires. Classification and measurement The Group classifies its financial assets into the following categories according to IFRS 9: Financial assets at amortized cost, fair value through other compre- hensive income or fair value through profit and loss. The classification is made on the basis of the Group\u2019s business model for managing the financial assets and the characteristics of the contractual cash flow of the financial assets. The Group classifies all the financial liabilities at amortized costs except the derivative financial instruments which are classified at fair value through profit or loss or at fair value through other comprehensive income. See note 17 Fi- nancial instruments by category. Financial assets and liabilities at fair value through profit or loss are financial assets held for trading, derivative financial assets not designated as hedges and financial assets relating to pension capitalization plans, as the Group has not designated any other financial assets as at fair value through profit or loss upon initial recognition. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term, except for the financial assets relating to pension capitalization plans. Gains or losses arising from changes in the fair value of financial assets at fair value through profit or loss are recognized in the income statement in the period in which they arise either as other income and expenses or financial income or expenses depending on whether they relate to business or financial items. The Group applies cash flow hedge accounting to interest rate swaps which are classified as derivative instruments hedge accounted. These deriv- ative instruments are classified as financial assets at fair value through other comprehensive income. Financial assets at amortized costs are non-derivative financial assets with fixed or determinable payments and which are not held for trading. They in- clude trade and other receivables which are measured at amortized cost less impairment and are presented in the balance sheet as current assets, except for maturities greater than 12 months after the balance sheet date. The im- pairment losses according to the expected credit losses method (ECL) in IFRS 9, related to trade receivables and contract assets are recognized in other ex- penses. Financial assets at amortized costs also include cash and cash equiv- alents, consisting of cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Financial liabilities at amortized cost include all other financial liabilities than derivative instruments. Financial liabilities are classified as both current and non-current liabilities and they can be interest-bearing as well as non-in- terest-bearing. Bank overdrafts are shown within debt in current liabilities. Transaction costs including the arrangement and amendment fees related to the financial liabilities are allocated to the expected lifetime of the financial instrument. Impairment of financial assets The Group applies the expected credit losses (ECL) model according to IFRS 9 for impairment of trade receivables, contract assets and other financial as- sets. Credit risk is the risk of a loss if a customer or counterparty in a financial instrument does not fulfil its contractual obligations. The Group\u2019s credit risk relates primarily to trade receivables and to cash and cash equivalents. The Group evaluates the credit risk of existing receivables at each reporting date. Trade receivables and contract assets The Group\u2019s trade receivables and contract assets are divided into two groups for measurement of credit risk. One group consists of larger customers that account for a significant part of the Group\u2019s net sales. These customers are solid infrastructure network owners, typically well-known publicly listed com- panies or companies owned by governments or municipalities in Europe. The other group consists of other customers. The Group\u2019s loss allowance for ex- pected credit losses on trade receivables and contract assets are measured according to the simplified method. This means that the loss allowance is measured for the remaining time to maturity, which is generally less than one year. The loss allowance for expected credit losses is based on individual assess- ments regarding the largest customers, where a rating-based model is used in combination with other known information and forward-looking factors. The Group uses external ratings if possible and for unrated companies an estimat- ed corresponding rating is applied. For the other group consisting of several smaller customers, the Group applies a collective impairment model based on age analysis of the receivables and historically realized losses in combina- tion with forward-looking factors that affect the customers\u2019 ability to pay the outstanding receivables. Cash and cash equivalents Credit risk also originates from investments in cash and cash equivalents. El- tel\u2019s investments in bank accounts are kept in Eltel\u2019s financing banks. For any other deposits, the aim is that the counterparty has a credit rating of at least AA (S&P) or equivalent. The expected credit risk for cash and cash equivalents is measured by a rating-based model in combination with other known infor- mation and forward-looking factors. Due to the short maturity and high credit- worthiness of counterparties, the loss allowance is generally not assessed to be significant. Other receivables and assets, not measured at fair value in income statement For any other receivables and assets, the need for impairment is assessed by the rating model described above, if applicable, or otherwise based on man- agement\u2019s assessment of the present value of the difference between contrac- tual and expected cash flows. Measurement of the loss reserve corresponds to 12 months\u2019 expected credit losses, or a shorter time period due to time to maturity. In the event of a significant increase in credit risk, the loss reserve is based on the entire remaining time to maturity of the receivable or asset. Financial instruments, hedging (IFRS 9) The Group\u2019s derivative instruments include currency forward contracts, cur- rency swaps and interest rate swaps. All derivative contracts are entered into for economic hedging purposes. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently measured at fair value on each balance sheet date. The method of recognizing the resulting gain or loss de- pends on whether the derivative is designated as a hedging instrument. The Group designates interest rate swaps as cash flow hedges. Other derivatives are classified as financial assets or liabilities measured at fair value through profit or loss. Cash flow hedges The Group has applied cash flow hedge accounting to the future cash flows with interest rate swaps in 2025. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items. The Group also documents its assessment, both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transac- tions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of gains and losses from the derivative instruments un- der cash flow hedge accounting is recognized in other comprehensive income under hedging reserve. The cumulative gain or loss is transferred to profit or loss when the hedged items affect profit or loss. The ineffective portion is rec- ognized immediately in profit or loss in other income or expenses if the reval- uation of the hedging instrument is larger than the revaluation of the hedged item. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction ultimately affects profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss recognized in equity is immediately transferred to profit or loss in other income or expenses. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative instrument is more than 12 months and as a current asset or liability when the remaining maturity of the derivative instrument is less than 12 months. The Group did not apply cash flow hedge accounting in 2024. Net investment hedges The Group used to apply net investment hedge accounting for certain foreign currency denominated loans which hedge the translation risk relating to net investments in subsidiaries, which are currently discontinued hedges. The foreign exchange differences for these loans have been recognized in other comprehensive income under translation reserve. If the amount of the net in- vestment decreases through divestment or otherwise, the related accumulat- ed gains or losses recognized in translation reserve are transferred to profit or loss (see note 14.1 for more information). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "Recognition and derecognition All purchases and sales of financial assets are accounted for at trade date. Financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are in- itially recognized at fair value and transaction costs have been included for all financial assets not carried at fair value through profit or loss. However, trade receivables without significant financing components are recognized at trans- action price. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or the Group has transferred sub- stantially all risks and rewards of ownership. Financial liabilities are derecog- nized when the obligation specified in the contract is discharged or cancelled or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "The Group classifies its financial assets into the following categories according to IFRS 9: Financial assets at amortized cost, fair value through other compre- hensive income or fair value through profit and loss. The classification is made on the basis of the Group\u2019s business model for managing the financial assets and the characteristics of the contractual cash flow of the financial assets. The Group classifies all the financial liabilities at amortized costs except the derivative financial instruments which are classified at fair value through profit or loss or at fair value through other comprehensive income. See note 17 Fi- nancial instruments by category. Financial assets and liabilities at fair value through profit or loss are financial assets held for trading, derivative financial assets not designated as hedges and financial assets relating to pension capitalization plans, as the Group has not designated any other financial assets as at fair value through profit or loss upon initial recognition. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term, except for the financial assets relating to pension capitalization plans. Gains or losses arising from changes in the fair value of financial assets at fair value through profit or loss are recognized in the income statement in the period in which they arise either as other income and expenses or financial income or expenses depending on whether they relate to business or financial items. The Group applies cash flow hedge accounting to interest rate swaps which are classified as derivative instruments hedge accounted. These deriv- ative instruments are classified as financial assets at fair value through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "Financial assets at amortized costs also include cash and cash equiv- alents, consisting of cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "
Impairment of financial assets
The Group applies the expected credit losses (ECL) model according to IFRS
9 for impairment of trade receivables, contract assets and other financial as-
sets.
Credit risk is the risk of a loss if a customer or counterparty in a financial
instrument does not fulfil its contractual obligations. The Group\u2019s credit risk
relates primarily to trade receivables and to cash and cash equivalents. The
Group evaluates the credit risk of existing receivables at each reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "
Financial instruments, hedging (IFRS 9)
The Group\u2019s derivative instruments include currency forward contracts, cur-
rency swaps and interest rate swaps. All derivative contracts are entered into
for economic hedging purposes.
Derivatives are initially recognized at fair value on the date a derivative
contract is entered into and are subsequently measured at fair value on each
balance sheet date. The method of recognizing the resulting gain or loss de-
pends on whether the derivative is designated as a hedging instrument. The
Group designates interest rate swaps as cash flow hedges. Other derivatives
are classified as financial assets or liabilities measured at fair value through
profit or loss.
Cash flow hedges
The Group has applied cash flow hedge accounting to the future cash flows
with interest rate swaps in 2025. The Group documents at the inception of the
transaction the relationship between hedging instruments and hedged items.
The Group also documents its assessment, both at hedge inception and on
an ongoing basis, whether the derivatives that are used in hedging transac-
tions are highly effective in offsetting changes in cash flows of hedged items.
The effective portion of gains and losses from the derivative instruments un-
der cash flow hedge accounting is recognized in other comprehensive income
under hedging reserve. The cumulative gain or loss is transferred to profit or
loss when the hedged items affect profit or loss. The ineffective portion is rec-
ognized immediately in profit or loss in other income or expenses if the reval-
uation of the hedging instrument is larger than the revaluation of the hedged
item. When a hedging instrument expires or is sold, or when a hedge no longer
meets the criteria for hedge accounting, any cumulative gain or loss existing
in equity at that time remains in equity and is recognized when the forecast
transaction ultimately affects profit or loss. When a forecast transaction is no
longer expected to occur, the cumulative gain or loss recognized in equity is
immediately transferred to profit or loss in other income or expenses.
The full fair value of a hedging derivative is classified as a non-current asset
or liability when the remaining maturity of the derivative instrument is more
than 12 months and as a current asset or liability when the remaining maturity
of the derivative instrument is less than 12 months. The Group did not apply
cash flow hedge accounting in 2024.
Net investment hedges
The Group used to apply net investment hedge accounting for certain foreign
currency denominated loans which hedge the translation risk relating to net
investments in subsidiaries, which are currently discontinued hedges. The
foreign exchange differences for these loans have been recognized in other
comprehensive income under translation reserve. If the amount of the net in-
vestment decreases through divestment or otherwise, the related accumulat-
ed gains or losses recognized in translation reserve are transferred to profit or
loss (see note 14.1 for more information).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "Financial instruments, hedging (IFRS 9) The Group\u2019s derivative instruments include currency forward contracts, cur- rency swaps and interest rate swaps. All derivative contracts are entered into for economic hedging purposes. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently measured at fair value on each balance sheet date. The method of recognizing the resulting gain or loss de- pends on whether the derivative is designated as a hedging instrument. The Group designates interest rate swaps as cash flow hedges. Other derivatives are classified as financial assets or liabilities measured at fair value through profit or loss. Cash flow hedges The Group has applied cash flow hedge accounting to the future cash flows with interest rate swaps in 2025. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items. The Group also documents its assessment, both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transac- tions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of gains and losses from the derivative instruments un- der cash flow hedge accounting is recognized in other comprehensive income under hedging reserve. The cumulative gain or loss is transferred to profit or loss when the hedged items affect profit or loss. The ineffective portion is rec- ognized immediately in profit or loss in other income or expenses if the reval- uation of the hedging instrument is larger than the revaluation of the hedged item. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction ultimately affects profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss recognized in equity is immediately transferred to profit or loss in other income or expenses. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative instrument is more than 12 months and as a current asset or liability when the remaining maturity of the derivative instrument is less than 12 months. The Group did not apply cash flow hedge accounting in 2024. Net investment hedges The Group used to apply net investment hedge accounting for certain foreign currency denominated loans which hedge the translation risk relating to net investments in subsidiaries, which are currently discontinued hedges. The foreign exchange differences for these loans have been recognized in other comprehensive income under translation reserve. If the amount of the net in- vestment decreases through divestment or otherwise, the related accumulat- ed gains or losses recognized in translation reserve are transferred to profit or loss (see note 14.1 for more information). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "Financial instruments, hedging (IFRS 9) The Group\u2019s derivative instruments include currency forward contracts, cur- rency swaps and interest rate swaps. All derivative contracts are entered into for economic hedging purposes. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently measured at fair value on each balance sheet date. The method of recognizing the resulting gain or loss de- pends on whether the derivative is designated as a hedging instrument. The Group designates interest rate swaps as cash flow hedges. Other derivatives are classified as financial assets or liabilities measured at fair value through profit or loss. Cash flow hedges The Group has applied cash flow hedge accounting to the future cash flows with interest rate swaps in 2025. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items. The Group also documents its assessment, both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transac- tions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of gains and losses from the derivative instruments un- der cash flow hedge accounting is recognized in other comprehensive income under hedging reserve. The cumulative gain or loss is transferred to profit or loss when the hedged items affect profit or loss. The ineffective portion is rec- ognized immediately in profit or loss in other income or expenses if the reval- uation of the hedging instrument is larger than the revaluation of the hedged item. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction ultimately affects profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss recognized in equity is immediately transferred to profit or loss in other income or expenses. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative instrument is more than 12 months and as a current asset or liability when the remaining maturity of the derivative instrument is less than 12 months. The Group did not apply cash flow hedge accounting in 2024. Net investment hedges The Group used to apply net investment hedge accounting for certain foreign currency denominated loans which hedge the translation risk relating to net investments in subsidiaries, which are currently discontinued hedges. The foreign exchange differences for these loans have been recognized in other comprehensive income under translation reserve. If the amount of the net in- vestment decreases through divestment or otherwise, the related accumulat- ed gains or losses recognized in translation reserve are transferred to profit or loss (see note 14.1 for more information). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "
Share capital
Share capital presents the registered share capital of the parent company Eltel
AB. Share subscription proceeds in excess of share capital (premium) is pre-
sented in other paid-in capital. Incremental costs directly attributable to the
issue of new shares are shown in equity as a deduction from the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
Earnings per share (IAS 33)
The basic earnings per share (EPS) is calculated by dividing the net result at-
tributable to the parent company\u2019s shareholders with the weighted average
number of ordinary shares during the financial period. Ordinary shares pur-
chased and held by the Group, if any, are subtracted from number of outstand-
ing shares. Diluted earnings per share reflect the possible impact of the share-
based incentive plans.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "
Provisions and contingent liabilities (IAS 37)
Provisions are recognized in the balance sheet when: the Group has a present
legal or constructive obligation as a result of a past event; it is probable that
an outflow of economic benefits will be required to settle the obligation; and a
reliable estimate can be made of the amount of the obligation. Where some of
the expenditure required to settle a provision is expected to be reimbursed by
another party, the reimbursement shall be recognized as a separate asset, but
only when it is certain that the reimbursement will be received.
A warranty provision is recognized, when the product including a warranty
clause is sold. The amount of the warranty provision is based on the past ex-
perience of the realization of the warranty costs and the future expectations.
A provision for restructuring is recognized when management has
developed and approved a detailed formal plan for restructuring to which it
is committed. Employee termination benefits are recognized when the repre-
sentatives of employees or individual employees have been informed of the
intended measures in detail and the related compensation packages can be
reliably measured. The costs included in a provision for restructuring are those
costs that are either incremental or incurred as a direct result of the plan or are
the result of a continuing contractual obligation with no continuing economic
benefit to the Group or a penalty incurred to cancel the contractual obligation.
Restructuring expenses are recognized in respective expenses depending on
the nature of the restructuring expenses. Provisions are not recognized for fu-
ture operating losses.
A provision is recognized for an onerous contract, when the inevitable costs
required to meet the obligations under the contract exceed the benefits to be
received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
A contingent liability is a possible obligation that does not fulfil the criteria
to be recognized in balance sheet as a provision due to future uncertainties
outside Group's control towards the existence of obligation or outflow of re-
sources required to settle the obligation. Contingent liabilities are regularly
monitored, and in case the outflow of resources becomes probable, they are
recognized as provisions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "
Income taxes (IAS 12)
The Group\u2019s income tax expense includes taxes of the group companies based
on current period\u2019s taxable income and the changes in the deferred taxes. In-
come tax is recognized in the income statement, except for the items recog-
nized directly in other comprehensive income, when the tax effect is accord-
ingly recognized in other comprehensive income. Income tax expense is based
on the local tax rate in each country. Tax adjustments from previous periods
are included in tax expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "
Deferred tax assets or liabilities are calculated using the liability method on
all temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the financial statements. Deferred income tax is
determined using tax rates (and laws) that have been enacted or substantially
enacted by the balance sheet date and are expected to apply when the relat-
ed deferred income tax asset is realized or the deferred income tax liability is
settled.
Deferred tax assets are recognized only to the extent that it appears prob-
able that future taxable profit will be available, against which the tax losses or
temporary differences can be utilized. Deferred income tax is provided on tem-
porary differences arising on investments in subsidiaries and associates, ex-
cept where the timing of the reversal of the temporary difference is controlled
by the Group and it is probable that the temporary difference will not reverse
in the foreseeable future.
Eltel is within the scope of the OECD Pillar Two model rules. The Pillar Two
legislation has been effective since 1 January 2024. Under the legislation, the
Group is liable to pay a top-up tax for the difference between its GloBE effec-
tive tax rate per jurisdiction and the 15% minimum rate. The Group applies the
temporary mandatory relief from deferred tax accounting for the impacts of the
top-up tax and accounts for it as a current tax when it is incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "
Employee benefits (IAS 19)
Short-term benefits to employees are calculated without discounting and are
recognized as a cost when the related services are received.
The Group companies have different pension schemes in accordance
with the local conditions and practices in the countries where they operate
including statutory pension plans and supplementary pension benefits. The
schemes are generally funded through payments to insurance companies or
trustee-administered funds.
The plans are classified as either defined contribution plans or defined ben-
efit plans.
In the defined contribution plan, pension contributions are paid directly to
insurance companies and once the contributions have been paid, the Group
has no further payment obligations if the company receiving the payments
cannot fulfil its obligations. These contributions are charged to the income
statement in the year to which they relate. For supplementary pension capital-
ization plans the Group recognizes a long-term pension provision and corre-
sponding financial asset, which is classified and measured according to IFRS
9.
For defined benefit plans, the liability in respect of defined benefit pension
plans is the present value of the defined benefit obligation at the balance sheet
date minus the fair value of plan assets. The pension obligation is defined us-
ing the projected unit credit method separately for each plan. The discount
rate applied to calculate the present value of post-employment benefit obliga-
tions is determined by the market yields of long-term corporate bonds or gov-
ernment bonds with corresponding maturity to the obligation. The net interest
cost is estimated by applying the discount rate to the net defined benefit obli-
gation and recognized as financial expenses. Past service costs are recognized
immediately in the income statement. Remeasurements of the defined benefit
plan due to actuarial assumptions are recognized directly in other comprehen-
sive income.
Termination benefits
A provision is recognized in connection with termination of employment if the
company is committed to a formal and detailed plan to terminate employment
before the normal retirement date. When a termination benefit is offered to
encourage voluntary redundancy, a cost is recognized if it is probable that the
offer will be accepted and the number of employees who will accept the offer
can be reliably estimated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "Termination benefits A provision is recognized in connection with termination of employment if the company is committed to a formal and detailed plan to terminate employment before the normal retirement date. When a termination benefit is offered to encourage voluntary redundancy, a cost is recognized if it is probable that the offer will be accepted and the number of employees who will accept the offer can be reliably estimated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "
Share-based payments (IFRS 2)
Eltel has incentive programs that are recognized as share-based payments
settled with equity instruments in accordance with IFRS 2. The fair value of the
share incentives granted to the key employees is recognized as an employee
expense on a straight-line basis over the vesting period when employee ser-
vices are performed with corresponding entry to equity. The fair value of the
share incentives is the market value at the grant date. The total amount to be
expensed over the vesting period is determined based on the grant date fair
value of shares and Group\u2019s estimate of the number of the shares that are ex-
pected to be vested by the end of the vesting period. The impact of a non-mar-
ket vesting condition and estimate for the fulfilment of continued employment
criteria at the end of the vesting period is included in the assumptions about
the number of share incentives. The estimate is updated at each reporting date
and changes in estimate are recorded through the statement of income. Social
costs related to the share-based incentive scheme are expensed during the
periods when services are performed based on the fair value at the reporting
date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "
3. Segment reporting
Eltel's segment structure has been updated from 1 January 2025. The oper-
ations in Denmark and Germany are presented in one segment named Den-
mark & Germany. Smart Grids Germany was presented outside segments un-
der Other business until 31 December 2024. The remaining part of the Other
business and Group Functions is combined and named as Group Support
Functions. Starting from 1 January 2025 the segments are Finland, Sweden,
Denmark & Germany and Norway. All communication and power business in
these countries will continue to be presented under country segments. The
Group Support Functions include Group Functions and Lithuania as well as
closing activities for Power Transmission International and High Voltage Po-
land until its divestment in Q2 2024. Comparative figures for 2024 are present-
ed according to the new segment structure.
Net sales by segment
EUR million
2025
2024
Finland
351.1
357.7
Sweden
239.2
211.8
Denmark & Germany
125.6
129.6
Norway
100.0
114.9
Sum segments
815.8
814.0
Group Support Functions
9.3
24.3
Eliminations
-7.4
-9.7
Total
817.8
828.7
In 2025 and 2024 the Group has had two customers that represent over 10% of total sales of the Group. The customers\u2019 share of the sales amounts to 24% (26). Revenues from these customers were reported mainly in segments Nor- way and Sweden and to a smaller extent also in other country segments. Cus- tomer means a legal entity, and where applicable, a collection of legal entities in the same group.
Segment results
EUR million
2025
2024
Adjusted EBITA by segment
Finland
20.3
15.7
Sweden
7.7
6.1
Denmark & Germany
5.9
6.5
Norway
-1.8
-5.7
Sum segments
32.1
22.6
Group Support Functions
-11.4
-12.2
Adjusted EBITA, Group
20.7
10.5
Restructuring and resizing
-1.3
-5.3
Divestments
\u2013
-23.1
Total items affecting comparability in EBITA
-1.3
-28.5
Operating result (EBIT)
19.4
-18.0
Financial expenses, net
-14.1
-12.7
Result before taxes
5.3
-30.7
Net working capital and operative capital employed
EUR million
31 Dec 2025
31 Dec 2024
Inventories
38.3
19.3
Trade and other receivables
186.6
165.3
Provisions
-8.9
-8.4
Advances received
-82.6
-51.4
Trade and other payables
-173.0
-152.0
Other
-20.8
-34.1
Net working capital
-60.4
-61.3
Intangible assets excluding acquisition-related
allocations
4.8
4.1
Property, plant and equipment
5.6
5.9
Right-of-use assets
53.5
53.5
Restructuring provisions
-0.1
-0.5
Operative fixed assets
63.8
62.9
Total operative capital employed
3.4
1.7
Operative capital employed (average over
reporting period)
2.5
10.2
Net working capital by segment
EUR million
31 Dec 2025
31 Dec 2024
Finland
-48.3
-37.3
Sweden
27.3
13.8
Denmark & Germany
-2.3
-2.0
Norway
-3.9
-8.4
Group Support Functions
-33.2
-27.3
Total
-60.4
-61.3
Operative fixed assets by segment
EUR million
31 Dec 2025
31 Dec 2024
Finland
20.1
20.7
Sweden
18.6
13.3
Denmark & Germany
10.5
12.2
Norway
9.5
13.9
Group Support Functions
5.2
3.0
Total
63.8
62.9
Operative capital employed by segment
EUR million
31 Dec 2025
31 Dec 2024
Finland
-28.2
-16.7
Sweden
45.9
27.0
Denmark & Germany
8.1
10.2
Norway
5.7
5.5
Group Support Functions
-28.0
-24.4
Total
3.4
1.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "3. Segment reporting Eltel's segment structure has been updated from 1 January 2025. The oper- ations in Denmark and Germany are presented in one segment named Den- mark & Germany. Smart Grids Germany was presented outside segments un- der Other business until 31 December 2024. The remaining part of the Other business and Group Functions is combined and named as Group Support Functions. Starting from 1 January 2025 the segments are Finland, Sweden, Denmark & Germany and Norway. All communication and power business in these countries will continue to be presented under country segments. The Group Support Functions include Group Functions and Lithuania as well as closing activities for Power Transmission International and High Voltage Po- land until its divestment in Q2 2024. Comparative figures for 2024 are present- ed according to the new segment structure.
Net sales by segment
EUR million
2025
2024
Finland
351.1
357.7
Sweden
239.2
211.8
Denmark & Germany
125.6
129.6
Norway
100.0
114.9
Sum segments
815.8
814.0
Group Support Functions
9.3
24.3
Eliminations
-7.4
-9.7
Total
817.8
828.7
n 2025 and 2024 the Group has had two customers that represent over 10% of total sales of the Group. The customers\u2019 share of the sales amounts to 24% (26). Revenues from these customers were reported mainly in segments Nor- way and Sweden and to a smaller extent also in other country segments. Cus- tomer means a legal entity, and where applicable, a collection of legal entities in the same group.
Segment results
EUR million
2025
2024
Adjusted EBITA by segment
Finland
20.3
15.7
Sweden
7.7
6.1
Denmark & Germany
5.9
6.5
Norway
-1.8
-5.7
Sum segments
32.1
22.6
Group Support Functions
-11.4
-12.2
Adjusted EBITA, Group
20.7
10.5
Restructuring and resizing
-1.3
-5.3
Divestments
\u2013
-23.1
Total items affecting comparability in EBITA
-1.3
-28.5
Operating result (EBIT)
19.4
-18.0
Financial expenses, net
-14.1
-12.7
Result before taxes
5.3
-30.7
Net working capital and operative capital employed
EUR million
31 Dec 2025
31 Dec 2024
Inventories
38.3
19.3
Trade and other receivables
186.6
165.3
Provisions
-8.9
-8.4
Advances received
-82.6
-51.4
Trade and other payables
-173.0
-152.0
Other
-20.8
-34.1
Net working capital
-60.4
-61.3
Intangible assets excluding acquisition-related
allocations
4.8
4.1
Property, plant and equipment
5.6
5.9
Right-of-use assets
53.5
53.5
Restructuring provisions
-0.1
-0.5
Operative fixed assets
63.8
62.9
Total operative capital employed
3.4
1.7
Operative capital employed (average over
reporting period)
2.5
10.2
Net working capital by segment
EUR million
31 Dec 2025
31 Dec 2024
Finland
-48.3
-37.3
Sweden
27.3
13.8
Denmark & Germany
-2.3
-2.0
Norway
-3.9
-8.4
Group Support Functions
-33.2
-27.3
Total
-60.4
-61.3
Operative fixed assets by segment
EUR million
31 Dec 2025
31 Dec 2024
Finland
20.1
20.7
Sweden
18.6
13.3
Denmark & Germany
10.5
12.2
Norway
9.5
13.9
Group Support Functions
5.2
3.0
Total
63.8
62.9
Operative capital employed by segment
EUR million
31 Dec 2025
31 Dec 2024
Finland
-28.2
-16.7
Sweden
45.9
27.0
Denmark & Germany
8.1
10.2
Norway
5.7
5.5
Group Support Functions
-28.0
-24.4
Total
3.4
1.7
4. Revenue recognition
Net sales by business
EUR million
2025
2024
Communication
475.4
505.9
Power
342.4
322.8
Other operations
\u2013
0.0
Total
817.8
828.7
Net sales by segment and business
EUR million
2025
2024
Finland
Communication
133.9
174.4
Power
217.2
183.4
Sweden
Communication
195.1
159.9
Power
44.0
52.0
Denmark & Germany
Communication
44.2
54.4
Power
81.4
75.2
Norway
Communication
99.7
114.6
Power
0.3
0.3
Group Support Functions Communication
8.7
10.7
Power
0.7
13.6
Other operations
\u2013
0.0
Eliminations
-7.4
-9.7
Total
817.8
828.7
Internal net sales consist mainly of net sales from communication in Lithuania,
reported in Group Support Functions. There are no material internal net sales
in any of the country segments.
Net sales by service type
Eltel\u2019s revenue consists of project delivery, upgrade and maintenance services.
Installation delivery services (Engineering, procurement, construction)
Installation delivery services comprise engineering and delivering customer
specific network infrastructure projects. The contracts include projects with
estimated scope of works and variation orders as well as turnkey projects
and Eltel\u2019s activities typically include tasks relating to design, construction,
installation and project management. The size of a contract is typically large
(EUR 1\u201340 million) and project execution time frame from months to years.
For installation delivery services revenue is typically recognized over time as
customers control the asset that Eltel creates or enhances.
Upgrade services (Upgrade and conversion projects) Upgrade and conversion services are services to recover and upgrade the con- dition or technology of an existing infrastructure network where Eltel typically dismantle, build and/or install on customer specifications. The projects are typically based on multi-year frame agreements where the services are or- dered based on individual purchase orders but also on separately tendered projects. Size of a project varies typically from EUR 10,000 to over EUR 1 mil- lion projects and pricing is typically based on units. For upgrade services reve- nue is typically recognized over time as customers control the asset that Eltel creates or enhances. Maintenance services Eltel\u2019s maintenance services comprise of scheduled and corrective care ser- vices and connect services where the customer contracts are usually mul- ti-year frame agreements. The works are performed based on continuous flow of small orders that are typically unit priced, but also certain fixed fee-based contracts exist. The services are not highly customized to a particular cus- tomer. The nature of Eltel\u2019s maintenance services is such that the customer typically can benefit from the services either on its own or together with other readily available resources. In maintenance services customers receive ben- efits as Eltel performs and revenue is recognized over time based on the ser- vices performed.
Net sales by business and service type
EUR million
2025
2024
Communication
Installation delivery
45.0
31.9
Upgrade services
306.8
326.1
Maintenance
123.6
147.8
Total Communication
475.4
505.9
Power
Installation delivery
180.6
153.7
Upgrade services
64.8
75.6
Maintenance
97.0
93.5
Total Power
342.4
322.8
Other operations
Maintenance
\u2013
0.0
Total other operations
\u2013
0.0
Total
817.8
828.7
In 2025 installation delivery services form 28% (22), upgrade services 45% (48) and maintenance services 27% (29) of Eltel\u2019s total net sales Committed order backlog by business and service type Committed order backlog in Eltel is defined as the total value of committed purchase orders received but not yet recognized as net sales. It does not in- clude frame agreements unless a binding purchase order has been received. Committed order backlog is therefore the best measure of unsatisfied perfor- mance obligations according to IFRS 15 Revenue from contracts with custom- ers. The below table presents the committed order backlog by business and service type. The currency impact in total order backlog at year-end 2025 was EUR 6.8 million.
EUR million
2025
2024
Communication
Installation delivery
55.2
32.3
Upgrade services
139.8
137.2
Maintenance
34.1
25.9
Total Communication
229.0
195.3
Power
Installation delivery
218.2
123.0
Upgrade services
37.0
36.1
Maintenance
53.2
30.7
Total Power
308.4
189.8
Total
537.4
385.1
Two thirds of the committed order backlog in installation delivery services and nearly all of the committed order backlog in upgrade services and mainte- nance services is to be recognized as revenue during 2026.
Contract balances
EUR million
2025
2024
Trade receivables
87.0
89.6
Contract assets
81.1
58.9
Total assets related to contracts
with customers
168.2
148.5
Advances received from contracts with
customers
77.9
46.7
Total liabilities related to contracts
with customers
77.9
46.7
Trade receivables and contract assets are included in the trade and other re- ceivables in the balance sheet. Contract assets mainly consist of recognized net sales not yet invoiced as the contractual right to invoice has not yet oc- curred. Advances received represent the contract liabilities ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "4. Revenue recognition
Net sales by business
EUR million
2025
2024
Communication
475.4
505.9
Power
342.4
322.8
Other operations
\u2013
0.0
Total
817.8
828.7
Net sales by segment and business
EUR million
2025
2024
Finland
Communication
133.9
174.4
Power
217.2
183.4
Sweden
Communication
195.1
159.9
Power
44.0
52.0
Denmark & Germany
Communication
44.2
54.4
Power
81.4
75.2
Norway
Communication
99.7
114.6
Power
0.3
0.3
Group Support Functions Communication
8.7
10.7
Power
0.7
13.6
Other operations
\u2013
0.0
Eliminations
-7.4
-9.7
Total
817.8
828.7
Internal net sales consist mainly of net sales from communication in Lithuania, reported in Group Support Functions. There are no material internal net sales in any of the country segments. Net sales by service type Eltel\u2019s revenue consists of project delivery, upgrade and maintenance services. Installation delivery services (Engineering, procurement, construction) Installation delivery services comprise engineering and delivering customer specific network infrastructure projects. The contracts include projects with estimated scope of works and variation orders as well as turnkey projects and Eltel\u2019s activities typically include tasks relating to design, construction, installation and project management. The size of a contract is typically large (EUR 1\u201340 million) and project execution time frame from months to years. For installation delivery services revenue is typically recognized over time as customers control the asset that Eltel creates or enhances. Upgrade services (Upgrade and conversion projects) Upgrade and conversion services are services to recover and upgrade the con- dition or technology of an existing infrastructure network where Eltel typically dismantle, build and/or install on customer specifications. The projects are typically based on multi-year frame agreements where the services are or- dered based on individual purchase orders but also on separately tendered projects. Size of a project varies typically from EUR 10,000 to over EUR 1 mil- lion projects and pricing is typically based on units. For upgrade services reve- nue is typically recognized over time as customers control the asset that Eltel creates or enhances. Maintenance services Eltel\u2019s maintenance services comprise of scheduled and corrective care ser- vices and connect services where the customer contracts are usually mul- ti-year frame agreements. The works are performed based on continuous flow of small orders that are typically unit priced, but also certain fixed fee-based contracts exist. The services are not highly customized to a particular cus- tomer. The nature of Eltel\u2019s maintenance services is such that the customer typically can benefit from the services either on its own or together with other readily available resources. In maintenance services customers receive ben- efits as Eltel performs and revenue is recognized over time based on the ser- vices performed.
Net sales by business and service type
EUR million
2025
2024
Communication
Installation delivery
45.0
31.9
Upgrade services
306.8
326.1
Maintenance
123.6
147.8
Total Communication
475.4
505.9
Power
Installation delivery
180.6
153.7
Upgrade services
64.8
75.6
Maintenance
97.0
93.5
Total Power
342.4
322.8
Other operations
Maintenance
\u2013
0.0
Total other operations
\u2013
0.0
Total
817.8
828.7
In 2025 installation delivery services form 28% (22), upgrade services 45% (48) and maintenance services 27% (29) of Eltel\u2019s total net sales . Committed order backlog by business and service type Committed order backlog in Eltel is defined as the total value of committed purchase orders received but not yet recognized as net sales. It does not in- clude frame agreements unless a binding purchase order has been received. Committed order backlog is therefore the best measure of unsatisfied perfor- mance obligations according to IFRS 15 Revenue from contracts with custom- ers. The below table presents the committed order backlog by business and service type. The currency impact in total order backlog at year-end 2025 was EUR 6.8 million.
EUR million
2025
2024
Communication
Installation delivery
55.2
32.3
Upgrade services
139.8
137.2
Maintenance
34.1
25.9
Total Communication
229.0
195.3
Power
Installation delivery
218.2
123.0
Upgrade services
37.0
36.1
Maintenance
53.2
30.7
Total Power
308.4
189.8
Total
537.4
385.1
Two thirds of the committed order backlog in installation delivery services and nearly all of the committed order backlog in upgrade services and mainte- nance services is to be recognized as revenue during 2026.
Contract balances
EUR million
2025
2024
Trade receivables
87.0
89.6
Contract assets
81.1
58.9
Total assets related to contracts
with customers
168.2
148.5
Advances received from contracts with
customers
77.9
46.7
Total liabilities related to contracts
with customers
77.9
46.7
Trade receivables and contract assets are included in the trade and other re- ceivables in the balance sheet. Contract assets mainly consist of recognized net sales not yet invoiced as the contractual right to invoice has not yet oc- curred. Advances received represent the contract liabilities .", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "
Contract balances
EUR million
2025
2024
Trade receivables
87.0
89.6
Contract assets
81.1
58.9
Total assets related to contracts
with customers
168.2
148.5
Advances received from contracts with
customers
77.9
46.7
Total liabilities related to contracts
with customers
77.9
46.7
Trade receivables and contract assets are included in the trade and other re- ceivables in the balance sheet. Contract assets mainly consist of recognized net sales not yet invoiced as the contractual right to invoice has not yet oc- curred. Advances received represent the contract liabilities .20. Trade and other receivables
EUR million
31 Dec 2025
31 Dec 2024
Trade receivables, gross
87.9
90.5
Contract assets
81.1
58.9
Expected credit loss reservation
-0.8
-0.9
Trade receivables and contract assets, net
168.2
148.5
Derivative instruments
0.3
0.0
Income tax receivables
0.7
0.8
Indirect tax receivables
0.9
0.7
Other prepayments and accruals
14.3
12.5
Other receivables
2.4
2.7
Total trade and other receivables
186.6
165.3
Fair values of trade and other receivables approximate their carrying amount due to short maturities. The Group applies the expected credit losses (ECL) model according to IFRS 9 for impairment of trade receivables, contract assets and other financial assets. Refer to note 14.3 Credit risk for more information. During 2025 the Group has sold on non-recourse basis EUR 188.9 million (138.7) of trade receivables to various financial institutions as part of vendor financing solutions and derecognized the amounts from the balance sheet at the time of receipt of payment. EUR 2.1 million (2.6) of the costs are included in EBIT and EUR 1.6 million (1.4) in the financial expenses . ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "
Contract balances
EUR million
2025
2024
Trade receivables
87.0
89.6
Contract assets
81.1
58.9
Total assets related to contracts
with customers
168.2
148.5
Advances received from contracts with
customers
77.9
46.7
Total liabilities related to contracts
with customers
77.9
46.7
Trade receivables and contract assets are included in the trade and other re- ceivables in the balance sheet. Contract assets mainly consist of recognized net sales not yet invoiced as the contractual right to invoice has not yet oc- curred. Advances received represent the contract liabilities 20. Trade and other receivables
EUR million
31 Dec 2025
31 Dec 2024
Trade receivables, gross
87.9
90.5
Contract assets
81.1
58.9
Expected credit loss reservation
-0.8
-0.9
Trade receivables and contract assets, net
168.2
148.5
Derivative instruments
0.3
0.0
Income tax receivables
0.7
0.8
Indirect tax receivables
0.9
0.7
Other prepayments and accruals
14.3
12.5
Other receivables
2.4
2.7
Total trade and other receivables
186.6
165.3
Fair values of trade and other receivables approximate their carrying amount due to short maturities. The Group applies the expected credit losses (ECL) model according to IFRS 9 for impairment of trade receivables, contract assets and other financial assets. Refer to note 14.3 Credit risk for more information. During 2025 the Group has sold on non-recourse basis EUR 188.9 million (138.7) of trade receivables to various financial institutions as part of vendor financing solutions and derecognized the amounts from the balance sheet at the time of receipt of payment. EUR 2.1 million (2.6) of the costs are included in EBIT and EUR 1.6 million (1.4) in the financial expenses ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "
5. Personnel by segment
Number of personnel by segment, FTE
1)
Of whom Of whom
Average
2025
men %
2024
men %
Finland
1,301
91
1,478
91
Sweden
949
85
950
85
Denmark & Germany
772
85
829
87
Denmark
446
88
487
88
Germany
326
82
342
82
Norway
551
88
761
88
Group Support Functions
321
64
531
63
Lithuania
149
92
185
92
Poland
100
25
278
62
Finland
41
46
40
46
Sweden
25
63
22
60
Norway
4
80
4
86
Denmark
2
100
1
100
Germany
1
100
1
100
Total personnel FTE, average
3,894
85
4,550
86
Total personnel FTE, year-end
3,755
86
4,160
87
1)
Full time equivalent.
Number of key executives
31 Dec 2025
31 Dec 2024
Board of Directors
Men
4
4
Women
2
2
Other key executives
Men
4
5
Women
5
4
Total
15
15
There has been no change in the gender distribution in the Board of Directors during 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "
6. Employee benefit expenses
Employee benefit expenses
EUR million
2025
2024
Wages and salaries
228.9
251.2
Post-employment benefits:
Defined benefit plans
-1.3
-1.3
Defined contribution plans
26.9
27.5
Other statutory social costs
30.6
31.4
Capitalized as development costs
-0.8
\u2013
Total
284.3
308.7
Employee benefit expenses by function
EUR million
2025
2024
Cost of sales
225.2
248.3
Selling and administrative expenses
59.5
60.8
Sum in operative expenses
284.7
309.1
Financial income and costs
-0.5
-0.4
Total
284.3
308.7
32. Retirement benefit obligations The majority of employees in the Group are included in defined contribution pension plans of which the largest defined contribution liability is in Denmark. Some countries also have defined benefit plans, largest one being in Sweden, where the plan has been closed for any new earnings since 2007. Benefits earned since then are covered by premiums paid to Alecta. Since 2023 the net pension liability has been a net asset for both Sweden and Finland. The net asset is presented as part of non-current financial asset in the balance sheet. There are also smaller voluntary pension plans in Finland that are accounted for as defined benefit plans. The Group has also pension capitalization plans in Sweden and Finland. The pension liability of these plans is presented in the defined contribution pension liability and the pension asset is presented in the financial assets in the balance sheet.
Pension liabilities in the balance sheet
EUR million
31 Dec 2025
31 Dec 2024
Defined benefit pension liability
\u2013
\u2013
Defined benefit pension asset
-12.1
-11.3
Net defined benefit pension liability (+)/-asset (-)
-12.1
-11.3
Defined contribution pension liability
7.3
6.6
Pension capitalization plan asset
-2.4
-2.0
Net pension liability (+)/-asset (-)
-7.2
-6.6
Defined pension liabilities in the balance sheet
EUR million
31 Dec 2025
31 Dec 2024
Present value of funded obligations
56.7
58.7
Fair value of plan assets
-68.9
-70.0
Net liability (+)/ -asset (-)
-12.1
-11.3
The movement in the fair value of plan assets
EUR million
2025
2024
Fair value of assets 1 Jan
70.0
71.5
Interest on plan assets
2.4
2.3
Remeasurement of plan assets
-2.2
4.2
Contributions by employer
0.1
0.2
Benefits paid
-4.8
-6.4
Translation differences
3.4
-1.9
Fair value of assets 31 Dec
68.9
70.0
The movement in the defined benefit obligations
EUR million
2025
2024
Total obligations 1 Jan
58.7
62.9
Current service cost
-0.9
-1.0
Interest cost
1.9
2.0
Remeasurement of pension obligation
-1.4
0.8
Benefits paid
-4.4
-4.4
Translation differences
2.8
-1.6
Total obligations 31 Dec
56.7
58.7
The amounts recognized in the income statement
and other comprehensive income
EUR million
2025
2024
Current service cost
-0.9
-1.0
Net interest cost
-0.5
-0.4
Amount recognized in the income statement
-1.3
-1.3
Remeasurements recognized in other compre-
hensive income:
Financial assumptions
-2.1
0.5
Experience adjustments
2.9
-3.9
Total pension charges recognized
during the year
-0.6
-4.7
Maturity profile of future gross benefit payments
EUR million
2025
2024
Less than 1 year
4.3
4.3
1\u20135 years
16.3
16.7
5\u201310 years
18.5
19.4
10\u201320 years
26.1
29.7
20\u201330 years
13.4
16.4
Over 30 years
5.3
7.5
Total
83.9
94.0
The maturity profile amounts are undiscounted amounts. Special salary tax is
excluded. The maturity profile of future gross benefit payments does not rep-
resent the expected contribution payments, as it excludes the impact of plan
assets. The expected contributions to the plan for 2026 are EUR 3.6 million.
The principal actuarial assumptions
2025
2024
Discount rate, %
Sweden
3.60
3.40
Finland
3.60
3.20
Future salary increase expectation, %
Sweden
closed plan
closed plan
Finland
3.00
3.00
Inflation rate, %
Sweden
1.70
1.80
Finland
2.00
2.00
Life expectancy for a 65-year-old, years
Sweden, male/female
22.8/24.4
21.9/23.9
Finland, male/female
22.9/27.2
21.4/25.4
The pension plan in Sweden forms 92% of the Groups total net obligations. The plan is sensitive to changes in discount rate and inflation. An increase of 0.5% in discount rate would reduce the obligation in Sweden by EUR 2.9 mil- lion. Similar rise in inflation rate would have the opposite effect and increase the obligation by EUR 3.1 million. If the discount rate was decreased by 0.5% the obligation would increase by EUR 3.1 million whilst similar decrease in the inflation rate would reduce the obligation by EUR 2.9 million. Retirement pension and family pension obligations for salaried employees in Sweden are secured through pension insurance with Alecta. According to a statement issued by the Swedish Corporate Reporting Board (UFR 10), this constitutes a multi-employer plan. For the fiscal years 2025 and 2024, the company did not have access to such information that would enable the company to record this plan as a defined benefit plan. Consequently, the ITP pension plan secured through insurance with Alecta is recorded as a defined contribution plan. The contribution to the plan is determined based on the age, salary and previously earned pension benefits of the plan participants. The company has an insignificant part in the plan. The collective consolidation ratio reflects the market value of Alecta\u2019s as- sets as a percentage of insurance obligations, calculated in accordance with Alecta\u2019s actuarial assumptions, which do not correspond with IAS 19. The col- lective solvency is normally allowed to vary between 125% and 175%. If the level of collective solvency is less than 125% or exceeds 175%, measures are to be taken in order to create conditions for restoring the level of collective sol- vency to the normal interval. Alecta\u2019s surplus can be distributed to the policy- holders and/or the insured if the collective consolidation ratio exceeds 175%. However, Alecta aims to avoid surplus by using reduced contributions. On 31 December 2025, Alecta\u2019s surplus corresponded to a collective consolidation ratio of 167% (162). The distribution of plan assets in Sweden is as follows:
%
2025
2024
Debt instruments
67
63
Equity instruments
33
37
Cash and cash equivalents
0
1
Total
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
8. Other income
EUR million
2025
2024
Gains on sales of assets
0.2
0.3
Supplier invoice financing cost compensation
2.7
3.2
Other income
0.6
0.7
Total
3.5
4.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "8. Other income
EUR million
2025
2024
Gains on sales of assets
0.2
0.3
Supplier invoice financing cost compensation
2.7
3.2
Other income
0.6
0.7
Total
3.5
4.3
9. Other expenses
EUR million
2025
2024
Loss on divestments
\u2013
23.1
Supplier invoice financing expenses
2.1
2.6
Loss on foreign exchange contracts
0.1
0.2
Other expenses
0.2
0.0
Total
2.4
25.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "
9. Other expenses
EUR million
2025
2024
Loss on divestments
\u2013
23.1
Supplier invoice financing expenses
2.1
2.6
Loss on foreign exchange contracts
0.1
0.2
Other expenses
0.2
0.0
Total
2.4
25.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "
7. Function expenses by nature
EUR million
2025
2024
Other income
-3.5
-4.3
Total other income
-3.5
-4.3
Expenses
Materials and supplies
137.2
120.1
Employee benefit expenses
284.7
309.1
Subcontractors and other external services
256.1
259.2
Other costs
94.2
127.8
Depreciation, amortization and impairment
29.7
34.7
Total expenses
801.9
850.9
Total net expenses
798.4
846.7
Main items in other costs include direct costs and production overheads as
well as IT costs, transportation, premises and other personnel-related costs.
In 2024 other costs also include EUR 23.1 million impact from divestment of
High Voltage Poland.
The total amount recognized in the income statement is divided by function
as follows:
EUR million
2025
2024
Cost of sales
712.7
736.8
Other income
-3.5
-4.3
Selling and administrative expenses
86.8
88.2
Other expenses
2.4
25.9
Total
798.4
846.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "7. Function expenses by nature
EUR million
2025
2024
Other income
-3.5
-4.3
Total other income
-3.5
-4.3
Expenses
Materials and supplies
137.2
120.1
Employee benefit expenses
284.7
309.1
Subcontractors and other external services
256.1
259.2
Other costs
94.2
127.8
Depreciation, amortization and impairment
29.7
34.7
Total expenses
801.9
850.9
Total net expenses
798.4
846.7
Main items in other costs include direct costs and production overheads as well as IT costs, transportation, premises and other personnel-related costs. In 2024 other costs also include EUR 23.1 million impact from divestment of High Voltage Poland. The total amount recognized in the income statement is divided by function as follows:
EUR million
2025
2024
Cost of sales
712.7
736.8
Other income
-3.5
-4.3
Selling and administrative expenses
86.8
88.2
Other expenses
2.4
25.9
Total
798.4
846.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "7. Function expenses by nature
EUR million
2025
2024
Other income
-3.5
-4.3
Total other income
-3.5
-4.3
Expenses
Materials and supplies
137.2
120.1
Employee benefit expenses
284.7
309.1
Subcontractors and other external services
256.1
259.2
Other costs
94.2
127.8
Depreciation, amortization and impairment
29.7
34.7
Total expenses
801.9
850.9
Total net expenses
798.4
846.7
Main items in other costs include direct costs and production overheads as well as IT costs, transportation, premises and other personnel-related costs. In 2024 other costs also include EUR 23.1 million impact from divestment of High Voltage Poland. The total amount recognized in the income statement is divided by function as follows:
EUR million
2025
2024
Cost of sales
712.7
736.8
Other income
-3.5
-4.3
Selling and administrative expenses
86.8
88.2
Other expenses
2.4
25.9
Total
798.4
846.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "7. Function expenses by nature
EUR million
2025
2024
Other income
-3.5
-4.3
Total other income
-3.5
-4.3
Expenses
Materials and supplies
137.2
120.1
Employee benefit expenses
284.7
309.1
Subcontractors and other external services
256.1
259.2
Other costs
94.2
127.8
Depreciation, amortization and impairment
29.7
34.7
Total expenses
801.9
850.9
Total net expenses
798.4
846.7
Main items in other costs include direct costs and production overheads as well as IT costs, transportation, premises and other personnel-related costs. In 2024 other costs also include EUR 23.1 million impact from divestment of High Voltage Poland. The total amount recognized in the income statement is divided by function as follows:
EUR million
2025
2024
Cost of sales
712.7
736.8
Other income
-3.5
-4.3
Selling and administrative expenses
86.8
88.2
Other expenses
2.4
25.9
Total
798.4
846.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "
10. Depreciation, amortization and impairment
EUR million
2025
2024
Depreciation of right-of-use assets
24.5
25.5
Impairment losses on right-of-use assets
\u2013
3.1
Other depreciation and amortization
5.2
6.2
Total
29.7
34.7
The total amount recognized in the income statement is divided by function
as follows:
EUR million
2025
2024
Cost of sales
19.6
20.2
Selling and administrative expenses
10.1
14.5
Total
29.7
34.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "
11. Financial income and expenses
EUR million
2025
2024
Interest income arising from financial assets at amortized cost
0.4
0.5
Other financial income
0.2
0.4
Total financial income
0.7
1.0
Interest expenses from liabilities at amortized cost
1)
-12.3
-12.7
Fee expenses
-2.2
-1.1
Fair value change of foreign exchange derivatives
1.4
-0.6
Other foreign exchange differences
-1.7
0.8
Total financial expenses
-14.8
-13.7
Net financial expenses
-14.1
-12.7
1)
Includes EUR 2.5 million (2.8) of interest expenses for leasing liabilities .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "11. Financial income and expenses
EUR million
2025
2024
Interest income arising from financial assets at amortized cost
0.4
0.5
Other financial income
0.2
0.4
Total financial income
0.7
1.0
Interest expenses from liabilities at amortized cost
1)
-12.3
-12.7
Fee expenses
-2.2
-1.1
Fair value change of foreign exchange derivatives
1.4
-0.6
Other foreign exchange differences
-1.7
0.8
Total financial expenses
-14.8
-13.7
Net financial expenses
-14.1
-12.7
1) Includes EUR 2.5 million (2.8) of interest expenses for leasing liabilities .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "11. Financial income and expenses
EUR million
2025
2024
Interest income arising from financial assets at amortized cost
0.4
0.5
Other financial income
0.2
0.4
Total financial income
0.7
1.0
Interest expenses from liabilities at amortized cost
1)
-12.3
-12.7
Fee expenses
-2.2
-1.1
Fair value change of foreign exchange derivatives
1.4
-0.6
Other foreign exchange differences
-1.7
0.8
Total financial expenses
-14.8
-13.7
Net financial expenses
-14.1
-12.7
1) Includes EUR 2.5 million (2.8) of interest expenses for leasing liabilities .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "11. Financial income and expenses
EUR million
2025
2024
Interest income arising from financial assets at amortized cost
0.4
0.5
Other financial income
0.2
0.4
Total financial income
0.7
1.0
Interest expenses from liabilities at amortized cost
1)
-12.3
-12.7
Fee expenses
-2.2
-1.1
Fair value change of foreign exchange derivatives
1.4
-0.6
Other foreign exchange differences
-1.7
0.8
Total financial expenses
-14.8
-13.7
Net financial expenses
-14.1
-12.7
1) Includes EUR 2.5 million (2.8) of interest expenses for leasing liabilities ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "11. Financial income and expenses
EUR million
2025
2024
Interest income arising from financial assets at amortized cost
0.4
0.5
Other financial income
0.2
0.4
Total financial income
0.7
1.0
Interest expenses from liabilities at amortized cost
1)
-12.3
-12.7
Fee expenses
-2.2
-1.1
Fair value change of foreign exchange derivatives
1.4
-0.6
Other foreign exchange differences
-1.7
0.8
Total financial expenses
-14.8
-13.7
Net financial expenses
-14.1
-12.7
1) Includes EUR 2.5 million (2.8) of interest expenses for leasing liabilities ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "11. Financial income and expenses
EUR million
2025
2024
Interest income arising from financial assets at amortized cost
0.4
0.5
Other financial income
0.2
0.4
Total financial income
0.7
1.0
Interest expenses from liabilities at amortized cost
1)
-12.3
-12.7
Fee expenses
-2.2
-1.1
Fair value change of foreign exchange derivatives
1.4
-0.6
Other foreign exchange differences
-1.7
0.8
Total financial expenses
-14.8
-13.7
Net financial expenses
-14.1
-12.7
1) Includes EUR 2.5 million (2.8) of interest expenses for leasing liabilities .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "
12. Income tax
Income tax expense in the consolidated income statement
EUR million
2025
2024
Current tax
1.1
1.8
Deferred tax
1.0
-3.5
Total tax cost (+)/ income (-)
2.1
-1.6
Tax rate, %
39.7%
5.3%
Eltel is within the scope of the OECD Pillar Two model rules. Pillar Two leg-
islation has been effective from 1 January 2024. The Group has applied the
temporary mandatory relief from deferred tax accounting for the impacts of
the top-up tax and accounts for it as a current tax when it is incurred. Deferred
taxes are presented in note 24.
The difference between income taxes at the statutory tax rate in Sweden 20.6% and
income taxes recognized in the consolidated income statement is reconciled as follows:
EUR million
2025
2024
Profit before tax
5.3
-30.7
Total tax cost (+)/income (-)
Tax calculated at Swedish tax rate
1.1
-6.3
Effect of different tax rates outside Sweden
0.2
0.4
Income not subject to tax
-0.0
-0.1
Expenses not deductible for tax purposes
0.3
0.5
Effect of divestments
\u2013
4.5
Impact of deferred tax asset valuation
2.4
-0.6
Remeasurement of deferred tax for change in tax rate
-0.0
\u2013
Taxes and adjustments in respect of prior years
-1.9
-0.1
Other items
0.0
0.2
Income taxes in the consolidated income statement
2.1
-1.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "13. Earnings per share The basic earnings per share figure is calculated by dividing the net income at- tributable to the shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by the effect of potential diluting shares due to share-based incentive plans in the Group. See note 30 for more information about the share-based incentive plans.
2025
2024
Net result attributable to equity holders of the parent
2.2
-29.7
Interest on hybrid bond
-1.7
-3.4
Net result attributable to ordinary shares
0.5
-33.1
Weighted average number of ordinary shares, basic
156,736,781
156,736,781
Weighted average number of ordinary shares, diluted
156,970,069
156,736,781
Earnings per share, basic
0.00
-0.21
Earnings per share, diluted
0.00
-0.21
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "14. Financial risk management The Group has exposure to the following financial risks: \u2022 Market risks, including currency, interest rate and commodity price risks \u2022 Liquidity risk \u2022 Credit risk The Group\u2019s financing and financial risk management is carried out by a cen- tral Group Treasury under the Finance Policy approved by the Board of Direc- tors. The Finance Policy and the related financial risk management policies and procedures are reviewed regularly to reflect changes in market conditions and Group\u2019s activities. The main objective of the financial risk management is to minimize the unfavorable effects of the financial risks on the Group\u2019s in- come and cash flow. 14.1 Market risk Market risk is the risk that changes in market prices \u2013 such as foreign exchange rates, interest rates and commodity prices \u2013 will affect the Group\u2019s result, cash flows or the value of its holdings of financial instruments. 14.1.1 Currency risk Currency risk in the Group consists of transaction risk and translation risk. The purpose of currency risk management is to minimize the impact of foreign ex- change fluctuations to the cash flows, income statement and balance sheet of the Group. Currency transaction risk The Group is exposed to currency transaction risks to the extent that there is a mismatch between the currencies in which sales, purchases, borrowings and cash are denominated versus the respective functional currencies of the Group companies. Majority of the Group\u2019s business is local in each country\u2019s local currency. The transaction risk is therefore insignificant. The main principle is to mitigate the risk first by operative means in the businesses, e.g. by matching, as far as possible, the project costs to the contract currency. The open foreign exchange exposure is hedged by using foreign currency forward contracts and swaps in accordance with the Group foreign currency risk management policy. More information on the Group\u2019s foreign exchange derivatives is included in note 18 Derivative financial instruments. The summary quantitative data about the Group\u2019s transaction risk exposure as reported to the Group\u2019s management is as follows:
2025 Sales and Borrowings Net transaction
EUR million purchases
and cash
Hedges
risk exposure
EUR
-0.0
0.7
-0.4
0.3
SEK
-2.1
-5.2
7.2
-0.2
NOK
-0.2
0.4
-0.3
-0.1
DKK
0.0
-4.5
4.7
0.2
PLN
\u2013
-0.3
0.3
0.0
USD
-0.0
0.0
\u2013
0.0
MZN
\u2013
0.0
\u2013
0.0
2024 Sales and Borrowings Net transaction
EUR million purchases
and cash
Hedges
risk exposure
EUR
1.1
0.8
-0.7
1.2
SEK
-2.5
-23.2
25.9
0.2
NOK
-0.1
-3.7
3.9
0.0
DKK
0.1
-9.6
9.4
0.0
PLN
0.0
-0.3
0.3
0.0
USD
-0.1
-0.2
0.3
0.0
MZN
\u2013
0.2
\u2013
0.2
Sales and purchases include both forecasted contractual sales and purchases as well as trade receivables and payables. Currency transaction risk impact A reasonably possible strengthening (weakening) of 10% in the most significant currencies against functional currencies in respective countries at the balance sheet date would affect the profit or loss by the amounts shown in the following table. The analysis illustrates currency transaction risk including hedges and assumes that all other variables, in particular interest rates, remain constant.
2025 profit or loss
2024 profit or loss
EUR
million
Streng thening
Weakening
Streng thening
Weakening
EUR
0.0
-0.0
0.0
-0.0
SEK
0.2
-0.2
0.3
0.2
NOK
0.0
-0.0
0.0
-0.0
DKK
0.0
-0.0
-0.0
0.0
The Group has not applied hedge accounting to currency derivatives in 2025 or in 2024 and all fair value changes are reported through profit and loss. Currency translation risk The Group\u2019s translation risk arises from translating foreign currency denomi- nated subsidiaries\u2019 income statements and balance sheets into the Group\u2019s presentation currency upon Group consolidation. A significant portion of the Group\u2019s net sales is generated by subsidiaries that operate in countries where a currency other than the Euro is used, particu- larly Sweden, Norway and Denmark. For the year ended 31 December 2025, 29% (26) of the Group\u2019s net sales were generated in SEK, 12% (14) in NOK and 10% (11) in DKK. The changes in NOK against EUR impacted the Group\u2019s net sales by EUR -0.7 million (-1.7) and changes in SEK against EUR by EUR 8.1 million (1.0). The costs of the operations of the Group are typically incurred in the same currency as net sales. Therefore the translation risk in the Group\u2019s profit or loss is limited. A weakening in the average EUR/SEK, EUR/NOK, EUR/DKK, EUR/ PLN rates by 10% would have had an impact of EUR -1.3 million (+0.4) on the Group\u2019s operating result (EBIT) and EUR -1.3 million (+0.4) in the Group\u2019s post tax profit in 2025 . Net investment translation risk The majority of the Group\u2019s net investment translation risk arises from the net investments in the Swedish, Norwegian and Polish subsidiaries. This net in- vestment was hedged by SEK and PLN denominated loans until January 2022, when the loans in SEK and PLN were repaid. The foreign exchange differences for these loans have been recognized in other comprehensive income under translation reserve. If the amount of the net investment decreases through di- vestment or otherwise, the related accumulated gains or losses recognized in translation reserve are transferred to profit or loss. The valuations of the net investment hedges in hedging reserve are present- ed in the below table:
2025 Discontinued net
EUR million
investment hedges
Total
1 Jan
13.5
13.5
Transferred from hedging reserve
to profit and loss during the period
0.1
0.1
31 Dec
13.6
13.6
2024 Discontinued net
EUR million
investment hedges
Total
1 Jan
13.6
13.6
Transferred from hedging reserve
to profit and loss during the period
-0.1
-0.1
31 Dec
13.5
13.5
14.1.2 Interest rate risk Interest rate risk is the uncertainty in the financial result or the value of the Group caused by fluctuations in interest rates. Interest rate risk can be divided into two components: \u2022 cash flow interest rate risk is the risk that the Group\u2019s net interest expenses change due to interest rate changes. \u2022 fair value interest rate risk is the risk that the fair values of financial instru- ments change due to interest rate changes. According to Group's Finance Policy Eltel has hedged EUR 100 million of the senior bond by the interest rate swaps. The interest rate profile of the Group is as follows:
EUR million
2025
2024
Total leasing liabilities
55.6
58.7
Fixed-rate instruments
Interest rate swaps
100.0
\u2013
Total fixed-rate net liabilities
100.0
\u2013
Variable-rate instruments
Financial assets
-43.8
-21.3
Financial liabilities
130.0
76.0
Interest rate swaps
-100.0
\u2013
Total variable-rate net liabilities
-13.8
54.7
A majority of the leasing liabilities have a fixed interest rate for the lease period. More information on the Group\u2019s interest rate derivatives is included in note 18 Derivative financial instruments. Interest rate sensitivity A reasonably possible change in the relevant market interest rates at the re- porting date would have affected the equity by the amounts shown below. The analysis assumes that all other variables, in particular foreign exchange rates, remain constant. The hedge accounting is applied for the interest rate deriv- atives, and the Group does not have any other financial instruments with fair value recognized through profit and loss. Therefore the change of the market interest rate at the balance sheet date would not have impacted the income statement. In 2024 the Group didn\u2019t have any interest rate derivatives in place.
Equity
2025
EUR million
50 bp increase
25 bp decrease
Interest rate derivatives
1.5
-1.6
Total
1.5
-1.6
Bp refers to basis points. 14.1.3 Commodity price risk Commodity price risk is the uncertainty in the financial result or the value of the Group caused by fluctuations in commodity prices. Inflation impacts Eltel across its cost base, including fuel and material prices. According to the Group\u2019s policy the commodity derivates may be used to hedge the commodity purchases for the long-term customer contracts, if the price of the commodity purchases for the contract cannot be fixed, and a rele- vant commodity derivative is available in the market. In 2025 or 2024 Eltel had no commodity derivatives. 14.2 Liquidity risk Liquidity risk is the risk that the Group will encounter financial difficulty in meeting its financial obligations. The Group\u2019s objective of liquidity risk man- agement is to ensure that it will maintain a sufficient liquidity reserve to meet its liabilities when they are due under both normal and stressed conditions. Securing adequate amount of funding is centralized to the Group Treasury. The Group maintains sufficient liquidity by efficient cash management through group level cash pools and related overdraft limits. At year-end 2025, the Group had committed syndicate super senior revolving credit facility of EUR 45 million and overdraft facility of EUR 15 million. In 2024, the Group had com- mitted senior syndicate revolving credit facility of EUR 90 million and overdraft facilities of EUR 15 million. The Group had also access to short-term debt capital markets via Finnish Domestic Commercial Paper program of EUR 150 million in both years. At year-end, the cash and cash equivalents consisted solely of cash in hand and deposits. The Group\u2019s available liquidity reserve at the balance sheet date was as follows:
EUR million
31 Dec 2025
31 Dec 2024
Revolving credit facility
45.0
44.0
Account overdrafts
15.0
15.0
Cash and cash equivalents
43.8
21.3
Total
103.8
80.3
The Group monitors closely the expected cash inflows and outflows. The li- quidity projections are prepared at a daily level for the following 3 months and at a monthly level for the full calendar year. The most significant uncertainties in the projections are related to the cash inflows from the project business. The maturities of the Group\u2019s undiscounted financial liabilities at the bal- ance sheet date are presented in the following table in line with their contrac- tual terms.
Carrying amounts
Contractual cash flows
31 Dec 2025
EUR million
Less than 1 year
Over 1 year
Less than 1 year
1\u20133 years
3\u20135 years
Over 5 years
Financial liabilities
Interest-bearing debt
2.5
127.5
12.6
20.3
134.6
\u2013
Leasing liabilities
22.0
33.6
23.8
28.6
6.2
0.4
Trade and other payables
60.6
\u2013
60.6
\u2013
\u2013
\u2013
Accrued expenses
75.9
\u2013
75.9
\u2013
\u2013
\u2013
Derivative financial instruments
0.0
\u2013
0.0
0.0
0.0
\u2013
Total financial liabilities
160.0
161.0
172.9
48.9
140.8
0.4
Carrying amounts
Contractual cash flows
31 Dec 2024
EUR million
Less than 1 year
Over 1 year
Less than 1 year
1\u20133 years
3\u20135 years
Over 5 years
Financial liabilities
Interest-bearing debt
60.0
16.0
63.0
16.1
\u2013
\u2013
Leasing liabilities
22.7
36.0
25.2
30.2
6.3
0.8
Trade and other payables
61.5
\u2013
61.5
\u2013
\u2013
\u2013
Accrued expenses
70.3
\u2013
70.3
\u2013
\u2013
\u2013
Derivative financial instruments
0.0
\u2013
0.0
\u2013
\u2013
\u2013
Total financial liabilities
214.5
52.0
220.0
46.3
6.3
0.8
14.3 Credit risk Credit risk is the risk of loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations. The Group\u2019s credit risk arises primarily from the Group\u2019s receivables from customers. The Group has identified a concentration risk relating to certain key customers who account for a significant amount of the Group\u2019s net sales. The key customers are solid infrastructure network owners, typically well- known publicly listed companies or companies owned by governments or mu- nicipalities in Europe. Therefore, the Group assess that the concentration risk and credit risk related to these key customers is limited. The Group\u2019s trade receivables and contract assets are divided into two groups for measurement of credit risk. One group consists of large customers that account for a significant part of the Group\u2019s net sales. The loss allowance for expected credit losses for the largest customers is made individually with a rating-based model applied. For the other group of several smaller customers, the Group applies a collective impairment model based on age analysis of the receivables and historically realized losses. Forward-looking factors and man- agement judgement is applied in both models. Below table summarizes the expected credit loss reservation for total trade receivables and contract assets. Credit risk exposure and loss reservation
Trade Con- Expected Recognized
2025
EUR million
 receivables tract credit loss amounts
Credit risk rating (gross)
assets
Total
reservation (net)
Large customers
AAA
4.7
0.9
5.6
\u2013
5.6
AA
0.1
1.2
1.3
\u2013
1.3
A
12.9
10.6
23.5
0.0
23.5
BBB
21.8
6.3
28.1
0.0
28.1
BB
1.2
0.0
1.2
\u2013
1.2
Total large
customers
40.6
19.1
59.7
0.0
59.7
Other customers
47.3
62.0
109.3
0.8
108.5
Total
87.9
81.1
169.0
0.8
168.2
Trade Con- Expected Recognized
2024
EUR million
 receivables tract credit loss amounts
Credit risk rating (gross)
assets
Total
reservation (net)
Large customers
AAA
5.7
0.7
6.4
\u2013
6.4
AA
9.2
8.0
17.2
\u2013
17.2
A
3.5
5.8
9.2
\u2013
9.2
BBB
18.8
5.1
23.9
\u2013
23.9
BB
1.1
\u2013
1.1
\u2013
1.1
Total large
customers
38.3
19.6
57.9
\u2013
57.9
Other customers
52.2
39.4
91.5
0.9
90.6
Total
90.5
58.9
149.4
0.9
148.5
Maturity analysis of receivables:
EUR million
31 Dec 2025
31 Dec 2024
Not past due
77.3
77.8
1\u201314 days overdue
7.0
9.0
15\u201390 days overdue
1.4
2.0
91\u2013180 days overdue
0.4
0.3
More than 180 days overdue
1.8
1.3
Total trade receivables
87.9
90.5
Contract assets
81.1
58.9
Expected credit loss reservation
-0.8
-0.9
Total
168.2
148.5
There were no past due receivables in any other class of financial assets.
The carrying amount of the Group\u2019s receivables represents the maximum
amount of credit risk at the balance sheet date. The amount of receivables
represent managements best estimate of amounts that will be recovered from
the customers.
The reserve for expected credit losses is EUR 0.8 million (0.9) representing
a decrease of EUR 0.1 million from the comparative period. Realized credit
losses in the Group were EUR 0.3 million (0.1) during the year.
Finance Policy provides a structure for credit-, investment-, and counter-
party risk management. Credit limits are determined for investments and
counterparties on the basis of creditworthiness and solidity. Limits are moni-
tored and updated according to Group's policy. The group investment activities
are not exposed to significant credit risk.
Credit risk also originates from investments in cash and cash equivalents.
EUR 43.7 million (21.1) of the cash balance on 31 December 2025 was depos-
ited in the banks having the credit rating of at least A (S&P) or equivalent. EUR
0.0 million (0.2) of the cash was deposited in the banks having the credit rating
of BB or B. The expected credit risk for cash and cash equivalents is meas-
ured by a rating-based model in combination with other known information
and forward-looking factors. The expected credit losses for other receivables
and assets have been assessed to be immaterial and no reservation has been
recognized in the financial statements.
14.4 Capital management The Group\u2019s objective when managing capital is to safeguard its ability to con- tinue as going concern in order to provide returns for shareholders. The Group defines total capital as equity plus net debt in the balance sheet. The net debt at year-end has been as follows:
EUR million
31 Dec 2025
31 Dec 2024
Interest-bearing debt
130.1
76.5
Leasing liabilities in balance sheet
55.6
58.7
Cash and cash equivalents
-43.8
-21.3
Net debt
141.9
114.0
The senior bond contains incurrence covenant which govern the ability of the Group to incur additional debt, and the distribution covenant governing the ability of the Group to distribute dividends. Super senior revolving credit facility includes financial covenant related to the super senior leverage ratio (super senior gross debt/Adjusted EBITDA). If the super senior debt or adjusted EBITDA outcome differs significantly from planned, there is a risk that the covenants under the existing financing agreement are not met. Challenges with respect to meeting the financial cove- nants might lead to a risk that suppliers and other stakeholders could request accelerated payment terms or additional guarantees. Credit facilities In June 2025, Eltel issued a EUR 130 million senior secured four-year floating rate bond. The net proceeds from the bond were used for the repayment of the remaining term loans, revolving credit facility, and the hybrid bond as well as for general corporate purposes. In June 2025 EUR 25.3 million was used for the redemption of the hybrid bond and on 15 July 2025, the old term loans and the revolving credit facili- ty loans were repaid. Additionally, a new super senior revolving credit facility of EUR 60 million became effective. EUR 15 million account overdrafts have been carved out of the super senior revolving credit facility. The Group has also access to a commercial paper program of EUR 150 million, subject to restric- tions of the terms of the bond. During Q4 2025 the remaining hybrid bond was redeemed. The total amount used for the redemption was EUR 26.6 million during January-December 2025.
EUR million
31 Dec 2025
Maturity
Senior bond
130.0
Jun 2029
Super senior revolving credit facility
45.0
Dec 2028
Super senior account overdrafts
15.0
Dec 2028
Total committed credit facilities
190.0
At the reporting date EUR 2.5 million (10.0) of the commercial paper program and EUR 0.0 million (46.0) of the revolving credit facility were utilized.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "
14.1 Market risk
Market risk is the risk that changes in market prices \u2013 such as foreign exchange
rates, interest rates and commodity prices \u2013 will affect the Group\u2019s result, cash
flows or the value of its holdings of financial instruments.
14.1.1 Currency risk
Currency risk in the Group consists of transaction risk and translation risk. The
purpose of currency risk management is to minimize the impact of foreign ex-
change fluctuations to the cash flows, income statement and balance sheet
of the Group.
Currency transaction risk
The Group is exposed to currency transaction risks to the extent that there is
a mismatch between the currencies in which sales, purchases, borrowings
and cash are denominated versus the respective functional currencies of the
Group companies.
Majority of the Group\u2019s business is local in each country\u2019s local currency.
The transaction risk is therefore insignificant. The main principle is to mitigate
the risk first by operative means in the businesses, e.g. by matching, as far as
possible, the project costs to the contract currency.
The open foreign exchange exposure is hedged by using foreign currency
forward contracts and swaps in accordance with the Group foreign currency
risk management policy.
More information on the Group\u2019s foreign exchange derivatives is included in
note 18 Derivative financial instruments.
The summary quantitative data about the Group\u2019s transaction risk exposure as
reported to the Group\u2019s management is as follows:
2025 Sales and Borrowings Net transaction
EUR million purchases
and cash
Hedges
risk exposure
EUR
-0.0
0.7
-0.4
0.3
SEK
-2.1
-5.2
7.2
-0.2
NOK
-0.2
0.4
-0.3
-0.1
DKK
0.0
-4.5
4.7
0.2
PLN
\u2013
-0.3
0.3
0.0
USD
-0.0
0.0
\u2013
0.0
MZN
\u2013
0.0
\u2013
0.0
2024 Sales and Borrowings Net transaction
EUR million purchases
and cash
Hedges
risk exposure
EUR
1.1
0.8
-0.7
1.2
SEK
-2.5
-23.2
25.9
0.2
NOK
-0.1
-3.7
3.9
0.0
DKK
0.1
-9.6
9.4
0.0
PLN
0.0
-0.3
0.3
0.0
USD
-0.1
-0.2
0.3
0.0
MZN
\u2013
0.2
\u2013
0.2
Sales and purchases include both forecasted contractual sales and purchases
as well as trade receivables and payables.
Currency transaction risk impact A reasonably possible strengthening (weakening) of 10% in the most significant currencies against functional currencies in respective countries at the balance sheet date would affect the profit or loss by the amounts shown in the following table. The analysis illustrates currency transaction risk including hedges and assumes that all other variables, in particular interest rates, remain constant.
2025 profit or loss
2024 profit or loss
EUR
million
Streng thening
Weakening
Streng thening
Weakening
EUR
0.0
-0.0
0.0
-0.0
SEK
0.2
-0.2
0.3
0.2
NOK
0.0
-0.0
0.0
-0.0
DKK
0.0
-0.0
-0.0
0.0
The Group has not applied hedge accounting to currency derivatives in 2025 or in 2024 and all fair value changes are reported through profit and loss. Currency translation risk The Group\u2019s translation risk arises from translating foreign currency denomi- nated subsidiaries\u2019 income statements and balance sheets into the Group\u2019s presentation currency upon Group consolidation. A significant portion of the Group\u2019s net sales is generated by subsidiaries that operate in countries where a currency other than the Euro is used, particu- larly Sweden, Norway and Denmark. For the year ended 31 December 2025, 29% (26) of the Group\u2019s net sales were generated in SEK, 12% (14) in NOK and 10% (11) in DKK. The changes in NOK against EUR impacted the Group\u2019s net sales by EUR -0.7 million (-1.7) and changes in SEK against EUR by EUR 8.1 million (1.0). The costs of the operations of the Group are typically incurred in the same currency as net sales. Therefore the translation risk in the Group\u2019s profit or loss is limited. A weakening in the average EUR/SEK, EUR/NOK, EUR/DKK, EUR/ PLN rates by 10% would have had an impact of EUR -1.3 million (+0.4) on the Group\u2019s operating result (EBIT) and EUR -1.3 million (+0.4) in the Group\u2019s post tax profit in 2025 Net investment translation risk The majority of the Group\u2019s net investment translation risk arises from the net investments in the Swedish, Norwegian and Polish subsidiaries. This net in- vestment was hedged by SEK and PLN denominated loans until January 2022, when the loans in SEK and PLN were repaid. The foreign exchange differences for these loans have been recognized in other comprehensive income under translation reserve. If the amount of the net investment decreases through di- vestment or otherwise, the related accumulated gains or losses recognized in translation reserve are transferred to profit or loss. The valuations of the net investment hedges in hedging reserve are present- ed in the below table:
2025 Discontinued net
EUR million
investment hedges
Total
1 Jan
13.5
13.5
Transferred from hedging reserve
to profit and loss during the period
0.1
0.1
31 Dec
13.6
13.6
2024 Discontinued net
EUR million
investment hedges
Total
1 Jan
13.6
13.6
Transferred from hedging reserve
to profit and loss during the period
-0.1
-0.1
31 Dec
13.5
13.5
14.1.2 Interest rate risk Interest rate risk is the uncertainty in the financial result or the value of the Group caused by fluctuations in interest rates. Interest rate risk can be divided into two components: \u2022 cash flow interest rate risk is the risk that the Group\u2019s net interest expenses change due to interest rate changes. \u2022 fair value interest rate risk is the risk that the fair values of financial instru- ments change due to interest rate changes. According to Group's Finance Policy Eltel has hedged EUR 100 million of the senior bond by the interest rate swaps.
The interest rate profile of the Group is as follows:
EUR million
2025
2024
Total leasing liabilities
55.6
58.7
Fixed-rate instruments
Interest rate swaps
100.0
\u2013
Total fixed-rate net liabilities
100.0
\u2013
Variable-rate instruments
Financial assets
-43.8
-21.3
Financial liabilities
130.0
76.0
Interest rate swaps
-100.0
\u2013
Total variable-rate net liabilities
-13.8
54.7
A majority of the leasing liabilities have a fixed interest rate for the lease period.
More information on the Group\u2019s interest rate derivatives is included in note 18
Derivative financial instruments.
Interest rate sensitivity
A reasonably possible change in the relevant market interest rates at the re-
porting date would have affected the equity by the amounts shown below. The
analysis assumes that all other variables, in particular foreign exchange rates,
remain constant. The hedge accounting is applied for the interest rate deriv-
atives, and the Group does not have any other financial instruments with fair
value recognized through profit and loss. Therefore the change of the market
interest rate at the balance sheet date would not have impacted the income
statement. In 2024 the Group didn\u2019t have any interest rate derivatives in place.
Equity
2025
EUR million
50 bp increase
25 bp decrease
Interest rate derivatives
1.5
-1.6
Total
1.5
-1.6
Bp refers to basis points.
14.1.3 Commodity price risk
Commodity price risk is the uncertainty in the financial result or the value of
the Group caused by fluctuations in commodity prices. Inflation impacts Eltel
across its cost base, including fuel and material prices.
According to the Group\u2019s policy the commodity derivates may be used to
hedge the commodity purchases for the long-term customer contracts, if the
price of the commodity purchases for the contract cannot be fixed, and a rele-
vant commodity derivative is available in the market. In 2025 or 2024 Eltel had
no commodity derivatives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "14.1.1 Currency risk Currency risk in the Group consists of transaction risk and translation risk. The purpose of currency risk management is to minimize the impact of foreign ex- change fluctuations to the cash flows, income statement and balance sheet of the Group. Currency transaction risk The Group is exposed to currency transaction risks to the extent that there is a mismatch between the currencies in which sales, purchases, borrowings and cash are denominated versus the respective functional currencies of the Group companies. Majority of the Group\u2019s business is local in each country\u2019s local currency. The transaction risk is therefore insignificant. The main principle is to mitigate the risk first by operative means in the businesses, e.g. by matching, as far as possible, the project costs to the contract currency. The open foreign exchange exposure is hedged by using foreign currency forward contracts and swaps in accordance with the Group foreign currency risk management policy. More information on the Group\u2019s foreign exchange derivatives is included in note 18 Derivative financial instruments. The summary quantitative data about the Group\u2019s transaction risk exposure as reported to the Group\u2019s management is as follows:
2025 Sales and Borrowings Net transaction
EUR million purchases
and cash
Hedges
risk exposure
EUR
-0.0
0.7
-0.4
0.3
SEK
-2.1
-5.2
7.2
-0.2
NOK
-0.2
0.4
-0.3
-0.1
DKK
0.0
-4.5
4.7
0.2
PLN
\u2013
-0.3
0.3
0.0
USD
-0.0
0.0
\u2013
0.0
MZN
\u2013
0.0
\u2013
0.0
2024 Sales and Borrowings Net transaction
EUR million purchases
and cash
Hedges
risk exposure
EUR
1.1
0.8
-0.7
1.2
SEK
-2.5
-23.2
25.9
0.2
NOK
-0.1
-3.7
3.9
0.0
DKK
0.1
-9.6
9.4
0.0
PLN
0.0
-0.3
0.3
0.0
USD
-0.1
-0.2
0.3
0.0
MZN
\u2013
0.2
\u2013
0.2
Sales and purchases include both forecasted contractual sales and purchases as well as trade receivables and payables.
Currency transaction risk impact
A reasonably possible strengthening (weakening) of 10% in the most significant
currencies against functional currencies in respective countries at the balance
sheet date would affect the profit or loss by the amounts shown in the following
table. The analysis illustrates currency transaction risk including hedges and
assumes that all other variables, in particular interest rates, remain constant.
2025 profit or loss
2024 profit or loss
EUR
million
Streng thening
Weakening
Streng thening
Weakening
EUR
0.0
-0.0
0.0
-0.0
SEK
0.2
-0.2
0.3
0.2
NOK
0.0
-0.0
0.0
-0.0
DKK
0.0
-0.0
-0.0
0.0
The Group has not applied hedge accounting to currency derivatives in 2025 or
in 2024 and all fair value changes are reported through profit and loss.
Currency translation risk
The Group\u2019s translation risk arises from translating foreign currency denomi-
nated subsidiaries\u2019 income statements and balance sheets into the Group\u2019s
presentation currency upon Group consolidation.
A significant portion of the Group\u2019s net sales is generated by subsidiaries
that operate in countries where a currency other than the Euro is used, particu-
larly Sweden, Norway and Denmark. For the year ended 31 December 2025,
29% (26) of the Group\u2019s net sales were generated in SEK, 12% (14) in NOK and
10% (11) in DKK. The changes in NOK against EUR impacted the Group\u2019s net
sales by EUR -0.7 million (-1.7) and changes in SEK against EUR by EUR 8.1
million (1.0).
The costs of the operations of the Group are typically incurred in the same
currency as net sales. Therefore the translation risk in the Group\u2019s profit or loss
is limited. A weakening in the average EUR/SEK, EUR/NOK, EUR/DKK, EUR/
PLN rates by 10% would have had an impact of EUR -1.3 million (+0.4) on the
Group\u2019s operating result (EBIT) and EUR -1.3 million (+0.4) in the Group\u2019s post
tax profit in 2025 .
Net investment translation risk
The majority of the Group\u2019s net investment translation risk arises from the net
investments in the Swedish, Norwegian and Polish subsidiaries. This net in-
vestment was hedged by SEK and PLN denominated loans until January 2022,
when the loans in SEK and PLN were repaid. The foreign exchange differences
for these loans have been recognized in other comprehensive income under
translation reserve. If the amount of the net investment decreases through di-
vestment or otherwise, the related accumulated gains or losses recognized in
translation reserve are transferred to profit or loss.
The valuations of the net investment hedges in hedging reserve are present-
ed in the below table:
2025 Discontinued net
EUR million
investment hedges
Total
1 Jan
13.5
13.5
Transferred from hedging reserve
to profit and loss during the period
0.1
0.1
31 Dec
13.6
13.6
2024 Discontinued net
EUR million
investment hedges
Total
1 Jan
13.6
13.6
Transferred from hedging reserve
to profit and loss during the period
-0.1
-0.1
31 Dec
13.5
13.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "14.2 Liquidity risk Liquidity risk is the risk that the Group will encounter financial difficulty in meeting its financial obligations. The Group\u2019s objective of liquidity risk man- agement is to ensure that it will maintain a sufficient liquidity reserve to meet its liabilities when they are due under both normal and stressed conditions. Securing adequate amount of funding is centralized to the Group Treasury. The Group maintains sufficient liquidity by efficient cash management through group level cash pools and related overdraft limits. At year-end 2025, the Group had committed syndicate super senior revolving credit facility of EUR 45 million and overdraft facility of EUR 15 million. In 2024, the Group had com- mitted senior syndicate revolving credit facility of EUR 90 million and overdraft facilities of EUR 15 million. The Group had also access to short-term debt capital markets via Finnish Domestic Commercial Paper program of EUR 150 million in both years. At year-end, the cash and cash equivalents consisted solely of cash in hand and deposits. The Group\u2019s available liquidity reserve at the balance sheet date was as follows:
EUR million
31 Dec 2025
31 Dec 2024
Revolving credit facility
45.0
44.0
Account overdrafts
15.0
15.0
Cash and cash equivalents
43.8
21.3
Total
103.8
80.3
The Group monitors closely the expected cash inflows and outflows. The li- quidity projections are prepared at a daily level for the following 3 months and at a monthly level for the full calendar year. The most significant uncertainties in the projections are related to the cash inflows from the project business. The maturities of the Group\u2019s undiscounted financial liabilities at the bal- ance sheet date are presented in the following table in line with their contrac- tual terms
Carrying amounts
Contractual cash flows
31 Dec 2025
EUR million
Less than 1 year
Over 1 year
Less than 1 year
1\u20133 years
3\u20135 years
Over 5 years
Financial liabilities
Interest-bearing debt
2.5
127.5
12.6
20.3
134.6
\u2013
Leasing liabilities
22.0
33.6
23.8
28.6
6.2
0.4
Trade and other payables
60.6
\u2013
60.6
\u2013
\u2013
\u2013
Accrued expenses
75.9
\u2013
75.9
\u2013
\u2013
\u2013
Derivative financial instruments
0.0
\u2013
0.0
0.0
0.0
\u2013
Total financial liabilities
160.0
161.0
172.9
48.9
140.8
0.4
Carrying amounts
Contractual cash flows
31 Dec 2024
EUR million
Less than 1 year
Over 1 year
Less than 1 year
1\u20133 years
3\u20135 years
Over 5 years
Financial liabilities
Interest-bearing debt
60.0
16.0
63.0
16.1
\u2013
\u2013
Leasing liabilities
22.7
36.0
25.2
30.2
6.3
0.8
Trade and other payables
61.5
\u2013
61.5
\u2013
\u2013
\u2013
Accrued expenses
70.3
\u2013
70.3
\u2013
\u2013
\u2013
Derivative financial instruments
0.0
\u2013
0.0
\u2013
\u2013
\u2013
Total financial liabilities
214.5
52.0
220.0
46.3
6.3
0.8
17. Financial instruments by category Book values of financial instruments by category When measuring the financial assets and liabilities, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation tech- niques as follows: \u2022 Level 1: Quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are ob- servable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. Trade and other payables and receivables are non-interest-bearing and short- term and thus the fair value corresponds to their book value. Fair value of debt is based on discounted cash flows. The discount rate is based on market rates and the nominal risk premium on Group\u2019s bank borrowing. The difference between fair value and book value is not significant as the Group\u2019s bank borrowing is based on short-term market rates. The fair values of currency forward contracts and the currency swaps are based on the present value of the cash flow at the maturity date. The fair val- ues of interest rate swaps are calculated as the present value of the estimated future cash flow based on observable yield curves.
Fair value Fair value through Financial assets Financial Fair value
31 Dec 2025 through profit other compre- at amortized liabilities Carrying Fair hierarchy
EUR million
Note
or loss hensive income cost at amortized cost amounts value level
Non-current financial assets
2.4
0.0
0.5
\u2013
2.9
2.9
Other receivables and financial assets
30
2.4
0.0
0.5
\u2013
2.9
2.9
2
Current financial assets
0.1
0.2
133.2
\u2013
133.5
133.5
Trade receivables
20
\u2013
\u2013
87.0
\u2013
87.0
87.0
Derivative instruments
18,20
0.1
0.2
\u2013
\u2013
0.3
0.3
2
Other receivables
20
\u2013
\u2013
2.4
\u2013
2.4
2.4
Cash and cash equivalents
\u2013
\u2013
43.8
\u2013
43.8
43.8
Total financial assets
2.5
0.2
133.7
\u2013
136.3
136.3
Non-current financial liabilities
\u2013
\u2013
\u2013
127.4
127.4
127.5
Interest-bearing debt
16
\u2013
\u2013
\u2013
127.5
127.5
127.5
2
Trade and other payables
\u2013
\u2013
\u2013
-0.0
-0.0
-0.0
Current financial liabilities
0.0
0.0
\u2013
66.3
66.3
66.4
Interest-bearing debt
16
\u2013
\u2013
\u2013
2.7
2.7
2.8
2
Trade and other payables
23
\u2013
\u2013
\u2013
63.6
63.6
63.6
Derivative instruments
18,23
0.0
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
0.0
\u2013
193.7
193.8
193.9
Carrying amount, net
2.5
0.1
133.7
-193.7
31 Dec 2024 Fair value through Financial assets at Financial liabilities Carrying Fair Fair value
EUR million
Note
profit or loss amortized cost at amortized cost amounts value hierarchy level
Non-current financial assets
2.0
0.2
\u2013
2.2
2.2
Other receivables and financial assets
30
2.0
0.2
\u2013
2.2
2.2
2
Current financial assets
0.0
113.5
\u2013
113.6
113.6
Trade receivables
20
\u2013
89.6
\u2013
89.6
89.6
Derivative instruments
18,20
0.0
\u2013
\u2013
0.0
0.0
2
Other receivables
20
\u2013
2.7
\u2013
2.7
2.7
Cash and cash equivalents
\u2013
21.3
\u2013
21.3
21.3
Total financial assets
2.0
113.8
\u2013
115.8
115.8
Non-current financial liabilities
\u2013
\u2013
51.9
51.9
52.0
Interest-bearing debt
16
\u2013
\u2013
51.8
51.8
52.0
2
Trade and other payables
\u2013
\u2013
0.0
0.0
0.0
Current financial liabilities
0.0
\u2013
147.8
147.8
147.9
Interest-bearing debt
16
\u2013
\u2013
83.2
83.2
83.3
2
Trade and other payables
23
\u2013
\u2013
64.6
64.6
64.6
Derivative instruments
18,23
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
\u2013
199.7
199.7
199.9
Carrying amount, net
2.0
113.8
-199.7
On 31 December 2024 the Group had no financial instruments measured at fair value through other comprehensive income .", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "14.2 Liquidity risk Liquidity risk is the risk that the Group will encounter financial difficulty in meeting its financial obligations. The Group\u2019s objective of liquidity risk man- agement is to ensure that it will maintain a sufficient liquidity reserve to meet its liabilities when they are due under both normal and stressed conditions. Securing adequate amount of funding is centralized to the Group Treasury. The Group maintains sufficient liquidity by efficient cash management through group level cash pools and related overdraft limits. At year-end 2025, the Group had committed syndicate super senior revolving credit facility of EUR 45 million and overdraft facility of EUR 15 million. In 2024, the Group had com- mitted senior syndicate revolving credit facility of EUR 90 million and overdraft facilities of EUR 15 million. The Group had also access to short-term debt capital markets via Finnish Domestic Commercial Paper program of EUR 150 million in both years. At year-end, the cash and cash equivalents consisted solely of cash in hand and deposits. The Group\u2019s available liquidity reserve at the balance sheet date was as follows:
EUR million
31 Dec 2025
31 Dec 2024
Revolving credit facility
45.0
44.0
Account overdrafts
15.0
15.0
Cash and cash equivalents
43.8
21.3
Total
103.8
80.3
The Group monitors closely the expected cash inflows and outflows. The li- quidity projections are prepared at a daily level for the following 3 months and at a monthly level for the full calendar year. The most significant uncertainties in the projections are related to the cash inflows from the project business. The maturities of the Group\u2019s undiscounted financial liabilities at the bal- ance sheet date are presented in the following table in line with their contrac- tual terms
Carrying amounts
Contractual cash flows
31 Dec 2025
EUR million
Less than 1 year
Over 1 year
Less than 1 year
1\u20133 years
3\u20135 years
Over 5 years
Financial liabilities
Interest-bearing debt
2.5
127.5
12.6
20.3
134.6
\u2013
Leasing liabilities
22.0
33.6
23.8
28.6
6.2
0.4
Trade and other payables
60.6
\u2013
60.6
\u2013
\u2013
\u2013
Accrued expenses
75.9
\u2013
75.9
\u2013
\u2013
\u2013
Derivative financial instruments
0.0
\u2013
0.0
0.0
0.0
\u2013
Total financial liabilities
160.0
161.0
172.9
48.9
140.8
0.4
Carrying amounts
Contractual cash flows
31 Dec 2024
EUR million
Less than 1 year
Over 1 year
Less than 1 year
1\u20133 years
3\u20135 years
Over 5 years
Financial liabilities
Interest-bearing debt
60.0
16.0
63.0
16.1
\u2013
\u2013
Leasing liabilities
22.7
36.0
25.2
30.2
6.3
0.8
Trade and other payables
61.5
\u2013
61.5
\u2013
\u2013
\u2013
Accrued expenses
70.3
\u2013
70.3
\u2013
\u2013
\u2013
Derivative financial instruments
0.0
\u2013
0.0
\u2013
\u2013
\u2013
Total financial liabilities
214.5
52.0
220.0
46.3
6.3
0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "
14.3 Credit risk
Credit risk is the risk of loss to the Group if a customer or a counterparty to a
financial instrument fails to meet its contractual obligations.
The Group\u2019s credit risk arises primarily from the Group\u2019s receivables from
customers. The Group has identified a concentration risk relating to certain
key customers who account for a significant amount of the Group\u2019s net sales.
The key customers are solid infrastructure network owners, typically well-
known publicly listed companies or companies owned by governments or mu-
nicipalities in Europe. Therefore, the Group assess that the concentration risk
and credit risk related to these key customers is limited.
The Group\u2019s trade receivables and contract assets are divided into two
groups for measurement of credit risk. One group consists of large customers
that account for a significant part of the Group\u2019s net sales. The loss allowance
for expected credit losses for the largest customers is made individually with a
rating-based model applied. For the other group of several smaller customers,
the Group applies a collective impairment model based on age analysis of the
receivables and historically realized losses. Forward-looking factors and man-
agement judgement is applied in both models.
Below table summarizes the expected credit loss reservation for total trade
receivables and contract assets.
Credit risk exposure and loss reservation
Trade Con- Expected Recognized
2025
EUR million
 receivables tract credit loss amounts
Credit risk rating (gross)
assets
Total
reservation (net)
Large customers
AAA
4.7
0.9
5.6
\u2013
5.6
AA
0.1
1.2
1.3
\u2013
1.3
A
12.9
10.6
23.5
0.0
23.5
BBB
21.8
6.3
28.1
0.0
28.1
BB
1.2
0.0
1.2
\u2013
1.2
Total large
customers
40.6
19.1
59.7
0.0
59.7
Other customers
47.3
62.0
109.3
0.8
108.5
Total
87.9
81.1
169.0
0.8
168.2
Trade Con- Expected Recognized
2024
EUR million
 receivables tract credit loss amounts
Credit risk rating (gross)
assets
Total
reservation (net)
Large customers
AAA
5.7
0.7
6.4
\u2013
6.4
AA
9.2
8.0
17.2
\u2013
17.2
A
3.5
5.8
9.2
\u2013
9.2
BBB
18.8
5.1
23.9
\u2013
23.9
BB
1.1
\u2013
1.1
\u2013
1.1
Total large
customers
38.3
19.6
57.9
\u2013
57.9
Other customers
52.2
39.4
91.5
0.9
90.6
Total
90.5
58.9
149.4
0.9
148.5
Maturity analysis of receivables:
EUR million
31 Dec 2025
31 Dec 2024
Not past due
77.3
77.8
1\u201314 days overdue
7.0
9.0
15\u201390 days overdue
1.4
2.0
91\u2013180 days overdue
0.4
0.3
More than 180 days overdue
1.8
1.3
Total trade receivables
87.9
90.5
Contract assets
81.1
58.9
Expected credit loss reservation
-0.8
-0.9
Total
168.2
148.5
There were no past due receivables in any other class of financial assets. The carrying amount of the Group\u2019s receivables represents the maximum amount of credit risk at the balance sheet date. The amount of receivables represent managements best estimate of amounts that will be recovered from the customers. The reserve for expected credit losses is EUR 0.8 million (0.9) representing a decrease of EUR 0.1 million from the comparative period. Realized credit losses in the Group were EUR 0.3 million (0.1) during the year. Finance Policy provides a structure for credit-, investment-, and counter- party risk management. Credit limits are determined for investments and counterparties on the basis of creditworthiness and solidity. Limits are moni- tored and updated according to Group's policy. The group investment activities are not exposed to significant credit risk. Credit risk also originates from investments in cash and cash equivalents. EUR 43.7 million (21.1) of the cash balance on 31 December 2025 was depos- ited in the banks having the credit rating of at least A (S&P) or equivalent. EUR 0.0 million (0.2) of the cash was deposited in the banks having the credit rating of BB or B. The expected credit risk for cash and cash equivalents is meas- ured by a rating-based model in combination with other known information and forward-looking factors. The expected credit losses for other receivables and assets have been assessed to be immaterial and no reservation has been recognized in the financial statements", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "14.3 Credit risk Credit risk is the risk of loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations. The Group\u2019s credit risk arises primarily from the Group\u2019s receivables from customers. The Group has identified a concentration risk relating to certain key customers who account for a significant amount of the Group\u2019s net sales. The key customers are solid infrastructure network owners, typically well- known publicly listed companies or companies owned by governments or mu- nicipalities in Europe. Therefore, the Group assess that the concentration risk and credit risk related to these key customers is limited. The Group\u2019s trade receivables and contract assets are divided into two groups for measurement of credit risk. One group consists of large customers that account for a significant part of the Group\u2019s net sales. The loss allowance for expected credit losses for the largest customers is made individually with a rating-based model applied. For the other group of several smaller customers, the Group applies a collective impairment model based on age analysis of the receivables and historically realized losses. Forward-looking factors and man- agement judgement is applied in both models. Below table summarizes the expected credit loss reservation for total trade receivables and contract assets. Credit risk exposure and loss reservation
Trade Con- Expected Recognized
2025
EUR million
 receivables tract credit loss amounts
Credit risk rating (gross)
assets
Total
reservation (net)
Large customers
AAA
4.7
0.9
5.6
\u2013
5.6
AA
0.1
1.2
1.3
\u2013
1.3
A
12.9
10.6
23.5
0.0
23.5
BBB
21.8
6.3
28.1
0.0
28.1
BB
1.2
0.0
1.2
\u2013
1.2
Total large
customers
40.6
19.1
59.7
0.0
59.7
Other customers
47.3
62.0
109.3
0.8
108.5
Total
87.9
81.1
169.0
0.8
168.2
Trade Con- Expected Recognized
2024
EUR million
 receivables tract credit loss amounts
Credit risk rating (gross)
assets
Total
reservation (net)
Large customers
AAA
5.7
0.7
6.4
\u2013
6.4
AA
9.2
8.0
17.2
\u2013
17.2
A
3.5
5.8
9.2
\u2013
9.2
BBB
18.8
5.1
23.9
\u2013
23.9
BB
1.1
\u2013
1.1
\u2013
1.1
Total large
customers
38.3
19.6
57.9
\u2013
57.9
Other customers
52.2
39.4
91.5
0.9
90.6
Total
90.5
58.9
149.4
0.9
148.5
Maturity analysis of receivables:
EUR million
31 Dec 2025
31 Dec 2024
Not past due
77.3
77.8
1\u201314 days overdue
7.0
9.0
15\u201390 days overdue
1.4
2.0
91\u2013180 days overdue
0.4
0.3
More than 180 days overdue
1.8
1.3
Total trade receivables
87.9
90.5
Contract assets
81.1
58.9
Expected credit loss reservation
-0.8
-0.9
Total
168.2
148.5
There were no past due receivables in any other class of financial assets. The carrying amount of the Group\u2019s receivables represents the maximum amount of credit risk at the balance sheet date. The amount of receivables represent managements best estimate of amounts that will be recovered from the customers. The reserve for expected credit losses is EUR 0.8 million (0.9) representing a decrease of EUR 0.1 million from the comparative period. Realized credit losses in the Group were EUR 0.3 million (0.1) during the year. Finance Policy provides a structure for credit-, investment-, and counter- party risk management. Credit limits are determined for investments and counterparties on the basis of creditworthiness and solidity. Limits are moni- tored and updated according to Group's policy. The group investment activities are not exposed to significant credit risk. Credit risk also originates from investments in cash and cash equivalents. EUR 43.7 million (21.1) of the cash balance on 31 December 2025 was depos- ited in the banks having the credit rating of at least A (S&P) or equivalent. EUR 0.0 million (0.2) of the cash was deposited in the banks having the credit rating of BB or B. The expected credit risk for cash and cash equivalents is meas- ured by a rating-based model in combination with other known information and forward-looking factors. The expected credit losses for other receivables and assets have been assessed to be immaterial and no reservation has been recognized in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "
14.4 Capital management
The Group\u2019s objective when managing capital is to safeguard its ability to con-
tinue as going concern in order to provide returns for shareholders. The Group
defines total capital as equity plus net debt in the balance sheet.
The net debt at year-end has been as follows:
EUR million
31 Dec 2025
31 Dec 2024
Interest-bearing debt
130.1
76.5
Leasing liabilities in balance sheet
55.6
58.7
Cash and cash equivalents
-43.8
-21.3
Net debt
141.9
114.0
The senior bond contains incurrence covenant which govern the ability of the
Group to incur additional debt, and the distribution covenant governing the
ability of the Group to distribute dividends. Super senior revolving credit facility
includes financial covenant related to the super senior leverage ratio (super
senior gross debt/Adjusted EBITDA).
If the super senior debt or adjusted EBITDA outcome differs significantly
from planned, there is a risk that the covenants under the existing financing
agreement are not met. Challenges with respect to meeting the financial cove-
nants might lead to a risk that suppliers and other stakeholders could request
accelerated payment terms or additional guarantees.
Credit facilities
In June 2025, Eltel issued a EUR 130 million senior secured four-year floating
rate bond. The net proceeds from the bond were used for the repayment of the
remaining term loans, revolving credit facility, and the hybrid bond as well as
for general corporate purposes.
In June 2025 EUR 25.3 million was used for the redemption of the hybrid
bond and on 15 July 2025, the old term loans and the revolving credit facili-
ty loans were repaid. Additionally, a new super senior revolving credit facility
of EUR 60 million became effective. EUR 15 million account overdrafts have
been carved out of the super senior revolving credit facility. The Group has also
access to a commercial paper program of EUR 150 million, subject to restric-
tions of the terms of the bond. During Q4 2025 the remaining hybrid bond was
redeemed. The total amount used for the redemption was EUR 26.6 million
during January-December 2025.
EUR million
31 Dec 2025
Maturity
Senior bond
130.0
Jun 2029
Super senior revolving credit facility
45.0
Dec 2028
Super senior account overdrafts
15.0
Dec 2028
Total committed credit facilities
190.0
At the reporting date EUR 2.5 million (10.0) of the commercial paper program
and EUR 0.0 million (46.0) of the revolving credit facility were utilized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "14.4 Capital management The Group\u2019s objective when managing capital is to safeguard its ability to con- tinue as going concern in order to provide returns for shareholders. The Group defines total capital as equity plus net debt in the balance sheet. The net debt at year-end has been as follows:
EUR million
31 Dec 2025
31 Dec 2024
Interest-bearing debt
130.1
76.5
Leasing liabilities in balance sheet
55.6
58.7
Cash and cash equivalents
-43.8
-21.3
Net debt
141.9
114.0
The senior bond contains incurrence covenant which govern the ability of the Group to incur additional debt, and the distribution covenant governing the ability of the Group to distribute dividends. Super senior revolving credit facility includes financial covenant related to the super senior leverage ratio (super senior gross debt/Adjusted EBITDA). If the super senior debt or adjusted EBITDA outcome differs significantly from planned, there is a risk that the covenants under the existing financing agreement are not met. Challenges with respect to meeting the financial cove- nants might lead to a risk that suppliers and other stakeholders could request accelerated payment terms or additional guarantees. Credit facilities In June 2025, Eltel issued a EUR 130 million senior secured four-year floating rate bond. The net proceeds from the bond were used for the repayment of the remaining term loans, revolving credit facility, and the hybrid bond as well as for general corporate purposes. In June 2025 EUR 25.3 million was used for the redemption of the hybrid bond and on 15 July 2025, the old term loans and the revolving credit facili- ty loans were repaid. Additionally, a new super senior revolving credit facility of EUR 60 million became effective. EUR 15 million account overdrafts have been carved out of the super senior revolving credit facility. The Group has also access to a commercial paper program of EUR 150 million, subject to restric- tions of the terms of the bond. During Q4 2025 the remaining hybrid bond was redeemed. The total amount used for the redemption was EUR 26.6 million during January-December 2025.
EUR million
31 Dec 2025
Maturity
Senior bond
130.0
Jun 2029
Super senior revolving credit facility
45.0
Dec 2028
Super senior account overdrafts
15.0
Dec 2028
Total committed credit facilities
190.0
At the reporting date EUR 2.5 million (10.0) of the commercial paper program and EUR 0.0 million (46.0) of the revolving credit facility were utilized", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
15. Shares and share capital
In July 2025, the share capital was reduced by EUR 160,344,347 from EUR
161,950,203 to EUR 1,605,856 based on the resolution by the Annual General
Meeting in May 2025. The reduction amount was allocated to non-restricted
equity, and the reduction was made without cancellation of shares. There were
no changes in shares and share capital in 2024.
On 31 December 2025, the total number of shares amounted to 160,585,581
divided into 156,736,781 ordinary shares with 1 vote per share and 3,848,800 C
shares with 1/10 vote per share. The C shares have been issued and repurchased
by Eltel and the company will hold the shares until it is time to deliver the shares
to the qualifying participants of LTIP programs. The purpose of the repurchase of
class C shares is to ensure delivery of shares to participants and to secure social
contributions arising from the LTIP programs. Prior to the delivery of the shares to
qualifying participants, the class C shares will be converted to ordinary shares.
On 31 December 2025 the share capital amounted to EUR 1.6 million.
Changes in the share capital
Ordinary Total number Change in share Total share Quota (par)
Date
1)
Transactions
shares
C shares
of shares capital (EUR) capital (EUR) value (EUR)
1Jan 2024
156,736,781
3,848,800
160,585,581
161,950,203
1.01
31 Dec 2024
156,736,781
3,848,800
160,585,581
161,950,203
1.01
Reduction of
25 Jul 2025
share capital
-160,344,347
1,605,856
0.01
31 Dec 2025
156,736,781
3,848,800
160,585,581
1,605,856
0.01
1) Date of registration with the Swedish Companies Registration office.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "15. Shares and share capital In July 2025, the share capital was reduced by EUR 160,344,347 from EUR 161,950,203 to EUR 1,605,856 based on the resolution by the Annual General Meeting in May 2025. The reduction amount was allocated to non-restricted equity, and the reduction was made without cancellation of shares. There were no changes in shares and share capital in 2024. On 31 December 2025, the total number of shares amounted to 160,585,581 divided into 156,736,781 ordinary shares with 1 vote per share and 3,848,800 C shares with 1/10 vote per share. The C shares have been issued and repurchased by Eltel and the company will hold the shares until it is time to deliver the shares to the qualifying participants of LTIP programs. The purpose of the repurchase of class C shares is to ensure delivery of shares to participants and to secure social contributions arising from the LTIP programs. Prior to the delivery of the shares to qualifying participants, the class C shares will be converted to ordinary shares. On 31 December 2025 the share capital amounted to EUR 1.6 million.
Changes in the share capital
Ordinary Total number Change in share Total share Quota (par)
Date
1)
Transactions
shares
C shares
of shares capital (EUR) capital (EUR) value (EUR)
1Jan 2024
156,736,781
3,848,800
160,585,581
161,950,203
1.01
31 Dec 2024
156,736,781
3,848,800
160,585,581
161,950,203
1.01
Reduction of
25 Jul 2025
share capital
-160,344,347
1,605,856
0.01
31 Dec 2025
156,736,781
3,848,800
160,585,581
1,605,856
0.01
1) Date of registration with the Swedish Companies Registration office", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "15. Shares and share capital In July 2025, the share capital was reduced by EUR 160,344,347 from EUR 161,950,203 to EUR 1,605,856 based on the resolution by the Annual General Meeting in May 2025. The reduction amount was allocated to non-restricted equity, and the reduction was made without cancellation of shares. There were no changes in shares and share capital in 2024. On 31 December 2025, the total number of shares amounted to 160,585,581 divided into 156,736,781 ordinary shares with 1 vote per share and 3,848,800 C shares with 1/10 vote per share. The C shares have been issued and repurchased by Eltel and the company will hold the shares until it is time to deliver the shares to the qualifying participants of LTIP programs. The purpose of the repurchase of class C shares is to ensure delivery of shares to participants and to secure social contributions arising from the LTIP programs. Prior to the delivery of the shares to qualifying participants, the class C shares will be converted to ordinary shares. On 31 December 2025 the share capital amounted to EUR 1.6 million.
Changes in the share capital
Ordinary Total number Change in share Total share Quota (par)
Date
1)
Transactions
shares
C shares
of shares capital (EUR) capital (EUR) value (EUR)
1Jan 2024
156,736,781
3,848,800
160,585,581
161,950,203
1.01
31 Dec 2024
156,736,781
3,848,800
160,585,581
161,950,203
1.01
Reduction of
25 Jul 2025
share capital
-160,344,347
1,605,856
0.01
31 Dec 2025
156,736,781
3,848,800
160,585,581
1,605,856
0.01
1) Date of registration with the Swedish Companies Registration office.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "
16. Interest-bearing liabilities
The financial liability amounts include capital amount and accrued interests.
EUR million
31 Dec 2025
31 Dec 2024
Carrying amounts of non-current liabilities
Non-current debt
127 5
15 8
Leasing liabilities
33.6
36.0
Total non-current liabilities
161.0
51.8
Carrying amounts of current liabilities
Current debt
2.7
60.5
Leasing liabilities
22.0
22.7
Total current liabilities
24.7
83.2
Total interest-bearing liabilities
185.7
135.0
The carrying amounts of the Group\u2019s financial liabilities are denominated in
following currencies:
EUR million
31 Dec 2025
31 Dec 2024
EUR
151.4
98.6
SEK
18.3
13.1
NOK
8.7
15.9
DKK
6.9
7.3
PLN
0.2
0.3
Total
185.7
135.0
See note 14 for information about interest rate risk, currency risk, liquidity
risk and capital management. The weighted average interest rates for inter-
est-bearing liabilities at year-end were 7.4% (6.3).
Non-cash changes of interest-bearing liabilities
2025
EUR million
Long-term debt
Short-term debt
Leasing liabilities
Total
1 Jan
15.8
60.5
58.7
135.0
Cash flows (net)
115.1
-61.5
-27.7
25.9
Non-cash changes:
New lease agreements
\u2013
\u2013
28.9
28.9
Termination of lease agreements
\u2013
\u2013
-5.3
-5.3
Change in maturity
-4.0
4.0
\u2013
\u2013
Foreign exchange movements
\u2013
\u2013
0.9
0.9
Accruals and other non-cash changes
0.6
-0.3
\u2013
0.2
31 Dec
127.5
2.7
55.6
185.7
2024
EUR million
Long-term debt
Short-term debt
Leasing liabilities
Total
1 Jan
20.7
50.4
53.9
125.0
Cash flows (net)
-4.0
9.0
-25.2
-20.2
Non-cash changes:
New lease agreements
\u2013
\u2013
35.9
35.9
Termination of lease agreements
\u2013
\u2013
-3.8
-3.8
Divestments
\u2013
\u2013
-1.1
-1.1
Change in maturity
-1.0
1.0
\u2013
\u2013
Foreign exchange movements
\u2013
\u2013
-0.9
-0.9
Accruals and other non-cash changes
0.1
0.1
\u2013
0.2
31 Dec
15.8
60.5
58.7
135.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "16. Interest-bearing liabilities The financial liability amounts include capital amount and accrued interests.
EUR million
31 Dec 2025
31 Dec 2024
Carrying amounts of non-current liabilities
Non-current debt
127 5
15 8
Leasing liabilities
33.6
36.0
Total non-current liabilities
161.0
51.8
Carrying amounts of current liabilities
Current debt
2.7
60.5
Leasing liabilities
22.0
22.7
Total current liabilities
24.7
83.2
Total interest-bearing liabilities
185.7
135.0
The carrying amounts of the Group\u2019s financial liabilities are denominated in following currencies:
EUR million
31 Dec 2025
31 Dec 2024
EUR
151.4
98.6
SEK
18.3
13.1
NOK
8.7
15.9
DKK
6.9
7.3
PLN
0.2
0.3
Total
185.7
135.0
See note 14 for information about interest rate risk, currency risk, liquidity risk and capital management. The weighted average interest rates for inter- est-bearing liabilities at year-end were 7.4% (6.3). Non-cash changes of interest-bearing liabilities
2025
EUR million
Long-term debt
Short-term debt
Leasing liabilities
Total
1 Jan
15.8
60.5
58.7
135.0
Cash flows (net)
115.1
-61.5
-27.7
25.9
Non-cash changes:
New lease agreements
\u2013
\u2013
28.9
28.9
Termination of lease agreements
\u2013
\u2013
-5.3
-5.3
Change in maturity
-4.0
4.0
\u2013
\u2013
Foreign exchange movements
\u2013
\u2013
0.9
0.9
Accruals and other non-cash changes
0.6
-0.3
\u2013
0.2
31 Dec
127.5
2.7
55.6
185.7
2024
EUR million
Long-term debt
Short-term debt
Leasing liabilities
Total
1 Jan
20.7
50.4
53.9
125.0
Cash flows (net)
-4.0
9.0
-25.2
-20.2
Non-cash changes:
New lease agreements
\u2013
\u2013
35.9
35.9
Termination of lease agreements
\u2013
\u2013
-3.8
-3.8
Divestments
\u2013
\u2013
-1.1
-1.1
Change in maturity
-1.0
1.0
\u2013
\u2013
Foreign exchange movements
\u2013
\u2013
-0.9
-0.9
Accruals and other non-cash changes
0.1
0.1
\u2013
0.2
31 Dec
15.8
60.5
58.7
135.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
17. Financial instruments by category
Book values of financial instruments by category
When measuring the financial assets and liabilities, the Group uses market
observable data as far as possible. Fair values are categorized into different
levels in a fair value hierarchy based on the inputs used in the valuation tech-
niques as follows:
\u2022 Level 1: Quoted prices in active markets for identical assets or liabilities.
\u2022 Level 2: inputs other than quoted prices included in Level 1 that are ob-
servable for the asset or liability either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
\u2022 Level 3: inputs for the asset or liability that are not based on observable
market data.
Trade and other payables and receivables are non-interest-bearing and short-
term and thus the fair value corresponds to their book value.
Fair value of debt is based on discounted cash flows. The discount rate
is based on market rates and the nominal risk premium on Group\u2019s bank
borrowing. The difference between fair value and book value is not significant
as the Group\u2019s bank borrowing is based on short-term market rates.
The fair values of currency forward contracts and the currency swaps are
based on the present value of the cash flow at the maturity date. The fair val-
ues of interest rate swaps are calculated as the present value of the estimated
future cash flow based on observable yield curves.
Fair value Fair value through Financial assets Financial Fair value
31 Dec 2025 through profit other compre- at amortized liabilities Carrying Fair hierarchy
EUR million
Note
or loss hensive income cost at amortized cost amounts value level
Non-current financial assets
2.4
0.0
0.5
\u2013
2.9
2.9
Other receivables and financial assets
30
2.4
0.0
0.5
\u2013
2.9
2.9
2
Current financial assets
0.1
0.2
133.2
\u2013
133.5
133.5
Trade receivables
20
\u2013
\u2013
87.0
\u2013
87.0
87.0
Derivative instruments
18,20
0.1
0.2
\u2013
\u2013
0.3
0.3
2
Other receivables
20
\u2013
\u2013
2.4
\u2013
2.4
2.4
Cash and cash equivalents
\u2013
\u2013
43.8
\u2013
43.8
43.8
Total financial assets
2.5
0.2
133.7
\u2013
136.3
136.3
Non-current financial liabilities
\u2013
\u2013
\u2013
127.4
127.4
127.5
Interest-bearing debt
16
\u2013
\u2013
\u2013
127.5
127.5
127.5
2
Trade and other payables
\u2013
\u2013
\u2013
-0.0
-0.0
-0.0
Current financial liabilities
0.0
0.0
\u2013
66.3
66.3
66.4
Interest-bearing debt
16
\u2013
\u2013
\u2013
2.7
2.7
2.8
2
Trade and other payables
23
\u2013
\u2013
\u2013
63.6
63.6
63.6
Derivative instruments
18,23
0.0
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
0.0
\u2013
193.7
193.8
193.9
Carrying amount, net
2.5
0.1
133.7
-193.7
31 Dec 2024 Fair value through Financial assets at Financial liabilities Carrying Fair Fair value
EUR million
Note
profit or loss amortized cost at amortized cost amounts value hierarchy level
Non-current financial assets
2.0
0.2
\u2013
2.2
2.2
Other receivables and financial assets
30
2.0
0.2
\u2013
2.2
2.2
2
Current financial assets
0.0
113.5
\u2013
113.6
113.6
Trade receivables
20
\u2013
89.6
\u2013
89.6
89.6
Derivative instruments
18,20
0.0
\u2013
\u2013
0.0
0.0
2
Other receivables
20
\u2013
2.7
\u2013
2.7
2.7
Cash and cash equivalents
\u2013
21.3
\u2013
21.3
21.3
Total financial assets
2.0
113.8
\u2013
115.8
115.8
Non-current financial liabilities
\u2013
\u2013
51.9
51.9
52.0
Interest-bearing debt
16
\u2013
\u2013
51.8
51.8
52.0
2
Trade and other payables
\u2013
\u2013
0.0
0.0
0.0
Current financial liabilities
0.0
\u2013
147.8
147.8
147.9
Interest-bearing debt
16
\u2013
\u2013
83.2
83.2
83.3
2
Trade and other payables
23
\u2013
\u2013
64.6
64.6
64.6
Derivative instruments
18,23
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
\u2013
199.7
199.7
199.9
Carrying amount, net
2.0
113.8
-199.7
On 31 December 2024 the Group had no financial instruments measured at fair value through other comprehensive income .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "17. Financial instruments by category Book values of financial instruments by category When measuring the financial assets and liabilities, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation tech- niques as follows: \u2022 Level 1: Quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are ob- servable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. Trade and other payables and receivables are non-interest-bearing and short- term and thus the fair value corresponds to their book value. Fair value of debt is based on discounted cash flows. The discount rate is based on market rates and the nominal risk premium on Group\u2019s bank borrowing. The difference between fair value and book value is not significant as the Group\u2019s bank borrowing is based on short-term market rates. The fair values of currency forward contracts and the currency swaps are based on the present value of the cash flow at the maturity date. The fair val- ues of interest rate swaps are calculated as the present value of the estimated future cash flow based on observable yield curves.
Fair value Fair value through Financial assets Financial Fair value
31 Dec 2025 through profit other compre- at amortized liabilities Carrying Fair hierarchy
EUR million
Note
or loss hensive income cost at amortized cost amounts value level
Non-current financial assets
2.4
0.0
0.5
\u2013
2.9
2.9
Other receivables and financial assets
30
2.4
0.0
0.5
\u2013
2.9
2.9
2
Current financial assets
0.1
0.2
133.2
\u2013
133.5
133.5
Trade receivables
20
\u2013
\u2013
87.0
\u2013
87.0
87.0
Derivative instruments
18,20
0.1
0.2
\u2013
\u2013
0.3
0.3
2
Other receivables
20
\u2013
\u2013
2.4
\u2013
2.4
2.4
Cash and cash equivalents
\u2013
\u2013
43.8
\u2013
43.8
43.8
Total financial assets
2.5
0.2
133.7
\u2013
136.3
136.3
Non-current financial liabilities
\u2013
\u2013
\u2013
127.4
127.4
127.5
Interest-bearing debt
16
\u2013
\u2013
\u2013
127.5
127.5
127.5
2
Trade and other payables
\u2013
\u2013
\u2013
-0.0
-0.0
-0.0
Current financial liabilities
0.0
0.0
\u2013
66.3
66.3
66.4
Interest-bearing debt
16
\u2013
\u2013
\u2013
2.7
2.7
2.8
2
Trade and other payables
23
\u2013
\u2013
\u2013
63.6
63.6
63.6
Derivative instruments
18,23
0.0
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
0.0
\u2013
193.7
193.8
193.9
Carrying amount, net
2.5
0.1
133.7
-193.7
31 Dec 2024 Fair value through Financial assets at Financial liabilities Carrying Fair Fair value
EUR million
Note
profit or loss amortized cost at amortized cost amounts value hierarchy level
Non-current financial assets
2.0
0.2
\u2013
2.2
2.2
Other receivables and financial assets
30
2.0
0.2
\u2013
2.2
2.2
2
Current financial assets
0.0
113.5
\u2013
113.6
113.6
Trade receivables
20
\u2013
89.6
\u2013
89.6
89.6
Derivative instruments
18,20
0.0
\u2013
\u2013
0.0
0.0
2
Other receivables
20
\u2013
2.7
\u2013
2.7
2.7
Cash and cash equivalents
\u2013
21.3
\u2013
21.3
21.3
Total financial assets
2.0
113.8
\u2013
115.8
115.8
Non-current financial liabilities
\u2013
\u2013
51.9
51.9
52.0
Interest-bearing debt
16
\u2013
\u2013
51.8
51.8
52.0
2
Trade and other payables
\u2013
\u2013
0.0
0.0
0.0
Current financial liabilities
0.0
\u2013
147.8
147.8
147.9
Interest-bearing debt
16
\u2013
\u2013
83.2
83.2
83.3
2
Trade and other payables
23
\u2013
\u2013
64.6
64.6
64.6
Derivative instruments
18,23
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
\u2013
199.7
199.7
199.9
Carrying amount, net
2.0
113.8
-199.7
On 31 December 2024 the Group had no financial instruments measured at fair value through other comprehensive income ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "17. Financial instruments by category Book values of financial instruments by category When measuring the financial assets and liabilities, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation tech- niques as follows: \u2022 Level 1: Quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are ob- servable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. Trade and other payables and receivables are non-interest-bearing and short- term and thus the fair value corresponds to their book value. Fair value of debt is based on discounted cash flows. The discount rate is based on market rates and the nominal risk premium on Group\u2019s bank borrowing. The difference between fair value and book value is not significant as the Group\u2019s bank borrowing is based on short-term market rates. The fair values of currency forward contracts and the currency swaps are based on the present value of the cash flow at the maturity date. The fair val- ues of interest rate swaps are calculated as the present value of the estimated future cash flow based on observable yield curves.
Fair value Fair value through Financial assets Financial Fair value
31 Dec 2025 through profit other compre- at amortized liabilities Carrying Fair hierarchy
EUR million
Note
or loss hensive income cost at amortized cost amounts value level
Non-current financial assets
2.4
0.0
0.5
\u2013
2.9
2.9
Other receivables and financial assets
30
2.4
0.0
0.5
\u2013
2.9
2.9
2
Current financial assets
0.1
0.2
133.2
\u2013
133.5
133.5
Trade receivables
20
\u2013
\u2013
87.0
\u2013
87.0
87.0
Derivative instruments
18,20
0.1
0.2
\u2013
\u2013
0.3
0.3
2
Other receivables
20
\u2013
\u2013
2.4
\u2013
2.4
2.4
Cash and cash equivalents
\u2013
\u2013
43.8
\u2013
43.8
43.8
Total financial assets
2.5
0.2
133.7
\u2013
136.3
136.3
Non-current financial liabilities
\u2013
\u2013
\u2013
127.4
127.4
127.5
Interest-bearing debt
16
\u2013
\u2013
\u2013
127.5
127.5
127.5
2
Trade and other payables
\u2013
\u2013
\u2013
-0.0
-0.0
-0.0
Current financial liabilities
0.0
0.0
\u2013
66.3
66.3
66.4
Interest-bearing debt
16
\u2013
\u2013
\u2013
2.7
2.7
2.8
2
Trade and other payables
23
\u2013
\u2013
\u2013
63.6
63.6
63.6
Derivative instruments
18,23
0.0
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
0.0
\u2013
193.7
193.8
193.9
Carrying amount, net
2.5
0.1
133.7
-193.7
31 Dec 2024 Fair value through Financial assets at Financial liabilities Carrying Fair Fair value
EUR million
Note
profit or loss amortized cost at amortized cost amounts value hierarchy level
Non-current financial assets
2.0
0.2
\u2013
2.2
2.2
Other receivables and financial assets
30
2.0
0.2
\u2013
2.2
2.2
2
Current financial assets
0.0
113.5
\u2013
113.6
113.6
Trade receivables
20
\u2013
89.6
\u2013
89.6
89.6
Derivative instruments
18,20
0.0
\u2013
\u2013
0.0
0.0
2
Other receivables
20
\u2013
2.7
\u2013
2.7
2.7
Cash and cash equivalents
\u2013
21.3
\u2013
21.3
21.3
Total financial assets
2.0
113.8
\u2013
115.8
115.8
Non-current financial liabilities
\u2013
\u2013
51.9
51.9
52.0
Interest-bearing debt
16
\u2013
\u2013
51.8
51.8
52.0
2
Trade and other payables
\u2013
\u2013
0.0
0.0
0.0
Current financial liabilities
0.0
\u2013
147.8
147.8
147.9
Interest-bearing debt
16
\u2013
\u2013
83.2
83.2
83.3
2
Trade and other payables
23
\u2013
\u2013
64.6
64.6
64.6
Derivative instruments
18,23
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
\u2013
199.7
199.7
199.9
Carrying amount, net
2.0
113.8
-199.7
On 31 December 2024 the Group had no financial instruments measured at fair value through other comprehensive income ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "17. Financial instruments by category Book values of financial instruments by category When measuring the financial assets and liabilities, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation tech- niques as follows: \u2022 Level 1: Quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are ob- servable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. Trade and other payables and receivables are non-interest-bearing and short- term and thus the fair value corresponds to their book value. Fair value of debt is based on discounted cash flows. The discount rate is based on market rates and the nominal risk premium on Group\u2019s bank borrowing. The difference between fair value and book value is not significant as the Group\u2019s bank borrowing is based on short-term market rates. The fair values of currency forward contracts and the currency swaps are based on the present value of the cash flow at the maturity date. The fair val- ues of interest rate swaps are calculated as the present value of the estimated future cash flow based on observable yield curves.
Fair value Fair value through Financial assets Financial Fair value
31 Dec 2025 through profit other compre- at amortized liabilities Carrying Fair hierarchy
EUR million
Note
or loss hensive income cost at amortized cost amounts value level
Non-current financial assets
2.4
0.0
0.5
\u2013
2.9
2.9
Other receivables and financial assets
30
2.4
0.0
0.5
\u2013
2.9
2.9
2
Current financial assets
0.1
0.2
133.2
\u2013
133.5
133.5
Trade receivables
20
\u2013
\u2013
87.0
\u2013
87.0
87.0
Derivative instruments
18,20
0.1
0.2
\u2013
\u2013
0.3
0.3
2
Other receivables
20
\u2013
\u2013
2.4
\u2013
2.4
2.4
Cash and cash equivalents
\u2013
\u2013
43.8
\u2013
43.8
43.8
Total financial assets
2.5
0.2
133.7
\u2013
136.3
136.3
Non-current financial liabilities
\u2013
\u2013
\u2013
127.4
127.4
127.5
Interest-bearing debt
16
\u2013
\u2013
\u2013
127.5
127.5
127.5
2
Trade and other payables
\u2013
\u2013
\u2013
-0.0
-0.0
-0.0
Current financial liabilities
0.0
0.0
\u2013
66.3
66.3
66.4
Interest-bearing debt
16
\u2013
\u2013
\u2013
2.7
2.7
2.8
2
Trade and other payables
23
\u2013
\u2013
\u2013
63.6
63.6
63.6
Derivative instruments
18,23
0.0
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
0.0
\u2013
193.7
193.8
193.9
Carrying amount, net
2.5
0.1
133.7
-193.7
31 Dec 2024 Fair value through Financial assets at Financial liabilities Carrying Fair Fair value
EUR million
Note
profit or loss amortized cost at amortized cost amounts value hierarchy level
Non-current financial assets
2.0
0.2
\u2013
2.2
2.2
Other receivables and financial assets
30
2.0
0.2
\u2013
2.2
2.2
2
Current financial assets
0.0
113.5
\u2013
113.6
113.6
Trade receivables
20
\u2013
89.6
\u2013
89.6
89.6
Derivative instruments
18,20
0.0
\u2013
\u2013
0.0
0.0
2
Other receivables
20
\u2013
2.7
\u2013
2.7
2.7
Cash and cash equivalents
\u2013
21.3
\u2013
21.3
21.3
Total financial assets
2.0
113.8
\u2013
115.8
115.8
Non-current financial liabilities
\u2013
\u2013
51.9
51.9
52.0
Interest-bearing debt
16
\u2013
\u2013
51.8
51.8
52.0
2
Trade and other payables
\u2013
\u2013
0.0
0.0
0.0
Current financial liabilities
0.0
\u2013
147.8
147.8
147.9
Interest-bearing debt
16
\u2013
\u2013
83.2
83.2
83.3
2
Trade and other payables
23
\u2013
\u2013
64.6
64.6
64.6
Derivative instruments
18,23
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
\u2013
199.7
199.7
199.9
Carrying amount, net
2.0
113.8
-199.7
On 31 December 2024 the Group had no financial instruments measured at fair value through other comprehensive income .", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "17. Financial instruments by category Book values of financial instruments by category When measuring the financial assets and liabilities, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation tech- niques as follows: \u2022 Level 1: Quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are ob- servable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. Trade and other payables and receivables are non-interest-bearing and short- term and thus the fair value corresponds to their book value. Fair value of debt is based on discounted cash flows. The discount rate is based on market rates and the nominal risk premium on Group\u2019s bank borrowing. The difference between fair value and book value is not significant as the Group\u2019s bank borrowing is based on short-term market rates. The fair values of currency forward contracts and the currency swaps are based on the present value of the cash flow at the maturity date. The fair val- ues of interest rate swaps are calculated as the present value of the estimated future cash flow based on observable yield curves.
Fair value Fair value through Financial assets Financial Fair value
31 Dec 2025 through profit other compre- at amortized liabilities Carrying Fair hierarchy
EUR million
Note
or loss hensive income cost at amortized cost amounts value level
Non-current financial assets
2.4
0.0
0.5
\u2013
2.9
2.9
Other receivables and financial assets
30
2.4
0.0
0.5
\u2013
2.9
2.9
2
Current financial assets
0.1
0.2
133.2
\u2013
133.5
133.5
Trade receivables
20
\u2013
\u2013
87.0
\u2013
87.0
87.0
Derivative instruments
18,20
0.1
0.2
\u2013
\u2013
0.3
0.3
2
Other receivables
20
\u2013
\u2013
2.4
\u2013
2.4
2.4
Cash and cash equivalents
\u2013
\u2013
43.8
\u2013
43.8
43.8
Total financial assets
2.5
0.2
133.7
\u2013
136.3
136.3
Non-current financial liabilities
\u2013
\u2013
\u2013
127.4
127.4
127.5
Interest-bearing debt
16
\u2013
\u2013
\u2013
127.5
127.5
127.5
2
Trade and other payables
\u2013
\u2013
\u2013
-0.0
-0.0
-0.0
Current financial liabilities
0.0
0.0
\u2013
66.3
66.3
66.4
Interest-bearing debt
16
\u2013
\u2013
\u2013
2.7
2.7
2.8
2
Trade and other payables
23
\u2013
\u2013
\u2013
63.6
63.6
63.6
Derivative instruments
18,23
0.0
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
0.0
\u2013
193.7
193.8
193.9
Carrying amount, net
2.5
0.1
133.7
-193.7
31 Dec 2024 Fair value through Financial assets at Financial liabilities Carrying Fair Fair value
EUR million
Note
profit or loss amortized cost at amortized cost amounts value hierarchy level
Non-current financial assets
2.0
0.2
\u2013
2.2
2.2
Other receivables and financial assets
30
2.0
0.2
\u2013
2.2
2.2
2
Current financial assets
0.0
113.5
\u2013
113.6
113.6
Trade receivables
20
\u2013
89.6
\u2013
89.6
89.6
Derivative instruments
18,20
0.0
\u2013
\u2013
0.0
0.0
2
Other receivables
20
\u2013
2.7
\u2013
2.7
2.7
Cash and cash equivalents
\u2013
21.3
\u2013
21.3
21.3
Total financial assets
2.0
113.8
\u2013
115.8
115.8
Non-current financial liabilities
\u2013
\u2013
51.9
51.9
52.0
Interest-bearing debt
16
\u2013
\u2013
51.8
51.8
52.0
2
Trade and other payables
\u2013
\u2013
0.0
0.0
0.0
Current financial liabilities
0.0
\u2013
147.8
147.8
147.9
Interest-bearing debt
16
\u2013
\u2013
83.2
83.2
83.3
2
Trade and other payables
23
\u2013
\u2013
64.6
64.6
64.6
Derivative instruments
18,23
0.0
\u2013
\u2013
0.0
0.0
2
Total financial liabilities
0.0
\u2013
199.7
199.7
199.9
Carrying amount, net
2.0
113.8
-199.7
On 31 December 2024 the Group had no financial instruments measured at fair value through other comprehensive income ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Book values of financial instruments by category When measuring the financial assets and liabilities, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation tech- niques as follows: \u2022 Level 1: Quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are ob- servable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. Trade and other payables and receivables are non-interest-bearing and short- term and thus the fair value corresponds to their book value. Fair value of debt is based on discounted cash flows. The discount rate is based on market rates and the nominal risk premium on Group\u2019s bank borrowing. The difference between fair value and book value is not significant as the Group\u2019s bank borrowing is based on short-term market rates. The fair values of currency forward contracts and the currency swaps are based on the present value of the cash flow at the maturity date. The fair val- ues of interest rate swaps are calculated as the present value of the estimated future cash flow based on observable yield curves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "
18. Derivative financial instruments
Nominal Fair values Fair values
EUR million values Positive Negative
31 Dec 2025
Interest rate derivatives, hedge accounting
100.0
0.2
-0.0
Foreign exchange derivatives
13.8
0.1
-0.0
Total
113.8
0.3
-0.0
31 Dec 2024
Foreign exchange derivatives
35.5
0.0
-0.0
Total
35.5
0.0
-0.0
All derivative contracts have been made according to the Group Finance Policy. The Group determines the existence of an economic relationship between the
hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows.
The interest rate risk of the EUR 130 million floating rate bond has been hedged with interest rate swaps for the amount of EUR 100 million. The Group applies
cash flow hedge accounting to these interest rate swaps which are classified as derivative instruments hedge accounted. As there is a perfect match between the
critical terms of the hedge and the underlying cash flow, the hedge ratio is 1:1, and the hedge is expected to be highly effective. The effectiveness is tested quar-
terly. The effective portion of gains and losses from the derivative instruments under cash flow hedge accounting is recognized in other comprehensive income
under hedging reserve. The cumulative gain or loss is transferred to profit or loss when the hedged items affect profit or loss. The ineffective portion is recognized
immediately in profit or loss in other income or expenses if the revaluation of the hedging instrument is larger than the revaluation of the hedged item. In 2025, EUR
0.1 million was recognized in the hedging reserve. The Group did not apply hedge accounting to any derivative financial instruments in 2024. More information on
the financial risks which are hedged by the derivative financial instruments are presented in note 14.
The Group enters into derivative transactions, other than embedded derivatives, under international Swaps and Derivatives Association (ISDA) master netting
agreements. The ISDA agreements do not meet the criteria for offsetting in the balance sheet. The following table sets out the carrying amount of the financial
instruments that are subject to above agreements:
31 Dec 2025
31 Dec 2024
Carrying Related instruments Carrying Related instruments
EUR thousands amounts
that are not offset
Net amounts
amounts
that are not offset
Net amounts
Financial assets
Interest rate derivatives, hedge accounting
156
\u2013
156
\u2013
\u2013
\u2013
Foreign exchange derivatives
115
0
115
50
-4
46
Financial liabilities
Interest rate derivatives, hedge accounting
-20
\u2013
-20
\u2013
\u2013
\u2013
Foreign exchange derivatives
-7
0
-7
-7
4
-3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "The Group enters into derivative transactions, other than embedded derivatives, under international Swaps and Derivatives Association (ISDA) master netting agreements. The ISDA agreements do not meet the criteria for offsetting in the balance sheet. The following table sets out the carrying amount of the financial instruments that are subject to above agreements: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "
19. Commitments and contingent liabilities
Commitments and collateral pledged
EUR million
31 Dec 2025
31 Dec 2024
Pledged assets
Shares in subsidiaries
44.5
42.2
Floating charges
1,068.3
218.3
Intra-group loan receivables
496.5
491.4
Total pledged assets
1,609.3
751.9
Guarantees
Counter guarantees for external guarantees
54.1
52.3
Total guarantees
54.1
52.3
At year-end, the pledged assets related mainly to securing the Group\u2019s liabili-
ties under the Group\u2019s financing agreement. Securities provided included the
shares in The Infranet Company AB, floating charges and the pledge of certain
intra-group loan receivables.
Counter guarantees for external guarantees consist of performance and
other contract guarantees issued by the banks and insurance companies on
behalf of group companies under the facilities for which the group companies
have given a counter guarantee or other security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "19. Commitments and contingent liabilities
Commitments and collateral pledged
EUR million
31 Dec 2025
31 Dec 2024
Pledged assets
Shares in subsidiaries
44.5
42.2
Floating charges
1,068.3
218.3
Intra-group loan receivables
496.5
491.4
Total pledged assets
1,609.3
751.9
Guarantees
Counter guarantees for external guarantees
54.1
52.3
Total guarantees
54.1
52.3
At year-end, the pledged assets related mainly to securing the Group\u2019s liabili- ties under the Group\u2019s financing agreement. Securities provided included the shares in The Infranet Company AB, floating charges and the pledge of certain intra-group loan receivables. Counter guarantees for external guarantees consist of performance and other contract guarantees issued by the banks and insurance companies on behalf of group companies under the facilities for which the group companies have given a counter guarantee or other security.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "19. Commitments and contingent liabilities
Commitments and collateral pledged
EUR million
31 Dec 2025
31 Dec 2024
Pledged assets
Shares in subsidiaries
44.5
42.2
Floating charges
1,068.3
218.3
Intra-group loan receivables
496.5
491.4
Total pledged assets
1,609.3
751.9
Guarantees
Counter guarantees for external guarantees
54.1
52.3
Total guarantees
54.1
52.3
At year-end, the pledged assets related mainly to securing the Group\u2019s liabili- ties under the Group\u2019s financing agreement. Securities provided included the shares in The Infranet Company AB, floating charges and the pledge of certain intra-group loan receivables. Counter guarantees for external guarantees consist of performance and other contract guarantees issued by the banks and insurance companies on behalf of group companies under the facilities for which the group companies have given a counter guarantee or other security.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
20. Trade and other receivables
EUR million
31 Dec 2025
31 Dec 2024
Trade receivables, gross
87.9
90.5
Contract assets
81.1
58.9
Expected credit loss reservation
-0.8
-0.9
Trade receivables and contract assets, net
168.2
148.5
Derivative instruments
0.3
0.0
Income tax receivables
0.7
0.8
Indirect tax receivables
0.9
0.7
Other prepayments and accruals
14.3
12.5
Other receivables
2.4
2.7
Total trade and other receivables
186.6
165.3
Fair values of trade and other receivables approximate their carrying amount
due to short maturities. The Group applies the expected credit losses (ECL)
model according to IFRS 9 for impairment of trade receivables, contract assets
and other financial assets. Refer to note 14.3 Credit risk for more information.
During 2025 the Group has sold on non-recourse basis EUR 188.9 million
(138.7) of trade receivables to various financial institutions as part of vendor
financing solutions and derecognized the amounts from the balance sheet at
the time of receipt of payment. EUR 2.1 million (2.6) of the costs are included
in EBIT and EUR 1.6 million (1.4) in the financial expenses .
23. Trade and other payables
EUR million
31 Dec 2025
31 Dec 2024
Trade payables
60.5
61.5
Tax deferral in Sweden
17.1
\u2013
Other liabilities
3.1
3.1
Derivative financial liabilities
0.0
0.0
Indirect tax liabilities
16.0
15.6
Income tax liabilities
0.4
1.5
Accrued expenses and prepaid income
75.9
70.3
Total trade and other payables
173.0
152.0
Short-term portion of the tax deferral in Sweden is presented in trade and other
payables and the long-term portion in other non-current liabilities in the bal-
ance sheet.
Accrued expenses consist of the following items:
EUR million
31 Dec 2025
31 Dec 2024
Accrued wages and salaries
36.3
35.9
Accrued indirect employee costs
13.9
14.3
Other accruals
25.7
20.1
Total
75.9
70.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "20. Trade and other receivables
EUR million
31 Dec 2025
31 Dec 2024
Trade receivables, gross
87.9
90.5
Contract assets
81.1
58.9
Expected credit loss reservation
-0.8
-0.9
Trade receivables and contract assets, net
168.2
148.5
Derivative instruments
0.3
0.0
Income tax receivables
0.7
0.8
Indirect tax receivables
0.9
0.7
Other prepayments and accruals
14.3
12.5
Other receivables
2.4
2.7
Total trade and other receivables
186.6
165.3
Fair values of trade and other receivables approximate their carrying amount due to short maturities. The Group applies the expected credit losses (ECL) model according to IFRS 9 for impairment of trade receivables, contract assets and other financial assets. Refer to note 14.3 Credit risk for more information. During 2025 the Group has sold on non-recourse basis EUR 188.9 million (138.7) of trade receivables to various financial institutions as part of vendor financing solutions and derecognized the amounts from the balance sheet at the time of receipt of payment. EUR 2.1 million (2.6) of the costs are included in EBIT and EUR 1.6 million (1.4) in the financial expenses . ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "20. Trade and other receivables
EUR million
31 Dec 2025
31 Dec 2024
Trade receivables, gross
87.9
90.5
Contract assets
81.1
58.9
Expected credit loss reservation
-0.8
-0.9
Trade receivables and contract assets, net
168.2
148.5
Derivative instruments
0.3
0.0
Income tax receivables
0.7
0.8
Indirect tax receivables
0.9
0.7
Other prepayments and accruals
14.3
12.5
Other receivables
2.4
2.7
Total trade and other receivables
186.6
165.3
Fair values of trade and other receivables approximate their carrying amount due to short maturities. The Group applies the expected credit losses (ECL) model according to IFRS 9 for impairment of trade receivables, contract assets and other financial assets. Refer to note 14.3 Credit risk for more information. During 2025 the Group has sold on non-recourse basis EUR 188.9 million (138.7) of trade receivables to various financial institutions as part of vendor financing solutions and derecognized the amounts from the balance sheet at the time of receipt of payment. EUR 2.1 million (2.6) of the costs are included in EBIT and EUR 1.6 million (1.4) in the financial expenses . ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "20. Trade and other receivables
EUR million
31 Dec 2025
31 Dec 2024
Trade receivables, gross
87.9
90.5
Contract assets
81.1
58.9
Expected credit loss reservation
-0.8
-0.9
Trade receivables and contract assets, net
168.2
148.5
Derivative instruments
0.3
0.0
Income tax receivables
0.7
0.8
Indirect tax receivables
0.9
0.7
Other prepayments and accruals
14.3
12.5
Other receivables
2.4
2.7
Total trade and other receivables
186.6
165.3
Fair values of trade and other receivables approximate their carrying amount due to short maturities. The Group applies the expected credit losses (ECL) model according to IFRS 9 for impairment of trade receivables, contract assets and other financial assets. Refer to note 14.3 Credit risk for more information. During 2025 the Group has sold on non-recourse basis EUR 188.9 million (138.7) of trade receivables to various financial institutions as part of vendor financing solutions and derecognized the amounts from the balance sheet at the time of receipt of payment. EUR 2.1 million (2.6) of the costs are included in EBIT and EUR 1.6 million (1.4) in the financial expenses . ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "
21. Inventories
EUR million
31 Dec 2025
31 Dec 2024
Materials and supplies
6.8
6.3
Uninstalled project materials
31.5
13.0
Total
38.3
19.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "23. Trade and other payables
EUR million
31 Dec 2025
31 Dec 2024
Trade payables
60.5
61.5
Tax deferral in Sweden
17.1
\u2013
Other liabilities
3.1
3.1
Derivative financial liabilities
0.0
0.0
Indirect tax liabilities
16.0
15.6
Income tax liabilities
0.4
1.5
Accrued expenses and prepaid income
75.9
70.3
Total trade and other payables
173.0
152.0
Short-term portion of the tax deferral in Sweden is presented in trade and other payables and the long-term portion in other non-current liabilities in the bal- ance sheet. Accrued expenses consist of the following items:
EUR million
31 Dec 2025
31 Dec 2024
Accrued wages and salaries
36.3
35.9
Accrued indirect employee costs
13.9
14.3
Other accruals
25.7
20.1
Total
75.9
70.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "23. Trade and other payables
EUR million
31 Dec 2025
31 Dec 2024
Trade payables
60.5
61.5
Tax deferral in Sweden
17.1
\u2013
Other liabilities
3.1
3.1
Derivative financial liabilities
0.0
0.0
Indirect tax liabilities
16.0
15.6
Income tax liabilities
0.4
1.5
Accrued expenses and prepaid income
75.9
70.3
Total trade and other payables
173.0
152.0
Short-term portion of the tax deferral in Sweden is presented in trade and other payables and the long-term portion in other non-current liabilities in the bal- ance sheet. Accrued expenses consist of the following items:
EUR million
31 Dec 2025
31 Dec 2024
Accrued wages and salaries
36.3
35.9
Accrued indirect employee costs
13.9
14.3
Other accruals
25.7
20.1
Total
75.9
70.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "23. Trade and other payables
EUR million
31 Dec 2025
31 Dec 2024
Trade payables
60.5
61.5
Tax deferral in Sweden
17.1
\u2013
Other liabilities
3.1
3.1
Derivative financial liabilities
0.0
0.0
Indirect tax liabilities
16.0
15.6
Income tax liabilities
0.4
1.5
Accrued expenses and prepaid income
75.9
70.3
Total trade and other payables
173.0
152.0
Short-term portion of the tax deferral in Sweden is presented in trade and other payables and the long-term portion in other non-current liabilities in the bal- ance sheet. Accrued expenses consist of the following items:
EUR million
31 Dec 2025
31 Dec 2024
Accrued wages and salaries
36.3
35.9
Accrued indirect employee costs
13.9
14.3
Other accruals
25.7
20.1
Total
75.9
70.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "23. Trade and other payables
EUR million
31 Dec 2025
31 Dec 2024
Trade payables
60.5
61.5
Tax deferral in Sweden
17.1
\u2013
Other liabilities
3.1
3.1
Derivative financial liabilities
0.0
0.0
Indirect tax liabilities
16.0
15.6
Income tax liabilities
0.4
1.5
Accrued expenses and prepaid income
75.9
70.3
Total trade and other payables
173.0
152.0
Short-term portion of the tax deferral in Sweden is presented in trade and other payables and the long-term portion in other non-current liabilities in the bal- ance sheet. Accrued expenses consist of the following items:
EUR million
31 Dec 2025
31 Dec 2024
Accrued wages and salaries
36.3
35.9
Accrued indirect employee costs
13.9
14.3
Other accruals
25.7
20.1
Total
75.9
70.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "
22. Provisions
EUR million
31 Dec 2025
31 Dec 2024
Non-current
5.9
5.2
Current
3.1
3.8
Total
9.0
8.9
2025 Warranty Onerous contract Restructuring Other
EUR million provision provision provisions
provisions
Total
1 Jan
4.2
1.8
0.5
2.4
8.9
Additional provisions
2.9
0.2
1.3
0.6
5.0
Used provisions during year
-0.6
-0.5
-1.8
-1.1
-3.9
Unused amounts reversed
-0.8
-0.1
\u2013
-0.2
-1.1
Transfer between categories
\u2013
-0.5
\u2013
0.5
\u2013
Exchange rate differences
0.0
0.0
0.0
0.0
0.1
31 Dec
5.7
1.0
0.1
2.3
9.0
Non-current provisions consist mainly of warranty provisions and resto ration
provisions for right-of-use assets. Majority of the non-current provision for
warranties will materialize in two to four years\u2019 time from the balance sheet
date. Warranty provisions which are classified as current will materialize over
the next financial year. Based on past experience, the outcome of these war-
ranties will not give rise to any further significant losses.
Provisions for onerous contracts are based on management estimates of the
outcome of the project and based on facts and circumstances and other infor-
mation available at the reporting date, also taking into account any significant
events after the reporting period. The actual future outcome may deviate from
the estimate. At year-end 2025 other provisions comprise mainly restoration
provisions for right-of-use assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "22. Provisions
EUR million
31 Dec 2025
31 Dec 2024
Non-current
5.9
5.2
Current
3.1
3.8
Total
9.0
8.9
2025 Warranty Onerous contract Restructuring Other
EUR million provision provision provisions
provisions
Total
1 Jan
4.2
1.8
0.5
2.4
8.9
Additional provisions
2.9
0.2
1.3
0.6
5.0
Used provisions during year
-0.6
-0.5
-1.8
-1.1
-3.9
Unused amounts reversed
-0.8
-0.1
\u2013
-0.2
-1.1
Transfer between categories
\u2013
-0.5
\u2013
0.5
\u2013
Exchange rate differences
0.0
0.0
0.0
0.0
0.1
31 Dec
5.7
1.0
0.1
2.3
9.0
Non-current provisions consist mainly of warranty provisions and resto ration provisions for right-of-use assets. Majority of the non-current provision for warranties will materialize in two to four years\u2019 time from the balance sheet date. Warranty provisions which are classified as current will materialize over the next financial year. Based on past experience, the outcome of these war- ranties will not give rise to any further significant losses. Provisions for onerous contracts are based on management estimates of the outcome of the project and based on facts and circumstances and other infor- mation available at the reporting date, also taking into account any significant events after the reporting period. The actual future outcome may deviate from the estimate. At year-end 2025 other provisions comprise mainly restoration provisions for right-of-use assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "
24. Deferred tax
Deferred tax assets and liabilities
EUR million
31 Dec 2025
31 Dec 2024
Deferred tax assets
27.3
27.2
Deferred tax liabilities
-12.0
-10.7
Net deferred tax assets
15.2
16.4
The movement on the deferred income tax amount during the year:
EUR million
2025
2024
1 Jan
16.4
16.6
Recognized in the income statement
-1.0
3.5
Recognized in other comprehensive income:
Translation differences
-0.1
-0.3
Defined benefit plans
-0.0
-1.0
Hedge accounting
-0.0
\u2013
Divestments
\u2013
-2.4
31 Dec
15.2
16.4
Deferred income tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax liabilities and
when the deferred income taxes relate to the same fiscal authority.
The movement in deferred income tax assets and liabilities:
Deferred tax assets
Retirement Tax losses Other temporary
EUR million benefit obligations
carried forward
Leasing liabilities
differences
Total
1 Jan 2024
0.0
20.7
0.4
6.8
27.9
Opening balance adjustment
\u2013
\u2013
10.9
\u2013
10.9
Recognized in the income statement
\u2013
2.6
1.6
-0.6
3.6
Divestments
-0.0
\u2013
-0.2
-3.1
-3.3
Translation differences
\u2013
-0.4
-0.2
0.0
-0.6
Offsetting
\u2013
\u2013
-11.3
\u2013
-11.3
31 Dec 2024
\u2013
22.9
1.2
3.1
27.2
Opening balance adjustment of offsetting
\u2013
\u2013
11.3
\u2013
11.3
Recognized in the income statement
\u2013
0.2
-0.7
-0.4
-0.9
Recognized in other comprehensive income
\u2013
\u2013
\u2013
-0.0
-0.0
Translation differences
\u2013
0.8
0.2
0.0
1.0
Offsetting
\u2013
\u2013
-11.4
\u2013
-11.4
31 Dec 2025
\u2013
23.9
0.6
2.7
27.3
Deferred tax assets are recognized for tax loss carry forwards and temporary differences to the extent that the realization of the related tax benefit against future
taxable profits is probable. The future taxable profit estimate is based on current business plans approved by management.
Gross amount of EUR 23.9 million (22.9) deferred tax assets are recognized for losses carried forward, of which EUR 17.8 million (14.9) relates to operations
in Sweden. On 31 December 2025 the Group had in its main operational countries a total of EUR 142.4 million (140.5) tax losses for which no deferred tax asset
was recognized. These tax losses do not have expiry date.
Deferred tax liabilities
Retirement Fair value Right-of-use Other temporary
EUR million benefit asset adjustment assets
differences
Total
1 Jan 2024
1.8
4.8
0.0
4.6
11.3
Opening balance adjustment
\u2013
\u2013
10.9
\u2013
10.9
Recognized in the income statement
-0.4
\u2013
0.9
-0.3
0.1
Recognized in other comprehensive income
1.0
\u2013
\u2013
\u2013
1.0
Divestments
\u2013
\u2013
-0.2
-0.7
-0.9
Translation differences
-0.1
-0.0
-0.2
-0.0
-0.3
Offsetting
\u2013
\u2013
-11.3
\u2013
-11.3
31 Dec 2024
2.3
4.8
0.0
3.5
10.7
Opening balance adjustment of offsetting
\u2013
\u2013
11.3
\u2013
11.3
Recognized in the income statement
-0.0
\u2013
-0.1
0.2
0.1
Recognized in other comprehensive income
0.0
\u2013
\u2013
0.0
0.1
Translation differences
0.1
0.5
0.2
0.4
1.2
Offsetting
\u2013
\u2013
-11.4
\u2013
-11.4
31 Dec 2025
2.5
5.4
0.0
4.1
12.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "
25. Acquisitions and disposals
There were no acquisitions or disposals during 2025.
Disposal of Polish High Voltage business in 2024
In April 2024, Eltel signed an agreement to divest its Polish High Voltage busi-
ness via sale of 100% of the shares in Eltel Networks Energetyka S.A. and Eltel
Networks Engineering S.A. to Mutares SE & Co. KGaA, a listed private equity
investor headquartered in Munich, Germany. The transaction was completed
on 6 June 2024 following receipt of customary regulatory approval. The trans-
action was made in cash and it had negative cash flow impacts of EUR 4.0
million in the second quarter of 2024 and EUR 0.6 million in the third quarter
of 2024. Total negative cash flow impact for January-December 2024 was EUR
4.6 million.
In the first quarter of 2024 the Polish High Voltage business was recognized
as asset held for sale, resulting in a negative impact on Group EBIT of EUR
23.2 million. The negative impact on Group EBIT in January-December 2024
was EUR 23.1 million, recognized in other expenses in the income statement.
Until the divestment in 2024, the net sales in High Voltage Poland amount-
ed to EUR 13.6 million and the adjusted EBITA amounted to EUR -1.0 million.
In 2023, the net sales in High Voltage Poland amounted to EUR 36.3 million,
adjusted EBITA amounted to EUR -4.9 million and the business consisted of
about 410 employees. After completion of the divestment, Eltel no longer has
any High Voltage business in Poland.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "
26. Non-controlling interests
EUR million
Summarized statement of balance sheet
Subsidiaries with
non-controlling interest
31 Dec 2025
31 Dec 2024
Current assets
32.7
30.9
Non-current assets
5.4
5.4
Total assets
38.1
36.3
Current liabilities
13.7
12.8
Non-current liabilities
3.2
3.4
Total liabilities
16.9
16.2
Equity:
Shareholders\u2019 equity
21.2
20.1
Non-controlling interest
8.5
8.0
Summarized income statement
2025
2024
Net sales
43.1
40.4
Net result
2.4
1.6
Total comprehensive income
2.4
1.6
Total comprehensive income allocated to non-controlling interests
1.0
0.6
Dividends paid to non-controlling interest
-0.5
-0.2
Summarized cash flows
2025
2024
Cash flow from operating activities
4.4
5.9
Cash flow from investing activities
-0.1
0.0
Cash flow from financing activities
-4.3
-5.9
% of ownership
60%
60%
Eltel Networks Pohjoinen Oy, in Finland, is a subsidiary in which non-controlling interest holds 40% of the shares and voting rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "
27. Intangible assets
Other
2025 Customer Order Advances intangible
EUR million
Goodwill
relationship
backlog
Brand
paid
assets
Total
Cost 1 Jan
472.3
128.9
13.4
46.9
0.2
32.2
693.9
Additions
\u2013
\u2013
\u2013
\u2013
3.1
0.1
3.2
Reclassification from property,
plant and equipment
\u2013
\u2013
\u2013
\u2013
-0.5
4.4
3.9
Translation differences
4.4
3.3
0.4
0.6
\u2013
0.2
8.9
Cost 31 Dec
476.8
132.3
13.8
47.5
2.8
36.9
710.0
Accumulated amortization
and impairment 1 Jan
223.0
128.9
13.4
20.8
0.0
28.3
414.3
Amortization during the year
\u2013
\u2013
\u2013
\u2013
\u2013
2.5
2.5
Reclassification from property,
plant and equipment
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
3.9
Translation differences
\u2013
3.3
0.4
\u2013
\u2013
0.2
3.9
Accumulated amortization
and impairment 31 Dec
223.0
132.3
13.8
20.8
0.0
34.8
424.6
Carrying value 1 Jan
249.3
0.0
0.0
26.2
0.2
3.9
279.6
Carrying value 31 Dec
253.7
0.0
0.0
26.7
2.8
2.1
285.3
Other
2024 Customer Order Advances intangible
EUR million
Goodwill
relationship
backlog
Brand
paid
assets
Total
Cost 1 Jan
476.7
130.7
13.6
47.2
0.2
33.9
702.2
Additions
\u2013
\u2013
\u2013
\u2013
0.1
0.3
0.3
Divestments
\u2013
\u2013
\u2013
\u2013
0.0
-1.8
-1.8
Reclassification from property,
plant and equipment
\u2013
\u2013
\u2013
\u2013
0.0
0.1
0.1
Translation differences
-4.3
-1.7
-0.2
-0.3
0.0
-0.3
-6.9
Cost 31 Dec
472.3
128.9
13.4
46.9
0.2
32.2
693.9
Accumulated amortization
and impairment 1 Jan
223.0
130.7
13.6
20.8
0.0
27.6
415.6
Accumulated amortization
of divestments
\u2013
\u2013
\u2013
\u2013
\u2013
-1.8
-1.8
Amortization during the year
\u2013
\u2013
\u2013
\u2013
\u2013
2.6
2.6
Translation differences
\u2013
-1.7
-0.2
\u2013
0.0
-0.2
-2.1
Accumulated amortization
and impairment 31 Dec
223.0
128.9
13.4
20.8
0.0
28.3
414.3
Carrying value 1 Jan
253.6
0.0
0.0
26.5
0.2
6.3
286.6
Carrying value 31 Dec
249.3
0.0
0.0
26.2
0.2
3.9
279.6
Value of customer relationship and Eltel brand origin from the acquisition of Eltel\u2019s business.
The Eltel brand is not amortized, because it has been assessed that it has an indefinite useful life. No foreseeable limit
to the period over which it is expected to generate net cash inflows for the Group can be seen. Eltel brand is tested for
impairment annually together with goodwill.
Allocation of goodwill and brand
Eltel organizes its business through segments. Starting from 1 January 2025 the segments are Finland, Sweden, Den-
mark & Germany and Norway. Testing of goodwill and brand is based on cash generating units (CGUs), where Denmark
and Germany are considered separate CGUs.
The values and pre-tax discount rates used in valuation are presented in following table.
2025
2024
EUR million
Brand
Goodwill
WACC
Brand
Goodwill
WACC
CGU Finland
8.2
79.7
10.6%
8.2
79.7
10.8%
CGU Sweden
5.9
57.8
9.8%
5.6
54.7
10.0%
CGU Denmark
3.5
34.4
10.0%
3.5
34.4
10.1%
CGU Germany
0.9
8.8
11.4%
0.9
8.7
11.6%
CGU Norway
8.1
72.2
10.0%
7.8
70.8
10.4%
Other units
0.1
0.9
12.0%
0.1
0.9
11.9%
Total
26.7
253.7
26.2
249.3
The recoverable amount of above cash generating units (CGUs) is determined based on value-in-use calculations.
These calculations use pre-tax cash flow projections based on business plans approved by management covering a
five-year period. Cash flows beyond the five-year period are extrapolated using a growth rate of 1.5% (1.5) in average
which does not exceed the long-term average growth rate for the businesses in which the Group operates.
The key assumptions used for value-in-use calculations are:
1. The sales volumes of the business plan \u2013 determined based on past performance and existing and planned con-
tracts with clients.
2. Profitability of the business plan \u2013 determined based on previous years actual profitability and the planned actions
to increase the profitability; EBITA.
3. Discount rate (pre-tax) \u2013 determined based on the weighted average cost of capital (WACC) which describes the
total cost of debt and equity considering the risks specific to the business.
The discount rates used in calculations reflect the current state of macroeconomic uncertainty and risks specific to the
business.
The annual impairment test conducted for year-end 2025 or 2024 resulted in no impairment. At year-end 2024 the
value of goodwill in country unit Norway was sensitive to impairment. Restructuring activities were initiated during Q3
2024 and finalized during 2025. Focus on margin and profitability rather than volumes has resulted in improved profit-
ability in 2025. The efforts to expand customer base are yielding positive results and in future years an increasing focus
will be on growth. Eltel follows any triggering events and impairment test is conducted in case of any indicators of im-
pairment.
At year-end, the recoverable amount for CGU Norway exceeds the carrying amount by 15% (8) and use of pre-tax
WACC of 11.0% (11.0), reduction of perpetual growth to below 0.2% (0.7) or reduction in EBITA by 2.4 percentage points
(1.3) would change the recoverable amount to be equal to its carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "27. Intangible assets
Other
2025 Customer Order Advances intangible
EUR million
Goodwill
relationship
backlog
Brand
paid
assets
Total
Cost 1 Jan
472.3
128.9
13.4
46.9
0.2
32.2
693.9
Additions
\u2013
\u2013
\u2013
\u2013
3.1
0.1
3.2
Reclassification from property,
plant and equipment
\u2013
\u2013
\u2013
\u2013
-0.5
4.4
3.9
Translation differences
4.4
3.3
0.4
0.6
\u2013
0.2
8.9
Cost 31 Dec
476.8
132.3
13.8
47.5
2.8
36.9
710.0
Accumulated amortization
and impairment 1 Jan
223.0
128.9
13.4
20.8
0.0
28.3
414.3
Amortization during the year
\u2013
\u2013
\u2013
\u2013
\u2013
2.5
2.5
Reclassification from property,
plant and equipment
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
3.9
Translation differences
\u2013
3.3
0.4
\u2013
\u2013
0.2
3.9
Accumulated amortization
and impairment 31 Dec
223.0
132.3
13.8
20.8
0.0
34.8
424.6
Carrying value 1 Jan
249.3
0.0
0.0
26.2
0.2
3.9
279.6
Carrying value 31 Dec
253.7
0.0
0.0
26.7
2.8
2.1
285.3
Other
2024 Customer Order Advances intangible
EUR million
Goodwill
relationship
backlog
Brand
paid
assets
Total
Cost 1 Jan
476.7
130.7
13.6
47.2
0.2
33.9
702.2
Additions
\u2013
\u2013
\u2013
\u2013
0.1
0.3
0.3
Divestments
\u2013
\u2013
\u2013
\u2013
0.0
-1.8
-1.8
Reclassification from property,
plant and equipment
\u2013
\u2013
\u2013
\u2013
0.0
0.1
0.1
Translation differences
-4.3
-1.7
-0.2
-0.3
0.0
-0.3
-6.9
Cost 31 Dec
472.3
128.9
13.4
46.9
0.2
32.2
693.9
Accumulated amortization
and impairment 1 Jan
223.0
130.7
13.6
20.8
0.0
27.6
415.6
Accumulated amortization
of divestments
\u2013
\u2013
\u2013
\u2013
\u2013
-1.8
-1.8
Amortization during the year
\u2013
\u2013
\u2013
\u2013
\u2013
2.6
2.6
Translation differences
\u2013
-1.7
-0.2
\u2013
0.0
-0.2
-2.1
Accumulated amortization
and impairment 31 Dec
223.0
128.9
13.4
20.8
0.0
28.3
414.3
Carrying value 1 Jan
253.6
0.0
0.0
26.5
0.2
6.3
286.6
Carrying value 31 Dec
249.3
0.0
0.0
26.2
0.2
3.9
279.6
Value of customer relationship and Eltel brand origin from the acquisition of Eltel\u2019s business. The Eltel brand is not amortized, because it has been assessed that it has an indefinite useful life. No foreseeable limit to the period over which it is expected to generate net cash inflows for the Group can be seen. Eltel brand is tested for impairment annually together with goodwill. Allocation of goodwill and brand Eltel organizes its business through segments. Starting from 1 January 2025 the segments are Finland, Sweden, Den- mark & Germany and Norway. Testing of goodwill and brand is based on cash generating units (CGUs), where Denmark and Germany are considered separate CGUs. The values and pre-tax discount rates used in valuation are presented in following table.
2025
2024
EUR million
Brand
Goodwill
WACC
Brand
Goodwill
WACC
CGU Finland
8.2
79.7
10.6%
8.2
79.7
10.8%
CGU Sweden
5.9
57.8
9.8%
5.6
54.7
10.0%
CGU Denmark
3.5
34.4
10.0%
3.5
34.4
10.1%
CGU Germany
0.9
8.8
11.4%
0.9
8.7
11.6%
CGU Norway
8.1
72.2
10.0%
7.8
70.8
10.4%
Other units
0.1
0.9
12.0%
0.1
0.9
11.9%
Total
26.7
253.7
26.2
249.3
The recoverable amount of above cash generating units (CGUs) is determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on business plans approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using a growth rate of 1.5% (1.5) in average which does not exceed the long-term average growth rate for the businesses in which the Group operates. The key assumptions used for value-in-use calculations are: 1. The sales volumes of the business plan \u2013 determined based on past performance and existing and planned con- tracts with clients. 2. Profitability of the business plan \u2013 determined based on previous years actual profitability and the planned actions to increase the profitability; EBITA. 3. Discount rate (pre-tax) \u2013 determined based on the weighted average cost of capital (WACC) which describes the total cost of debt and equity considering the risks specific to the business. The discount rates used in calculations reflect the current state of macroeconomic uncertainty and risks specific to the business. The annual impairment test conducted for year-end 2025 or 2024 resulted in no impairment. At year-end 2024 the value of goodwill in country unit Norway was sensitive to impairment. Restructuring activities were initiated during Q3 2024 and finalized during 2025. Focus on margin and profitability rather than volumes has resulted in improved profit- ability in 2025. The efforts to expand customer base are yielding positive results and in future years an increasing focus will be on growth. Eltel follows any triggering events and impairment test is conducted in case of any indicators of im- pairment. At year-end, the recoverable amount for CGU Norway exceeds the carrying amount by 15% (8) and use of pre-tax WACC of 11.0% (11.0), reduction of perpetual growth to below 0.2% (0.7) or reduction in EBITA by 2.4 percentage points (1.3) would change the recoverable amount to be equal to its carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "27. Intangible assets
Other
2025 Customer Order Advances intangible
EUR million
Goodwill
relationship
backlog
Brand
paid
assets
Total
Cost 1 Jan
472.3
128.9
13.4
46.9
0.2
32.2
693.9
Additions
\u2013
\u2013
\u2013
\u2013
3.1
0.1
3.2
Reclassification from property,
plant and equipment
\u2013
\u2013
\u2013
\u2013
-0.5
4.4
3.9
Translation differences
4.4
3.3
0.4
0.6
\u2013
0.2
8.9
Cost 31 Dec
476.8
132.3
13.8
47.5
2.8
36.9
710.0
Accumulated amortization
and impairment 1 Jan
223.0
128.9
13.4
20.8
0.0
28.3
414.3
Amortization during the year
\u2013
\u2013
\u2013
\u2013
\u2013
2.5
2.5
Reclassification from property,
plant and equipment
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
3.9
Translation differences
\u2013
3.3
0.4
\u2013
\u2013
0.2
3.9
Accumulated amortization
and impairment 31 Dec
223.0
132.3
13.8
20.8
0.0
34.8
424.6
Carrying value 1 Jan
249.3
0.0
0.0
26.2
0.2
3.9
279.6
Carrying value 31 Dec
253.7
0.0
0.0
26.7
2.8
2.1
285.3
Other
2024 Customer Order Advances intangible
EUR million
Goodwill
relationship
backlog
Brand
paid
assets
Total
Cost 1 Jan
476.7
130.7
13.6
47.2
0.2
33.9
702.2
Additions
\u2013
\u2013
\u2013
\u2013
0.1
0.3
0.3
Divestments
\u2013
\u2013
\u2013
\u2013
0.0
-1.8
-1.8
Reclassification from property,
plant and equipment
\u2013
\u2013
\u2013
\u2013
0.0
0.1
0.1
Translation differences
-4.3
-1.7
-0.2
-0.3
0.0
-0.3
-6.9
Cost 31 Dec
472.3
128.9
13.4
46.9
0.2
32.2
693.9
Accumulated amortization
and impairment 1 Jan
223.0
130.7
13.6
20.8
0.0
27.6
415.6
Accumulated amortization
of divestments
\u2013
\u2013
\u2013
\u2013
\u2013
-1.8
-1.8
Amortization during the year
\u2013
\u2013
\u2013
\u2013
\u2013
2.6
2.6
Translation differences
\u2013
-1.7
-0.2
\u2013
0.0
-0.2
-2.1
Accumulated amortization
and impairment 31 Dec
223.0
128.9
13.4
20.8
0.0
28.3
414.3
Carrying value 1 Jan
253.6
0.0
0.0
26.5
0.2
6.3
286.6
Carrying value 31 Dec
249.3
0.0
0.0
26.2
0.2
3.9
279.6
Value of customer relationship and Eltel brand origin from the acquisition of Eltel\u2019s business. The Eltel brand is not amortized, because it has been assessed that it has an indefinite useful life. No foreseeable limit to the period over which it is expected to generate net cash inflows for the Group can be seen. Eltel brand is tested for impairment annually together with goodwill. Allocation of goodwill and brand Eltel organizes its business through segments. Starting from 1 January 2025 the segments are Finland, Sweden, Den- mark & Germany and Norway. Testing of goodwill and brand is based on cash generating units (CGUs), where Denmark and Germany are considered separate CGUs. The values and pre-tax discount rates used in valuation are presented in following table.
2025
2024
EUR million
Brand
Goodwill
WACC
Brand
Goodwill
WACC
CGU Finland
8.2
79.7
10.6%
8.2
79.7
10.8%
CGU Sweden
5.9
57.8
9.8%
5.6
54.7
10.0%
CGU Denmark
3.5
34.4
10.0%
3.5
34.4
10.1%
CGU Germany
0.9
8.8
11.4%
0.9
8.7
11.6%
CGU Norway
8.1
72.2
10.0%
7.8
70.8
10.4%
Other units
0.1
0.9
12.0%
0.1
0.9
11.9%
Total
26.7
253.7
26.2
249.3
The recoverable amount of above cash generating units (CGUs) is determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on business plans approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using a growth rate of 1.5% (1.5) in average which does not exceed the long-term average growth rate for the businesses in which the Group operates. The key assumptions used for value-in-use calculations are: 1. The sales volumes of the business plan \u2013 determined based on past performance and existing and planned con- tracts with clients. 2. Profitability of the business plan \u2013 determined based on previous years actual profitability and the planned actions to increase the profitability; EBITA. 3. Discount rate (pre-tax) \u2013 determined based on the weighted average cost of capital (WACC) which describes the total cost of debt and equity considering the risks specific to the business. The discount rates used in calculations reflect the current state of macroeconomic uncertainty and risks specific to the business. The annual impairment test conducted for year-end 2025 or 2024 resulted in no impairment. At year-end 2024 the value of goodwill in country unit Norway was sensitive to impairment. Restructuring activities were initiated during Q3 2024 and finalized during 2025. Focus on margin and profitability rather than volumes has resulted in improved profit- ability in 2025. The efforts to expand customer base are yielding positive results and in future years an increasing focus will be on growth. Eltel follows any triggering events and impairment test is conducted in case of any indicators of im- pairment. At year-end, the recoverable amount for CGU Norway exceeds the carrying amount by 15% (8) and use of pre-tax WACC of 11.0% (11.0), reduction of perpetual growth to below 0.2% (0.7) or reduction in EBITA by 2.4 percentage points (1.3) would change the recoverable amount to be equal to its carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "Allocation of goodwill and brand Eltel organizes its business through segments. Starting from 1 January 2025 the segments are Finland, Sweden, Den- mark & Germany and Norway. Testing of goodwill and brand is based on cash generating units (CGUs), where Denmark and Germany are considered separate CGUs. The values and pre-tax discount rates used in valuation are presented in following table.
2025
2024
EUR million
Brand
Goodwill
WACC
Brand
Goodwill
WACC
CGU Finland
8.2
79.7
10.6%
8.2
79.7
10.8%
CGU Sweden
5.9
57.8
9.8%
5.6
54.7
10.0%
CGU Denmark
3.5
34.4
10.0%
3.5
34.4
10.1%
CGU Germany
0.9
8.8
11.4%
0.9
8.7
11.6%
CGU Norway
8.1
72.2
10.0%
7.8
70.8
10.4%
Other units
0.1
0.9
12.0%
0.1
0.9
11.9%
Total
26.7
253.7
26.2
249.3
The recoverable amount of above cash generating units (CGUs) is determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on business plans approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using a growth rate of 1.5% (1.5) in average which does not exceed the long-term average growth rate for the businesses in which the Group operates. The key assumptions used for value-in-use calculations are: 1. The sales volumes of the business plan \u2013 determined based on past performance and existing and planned con- tracts with clients. 2. Profitability of the business plan \u2013 determined based on previous years actual profitability and the planned actions to increase the profitability; EBITA. 3. Discount rate (pre-tax) \u2013 determined based on the weighted average cost of capital (WACC) which describes the total cost of debt and equity considering the risks specific to the business. The discount rates used in calculations reflect the current state of macroeconomic uncertainty and risks specific to the business. The annual impairment test conducted for year-end 2025 or 2024 resulted in no impairment. At year-end 2024 the value of goodwill in country unit Norway was sensitive to impairment. Restructuring activities were initiated during Q3 2024 and finalized during 2025. Focus on margin and profitability rather than volumes has resulted in improved profit- ability in 2025. The efforts to expand customer base are yielding positive results and in future years an increasing focus will be on growth. Eltel follows any triggering events and impairment test is conducted in case of any indicators of im- pairment. At year-end, the recoverable amount for CGU Norway exceeds the carrying amount by 15% (8) and use of pre-tax WACC of 11.0% (11.0), reduction of perpetual growth to below 0.2% (0.7) or reduction in EBITA by 2.4 percentage points (1.3) would change the recoverable amount to be equal to its carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "
28. Property, plant and equipment
2025 Machinery and
EUR million
Land
Buildings
equipment
Total
Cost 1 Jan
0.0
0.2
55.5
55.7
Additions
\u2013
\u2013
2.5
2.5
Disposals
\u2013
\u2013
-1.9
-1.9
Reclassification to intangible assets
\u2013
\u2013
-3.9
-3.9
Translation differences
\u2013
\u2013
1.0
1.0
Cost 31 Dec
0.0
0.2
53.2
53.3
Accumulated depreciation 1 Jan
0.0
0.1
49.7
49.8
Accumulated depreciation of disposals
\u2013
\u2013
-1.9
-1.9
Depreciation during the year
\u2013
0.0
2.8
2.8
Reclassification to intangible assets
\u2013
\u2013
-3.9
-3.9
Impairment
\u2013
\u2013
0.1
0.1
Translation differences
\u2013
\u2013
0.8
0.8
Accumulated depreciation 31 Dec
0.0
0.1
47.6
47.8
Carrying value 1 Jan
0.0
0.1
5.8
5.9
Carrying value 31 Dec
0.0
0.0
5.6
5.6
2024 Machinery and
EUR million
Land
Buildings
equipment
Total
Cost 1 Jan
0.1
1.0
73.8
74.8
Additions
\u2013
0.0
2.0
2.1
Disposals
\u2013
0.0
-0.1
-0.1
Divestments
-0.1
-0.8
-19.5
-20.4
Reclassification to intangible assets
\u2013
\u2013
-0.1
-0.1
Translation differences
0.0
0.0
-0.6
-0.6
Cost 31 Dec
0.0
0.2
55.5
55.7
Accumulated depreciation 1 Jan
0.1
0.4
63.9
64.3
Accumulated depreciation of disposals
\u2013
\u2013
0.0
0.0
Accumulated depreciation of divestments
-0.1
-0.3
-17.1
-17.5
Depreciation during the year
\u2013
0.0
3.5
3.5
Impairment
\u2013
\u2013
0.0
0.0
Translation differences
0.0
0.0
-0.5
-0.5
Accumulated depreciation 31 Dec
0.0
0.1
49.7
49.8
Carrying value 1 Jan
0.0
0.6
9.9
10.5
Carrying value 31 Dec
0.0
0.1
5.8
5.9
Right-of-use assets are not included in property, plant and equipment. See following note 29 for more information about
leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "
29. Leasing
Under IFRS 16 Eltel recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability
representing its obligation to make lease payments. Right-of-use assets are depreciated on a straight-line basis and
an interest expense is recognized under financing expenses for the lease liabilities. IFRS 16 requires use of estimates
for valuating contracts that are valid until further notice (continuous contracts). Lengths of these contracts have been
estimated based on expected usage in current business operations.
IFRS 16 leasing expenses in income statement
EUR million
2025
2024
Depreciation and impairment losses
Depreciation of right-of-use assets
24.5
25.5
Impairment losses on right-of-use assets
\u2013
3.1
Other operating expenses
Short-term lease expense
1.6
2.8
Expense for leases of low-value assets
1.9
2.6
Financial expenses
Interest expense on lease liabilities
2.5
2.8
Total
30.6
36.8
Right-of-use assets
Machinery and
EUR million
Buildings
equipment
Total
1 Jan 2024
20.5
31.4
51.9
Additions
10.8
25.0
35.9
Depreciation
-8.9
-16.6
-25.5
Impairment losses
-0.2
-2.9
-3.1
Divestments
-0.9
-0.2
-1.0
Other
-2.2
-2.5
-4.7
31 Dec 2024
19.2
34.3
53.5
Additions
13.0
16.0
28.9
Depreciation
-8.6
-15.9
-24.5
Other
-2.7
-1.8
-4.5
31 Dec 2025
20.9
32.6
53.5
Leasing liabilities
EUR million
Non-current
Current
Total
1 Jan 2024
33.9
19.9
53.9
Changes during the year
2.8
3.1
5.9
Divestments
-0.8
-0.3
-1.1
31 Dec 2024
36.0
22.7
58.7
Changes during the year
-2.4
-0.7
-3.1
31 Dec 2025
33.6
22.0
55.6
The total cash outflow for leases in 2025 amounted EUR 33.8 million (33.4). Maturity analysis of leasing liabilities is
presented in note 14.2 Liquidity risk. In addition, the Group is committed to EUR 0.2 million (0.4) future lease payments
for short-term lease commitments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "30. Remuneration to senior executives
Number of key executives
31 Dec 2025
31 Dec 2024
Board of Directors
Men
4
4
Women
2
2
Other key executives
Men
4
5
Women
5
4
Total
15
15
There has been no change in the gender distribution in the Board of Directors during 2025. Guidelines for remuneration to senior executives Eltel AB\u2019s Annual General Meeting 2024 approved the new guidelines for remu- neration to senior executives. Information regarding the guidelines is present- ed in the Board of Directors\u2019 report, on pages 68-75.
Board of Director\u2019s fees
EUR thousands
2025
2024
Per Sj\u00f6strand
119
79
Ann Emilson
1)
15
45
Gunilla Fransson
\u2013
18
Ulf Mattsson
\u2013
40
Johan Nordstr\u00f6m
37
24
Joakim Olsson
50
45
Riitta Palom\u00e4ki
2)
35
\u2013
Erja Sankari
45
45
Roland Sund\u00e9n
56
58
Total
356
353
1) Until April 2025. 2) From May 2025 onwards.
Other key executives compensation
2025
2024
H\u00e5kan Other senior H\u00e5kan Other senior
EUR thousands Dahlstr\u00f6m
executives
1)
Dahlstr\u00f6m
executives
1)
Fixed salary
591
1,919
551
1,796
Annual variable
salary
410
679
160
423
Long-time
variable salary
-18
41
45
59
Pension
168
431
157
379
Other benefits
1
54
1
54
Total
1,153
3,123
913
2,710
1) 8 individuals in 2025 and 2024. Variable salary, other remuneration and pensions refer to amounts that were recorded as expense according to IFRS. The long-term variable salary refers to provisions made for the LTIP programs. Salaries, remuneration and benefits Salaries and other remuneration to the Board of Directors and senior execu- tives excluding pensions and other benefits amounted to EUR 4.0 million (3.4) of which the fixed salaries amounted to EUR 2.9 million (2.7) including fees to the Board of Directors of EUR 0.4 million (0.4). Out of this, variable salaries in- cluding provisions for LTIP 2022, LTIP 2023, LTIP 2024 and LTIP 2025 amount- ed to EUR 1.1 million (0.7). The defined contribution pension plans for senior executives amounted to EUR 0.6 million (0.5) and the amount of other indirect employee costs for senior executives amounted to EUR 0.9 million (0.7). The short-term variable salary component is based on predetermined and measurable financial and individual targets. The criteria are recommended by the Remuneration Committee and ultimately determined by the Board of Di- rectors. The short-term variable salary can amount to a maximum of 80% of the fixed base salary for the CEO and 60% for other members of GMT. The pension terms of the CEO and other senior executives in the Group Management Team (GMT) are market-based in relation to terms that generally apply to comparable executives and reflect the applicable laws and estab- lished practices in different countries. The CEO has a notice period of twelve months in case of termination from the company and twelve months in the event of his resignation. The notice pe- riod for other senior executives is twelve months in case of termination from the company and six months in the event of their own resignation. In the event of termination by the company, the CEO is entitled to a severance pay equiva- lent to 12 months base salary. Long-term incentive programs LTIP 2022 Eltel AB\u2019s Annual General Meeting 2022 adopted a long-term incentive program (\u201cLTIP 2022\u201d) for senior executives and other key individuals in order to encour- age a personal long-term ownership in the company, and in order to increase and strengthen the potential for recruiting, retaining and motivating such sen- ior executives and key individuals. Participation in LTIP 2022 assumed that the participant acquired and locked Eltel Shares into LTIP 2022 (\u201cSavings Shares\u201d). For each acquired Savings Share, the participant was entitled to, after a cer- tain vesting period, provided continued employment and dependent on the fulfilment of certain performance requirements linked to the company\u2019s Com- pound Annual Growth Rate of Revenue (\u201cCAGR of Revenue\u201d), Average Earn- ings Margin Before Interest, Taxes and Amortization (\u201cAverage EBITA Margin\u201d) and Total Shareholder Return (\u201cTSR\u201d), receive allotment of Eltel Shares (\"Per- formance Shares\") and call options issued by the company (\"Performance Options\"). LTIP 2022 was terminated during the second quarter of 2025 and the perfor- mance requirement linked to TSR was not met. In accordance with the terms of LTIP 2022, no allotment of Performance Shares or Performance Options was made. LTIP 2023 Eltel AB\u2019s Annual General Meeting 2023 adopted a long-term incentive program (\u201cLTIP 2023\u201d) for senior executives and other key individuals in order to encour- age a personal long-term ownership in the company, and in order to increase and strengthen the potential for recruiting, retaining and motivating such sen- ior executives and key individuals. The participants are based in Sweden and other countries where the Eltel Group is active. Participation in the LTIP 2023 assumes that the participant acquires and locks Eltel Shares into LTIP 2023 (\u201cSavings Shares\u201d). Savings Shares shall be newly acquired Eltel Shares. Participants will, after a qualifying period and assuming an investment of their own in Eltel Shares, be given the opportunity to, without consideration, receive allotments of Eltel Shares (defined below) and exercise options issued by the company. The number of allotted Eltel Shares and options will depend on the number of Eltel Shares that they have purchased themselves and on the fulfilment of certain performance requirements. Eltel Shares are ordinary shares in the company (\u201cEltel Shares\u201d). The term of LTIP 2023 is more than three years. For each acquired Savings Share, the participant shall be entitled to, after a certain vesting period (defined below), provided continued employment and dependent on the fulfilment of certain performance requirements during the financial years 2023\u20132025, receive allotment of Eltel Shares (\u201cPerformance Shares\u201d) and exercise options issued by the company (\u201cPerformance Options\u201d). The performance requirements are linked to the company\u2019s Compound Annual Growth Rate of Revenue (\u201cCAGR of Revenue\u201d), Average Earnings Mar- gin Before Interest, Taxes and Amortization (\u201cAverage EBITA Margin\u201d) and Total Shareholder Return (\u201cTSR\u201d). The participant shall not pay any consideration for the allotted Performance Shares and Performance Options. Performance Shares are Eltel Shares and Performance Options are call options issued by the company. The exercise price when the participant exercises the Performance Option shall correspond to 120% of the volume-weighted average price according to Nasdaq Stockholm\u2019s official price list for the Eltel Share during the first ten trading days that directly follows the Annual General Meeting 2023 (the \u201cPur- chase Price\u201d). Customary recalculation of the Purchase Price as well as of the number of Eltel Shares that each Performance Option corresponds to may occur if the share capital or the number of shares in the company changes due to bonus issue, split or reverse split, redemption of shares, certain new issues and other similar corporate events, and if certain other measures are taken. The exercise of the Performance Options may be carried out using so called net strike. To be eligible to participate in LTIP 2023, the participant must invest in Sav- ings Shares for an amount corresponding to approximately five (5) % of the participant\u2019s fixed base salary for the financial year 2023, however, not ex- ceeding the number of Savings Shares that the participant can tie up within the scope of LTIP 2023 according to the below. The Savings Shares covered by the LTIP 2023 were acquired in a structured way in ordinary trading in the stock market during a certain period of time. On balance sheet date, the LTIP 2023 comprises a maximum of 276,000 Per- formance Shares and 276,000 Performance Options, corresponding to ap- proximately 0.3% of the total outstanding shares and 0.4% of the votes in the Company. Allotment of Performance Shares and Performance Options within LTIP 2023 will be made during a limited period of time following the latter of the date of (i) the presentation of the first quarterly report for the first quarter of 2026, and (ii) the first record date for dividends decided by the Annual General Meeting 2026. The period up to this date is referred to as the qualification pe- riod (vesting period). LTIP 2023 program is directed towards three categories of participants:
Savings Shares Performance Performance
maximum per Shares per Options per
Category person Savings Share Savings Share
A CEO
22,000
8.0\u00d7
8.0\u00d7
B Group Management Team
1)
7,000
8.0\u00d7
8.0\u00d7
C Other key individuals
2)
5,500
8.0\u00d7
8.0\u00d7
1) Maximum 8 persons. 2) Maximum 4 persons. LTIP 2024 Eltel AB\u2019s Annual General Meeting 2024 adopted a long-term incentive program (\u201cLTIP 2024\u201d) for senior executives and other key individuals in order to encour- age a personal long-term ownership in the company, and in order to increase and strengthen the potential for recruiting, retaining and motivating such sen- ior executives and key individuals. The participants are based in Sweden and other countries where the Eltel Group is active. Participation in the LTIP 2024 assumes that the participant acquires and locks Eltel Shares into LTIP 2024 (\u201cSavings Shares\u201d). Savings Shares shall be newly acquired Eltel Shares or Eltel Shares held by the participant, but which do not constitute Savings Shares in any other long-term incentive program introduced by the company. Participants will, after a qualifying period and assuming an investment of their own in Eltel Shares, be given the opportunity to, without consideration, receive allotments of Eltel Shares (defined below) and, if applicable, exercise options issued by the company. The number of allotted Eltel Shares and, if applicable, options will depend on the number of Eltel Shares that they have purchased themselves and on the fulfilment of certain performance require- ments. Eltel Shares are ordinary shares in the company (\u201cEltel Shares\u201d). The term of LTIP 2024 is three years. For each acquired Savings Share, the participant shall be entitled to, after a certain vesting period (defined below), provided continued employment and dependent on the fulfilment of certain performance requirements during the financial years 2024\u20132026, receive allotment of Eltel Shares (\u201cPerformance Shares\u201d) and, if applicable, exercise options issued by the company (\u201cPerfor- mance Options\u201d). The performance requirements are linked to the company\u2019s Compound Annual Growth Rate of Revenue (\u201cCAGR of Revenue\u201d), Average Adjusted Op- erative Earnings Margin Before Interest, Taxes and Amortization (\u201cAverage Ad- justed Operative EBITA Margin\u201d) and Total Shareholder Return (\u201cTSR\u201d). The par- ticipant shall not pay any consideration for the allotted Performance Shares and, if applicable, Performance Options. Performance Shares are Eltel Shares and Performance Options are call options issued by the company. The exercise price when the participant exercises the Performance Option shall correspond to 120% of the volume-weighted average price according to Nasdaq Stockholm\u2019s official price list for the Eltel Share during the first ten trading days that directly follows 14 May 2024 (the \u201cPurchase Price\u201d). Custom- ary recalculation of the Purchase Price as well as of the number of Eltel Shares that each Performance Option corresponds to may occur if the share capital or the number of shares in the company changes due to bonus issue, split or reverse split, redemption of shares, certain new issues and other similar corporate events, and if certain other measures are taken. The exercise of the Performance Options may be carried out using so called net strike. To be eligible to participate in LTIP 2024, the participant must invest in Sav- ings Shares for an amount corresponding to approximately five (5) % of the participant\u2019s fixed base salary for the financial year 2024, however, not ex- ceeding the number of Savings Shares that the participant can tie up within the scope of LTIP 2024 according to the below. Over-allocation may occur. Howev- er, such allocation may at most result in that the maximum number of Savings Shares per participant within a certain category is exceeded by fifty (50) %. In addition to the Savings Shares held by participants, and which did not constitute Savings Shares in any other long-term incentive program introduced by the company, the Savings Shares were acquired in a structured way in ordi- nary trading in the stock market during a certain period of time. On balance sheet date, the LTIP 2024 comprises a maximum of 1,312,104 Performance Shares and 966,400 Performance Options, corresponding to ap- proximately 1.4% of the total outstanding shares and 1.5% of the votes in the Company. Allotment of Performance Shares and Performance Options within LTIP 2024 will be made during a limited period of time following the latter of the date of (i) the presentation of the first quarterly report for the first quarter of 2027, and (ii) the first record date for dividends decided by the Annual Gen- eral Meeting 2027. The period up to this date is referred to as the qualification period (vesting period). LTIP 2024 program is directed towards four categories of participants:
Savings Shares Performance Performance
maximum per Shares per Options per
Category person Savings Share Savings Share
A CEO
42,000
8.0\u00d7
8.0\u00d7
B Group Management Team
1)
17,000
8.0\u00d7
8.0\u00d7
C Other key individuals
2)
11,500
8.0\u00d7
8.0\u00d7
D Other participants
3)
11,000
8.0\u00d7
\u2013
1) Maximum 8 persons. 2) Maximum 4 persons. 3) Maximum 9 persons. LTIP 2025 Eltel AB\u2019s Annual General Meeting 2025 adopted a long-term incentive program (\u201cLTIP 2025\u201d) for senior executives and other key individuals in order to encour- age a personal long-term ownership in the company, and in order to increase and strengthen the potential for recruiting, retaining and motivating such senior executives and key individuals. The participants are based in Sweden and other countries where the Eltel Group is active. The Participants will be entitled to, after a certain vesting period (defined below), provided continued employment (with the exception of so-called \u201cGood Leavers\u201d), and dependent on the fulfilment of certain performance requirements during the financial years 2025\u20132027, receive allotment of El- tel Shares (\u201dPerformance Shares\u201d) and, if applicable, exercise options issued by the company (\u201cPerformance Options\u201d). Eltel Shares are ordinary shares in the company (\u201cEltel Shares\u201d). Participants who are entitled to receive Perfor- mance Options may elect not to receive the Performance Options and instead acquire call options. The term of LTIP 2025 is three years. The performance requirements are linked to the company\u2019s Compound- ed Annual Growth Rate of Revenue (\u201cCAGR of Revenue\u201d), Average Annual Adjusted Operative Earnings Margin Before Interest, Taxes and Amortization (\u201cAverage Annual Adjusted Operative EBITA Margin\u201d) and Annual Total Share- holder Return (\u201cTSR\u201d). The participant shall not pay any consideration for the allotted Performance Shares and, if applicable, the Performance Options. Per- formance Shares are Eltel Shares and Performance Options are call options issued by the company. The exercise price when the participant exercises the Performance Option shall correspond to 120 percent of the volume-weighted average price accord- ing to Nasdaq Stockholm\u2019s official price list for the Eltel Share during the first ten trading days that directly follows after 13 May 2025 (the \u201cPurchase Price\u201d). Customary recalculation of the Purchase Price as well as of the number of Eltel Shares that each Performance Option corresponds to may occur if the share capital or the number of shares in the company changes due to bonus issue, split or reverse split, redemption of shares, certain new issues and other similar corporate events, and if certain other measures are taken. The exercise of the Performance Options shall be made by using so called net strike. In order for the participant to be entitled to receive allotment of Perfor- mance Shares and, if applicable, Performance Options, it is assumed that the participant remains an employee of the Eltel Group during the full qualifica- tion period up until allotment and that any of the performance requirements linked to CAGR of Revenue, Average Annual Adjusted Operative EBITA Margin or TSR are fulfilled. The Board of Directors shall establish a customary defi- nition of Good Leavers and determine whether any allocation shall be made to participants who are considered Good Leavers. The participant can receive allotment of the maximum number of Performance Shares and, if applicable, Performance Options as set out in the table below. On balance sheet date, the LTIP 2025 comprises a maximum of 2,470,000 Performance Shares and 1,230,000 Performance Options, corresponding to approximately 2.3% of the total outstanding shares and 2.4% of the votes in the Company. Allotment of Performance Shares and Performance Options within LTIP 2025 will be made during a limited period of time following the latter of the date of (i) the presentation of the first quarterly report for the first quarter of 2028, and (ii) the first record date for dividends decided by the Annual General Meeting 2028. The period up to this date is referred to as the qualification pe- riod (vesting period). LTIP 2025 program is directed towards four categories of participants:
Performance Performance
Shares, maximum Options, maximum
Category per person per person
A CEO
340,000
340,000
4)
B Group Management Team
1)
135,000
135,000
5)
C Other key individuals
2)
95,000
95,000
D Other participants
3)
85,000
\u2013
1) Maximum 8 persons. 2) Maximum 4 persons. 3) Maximum 9 persons. 4) Call options. 5) Call options for 1 person. Costs for the LTIP programs In accordance with IFRS 2, the estimated total expenses for the LTIP 2022, LTIP 2023, LTIP 2024 and LTIP 2025 programs amounted to EUR 1,064 thousand (870), of which EUR 731 thousand (627) for the President and CEO and other senior executives. The total costs for the year amounted to EUR 119 thousand (161), of which EUR 49 thousand (114) was to the President and CEO and oth- er senior executives. The employee performance shares and performance options are expensed as an employee expense over the vesting period and are recognized direct- ly against equity. Expenses for the shares do not affect the company\u2019s cash flow. Related social costs are expensed during the vesting period based on the change in value of the Eltel AB\u2019s share.
34. Related party information
Eltel\u2019s related parties include the parent company Eltel AB and its subsidiaries
and jointly controlled entities. Related parties include also the members of the
Board of Directors, the CEO and other management team members as well as
their close family members.
In 2025 the related party transactions have been conducted in the ordinary
course of business of the Group. No significant unusual transactions have tak-
en place between Eltel and related parties during the year.
Transactions with key individuals in executive positions
Salaries, remuneration and other benefits are accounted for in note 6
Employee benefit expenses and note 30 Remuneration to senior executives.
The Group has not issued any loans to the persons classified as related par-
ty on 31 December 2025 or 31 December 2024.
Transactions with related party companies
List of group companies and jointly controlled entities is presented in note 35
Group companies. Transactions between Group companies are eliminated in
the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "
Number of key executives
31 Dec 2025
31 Dec 2024
Board of Directors
Men
4
4
Women
2
2
Other key executives
Men
4
5
Women
5
4
Total
15
15
There has been no change in the gender distribution in the Board of Directors
during 2025.
Other key executives compensation
2025
2024
H\u00e5kan Other senior H\u00e5kan Other senior
EUR thousands Dahlstr\u00f6m
executives
1)
Dahlstr\u00f6m
executives
1)
Fixed salary
591
1,919
551
1,796
Annual variable
salary
410
679
160
423
Long-time
variable salary
-18
41
45
59
Pension
168
431
157
379
Other benefits
1
54
1
54
Total
1,153
3,123
913
2,710
1)
8 individuals in 2025 and 2024.
Variable salary, other remuneration and pensions refer to amounts that were
recorded as expense according to IFRS. The long-term variable salary refers to
provisions made for the LTIP programs.
Salaries, remuneration and benefits
Salaries and other remuneration to the Board of Directors and senior execu-
tives excluding pensions and other benefits amounted to EUR 4.0 million (3.4)
of which the fixed salaries amounted to EUR 2.9 million (2.7) including fees to
the Board of Directors of EUR 0.4 million (0.4). Out of this, variable salaries in-
cluding provisions for LTIP 2022, LTIP 2023, LTIP 2024 and LTIP 2025 amount-
ed to EUR 1.1 million (0.7). The defined contribution pension plans for senior
executives amounted to EUR 0.6 million (0.5) and the amount of other indirect
employee costs for senior executives amounted to EUR 0.9 million (0.7).
The short-term variable salary component is based on predetermined and
measurable financial and individual targets. The criteria are recommended by
the Remuneration Committee and ultimately determined by the Board of Di-
rectors. The short-term variable salary can amount to a maximum of 80% of
the fixed base salary for the CEO and 60% for other members of GMT.
The pension terms of the CEO and other senior executives in the Group
Management Team (GMT) are market-based in relation to terms that generally
apply to comparable executives and reflect the applicable laws and estab-
lished practices in different countries.
The CEO has a notice period of twelve months in case of termination from
the company and twelve months in the event of his resignation. The notice pe-
riod for other senior executives is twelve months in case of termination from
the company and six months in the event of their own resignation. In the event
of termination by the company, the CEO is entitled to a severance pay equiva-
lent to 12 months base salary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "
Long-term incentive programs
LTIP 2022
Eltel AB\u2019s Annual General Meeting 2022 adopted a long-term incentive program
(\u201cLTIP 2022\u201d) for senior executives and other key individuals in order to encour-
age a personal long-term ownership in the company, and in order to increase
and strengthen the potential for recruiting, retaining and motivating such sen-
ior executives and key individuals. Participation in LTIP 2022 assumed that the
participant acquired and locked Eltel Shares into LTIP 2022 (\u201cSavings Shares\u201d).
For each acquired Savings Share, the participant was entitled to, after a cer-
tain vesting period, provided continued employment and dependent on the
fulfilment of certain performance requirements linked to the company\u2019s Com-
pound Annual Growth Rate of Revenue (\u201cCAGR of Revenue\u201d), Average Earn-
ings Margin Before Interest, Taxes and Amortization (\u201cAverage EBITA Margin\u201d)
and Total Shareholder Return (\u201cTSR\u201d), receive allotment of Eltel Shares (\"Per-
formance Shares\") and call options issued by the company (\"Performance
Options\").
LTIP 2022 was terminated during the second quarter of 2025 and the perfor-
mance requirement linked to TSR was not met. In accordance with the terms
of LTIP 2022, no allotment of Performance Shares or Performance Options
was made.
LTIP 2023
Eltel AB\u2019s Annual General Meeting 2023 adopted a long-term incentive program
(\u201cLTIP 2023\u201d) for senior executives and other key individuals in order to encour-
age a personal long-term ownership in the company, and in order to increase
and strengthen the potential for recruiting, retaining and motivating such sen-
ior executives and key individuals. The participants are based in Sweden and
other countries where the Eltel Group is active. Participation in the LTIP 2023
assumes that the participant acquires and locks Eltel Shares into LTIP 2023
(\u201cSavings Shares\u201d). Savings Shares shall be newly acquired Eltel Shares.
Participants will, after a qualifying period and assuming an investment of
their own in Eltel Shares, be given the opportunity to, without consideration,
receive allotments of Eltel Shares (defined below) and exercise options issued
by the company. The number of allotted Eltel Shares and options will depend
on the number of Eltel Shares that they have purchased themselves and on
the fulfilment of certain performance requirements. Eltel Shares are ordinary
shares in the company (\u201cEltel Shares\u201d). The term of LTIP 2023 is more than
three years.
For each acquired Savings Share, the participant shall be entitled to, after
a certain vesting period (defined below), provided continued employment and
dependent on the fulfilment of certain performance requirements during the
financial years 2023\u20132025, receive allotment of Eltel Shares (\u201cPerformance
Shares\u201d) and exercise options issued by the company (\u201cPerformance Options\u201d).
The performance requirements are linked to the company\u2019s Compound
Annual Growth Rate of Revenue (\u201cCAGR of Revenue\u201d), Average Earnings Mar-
gin Before Interest, Taxes and Amortization (\u201cAverage EBITA Margin\u201d) and Total
Shareholder Return (\u201cTSR\u201d). The participant shall not pay any consideration
for the allotted Performance Shares and Performance Options. Performance
Shares are Eltel Shares and Performance Options are call options issued by
the company.
The exercise price when the participant exercises the Performance Option
shall correspond to 120% of the volume-weighted average price according to
Nasdaq Stockholm\u2019s official price list for the Eltel Share during the first ten
trading days that directly follows the Annual General Meeting 2023 (the \u201cPur-
chase Price\u201d). Customary recalculation of the Purchase Price as well as of the
number of Eltel Shares that each Performance Option corresponds to may
occur if the share capital or the number of shares in the company changes
due to bonus issue, split or reverse split, redemption of shares, certain new
issues and other similar corporate events, and if certain other measures are
taken. The exercise of the Performance Options may be carried out using so
called net strike.
To be eligible to participate in LTIP 2023, the participant must invest in Sav-
ings Shares for an amount corresponding to approximately five (5) % of the
participant\u2019s fixed base salary for the financial year 2023, however, not ex-
ceeding the number of Savings Shares that the participant can tie up within
the scope of LTIP 2023 according to the below.
The Savings Shares covered by the LTIP 2023 were acquired in a structured
way in ordinary trading in the stock market during a certain period of time.
On balance sheet date, the LTIP 2023 comprises a maximum of 276,000 Per-
formance Shares and 276,000 Performance Options, corresponding to ap-
proximately 0.3% of the total outstanding shares and 0.4% of the votes in the
Company.
Allotment of Performance Shares and Performance Options within LTIP
2023 will be made during a limited period of time following the latter of the
date of (i) the presentation of the first quarterly report for the first quarter of
2026, and (ii) the first record date for dividends decided by the Annual General
Meeting 2026. The period up to this date is referred to as the qualification pe-
riod (vesting period).
LTIP 2023 program is directed towards three categories of participants:
Savings Shares Performance Performance
maximum per Shares per Options per
Category person Savings Share Savings Share
A CEO
22,000
8.0\u00d7
8.0\u00d7
B Group Management Team
1)
7,000
8.0\u00d7
8.0\u00d7
C Other key individuals
2)
5,500
8.0\u00d7
8.0\u00d7
1)
Maximum 8 persons.
2)
Maximum 4 persons.
LTIP 2024
Eltel AB\u2019s Annual General Meeting 2024 adopted a long-term incentive program
(\u201cLTIP 2024\u201d) for senior executives and other key individuals in order to encour-
age a personal long-term ownership in the company, and in order to increase
and strengthen the potential for recruiting, retaining and motivating such sen-
ior executives and key individuals. The participants are based in Sweden and
other countries where the Eltel Group is active. Participation in the LTIP 2024
assumes that the participant acquires and locks Eltel Shares into LTIP 2024
(\u201cSavings Shares\u201d). Savings Shares shall be newly acquired Eltel Shares or Eltel
Shares held by the participant, but which do not constitute Savings Shares in
any other long-term incentive program introduced by the company.
Participants will, after a qualifying period and assuming an investment of
their own in Eltel Shares, be given the opportunity to, without consideration,
receive allotments of Eltel Shares (defined below) and, if applicable, exercise
options issued by the company. The number of allotted Eltel Shares and, if
applicable, options will depend on the number of Eltel Shares that they have
purchased themselves and on the fulfilment of certain performance require-
ments. Eltel Shares are ordinary shares in the company (\u201cEltel Shares\u201d). The
term of LTIP 2024 is three years.
For each acquired Savings Share, the participant shall be entitled to, after
a certain vesting period (defined below), provided continued employment and
dependent on the fulfilment of certain performance requirements during the
financial years 2024\u20132026, receive allotment of Eltel Shares (\u201cPerformance
Shares\u201d) and, if applicable, exercise options issued by the company (\u201cPerfor-
mance Options\u201d).
The performance requirements are linked to the company\u2019s Compound
Annual Growth Rate of Revenue (\u201cCAGR of Revenue\u201d), Average Adjusted Op-
erative Earnings Margin Before Interest, Taxes and Amortization (\u201cAverage Ad-
justed Operative EBITA Margin\u201d) and Total Shareholder Return (\u201cTSR\u201d). The par-
ticipant shall not pay any consideration for the allotted Performance Shares
and, if applicable, Performance Options. Performance Shares are Eltel Shares
and Performance Options are call options issued by the company.
The exercise price when the participant exercises the Performance Option
shall correspond to 120% of the volume-weighted average price according to
Nasdaq Stockholm\u2019s official price list for the Eltel Share during the first ten
trading days that directly follows 14 May 2024 (the \u201cPurchase Price\u201d). Custom-
ary recalculation of the Purchase Price as well as of the number of Eltel Shares
that each Performance Option corresponds to may occur if the share capital
or the number of shares in the company changes due to bonus issue, split
or reverse split, redemption of shares, certain new issues and other similar
corporate events, and if certain other measures are taken. The exercise of the
Performance Options may be carried out using so called net strike.
To be eligible to participate in LTIP 2024, the participant must invest in Sav-
ings Shares for an amount corresponding to approximately five (5) % of the
participant\u2019s fixed base salary for the financial year 2024, however, not ex-
ceeding the number of Savings Shares that the participant can tie up within the
scope of LTIP 2024 according to the below. Over-allocation may occur. Howev-
er, such allocation may at most result in that the maximum number of Savings
Shares per participant within a certain category is exceeded by fifty (50) %.
In addition to the Savings Shares held by participants, and which did not
constitute Savings Shares in any other long-term incentive program introduced
by the company, the Savings Shares were acquired in a structured way in ordi-
nary trading in the stock market during a certain period of time.
On balance sheet date, the LTIP 2024 comprises a maximum of 1,312,104
Performance Shares and 966,400 Performance Options, corresponding to ap-
proximately 1.4% of the total outstanding shares and 1.5% of the votes in the
Company. Allotment of Performance Shares and Performance Options within
LTIP 2024 will be made during a limited period of time following the latter of
the date of (i) the presentation of the first quarterly report for the first quarter
of 2027, and (ii) the first record date for dividends decided by the Annual Gen-
eral Meeting 2027. The period up to this date is referred to as the qualification
period (vesting period).
LTIP 2024 program is directed towards four categories of participants:
Savings Shares Performance Performance
maximum per Shares per Options per
Category person Savings Share Savings Share
A CEO
42,000
8.0\u00d7
8.0\u00d7
B Group Management Team
1)
17,000
8.0\u00d7
8.0\u00d7
C Other key individuals
2)
11,500
8.0\u00d7
8.0\u00d7
D Other participants
3)
11,000
8.0\u00d7
\u2013
1)
Maximum 8 persons.
2)
Maximum 4 persons.
3)
Maximum 9 persons.
LTIP 2025
Eltel AB\u2019s Annual General Meeting 2025 adopted a long-term incentive program
(\u201cLTIP 2025\u201d) for senior executives and other key individuals in order to encour-
age a personal long-term ownership in the company, and in order to increase
and strengthen the potential for recruiting, retaining and motivating such senior
executives and key individuals. The participants are based in Sweden and other
countries where the Eltel Group is active.
The Participants will be entitled to, after a certain vesting period (defined
below), provided continued employment (with the exception of so-called
\u201cGood Leavers\u201d), and dependent on the fulfilment of certain performance
requirements during the financial years 2025\u20132027, receive allotment of El-
tel Shares (\u201dPerformance Shares\u201d) and, if applicable, exercise options issued
by the company (\u201cPerformance Options\u201d). Eltel Shares are ordinary shares in
the company (\u201cEltel Shares\u201d). Participants who are entitled to receive Perfor-
mance Options may elect not to receive the Performance Options and instead
acquire call options. The term of LTIP 2025 is three years.
The performance requirements are linked to the company\u2019s Compound-
ed Annual Growth Rate of Revenue (\u201cCAGR of Revenue\u201d), Average Annual
Adjusted Operative Earnings Margin Before Interest, Taxes and Amortization
(\u201cAverage Annual Adjusted Operative EBITA Margin\u201d) and Annual Total Share-
holder Return (\u201cTSR\u201d). The participant shall not pay any consideration for the
allotted Performance Shares and, if applicable, the Performance Options. Per-
formance Shares are Eltel Shares and Performance Options are call options
issued by the company.
The exercise price when the participant exercises the Performance Option
shall correspond to 120 percent of the volume-weighted average price accord-
ing to Nasdaq Stockholm\u2019s official price list for the Eltel Share during the first
ten trading days that directly follows after 13 May 2025 (the \u201cPurchase Price\u201d).
Customary recalculation of the Purchase Price as well as of the number of
Eltel Shares that each Performance Option corresponds to may occur if the
share capital or the number of shares in the company changes due to bonus
issue, split or reverse split, redemption of shares, certain new issues and other
similar corporate events, and if certain other measures are taken. The exercise
of the Performance Options shall be made by using so called net strike.
In order for the participant to be entitled to receive allotment of Perfor-
mance Shares and, if applicable, Performance Options, it is assumed that the
participant remains an employee of the Eltel Group during the full qualifica-
tion period up until allotment and that any of the performance requirements
linked to CAGR of Revenue, Average Annual Adjusted Operative EBITA Margin
or TSR are fulfilled. The Board of Directors shall establish a customary defi-
nition of Good Leavers and determine whether any allocation shall be made
to participants who are considered Good Leavers. The participant can receive
allotment of the maximum number of Performance Shares and, if applicable,
Performance Options as set out in the table below.
On balance sheet date, the LTIP 2025 comprises a maximum of 2,470,000
Performance Shares and 1,230,000 Performance Options, corresponding to
approximately 2.3% of the total outstanding shares and 2.4% of the votes in
the Company.
Allotment of Performance Shares and Performance Options within LTIP
2025 will be made during a limited period of time following the latter of the
date of (i) the presentation of the first quarterly report for the first quarter of
2028, and (ii) the first record date for dividends decided by the Annual General
Meeting 2028. The period up to this date is referred to as the qualification pe-
riod (vesting period).
LTIP 2025 program is directed towards four categories of participants:
Performance Performance
Shares, maximum Options, maximum
Category per person per person
A CEO
340,000
340,000
4)
B Group Management Team
1)
135,000
135,000
5)
C Other key individuals
2)
95,000
95,000
D Other participants
3)
85,000
\u2013
1)
Maximum 8 persons.
2)
Maximum 4 persons.
3)
Maximum 9 persons.
4)
Call options.
5)
Call options for 1 person.
Costs for the LTIP programs
In accordance with IFRS 2, the estimated total expenses for the LTIP 2022, LTIP
2023, LTIP 2024 and LTIP 2025 programs amounted to EUR 1,064 thousand
(870), of which EUR 731 thousand (627) for the President and CEO and other
senior executives. The total costs for the year amounted to EUR 119 thousand
(161), of which EUR 49 thousand (114) was to the President and CEO and oth-
er senior executives.
The employee performance shares and performance options are expensed
as an employee expense over the vesting period and are recognized direct-
ly against equity. Expenses for the shares do not affect the company\u2019s cash
flow. Related social costs are expensed during the vesting period based on the
change in value of the Eltel AB\u2019s share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "
31. Financial assets
EUR million
31 Dec 2025
31 Dec 2024
Defined benefit pension asset
12.1
11.3
Pension capitalization plan asset
2.4
2.0
Other non-current receivables
0.8
0.2
Total non-current financial assets
15.3
13.4
Refer to following note 32 Retirement benefit obligations for more information
about defined benefit pension asset and pension capitalization plan asset.
32. Retirement benefit obligations The majority of employees in the Group are included in defined contribution pension plans of which the largest defined contribution liability is in Denmark. Some countries also have defined benefit plans, largest one being in Sweden, where the plan has been closed for any new earnings since 2007. Benefits earned since then are covered by premiums paid to Alecta. Since 2023 the net pension liability has been a net asset for both Sweden and Finland. The net asset is presented as part of non-current financial asset in the balance sheet. There are also smaller voluntary pension plans in Finland that are accounted for as defined benefit plans. The Group has also pension capitalization plans in Sweden and Finland. The pension liability of these plans is presented in the defined contribution pension liability and the pension asset is presented in the financial assets in the balance sheet.
Pension liabilities in the balance sheet
EUR million
31 Dec 2025
31 Dec 2024
Defined benefit pension liability
\u2013
\u2013
Defined benefit pension asset
-12.1
-11.3
Net defined benefit pension liability (+)/-asset (-)
-12.1
-11.3
Defined contribution pension liability
7.3
6.6
Pension capitalization plan asset
-2.4
-2.0
Net pension liability (+)/-asset (-)
-7.2
-6.6
Defined pension liabilities in the balance sheet
EUR million
31 Dec 2025
31 Dec 2024
Present value of funded obligations
56.7
58.7
Fair value of plan assets
-68.9
-70.0
Net liability (+)/ -asset (-)
-12.1
-11.3
The movement in the fair value of plan assets
EUR million
2025
2024
Fair value of assets 1 Jan
70.0
71.5
Interest on plan assets
2.4
2.3
Remeasurement of plan assets
-2.2
4.2
Contributions by employer
0.1
0.2
Benefits paid
-4.8
-6.4
Translation differences
3.4
-1.9
Fair value of assets 31 Dec
68.9
70.0
The movement in the defined benefit obligations
EUR million
2025
2024
Total obligations 1 Jan
58.7
62.9
Current service cost
-0.9
-1.0
Interest cost
1.9
2.0
Remeasurement of pension obligation
-1.4
0.8
Benefits paid
-4.4
-4.4
Translation differences
2.8
-1.6
Total obligations 31 Dec
56.7
58.7
The amounts recognized in the income statement
and other comprehensive income
EUR million
2025
2024
Current service cost
-0.9
-1.0
Net interest cost
-0.5
-0.4
Amount recognized in the income statement
-1.3
-1.3
Remeasurements recognized in other compre-
hensive income:
Financial assumptions
-2.1
0.5
Experience adjustments
2.9
-3.9
Total pension charges recognized
during the year
-0.6
-4.7
Maturity profile of future gross benefit payments
EUR million
2025
2024
Less than 1 year
4.3
4.3
1\u20135 years
16.3
16.7
5\u201310 years
18.5
19.4
10\u201320 years
26.1
29.7
20\u201330 years
13.4
16.4
Over 30 years
5.3
7.5
Total
83.9
94.0
The maturity profile amounts are undiscounted amounts. Special salary tax is excluded. The maturity profile of future gross benefit payments does not rep- resent the expected contribution payments, as it excludes the impact of plan assets. The expected contributions to the plan for 2026 are EUR 3.6 million.
The principal actuarial assumptions
2025
2024
Discount rate, %
Sweden
3.60
3.40
Finland
3.60
3.20
Future salary increase expectation, %
Sweden
closed plan
closed plan
Finland
3.00
3.00
Inflation rate, %
Sweden
1.70
1.80
Finland
2.00
2.00
Life expectancy for a 65-year-old, years
Sweden, male/female
22.8/24.4
21.9/23.9
Finland, male/female
22.9/27.2
21.4/25.4
The pension plan in Sweden forms 92% of the Groups total net obligations. The plan is sensitive to changes in discount rate and inflation. An increase of 0.5% in discount rate would reduce the obligation in Sweden by EUR 2.9 mil- lion. Similar rise in inflation rate would have the opposite effect and increase the obligation by EUR 3.1 million. If the discount rate was decreased by 0.5% the obligation would increase by EUR 3.1 million whilst similar decrease in the inflation rate would reduce the obligation by EUR 2.9 million. Retirement pension and family pension obligations for salaried employees in Sweden are secured through pension insurance with Alecta. According to a statement issued by the Swedish Corporate Reporting Board (UFR 10), this constitutes a multi-employer plan. For the fiscal years 2025 and 2024, the company did not have access to such information that would enable the company to record this plan as a defined benefit plan. Consequently, the ITP pension plan secured through insurance with Alecta is recorded as a defined contribution plan. The contribution to the plan is determined based on the age, salary and previously earned pension benefits of the plan participants. The company has an insignificant part in the plan. The collective consolidation ratio reflects the market value of Alecta\u2019s as- sets as a percentage of insurance obligations, calculated in accordance with Alecta\u2019s actuarial assumptions, which do not correspond with IAS 19. The col- lective solvency is normally allowed to vary between 125% and 175%. If the level of collective solvency is less than 125% or exceeds 175%, measures are to be taken in order to create conditions for restoring the level of collective sol- vency to the normal interval. Alecta\u2019s surplus can be distributed to the policy- holders and/or the insured if the collective consolidation ratio exceeds 175%. However, Alecta aims to avoid surplus by using reduced contributions. On 31 December 2025, Alecta\u2019s surplus corresponded to a collective consolidation ratio of 167% (162). The distribution of plan assets in Sweden is as follows:
%
2025
2024
Debt instruments
67
63
Equity instruments
33
37
Cash and cash equivalents
0
1
Total
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "32. Retirement benefit obligations The majority of employees in the Group are included in defined contribution pension plans of which the largest defined contribution liability is in Denmark. Some countries also have defined benefit plans, largest one being in Sweden, where the plan has been closed for any new earnings since 2007. Benefits earned since then are covered by premiums paid to Alecta. Since 2023 the net pension liability has been a net asset for both Sweden and Finland. The net asset is presented as part of non-current financial asset in the balance sheet. There are also smaller voluntary pension plans in Finland that are accounted for as defined benefit plans. The Group has also pension capitalization plans in Sweden and Finland. The pension liability of these plans is presented in the defined contribution pension liability and the pension asset is presented in the financial assets in the balance sheet.
Pension liabilities in the balance sheet
EUR million
31 Dec 2025
31 Dec 2024
Defined benefit pension liability
\u2013
\u2013
Defined benefit pension asset
-12.1
-11.3
Net defined benefit pension liability (+)/-asset (-)
-12.1
-11.3
Defined contribution pension liability
7.3
6.6
Pension capitalization plan asset
-2.4
-2.0
Net pension liability (+)/-asset (-)
-7.2
-6.6
Defined pension liabilities in the balance sheet
EUR million
31 Dec 2025
31 Dec 2024
Present value of funded obligations
56.7
58.7
Fair value of plan assets
-68.9
-70.0
Net liability (+)/ -asset (-)
-12.1
-11.3
The movement in the fair value of plan assets
EUR million
2025
2024
Fair value of assets 1 Jan
70.0
71.5
Interest on plan assets
2.4
2.3
Remeasurement of plan assets
-2.2
4.2
Contributions by employer
0.1
0.2
Benefits paid
-4.8
-6.4
Translation differences
3.4
-1.9
Fair value of assets 31 Dec
68.9
70.0
The movement in the defined benefit obligations
EUR million
2025
2024
Total obligations 1 Jan
58.7
62.9
Current service cost
-0.9
-1.0
Interest cost
1.9
2.0
Remeasurement of pension obligation
-1.4
0.8
Benefits paid
-4.4
-4.4
Translation differences
2.8
-1.6
Total obligations 31 Dec
56.7
58.7
The amounts recognized in the income statement
and other comprehensive income
EUR million
2025
2024
Current service cost
-0.9
-1.0
Net interest cost
-0.5
-0.4
Amount recognized in the income statement
-1.3
-1.3
Remeasurements recognized in other compre-
hensive income:
Financial assumptions
-2.1
0.5
Experience adjustments
2.9
-3.9
Total pension charges recognized
during the year
-0.6
-4.7
Maturity profile of future gross benefit payments
EUR million
2025
2024
Less than 1 year
4.3
4.3
1\u20135 years
16.3
16.7
5\u201310 years
18.5
19.4
10\u201320 years
26.1
29.7
20\u201330 years
13.4
16.4
Over 30 years
5.3
7.5
Total
83.9
94.0
The maturity profile amounts are undiscounted amounts. Special salary tax is excluded. The maturity profile of future gross benefit payments does not rep- resent the expected contribution payments, as it excludes the impact of plan assets. The expected contributions to the plan for 2026 are EUR 3.6 million.
The principal actuarial assumptions
2025
2024
Discount rate, %
Sweden
3.60
3.40
Finland
3.60
3.20
Future salary increase expectation, %
Sweden
closed plan
closed plan
Finland
3.00
3.00
Inflation rate, %
Sweden
1.70
1.80
Finland
2.00
2.00
Life expectancy for a 65-year-old, years
Sweden, male/female
22.8/24.4
21.9/23.9
Finland, male/female
22.9/27.2
21.4/25.4
The pension plan in Sweden forms 92% of the Groups total net obligations. The plan is sensitive to changes in discount rate and inflation. An increase of 0.5% in discount rate would reduce the obligation in Sweden by EUR 2.9 mil- lion. Similar rise in inflation rate would have the opposite effect and increase the obligation by EUR 3.1 million. If the discount rate was decreased by 0.5% the obligation would increase by EUR 3.1 million whilst similar decrease in the inflation rate would reduce the obligation by EUR 2.9 million. Retirement pension and family pension obligations for salaried employees in Sweden are secured through pension insurance with Alecta. According to a statement issued by the Swedish Corporate Reporting Board (UFR 10), this constitutes a multi-employer plan. For the fiscal years 2025 and 2024, the company did not have access to such information that would enable the company to record this plan as a defined benefit plan. Consequently, the ITP pension plan secured through insurance with Alecta is recorded as a defined contribution plan. The contribution to the plan is determined based on the age, salary and previously earned pension benefits of the plan participants. The company has an insignificant part in the plan. The collective consolidation ratio reflects the market value of Alecta\u2019s as- sets as a percentage of insurance obligations, calculated in accordance with Alecta\u2019s actuarial assumptions, which do not correspond with IAS 19. The col- lective solvency is normally allowed to vary between 125% and 175%. If the level of collective solvency is less than 125% or exceeds 175%, measures are to be taken in order to create conditions for restoring the level of collective sol- vency to the normal interval. Alecta\u2019s surplus can be distributed to the policy- holders and/or the insured if the collective consolidation ratio exceeds 175%. However, Alecta aims to avoid surplus by using reduced contributions. On 31 December 2025, Alecta\u2019s surplus corresponded to a collective consolidation ratio of 167% (162). The distribution of plan assets in Sweden is as follows:
%
2025
2024
Debt instruments
67
63
Equity instruments
33
37
Cash and cash equivalents
0
1
Total
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "
33. Auditors\u2019 fees
EUR million
2025
2024
Main auditor
Audit
0.8
0.7
Other services
0.0
0.1
Total
0.8
0.8
Other auditing firms
Audit
0.1
0.1
Other services
0.1
0.0
Total
0.2
0.1
Total
1.0
0.9
The main auditor of the Group in 2025 and 2024 has been KPMG.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "
35. Group companies
31 Dec 2025
Domicile
Reg. no.
Number of shares
Group holding, %
The InfraNet Company AB
Stockholm, Sweden
556728-6645
11,000
100%
Eltel Networks Infranet AB
Stockholm, Sweden
556555-1073
2,000
100%
Eltel Networks TE AB
Stockholm, Sweden
556062-0006
6,000
100%
J\u00e4mtlands Linjebyggare & Republikens El AB
Ragunda, Sweden
556575-9130
1,000
100%
Eltel Group Corporation
Helsinki, Finland
1917540-9
526,343
100%
Eltel Networks Oy
Helsinki, Finland
1548234-8
10,000
100%
Eltel Networks Pohjoinen Oy
Kajaani, Finland
1460916-7
1,667
60%
Eltel Networks AS
Oslo, Norway
912955915
12,240
100%
Eltel Networks A/S
Herlev, Denmark
25501918
11,200
100%
Eltel Networks Poland S.A.
Gda\u0144sk, Poland
6772362195
12,104
100%
UAB Eltel Networks
Vilnius, Lithuania
110011925
2,000
100%
Eltel Networks GmbH
Recklinghausen, Germany
HRB 8905
400
100%
Transmast Philippines, Inc.
Sampaloc, Philippines
SA-1999-01406
600
40%
1)
Eltel Tanzania Limited
Dar Es Salaam, Tanzania
99778
1,000
100%
Jointly controlled entities
Fiber og Anlaeg I/S
Taastrup, Denmark
34047162
35%
NKEL I/S
Glostrup, Denmark
43148931
50%
2
1)
Group voting 100%.
2)
Eltel\u2019s estimated share of the operations is 30\u201335%.
During the financial year 2025 Eltel Holding Poland Sp. Z.o.o. was dissolved and Eltel Networks Infranet Privat AB was merged into Eltel Networks Infranet AB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "The Board\u2019s proposal for the distribution of profits The Parent Company\u2019s non-restricted equity on 31 December 2025 was EUR 435,481,833.89 of which the net profit for the year was EUR 1,455,619.29. The Board of Directors proposes to the Annual General Meeting that no dividend be paid for the year 2025 and that the non-restricted equity of EUR 435,481,833.89 be retained and carried forward.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300QPTTHTI8KCH937", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }