REPORT OF THE
BOARD OF DIRECTORS
Report of the board of directors ............2
Shares and shareholders ......................8
Board’s proposal for distribution
of profits ......................................... 10
Investor information ............................11
2ANNUAL REPORT 2024
Report of the board of directors Shares and shareholders Board’s proposal for the distribution of profits Investor information
Financial Statements
Report of the board of directors 2024
Market situation
The competitive environment has been active, especially
in 4G subscriptions. The usage of mobile services has
continued to evolve favourably. Brisk demand for 5G
services has also continued due to the wider range of
5G devices and better network coverage. Geopolitical
uncertainties and the soft macroeconomic environment still
continued. This situation has increased the demand for
cybersecurity services. Competition in the fixed broadband
market has continued to be intense, and the number and
usage of traditional fixed network subscriptions is declining.
The markets for IT services have continued to develop
favourably. The prevailing uncertainty in the general
economy has caused some companies to delay investment
decisions and project implementation.
Revenue, earnings and financial position
Revenue increased by 1 per cent on the previous year.
Growth in mobile and international digital services increased
revenue. A decrease in equipment sales, a change in
corporate service number regulation, declining usage and
number of subscriptions in traditional fixed (PSTN) telecom
services and domestic digital services, as well as a decrease
in interconnection and roaming revenue, affected revenue
negatively. Also, the net impact of acquisitions and business
disposals had a negative effect on revenue.
Comparable EBITDA increased by 4 per cent and
comparable EBIT by 3 per cent, mainly due to growth
in mobile service revenue, international digital services,
business disposals and efficiency improvements.
Net financial income and expenses increased to EUR –39
million (–23), mainly due to increased interest rates, net
debt and EUR 5 million impairment of loan receivables.
Income taxes in the income statement were EUR –91 million
(–84). Net profit was EUR 356 million (374), and earnings
per share was EUR 2.23 (2.34). Comparable earnings per
share was EUR 2.35 (2.37).
Financial position
Comparable cash flow after investments decreased by 1 per
cent to EUR 357 million. Higher EBITDA and lower licence
payments affected cash flow positively, while higher CAPEX,
taxes and financial expenses had negative effects.
The financial position and liquidity remain strong. Cash and
undrawn committed credit lines totalled EUR 390 million at
the end of the quarter.
Changes in corporate structure
In February, Elisa’s subsidiary camLine acquired Romaric
Automation Inc.
In March, Elisa acquired a majority stake in Moontalk Oy.
In May, the acquisition of Leanware Oy was completed.
In July, Elisa acquired the fiber network company Koillisnet
Oy.
In September, Elisa signed an agreement under which Elisa
would acquire the remaining share capital (81 per cent)
of sedApta Group. The acquisition was completed on 30
October 2024.
Revenue, earnings and financial position
EUR million 2024 2023 2022
Revenue 2,191 2,180 2,130
EBITDA 767 756 733
EBITDA-% 35.0% 34.7% 34.4%
Comparable EBITDA
(1
783 756 735
Comparable EBITDA-% 35.7% 34.7% 34.5%
EBIT 488 482 470
EBIT-% 22.3% 22.1% 22.1%
Comparable EBIT
(1 (2
504 487 472
Comparable EBIT-% 23.0% 22.4% 22.2%
Return on equity, % 27.6% 29.4% 30.4%
1)
2024 excluding EUR 17 million in restructuring costs and 2022 excluding EUR 2 million in restructuring costs.
2)
2023 excluding EUR 6 million impairment.
Financial position
EUR million 2024 2023 2022
Net debt 1,473 1,304 1,276
Net debt / EBITDA
(1
1.9 1.7 1.7
Gearing ratio, % 113.9% 100.8% 101.9%
Equity ratio, % 38.7% 41.6% 40.6%
Cash flow
(2
256 347 300
Comparable cash flow
(3
357 361 321
1)
(Interest-bearing debt – financial assets) / (four previous quarters’ comparable EBITDA)
2)
Cash flow after financing activities.
3)
2024 excluding EUR 101 million in share and business investments and loans granted. 2023 excluding EUR 14 million in share and business
investments and sales. 2022 excluding EUR 21 million in share investments.
3ANNUAL REPORT 2024
Report of the board of directors Shares and shareholders Board’s proposal for the distribution of profits Investor information
Financial Statements
Consumer Customers business
EUR million 2024 2023 2022
Revenue 1,329 1,335 1,301
EBITDA 539 521 496
EBITDA-% 40.6% 39.0% 38.1%
Comparable EBITDA
(1
545 521 497
Comparable EBITDA-% 41.0% 39.0% 38.2%
EBIT 356 342 322
EBIT-% 26.8% 25.6% 24.7%
Comparable EBIT
(1 (2
361 344 323
Comparable EBIT-% 27.2% 25.8% 24.9%
CAPEX 229 213 191
1)
2024 excluding EUR 5 million and 2022 excluding EUR 1.6 million in restructuring costs.
2)
2023 excluding EUR 3 million impairment.
Revenue decreased by 0.5 per cent. The decrease in revenue was due to the end of the Viaplay cooperation. Decreases
in equipment sales and in interconnection and roaming revenue, as well as declining usage and number of subscriptions
in traditional fixed (PSTN) telecom services, also affected revenue negatively. Revenue was positively affected by growth in
mobile and fixed services. Comparable EBITDA increased by 5 per cent
Corporate Customers business
EUR million 2024 2023 2022
Revenue 863 846 829
EBITDA 228 235 238
EBITDA-% 26.4% 27.8% 28.7%
Comparable EBITDA
(1
239 235 238
Comparable EBITDA-% 27.7% 27.8% 28.7%
EBIT 132 140 148
EBIT-% 15.3% 16.6% 17.9%
Comparable EBIT
(1 (2
143 143 148
Comparable EBIT-% 16.6% 16.9% 17.9%
CAPEX 108 108 99
1)
2024 excluding EUR 11 million and 2022 excluding EUR 0.4 million in restructuring costs.
2)
2023 excluding EUR 3 million impairment.
Revenue increased by 2 per cent. Revenue was positively affected by growth in mobile services as well as domestic and
international digital services. The divestment of Videra affected revenue negatively. Also, decreases in equipment sales as well
as interconnection and roaming, a change in corporate service number regulation and a decrease in usage and subscriptions
of traditional fixed telecom services affected revenue negatively. Comparable EBITDA increased by 2 per cent.
4ANNUAL REPORT 2024
Report of the board of directors Shares and shareholders Board’s proposal for the distribution of profits Investor information
Financial Statements
Investments
EUR million 2024 2023 2022
Capital expenditure
(1
, of which 338 321 290
Consumer Customers 229 213 191
Corporate Customers 108 108 99
Shares
114
12 25
Total investments 452 333 314
Shares and business acquisitions 124 25 25
Licences 2 9
Leases
33
23 26
Capital expenditure excluding leases, licenses,
shares and business acquisitions 295 284 255
Capital expenditure as % of revenue 13 13 12
1)
2023 includes EUR 2 million for the 26 GHz frequency licence investment in Estonia. 2022 includes EUR 7 million for the 3.5 GHz and
EUR 2 million for the 700 MHz frequency licence investments in Estonia.
The main capital expenditures were related to the capacity and coverage increases in 5G networks, fiber and other networks,
as well as IT investments.
Personnel
In 2024, the average number of personnel at Elisa was 5,781 (5,721), and employee expenses totalled EUR 433 million (417).
Personnel by segment at the end of the year:
31 Dec 24 31 Dec 23 31 Dec 22
Consumer Customers 2,951 2,976 2,939
Corporate Customers
3,198
2,690 2,684
Total 6,149 5,666 5,623
Sustainability
Key ESG indicators 4Q24 4Q23 4Q22
Energy efficiency of mobile network in Finland
(1
Change in energy consumption per GB
from Q4 2021 level
–21.6% –26.1% –5.7%
Population coverage of >100 Mbps connections 95.5% 92.5% 86.2%
Proportion of female supervisors 29.0% 28.7% 29.6%
Patent portfolio development
(1
Number of active patents portfolio
(2
495 396 337
Number of new first applications 8 11 12
1)
Metric has not been assured.
2)
Number of active patent applications and patents.
Financing arrangements and ratings
EUR million
Maximum
amount
In use on
31 Dec 2024
Committed credit limits 300 0
Credit facilities (not committed) 100 50
Commercial paper programme (not committed) 350 307
EMTN programme (not committed)
1,500 900
Long term credit ratings Rating Outlook
Credit rating agency
Moody's Ratings Baa2 Stable
S&P Global Ratings
BBB+ Stable
On 18 March 2024, Elisa paid back the remaining EUR 248 million of the bonds maturing in March 2024.
On 10 April 2024, Elisa signed a seven-year, EUR 100 million loan agreement with the Nordic investment Bank. The loan
margin is linked to Elisa’s sustainability targets.
5ANNUAL REPORT 2024
Report of the board of directors Shares and shareholders Board’s proposal for the distribution of profits Investor information
Financial Statements
Share
Share trading volumes are based on trades made on the Nasdaq Helsinki and alternative marketplaces.
Closing prices are based on the Nasdaq Helsinki.
Trading of shares, millions 2024 2023 2022
Nasdaq Helsinki, millions
69.7 64.4 71.2
Cboe
121.3 148.8 154.6
London Stock Exchange
27.7 29.8 40.3
Other marketplaces
10.9
10.3 11.5
Total volume
(1
229.6 253.3 277.6
Value, EUR million 9,923 12,376 14,431
% of shares
137.2%
151.4% 165.9%
Shares and market values 2024 2023 2022
Total number of shares
167,335,073 167,335,073 167,335,073
Treasury shares
6,925,607 6,946,654 7,075,378
Outstanding shares
160,409,466 160,388,419 160,259,695
Closing price, EUR
41.80 41.87 49.46
Market capitalisation, EUR million
6,995 7,006 8,276
Treasury shares, %
4.14% 4.15% 4.23%
Number of shares Total Treasury Outstanding
Shares on 31 Dec 2023
167,335,073 6,946,654 160,388,419
Performance Share Plan, 31 Jan 2024
(2
–129,271 129,271
Restricted Share Plan, 31 Jan 2024
(2
–4,907 4,907
Transfer to treasury shares, 23 Dec 2024
(3
113,131 –113,131
Shares on 31 Dec 2024
167,335,073 6,925,607 160,409,466
1)
Other marketplaces: based on Modular Finance.
2)
Stock exchange release, 31 January 2024.
3)
Stock exchange release, 23 December 2024.
On 31 January 2024, Elisa transferred 134,178 treasury
shares to people included in the Performance Share Plan for
the period 2021–2023 and the Restricted Share Plan 2019
for the period 2022–2023.
In January, Elisa’s Board of Directors decided on the vesting
periods for the Restricted Share Plan 2023 for the CEO. The
first vesting period, with a total allocation of 4,782 shares,
ended on 31 December 2024, and the second, with 7,172
shares, ends on 31 December 2025.
In May, Elisa’s Board of Directors decided on the vesting
period for the Restricted Share Plan 2023. The vesting
period, with a total allocation of 13,630 shares, ends on 31
May 2026. The purpose of using the plan is to engage a
number of key persons in Elisa businesses.
In November, Elisa’s Board of Directors decided on the
vesting period for the Restricted Share Plan 2023. The
vesting period, with a total allocation of 14,750 shares, ends
on 31 January 2027. The purpose of using the plan is to
engage a number of key persons in Elisa businesses.
On 23 December 2024, a total of 113,131 Elisa shares were
transferred from the common account to Elisa’s treasury
shares. This transfer was based on a decision of Elisa’s
Annual General Meeting that the right of the owners of
Kymen Puhelin Oy and Telekarelia Oy to have shares in Elisa
Corporation as merger consideration and rights based on
the shares became forfeit on 12 April 2024.
Research and development
The majority of service development occurs during the
ordinary course of business and is accounted for as a
normal operating expense. Elisa invested EUR 27 million
(24) in research and development, of which EUR 8 million
(9) was capitalised in 2024, corresponding to 1.2 per cent
(1.1) of revenue.
Annual General Meeting 2024
On 12 April 2024, Elisa’s Annual General Meeting decided
to pay a dividend of EUR 2.25 per share based on the
adopted financial statements of 31 December 2023.
According to the decision, the dividend was paid in two
instalments. The first instalment of the dividend, EUR 1.13
per share, was paid on 23 April 2024, and the second
instalment of the dividend, EUR 1.12 per share, was paid on
30 October 2024.
The AGM adopted the financial statements for 2023. The
members of the Board of Directors and the CEO were
discharged from liability for 2023. The AGM approved the
Remuneration Report of the company’s governing bodies
for 2023. The AGM did not approve the Board of Directors’
proposal for the Remuneration Policy for Elisa’s governing
bodies. The resolutions are advisory in accordance with the
Finnish Limited Liabilities Companies Act.
The number of the members of the Board of Directors was
confirmed at eight. Maher Chebbo, Kim Ignatius, Katariina
Kravi, Pia Kåll, Eva-Lotta Sjöstedt, Anssi Vanjoki and
Antti Vasara were re-elected as members of the Board of
Directors. Christoph Vitzthum was elected as a new member
of the Board of Directors. Anssi Vanjoki was appointed as
the Chair and Katariina Kravi as the Deputy Chair of the
Board of Directors.
The AGM decided that the amount of annual remuneration
for the members of the Board of Directors be changed.
The Chair of the Board will be paid annual remuneration
of EUR 150,000, the Deputy Chair of the Board and the
Chairs of the committees EUR 87,000, and other Board
members EUR 72,000. Additionally, a meeting fee of EUR
800 per meeting of the Board or of a committee will be
paid. If a Board member is physically present at a Board or
committee meeting that is held in a country other than his/
her permanent home country, the meeting fee is EUR 1,600.
Ernst & Young Oy, Authorised Public Accountants
Organisation, was elected as the company’s auditor.
6ANNUAL REPORT 2024
Report of the board of directors Shares and shareholders Board’s proposal for the distribution of profits Investor information
Financial Statements
APA Terhi Mäkinen is the responsible auditor. The auditor
will be remunerated and travel expenses reimbursed in
accordance with the invoice accepted by the company.
The AGM decided that, for shares of Kymen Puhelin Oy and
Telekarelia Oy for which no claim on merger consideration
has been presented and no share certificate or other similar
document and possible account on title that proves the right
of ownership, as well as claims on registering based on
these, have been presented by 12 April 2024 at the latest,
the right to shares in Elisa Corporation given as merger
consideration and rights based on them would be forfeited.
If the share certificate or other similar document has been
lost, the merger consideration must be claimed, and the
claim on registering must be presented by the deadline
set out above at the latest, and the judgment regarding the
annulment of the share certificate or other similar document
must be presented to Elisa Corporation on 29 November
2024 at the latest. The forfeited considerations will be
received by Elisa Corporation as the transferee company in
the merger, and the rules and regulations applicable to own
shares held by the company will be applied to such shares.
Composition of the committees of Elisa’s Board of Directors
The Board of Directors held its organising meeting and
appointed Katariina Kravi (Chair), Maher Chebbo and Eva-
Lotta Sjöstedt to the People and Compensation Committee.
Kim Ignatius (Chair), Pia Kåll, Antti Vasara and Christoph
Vitzthum were appointed to the Audit Committee.
Authorisations of the Board of Directors
The AGM decided to authorise the Board of Directors to
resolve to repurchase or accept as pledge the company’s
own shares. The repurchase may be directed. The number
of shares under this authorisation is five million shares at
maximum. The authorisation is valid for 18 months from the
date of the resolution of the General Meeting.
The AGM decided to authorise the Board of Directors to
pass a resolution concerning the share issue, the right of
assignment of treasury shares and/or the granting of special
rights referred to in the Finnish Limited Liability Companies
Act. The authorisation entitles the Board of Directors to
execute the issue as directed. The number of shares under
this authorisation is 15 million shares at maximum. The
authorisation is valid for 18 months from the date of the
resolution of the General Meeting.
Elisa Shareholders’ Nomination Board
The biggest shareholders were determined according to
the shareholder register of Elisa on 31 August 2024, and
they named the members of the Nomination Board. The
composition of the Nomination Board since September
2024 has been as follows:
• Pauli Anttila, Investment Director, nominated by Solidium
Oy
• Jouko Pölönen, President and CEO, nominated by
Ilmarinen Mutual Pension Insurance Company
• Markus Aho, Chief Investment Officer, nominated by
Varma Mutual Pension Insurance Company
• Jonna Ryhänen, Chief Investment Officer, Deputy CEO,
nominated by Elo Mutual Pension Insurance Company
• Anssi Vanjoki, Chair of the Board of Elisa
The Nomination Board elected from amongst its members
Pauli Anttila as the chair.
Elisa’s Shareholders’ Nomination Board was established in
2012 by the Annual General Meeting. Its duty is to prepare
proposals for the election and remuneration of the members
of the Board of Directors of Elisa for the Annual General
Meeting.
Significant legal and regulatory issues
After a tax audit on foreign dividend withholding tax, Elisa
received a decision in April 2021 according to which it
is required to pay a total of EUR 1.7 million in allegedly
wrongly levied withholding taxes relating to the years 2015
and 2016. The Administrative Court ruled in favour of Elisa
in February 2024. The ruling is final and binding.
In April 2024, the EU issued a regulation on measures
to reduce the cost of deploying gigabit electronic
communications networks (the Gigabit Infrastructure Act),
with the aim of reducing the costs of and obstacles to
network construction as well as reusing existing physical
infrastructure. The Act also states that, from 1 January 2029,
providers should not charge different retail prices for
domestic and intra-EU communications, pending a review by
the European Commission of the situation and obligations,
which will take place by 30 June 2027. The Act will enter
into force on 12 November 2025.
Transposition in Finland of EU Directive 2022/2523,
ensuring a global minimum level of taxation for multinational
enterprise groups and large-scale domestic groups in the
European Union, was completed in the fourth quarter of
2023, and the legislation came into force on 1 January
2024. This change is estimated to have an impact on taxes
in the income statement for Elisa’s Estonian business from
2024 onwards.
In July 2020, Tucana Telecom NV initiated legal proceedings
against Polystar OSIX AB in the Business Court of Brussels
with a claim of infringement of exclusivity included in a
distribution agreement and also of wrongful termination of
the distribution agreement. This case has been resolved
pursuant to a judgement issued on 10 June 2022. The claim
against Polystar OSIX AB was dismissed in full by the court,
and consequently, no compensation or damages were
awarded to the claimant. The decision has been appealed.
In December 2022, Elisa appealed a decision of Estonia’s
Consumer Protection and Technical Regulatory Authority,
which was related to the restrictions within certain time limits
to use Huawei equipment in Elisa Estonia’s networks, to the
Estonian Administrative Court. Elisa was being forced to
replace the Huawei hardware and software currently used in
its networks, but there is no compensation system in place.
In November 2024, Elisa submitted a compensation claim to
the Estonian Administrative Court, demanding compensation
for 4G hardware and software that must be prematurely
replaced in its mobile network. The Administrative Court
has suspended the proceedings until the legality of the
restrictions has been clarified in parallel proceedings.
In December 2024, an arbitration proceeding was
initiated against Elisa Corporation concerning a dispute on
payments related to a TV solution in use in the Elisa Viihde
entertainment service.
Substantial risks and uncertainties
associated with Elisa’s operations
Risk management is part of Elisa’s internal control system. It
aims to ensure that risks affecting the company’s business
are identified, influenced and monitored. The company
classifies risks into strategic, operational, hazard and
financial risks.
Strategic and operational risks:
The telecommunications industry is intensely competitive
in Elisa’s main market areas, which may have an impact on
Elisa’s business. The telecommunications industry is subject
to heavy regulation. Elisa and its businesses are monitored
and regulated by several public authorities. This regulation
also affects the price level of some products and services
offered by Elisa and may also require investments that have
long payback times.
Elisa processes different kinds of data, including personal
and traffic data. Therefore, the applicable data protection
legislation, especially the General Data Protection
Regulation, as well as other data-related legislation, might
have a significant impact on Elisa and its businesses.
The rapid developments in telecommunications technology
may have a significant impact on Elisa’s business.
Changes in governmental relationships, including in the
security environment, may increase the risk of restrictions
7ANNUAL REPORT 2024
Report of the board of directors Shares and shareholders Board’s proposal for the distribution of profits Investor information
Financial Statements
being imposed on equipment from particular network
providers that is also used in Elisa’s network. This could have
financial or operational impacts on Elisa’s business.
Elisa’s main market is Finland, where the number of mobile
phones per inhabitant is among the highest in the world and
growth in subscriptions is therefore limited. Furthermore,
the volume of phone traffic on the fixed network has been
decreasing during recent years. These factors may limit
opportunities for growth. New international business
expansion and possible future acquisitions abroad may
increase risks.
Elisa is liable to pay direct and indirect taxes and
withholding taxes in the countries in which it operates.
Changes in tax authorities’ interpretations of tax laws may
lead to an increase in the tax burden for corporations.
Uncertainty relating to regional conflicts globally, especially
Russia’s war in Ukraine, is continuing. This is expected to
affect the general economic environment, e.g. inflation and
energy prices. Challenges in global supply chains may also
result in uncertainties in volumes and prices. Disturbances
related to running infrastructure may also occur, for example
due to cyber incidents. Elisa’s business in Russia was not
essential, and Elisa withdrew from the Russian market in
2022.
Hazard risks:
The company’s core operations are covered by insurance
against damage and interruptions caused by accidents and
disasters. Accident risks also include litigation and claims.
Financial risks:
In order to manage the interest rate risk, the Group’s loans
and investments are diversified into fixed- and variable-rate
instruments. Interest rate swaps can be used to manage the
interest rate risk.
As most of Elisa’s operations and cash flow are denominated
in euros, the exchange rate risk is minor. Currency
derivatives can be used to manage the currency risk.
The objective of liquidity risk management is to ensure
the Group’s financing in all circumstances. Elisa has cash
reserves, committed credit facilities and a sustainable cash
flow to cover its foreseeable financing needs.
Liquid assets are invested within confirmed limits in
financially solid banks, domestic companies and institutions.
Credit risk concentrations in accounts receivable are minor,
as the customer base is broad.
Russia’s war in Ukraine and higher inflation have increased
volatility in the financial markets. This might have an effect
on Elisa’s ability to raise funds and may increase financing
costs.
A detailed description of financial risk management can be
found in Note 7.1 to the consolidated financial statements.
Corporate Governance Statement
and Remuneration Report
Elisa’s Corporate Governance Statement and Remuneration
Report for 2024 will be published during week 9
(beginning 24 February 2025) on the company website
elisa.com/annualreport.
Group Sustainability Statement 2024
The Group Sustainability Statement 2024 included in the
report of the board of directors includes information in
accordance with the Corporate Sustainability Reporting
Directive and the EU Taxonomy Regulation, and it has been
prepared in accordance with the European Sustainability
Reporting Standards issued by the European Financial
Reporting Advisory Group. The disclosed sustainability
matters and data points included in the Environment,
Social and Governance sections (including upstream and
downstream value chains), are based on Elisa’s double
materiality assessment.
The full Group Sustainability Statement can be found in the
section Group Sustainability Statement 2024.
Events after the reporting period
Elisa’s subsidiary camLine acquired iCADA GmbH to
expand its process excellence on semiconductor processes.
iCADA is a German-based software provider of durable
lifecycle solutions for the semiconductor industry, and it will
be integrated with camLine, part of Elisa’s manufacturing
software business Elisa IndustrIQ. The transaction was
completed on 3 January 2025.
Outlook and guidance for 2025
The development in the general economy includes many
uncertainties. Growth in the Finnish economy is expected
to stall. In particular, there is continuing uncertainty relating
to Russia’s war in Ukraine and other conflicts. Challenges
in global supply chains may also result in uncertainties
in volumes and prices. Competition in the Finnish
telecommunications market remains keen.
Full-year revenue is estimated to be at the same level as
or slightly higher than in 2024. Mobile data and digital
services are expected to increase revenue. Full-year
comparable EBITDA is anticipated to be at the same level
as or slightly higher than in 2024. Capital expenditure is
expected to be a maximum of 12 per cent of revenue.
Elisa continues to improve productivity, for example by
increasing automation and data analytics in different
processes, such as customer interaction, network operations
and delivery. Additionally, Elisa’s continuous quality
improvement measures will increase customer satisfaction
and efficiency, and reduce costs.
Elisa’s transformation into a provider of exciting, new and
relevant services for its customers is continuing. Long-term
revenue growth and profitability improvement will derive
from growth in the mobile data market, as well as domestic
and international digital services.
Profit distribution
According to Elisa’s distribution policy, profit distribution
is 80–100 per cent of the previous fiscal year’s net profit.
In addition, any excess capital can be distributed to
shareholders. When making the distribution proposal or
decision, the Board of Directors will take into consideration
the company’s financial position, future financial needs
and financial targets. Profit distribution includes dividend
payment, capital repayment and share buybacks.
The Board of Directors proposes to the Annual General
Meeting a dividend of EUR 2.35 per share. The dividend
payment corresponds to 100 per cent of the comparable net
profit for the financial period. The Board of Directors also
proposes that the dividend be paid in two instalments.
It is proposed that the first instalment of the dividend,
EUR 1.18, be paid to shareholders who are listed in the
company’s shareholder register maintained by Euroclear
Finland Ltd on 4 April 2025. The Board of Directors
proposes that the payment date be 11 April 2025. It is
also proposed that the second instalment of the dividend,
EUR 1.17, be paid to shareholders who are listed in the
company’s shareholder register on 17 October 2025, and
the Board of Directors proposes that the payment date be
24 October 2025. The profit for the period will be added to
retained earnings.
The Board of Directors also decided to propose to the
General Meeting that the Board of Directors be authorised
to acquire a maximum of five million treasury shares, which
corresponds to 3 per cent of the total number of shares.
BOARD OF DIRECTORS
8ANNUAL REPORT 2024 Financial Statements
Report of the board of directors Shares and shareholders Board’s proposal for the distribution of profits Investor information
Shares and shareholders
1. Share capital and shares
The company’s paid-up share capital registered in the Trade
Register stood at EUR 83,033,008 at the end of the financial
year.
At the end of the financial year, the number of Elisa
Corporation shares was 167,335,073, all within one share
series.
2. Authorisations of the Board of Directors
On 12 April 2024, the Annual General Meeting authorised
the Board of Directors to decide on a new share issue,
transfer of treasury shares owned by the company and/or
granting of special rights referred to in chapter 10, section
1 of the Finnish Companies Act subject to the following:
The authorisation allows the Board of Directors to issue a
maximum of 15,000,000 shares in one or several issues.
The share issue and shares granted by virtue of special
rights are included in the aforementioned maximum number.
The maximum number is approximately 9 per cent of the
entire stock. The share issue can be free or for consideration
and can also be directed to the Company itself. The
authorisation entitles the Board to make a directed issue.
The authorisation may be used for making acquisitions or
implementing other arrangements related to the Company’s
business, to finance investments, to improve the Company’s
financial structure, or for other purposes decided by the
Board of Directors. The Board of Directors has the right
to decide on all other matters related to the share issue.
The authorisation is valid for 18 months, and it annuls the
authorisation given by the Annual General Meeting to the
Board of Directors on 5 April 2023.
On 12 April 2024, the Annual General Meeting also
authorised the Board of Directors to decide on the
acquisition of treasury shares subject to the following: The
Board of Directors may decide to acquire or pledge on non-
restricted equity a maximum of 5,000,000 treasury shares.
The acquisition may take place as one or several blocks of
shares. The consideration payable for the shares shall not
be more than the ultimate market price. In purchasing the
Company’s own shares derivative, share lending and other
contracts customary in the capital market may be concluded
pursuant to law and the applicable legal provisions. The
authorisation entitles the Board of Directors to pass a
resolution to purchase the shares by making an exception
to the purchase of shares relative to the current holdings
of the shareholders. The treasury shares may be used for
making acquisitions or implementing other arrangements
related to the Company’s business, to finance investments,
to improve the Company’s financial structure, to be used as
part of the incentive compensation plan, or for the purpose
of otherwise assigning or cancelling the shares. The Board
of Directors has the right to decide on all other matters
related to the acquisition of the Company’s own shares.
The authorisation is valid for 18 months, and it annuls
the respective authorisation given by the Annual General
Meeting to the Board of Directors on 5 April 2023.
3. Treasury shares, share issues and cancellations
At the beginning of the financial period, Elisa held
6,946,654 treasury shares.
The Annual General Meeting held on 12 April 2024
authorised the Board of Directors to acquire and assign
treasury shares. The authorisation applies to a maximum
of 5,000,000 treasury shares. On the basis of the
authorisation, Elisa has not acquired any treasury shares.
A total of 134,178 treasury shares were disposed and
113,131 shares were transferred from the unallocated
account during the financial year.
At the end of the financial period, Elisa held 6,925,607
treasury shares.
The treasury shares held by Elisa Corporation do not have
any substantial impact on the distribution of holdings and
votes in the Company. They represent 4.14 per cent of all
shares and votes.
4. Management interests
The aggregate number of shares held by Elisa’s Board of
Directors and the CEO on 31 December 2024 was 194,895
shares and votes, which represented 0.12 per cent of all
shares and votes.
5. Share performance
The Elisa share closed at EUR 41.80 on 31 December 2024.
The highest quotation of the year was EUR 49.08 and the
lowest EUR 40.18. The average price was EUR 43.23.
Information is based on share trades made on the Nasdaq
Helsinki stock exchange.
At the end of the financial year, the market capitalisation of
Elisa’s total number of shares was EUR 6,994.6 million.
6. Quotation and trading
The Elisa share is quoted on the Main List of the Nasdaq
Helsinki with the ticker ELISA. The aggregate volume
of trading on the Nasdaq Helsinki between 1 January
and 31 December 2024 was 69,715,725 shares for an
aggregate price of EUR 3,013.6 million. The trading volume
represented 41.7 per cent of the total number of shares at
the end of the financial year.
9ANNUAL REPORT 2024 Financial Statements
Report of the board of directors Shares and shareholders Board’s proposal for the distribution of profits Investor information
7. Distribution of holding by shareholder groups at 31 December 2024
Number
of shares
Proportion of
all shares,%
1 Private companies 4,155,445 2.48
2 Financial and insurance institutions 5,199,568 3.11
3 Public corporations 30,687,071 18.34
4 Non-profit organisations 5,157,925 3.08
5 Households 36,196,303 21.63
6 Foreign 177,932 0.11
7 Nominee registered 78,835,222 47.11
Elisa Corporation, treasury shares
6,925,607 4.14
167,335,073 100.00
8. Distribution of holding by amount at 31 December 2024
Size of holding
Number of
shareholders %
Number
of shares %
1–100 54,549 30.59 2,338,180 1.40
101–1,000 119,396 66.96 26,792,279 16.01
1,001–10,000 4,124 2.31 9,661,568 5.77
10,001–100,000 203 0.11 5,014,252 3.00
100,001–1,000,000 31 0.02 8,519,539 5.09
1,000,001– 11 0.01 36,174,033 21.62
Nominee registered 78,835,222 47.11
179,614 100.00
Elisa Corporation, treasury shares
(1
6,925,607 4.14
Issued amount 167,335,073 100.00
1)
Elisa´s Annual General Meeting held on 12 April 2024 decided that the right of the owners of Kymen Puhelin Oy and Telekarelia Oy to have Elisa
Corporation’s shares as merger consideration and rights based on the shares became forfeit on 12 April 2024. On the basis of this, a total of
113,131 Elisa shares have been transferred from the common account to Elisa´s treasury shares.
9. Largest shareholders at 31 December 2024
Name Number of shares %
1 Solidium Oy 16,802,800 10.04
2 Ilmarinen Mutual Pension Insurance Company 4,801,592 2.87
3 Varma Mutual Pension Insurance Company 3,096,976 1.85
4 Elo Mutual Pension Insurance Company 2,584,000 1.54
5 The State Pension Fund 1,150,000 0.69
6 City of Helsinki 1,124,690 0.67
7 OP-Finland Fund 640,280 0.38
8 Nordea Pro Finland Fund 586,886 0.35
9 Säästöpankki Kotimaa Mutual Fund 490,100 0.29
10 Föreningen Konstsamfundet r.f. 450,000 0.27
11 Seligson OMX Helsinki 25 ETF Fund 443,754 0.27
12 OP-Henkivakuutus Ltd. 417,067 0.25
13 Evli Finland Select Fund 380,000 0.23
14 Samfundet Folkhälsan i Svenska Finland rf 368,982 0.22
15 OP-Finland Index Fund 353,644 0.21
16 The Local Government Pensions Institution 350,979 0.21
17 Danske Invest Finnish Equity Fund 348,709 0.21
18 Sigrid Juselius Foundation 330,700 0.20
19 Society of Swedish Literature in Finland 300,000 0.18
20 S-Bank Fenno Equity Fund 261,060 0.16
35,282,219 21.08
Nominee registered
1)
78,835,222 47.11
Elisa Corporation, treasury shares 6,925,607 4.14
Others
46,292,025 27.66
167,335,073 100.00
1)
On 1 October 2024, BlackRock, Inc announced, that the direct share ownership of Elisa Corporation shares owned by BlackRock, Inc. was
10,702,416 and by its funds 181,630 shares, totaling 10,884,046 shares, which was 6.50 per cent of Elisa Corporation’s entire stock.
38
40
42
44
46
48
50
52
54
56
58
Elisa
OMX Helsinki 25 -index
(1
1)
Rebalansed to Elisa share
Daily price development
Closing price in EUR
1/2024
2/2024
3/2024
4/2024
5/2024
6/2024
7/2024
8/2024
9/2024
10/2024
11/2024
12/2024
0
1
2
3
4
5
6
7
8
9
Trading volume
Shares per month (million)
6.8
7.1
5.8
8.1
5.8
6.1
5.6
4.0
5.5
5.8
4.8
4.4
1/2024
2/2024
3/2024
4/2024
5/2024
6/2024
7/2024
8/2024
9/2024
10/2024
11/2024
12/2024
10ANNUAL REPORT 2024 Financial Statements
Shares and shareholders Board’s proposal for the distribution of profits Investor informationReport of the board of directors
Board’s proposal for distribution of profits
According to the balance sheet of 31 December 2024, the
parent company’s equity is EUR 507,972,248.33, of which
distributable funds account for EUR 394,968,020.56.
The parent company’s profit for the period from 1 January to
31 December 2024 was EUR 347,442,990.73.
The Board of Directors proposes to the General Meeting of
Shareholders that the distributable funds be used as follows:
• A dividend of EUR 2.35 per share will be paid, for a total
of EUR 376,962,245.10
• The dividend will be paid in two instalments
• No dividend will be paid on shares in the parent
company’s possession
• EUR 18,005,775.46 will be retained in shareholders’
equity.
Share trading volumes are based on the trades made on Nasdaq Helsinki.
Elisa share is also traded in alternative marketplaces.
11. Trading volume
Shares per month (million)
10. Daily price development
Closing price in EUR
1)
Rebalanced to Elisa share.
11ANNUAL REPORT 2024 Financial Statements
Shares and shareholders Board’s proposal for the distribution of profits Investor informationReport of the board of directors
Investor information
Outlook and guidance for 2025
The development in the general economy includes many
uncertainties. Growth in the Finnish economy is expected
to stall. In particular, there is continuing uncertainty relating
to Russia’s war in Ukraine and other conflicts. Challenges
in global supply chains may also result in uncertainties
in volumes and prices. Competition in the Finnish
telecommunications market remains keen.
Full-year revenue is estimated to be at the same level as
or slightly higher than in 2024. Mobile data and digital
services are expected to increase revenue. Full-year
comparable EBITDA is anticipated to be at the same level
as or slightly higher than in 2024. Capital expenditure is
expected to be a maximum of 12 per cent of revenue.
Elisa continues to improve productivity, for example by
increasing automation and data analytics in different
processes, such as customer interaction, network operations
and delivery. Additionally, Elisa’s continuous quality
improvement measures will increase customer satisfaction
and efficiency, and reduce costs.
Elisa’s transformation into a provider of exciting, new and
relevant services for its customers is continuing. Long-term
revenue growth and profitability improvement will derive
from growth in the mobile data market, as well as domestic
and international digital services.
Profit distribution
According to Elisa’s distribution policy, profit distribution
is 80–100 per cent of the previous fiscal year’s net profit.
In addition, any excess capital can be distributed to
shareholders. Profit distribution includes dividend payment,
capital repayment and purchase of treasury shares.
Annual General Meeting
Elisa’s Annual General Meeting will be held on 2 April
2025. More information on the AGM invitation and at
elisa.com/agm
Payment of dividends
The Board of Directors proposes to the Annual General
Meeting a dividend of EUR 2.35 per share. The dividend
payment corresponds to 100 per cent of the comparable net
profit for the financial period. The Board of Directors also
proposes that the dividend be paid in two instalments.
It is proposed that the first instalment of the dividend,
EUR 1.18, be paid to shareholders who are listed in the
company’s shareholder register maintained by Euroclear
Finland Ltd on 4 April 2025. The Board of Directors
proposes that the payment date be 11 April 2025. It is
also proposed that the second instalment of the dividend,
EUR 1.17, be paid to shareholders who are listed in the
company’s shareholder register on 17 October 2025, and
the Board of Directors proposes that the payment date be 24
October 2025.
Listing of Elisa’s shares
Elisa’s shares are listed on the Nasdaq Helsinki and are
registered in the Finnish book-entry register maintained by
Euroclear Finland Ltd.
Publication dates 2025
• 17 April 2025: Interim Report Q1 2025
• 15 July 2025: Half-Year Financial Report 2025
• 23 October 2025: Interim Report Q3 2025
Guidance for 2025
Revenue Same level or slightly
higher than in 2024
Comparable EBITDA Same level or slightly
higher than in 2024
CAPEX/sales Max 12%
Medium-term financial targets by the end of 2025
Revenue 2022–2025 CAGR >2%
EBTDA growth 2022–2025 CAGR >3%
CAPEX/sales Max 12%
Net debt/EBITDA 1.5–2x
Equity ratio >35%
Elisa’s investor relation contacts
Vesa Sahivirta
IR Director
vesa.sahivirta@elisa.fi
tel. +358 50 520 5555
Kati Norppa
IR Communications Manager
kati.norppa@elisa.fi
tel. +358 50 308 9773
elisa.com/investors
investor.relations@elisa.fi
Financial information
Elisa publishes its financial reports and bulletins in Finnish
and English. The Annual Report, Half-year report, Interim
Reports, information on the AGM, stock exchange releases
and other information for investors, as well as the
Disclosure Policy, are available on the Elisa website at
elisa.com/investors.
SUSTAINABILITY
STATEMENT 2024
General information .......................................... 14
E – Environment ..............................................28
S – Social ....................................................... 53
G – Business conduct ...................................... 67
Assurance report on the Sustainability Statement ... 73
Annexes ........................................................... 75
Content
SUSTAINABILITY STATEMENT 14
General basis for preparation 14
General disclosure 14
General basis for preparation 14
Risk management and internal controls over sustainability reporting 14
Sustainability governance 15
Integration of sustainability-related performance in incentive schemes 17
Sustainability strategy 17
Interests and views of stakeholders 19
Due diligence statement 22
Double materiality assessment 22
E – Environment 28
EU Taxonomy 28
Assessment of eligibility and alignment 28
Do no significant harm 29
Minimum social safeguards 30
Accounting principles – EU Taxonomy indicators 30
EU Taxonomy indicators 31
Template 1. Nuclear and fossil gas related activities 34
Climate change 35
Policies 35
Our approach 35
Transition plan for climate change mitigation 38
Targets, actions and performance in 2024 40
Sustainability-related performance in incentive schemes 40
GHG removal and mitigation projects 44
Energy consumption and mix 46
Gross scopes 1, 2, 3 and total GHG emissions 48
Accounting principles – Greenhouse gas emissions 49
Resource use and circular economy 50
Policies 50
Our approach 50
Targets, actions and performance in 2024 50
Resource inflows 51
Resource outflows-waste 52
Accounting principles – Resource outflows-waste 52
S – Social 53
Own workers 53
Policies 53
Our approach 54
Engaging with workers and workers’ representatives 55
Processes to remediate negative impacts and channels for raising concerns 56
Targets, actions and performance in 2024 57
Characteristics of employees 58
Characteristics of non-employee workers in the workforce 59
Collective bargaining coverage and social dialogue 59
Diversity metrics 60
Training and skills development metrics 60
Health and safety metrics 60
Incidents, complaints and severe human rights impacts 60
Accounting principles - Incidents, complaints and severe human rights impacts data 60
Workers in the value chain 61
Policies 61
Our approach 61
Processes for engaging with workers in the value chain 62
Processes to remediate negative impacts and channels for workers in
the value chain to raise concerns 62
Targets, actions and performance in 2024 63
Customers and end users 64
Policies 64
Our approach 64
Processes for engaging with consumers and end users 65
Processes to remediate negative impacts and channels for consumers and
end users to raise concerns 66
Targets, actions and performance in 2024 66
G – Business conduct 67
Role of the administrative, supervisory and management bodies 67
Policies
67
Targets, actions and performance in 2024 68
Accounting principles 68
Whistleblowing principles 69
Management of relationships with suppliers 69
Entity-specific 70
Critical infrastructure 70
Cyber security 70
Resilience and reliable infrastructure 70
Processes for engaging with stakeholders about impacts 70
Processes to remediate negative impacts, and channels to raise concerns 71
Targets, actions and performance in 2024 71
Assurance report on the Sustainability Statement 73
Annexes 75
ESRS Index 75
13ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
ESRS 2
General disclosure
General basis for preparation
The reporting period for this sustainability statement is the
calendar year 2024 and no comparative figures are disclosed
except gross GHG emission metrics. This sustainability
statement includes information in accordance with the
Corporate Sustainability Reporting Directive (CSRD) and
the EU Taxonomy Regulation, and it has been prepared
in accordance with the European Sustainability Reporting
Standards (ESRS) issued by the European Financial Reporting
Advisory Group. The disclosed sustainability matters and
data points included in the Environment (E), Social (S), and
Governance (G) sections covering upstream and downstream
value chains are based on Elisa’s double materiality
assessment (DMA) conducted during the years 2023–2024.
Details on our process, methodology and scope of our DMA
are presented in the section Double materiality assessment.
The consolidated sustainability statement is prepared for
Elisa group (Elisa) and includes the parent company, Elisa
Corporation (Finland), as well as subsidiaries, associates
and joint arrangements, as described in Elisa’s financial
statements 2024. Material impacts, risks and opportunities
connected with Elisa’s direct and indirect upstream and
downstream value chain actors are included accordingly. We
have considered different sustainability topics to the extent
of its materiality for each actor of the value chain. Elisa has
not omitted any information corresponding to intellectual
property, know-how or the results of innovation.
General information
Consolidation of all quantitative environment, social and
governance (ESG) disclosures follow the scope mentioned
above, unless otherwise specified in the accounting principles
placed next to each reported data point in the data tables in
the ESG sections.
The financial information for the sustainability statement
is derived from Elisa’s consolidated financial statements,
which are prepared in accordance with International
Financial Reporting Standards (IFRS), including adherence
to International Accounting Standards (IAS) and IFRS and
the Standard Industrial Classification (SIC) and International
Financial Reporting Interpretations Committee interpretations
valid as of 31
st
December 2024.
Regarding environmental indicators, the most significant
environmental impacts of the Elisa group have been
calculated in accordance with ESRS guidelines. The
calculation of carbon dioxide emissions is based on
the Greenhouse Gas Protocol Corporate Accounting
and Reporting Standard. Regarding our own workforce,
disclosures cover Elisa group, while categories and definitions
in the statement are aligned with Elisa’s human resource
function’s employee categorisation and definitions. Structural
changes in the Elisa group are presented in more detail in
the section group companies of Elisa’s financial statements.
The disclosure principles and calculation methodology, as
well as the sources of the data, are described in the sections
accounting principles under each data point as well as ESG
reporting manual document. The document is available on the
Elisa group sustainability website at elisa.com/sustainability.
Elisa uses the following definitions for time horizons in double
materiality assessment: short-term (0–2 years), medium-term
(3–5 years) and long-term (more than five years). The time
horizons used are aligned with Elisa’s strategic time horizons.
The material uncertainties regarding the accuracy of Elisa’s
sustainability statement disclosures relate to upstream carbon
emission calculations for gross Scopes 1, 2, 3 and total GHG
emission. There are gaps in the availability of accurate life
cycle assessment data for products, services and capital
goods and thus we use indirect information sources. We
have programmes with our upstream partners to improve
the accuracy and availability of data. We regularly revisit
and update our data sources, and we aim to enhance our
reporting accordingly. The calculation principles, including
assumptions, approximations and judgements per disclosures,
are explained more in detail in the accounting principles
of each data point. Similarly, when using estimated indirect
sources for value chain data, we have described the basis for
preparation and estimated the level of accuracy alongside the
data point in question.
Elisa’s Sustainability Statement 2024 is published in Finnish
and English, and it is available at elisa.com/annualreport. The
Sustainability Statement 2024 is assured by Ernst & Young.
For this statement, we have used phased-in provisions for the
data points SBM-3_09, E1-9, E5-6 and S1-14_08, S1-14_09
and S1-14_10, in accordance with ESRS.
Risk management and internal controls over
sustainability reporting
Elisa has a risk management and internal control system for
the preparation and reporting of its sustainability statement.
This system focuses on ensuring the harmonisation, accuracy
and quality of ESG data and reporting process. The systems
for internal control and risk management in relation to Elisa’s
sustainability reporting are designed to provide reliability
in the reporting process. In addition, this also supports
the preparation of sustainability statements for external
purposes in accordance with accepted accounting principles,
applicable legislation, the CSRD and other requirements for
listed companies.
The sustainability statement for 2024 is Elisa’s twelfth
consecutive assured report. Elisa’s sustainability reporting
follows the Elisa group-level sustainability reporting principles
for statutory reporting. Elisa group sustainability has overall
responsibility for sustainability reporting. It controls and
oversees the development of centralised sustainability
data management processes and sustainability data
management tools. It conducts group-level consolidation of
ESG disclosures, ensuring compliance with the CSRD and
with other relevant regulations. It is also responsible for the
management of mandatory third-party assurance for this
statement.
14ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
General information
To mitigate the risk of human error, Elisa conducts
regular group-wide competence development, including
communication and training for nominated sustainability
reporting participants. Further, Elisa group sustainability
maintains up-to-date guidelines, manuals and instructions
that are available to the experts involved in the sustainability
reporting process. The potential risk of both human error
and system failure is also mitigated through the four eyes
principle: the roles of the data filer and approver are
separated. In addition, Elisa group sustainability reviews the
data as part of consolidation. Further, the final disclosures are
shared for review with data approvers and Elisa’s management
before final assurance and publication. The sustainability
reporting risk assessments and internal control evaluations are
monitored annually by the Audit Committee of Elisa’s Board of
Directors and by Elisa’s Corporate Responsibility Management
Board (CRMB).
Elisa’s Internal Audit function audited Elisa’s sustainability
reporting processes and systems in 2024. The key
recommendations have been implemented in the sustainability
reporting process during the year.
Sustainability governance
Elisa’s top management for sustainability, as defined in
the CSRD, includes Elisa’s Board of Directors (BoD),
Elisa’s Corporate Executive Board (CEB) and CRMB. Elisa
has an established European Works Council to improve
employees’ access to information and facilitate dialogue
between management and personnel. Employees do not
have representation in Elisa’s BoD or CEB. More details of
engagement with workers’ representatives are provided in the
section Own workforce.
The annual general meeting (AGM) of shareholders is
Elisa’s highest decision-making body. Among other things,
the targets for Elisa’s management, and with monitoring their
achievement. The Board must also appoint the Chief Executive
Officer (CEO) and decide on the composition of Elisa’s CEB.
The Board regularly monitors financial performance and
the development of the company’s financial standing. It also
supervises compliance with regulations and the management
of operational risks and other risks. The Board addresses
major investments in, and disposals of, businesses or assets,
and it sets the boundaries for the company’s management in
executing operational investments and financial arrangements.
According to the charter, the following are particularly subject
to decisions of the Board of Directors:
• Elisa’s strategic guidelines
• Profit distribution policy
• Convening general meetings of shareholders and
submitting proposals from the Board of Directors
• Matters having to do with Elisa stock and Elisa’s
shareholders
• Major mergers, acquisitions and investments
• Financial statements, half-year financial reports and interim
reports, and non-financial reports
• The appointment, dismissal and terms of employment of
the CEO and members of the CEB
The charter also specifies other matters to be addressed
by the Board, such as adopting the annual financial plan,
the principles of the company’s organisation and the main
business policies.
According to Elisa’s Articles of Association, the Board must
comprise a minimum of five (5) and a maximum of nine
(9) members. The members of the Board are appointed at
the AGM for a one-year term of office starting at the close
of the relevant general meeting and ending at the close
of the next AGM. The AGM also elects the Chair and the
Deputy Chair of the Board. At its organising meeting, the
Board annually decides upon committees, their chairs and
members. In 2024, the acting committees were the People
and Compensation Committee and the Audit Committee. The
duties and charters of the committees are adopted by the
Board. At the Annual General Meeting of 12th April 2024,
eight (8) members were elected to the Board until the next
AGM.
it approves the income statement and balance sheet, and it
declares the distribution of profits according to the proposal
from the Board of Directors. The AGM appoints an auditor,
assurer of the Sustainability Statement and members to the
Board of Directors (including the Chair and the Deputy
Chair) and approves the discharge from liability of the
Board of Directors and the CEO. The Board attends to the
administration and proper organisation of the company’s
operations in accordance with the Finnish Limited Liability
Companies Act and other regulations. The Board decides on
matters that under law are subject to decision by the Board.
The Board has adopted a charter for itself, which tasks the
Board with deciding the company’s strategic guidelines and
Sustainability governance structure
Board of Directors
Elisa Leadership Team
Corporate Responsibility Management Board
Human
Rights SG
Environment
WG
Sustainable
Supply Chain
WG
Audit
Committee
People and
Compensation
Committee
Security SG
Compliance SG
OHS Committee
Sustainability
Team
15ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
The Board has assessed that each member of the Board
of Directors is independent of the company and of any
significant shareholders. According to the appointment
and diversity principles for a person elected as a member
of Elisa’s Board, each member must have the competences
required for the position and be able to devote a sufficient
amount of time to the duties required. In regard to the
sustainability topics, the Board has assessed its expertise
in the material topics. The Board has expertise in at least
following Elisa relevant sustainability topics of compliance
(including anti-bribery and corruption), climate change,
circular economy, consumer and end-users related matters
such as privacy, health and safety, cyber security and critical
infrastructure, human rights including value chain workers
(e.g. forced/child labour, health and safety), personnel
(including diversity, collective bargaining, health and safety),
supplier management and sustainability reporting. In addition,
by ensuring sufficient resources and regular reviews, Elisa’s
administrative, management and supervisory bodies have
access to sustainability expertise.
In 2024, the sustainability-related impacts, risks and
opportunities including any trade-offs associated, i.e.
the results of the double materiality assessment (DMA)
were monitored, assessed and discussed by the Board in
two meetings. The list of topics resulted from the DMA
are presented in table Material sustainability topics and
description. Further, the Board approved the sustainability
strategy, which has been aligned with the results of the 2024
DMA.
The Audit Committee is tasked with supervising the proper
organisation of the company’s sustainability reporting,
administration and audits, internal auditing, and risk
management, including sustainability-related impacts, risks
and opportunities. Regarding sustainability reporting and
auditing, the Audit Committee specifically monitors and
assesses the company’s sustainability reporting system,
the effectiveness of internal controls and auditing, and the
independence of the sustainability auditor. The sustainability
reporting aspects were monitored, assessed and discussed
in three (3) meetings during 2024. The Audit Committee
is responsible for monitoring the implementation of Elisa’s
compliance framework, including compliance risks and
matters related to responsible business conduct. The Audit
Committee reviewed the compliance topics in five (5)
meetings.
Elisa’s Corporate Executive Board (CEB) consist of EVPs
having experience in relevant sectors and businesses both
in international and domestic markets. Based on their role
and experience, the CEB members have knowledge to
regularly review and assess the progress and efficiency of
strategic sustainability targets and measures, as well as the
management of specific sustainability initiatives. In 2024,
the results of the DMA were reviewed and discussed in two
(2) CEB meetings and as a part of the sustainability strategy.
As part of the regular performance review, the CEB also
reviews whether sufficient resources, skills and expertise for
sustainability are available and further developed across the
Elisa group. In 2024, based on the review by the CEB, Elisa
increased its capabilities in sustainability analysis and data
management.
Elisa’s Corporate Responsibility Management Board (CRMB)
consists of executive- and management-level representatives
from business operations, Elisa Eesti As, support functions
and Elisa’s CEB. Its role is to monitor and guide the
preparation of the DMA and the sustainability strategy.
Further, the CRMB monitors the progress of sustainability
measures and targets, as well as the implementation of the
sustainability strategy across Elisa’s operations. The CRMB is
also responsible for monitoring the progress of sustainability
work in topic-specific steering and working groups. CRMB
in its area of influence monitors the availability of sufficient
resources, skills and expertise for sustainability initiatives. It
is also responsible for reviewing Elisa Corporation (Finland)
ISO 14001-certified environmental management system and
ISO 50001-certified energy management system. Along with
these responsibilities, the CRMB reviews and approves the
Environment, Energy and Human Rights Policies. The CRMB
held eight (8) meetings during 2024.
Topic-specific steering and working groups consist of Elisa
experts working on the specific topic area. The role of the
topic-specific groups is to maintain, develop and share
sustainability best practices across Elisa.
Key matters and material topics addressed by administrative
bodies in 2024 were:
• Double materiality, including risks and opportunities
• The Corporate Sustainability Reporting Directive
• Climate transition progress and climate targets
Composition of Elisa’s management
by gender and age group in 2024
Board of Directors
8
Male (headcount) 5
Female (headcount) 3
Male (%) 63
Female (%) 38*
Under 30 years (headcount) 0
30–39 years (headcount) 0
40–49 years (headcount) 1
Over 49 years (headcount) 7
Corporate Executive Board
10
Male (headcount) 8
Female (headcount) 2
Male (%) 80
Female (%) 20
Under 30 years (headcount) 0
30–39 years (headcount) 0
40–49 years (headcount) 2
Over 49 years (headcount) 8
Corporate Responsibility Management Board
10
Male (headcount) 5
Female (headcount) 5
Male (%) 50
Female (%) 50
Under 30 years (headcount) 0
30–39 years (headcount) 1
40–49 years (headcount) 4
Over 49 years (headcount) 5
*40% when calculated as defined in the Finnish Limited
Liability Companies Act 6:9a.
16ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Integration of sustainability-related performance in
incentive schemes
Elisa’s Remuneration Policy sets out the principles for
remuneration of the Board of Directors, the CEO and any
potential Deputy CEO. Remuneration of Elisa’s personnel
(including the CEO) is based on total remuneration, which
may, among other things, include both variable and fixed
components as well as personnel benefits. The personnel are
mainly subject to a performance-based remuneration scheme.
In addition, Elisa’s personnel, as a rule, are also part of a
long-term remuneration scheme, such as a personnel fund or
a share-based remuneration scheme. The Remuneration Policy
ensures that remuneration promotes Elisa’s business strategy,
long-term financial success and the favourable development
of shareholder value, and also enhances commitment and
supports Elisa’s financial objectives
Elisa has a share-based incentive plan for CEO, members of
CEB and specific key personnel, which includes sustainability
targets. For example, the 2024–2026 performance period
includes employee engagement and climate targets. The
carbon emission reduction target is aligned with Elisa’s
carbon emission reduction targets in line with the Science
Based Targets initiative. Further, short-term incentive scheme
for 2024 for the CEO included an ESG development target,
which focuses on carbon emission reduction. In addition,
the conditions for Elisa’s Personnel Fund for 2024 included
carbon emission reduction targets. The performance in
sustainability-related targets is reviewed annually by the Board.
Sustainability strategy
Elisa is a pioneer in telecommunications and digital
services. Elisa serves approximately 2.8 million consumer,
corporate and public administration customers in our main
markets in Finland and Estonia as well as internationally.
For corporate customers, Elisa offers modern information
and communication technology (ICT) devices, mobile and
fixed subscriptions and Internet of Things (IoT) services,
among others, to support their business end and boost
their efficiency and security. For consumer customers,
Elisa provides mobile and fixed broadband subscriptions,
telephone subscriptions, devices, data security services
and entertainment services. Elisa’s growing international
digital businesses offer a wide range of software services for
manufacturing and industries as well as telecom customers
globally.
Elisa employs 6,731 people in 22 countries, and the
company’s total revenue in 2024 was EUR 2,191 million. More
information on the breakdown of headcount by geographical
area is provided in the section Own workforce.
Comprehensive, secure and fast data communication
connections are a prerequisite for a competitive and equitable
information society. Our business goal is to provide value
and sustainable connectivity and digital solutions for our
customers and society. Our mission in society is to drive
sustainability through digitalisation.
As a result of the strategy process in 2024 for the
period 2025–2027 as well as the result of the DMA, the
sustainability focus areas and targets are redefined as follows:
• Climate transition
• Responsible digital transformation
The strategic targets and key indicators for these objectives
are set both to ensure our responsible business conduct and,
more importantly, to increase our positive contribution to
society. Measures in these focus areas are included in our
business strategies and action plans. The performance is
monitored regularly by the Elisa’s Corporate Executive Board
(CEB).
In addition to sustainability impacts, targets and performance,
Elisa also measures its sustainability communication
performance through a survey of stakeholders’ perceptions.
The survey is conducted monthly in Finland and Estonia by
an independent third party and asks 8,000 respondents to
evaluate how responsible actor Elisa is in society. The results
guide our actions to develop our responsible practices and
stakeholder dialogue. This is also one of Elisa’s strategic
scorecard indicators. In addition, we have set an ambitious
climate target for 2030, which has been approved by the
Science Based Targets initiative. It is an important milestone
on our journey towards Net-zero 2040. This indicator is
described in more detail under environmental section.
Elisa’s operating model, including activities, resources and
relationships that Elisa uses and relies on to offer products
and services to its customers, determines its value chain, from
development to delivery and end of life. The upstream value
chain includes our suppliers, subcontractors and service
providers that supply us with the capital goods, products and
services that we use in the development of our operations to
serve our customers and society at large. In the figure below,
Elisa’s direct and indirect business relationships and material
topics are illustrated. The most material impacts and risks
upstream are associated with climate change mitigation and
resource inflows, as well as labour and human rights related
to workers. The procurement of Elisa’s material products,
technologies and services is mostly managed centrally
by Elisa’s procurement services and logistics. Centralised
processes and common guidelines in the procurement
process ensure that Elisa’s sustainability targets, requirements
and expectations are similarly embedded into supplier
relationship operations. Further information about the
management of relationships with suppliers is disclosed in the
section Business conduct. The resources that Elisa uses, and
the company’s output are disclosed in the sections Climate
change and Resource use and circular economy. Impacts
related to workers in the value chain are disclosed in the
section Workers in the value chain.
In our own operations, we operate and manage our
telecommunication infrastructure and develop ICT services
that we offer to our customers and society at large. The most
material items in this part of the value chain are Elisa’s own
workforce, working facilities and infrastructure, including
networks and data centres. Details of the impacts, risks and
opportunities linked to own operations are disclosed in the
sections Climate change, Resource use and circular economy,
Own workforce and Business conduct.
Downstream, our main activities include sales of products
and services to our consumers and corporate customers in
domestic as well as international markets. In the downstream
value chain, we have direct business relationships with our
customers, logistics providers, waste management companies,
societies and end users, public organisations and government,
among others. Customers, public organisations, government,
societies and end users receive and use our sold products
and services, while our logistics partners deliver equipment
and devices to these actors, and waste management partners
manage the appropriate circularity of sold products after
use. The main impacts and risks related to management of
end-of-life sold products are disclosed in the section Resource
use and circular economy, and those related to data protection
and privacy in the section Consumers and end users.
In addition, to the impacts, risks and opportunities covered
by material topics and related ESRS disclosure requirements,
Elisa has also identified entity-specific impacts and risks with
the topic of critical infrastructure. These impacts and risks
are caused through the development and use of Elisa’s sold
products and services in our own operations as well as the
downstream value chain. More information about this can be
found in the section Entity-specific – Critical infrastructure.
The material impacts, risks and opportunities identified and
17ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Overview of Elisa’s material topic and its effect on business model and value chain
18ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Sustainability Statements
Upstream value chain Own operations Downstream value chain
PURCHASE OF PRODUCTS AND SERVICES
OPERATION OF NETWORKS, DATA
CENTRES. DEVELOPMENT OF SERVICES
SALE OF PRODUCTS AND SERVICES
Technology and
device resellers
(Climate change mitigation,
Workers in the value chain)
Maintenance and
construction providers
(Own Workforce, Workers
in the value chain)
IT and software vendors
(consultants)
(Own Workforce, Workers
in the value chain)
Technology and device
manufacturing
(Climate change mitigation,
Workers in the value chain)
Sub-contractors
(Own Workforce, Workers
in the value chain)
Content providers
(Workers in the value chain)
Component manufacturing
(Climate change mitigation,
Workers in the value chain)
Sub-sub-contractors
(Workers in the value chain)
Logistics providers
(Workers in the value chain)
Other services (media,
marketing, HR, insurances,
finance, consulting)
(Workers in the value chain)
Mining and material
extraction
(Resource Inflow, Workers
in the value chain)
Service providers (facility
management, canteens and
other services)
(Workers in the value chain)
Elisa workplace
(Business conduct)
Own employees
(Own workforce)
Elisa networks, infrastructure and
data centres
(Climate change mitigation, climate change
adaptation, energy, waste)
Owned and leased buildings
(Energy, waste)
Consumer customers
(Resource outflows including
waste, privacy)
Corporate customers
(Resource outflows including
waste, privacy)
Public organisations and
government
(Resource outflows including
waste, privacy)
Societies and end users
(Privacy)
Logistics provider
(Workers in the value chain)
Waste management partners
(Resource outflows including waste)
Direct relationship
Indirect relationship
18ANNUAL REPORT 2024
disclosed in the 2024 reporting do not deviate substantially
from the previous reporting period.
Interests and views of stakeholders
Stakeholders can greatly affect Elisa’s operations. Through
regular engagements with each stakeholders group, we
gain better understanding of our impacts and stakeholder’s
expectations. The results from the engagement are reviewed
and discussed within relevant Elisa’s Business Management
Boards. We have identified key stakeholders, and their
expectations as follows:
Employees: Expect their employer to ensure their physical,
mental, financial and social well-being.
Customers: Expect transparency regarding environmental
and social impacts as well as company performance in these
areas. Our customers, in particular, expect Elisa to take
responsibility for topics having direct impacts on customers,
including critical infrastructure, privacy, cyber security and
device circularity.
Key partners and suppliers: Expect transparent and ethical
business conduct and collaboration in common and relevant
sustainability targets as well as in sustainability risk and impact
mitigation. Key partners and suppliers have important roles in
Elisa’s operations. Our business requirements, procurement
principles and sustainability targets form cornerstones of the
relationship.
Shareholders: Expect short- and long-term profitability
and compliance with growing sustainability regulation
requirements in operations, as well as transparent, timely
ESG reporting and disclosures. Our shareholders have a
financial stake in Elisa and thus expect dividends, share
price development, coherent and sustainable strategy, and
predictable and reliable communication. We engage with
shareholders to ensure an understanding of their reasoning
and expectations.
Society: Expects us to contribute to society via investments
and taxes, as well as by providing employment directly and
indirectly through our value chain. Elisa has a key role in the
development of a safe and reliable digital society. As stated in
Elisa’s mission, we have a responsibility to build a sustainable
society. Society sets regulations and expects that digital
services for individuals and businesses are technically reliable
and secure.
In addition, we have a continuous dialogue regarding the
needs of groups in vulnerable positions (e.g. children,
young people and the elderly). These stakeholders can be
divided into two groups: affected stakeholders and users of
sustainability statements. The first group mostly consists of
suppliers, our employees, customers (including children,
young people and the elderly), local communities and society
at large, as well as nature. Users of sustainability statements
are often customers, investors, owners and social operators.
19ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Stakeholder dialogue and material topics in 2024
Stakeholder group Engagement metrics Relevant material topics
Main topics raised that relates to Elisa’s strategy
and business model and actions Nature of stakeholder
Own workforce • Employee survey and Pulse survey
• Co-operation with employee representatives
• Dialogue with supervisors
• Learning and development dialogue, values
dialogue
• Health and safety
• Social dialogue; the existence of works councils and
the information, consultation and participation rights of
workers; freedom of association; collective bargaining
• Training and skills development
• Diversity, including measures against harassment
Main topics: ethical data use and AI; energy efficiency; flexible and remote
work; well-being and mental stress at work; climate; diversity, equity and
inclusion.
Actions: Training regarding the main topics to increase awareness and know-
how, commuting survey as well as communications regarding material topics,
ways of working and process development, facilitating different communities
of interest (rainbow, data and AI, Digimuijat, etc.)
Affected stakeholders
Corporate customers • Customers experience surveys
• Customer requests and feedback forms
• Strategic meetings
• Events
• Contact forms on webpages
• Cyber security, reliance and reliable infrastructure
(critical infrastructure)
• Climate change
• Resource outflows including waste (resource use and
circular economy
Main topics: cyber security, Elisa’s climate actions, circularity, AI,
sustainability data, circularity.
Actions: development of automated customer-allocated sustainability
information, cybersecurity exercises, internal training about ethical sales
Affected stakeholders, users
of sustainability statements
Consumer customers • Customers experience surveys
• Customer requests and feedback forms
• Contact forms on webpages
• Marketing and communication
• Privacy, health and safety (consumers and end users)
• Cyber security, reliance and reliable infrastructure
(critical infrastructure)
• Resource outflows including waste (resource use and
circular economy)
• Digital well-being of young people
Main topics: ethical sales procedures (e.g. selling to elderly people), cyber
security, Elisa’s climate actions, circularity, AI
Actions: internal training about ethical sales, circularity communication
(Circularity Hero video), OmaElisa development, accessibility development,
collaboration with Mannerheim League for Child Welfare
Affected stakeholders
Suppliers • Strategic and operational meetings
• Feedback surveys
• Audits
• Training
• Engagement programmes
• Events
• Climate change mitigation (climate change)
• Resource inflows including resource use, resource
outflows including waste (resource use and circular
economy)
• Health and safety
• Working time
• Measures against violence and harassment in the
workplace
• Forced labour
• Child labour
Main topics: energy efficiency, climate change mitigation, Scope 3 emission
reductions, human rights risks, biodiversity, circularity
Actions: CDP supply chain result review meetings (internal and external),
development of supplier engagement platform, agreement on corrective
actions from audit results, utilising common industry platform to develop
sustainability practices, development of internal vendor risk management
dashboard, collaboration in developing customer solutions
Affected stakeholders
20ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Stakeholder group Engagement metrics Relevant material topics
Main topics raised that relates to Elisa’s strategy
and business model and actions Nature of stakeholder
Owners and Investors • Investor meetings and events
• Annual General Meeting
• Capital market days
• Investor information requests
• Climate change mitigation (climate change)
• Resource inflows including resource use, resource
outflows including waste (resource use and circular
economy)
• Privacy, health and safety (consumers and end users)
• Cyber security, reliance and reliable infrastructure
(critical infrastructure)
• Diversity
Main topics: sustainability in financing, energy efficiency, climate work and
targets, biodiversity, ethical data use and AI, diversity
Actions: development of transparent, high-quality ESG disclosures, double
materiality assessment
Users of sustainability
statements
Governments,
policymakers, and
regulators
• Surveys
• Meetings, Workshops and events
• Regular information request
• Lobbying activities
• Privacy (consumers and end users)
• Cyber security, reliance and reliable infrastructure
(critical infrastructure)
Main topics: energy consumption, climate, cyber security, accessibility,
safeguarding functioning society, ethical data and AI
Actions: compliance review in the management system, internal regulation
follow-up, feedback on emerging regulations, energy data submissions
Users of sustainability
statements
Civic and non-profit
organisations
• Surveys
• Meetings and events
• Project Cooperation
• Digital well-being
• Protection of children (consumers and end users)
• Climate change
• Biodiversity and ecosystems
Main topics: social exclusion stemming from overuse of digital platforms,
children’s safety, privacy online and raising awareness, nature
Actions: common project to support digital wellbeing among young people,
sponsorships, collaboration in projects, charity
Affected stakeholders
Industry associations • Joint initiatives and programs
• Regular meetings and events
• Inputs into strategic directions
• Workshops and knowledge sharing
• Climate change
• Resource inflows including resource use, resource
outflows including waste (resource use and circular
economy)
Main topics: human rights risk assessment, climate change, supplier due
diligence development
Actions: common work to develop due diligence, sharing best practices in
human rights due diligence as well as supplier sustainability risk assessment,
participation in expert panels
Affected stakeholders
Society and local
communities
• Regular surveys
• Information requests from citizens
• Cyber security, reliance and reliable infrastructure
(critical infrastructure)
Main topics: network construction-related topics
Actions: communication about Elisa’s actions and sustainability, responding to
information request
Affected stakeholders
Researchers,
educational
institutions and
students
• Co-operation projects and events
• Organisation of visits
• Thesis assignments and traineeships
• Workshops
• Climate change
• Sustainability reporting
Main topics: climate change, emissions, green coding, ethical data and AI,
regulations
Actions: providing topics for thesis work and supervising, collaboration on
material topics as a researcher
Users of sustainability
statements
21ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Due diligence statement
We aim to avoid causing or contributing to adverse impacts
on people, the environment and society. We seek to prevent
adverse impacts that are directly linked to our operations,
products or services through business relationships across the
Elisa group. The location of the information provided in Elisa’s
Sustainability Statement about the due diligence process
is disclosed in the table below. In addition, Elisa discloses
topic-specific due diligence process descriptions alongside
each topic.
Double materiality assessment
The company classifies risks into strategic, operational,
insurable and financial risks. Insurable risks are identified,
and insurance is taken out through an external insurance
broker to deal with these risks. The insurance broker assists
the company when the amount and likelihood of insurable
risks are being estimated. ESG risks and opportunities have
been updated as a result of the double materiality assessment,
and they have been incorporated into the overall risk
management.
has identified the following material sustainability topics:
climate change, resource use and circular economy, own
workforce, workers in the value chain, customers and end
users, and business conduct, as well as the entity-specific
topic of critical infrastructure. Accordingly, Elisa reports
the relevant data points as specified in the applicable
disclosure requirements, unless specific data points have
been assessed as not material or not relevant. If there are
such exclusions, they are noted under each data point, in
line with the disclosure requirements. Following the DMA
process, the topics of pollution, water and marine resources,
biodiversity and ecosystems and affected communities have
been determined to not be material for Elisa, as they scored
below the established thresholds for both impact and financial
materiality.
Based on the double materiality assessment, pollution, water
resources and marine resources, biodiversity and ecosystems,
and affected communities were not material for Elisa, as their
results fell below the thresholds in both impact and financial
materiality assessments.
The assessment of aspects related to water bodies and
biodiversity and ecosystems was conducted by examining the
impacts of Elisa’s 46 different geographical business locations
worldwide using commercially or publicly available tools.
Elisa does not have its own manufacturing operations that
could have material environmental impacts on water bodies,
biodiversity, or ecosystems through various pollutants. Elisa’s
network operations are mainly located in the Nordic and
Baltic countries, where there are strict regulations on pollution
control. The network operations in our domestic markets have
little direct impact on biodiversity through soil degradation,
as the sites use small land areas and are often located in
urban areas. The construction of new sites is carried out in
accordance with local laws and building and environmental
Mapping of information provided in Elisa’s sustainability statement about the due diligence process
Core elements of due diligence paragraphs
in the sustainability statement Section
a) Embedding due diligence in governance, strategy and
business model
Sustainability governance;
Strategy and business model
b) Engaging with affected stakeholders in all key steps of
due diligence
Interests and views of stakeholders
c) Identifying and assessing adverse impacts Double materiality assessment
d) Taking action to address those adverse impacts Disclosed as part of each material topic.
Table: Stakeholder dialogue and material topics in 2024.
e) Tracking the effectiveness of these efforts and
communicating them
Disclosed as part of each material topic.
Table: Stakeholder dialogue and material topics in 2024.
internal knowledge, industry information, research papers and
articles, etc. The scope of the assessment was Elisa group,
and we considered the value chain of all Elisa companies.
In our impact assessment, we considered both positive and
negative impacts, as well as actual and potential impacts
related to sustainability matters. In our financial assessment,
we assessed actual and potential sustainability-related risks
that could trigger a negative financial impact on our business
as well as potential opportunities aligned with Elisa’s strategy
work. We also considered time horizons over the short term
(0–2 years), medium term (3–5 years) and long term (more
than five years).
We are engaged in continuous dialogue and feedback
collection with our stakeholders through regular meetings
and events, and by conducting surveys. Regular assessment
of the material aspects and the social and business impact
of our operations is an important part of our sustainability
development in Elisa. We collect feedback from Elisa
employees through various means, including staff and
opinion surveys. We also regularly meet with representatives
from NGOs, authorities, customers, and suppliers to gain
up-to-date insights on our impacts and current issues of
concern to stakeholders. In recent discussions, expectations
regarding the environment, particularly concerns about
energy and emissions, as well as digital security and
ESG disclosure requirements, have emerged. We have
incorporated these insights into the finalisation of our
DMA, ensuring that our sustainability targets and actions
for each material topic align with stakeholder expectations.
Additionally, the results of this engagement are reflected
in our policies, which are reviewed annually in line with
sustainability regulations and standards, and international
commitments and frameworks.
Based on the outcome of the materiality assessment, Elisa
This is Elisa’s first double materiality assessment (DMA). It
is based on desktop analysis, including industry reports,
academic research and benchmarking with peer groups,
the results of customer and non-customer surveys, as well as
workshops with suppliers, specific interviews with stakeholder
representatives, and topic specific discussions with internal
and external stakeholders. For internal discussions, we
engaged with subject-matter experts from the business
units and group functions. Additionally, we have also had
discussions with various stakeholder groups (such as vendors,
partners, customers and industry associations) to understand
their views on our impacts, risks and opportunities. Along
with these, our continuous engagement activities in the
communities in which we are present provide a solid basis for
assessing the impacts and risks most material to us. The DMA
results were also compared with an external scientific second
opinion assessment conducted by a third party.
For our own operations, we identified and assessed impacts
on people and the environment as well as potential risks to
our business. We also assessed our value chain impacts and
risks for most topics. Value chain assessments were based on
22ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
permits issued by authorities. In this context, representing
local communities. In our biodiversity risk analysis, we have
similarly assessed dependencies from the perspective of
relevant industries, particularly telecommunications services
(including wireless) and electronics and semiconductor
manufacturing.
We did not consult with local communities, as the impacts
based on the assessment were minimal for the office spaces
and network operations we use. However, we are increasingly
raising the topic in supplier discussions as part of climate
transition discussions.
Impact materiality
In mapping the impacts, we have used previous materiality
analysis results, recent studies, industry comparison analysis
results and information obtained from Elisa’s own projects.
The material has been used in the preparation of and in the
impact materiality workshops, to ensure sufficient information
with which we could determine the impacts for each ESRS
topic and sub-topic.
As per the ESRS guidance, the three parameters of scale,
scope, and irremediable character or realisation of impact
have been used in scoring the severity of the impacts. The
irremediability character has been used for negative impacts,
and realisation of impact has been used to understand the
realised positive impact. Additionally, the likelihood matrix
was created as an average score of three parameters, such as
frequency, mitigation procedures and business continuity. The
final score of impacts was calculated as severity of impacts
multiplied by likelihood of impacts.
Elisa’s sustainability team assessed all ESRS topics and
performed a preliminary impact materiality assessment of
the impacts using the results of previous materiality studies,
industry reports and scientific research publications. In the
Double materiality assessment process
next step, the assessment was supplemented with results from
interviews with topic matter experts from business operations
and group operations, in order to ensure alignment of the
evaluation with Elisa’s operational context and daily work. In
addition, the organisation organised several events where
internal stakeholders were familiarized with the requirements
of CSRD and the objectives of the double materiality
assessment.
After the identification of preliminary topics, the results
were reviewed together with internal experts in workshops.
As a result, some impact scores were redefined and
readjusted. In the final part, the topics were reviewed by the
23ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
• Elisa’s impact on
environment and
people
• Impact of
sustainability topics
on Elisa’s value
creation
Double materiality
assessment of
Sustainability
matters considered
in the DMA
Type of impacts
assessed
Scoring Impact
Materiality
Scoring Financial
Materiality
Results
• Topical ESRS - Topics
• ESRS E1 Climate change
• ESRS E2 Pollution
• ESRS E3 Water and
marine resources
• ESRS E4 Biodiversity
and ecosystems
• ESRS E5 Resource use
and Circular economy
• ESRS S1 Own workforce
• ESRS S2 Workers in the
value chain
• ESRS S3 Affected
communities
• ESRS S4 Consumers
and end-users
• ESRS G1 Business
conduct
• Entity Specific
• Value Chain
• Upstream
• Own operations
• Downstream
• Negative/positive
• Financial risk/
opportunity
• Actual/Potential
• Time horizon
• Short-term 0-2 yr
• Medium-term 3-5 yr
• Long-term > 5yr
• Negative impact
• Scale how grave (0-5)
• Scope how
widespread (0-5)
• Remediability (0-5)
• Positive impact
• Scale how beneficial
(0-5)
• Scope how
widespread (0-5)
• Realisation of impact
(0-5)
• Likelihood
• Scale 0-1
• Assessment score
• Severity (1-15) ×
Likelihood (0-1)
• Materiality threshold
• Topics with scoring at
8 and above topics are
considered material
• Risk, Opportunity
• Scale: Effect on
cashflow (0-4)
• Likelihood
• Scale 0-1
• Assessment score
• Effect on cashflow (or
opportunity) (0-4)×
Likelihood (0-1)
• Materiality threshold
• Threshold set at a
scoring point Medium
and High
• For each topic:
• Average of all
assessments with score
> threshold
• Overall assessment
• Control/ calibration of
results
• Summary
• Result visualisation
sustainability team, whose responsibility was to harmonise
the final materiality score of topics against each other and
to ensure both the rationale of the scoring as well as solid
documentation and availability of relevant references for the
assurance.
The final consolidated material impacts were presented,
reviewed and discussed in the CRMB, CEB as well as in
Audit Committee and the Board. As a result, the determined
materiality threshold yielded a final list of seventeen (17)
material topics that were assessed as having a score of eight
(8) or higher.
Financial materiality
As part of our efforts to prepare for the CSRD, we assessed
financial materiality in terms of both risks and opportunities.
The results of the impact materiality assessment formed
the basis for scoping sustainability risks within the context
of financial materiality. Additionally, some risks are raised
from external factors, such as climate change, business
environmental risk, geopolitical changes, etc. The results
of Elisa’s strategy work as well as Elisa’s development of
new business, products and services formed the basis for
identifying opportunities.
When scoring risks, we assessed the potential effects of
risk on Elisa’s annual cash flow (half of the score) and the
likelihood of occurrence (the other half of the score). The
assessment includes the risk mitigation actions as part of the
likelihood matrix. We assessed the nature of these effects
in different scenarios with assumptions based on input
parameters from subject-matter experts. The materiality score
for the risks was graded as high, medium, medium-low or
low. The risk materiality score followed the combination of
potential effects of risk on cash flow and likelihood score. The
potential effects of risk took was weighted over the likelihood.
However, when scoring opportunities, we only assessed the
potential financial impacts of opportunities on Elisa’s annual
cash flow.
Cash flow was the chosen metric to evaluate the potential
financial impacts of risks and opportunities on Elisa’s business
and operations. Before assessing impacts, the potential
financial impact size (in millions of euros) was assigned to
each subtopic or sub-subtopic. The indicative risk size was
mostly based on possible fines or penalties imposed by
various regulations, including the General Data Protection
Regulation (GDPR), the Artificial Intelligence Act (AI Act),
Network and Information Security 2 Directive (NIS2),
Corporate Sustainability Due Diligence Directive (CSDDD),
etc. or actual fines or costs incurred by industry peers
for misconduct or violations of specific topics, calculated
relative to Elisa’s revenue. Similarly, the indicative sizes for
opportunities were determined as part of Elisa’s strategy and
related work in 2024. After the financial impact sizes were
determined and allocated, these were graded with a score of
zero (0) to four (4) depending on the threshold percentage
set.
We engaged relevant stakeholders to ensure appropriate
consideration of sustainability risks and opportunities and
that they are aligned with Elisa’s other risk assessments.
These included internal subject-matter experts in the
business functions, as well as a steering group that included
representatives from the corporate risk assessment, legal,
group finance, business and sustainability teams. The
initially identified financial materiality was verified and
supplemented with additional possible sustainability risks and
opportunities through a series of meetings with the steering
group. Throughout this process, the initial magnitudes
and likelihoods of each potential risk were evaluated and
documented. Based on these meetings, we formulated
scenarios to capture the financial effects of the identified
sustainability risks, created the risk scoring and evaluated the
rationale for risks being of a certain threshold. After the risk
scoring was determined, a similar methodology was utilised
to define the opportunities.
Consolidated overviews of the sustainability-related risks
and opportunities were presented to and discussed with
internal stakeholders and management. The scoring and
respective materiality threshold yielded a final list of seven (7)
material risks and four (4) material opportunities related to
sustainability matters that were assessed as high or medium.
The identified material risks or opportunities do not have any
significant effect on Elisa’s financial position, performance
or cash flows, which would result in significant adjustments
within the next annual reporting period to the carrying
amounts of assets and liabilities reported in financial
statements.
24ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Material sustainability topics and description
ESRS topic
Material impact, risk or
opportunity (IRO) and time horizon IRO occurrence Description
E1 Climate change Climate change mitigation
Negative impact (Short term) Value chain Elisa has impacts primarily through its supply chain due to the procurement of network equipment and electronic products and services, as well as
the use of energy in its operations.
Risk (Medium term) Value chain
Own operations
Tightening climate regulations and commitment to Elisa’s SBTi climate targets might require an increase in operational expenses. In addition, the
financial sector and other stakeholders are expecting solid performance towards climate targets. Reputational damage may emerge if we do not
deliver as we have committed and as is expected from our climate actions. Further, non-compliance with regulations may lead to fines.
Climate change adaptation
Opportunities (Medium term) Elisa has a state-of-the-art IoT platform and capabilities in machine learning and predictive analysis, for example, which enable a comprehensive
view of buildings and external data in Elisa's Smart Building solution. Additionally, Elisa’s AI-driven software is estimated to ramp up production
quickly, cost-effectively and sustainably through accurately identifying problems and optimising energy usage.
Energy
Negative impact (Medium term) Value chain
Own operations
Elisa utilises energy to operate its network and data centres, and to develop services for its customers and end users.
Opportunities (Medium term) Elisa’s Distributed Energy Storage (DES) transforms mobile networks into distributed virtual power plants that, with the help of AI, optimise energy
management via efficient charging and discharging of batteries. This helps to, for example, solve challenges that renewable energy sources with
variable energy output present to electricity grids.
E5 Resource use and
circular economy
Resource inflows, including use
Negative impact (Medium term) Value chain Electronic devices and technologies utilise numerous critical metals and materials as important inputs for finished products. Many of these inputs
have few or no available substitutes and are often sourced from only a few countries, many of which may be subject to geopolitical uncertainty.
Risk (Medium term) Value chain The financial materiality of the topic arises from the impact of materiality. Failure to effectively manage sourcing may constrain access to necessary
materials, reduce margins, impair revenue growth or increase costs of capital. Additionally, reliance on precious metals and minerals exposes the
company to supply chain vulnerability, with potential disruptions in the availability and pricing of critical resources.
Resource outflows-waste
Negative impact (Medium term) Value chain
Own operations
Due to the sales and use of electronic technologies and devices, the outflow from our operations includes waste from electrical and electronic
equipment (WEEE). Simultaneously, battery waste also becomes significant due to its many uses in network technology and electronic products.
Positive impact (Medium term) Value chain Extending equipment lifetime and reusing network equipment, modules and components, as well as warranty repairs or reuse of electronic
devices, directly impact resource inflows and the use of raw and critical materials and reduce the waste generated.
Risk (Medium term) Value chain
Own operations
Managing waste is critical from a regulatory and sustainability point of view, as inadequate waste management (especially related to WEEE and
battery disposal) can lead to environmental harm, posing a risk of regulatory non-compliance, resulting in legal penalties and fees. Additionally,
non-compliance with extended producer responsibility can result in substantial fines.
Opportunities (Long term) Opportunities related to circularity and resource outflows are already realised at Elisa. Circularity also promotes efficiency in our own operations
and has a direct impact on capital expenditure.
25ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
ESRS topic
Material impact, risk or
opportunity (IRO) and time horizon IRO occurrence Description
S1 Own workforce
Health and safety
Positive impact (Short term) Own operations Elisa’s own employees are covered by Elisa’s occupational health and safety management system, and there have been no fatalities or high-
consequence work-related injuries or accidents in the last three years. Additionally, mental health support is available for employees, depending
on the country, as part of occupational health services.
Risk (Short term) Own operations If not managed, employee burnout and sick leave might increase, affecting operational productivity. This might result in increases in pension costs.
In addition, if instructions and training in work safety are not adequate and some accidents happen, the financial risk for Elisa might be high.
Social dialogue, freedom of association,
collective bargaining
Positive impact (Short term) Own operations Elisa follows local legislation regarding working conditions and labour laws in all countries where it operates. All employees are free to choose
whether they want to be members of a trade union, and Elisa follows sector-specific collective bargaining agreements or equivalent laws. All
employee data is stored in the central human resource function’s management system.
Diversity (including measures against
harassment and discrimination)
Positive impact (Short term) Own operations Elisa has zero tolerance towards violence, harassment or discrimination. In case of reported incidents, Elisa takes appropriate measures and
processes according to its policies. Additionally, we have established targets and processes to develop diversity, equity and inclusion.
Training and skills development
Positive impact (Short term) Own operations We see continuous learning as one of the major enablers of our business success, and our shared value of renewal guides us to be enthusiastic
about learning and continuous improvement. We approach competence development through the 70-20-10 model for learning and development.
(70 percent learning from the work, 20 percent learning from others, 10 percent formal training)
S2 Workers in the
value chain
Forced labour and child labour
Negative impact (Short term) Value chain In the supply chain for the ICT and electronics sectors, there have been some cases of modern slavery and forced labour. Additionally, the mining
of minerals and metals has been linked to forced and child labour. Elisa has an impact on this topic through indirect relations with the supply
chain and workers in it.
Working time
Negative impact (Short term) Value chain Excessive working hours for workers in the supply chain in software companies, as well as those manufacturing ICT and electronic products, could
impact workers' physical and mental health.
Health and safety
Negative impact (Short term) Value chain Due to the nature of work, excessive working hours or lack of health and safety standards, there could be negative impacts on the physical and
mental health of workers in the supply chain.
26ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
ESRS topic
Material impact, risk or
opportunity (IRO) and time horizon IRO occurrence Description
S4 Consumers and
end users
Privacy
Positive impact (Short term) Value chain As a leading provider of communication networks and digital services, Elisa plays a crucial role in safeguarding people’s privacy, promoting
digital inclusion and offering user-friendly services. By prioritising privacy and data security, Elisa not only fosters trust among its consumers and
end users, but also strengthens its position as a reliable and responsible digital service provider.
Risk (Medium term) Value chain As Elisa processes various types of data, including personal, confidential and traffic data, compliance with data protection legislation – especially
the GDPR – is critical. Any violation or breach of these regulations could have substantial financial implications for Elisa and its businesses,
including legal penalties, fines and/or punitive measures from regulatory bodies.
Health and safety
Opportunities (Short term) Elisa has explored some business opportunities in the health business. By using existing health businesses in the B2B sector (e.g. Digihoiva,
eKonsultaatio) as well as its data and AI capabilities, Elisa could develop health and safety solutions for consumers, as it has a wide B2C customer
base, and the company has a high level of customer trust.
G1 Business conduct
Anti-bribery and corruption
Risk (Medium term) Own operations As Elisa’s business and operations are expanding internationally and the supply chain networks are growing, the risk of corruption might be
heightened. If this risk were to materialise in any part of Elisa’s value chain, there could be reputational damage, loss of trust among stakeholders
and weakening of business relationships, as well as legal procedures that could result in investigation costs and potential penalties/fines.
Management of relationships with suppliers
Positive impact (Short term) Value chain
Own operations
Good management of suppliers, ensuring compliance with our code of conduct and other sustainability-related practices.
Entity-specific –
Critical infrastructure
Resilience and reliable infrastructure
Positive impact (Short term) Value chain
Own operations
Telecommunication operations are a major part of Elisa’s business. Resilience and reliable infrastructure are needed for all digital connections in
a modern digital environment, as society and stakeholders depend on reliable and accessible network connections for various needs, in digital as
well as physical environments.
Cyber security
Positive impact (Short term) Value chain
Own operations
Global geopolitical instability and economic insecurity have recently increased due to emerging tensions, military conflicts and humanitarian
crises. This has required Elisa to safeguard its cyber security and further improve network resilience. Thus, Elisa continuously works to improve
cyber security in its operations as well as for its customers and society.
Risk (Medium term) Own operations Inadequate prevention, detection and remediation of data security threats may influence customer acquisition and retention and result in
decreased market share and lower demand for Elisa’s products. Additionally, new and emerging data security standards and regulations may affect
the operating expenses of entities through increased costs of compliance.
27ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
E – Environment
EU Taxonomy
To achieve the European Union’s climate and energy targets
for 2030 and fulfil the objectives of the European Green
Deal, the EU Taxonomy was introduced in 2020 as a
classification system for economic activities. The Taxonomy
Regulation (Regulation (EU) 2020/852) establishes
harmonised and scientifically based assessment criteria for
environmentally sustainable economic activities. It mandates
that large companies disclose the proportion of their
operations that are Taxonomy-eligible and Taxonomy-aligned.
In addition, companies need to disclose how much they invest
and what level of operating expenditure is associated with
these activities.
Taxonomy eligibility indicates whether an economic activity
falls within the scope of activities recognized by the EU
Taxonomy Regulation, while Taxonomy alignment refers to
the proportion of eligible economic activities that meet the
specified technical criteria, are compliant with the minimum
safeguards and meet the do no significant harm (DNSH)
requirements.
Assessment of eligibility and alignment
The telecommunication sector is not yet included in the scope
of the EU Taxonomy Regulation, which limits the applicability
of related financial KPIs for Elisa. In total, 10.6 percent of
revenue from Elisa’s economic activities were interpreted as
being Taxonomy-eligible. The identified economic activities
have been defined by comparing the NACE codes referred
to in the Delegated Acts to Elisa’s economic activities. Further,
the EU Taxonomy defines six main environmental objectives
against which a company’s different economic activities shall
be assessed. These environmental objectives are: (a) climate
change mitigation (CCM), (b) climate change adaptation
(CCA), (c) sustainable use and protection of water and marine
resources (WTR) , (d) transition to a circular economy (CE),
(e) pollution prevention and control (PPC), and (f) protection
and restoration of biodiversity and ecosystem (BIO). Elisa’s
economic activities were deemed to contribute under
the objectives climate change mitigation, climate change
adaptation and transition to a circular economy.
Elisa’s eligible economic activities were assessed to be the
same as the previous year, except for activity 7.7 (acquisition
and ownership of buildings), which was excluded from
Elisa’s eligible activities. Elisa buildings are leased and not
owned; thus, we revised the eligibility of this activity. Elisa will
continue to monitor evolving guidance on the EU Taxonomy
and assess the eligibility of its economic activities as relevant
regulatory updates and market practices emerge.
We have updated the methodology for reporting revenue of
the project, where we sell the waste heat generated from our
data centres. In 2023, this revenue was reported under 4.16
Installation and operation of electric heat pumps. In 2024, we
are reporting this under 4.25 Production of heat/cool using
waste heat.
For the identified eligible activities, we continued to develop
an understanding of the alignment assessment of Elisa’s
business activities against the substantial contribution criteria.
In 2024, together with the relevant business units, we
reviewed each of the eligible activities against the alignment
criteria presented by the regulation.
Explanations of the eligibility and alignment of Elisa’s activities
are presented as follows:
Climate change mitigation
CCM 4.1. Electricity generation
using solar photovoltaic technology
Elisa has installed solar photovoltaic technology panels on its
facilities, which partially cover the electricity used by Elisa’s
network. The energy data is in place and reported as part
of Elisa’s Annual Report. Thus, this activity meets both the
eligibility and alignment criteria.
CCM 4.10. Storage of electricity
Elisa’s Distributed Energy Storage (DES) system supports
sustainable operations by optimising energy storage across
the mobile network, allowing more efficient use of renewable
energy. This activity fully meets the eligibility and alignment
requirements.
CCM 4.16. Installation and operation
of electric heat pumps
Elisa uses electric heat pumps for heating its
telecommunications facilities, including air-to-water
heating systems. While the activity meets energy efficiency
requirements and aligns with Elisa’s procurement practices,
the refrigerants used in current heat pumps have global
warming potential (GWP) values higher than the threshold of
675. This is because the systems required for Elisa’s needs
currently rely on technologies with high-GWP refrigerants,
and alternatives are not yet widely available. As a result, the
activity is eligible, but not aligned.
CCM 4.22. Production of heat/cool
from geothermal energy
Elisa has transitioned from oil heating systems to geothermal
solutions. While this activity meets the eligibility criteria,
alignment requires completion of the life cycle assessment,
which has not yet been done. Therefore, the activity is
eligible, but not aligned.
CCM 4.25. Production of heat/cool using waste heat
Elisa utilises waste heat from servers to heat its buildings, an
activity that complies with the EU Taxonomy requirements for
producing heat/cool using waste heat. The energy data is
documented and reported in Elisa’s Sustainability Statement
meeting both the eligibility and alignment criteria.
CCM 6.5. Transport by motorbikes,
passenger cars and light commercial vehicles
Elisa’s full leasing car benefit for employees has been
identified as eligible under this economic activity. This service
involves the leasing, financing or operation of vehicles
classified under categories M1, N1 and L, as defined by
relevant EU regulations.
To align with EU Taxonomy requirements, vehicles must have
specific CO
2
emissions below 50 g of CO
2
per kilometre until
28ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
2025, transitioning to zero emissions from 2026 onward.
Currently, while the activity meets the eligibility criteria, full
alignment has not been achieved because not all leased
vehicles meet the required emission thresholds.
Elisa is actively working towards enhancing its alignment by
evaluating and transitioning its leased vehicle portfolio to
meet the required emissions standards, which also aligns with
Elisa’s climate targets for 2030 and 2040.
CCM 8.1. Data processing, hosting and related activities
The activities of Elisa’s Information Technology business unit
(ITBU) have been identified as eligible under this economic
activity. Elisa assessed the alignment of its five data centres,
which provide services under this business activity to
customers. Data centres with ITBU-type loads were included in
the scope of the reporting.
The alignment was evaluated against the three key criteria
outlined in the regulation. Firstly, Elisa reviewed and ensured
the implementation of practices outlined in the EU Code of
Conduct for Energy Efficiency in Data Centres together with
internal data centre experts. During 2024, its third year of
implementation of these practices, Elisa completed annual
audits of these practices as part of its ISO certification. Lastly,
Elisa reviewed the GWP values of refrigerants used in cooling
systems across its five data centres. While three of the centres
complied with the GWP thresholds, two were identified as
exceeding the limit, requiring further improvements.
As of the end of 2024, Elisa had achieved 41 percent
alignment for this business activity, reflecting continuous
improvement in energy efficiency and cooling system
upgrades.
Climate change adaptation
CCA 8.3. Programming and broadcasting activities
Elisa’s Viihde and Elamus business activities have been
identified as eligible under this economic activity. These
services provide entertainment solutions to consumers,
which include devices and content either produced by Elisa
or sourced from external media and content producers.
The alignment assessment focused on ensuring compliance
with regulatory requirements and addressing climate risks
associated with programming and broadcasting activities. The
assessment is based on the perspectives of the operations and
the delivery of the service.
To achieve alignment of this business activity, Elisa has
undertaken robust climate risk and vulnerability assessments
as part of its double materiality analysis. These assessments
have identified physical and transitional climate risks, and
Elisa has implemented appropriate adaptation measures
to mitigate material risks in its entertainment services.
Adaptation solutions have been implemented in line with
best practices, scientific recommendations, and local and
regional climate adaptation strategies. These measures are
continuously monitored and evaluated to ensure effectiveness
and compliance. In addition, life cycle assessments have
been completed for both the Elisa Viihde and Elisa Elamus
services, providing insights into their environmental
footprints.
Circular economy
CE 5.1. Repair, refurbishment and remanufacturing
Elisa’s Fonum repair and refurbishment businesses have been
classified as eligible under this economic activity. These
services involve the repair and refurbishment of products that
customers (either individuals or organisations) have previously
used for their intended purposes. Repair activities focus on
restoring faulty products to a functional condition, enabling
their reuse. Refurbishment involves testing, repairing,
cleaning or modifying used products to enhance or restore
their functionality and performance, or to ensure compliance
with applicable technical standards and regulatory
requirements. The primary aim is to deliver a fully functional
product fit for its original purpose or beyond.
To address alignment requirements, sales contract clauses
were reviewed to ensure they included required provisions
on product quality, seller responsibilities, warranties and
processes for resolving disputes. Furthermore, a waste
management plan for WEEE was developed and published,
outlining how materials, especially critical components, are
reused, recycled or properly disposed of in compliance with
local regulations.
The activity is not yet fully aligned due to partially unmet
DNSH requirements. Elisa is continuously working to
address these criteria and align fully with the EU Taxonomy
regulations.
CE 5.5. Product as a service and other
circular use- and result-oriented service models
Elisa’s device-as-a-service (EPP) business has been identified
as eligible under this economic activity. This service model
provides customers with access to products through a
use-oriented service arrangement where the product remains
central, and its ownership is retained by the provider while
being leased. To meet the alignment criteria, Elisa reviewed
contractual clauses to ensure they align with the EU Taxonomy
requirements, including provisions for maintaining product
ownership as well as clear terms for leasing and result-
oriented service delivery. With regard to the packaging
content of the products delivered in this activity, the
packaging has been designed to be reusable within a reuse
system supporting circularity.
However, full alignment of this activity has not yet been
achieved due to the option for customers to redeem the
product at the end of its life, which impacts compliance with
the criteria.
Do no significant harm
For climate adaptation, Elisa conducted climate risk
assessments in alignment with technical screening criteria.
Risks were integrated into the double materiality assessment
as part of the CSRD. Circular economy requirements are
met through adherence to EU directives on equipment and
product standards as well as restricted substances, along
with a robust waste management plan. At the end of their
life cycle, electronic equipment, products and batteries
are recycled or reused in collaboration with local waste
management partners. Elisa’s general terms and supplier
contracts mandate compliance with applicable EU product
regulations (including, but not limited to, REACH, ROHS, CE
labels), ensuring compliance with pollution requirements.
For the biodiversity-related requirements, Elisa complies valid
environmental permits and compliance with applicable local
regulations.
For most of the eligible activities, the impact on water is not
material, as water is not used in these business activities or
operations. Where water is utilised (for example, in data
centres), a detailed analysis identified that data centre cooling
systems operate in a closed loop, significantly minimising
water use and waste generation. Additionally, sensors
installed in computer rooms ensure immediate response to
leaks or humidity issues.
Through these activities, Elisa demonstrates compliance
29ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
with DNSH criteria while aligning with sustainability goals,
regulatory requirements and robust operational frameworks.
Minimum social safeguards
Elisa ensures minimum social safeguards through robust,
company-level policies and guidelines addressing areas such
as human rights, anti-bribery and corruption, taxation and
fair competition. These policies are aligned with relevant
international standards and frameworks. Elisa’s approach to
assessing compliance includes ongoing due diligence and
follow-up mechanisms, such as grievance procedures. More
details of grievance procedures are provided in the section
Business Conduct.
The Accounting principles – EU Taxonomy indicators
Elisa remains dedicated to improving its alignment with
the current EU Taxonomy requirements and has initiated
preparations for upcoming environmental objectives. The
financial information is from Elisa’s consolidated financial
statements and complies with IFRS accounting principles. The
allocated key performance indicators for the EU Taxonomy
were defined in accordance with the guidelines provided in
Annexes 1–5 to Delegated Regulations (EU) 2021/4987 and
2021/2800. Data for revenue, capital expenditure (CapEx),
and operating expenses (OpEx) were drawn from Elisa’s
group-level financial statements for 2024.
Revenue
In the calculation of the key figure for turnover, Elisa applies
the same IFRS-compliant accounting principles applied in the
consolidated financial statements. The overall turnover used to
calculate the key figure corresponds to the turnover disclosed
in the consolidated financial statements, which corresponds
to external revenue in Elisa’s consolidated statement of
comprehensive income, i.e. revenue from contracts with
customers. The accounting principles used for turnover
are discussed in Note 2.3 to the consolidated financial
statements.
Revenue in 2024 amounted to EUR 2,191 million
(denominator). Taxonomy-aligned revenue accounts for EUR
175.3 million (numerator), or 8.0 percent of Elisa’s revenue.
In 2023, Taxonomy-aligned revenue was EUR 183.4 million
(8.4 percent of total revenue).
There have not been any material changes to the eligible
and aligned revenue compared to the previous period. The
eligible revenue change is related to normal business and
change in alignment was due to increase of alignment of 8.1.
Data processing, hosting and related activities.
Capital expenditure
Elisa’s Taxonomy-eligible CapEx is defined as additions
to property, plant and equipment, intangible assets and
right-of-use assets during the financial year. Additions to
goodwill are not included in CapEx. Additions are defined as
investments during the financial year and include additions
resulting from business combinations. Elisa’s CapEx measure
used in the consolidated financial statements excludes
additions resulting from business combinations.
In 2024, CapEx in intangible and tangible assets and
lease agreements amounted to a total of EUR 369.3 million
(denominator). Additions to property, plant and equipment
are presented in Note 5.2, additions to intangible assets
in Note 5.3, and additions to right-of-use assets related to
leases in Note 5.4 of the consolidated financial statements.
The Taxonomy-aligned CapEx in 2024 was EUR 12.1 million
(numerator), corresponding to 3.3 percent of Group’s total
CapEx. In 2023, the Taxonomy-aligned CapEx was EUR 13.1
million (4.1 percent of total CapEx).
The material change compared to previous period is related
to the eligible CapEx due to the exclusion of the activity 7.7
Acquisition and ownership of buildings. However, there has
not been any material change to aligned CapEx.
Operational expenditure
OpEx is defined as direct non-capitalised costs that relate to
research and development, building renovation measures,
short-term leases, maintenance and repair, and any other
direct expenditures relating to the day-to-day servicing of
property, plant and equipment by the undertaking or third
party to whom activities are outsourced that are necessary
to ensure the continued and effective functioning of such
assets. Direct non-capitalised costs related to research and
development correspond to the amount of research and
development expenses in Elisa’s consolidated statement of
comprehensive income.
In 2024, the proportion of OpEx from products or services
totaled EUR 118.3 million (EUR 110.5 million in 2023)
(denominator). Taxonomy-aligned Opex was EUR 0.5 million
(0.4 million in 2023).
There have not been any material changes to the OpEx
compared to previous period.
To ensure accuracy, we have diligently avoided double
counting by classifying external revenue streams (CapEx and
OpEx) into taxonomy activities only once, with third-party
assurance of all calculations and results. As a part of EU
Taxonomy disclosures, Elisa also reports its activities related
to nuclear power or fossil gases using Template 1 presented
in Annex XII to Delegated Regulation (EU) 2022/1214
and referred to in Articles 8(6) and (7) of Regulation (EU)
2021/2178.
30ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
EU Taxonomy indicators
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2024
Financial Year 2024 Substantial contribution criteria DNSH criteria (Does Not Significantly Harm)
Minimum
Safe-
guards
Proportion
of Taxonomy
aligned or
eligible
turnover
(%), 2023
Category
(enabling
activity)
Category
(transitional
activity)
Economic activities Code(s) Turnover
(MEUR)
Proportion
of turnover
(%), 2024
Climate
change
mitigation
Climate
change
adaptation
Water
and
marine
resources
Pollution Circular
economy
Biodiversity
and
ecosystems
Climate
change
mitigation
Climate
change
adaptation
Water
and
marine
resources
Pollution Circular
economy
Biodiversity
and
ecosystems
Text Currency %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/ N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1.Environmentally sustainable activities
(Taxonomy-aligned)
Storage of electricity CCM 4.10 2.2 0.1% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y Y Y 0.0% E
Production of heat/cool using waste heat CCM 4.25 0.2 0.0% Y N N/EL N/EL N/EL N/EL N/A Y N/A Y Y Y Y 0.0%
Data processing, hosting and related activities CCM 8.1 12.4 0.6% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y N/A Y 0.3% T
Programming and broadcasting activities CCA 8.3 160.5 7.3% N/EL Y N/EL N/EL N/EL N/EL N/A N/A N/A N/A N/A N/A Y 8.1% E
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1) 175.3 8.0% 0.7% 7.3% 0.0% 0.0% 0.0% 0.0% N/A Y Y Y Y Y Y 8.4%
Of which Enabling 162.7 7.4% 0.1% 7.3% 0.0% 0.0% 0.0% 0.0% N/A Y Y Y Y Y Y 8.1% E
Of which Transitional 12.4 0.6% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% N/A Y Y Y Y Y Y 0.3% T
A.2.Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL
EL; N/
EL
EL;
N/EL EL; N/EL
Repair, refurbishment and remanufacturing CE 5.1 14.0 0.6% N/EL N/EL N/EL N/EL EL N/EL 0.7%
Product as a service and other circular use- and
result-oriented service models CE 5.5 23.8 1.1% N/EL N/EL N/EL N/EL EL N/EL 1.1%
Data processing, hosting and related activities CCM 8.1 19.8 0.9% EL N/EL N/EL N/EL N/EL N/EL 1.2%
Turnover of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2) 57.6 2.6% 0.9% 0.0% 0.0% 0.0% 1.7% 0.0% 3.0%
A. Turnover of Taxonomy eligible activities
(A.1+A.2) 232.9 10.6% 1.6% 7.3% 0.0% 0.0% 1.7% 0.0% 11.4%
B: TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 1,958.6 89.4%
Total (A+B) 2,191.5 100.0%
31ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2024
Financial Year 2024 Substantial contribution criteria DNSH criteria (Does Not Significantly Harm)
Minimum
Safe-
guards
Proportion
of Taxonomy
aligned or
eligible
CapEx (%),
2023
Category
(enabling
activity)
Category
(transitional
activity)
Economic activities Code(s) CapEx
(MEUR)
Proportion
of CapEx
(%), 2024
Climate
change
mitigation
Climate
change
adaptation
Water
and
marine
resources
Pollution Circular
economy
Biodiversity
and
ecosystems
Climate
change
mitigation
Climate
change
adaptation
Water
and
marine
resources
Pollution Circular
economy
Biodiversity
and
ecosystems
Text Currency %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/ N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1.Environmentally sustainable activities
(Taxonomy-aligned)
Electricity generation using solar photovolatic
technology CCM 4.1 0.0 0.0% Y N N/EL N/EL N/EL N/EL N/A Y N/A N/A Y Y Y 0.0%
Storage of electricity CCM 4.10 3.0 0.8% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y Y Y 1.8% E
Production of heat/cool using waste heat CCM 4.25 0.0 0.0% Y N N/EL N/EL N/EL N/EL N/A Y N/A Y Y Y Y 0.0%
Data processing, hosting and related activities CCM 8.1 4.3 1.2% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y N/A Y 0.5% T
Programming and broadcasting activities CCA 8.3 4.8 1.3% N/EL Y N/EL N/EL N/EL N/EL N/A N/A N/A N/A N/A N/A Y 1.8% E
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 12.1 3.3% 2.0% 1.3% 0.0% 0.0% 0.0% 0.0% N/A Y Y Y Y Y Y 4.1%
Of which Enabling 7.8 2.1% 0.8% 1.3% 0.0% 0.0% 0.0% 0.0% N/A Y Y Y Y Y Y 3.6% E
Of which Transitional 4.3 1.2% 1.2% 0.0% 0.0% 0.0% 0.0% 0.0% N/A Y Y Y Y Y Y 0.5% T
A.2.Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL
EL;
N/EL
EL;
N/EL EL; N/EL
Installation and operation of electric heat pumps CCM 4.16 0.5 0.1% EL N/EL N/EL N/EL N/EL N/EL 0.2%
Production of heat/cool from geothermal energy CCM 4.22 0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.1%
Repair, refurbishment and remanufacturing CE 5.1 0.0 0.0% N/EL N/EL N/EL N/EL EL N/EL 0.0%
Product as a service and other circular use- and
result-oriented service models CE 5.5 0.0 0.0% N/EL N/EL N/EL N/EL EL N/EL 0.0%
Transport by motorbikes, passenger cars and light
commercial vehicles CCM 6.5 3.6 1.0% EL N/EL N/EL N/EL N/EL N/EL 1.1%
Data processing, hosting and related activities CCM 8.1 6.2 1.7% EL N/EL N/EL N/EL N/EL N/EL 2.2%
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)
10.3 2.8% 2.8% 0.0% 0.0% 0.0% 0.0% 0.0% 3.6%
A. CapEx of Taxonomy eligible activities (A.1+A.2) 22.4 6.1% 4.8% 1.3% 0.0% 0.0% 0.0% 0.0% 7.7%
B: TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 346.9 93.9%
Total (A+B) 369.3 100.0%
32ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2024
Financial Year 2024 Substantial contribution criteria DNSH criteria (Does Not Significantly Harm)
Minimum
Safe-
guards
Proportion
of Taxonomy
aligned or
eligible
OpEx (%),
2023
Category
(enabling
activity)
Category
(transitional
activity)
Economic activities Code(s) OpEx
(MEUR)
Proportion
of OpEx
(%), 2024
Climate
change
mitigation
Climate
change
adaptation
Water
and
marine
resources
Pollution Circular
economy
Biodiversity
and
ecosystems
Climate
change
mitigation
Climate
change
adaptation
Water and
marine
resources
Pollution Circular
economy
Biodiversity
and
ecosystems
Text Currency %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/ N Y/N Y/N Y/ N Y/N Y/ N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1.Environmentally sustainable activities
(Taxonomy-aligned)
Electricity generation using solar photovolatic
technology CCM 4.1 0.0 0.0% Y N N/EL N/EL N/EL N/EL N/A Y N/A N/A Y Y Y 0.0%
Storage of electricity CCM 4.10 0.0 0.0% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y Y Y 0.0% E
Production of heat/cool using waste heat CCM 4.25 0.0 0.0% Y N N/EL N/EL N/EL N/EL N/A Y N/A Y Y Y Y 0.0%
Data processing, hosting and related activities CCM 8.1 0.0 0.0% Y N N/EL N/EL N/EL N/EL N /A Y Y N/A Y N/A Y 0.0% T
Programming and broadcasting activities CCA 8.3 0.5 0.4% N/EL Y N/EL N/EL N/EL N/EL N/A N/A N/A N/A N/A N/A Y 0.4% E
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 0.5 0.4% 0.0% 0.4% 0.0% 0.0% 0.0% 0.0% N/A Y Y Y Y Y Y 0.0%
Of which Enabling 0.5 0.4% 0.0% 0.4% 0.0% 0.0% 0.0% 0.0% N/A Y Y Y Y Y Y 0.4% E
Of which Transitional 0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N/A Y Y Y Y Y Y 0.0% T
A.2.Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL
EL;
N/EL
EL;
N/EL EL; N/EL
Installation and operation of electric heat pumps CCM 4.16 0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Production of heat/cool from geothermal energy CCM 4.22 0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Repair, refurbishment and remanufacturing CE 5.1 0.0 0.0% N/EL N/EL N/EL N/EL EL N/EL 0.0%
Product as a service and other circular use- and
result-oriented service models CE 5.5 0.0 0.0% N/EL N/EL N/EL N/EL EL N/EL 0.0%
Transport by motorbikes, passenger cars and light
commercial vehicles CCM 6.5 0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
OpEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)
0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
A. OpEx of Taxonomy eligible activities (A.1+A.2) 0.5 0.4% 0.0% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0%
B: TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 117.8 99.6%
Total (A+B) 118.3 100.0%
33ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Taxonomy eligible and aligned turnover per environmental objective in 2024
Turnover Proportion of turnover / Total turnover
Taxonomy-aligned per
objective (%)
Taxonomy-eligible per
objective (%)
Climate change mitigation (CCM) 0.7 0.9
Climate change adaptation (CCA) 7.3 0.0
Water and marine resources (WTR) 0.0 0.0
Circular economy (CE) 0.0 1.7
Pollution prevention and control (PPC) 0.0 0.0
Biodiversity and ecosystems (BIO)
0.0 0.0
Taxonomy eligible and aligned CapEx per environmental objective in 2024
CapEx Proportion of CapEx / Total CapEx
Taxonomy-aligned per
objective (%)
Taxonomy-eligible per
objective (%)
Climate change mitigation (CCM) 2.0 2.8
Climate change adaptation (CCA) 1.3 0.0
Water and marine resources (WTR) 0.0 0.0
Circular economy (CE) 0.0 0.0
Pollution prevention and control (PPC) 0.0 0.0
Biodiversity and ecosystems (BIO)
0.0 0.0
Taxonomy eligible and aligned OpEx per environmental objective in 2024
OpEx Proportion of OpEx/Total OpEx
Taxonomy-aligned per
objective (%)
Taxonomy-eligible per
objective (%)
Climate change mitigation (CCM) 0.0 0.0
Climate change adaptation (CCA) 0.4 0.0
Water and marine resources (WTR) 0.0 0.0
Circular economy (CE) 0.0 0.0
Pollution prevention and control (PPC) 0.0 0.0
Biodiversity and ecosystems (BIO)
0.0 0.0
Annex VII
Template 1. Nuclear and fossil gas related activities
Row Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to research, development,
demonstration and deployment of innovative electricity generation facilities that
produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2. The undertaking carries out, funds or has exposures to construction and safe
operation of new nuclear installations to produce electricity or process heat,
including for the purposes of district heating or industrial processes such as
hydrogen production, as well as their safety upgrades, using best available
technologies.
No
3. The undertaking carries out, funds or has exposures to safe operation of existing
nuclear installations that produce electricity or process heat, including for the
purposes of district heating or industrial processes such as hydrogen production
from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation
of electricity generation facilities that produce electricity using fossil gaseous
fuels.
No
5. The undertaking carries out, funds or has exposures to construction,
refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
No
6. The undertaking carries out, funds or has exposures to construction,
refurbishment and operation of heat generation facilities that produce heat/cool
using fossil gaseous fuels.
No
34ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
ESRS E1
Climate change
Policies
Elisa has set Group-level policies related to climate change
mitigation and adaptation. The Elisa Code of Conduct sets
the foundation for our ethical business behaviour. Elisa’s
Environmental Policy describes our commitment to reducing
the environmental impact of our business in our own
operations and chain of activities. Similarly, Elisa’s Energy
Policy describes our goal to sustainably improving energy
performance. Additionally, Elisa Code of Ethical Purchasing
describes the ethical and legal duties and responsibilities of
our suppliers. Elisa complies with all applicable environmental
and climate legislation and regulations and requires all
the stakeholders in its operations and chain of activities to
similarly comply with them.
Elisa’s Environmental and Energy Policy adhere to the
principles and reporting guidelines of the CSRD, the UN
Global Compact, and the Science Based Targets initiative
(SBTi), aligned with the goals of the Paris Agreement. These
policies are approved by Elisa’s Corporate Responsibility
Management Board (CRMB). These policies are publicly
available and accessible applying to every employee in Elisa
and all third parties acting on behalf of Elisa. We require our
suppliers, subcontractors, and external partners to comply
with these or similar principles.
The policies provide clear guidance on responsible practices
and outlines commitments and strategies for achieving
environmental sustainability and addressing climate
change within Elisa’s global operations. It addresses Elisa’s
commitment to climate change mitigation and adaptation,
energy and resource efficiency, and circularity.
Through sustainable actions and the development of
innovative solutions, Elisa aims to significantly reduce both its
own carbon footprint and those of its customers.
Our approach
As a part of double materiality assessment (DMA), Elisa
has evaluated impacts, risks and opportunities related to
climate change. The material negative impacts lie both in our
upstream supply chain and in our own operations.
Elisa’s previous climate scenarios work was utilised as part
of our DMA, and it is addressed while creating financial
statements. Through this work, Elisa has identified physical
and transitional climate risks, which pose impacts for Elisa’s
operations over different time horizons. Climate change
resilience analysis has been conducted for the whole Elisa
group of companies and key supplier categories. In the
analysis, we assess which of Elisa’s locations of operation have
physical climate change vulnerabilities. For such identified
locations, we further assess the risks and potential impacts, on
which we base the development of strategies for mitigation
and adaptation. Our climate change resilience analysis was
revisited in 2024. When conducting our resilience analysis,
we identify factors that apply to Elisa’s operations over the
short, medium and long term.
Based on our resilience analysis locations of operation
in Elisa’s main markets in Northern Europe will not be
significantly affected by climate change in the short term.
We have identified that Elisa has operations in areas with,
for example, water scarcity vulnerabilities. Drought does not
have direct impact on Elisa’s operations in short term. We use
resilience analysis findings in Elisa’s Climate Transition Plan,
to ensure alignment with related strategic and tactical actions
across the organisation. It also has implications to financial
planning.
Elisa’s dependencies on the value chain, and especially
the supply chain and its performance in climate transition,
impacts on risks and, to some degree, on opportunities, as
well as our corporate greenhouse gas (GHG) emissions. As
an organisation, we are continuing our work on mitigating
global warming by reducing our carbon footprint, to ensure
actions for target of a 1.5°C global average temperature rise,
while simultaneously adapting operations for a scenario of
up to 3°C. We already see that regulation is a key driver of
ambitious environmental targets for European companies,
not only for climate, but also in aligning with planetary
boundaries overall. We aim for solid, longer-term strategies
that integrate sustainability with Elisa’s digital business
operations, enabling us to respond to emerging issues in
an increasingly complex and unpredictable world. For the
same reasons, we are continuing to experiment to drive rapid
learning and innovation.
Potential climate-related hazards in Elisa’s operations
We have identified the following climate-related hazards
in Elisa’s main markets in Northern Europe, over short-,
medium-, and long-term time horizons:
Short term (0–2 years)
• Extreme weather events, such as severe winter storms
• Flooding of vulnerable locations during heavy rainfall
• Wildfires becoming more intense and frequent
Medium term (3–5 years)
• Longer heatwaves and extreme temperature events
• Increased precipitation and seasonally heavy rainfall
Long term (over 5 years)
• Droughts becoming more frequent and prolonged
• Rising sea levels, leading to coastal erosion and flooding
35ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Physical climate risks for Elisa’s operations
In line with climate hazards, we do not estimate the physical climate risks to be significant for Elisa’s operations in the short term. However, we anticipate potential effects of physical climate risks
for our own operations over the longer term.
Physical climate risks, description and its management
Physical risk type Description Management
Acute
Acute risks would likely be caused by
storms (including blizzards, dust storms and
sandstorms) especially effecting Elisa’s data
centres and network operations in Finland
and Estonia.
Reliable power supply is of utmost importance for Elisa’s data centre and
network operations, which are located at thousands of sites all across Finland
and Estonia. Extreme weather events, such as forest fires, storms and floods,
can potentially cause power outages or physical damage. Elisa has a societal
obligation to provide reliable connectivity services, and interruptions can
lead to loss of income as well as loss reputational damage, so we take
measures to handle situations with, for example, base station towers. An
increase in extreme weather events could result in higher costs related to
personnel and broken equipment.
Elisa utilises a comprehensive real-time system for
monitoring and rapidly identifying network disturbances.
Also, in the planning phase, we already aim to mitigate
risks related to physical infrastructure. Additionally, Elisa
acts in close collaboration with necessary stakeholders,
such as electricity distribution companies in the event
of power outages. Joint development, redundant power
systems, exercises with stakeholders, as well as insurance
or other agreements, are examples of pre-emptively
managing risks.
Chronic
Chronic risks would likely be caused by
the effects of rising average temperatures,
especially in the Northern Hemisphere, where
Elisa’s network and data centre business is
located.
Correct operating temperatures for equipment are important to avoid
any technical failures and related service disruptions, so rising average
temperatures might increase operating costs for cooling. The effects on
Elisa’s international operations in digital services outside of Northern
Europe mainly concern office premises, which might be affected mainly
by increased costs for air conditioning. Ensuring sufficient cooling,
especially for mobile network base stations and data centres, will, over
time, require higher investments in cooling solutions for equipment and
increase operating costs. The effects on employee health of rising average
temperatures and related heatwaves should also be considered. Frequent
heatwaves might increase direct operating costs due to higher energy costs
and maintenance requirements, but the magnitude of the impact is estimated
to be low.
To mitigate these effects, we work continuously to improve
energy efficiency and the design of the facilities, and
we collaborate with procurement and with suppliers
accordingly.
36ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Transitional climate risks for Elisa’s operations
We have identified the following transitional risks in Elisa’s main markets in Northern Europe, over short-, medium-, and long-term time horizons:
Transitional climate risks, description and its management
Risk type Description Management
Increasing costs due to markets, regulations,
and energy taxes.
Elisa has addressed energy risks as part of its strategy since 2009, and
it mitigates these risks by continuous improvements in energy efficiency
and using carbon-free electricity. EU legislation can also be a key driver
for increased energy efficiency through carbon taxation mechanisms.
Elisa's main markets are in the EU (Finland and Estonia), which may see
further requirements to both cut and compensate for emissions through
new taxes or more comprehensive and higher carbon pricing. If these
developments are realised, they will have an impact on Elisa’s operational
costs through higher energy prices, carbon taxes, and voluntary (or even
mandatory) compensation. A carbon tax might also affect the costs of
purchased goods and services when suppliers try to cover their own
development costs.
Elisa has been proactively improving energy efficiency in
its mobile networks, data centres, telefacilities and other
premises for over a decade. The energy consumption of
networks constitutes over 90 percent of Elisa's total energy
consumption. At the same time, it is expected that Elisa’s
energy consumption will grow, despite energy efficiency
measures, due to increased data usage. Elisa has been
using carbon-free electricity since 2014. Centralised
energy procurement improves effectiveness and value, for
instance through our ten-year wind farm power purchasing
agreement.
Stakeholders expecting concrete actions from
the ICT industry
Extreme events caused by climate change are increasing environmental
awareness among Elisa's stakeholders in general. Both employees and
customers expect Elisa to deliver high performance in sustainability
and environmental responsibility. We see increasing interest among
customers, investors and authorities in the environmental performance of
companies, and we aim for a high level of commitment and transparency.
Elisa keeps up a transparent climate dialogue with essential
stakeholders, as confusion about sustainability issues
among consumers might lead to less demand for existing
products. Digitalisation requires well-functioning network
infrastructure that runs on electricity, as well as devices that
are manufactured from raw materials, and Elisa is actively
promoting resource efficiency in these areas.
Dependency on value chain commitment to
climate targets
Elisa is dependent on a complex value chain, including in climate
transition. An overwhelming part of Elisa’s environmental impact
comes through indirect supply chain GHG emissions, where devices
and equipment that are needed to use and provide our services are
manufactured. Equipment-related emissions are generated in Elisa’s
upstream supply chain, more specifically in Scope 3 from the categories
Purchased goods and services and Capital goods. Elisa's stakeholder
groups expect high performance in environmental sustainability, and
they increasingly demand transparent climate reporting; however, many
suppliers do not yet have the readiness to support this through life-cycle
assessments of the products and services they provided. Furthermore,
increased product development needs might create pressure for
suppliers to increase prices to recoup their investment.
To achieve Elisa's ambitious near- and long-term climate
transition targets, we have raised awareness and engaged
with key suppliers around climate change mitigation.
Naturally, also stakeholders in direct operations and
downstream in the value chain must be closely involved in
such efforts.
37ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Climate change adaptation and energy-related
opportunities
Climate change has been part of Elisa’s strategy, since 2009.
Our experience enables us to help our customers in creation
of a more sustainable future through digitalisation. We see
opportunities in tackling climate challenges by developing
new business innovations in sustainability. For instance, our
International Digital Services is built on our expertise in
automation and digitalisation.
Elisa offers an IoT platform with advanced machine learning
and predictive analysis capabilities. This technology can
be used also to better manage energy efficiency and other
relevant parameters of buildings. Furthermore, Elisa’s
AI-driven software helps ramp up production quickly and
sustainably by identifying issues and optimising energy
use. Our Distributed Energy Solution (DES) transforms
radio access networks into virtual power plants, using AI
to efficiently manage energy by controlling the charging
and discharging of batteries. DES also has the capability
of providing grid-balancing services to transmission system
operators (TSOs). This helps in addressing the challenges
posed by renewable energy sources. In Finland, Elisa utilises
DES to participate in the automatic Frequency Restoration
Reserve, providing grid-balancing services to Fingrid, the
national TSO.
Transition plan for climate change mitigation
Elisa has committed to the Paris Agreement to keep global
warming to 1.5°C. In 2023, we received approval from the
Science Based Targets initiative (SBTi) for Elisa’s updated
near-term science-based target, and we are the first listed
company in Finland to set a long-term net-zero target. On
our ambitious journey towards Net-zero in 2040, we are
currently focusing on Elisa’s 2030 near-term climate target
of a 42 percent absolute reduction in GHG emissions in all
our Scope 1, 2 and 3 emissions compared to the base year
of 2021. We publicly share a high-level overview of Elisa’s
climate transition planning on our website.
Elisa’s climate targets are reviewed by Elisa’s BOD and
approved by CEB. These targets have been communicated to
internal and external stakeholders.
The Elisa Climate Transition Plan (CTP) is a roadmap towards
low carbon business in Elisa’s own operations as well as its
chain of activities. Through CTP and more concrete Climate
Transition Action Plan (CTAP), we drive our ambitious
near-term and long- term climate targets. This takes a
long-term commitment of continuous improvement in carbon
emission reduction and creates the foundation for climate
actions over the three-year strategy period for 2025–2027.
The CTP is integrated to Elisa’s environmental management
system (EMS) and energy management system (EnMS).
Scope 1 and 2 emissions are responsible for about 1percent
of Elisa’s total carbon emissions, resulting Scope 3 emission
to be 99 percent and thus having the material impact. From
Scope 3 emissions, our own operations (waste generated,
business travel and employee commuting) result in only 2
percent while the remaining are from Elisa’s value chain.
Therefore, supply chain engagement and collaboration are
crucial to drive our climate targets and keep within planetary
boundaries. In 2024, Elisa launched its responsible supplier
financing, which is a working capital financing solution
offered by Elisa together with its finance partner.
Material efficiency is enabled mainly through circular
economy solutions. To reduce the amount of waste in our
operations, we repair, refurbish and reuse when feasible, and
we responsibly recycle equipment at the end of its lifespan.
We also offer device repair and refurbishment services to
our customers, as well as specific circular economy business
models, like devices-as-a-service.
Energy efficiency has been part of our operational
development and monitored on a strategic level since 2009.
By the end of 2024, we had improved our energy efficiency
in mobile data transfers by 71percent since 2016. Similarly,
Elisa’s carbon footprint from Scope 1 and 2 emissions had
decreased by more than 80 percent compared to 2016. In
some cases, we have been able to productise innovations
that we have created to address energy efficiency in our own
operations, making them part of the sustainable solutions we
offer to customers.
Energy efficiency initiatives throughout Elisa’s operations
receive substantial continuous investments i.e. through
modernisation. Also, Elisa’s first circular economy initiatives,
in the form of building repair and refurbishment capabilities,
have received significant investments. The latter is also
reported according to EU Taxonomy regulations.
Elisa does not have a high-emissions infrastructure as we use
only carbon-free electricity for our telecom networks and data
centres. Elisa thus has very few assets with locked-in GHG
emissions other than backup power generators, which use
fossil fuels but are difficult to phase out due to regulatory
resilience requirements.
In Elisa’s annual strategy process, the results of the
double materiality assessment are utilised to identify the
environmental issues important to the business. The strategic
sustainability targets are part of Elisa’s high-level strategic
action plan (Key Means), each owned by a designated
member of CEB. These members, along with the appointed
strategy leads, are responsible for ensuring that the necessary
actions, goals, and resources are in place to achieve
the targets within the agreed timelines. This approach
ensures ownership, delegation, sufficient resources for
implementation, and regular monitoring of the strategic action
plan’s execution that support the target. The strategy owners
and leads are responsible for reporting on performance
to the relevant Elisa stakeholders. In Elisa’s annual strategy
process, the environmental issues important to the business
are reviewed.
CRMB approves EMS as well as monitors and guides the
CTAP. Elisa’s relevant businesses are responsible for setting
adequate actions according to CTAP. EMS development
and CTAP follow up is maintained by domain experts in the
Elisa Environment and Energy Working Group (EEWG). The
EEWG tracks progress in implementing the CTAP, as part
of the regular management of both the EMS and EnMS. The
CRMB reviews the performance regularly.
38ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
39ANNUAL REPORT 2024 Sustainability Statement
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2010 2020 2030 2040
Elisa’s own
emissions
Scale of graph is only indicative
300,000 tCO
2
eq
Upstream (supply chain)
and downstream
(customer) activities
Elisa is committed to reducing
absolute Scope 1, 2 and 3 GHG
emissions by 42 percent from the
base year 2021 by 2030.
Elisa is committed to reducing
absolute Scope 1, 2 and 3 GHG
emissions by 90 percent from the
base year 2021 by 2040.
Zero Waste 2030
Climate transition plan
“Business as usual” scenario
for supply chain emissions
40ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Climate Transition Action Plan (CTAP)
Reporting year
2024 emissions
2021 base year and
emission change since
Scope 3
Suppliers’ actions TBD
Scope 3
Suppliers’ SBTi targets
Scope 3
Use of sold products
Scope 3
EOL of sold products
Scope 3
From energy production
Scope 3
Elisa’s own operations
Scope 2
Elisa’s own operations
Scope 1
Elisa’s own operations
Despite company
acquisitions,
technology
investments and
increasing purchases
of products and
services, emissions
have stabilised to the
level of 2021
Elisa is committed
to reducing absolute
Scope 1, 2 and 3
GHG emissions by 42
percent from the base
year 2021 by 2030
Suppliers’ own climate targets and their
fulfillment are crucial
Supplier engagement and joint targets
Setting policies for green procurement
Adopting circular processes and business
models
Supplier data required
to better evaluate use
phase with electricity
emissions factors for
Elisa’s markets instead
of global averages
Recycling targets
Creating awareness
among customers
Weigh in renewable
energy production
from emissions
Zero waste target for
2030
Encouraging green
commuting and
business travel
Internal carbon tax for
business travel
Continuing work on
energy efficiency
Adopting green
coding principles
broadly
Eliminating fossil fuels
throughout operations
tCO
2
eq
0
50,000
100,000
150,000
200,000
250,000
300,000
-42%
by 2030
Targets, actions and performance in 2024
Target Description Performance
Near-term climate
target for 2030
In its near-term climate target for 2030, Elisa is committed
to reducing absolute Scope 1, 2 and 3 greenhouse gas
emissions by 42 percent from the base year 2021. We
will achieve this without using carbon credits or mitigation
beyond the value chain.
1.8 percent decrease in the
Scope 1, 2 and 3 emissions
compared to the base year
2021.
Net-zero target
for 2040
In its long-term climate target for 2040, Elisa is committed
to reducing absolute Scope 1, 2 and 3 greenhouse gas
emissions by 90 percent from the base year 2021. We
will prioritise decarbonisation through direct emissions
reductions, and all residual emissions will be neutralised in
line with SBTi criteria before reaching net-zero emissions in
2040.
Sustainability-related performance
in incentive schemes
We have defined how climate-related considerations are
factored into incentives and remuneration for members
of administrative, management and supervisory bodies.
Incorporating carbon emission reduction targets to
remuneration shows the importance of both executive and
employee roles in achieving Elisa’s ambitious climate targets
and other environmental commitments.
Executives in supervisory bodies and employees in
management and administrative bodies have important
roles in achieving Elisa’s ambitious climate targets and other
environmental commitments.
Elisa’s climate targets are aligned with science based (SBTi)
carbon emission reduction targets. The 2024 terms of
Elisa’s employee fund included carbon dioxide reduction
targets. The CEO’s short-term incentive plan for 2024 had an
ESG goal focused on reducing carbon dioxide emissions.
Additionally, we set a climate goal in the long-term incentive
program, targeting the CEO, executive team members, and
selected key personnel. This practically means reducing
Scope 1 and Scope 2 emissions by 7 percent annually
towards Elisa’s science-based short-term climate targets,
aiming for a 42 percent reduction by 2030 from the 2021
baseline.
For further information on the integration of sustainability-
related performance in incentive schemes, see the section
Sustainability governance.
Elisa has committed to the Paris Agreement to keep global
warming to 1.5°C. Elisa has set group-level science-based
climate targets that are approved by the SBTi. On our journey
towards Net-zero in 2040, we are currently focusing on
our 2030 near-term climate target of 42 percent absolute
reductions in all Scope 1, 2 and 3. The baseline for the
targets is 2021. These two group-level targets are aligned with
our Environmental policy where we have pledged to manage
the material negative environmental impacts and risks of our
operations. We have engaged the internal stakeholder in
setting the targets.
The total Scope 3 emissions were still on a slightly upward
trend at the end of 2024 compared to the base year, 2021.
The largest emissions contributor are purchased goods and
services, and capital goods. This shows the urgency of having
focus on upstream value chain. Therefore, in the following
years, we will continue to intensify our actions in the value
chain to reduce the carbon emissions.
41ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Scope 3 (45.8% of total GHG reductions)
Science-based climate targets of suppliers:
• Climate targets of suppliers (58% of Scope 3, 26.8% of
total GHG reductions)
• Reuse of capital infrastructure (0.4% of Scope 3, 0.2% of
total GHG reductions)
Use of sold products:
• Energy policy engagement and renewable infrastructure
(20% of Scope 3, 9.1% of total GHG reductions)
End-of-life of sold products:
• Repair and refurbishment of devices (10% of Scope 3,
4.8% of total GHG reductions)
Energy production:
• Extra GoOs and switch to wind or solar GoOs (7% of
Scope 3, 3.3% of total GHG reductions)
Own operations:
• Policy-based (4% of Scope 3, 1.7% of total GHG
reductions)
We have assessed that energy-related levers have low
to medium complexity and medium-level continued
investments. Upstream value chain collaboration-related
levers are of medium to high complexity that require
medium- to high-level cumulative investments until 2030.
Some of the climate transition levers described above
are EU Taxonomy-eligible activities (as supplemented
by Commission Delegated Regulations 2021/2139 and
2021/2178), being related to data centres (marked as heat
pump modernisation and disclosed in Taxonomy under
activity CCM 4.16 Installation and operation of electric heat
pumps), distributed energy storage (included in internal
innovation quadrant in the above matrix and disclosed
in Taxonomy under CCM 4.10 Storage of electricity) and
Climate Transition Plan (CTP) levers and their estimated financial and climate impact
We have categorised our decarbonization lever categories
and estimated their expected GHG emission reductions in
2030 (in percent of total GHG reduction effect of all levers):
Scope 1 (1.7% of total GHG reductions)
Elisa’s own operations:
• Heat pump modernisation (42% of Scope 1, 0.7% of total
GHG reductions)
• Renewable heating (38% of Scope 1, 0.7% of total GHG
reductions)
• District heating (20% of Scope 1, 0.3% of total GHG
reductions)
Scope 2 (52.5% of total GHG reductions)
Elisa’s own operations:
• Guarantees of origin (GoOs) (85% of Scope 2, 44.8% of
total GHG reductions)
• Power purchase agreements (12% of Scope 2, 6.3% of
total GHG reductions)
• Modernisation and optimisation (2% of Scope 2, 0.8% of
total GHG reductions)
• Data centre heat recovery (1% of Scope 2, 0.5% of total
GHG reductions)
42ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Low complexity Medium complexity High complexity
INVESTMENT
QUICK WINS
COLLABORATION
INTERNAL INNOVATION
Energy
Guarantees
of Origin
(GoOs)
Additional measures in solar
and wind power
Repair and
refurbishment
Long-term power
purchasing agreements
(PPAs)
Heat pump moderisation
Renewable heating
District heating measures
Policies
Data centre heat recovery
Low Medium High
Reuse of capital infrastructure
Action plan impacts
Modernisation and optimisation
Climate targets of suppliers
Cumulative costs or savings, 2024-2030
Cost
Saving
Revenue
Reduction size (2030, tCO
2
eq)
>100,000
~30,000
~5,000
device circularity (marked as repair and refurbishment and
disclosed in Taxonomy under CE 5.1 Repair, refurbishment
and remanufacturing). The related capital expenditure data
is reported in the EU Taxonomy section of this statement, and
it is also included in the table below of significant capital
and operational expenditures required for implementation
of Elisa’s CTAP. For Elisa, the related capital expenditures
are typically investments in energy efficiency of telecom
infrastructure, and operational expenditures are, for example,
carbon-free energy acquisition through Guarantees of
Origin or Power Purchasing Agreements. These examples of
expenditures are already part of well-established processes
of continuous improvement in Elisa’s operations. Other
areas are less mature, for example mitigation of risks from
dependencies on supplier performance against their own
climate targets, which can require additional resources in,
for example, supplier engagement with incentives, setting
policies that might result in price increases, and scaling up
opportunities in the circular economy. We are still forming
our understanding and approach in this area, and therefore
we are not yet providing financial estimates of capital or
operational expenditures for such planned actions.
We see three clusters of levers in Elisa’s climate transition
planning – energy, supply chain, and circular economy.
These are aligned with and contribute to objectives of
related policies and guidelines of Elisa, especially in the
areas of environmental, energy and procurement. Specific
levers, such as energy efficiency improvements in mobile
networks or energy attribute certificates, consist of various
actions taken during the reporting year, in different parts and
geographies of the Elisa group or its value chain or with other
stakeholders. The key actions, summarised in the table, are
mostly efforts of continuous improvement over several years,
but they are all expected to have an outcome that contribute to
the achievement of Elisa’s near-term climate targets in 2030.
We have for the above list so far not recognised significant
harm that is caused to external stakeholders from actions
based on our climate transition planning but will evaluate
remedy actions if such cases emerge.
We ensure consistency between climate transition targets
and GHG inventory boundaries, meaning that relevant
emission sources are accounted for in our reporting. This
is accomplished by clearly establishing organisational
boundaries for Elisa’s GHG inventory, including relevant
regions, facilities, assets and activities. We apply consistent
methodologies and, increasingly, automation in calculating
GHG emissions on a monthly, quarterly or annual basis.
Additionally, we ensure that the continuous development
of methodology is transparently documented, and that data
Financial resources allocated to the Climate Transition Action Plan in 2024
Instruments Climate actions, with scope and time horizons CapEx [mEUR] OpEx [mEUR]
Energy
efficiency
Improvements in mobile and fixed networks, for example through
modernisation of 4G and 5G, as well as transforming fixed legacy
networks with the latest technology.
Improvements in premises and data centres, for example through
modernisation in cooling, optimisation, cloudification, automation, as
well as in continuous development and operation of properties.
New innovations and development of solutions, for example by using
machine learning and AI, distributed energy storage, smart meters, as
well as implementing and developing green coding.
The key actions above, are development efforts that span over several
years, mainly in Elisa’s telecom network operations on the home
markets of Finland and Estonia. Scope 1 and 2 emission reductions of
these actions often show already within the reporting year, but usually
have a long-term impact.
136 1
Other climate
actions
Energy generation in own direct operations, energy attribute certificates
and agreements, supplier engagement for material efficiency, as well
as research and beyond value chain mitigation.
The key actions above, are development efforts that span over several
years, and cover operations in different parts and geographies of the
Elisa group or its value chain. Scope 3 emission reductions of these
actions increasingly show towards Elisa’s near-term climate targets in
2030, while Scope 1 and 2 emission reductions are usually immediate.
0 3
is retroactively corrected, if necessary. We have built a
robust ESG data management system for the management
and reporting of GHG emissions, and we have developed
capabilities for scenario analyses of various emission
reduction lever impacts. It is important to engage with
suppliers, in particular, to drive a level of transparency that is
necessary for an increasingly granular analysis of Elisa’s GHG
inventory.
Elisa’s first near-term target was approved by the SBTi in
2018 and was updated in 2023, including setting a new
base year of 2021. Past progress made in meeting climate
targets before this is available from Elisa’s annual reports. The
baseline values set are based on Elisa’s assured and publicly
available ESG reporting. Elisa’s international expansion poses
some degree of challenge regarding this baseline, as new
company acquisitions increase the boundaries of our GHG
inventory to some degree. Baseline values are adjusted at the
latest in updated target-setting every five years, according to
SBTi guidelines. The related calculation methodology ensures
that such targets remain compatible with global warming of
1.5°C.
Through our double-materiality assessment (DMA), we, for
example, identify parameters in Elisa’s contextual environment
that can highly affect operations. We conduct structured
analyses of, for example, technology-related roadmaps, Elisa’s
competitors, and various other market factors, provided by
our market intelligence experts. We continuously engage with
stakeholders that are either impacted by our operations or
have an impact on business strategy or operations, such as
customers, employees, investors, regulators and suppliers.
We also acknowledge the important perspectives of, for
instance brought up by local communities and NGOs. Our
scenario analysis accounts for both physical and transitional
risks, based on various information sources.
43ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
In addition to climate scenarios for geographical areas of our
operations, we analyse climate extremes and future changes
in climate over the next three decades. We have utilised
information sources and tools that consider climate change-
related factors that are the most relevant for our operations
including flooding, severe storms and wildfire hazards. We
also cover the susceptibility of society to climate change.
According to this analysis, both Finland and Estonia have
relatively low climate change exposures and vulnerabilities,
but some of our international offices have higher risks in
some areas.
GHG removal and mitigation projects
Elisa’s long-term goals (Net-zero 2040) allow us, in
accordance with the recommendation of the SBTi initiative, to
use only removal-type carbon credit projects for neutralisation
of carbon emissions. This means that, at most, 10 percent of
emissions at that point can be covered by carbon removal
through carbon credits.
We prioritise abatement within our value chain, and we are
continuously investigating ways to reduce carbon emissions
together with various stakeholders. We are currently focused
on our near-term, science-based target for 2030, with a 42
percent reduction in all scopes of emissions. We will not
use carbon credits for near-term target. Elisa is nevertheless
already investing in additional mitigation actions beyond the
near- and long-term science-based targets.
Currently, Elisa has not developed any projects in its own
operations or value chain for GHG emission removal
or storage, but as part of Elisa’s CTP, we are exploring
opportunities in this area. However, Elisa adopted the practice
of beyond-value-chain mitigation already in 2020, with the
scope of annually acquiring carbon credits in an amount
equal to the remaining emissions in our own operations,
meaning from fuels (Scope 1) and a small portion of other
energy usage (Scope 2), as well as from waste and from
business travel and employee commuting, including remote
working (Scope 3). Beyond-value-chain mitigation thus
comprises a valuable aspect in building the sustainable
service offering that Elisa provides to its customers. Our
selected carbon credit projects also have co-benefits for
people and nature.
Over time, Elisa has built a carbon credit portfolio with a
variety of high-quality projects of different types and on
different continents, according to the following motivations:
• Mitigate risks with a well-balanced portfolio
• Predictability for high-quality carbon credits
• Benefit financially from strategic procurement
• Adress Elisa’s geographical value chain impacts
• Test and learn about available opportunities to support our
transition
When reviewing, deciding, and procuring carbon credits, we
do due diligence as follows:
• Additionality: The project reduces carbon emissions that
are not reduced through other initiatives.
• Leakage prevention: Emission reductions from the project
do not leak to other locations or activities.
• Permanence: The project permanently prevents the carbon
emissions from entering the atmosphere.
• Verifiability: An objective third party confirms that emission
reductions from the project are credible.
• Other risk assessment: The project e.g. avoids very
high-risk countries.
Elisa purchased carbon credits from projects that are of high
quality, verified by standard bodies like Gold Standard and
Verified Carbon Standard (VCS) and in line with the UN
Sustainable Development Goals. The methodologies of these
standards ensure accurate quantification and verification for
various mitigation technologies and processes. To further
lessen risks in the quality of carbon credits, we do additional
vetting to the extent possible together with selected partners.
We follow developments in methodologies and actively
engage in dialogue with providers and other experts or
stakeholders, to continuously develop Elisa’s carbon credit
portfolio.
44ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Carbon credit portfolio in 2024
Project name Project type Short project description
Quality standard
and project ID
American BioCarbon biochar
(USA)
Removal (Oxford Category 5)
Technical carbon sink
American BioCarbon produces biochar in Louisiana, USA, making beneficial use of
agricultural waste from the sugar cane industry (bagasse). Alongside pure carbon removal
benefits, the project also produces clean energy as well as biochar, which can be used as a
soil amendment. By taking an abundant, biogenic waste material and converting it to biochar,
carbon dioxide is locked out of the atmosphere.
Puro.earth
Puro-543800
San Jerónimo Coatlán
(Mexico)
Removal (Oxford Category 4)
Biogenic carbon sink
San Jerónimo Coatlán is a rural and partly indigenous community located in the south of
Oaxaca, Mexico. The land is communally owned, and for the last 20 years the community has
forests communally to produce pine and oak wood. The project enables the community to
invest in forest restoration and reforestation, as well as maintain a forestry ranger service to
control wildfires and plagues and invest in social projects to improve health and water access
for the population.
Climate Action
Reserve
CAR1829
Borneo peatlands
(Indonesia)
Reduction (Oxford Category 2) Indonesian Borneo (Kalimantan) encompasses approximately 5.7 million hectares of peatland.
The project is protecting and restoring 149,800 hectares of peatland ecosystems, covering
one of Indonesia’s largest remaining intact peat swamp forests, and is reforesting 4,433
hectares of non-forest areas within the project area. The project also protects wildlife and
improves livelihoods for the community located in the area.
Verified Carbon
Standard
VCS 1477
Keio Seima
(Cambodia)
Reduction (Oxford Category 2) The Seima Protection Forest covers 292,690 hectares and is located in eastern Cambodia,
mainly in Mondulkiri Province, with a small area extending into Kratie Province. The REDD
project area covers 166,983 hectares of forest. The project is an Agriculture, Forestry and
Other Land Use (AFOLU) project under the Reduced Emissions from Deforestation and
Degradation (REDD) project category. The project also protects wildlife and improves
livelihoods for the community located in the area.
Verified Carbon
Standard
VCS 1650
Rimba Raya
(Indonesia)
Reduction (Oxford Category 2) The project protects the Rimba Raya area in south-eastern Borneo, Indonesia from
deforestation. For decades, Borneo has been suffering from deforestation, and its remaining
rainforests are threatened with disappearance due to logging (including illegal logging),
mineral mining and palm oil production. The reserve covers 64,000 hectares and provides a
habitat for hundreds of species, including the endangered Bornean orangutan.
Verified Carbon
Standard
VCS 674
Elisa’s portfolio for beyond-value-chain mitigation currently
consists of both reduction and removal projects. As described
below, Elisa’s active carbon credit portfolio, from which
cancellations have been done for the reporting year, included
removal-type projects from Oxford Category 4 (forest
restoration/reforestation) and Category 5 (biochar), together
with reduction-type projects:
We see additional value also in innovation and dialogue
directly with project developers and are for example
supporting initiatives such as solar cooker systems for
village communities in Zambia and mangrove plantations in
Indonesia and the Philippines. We transparently describe all
carbon credit projects in our portfolio, their cancellations,
and related climate and other benefits, further on Elisa’s
sustainability webpages.
45ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Carbon credits cancelled
Carbon credits cancelled in the reporting year Comparative (2023) N (2024)
Total amount of carbon credits cancelled in the reporting year (tCO
2
eq) 11,101 6,800
Share from removal projects (%) 4 16
Share from reduction projects (%) 96 84
Verified Carbon Standard (%) 96 84
Puro.earth (%) 1 1
Gold Standard (%) 3 0
Climate Action Reserve (%) 0 15
Share from projects within the EU (%) 1 0
Share of carbon credits that qualify as corresponding adjustments (%) 0 0
Carbon credits planned
to be cancelled in the future Amount until (2040)
Total (tCO
2
eq) We have so far purchased carbon credits on the voluntary carbon market, and do not
have contractual agreements that extend over several years. We expect to continue
cancelling carbon credits in an amount equal to the remaining emissions in our own
direct operations and increasingly prepare towards the neutralisation phase also after
2040.
Energy consumption and mix
Total energy consumption in 2024
Fuel consumption from coal and coal products (MWh)
0
Fuel consumption from crude oil and petroleum products (MWh)
4,018
Fuel consumption from natural gas (MWh)
33
Fuel consumption from other fossil sources (MWh)
0
Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (MWh)
11,959
Total fossil energy consumption (MWh)
16,010
Share of fossil sources in total energy consumption (%)
4
Consumption from nuclear sources (MWh)
239,847
Share of consumption from nuclear sources in total energy consumption (%)
66
Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal
waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh)
17
Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources
(MWh)
109,382
Consumption of self-generated, non-fuel renewable energy (MWh)
50
Total renewable energy consumption (MWh)
109,449
Share of renewable sources in total energy consumption (%)
30
Total energy consumption (MWh)
365,306
Total energy production in 2024
Total energy produced (MWh) 6,565
Total renewable energy produced (MWh) 6,565
46ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Contractual instruments used in 2024
Share of contractual instruments used for sale and purchase of
Energy bundled with attributes about Energy generation in relation
to Scope 2 GHG emissions (%)
30.9
Types of contractual instruments used for sale and purchase of
Energy bundled with attributes about Energy generation in relation
to Scope 2 GHG emissions
Power Purchasing Agreements (PPA) and
Renewable Energy Certificates (REC)
Share of contractual instruments used for sale and purchase of
unbundled Energy attribute claims in relation to Scope 2 GHG
emissions (%)
69.1
Types of contractual instruments used for sale and purchase of
Energy for unbundled Energy attribute claims in relation to Scope 2
GHG emissions
Guarantees of Origin (GoO) and REC
As part of Elisa’s Sustainability Linked Loan, we have
committed to ensure carbon-free electricity sourcing in
Elisa Corporation (Finland) and Elisa Eesti As. Carbon-free
electricity is an electrical energy produced from resources
that generate no carbon emissions. In 2024, 100 percent of
carbon-free electricity is used in Elisa group including Elisa
Corporation (Finland) and Elisa Eesti As is from carbon-free
sources covered through GoOs, own production, own
installations and wind PPA.
Energy intensity based on net revenue in 2024
Total energy consumption from activities in high climate impact sectors per
net revenue from activities in high climate impact sectors (MWh/EUR) 0.0002
47ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
Gross scopes 1, 2, 3 and total GHG emissions
Total GHG emissions
Retrospective Milestones and target years
Base year (2021) Comparative (2023) N (2024) % N/N-1 2025 2030 2040
Annual % target
(2030)/ base year
(2021)
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
2
eq) 5,927 4,084 925 22.7 860 3,438 593 5
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) 0 0 0 0 0 0 0 0
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 53,510 63,047 44,025 69.8 40,943 31,036 5,351 5
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 2,328 1,595 1,432 89.8 1,332 1,350 233 5
Significant Scope 3 GHG emissions
Total gross indirect (Scope 3) GHG emissions (tCO
2
eq) 238,961 268,877 240,458 89.4 223,626 138,597 23,896 5
(1) Purchased goods and services 140,994 146,646 124,520 84.9 115,803 81,777 14,099 5
(2) Capital goods 40,669 36,219 30,085 83.1 27,979 23,588 4,067 5
(3) Fuel and energy-related Activities (not included in Scope 1 or Scope 2) 24,483 28,201 29,819 105.7 27,731 14,200 2,448 5
(4) Upstream transportation and distribution 257 451 280 62.0 260 149 26 5
(5) Waste generated in operations 425 673 517 76.9 481 247 43 5
(6) Business travel 406 2,233 1,358 60.8 1,263 235 41 5
(7) Employee commuting 1,736 1,987 1,896 95.4 1,764 1,007 174 5
(8) Upstream leased assets N/A N/A N/A N/A N/A N/A N/A N/A
(9) Downstream transportation N/A N/A N/A N/A N/A N/A N/A N/A
(10) Processing of sold products N/A N/A N/A N/A N/A N/A N/A N/A
(11) Use of sold products 28,959 49,512 49,289 99.5 45,839 16,796 2,896 5
(12) End-of-life treatment of sold products 1,032 2,955 2,694 91.2 2,505 599 103 5
(13) Downstream leased assets N/A N/A N/A N/A N/A N/A N/A N/A
(14) Franchises N/A N/A N/A N/A N/A N/A N/A N/A
(15) Investments N/A N/A N/A N/A N/A N/A N/A N/A
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq) 298,398 336,009 285,408 265,429 173,071 29,840 5
Total GHG emissions (market-based) (tCO
2
eq) 247,216 274,556 242,815 225,818 143,385 24,722 5
48ANNUAL REPORT 2024 Sustainability Statement
General information Environment Social Governance Assurance Annexes
GHG intensity based on net revenue
GHG intensity per net revenue N (2024) N-1 (2023) % N / N-1
Total GHG emissions (location-based) per net revenue (tCO
2
eq/EUR) 0.00013 0.00015 84
Total GHG emissions (market-based) per net revenue (tCO
2
eq/EUR) 0.00011 0.00013 88
Scope 2 emission calculations are based on Elisa’s indirect
energy consumption. Elisa reports both location-based and
market-based figures. Location-based emissions for electricity
consumption are calculated by using the three-year average
for the total supplier mix from the latest European Residual
Mix reports. For companies outside the EU, country-specific
data is used, when available. In cases where country-specific
data is not available, global averages are used. Market-based
electricity calculations are performed using the three-year
average for the residual mix from the latest European Residual
Mix reports. For companies outside the EU, country-specific
data is used, when available. If country-specific data is not
available, global averages are used. When available, country-
specific factors are used for heating and cooling. When
not available, heating and cooling heating factors from the
latest UK Department for Environment Food and Rural Affairs
(Defra) report is used.
Elisa’s core market retail sale of information and
communication equipment is categorised as high climate
impact sector G47.4. We do not separate this activity in Elisa’s
financial statements. The total energy consumption of Elisa
companies relative to revenue (energy intensity) is derived
from Elisa’s total energy consumption reported in table ‘Total
energy consumption in 2024’ divided by the total revenue of
the Elisa group’s income statement (Note 2.3 of consolidated
financial statements).
Elisa reports all the material categories of Scope 3 emission
as listed in table Gross GHG emission under significant
Scope 3 emissions in tonnes of CO
2
equivalent. The
materiality of the specific categories and companies are
based on euro-based threshold. Where the data exceeds
the threshold, it is reported under relevant categories. The
data used in Scope 3 are obtained either directly from
Elisa’s internal systems or from third-party partner reports.
Where it is possible to obtain product- and supplier-specific
CO
2
coefficients, they are used. For example, emissions
from electronic products are calculated using supplier- and
product-specific factors (e.g.: Apple products, laptops,
etc.), and upstream transportation is calculated using
supplier-specific emission factors. When not available, we
use the general average or industry-specific factors (e.g:
Defra’s emission factors, emission factors from the LIPASTO
transport emission database or the average of different life
cycle assessment research). 0.12 percent of emissions are
calculated based on primary emission data provided directly
by the suppliers.
Six GHG emission categories are excluded from the
calculation – upstream leased assets, downstream
transportation, processing of sold products, downstream
leased assets, franchising and investments – as they were
assessed to be non-material. Elisa does not have significant
leased assets under Scope 3 that are not already included
in Scopes 1 and 2. Energy consumption at rented sites as
well as energy consumption of other operators with leases is
calculated and reported in Scope 2. Elisa does not engage in
franchising, and emissions from investment and processing
of sold products are not relevant. Emissions from downstream
transportation are included in the upstream transportation
categories.
Due to Elisa’s growing international footprint, the boundaries
of our reporting and data include new acquisitions made
in 2024. Elisa continuously develops its measurements,
which may imply changes in the data beyond business or
operational changes. In 2024, we thoroughly developed our
data collection and management processes and prioritised
primary data over secondary estimated or assumed data,
resulting in an overall enhancement in data quality. These
improvements are noticeable, for example, indirect energy
and scope 3 purchased services. Further, we have kept GHG
emission factors in Scopes 1 and 2 up to date according
to sources provided by third parties. Additionally, we have
also updated our GHG emission factors based on the latest
available knowledge for Scope 3 emissions.
Elisa’s emission impact relative to revenue (emission intensity)
is derived from the total emissions of Elisa companies
reported in table ‘Total GHG emissions’ divided by the
total revenue of the group’s income statement (Note 2.3 of
consolidated financial statements).
Accounting principles – Greenhouse gas emissions
Elisa’s energy consumption and GHG emissions include data
from all Elisa group companies as reported in Elisa’s financial
statements. GHG emissions are calculated in accordance
with the GHG Protocol Corporate Accounting and Reporting
Standard and the Corporate Value Chain (Scope 3)
Accounting and Reporting Standard. Elisa takes general
principles of calculations into account in its calculations. The
boundaries of the calculation are defined so that they best
correspond to Elisa’s operations. Reporting covers direct
GHG emissions (Scope 1), indirect GHG emissions (Scope
2) and upstream and downstream value chain emissions from
relevant categories in Scope 3.
Direct energy includes fuels, oils and gas purchased by Elisa
for its use in mobile (such as company cars) or stationary
sources (such as heating systems or generators). Scope 1
emission calculations are based on Elisa’s direct energy
consumption and relevant emission factors for each fuel type.
The emission factors are derived from the latest Statistics
Finland database.
Indirect energy includes the consumption of procured
heating, cooling and electricity in various facilities (such as
office premises, shops, networks, etc.) that Elisa leases or
owns. In general, consumption figures are obtained from
the lessor (building management company), rental bills
or relevant invoices. When the actual consumption is not
available, the energy is calculated based on square meters
and using facility-specific consumption intensity (kWh/m
2
).
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ESRS E5
Resource use and circular economy
Policies
Elisa updated its group-level Environmental Policy in 2024
to advance its goals of resource efficiency, circularity and
waste management. The policy focuses on key areas such
as reducing waste, enhancing resource efficiency and
transitioning toward a circular economy. Elisa promotes
reducing reliance on virgin resources and sustainable
sourcing by supporting circular design solutions and
prioritising circular alternatives whenever feasible. Within its
operations, Elisa focuses on extending product lifespans and
developing circular business models aimed at phasing out
landfill use and minimising non-energy waste incineration.
The company also supports its customers and stakeholders
in the circular economy by providing circular offerings to
customers. At Elisa, we develop our operations with the
approach of prioritising prevention, reuse, refurbishing
and recycling, and other recovery methods over disposal.
We are committed to minimising waste generation through
responsible business practices, engaging stakeholders in
circularity initiatives and ensuring that the transition to a more
circular economy is fair and just for all.
More information on the scope and implementation of this
policy is described in the section Climate change
Our approach
As part of double materiality assessment, Elisa has evaluated
its impacts, risks and opportunities which is explained in
the DMA section of this statement. Elisa does not have
manufacturing operations of its own, but we recognise
that our business and operations are dependent on using
natural resources, which are required to produce devices
and equipment that we use and sell. Additionally, we see the
resource outflow aspect of the circular economy largely as an
opportunity, for example through our device refurbishment
and repair business for consumer customers, or by providing
device-as-a-service circular economy business models for our
corporate customers.
Elisa is dependent on upstream value chain climate
commitments to reach its climate targets. Through circular
economy actions in collaboration with our suppliers, we
are continuously improving resource efficiency in our own
activities, but also more widely in our value chain. Circularity
actions are also important vehicles to positively contribute
to our climate and other environmental impacts. We have
established business models in our downstream value chain
that enable our customers to engage with circular business
models. Similarly, we continuously seek ways to improve
the resource efficiency of our own operations, through
reuse, repair and refurbishment, as well as contributing to
second-hand marketplaces.
Elisa has not directly engaged with local communities
regarding circularity and waste; however, we have regular
dialogue and co-operation with our customers and suppliers
including waste management partners. Elisa has not identified
any communities directly affected or harmed by Elisa’s
impacts on resource use and circular economy including
waste. We assess our impact to ensure that impacts of our
actions do not negatively affect our stakeholders and will
evaluate remedy actions if such cases emerge.
As the circular economy (including resource inflows and
resource outflows-waste) is assessed to be material for Elisa,
as part of our climate transition, we have set Elisa group-level
Zero Waste 2030 target. Zero waste for us means the
conservation of resources in all operations to avoid harmful
discharges. Elisa’s Zero Waste 2030 target is voluntary and
is not mandated by legislation. It addresses minimising and
gradually phasing out waste to landfill. Waste is managed
through targeted actions in upstream direct operations and
downstream, including proper treatment through circularity
processes, such as materials recovery and reuse.
The target is divided into three sub-targets. The first sub-target
is zero waste in capital goods deliveries, which means
minimising and using recyclable packaging materials for
network equipment. The second sub-target is zero waste to
landfill or non-energy incineration, which means minimising
waste from offices and stores as well as reusing, refurbishing
and responsibly recycling network equipment. The third
sub-target is zero waste until customer handover, which means
reusing, refurbishing and responsibly recycling devices. The
progress of performance is reviewed against the target set.
The target is aligned with our Environmental policy where
we have pledged to manage the material negative impacts
and risks of our operations. We have engaged the internal
stakeholder in setting the targets.
Targets, actions and performance in 2024
Target Scope Performance Key Actions
Zero waste in capital
goods deliveries
(upstream) by 2030
Elisa
group
The Zero Waste 2030 target was
defined, and the Environmental
Policy of Elisa was updated
accordingly in 2024, providing a
foundation for coming work.
Supplier engagement for climate transition
planning, with an initial focus on logistics in
Finland.
Zero waste to landfill or
non-energy incineration
(direct) by 2030
Elisa
group
The Zero Waste 2030 target was
defined, and the Environmental
Policy of Elisa was updated
accordingly in 2024, providing a
foundation for coming work.
Promoting business opportunity to reuse of network
equipment in Finland and Estonia.
Updated assessment of waste stream processes in
offices, with an initial focus in Finland.
Zero waste until
customer handover
(downstream) by 2030
Elisa
group
The Zero Waste 2030 target was
defined, and the Environmental
Policy of Elisa was updated
accordingly in 2024, providing a
foundation for coming work.
Development of carbon impact calculation for
refurbished and repaired devices in Finland.
Improvement and development of device circularity
to align with EU taxonomy requirements in Finland.
Raising awareness through social media campaign
among consumer regarding device circularity and
reuse.
50ANNUAL REPORT 2024 Sustainability Statement
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Elisa is one of Finland’s largest mobile device retailers,
which is why the resources used for manufacturing of
devices is material for us. In our role as a service provider,
we can have a positive impact on electronic waste and the
environment by offering solutions that extend the lifespan
and data-secure recycling of devices. The company follows
statutory regulations and instructions, also when building its
networks. In building and maintaining our network, we have
a process for reusing equipment; if doing so is not practically
feasible for technical reasons nor financially viable due to,
for example, poor energy efficiency, the material of hardware
is recycled. In our office premises, recycling and waste
management is organised by local partner. Waste-related
data is collected through Elisa’s sustainability reporting and
monitoring system and is based on data from partners or their
own estimates. Performance against the target is monitored in
CRMB as well as in relevant Elisa operations.
Elisa is committed to supporting solutions designed for
circularity through eco-design and extending product
lifetimes. This includes reusing, repairing and refurbishing
products to enhance their durability, reparability and
recyclability, all of which are key components of the
transition towards a more circular economy. We are
reducing our reliance on new raw material inputs, and
our aim is to prioritise sourcing circular alternatives and
increasing materials recovery within our own operations. Our
commitment extends to seeking the sustainable sourcing of
materials, prioritising circular alternatives in our supply chain
and safeguarding the health and safety of the workforce.
These efforts are in line with the cascading principle of
renewable resource use, which emphasises responsible and
efficient utilisation of resources.
Elisa engages consumers in circular thinking, for example
by increasing awareness and promoting device recycling
through incentives for customers. We also continue to expand
our sustainable and circular offerings, for example through
device-as-a-service business models.
Resource inflows
Manufactured electronic devices, network technologies and
batteries make up the majority of inflowing materials. We
utilise these technologies to operate our networks and to
provide services and products to our customers and end
users. These devices and technologies utilise metals and
minerals, including some critical and rare materials. Many
of these materials have few or no available substitutes and
cannot be replaced. Additionally, the inflow also includes
batteries, which can include some precious metals.
Resource inflows in 2024
Total weight of resource inflow products including packaging (kg) 79,199,692
Percentage of biological materials including packaging (%) 0.4
The absolute weight of secondary reused or recycled components, secondary intermediary
products and secondary materials including packaging (kg) 0
Percentage of secondary reused or recycled components, secondary intermediary products and
secondary materials (%) 0
Accounting principles – Resource inflows
The data includes Elisa Corporation (Finland) and Elisa Eesti As as the resource inflow is most relevant to these businesses.
The total weight of products includes all of the manufactured materials, electronic devices and network technologies
procured during 2024. The weight data is collected from Elisa’s procurement system, where the supplier provided data
is used when available. In case such data is not available, we have used researched estimations. The biological material
used or acquired is insignificant, thus we estimate it to be close to zero. Weight and share of secondary reused or recycled
materials are estimated to be negligible and thus zero, as we do not have adequate and accurate data to do any justified
calculations.
To ensure accuracy, we have diligently avoided double counting by using the data from Elisa’s procurement system only
once and have used third party assurance of data and calculations.
51ANNUAL REPORT 2024 Sustainability Statement
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Resource outflows – Waste
Elisa does not manufacture or produce any of the products
it offers in the market. Elisa operates as a retailer, supplying
products to customers. In this capacity, the resource inflows
and outflows – including the products and their packaging
volumes – are nearly equivalent. Concerning our network
operations, facilities, office premises and businesses, our
resource outflows result mainly from electronic waste, which
typically includes network equipment, other electronics and
batteries (both rechargeable and non-rechargeable) and in
addition packaging. The amount of office waste is minimal in
Elisa’s waste volume, and we adhere to the waste management
principles of reducing, reusing and recycling, in collaboration
with local waste management partners.
Elisa operates under the Extended Producer Responsibility
principles by recycling electronic devices, batteries and
accumulators, as well as packaging material. Replaced
network equipment is either reused in our own operations,
sold to the second-hand market or recycled through our
third-party partner. The pieces of equipment that are handed
over to a third-party partner for further refurbishment and
sales are first collected and examined by Elisa to assess
whether they are commercially viable, before being packaged
for transportation. Our shops in Finland and Estonia have
WEEE collection receptacles for consumer electronic
consumables, through which e.g. devices are taken for
re-processing to become materials for new electronic
products. Our shops in Finland have specific collection boxes
for recycling mobile devices and other portable devices.
We offer monetary compensation for phones eligible for
reuse, for example, when purchasing a new device. Collected
devices are repaired, refurbished and reintroduced to the
market for consumers, contributing to the circular economy.
Additionally, Elisa also complies with local laws as part of
producer responsibility, for example in Finland regarding the
recycling of packing waste
Total waste generated in 2024
Total amount of waste (kg) 838,763
Non-recycled waste (kg) 219,803
Non-recycled waste (%) 26
Total amount of hazardous waste (kg) 356,435
Total waste diverted from disposal (kg) 675,699
Hazardous waste (kg) 356,415
Preparation for reuse (kg) N/A
Recycling (kg) 356,415
Other recovery operations (kg) N/A
Non-hazardous Waste (kg) 319,284
Preparation for reuse (kg) N/A
Recycling (kg) 262,545
Other recovery operations (kg) 56,739
Total waste directed to disposal (kg) 163,065
Hazardous waste (kg) 20
Incineration (kg) N/A
Landfill (kg) N/A
Other disposal operations (kg) 20
Non-hazardous Waste (kg) 163,045
Incineration (kg) 163,045
Landfill (kg) N/A
Other disposal operations (kg) N/A
Accounting principles – Resource outflows – Waste
The data includes all Elisa group companies as reported in
Elisa’s financial statements. Elisa’s waste volumes consist
of materials generated directly across various facilities
(such as offices, shops and network infrastructure sites)
and are predominantly linked to our business operations.
Most of the waste is comprised of battery waste and WEEE
(encompassing technology equipment and consumer
electronic products), as well as metal and packaging waste.
In addition, office waste forms a minor portion of our
total waste volume and typically includes materials such as
paper, cardboard and biowaste. The composition of these
waste streams includes several types of materials, notably
minerals, metals and critical materials from technology
equipment and batteries, plastics from packaging
materials and biomass from office biowaste. Waste data
is systematically gathered through reports from our waste
management partners or building management, ensuring
accuracy. In cases where actual data is unavailable,
particularly in certain office locations, estimates based on
office headcount are used, as this directly correlates with
waste generation. However, the estimated data amounts to
less than 3 percent of Elisa’s total waste volume.
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ESRS S1
Own workers
Policies
Elisa acknowledges the universal and absolute nature of
fundamental human rights that protect the freedom, dignity
and equality of all people. Elisa is committed to respecting
human rights in accordance with the United Nations Guiding
Principles on Business and Human Rights (UNGPs) and the
Organisation for Economic Co-operation and Development
(OECD) Guidelines for Multinational Enterprises throughout
our value chain.
Elisa is committed to respecting the human rights and labour
rights of everyone working for Elisa, either directly as an
employee or indirectly as non-employees. Our commitment
and statement are established through our Human Rights
Policy and Code of Conduct. We always comply with local
labour legislation and collective labour agreements in the
countries where we operate.
The Code of Conduct establishes the framework for our
business operations and sets out the ethical standards for
Elisa group employees, businesses and partners. More
information on the Code of Conduct is described in the
section Business Conduct.
Elisa’s Human Rights Policy – which was updated in 2024 –
sets the foundations for and guides our development of our
human rights due diligence process across all our operations
and chains of activities as well as the framework for Elisa’s
human rights commitment. It was updated according to Elisa’s
human rights impact assessment results. Impact assessment
was conducted in alignment with the UNGPs, and it takes in
consideration internationalisation of Elisa operations and the
evolution of human rights due diligence process. The policy
applies to Elisa, the entities that it owns or in which it holds a
majority interest, and the operations that it manages.
Elisa expects its workers, business partners and other
parties whose own impacts may be directly linked to Elisa’s
operations, products or services to respect and not infringe
upon human rights. The Elisa policy on human rights
highlights our dedication to ensure a workplace free from
harassment, bullying and discrimination, and to treat everyone
equally in recruitment, career and learning opportunities,
compensation, and in termination of work relation. Elisa does
not tolerate any form of human trafficking, forced labour,
bonded labour or slavery, or any form of modern slavery,
within Elisa or in its chain of activities. In cases where the
company identifies potential adverse human rights impacts,
it is committed to promptly and effectively providing and
enabling remedies. Elisa’s grievance and remediation
approach includes addressing any adverse human rights
impacts that the company has caused or contributed to that
affect individuals, workers or communities.
Health and safety
Elisa’s occupational health and safety practices are lead
through good management and action programmes that
are part of our daily work. The development of the working
environment is the right and duty of every employee.
Employees can participate in and influence the handling of
occupational health and safety (OHS) issues in the workplace.
Elisa complies the occupational health and safety legislation
of each country where it operates.
S – Social
Occupational healthcare operates in accordance with good
occupational healthcare practice. It aims to ensure a healthy
and safe working environment and a well-functioning work
community, to prevent of work-related illnesses, and to
maintain and promote the working ability and functional
capacity of Elisa employees. An annual action plan covering
all units and localities and has the key objectives of
occupational health care. The functionality and effectiveness
of occupational healthcare are monitored via e.g. reports on
sickness-related absences and occupational healthcare costs,
as well as user feedback.
Elisa’s human resource functions are responsible for the
procurement and development of occupational health care. In
addition to that, Elisa has established a working environment
committee that addresses OHS issues at the Elisa Corporation
level in Finland and coordinates the activities of the OHS
organisation and programs. The working environment
committee monitors the implementation of occupational
health care services and makes development suggestions.
Additionally, the committee is responsible for drawing up the
OHS action program, determining measures for monitoring
the healthiness and safety of workplaces and monitoring
accidents and sickness-related absences at the company
level. Working environment teams monitor sickness-related
absences on a location/region/activity-specific basis.
Elisa collects, records, and measures the number of
work-related injuries of its subcontractors both in Finland
and Estonia. Also, we follow local laws and guidance and
cooperate closely with the subcontractors to ensure the safety
of performing the job. 95 percent of Elisa’s employees are
covered with OHS, and no fatalities have occurred in the last
three years.
Information about healthcare services is available on
Elisa’s intranet pages, and it is also included in employees’
induction.
Diversity, equity and inclusion
As an employer, Elisa follows principles of non-discrimination
and equality in all our operations, and we also require
compliance with these principles from all of our partners.
We promote equality throughout the entire life cycle of
employment. Diverse workforce enriches our perspectives,
promotes innovation and supports learning together. At
Elisa, equality and equity are steered by several guidelines
and principles, the most important of which are Elisa’s
values and the Elisa Code of Conduct. Every employee
conducts mandatory training in the Elisa Code of Conduct,
which introduces Elisa’s non-discrimination principles. The
occupational health and safety, human rights and remote
working policies strengthen equality and equity, and they
are also promoted through our daily management practices.
Responsibility for implementing these practices and ensuring
adequate resource allocation is assigned to Elisa’s Executive
Vice President of human resource function, who oversees the
integration of these values into our operations.
Elisa develops workplaces and working practices to provide
adequate and safe working conditions for all, making
reasonable accommodations where necessary. The company
also welcomes equal access to family leave. To facilitate
employees’, return to work after family leave or other longer
absences, we usually agree with employees about sharing
information on current issues. Adequate reorientation training
is provided for those returning from family leave.
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Elisa is committed to providing a working environment that
encourages everyone to learn, grow, share ideas and develop
their work. It is important that everyone can be themselves
and feel heard as they are. Discrimination, bullying and
harassment, including racism and sexual harassment, are
not tolerated at Elisa. Elisa strives to treat everybody equally,
regardless of any need a person has for special support, their
ethnic origin, age, sexual orientation, gender or religious
beliefs, or other personally distinguishing characteristics.
It is important to recognise that implementing equality and
equal treatment requires us to make evaluations based on
dimensions other than, for example, just gender.
Communicating and enabling dialogue about equality and
equity is an important part of promoting them. We share
information and facilitate internal dialogue with employees
through for example internal newsletters and separate,
targeted events about equality. Elisa monitors the effectiveness
of its internal communication measures through our employee
engagement survey. The means for equity communication
are reviewed in Equality and Equity Working Group and
Sustainability Communication Group.
Each Elisa company has appropriate, compliant and updated
equality and equity plans, guidelines and policies available
on their intranets. Elisa Corporation (Finland) is a member of
the Finnish Business & Society (FIBS) diversity network and
the Inklusiiv community in Finland. Elisa Eesti As is also a
member of Estonian Human Rights Center diversity network
and have signed Estonian Diversity Charter.
Training and career development
Elisa sees continuous learning as one of the major enablers
for its business success. The Enabling Learning process
describes how we at Elisa enable daily learning for every
employee. It covers our roles and main practices for learning.
One of Elisa’s values is we grow and develop fearlessly,
which guides elisians to be enthusiastic about learning and
continuous improvement. At Elisa, we approach competence
development through the 70-20-10 learning model (70
percent learning from the work, 20 percent learning from
others, 10 percent formal training), and we systematically
develop competencies. Employees agree about how to
develop their competences with their line manager in their
Learning and Objective Discussions, which ensures that
the direction of competence development is aligned with
our strategy. Overall, the purpose of the 70-20-10 model is
to expand our thinking regarding methods of competence
development, as well as to help us recognise the best ways to
do our daily work.
Elisa wants to foster continuous learning for all. The company
takes advantage of various Elisa-supported learning methods
(such as job rotation and working experiments), which also
make our operations more flexible. The company wants to
involve employees when developing their work and teamwork.
Elisa constantly develops working community based on, for
example, the results of regular employee surveys.
Working conditions
Elisa complies with applicable legislation and laws regarding
working conditions and labour laws in all the countries of
operation in addition to relevant Elisa-level practices. Our
Human Rights Policy reaffirms our commitment to fair terms
and conditions of employment. In Finland, Elisa follows
industry-specific collective bargaining agreements. More
than 95 percent of Elisa employees are located in Europe
(e.g. in Finland, Estonia, Italy, Sweden, Germany), which has
strict statutory requirements concerning working conditions
in areas such as reasonable working hours, annual leave,
parental leave and part-time work. Where national law allows,
all employees are free to choose whether they want to be
part of a trade union. Where the nature of the work permits,
employees can have flexible working hours and flexibility in
choosing when they work remotely.
Elisa has an established European Works Council (EWC).
The goal of the EWC is to improve employees’ access
to information, which means the exchange of views and
dialogue between management and employees. The dialogue
takes place directly and openly. Strong interaction is an
essential part of information and consultation, intended to
clarify and communicate the needs both of Elisa and its
employees.
Our approach
Elisa is an important employer in our domestic markets,
Finland and Estonia, where more than 80 percent of
our workforce are located. However, as an increasingly
international company, we also employ a growing number
of professionals in various locations globally to work in our
digital service businesses. In addition to our employees, we
employ more than 6,000 indirect workers (non-employees)
through external employment agencies.
Elisa revisits impacts on workforce through regular
assessments, employee feedback and engagement. In that
process, it takes especially consideration to vulnerable or
marginalised groups. These groups could include workers
with different disabilities, age, gender, sexual orientation
or work in unique contexts and are undertaking specific
activities.
Elisa’s workforce consists mainly of employees in technology
development, sales and customer support roles, requiring
specialised knowledge and skills in the ICT sector. These
positions are mainly situated in office or store environments.
The work is carried out with laptops and other smart devices.
The health impacts of the work are typically related to
mental and physical strain. Furthermore, employees working
in retail environments, such as shops and open stalls in
malls, may face safety impacts due to customer behaviour.
Additionally, part of non-employee worker is involved
in the construction and maintenance of Elisa’s network
infrastructure, requiring activities such as climbing high
masts/towers, which present health and safety risks. Health
and safety concerns are significant for workers engaged in
network construction and maintenance due to the nature
of their work. Other non-employee workers, including
subcontractors, agency workers and consultants, work under
Elisa’s supervision but are employed and compensated by
third-party companies. Nonetheless, Elisa recognises its
direct and indirect impact on these non-employee workers.
All these workforces that can be materially impacted by Elisa’s
operations and business activities are included in the scope
of disclosure Elisa is committed to enhancing the wellbeing
of its workforce through initiatives focused on mental health
support and safe working conditions. The company actively
pursues opportunities to positively impact its employees
and non-employee workers by providing continuous
training, development programmes, and a supportive work
environment. These initiatives benefit all workers, including
those in office and customer-facing roles, by improving job
satisfaction and performance. Elisa also seeks opportunities to
foster a positive work culture that emphasises diversity, equity
and inclusion, which can enhance employee engagement and
productivity.
In the autumn of 2024, Elisa decided to introduce new
hybrid work principles from the beginning of the year 2025,
requiring employees to work at minimum three days per week
in the office location of Elisa. The new hybrid working model
was introduced to proactively mitigate the potential negative
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impacts of too extensive remote work and to emphasise the
importance of face-to-face interaction in maintaining and
developing the company culture, as well as strengthening
the sense of belonging and community among employees.
However, the company recognizes that this change will
have impact on Elisa’s Scope 3 emissions that are related to
employee commuting, as an increase in office days may raise
commuting emissions compared to remote work. Additionally,
more days in the office could contribute to slightly higher
emissions from office waste, although office waste makes up
only a minor proportion of Elisa’s total waste volume.
Elisa recognises the importance of collective bargaining
agreements and upholds the rights of workers to organise and
engage in collective negotiations. We ensure that all workers,
including those employed through third parties, are aware of
their rights and have access to mechanisms that protect these
rights.
Elisa’s human rights due diligence and impact assessment
showed that we do not have operations in countries or
industries with significant risks of forced or compulsory
labour. Similarly, there is no significant risk of child labour
within our operations. Elisa has not identified any material
negative impacts that would affect or harm the workforce.
The company continually assesses and works to prevent any
potential negative impacts of its actions. Elisa has allocated
different types of financial and human resource including
establishment of effective processes and systems to manage
the material impacts.
If Elisa fails to uphold good employment practices and
working conditions, there could be risks related to increase
in lost days, loss of talents, potential revenue losses from
customer boycotts, negative media coverage and loss
of investor and stakeholder trust which all might impact
materialised as financial risks. On the other hand, when
endorsing practices according to our policies, guidelines and
relevant local law, opportunities could emerge through talent
attraction, employee engagement and wellbeing, upskilled
employee and employee retention supporting Elisa’s financial
performance.
Engaging with workers and workers’ representatives
Elisa maintains regular engagement between employees
and senior leadership through various formal meetings,
ensuring that perspectives from all groups, including those
who may be particularly vulnerable or marginalised, are
heard. CEO staff meetings are held every month, providing
a platform for direct communication between the CEO and
employees. Additionally, division and unit meetings occur
weekly, ensuring ongoing dialogue and engagement at all
levels. Employees also have one-on-one meetings with their
managers on a weekly, bi-weekly or as-needed basis, offering
all employees, including those in vulnerable or marginalised
groups, the opportunity to provide feedback and express their
perspectives.
Employee engagement survey
Elisa fosters a culture where everyone feels psychologically
safe to voice their concerns and opinions, regardless
of hierarchical position. Elisa has no global framework
agreement on human resources, but there are joint statements
in the company’s values, mission and vision. Elisa conducts
a global employee engagement survey twice a year to gather
insights on various aspects of organisational functionality and
employee experiences.
These surveys enable us to understand employees’
experiences, further identify areas for improvement and take
action to improve them. The survey covers topics related
to employees’ work, such as work-related information,
motivation, development opportunities, tools, conditions
and workload. It also examines teamwork, including
collaboration, goal orientation, support, effectiveness and
working methods. Leadership is another key focus, with
questions about management, feedback practices and
development. The survey assesses the whole organisation,
including management, cooperation, communication, internal
organisational image and customer orientation. Finally,
it explores Elisa’s corporate culture and overall working
environment.
The employee engagement surveys are confidential web
surveys conducted together with an external partner. The
human resource functions coordinate the survey process
and communicates the results through internal channels. The
survey findings are reviewed at all levels of the organisation,
from individual teams to the entire Elisa group. The results
are used by various development groups and forums to
identify strengths and development needs, leading to the
formulation of action plans aimed at improving employee
engagement. We consider any potential barriers related to
cultural differences, geographic location, gender, age, role
and employee tenure, both in the survey itself and during
discussions regarding development actions. Additionally,
we closely assess our employees’ perceptions of equality.
To ensure transparency and inclusivity, we communicate
the outcomes of the survey to all employees, thereby
reducing any further potential barriers to engagement.
Feedback, including differing viewpoints, is discussed at all
organisational levels: company, unit, profit unit, department
and team. For instance, we have various ongoing initiatives
aimed at enhancing competence development opportunities
for different target groups. We also monitor the effectiveness
of the engagement process and specific improvement actions
at the team and department levels. At the group-level, we track
employee response rates against a benchmark, which has
consistently remained above 75 percent. This high response
rate reflects the effectiveness of our engagement strategies
and encourages employees to share their perspectives.
Learning and objective discussions
Elisa’s Learning and Objective Discussions (LODs) are
a process between employees and their managers that
takes place at least once a year. It is in advance planned
opportunity for employees and supervisors to set goals, plan
learning and discuss other relevant topics such, as wellbeing,
feedback and the dynamics of the work community. The
process begins with a self-evaluation by the employee, where
they assess their performance, learning and plans. This is
followed by a discussion with their manager in commonly
agreed suitable time and place. These discussions are
integral to aligning personal development with organisational
objectives and enhancing the overall work experiences of
employees.
Engagement with workers’ representatives
In Finland, the terms of employment for Elisa group
employees are determined by collective bargaining
agreements for the ICT and IT service sectors, as well as
by the commerce sector collective bargaining agreement
and the collective bargaining agreement for senior salaried
employees in the technology industry. These agreements
are subject to continuous negotiation, and in the absence of
a current agreement, the terms of the previous agreement
remain in effect until a new one is established. Approximately
75 percent of employees are covered by collective bargaining
agreements, ensuring continuous representation and
negotiation on their behalf. Elisa has an established European
Works Council (EWC) to improve employees’ access to
information and facilitate dialogue between management and
55ANNUAL REPORT 2024 Sustainability Statement
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employees. The EWC includes representatives from Finland,
Estonia, Germany and Romania, covering 85 percent of
employees as of 2024.
Elisa has regular dialogue with employee representatives
through an agreed meeting procedure and through other
ongoing collaboration. In Finland, the annual Elisa CEO
meeting involves selected employee representatives and chief
shop stewards. In the meeting participants discuss about
financial statements, production and employment prospects,
profitability and significant management decisions. It serves
as one of the information and influence channels per the Act
on Co-operation within Elisa. In Finland, there is an employee
representation in corporate and consumer business unit.
At Elisa Corporation, there are also regular monthly Chief
Shop Steward Group meetings, which engage in the dialogue
specified in the of Act on Co-operation within Elisa, monitor
compliance with co-operation laws, and address measures
impacting employees. Additionally, units and profit units
meet weekly for ad hoc collaboration, while department,
employees and team meetings occur as needed. Continuous
collaboration happens at local levels, involving local shop
stewards and human resource function’s managers as part of
daily operations.
Occupational health and safety committees
Elisa’s Occupational Health and Safety Committee plays a
crucial role in developing and implementing the company’s
health and safety action programmes. The primary
objectives of the committee are to continuously improve
employees’ occupational health and safety and to prevent
accidents. The committee is supported by regional teams
that include an occupational health and safety manager,
safety representatives, regional managers, human resource
function’s representatives and facility management services.
A health sector representative may also attend meetings as
an expert, if necessary. The OHS team is responsible for
addressing issues related to working conditions, processing
incident reports, investigating occupational accidents,
monitoring the implementation of corrective measures and
ensuring overall safety standards.
Processes to remediate negative impacts and
channels for raising concerns
Compliance with applicable laws and the Elisa Code of
Conduct is the responsibility of every Elisa employee. In
addition, reporting misconduct is everyone’s right and
obligation. Elisa employees and non-employees can report
any suspected misconduct, which could include, among
other things, breaches of law in Elisa’s operations, as well
as violations or breaches of the Elisa Code of Conduct
and the Elisa guidelines that apply to an employee’s own
supervisor or line manager. Alternatively, reports can always
be made directly to the following functions: legal, human
resources, corporate security, sustainability, or internal
audit. Furthermore, Elisa has a confidential and secure
whistleblowing channel, where known or suspected breaches
can be reported anonymously. For more information on our
whistleblowing channel and how we protect whistleblowers
against retaliation, see the section Business Conduct.
Fair and consistent application of disciplinary measures for
breaches or non-compliance is important in ensuring fair
and equal treatment of employees in all situations. Elisa
communicates to all employees that unethical, unlawful or
non-compliant conduct will not be tolerated and will result in
consequences in accordance with applicable laws, regardless
of the position or title of the employee who engages in such
conduct. In addition to penalties and negative consequences
for violations, Elisa also provides positive incentives, such as
the Elisa Values awards. Further, Elisa’s performance-based
bonus metrics also include compliance-related metrics that act
as positive incentives.
Additionally, for matters related to equality, Elisa’s Human
Resources Management Board and Corporate Executive Board
evaluates the situation in regard to equality every year. This
is done by including questions in the employee engagement
survey that evaluate how well equal treatment is realised
at Elisa. Within the company, we can use these principles
as a basis for drawing up more detailed instructions for
implementing equality. The equality plans of Elisa Corporation
and Elisa Santa Monica in Finland have been processed as
required by the law and regulations. The implementation
of the plans is monitored primarily at the company level
in cooperative bodies and in Equality and Equity Working
Group in Finland.
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Targets, actions and performance in 2024
Target Scope Performance Key Actions
Employee engagement
target of being among
the best 10 percent
globally.
Elisa group Below the target. Employee
engagement survey score: 69
Strengthened the dialogue with employees
through improved communication measures
(initiatives to further enhance the team's
dialogue through supervisor training).
Leadership development by deploying Elisa
Way Leadership skills and practices to a wider
audience to positively impacting on Elisian’s
engagement.
Several projects running in different business
units, all aimed at improving the employee
wellbeing experience by providing employees
with support and tools for managing their own
wellbeing.
100 percent of our
employees involved
in LOD process have
Individual learning
plans.
Elisa group 85 percent of employees
involved in LOD process had
individual learning plans.
Reinforced AI and data competencies by
arranging trainings, workshops and events, with
a wider e-learning possibilities and building
communities around the topics.
Updated the learning paths as well as the
collections of courses and learning materials, in
several areas of competence.
Share of women in
supervisor position
33.5 percent by 2029.
Elisa group 29 percent of women in
supervisor position
Established non-biased recruitment training for
all managers, and the establishment of the Elisa
Women community.
invest in employee development, diversity and wellbeing,
ensuring that our practices do not contribute to material
negative impacts on our workforce. These efforts are closely
aligned with Elisa’s broader sustainability goals, including
the achievement of several United Nations Sustainable
Development Goals, as we aim to create lasting positive
impacts for our employees.
We are committed to creating a positive impact on our
workforce through various action plans, initiatives and
continuous improvements aimed at mitigating risks and
enhancing employee wellbeing. To measure our performance
as an employer, we conduct twice-yearly employee
engagement surveys, with the ambitious long-term 2030
goal of being among the top 10 percent of employers
globally. The insights gathered from these surveys allow
us to identify and address potential negative impacts while
tracking progress toward improving workforce satisfaction and
inclusivity. Additionally, we will ensure that 100 percent of
our employees involved in the LOD process have individual
learning plans by 2030, supporting strategic competence
development. Through developing competences and growing
talent, we ensure a strong group of skilled professionals. This
initiative is a core driver of Elisa’s strategy execution.
Diversity and gender equality are key areas of focus at Elisa,
and we have set a long-term, group-level target of having 33.5
percent of supervisor positions filled by women by 2029. As
part of Elisa’s Sustainability Linked Loan, we have committed
to increase the share of women in supervisor positions at
Elisa group-level. In 2024, the performance was 29 percent.
For Elisa, supervisor means the person having subordinates
and is calculated as share of women in supervisor position
divided by all genders in supervisor position. The 2024
performance data from the newly acquired Elisa SedApta
engaged in setting the targets. However, for employee
engagement they participate to the tracking of performance
and in identifying the learnings against targets as defined in
section Employee engagement survey. Regarding the share of
women in supervisor positions and employees participating
to LOD process have individual learning plans, workers
participate only to the tracking of performance. Workers
participate to the tracking of the performance. We continually
company is excluded, as the integration is ongoing and
will be fully completed in 2025. We regularly monitor and
review women’s career development within the organisation.
Leadership development is supported through our Elisa Way
Leadership programme, which includes diversity and career
development training, mentorship and career progression
opportunities. Employee wellbeing is another cornerstone of
our workforce actions. We are working to develop applicable
group-level metrics and targets related to occupational
health and safety in 2025. In 2024, we enhanced our
mental health toolkit and launched holistic wellbeing pilot
sessions for new employees. We also increased the visibility
of occupational health and safety issues through internal
campaigns addressing topics such as mental health, safe
commuting and occupational hazard assessments. As part
of our ongoing commitment to employee health, we are
improving the risk group health check process, ensuring it is
easier for managers to manage and monitor key health-related
information.
Elisa has set three group-level targets aimed at managing
the material negative impacts and risks as well as promoting
positive impacts. The progress of performance is reviewed
against the target set. The targets for employee engagement
and women in supervisor positions are set as part of Elisa’s
strategy work and are approved by Elisa’s CEB. Targets related
to individual learning plans are set by Elisa’s process owner.
Employees and employee representatives are not directly
57ANNUAL REPORT 2024 Sustainability Statement
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Characteristics of employees
Headcount by gender in 2024
Gender
Number of employees
(headcount)
Male 4,617
Female 2,021
Other 93
Total Employees 6,731
Headcount by country in 2024
Country
Number of employees
(headcount)
Finland 4,622
Estonia 948
Italy 388
Sweden 145
Germany 134
Indonesia 70
France 61
Belgium 54
Romania 50
Others 259
Total 6,731
Headcount by contract and employment type, broken down by country in 2024
Finland Estonia Italy Sweden Germany Indonesia France Belgium Romania Others Total
Number of employees (headcount) 4,622 948 388 145 134 70 61 54 50 259 6,731
Number of permanent employees (headcount) 4,587 926 388 144 129 64 57 54 50 252 6,651
Number of temporary employees (headcount) 35 22 0 1 5 6 4 0 0 7 80
Number of full-time employees (headcount) 3,708 884 363 139 102 70 59 54 45 252 5,676
Number of part-time employees (headcount) 914 64 25 6 32 0 2 0 5 7 1,055
Headcount by contract and employment type, broken down by gender in 2024
Male Female Other Total
Number of employees (headcount) 4,617 2,021 93 6,731
Number of permanent employees (headcount) 4,577 1,982 92 6,651
Number of temporary employees (headcount) 40 39 1 80
Number of full-time employees (headcount) 3,887 1,720 69 5,676
Number of part-time employees (headcount) 730 301 24 1,055
Employees turnover in 2024
Number of employees who left the
company (headcount) 1,190
Rate of employee turnover 0.18
Accounting principles - Characteristics of employees
The data includes the Elisa group actual headcount figure
i.e. all companies that are included into Elisa financial
statements at the end of the reporting period. In financial
statements, headcount equivalent to FTE is disclosed and can
be referenced.
At Elisa, headcount means the gross total number of
employees with valid contracts. When reporting headcount,
only direct employees who had ongoing employment
relationships with Elisa at the end of the reporting period
are reported. An employee is an individual who is in an
employment relationship and has a direct contract with an
Elisa company, including subsidiaries (legal entity), which
pays their salary, according to national law or its application.
The primary source of employee data is Elisa human
resource function’s information system.
Others in Gender means gender other than men or women
as specified by the employees themselves.
A permanent employee is an employee with contract for
full-time or part-time work for an indeterminate period.
A temporary or fixed-term employee is an employee with
contract that ends when a specific term of employment
expires, or when a specific task that has a time estimate
attached is completed, including the end of a project or
work phase, or the return of replaced employees.
A full-time employee is an employee whose working hours
per week, month or year are defined according to national
legislation and practice regarding working time (such as
national legislation which specifies that full-time means a
minimum of nine months per year and a minimum of 30
hours per week). A part-time employee is an employee whose
working hours per week, month or year are less than those of
full-time as defined above.
The fluctuations in number of employees are mainly due to the
acquisition of companies made during the reporting period.
The employee turnover is calculated as the number of
employees who have left the company divided by the total
number of employees in the end of reporting period.
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Characteristics of non-employee workers in the workforce
Headcount of non-employee workers in 2024
Number of non-
employees (headcount)
Agency workers 381
Consultants 436
Facility management workers 184
Subcontractors / service providers 5,346
Other 6
Total 6,353
Collective bargaining coverage and social dialogue
Percentage of total employees covered by collective bargaining agreements and social dialogue in 2024
Collective Bargaining Coverage Social dialogue
Coverage rate Employees, EEA Employees, non-EEA Workplace representation (EEA only)
(For countries with
>50 employees representing
>10% total employees.)
(Estimate for regions with
>50 employees representing
>10% total employees)
(For countries with
>50 employees representing
>10% total employees)
0–19% Estonia, Sweden, Germany, Belgium Indonesia Belgium, Sweden, France, Italy
20–39%
40–59%
60–79%
80–100% Finland, Italy, Romania, France Finland, Estonia, Germany, Romania
Accounting Principles – Characteristics of non-employees
The primary source of non-employee’s data is Elisa human resource function’s information
system. The reported number of non-employees are the actual headcount at the end of the
reporting period. Elisa has defined its non-employee workers as follows
• Agency worker: Agency workers are employed by the agency, which pays their wage. The
user company (Elisa company) directs and supervises the work being done. An agency
worker works full time for the user company. Agency workers most commonly work in
customer service or as technical specialists.
• Consultant: A consultant is like an agency worker in relation to the contractual relationship.
However, consultants are usually used in more professional tasks and in problem-solving
and development-related work.
• Facility management worker: A facility management worker works on facility management,
such as maintenance of workspaces, as restaurant workers, etc.
• Subcontractor / service provider: This type of contingent worker is directed and supervised
by another company, and the work is typically project-based or single-task assignments,
such as telecom mast equipment installation and maintenance, network hardware installation
and maintenance, facility heating, ventilation, and air conditioning (HVAC)/electrics or
equipment installation.
The data includes the Elisa group actual headcount figure i.e. all
companies that are included into Elisa financial statements at the end of
the reporting period.
Collective bargaining agreements are either at the level of the
organisation, at the industry level (in countries where that is the practice),
or at both. Collective bargaining determines working conditions and
terms of employment, and/or regulates the relations between employers
and workers, and/or regulates relations between employers or their
organisations and a workers’ organisation or workers’ organisations.
It covers all types of negotiation, consultation or simply exchange of
information between or among representatives of governments, employers,
their organisations and workers’ representatives on issues of common
interest relating to economic and social policy. For employees not covered
by collective bargaining agreements, their terms of employment are based
on national local laws.
Social dialogue includes employees having country representations in
European work council (EWC).
Accounting Principles – Collective bargaining and social dialogue
59ANNUAL REPORT 2024 Sustainability Statement
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Diversity metrics
Distribution of employees by age group in 2024
Number of employees
(headcount)
Under 30 years 1,552
30–50 years 3,713
Over 50 years 1,466
Total 6,731
Diversity data of top management is disclosed under
section Sustainability governance.
Training and skills development metrics
Employees participating in regular performance and
career development reviews in 2024
Employee participation
(%) 73
Male (headcount) 3,357
Female (headcount) 1,506
Other (headcount) 75
Average number of trainings hours per employee in
2024
Total Employees (h) 12
Male (h) 12
Female (h) 11
Other (h) 0.2
Accounting Principles – Trainings and skills
development
The data includes the Elisa group actual headcount figure
i.e. all companies that are included into Elisa financial
statements at the end of the reporting period.
Regular performance and career development reviews
are based on criteria known to the employee and their
superior. For Elisa, this is the Learning and Objectives
Discussion process. The review is undertaken with the
knowledge of the employee at least once per year and
can include an evaluation by the employee’s direct
superior, and feedback by their peers or a wider range of
employees. Elisa’s human resource functions monitor this
process. The performance data is based on actual data
and primary source is Elisa human resource function’s
information system.
Training hours for Elisa is defined as hours used for
training, such as: vocational training and instruction, paid
educational leave provided by an organisation for its
employees, training or education pursued externally and
paid for in whole or in part by an organisation or training
on specific topics. All forms of such training should last
at least one hour. The data include the minimum training
hours of all employees, as there are many types of training
data, which are not centrally collected. For example, we
have not included on-site coaching by supervisors or peers
(such as onboarding).
The training hours data are received directly from the
third-party training partners, platform or Elisa’s own
training system. Where the data is unavailable, we estimate
that based on best available proxy data.
Health and safety metrics
Employees health and safety data in 2024
Percentage covered by health and safety management system (%) 95
Number of fatalities (as a result of work-related injuries and work-related ill health) 0
Number of recordable work-related accidents 76
Rate of recordable work-related accidents 8
Number of cases of recordable work-related ill health 0
Number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and
fatalities from ill health 85
Accounting principles – Health and safety
The data includes the Elisa group actual figure i.e. all companies that are included into Elisa financial statements at the end
of the reporting period. Non-employees’ data are not reported in this metric. Number of days lost is due to the work-related
accidents. There has not been any fatalities or cases of work-related ill health in 2024.
Incidents, complaints and severe human rights impacts
Incidents, complaints and severe human rights impacts data in 2024
Number of work-related discrimination incidents, including harassment 7
Number of complaints filed through whistleblowing channels 7
Number of fines, penalties or compensation for damages as a result of the incidents and complaints disclosed above 0
Number of severe human rights incidents connected to own workforce (e.g. forced labour, human trafficking or child
labour) 0
Number of severe human rights issues and incidents connected to own workforce that are cases of non-respect of UN
Guiding Principles and OECD Guidelines for Multinational Enterprises 0
Number of fines, penalties or compensation for severe human rights issues and incidents connected to own workforce 0
Accounting principles – Incidents, complaints and severe human rights impacts data
The number include confirmed cases of work-related discrimination incidents filed through Elisa’s whistleblowing channel.
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ESRS S2
Workers in the value chain
Policies
Sustainability related to workers in the value chain is guided
by the Elisa Code of Ethical Purchasing, which describes
the ethical and legal duties, responsibilities and obligations
related to the organisations that supply Elisa with machinery,
equipment, software, systems, material and services. The
Code of Ethical Purchasing is based on international labour
standards set out in the International Labour Organization
(ILO) Conventions, the United Nations’ Universal Declaration
of Human Rights, the United Nations’ Guiding Principles
for Business and Human Rights, and the Convention on the
Rights of the Child.
Elisa expects all its suppliers to implement the code across
their business operations and supply chains. In addition to
compliance with the Elisa codes and policies, suppliers are
expected to comply with all applicable laws, directives and
standards in all countries in which they operate. Suppliers are
expected to appropriately communicate the Code of Ethical
Purchasing to their employees and to ensure that adequate
training and procedures are in place to enable compliance
with the code. The code is applicable for all value chain
workers to promote safe and fair working conditions as well
as responsible management of environmental and social
issues in Elisa’s value chain.
The implementation of the Elisa Code of Ethical Purchasing
is the responsibility of Elisa’s procurement organisation. The
head of Elisa’s procurement unit reports to Elisa’s Group CFO.
Elisa excepts the suppliers to comply with Elisa’s Code of
Ethical Purchasing or similar principles and requirements
including:
Working conditions
• Fair employment practices including working hours and
payment
• Freedom of association and right to collective bargaining
• Non-discrimination
• Compliance with local labour laws
Health and safety
• A healthy and safe working environment must be provided
for employees in accordance with international standards
and national laws. This includes, for example, access to
clean toilet facilities, drinkable water and, if applicable,
facilities for food storage.
• Where an employer provides accommodation, it must
be clean and safe, and it must meet the basic needs of
employees.
• Appropriate health and safety information and training
must be provided to employees.
Other working condition related
• No person may be employed who is below the minimum
legal age for employment.
• Children (persons under 18 years) must not be employed
for any hazardous work, or for work that is inconsistent
with their personal development.
• Where a child is employed, the best interests of the child
must be the primary consideration.
• Policies and programmes that assist any child found to be
performing child labour must be contributed to, supported
or developed.
• Forced, bonded or compulsory labour, slavery and human
trafficking are strictly prohibited.
• Employees must be free to leave their employment after
giving reasonable notice. Employees must not be required
to lodge deposits of money or identity papers with their
employer.
Elisa’s Code of Ethical Purchasing and Human Rights Policy
set out the expectations for our suppliers, including ethical
standards related to human rights and labour rights. Elisa’s
Human Rights Policy (which was updated in 2024) is also
referred to in Elisa’s Code of Ethical Purchasing for suppliers.
The updated policy includes expectations from Elisa to its
suppliers in relation to forced and compulsory labour. We
expect our suppliers to implement in all their operations these
sets of expectations concerning, for example, health and
safety, freedom of association, collective bargaining, wages
and working hours.
Elisa does not, under any circumstances, accept any form
of forced labour, bonded labour or modern slavery within
our own operations or in our supply chain. The company is
committed to minimising forced or compulsory labour risks
in our supply chain. Elisa proactively seeks opportunities
to raise awareness and engage with its supply chain, to
build and employ a risk-based approach to assess and drive
improvements in the management of forced or compulsory
labour risks. Similarly, Elisa does not approve of the use of
illegal child labour, with no exceptions. Elisa takes actions
to prevent, mitigate and remediate impacts related to child
labour. The company actively engages with its suppliers to
assess and monitor its supply chain for child labour risks.
Accordingly, children under the legal working age are not to
be recruited or employed. Further, it is not permitted for any
hazardous work to be performed by an individual under the
age of 18 years. If child labour is detected, we will act in the
best interests of the child.
Elisa does not tolerate or accept any form of human trafficking
in its operations or chain of activities. Any suspicion of the
use of forced or compulsory labour or misconduct by a
supplier of Elisa will lead to immediate action to investigate
and act accordingly on the reported potential concern. Where
actual incidents are detected and engagement does not result
in timely improvement, we reserve the right to terminate our
operations with relevant suppliers. We have not identified
any confirmed cases of non-respect of the UN Guiding
Principles on Business and Human Rights, the ILO Declaration
on Fundamental Principles and Rights at Work, or the OECD
Guidelines for Multinational Enterprises that involve value
chain workers. However, we conduct audits according to the
Joint Alliance for CSR (JAC) framework, which includes topics
related to human rights and labour rights. Any identified
issues are followed up with corrective action plans.
Our approach
Elisa’s value chain encompasses a broad range of workers
who may be materially impacted by our operations. This
includes workers involved in the production and distribution
of network equipment, servers, electronic components,
consumer electronics and software services. These workers
may be employed by our suppliers, subcontractors or logistics
providers, and their treatment and working conditions are a
significant focus of our impact assessments. All these value
chain workers who can be materially impacted by Elisa’s
operations and business activities are included in the scope
of the disclosure.
Significant risks associated with child labour and forced
labour are present in certain geographies and commodities
within our value chain. Specifically, the extraction and
sourcing of metals and minerals mining especially tin,
tantalum, tungsten and gold (called 3TG minerals), which
are commonly used in all electronic devices, are linked to
modern-day slavery and child labour. These minerals are
important to electronic devices and thus they represent a
significant risk area in our supply chain. Elisa’s assessment has
also identified that the risk of potential issues related to child
61ANNUAL REPORT 2024 Sustainability Statement
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and forced labour could be high in certain geographies, such
as China, India and the USA. While Elisa’s direct influence
on these issues is limited by the scale of our procurement
and the location of these issues (arising mostly at the bottom
of our supply chain tiers), we acknowledge the potential for
significant negative impacts, and we actively work to mitigate
these risks. The other most common material negative impacts
identified include excessive working hours, inadequate
wages and issues in working conditions. These impacts are
often linked to hazardous environments and insufficient
worker protections, particularly in low-tier suppliers and
subcontractors.
Elisa aims to improve the identified understanding of which
groups of workers are more vulnerable and thus may be at
greater risk of harm. For example, migrant workers, women
and young workers are at increased risk of exploitation and
abuse, especially in regions with weaker regulatory oversight.
By identifying these high-risk groups, Elisa aims to implement
targeted measures to protect their rights and improve their
working conditions. Conversely, Elisa also engages in
activities that contribute positively to value chain workers. For
instance, through our membership of the JAC, we promote
ethical practices and sustainability within the ICT supply chain.
The JAC audits and training programmes in supply chain aim
to enhance workers’ working conditions and promote issues
like health and safety, which can lead to positive impacts for
workers across our value chain.
To track and monitor issues related to workers in the value
chain, Elisa conducts and utilises audits as well as risk and
impact assessments. This work enables us to identify issues or
risks to be corrected and to make sure that corrective actions
needed are implemented effectively in supply chain. Elisa
also engages with stakeholders and suppliers to ensure that
our monitoring processes are comprehensive and transparent.
Elisa has conducted a supply chain impact assessment
and implemented compliance and contractual controls for
supplier selection. Human and labour rights violations
present a higher risk in certain regions within supply chain.
Such incidents could lead to severe reputational damage,
financial liability or litigation, particularly due to increasing
requirements and regulations for corporations’ due diligence
processes. Negative media coverage, loss of investor and
stakeholder trust, potential revenue losses from customer
boycotts or the need to disengage from certain suppliers or
markets are additional risks that we anticipate in the longer
term in case of any negative impacts.
Processes for engaging with workers
in the value chain
At Elisa, procurement organisation and business vendor
managers have key roles in ensuring the continuous
development of our responsible sourcing. The company has
named responsible people for our most important over 180
suppliers to ensure continuous dialogue and improvement.
Moreover, the company interacts with workers in the value
chain through e.g. co-operation meetings and audit
processes and other supply chain management interactions.
In several joint co-operation meetings with our suppliers, we
strive to address important sustainability issues, including
labour and human rights impact.
As a member of the JAC, Elisa participates in a coordinated
audit and supplier development programme, which follows
a common methodology for verification, assessment and
follow-up of corrective action plans (CAPs). Corrective actions
are followed regularly through the JAC collaboration and
directly with the suppliers. Through these audits, we engage
directly with workers in high-risk environments 1–5 times per
year to assess labour conditions and human rights concerns.
This approach enhances our ability to manage potential risks
and improve transparency and accountability across the ICT
supply chain. Our participation in the JAC also provides
access to industry best practices, facilitates collaboration
with other telecom operators and significantly improves our
auditing capacity. The effectiveness of these engagements is
measured through regular supplier assessments, audit reports
and follow-up on CAPs, ensuring continuous improvement
and alignment with the JAC’s CSR standards.
While the company has robust mechanisms in place,
including direct and indirect engagement with supply
chain workers, we recognise the need to take a risk-based
approach towards further development of our processes for
gathering insights from particularly vulnerable or marginalised
workers. Currently, we do not have a formal global framework
agreement specific to workers’ rights, but we are continuously
evaluating opportunities to strengthen our commitments in this
area. This is a focus for future improvement.
Processes to remediate negative impacts and
channels for workers in the value chain to raise
concerns
Elisa encourages its suppliers or their workers to
report any suspected violations, misconduct or
non-compliances that they observe. Incidents can be
reported through the accountable vendor manager,
Elisa’s whistleblowing channel or during JAC audits.
All notifications are processed accurately and carefully,
safeguarding and respecting the privacy of the submitter.
Anonymous notifications can be submitted through Elisa’s
whistleblowing channel, and they are addressed according
to Elisa’s whistleblowing principles. Elisa Code of Ethical
Purchasing guides for notifying any misconduct through
the whistleblowing channel. For more information on
our whistleblowing channel and process, see the section
Business conduct.
When any notifications are reported through JAC audits,
we investigate and if required set the appropriate CAPs.
These actions are followed regularly with the suppliers.
Elisa continually assesses and works to prevent any potential
negative impacts of our actions.
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Targets, actions and performance in 2024
Target Scope Performance Key Actions
100 percent of suppliers that
have committed to the Elisa
Code of Ethical Purchasing or
similar terms by 2030.
Elisa Corporation
(Finland)
36 percent of
targeted suppliers
accept Elisa code of
Ethical purchase.
Initiation of vendors categorisation into A, B
and C categories in Elisa Eesti As (Alignment
with Elisa corporation categorisation).
100 percent of suppliers
assessed in the supplier
database based on
sustainability factors by 2030.
Elisa Corporation
(Finland)
43 percent of
targeted suppliers
assessed.
Enhancing the coverage and transparency
of the supplier database information in Elisa
Corporation (Finland).
Updating of sustainability-related questions
(information regarding their practices in
climate change mitigation as well as in
human rights due diligence process) in Elisa
Corporation (Finland).
100 percent of vendor
managers who have
completed ethical purchasing
training by 2030.
Elisa Corporation
(Finland)
22 percet of vendor
managers completed
the training.
Completion of comprehensive procurement
process training for internal buyers in Elisa
Eesti As.
The effectiveness of the actions is reviewed in relation to
the targets we have set regularly in CRMB and Procurement
Management Board.
In 2024, targets are set at Elisa Corporation (Finland)
level, but we will revisit these targets to be able to set Elisa
group-level targets during 2025. To set the group-level
target and to further improve supplier management and
collaboration, Elisa Eesti As operations have also begun
categorising the vendors into categories A, B and C.
As mentioned above, we also promote the principles of
the UN Global Compact in our value chain, including by
introducing Elisa’s ethical principles into practice, training
employees on ethical business conduct, and engaging in
regular dialogue with stakeholders in the value chain through
audits, ensuring that corrective actions are documented, and
their implementation is effectively monitored.
Additionally, Elisa performs background checks on all
suppliers to identify any known human rights violations or
sanctions. Our supplier evaluations emphasise the need for
companies to implement proactive measures for occupational
safety, maintain a written code of conduct and provide an
anonymous reporting channel for workers. For subcontractors
involved in the maintenance and construction of our
infrastructure, we proactively ensure the compliance of the
subcontracting chain by conducting thorough background
checks during the tendering process. Subcontractors are
also subjected to security checks to uphold our high security
standards.
Elisa has set three 2030 targets to improve its procurement
services and operations regarding A, B and C category
suppliers as well as to manage the material negative impacts
and risks as well as promoting positive impacts for value chain
workers. These suppliers account for more than 60 percent
of Elisa’s spending and are categorised from Elisa’s strategy,
risks and impact point of view. Elisa’s targets are aligned with
the UN Global Compact principles as well as Elisa Code
of Ethical Purchasing. Elisa’s goal is to improve working
conditions and to uphold labour and human rights for workers
in the value chain while ensuring a safe working environment.
These actions contribute positively to the UN Sustainable
Development Goals, particularly Goal 3: Good health and
well-being and Goal 8: Decent work and economic growth.
The progress of performance is reviewed against the target
set. We have not yet engaged value chain workers or their
representatives in the target setting process. This engagement
is identified as an area for future development to further
enhance our impact further.
The company’s first target is to have 100 percent of our A,
B, and C suppliers committed to Elisa’s ethical purchasing or
equivalent principles. With these requirements, the company
sets clear expectations for our suppliers regarding ethical
practices and procedures. The second target is having 100
percent of A, B and C suppliers conducted self-assessment
according to Elisa’s sustainability-related questions in the
Elisa’s supplier management tool.
The third target is for 100 percent of vendor managers
to complete online training on Elisa’s ethical purchasing
principles. Through accessible and mandatory education,
we strengthen the implementation of ethical procurement
standards in our operations. The company regularly monitors
progress towards this target at least annually and reminds
vendor managers of the training requirement.
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ESRS S4
Customers and end users
Policies
Privacy and data protection of customers and end users is
guided by Elisa’s privacy-related principles, policies and
guidelines. Processing of personal data is based on Elisa’s
Data Protection Policy, which specifies the implementation
of data protection requirements at Elisa’s operations. The
policy is mandatory for Elisa, as well as its subsidiaries and
suppliers, based on the contracts signed with them. The
Data Protection Policy and the principles and guidelines
complementing the policy are reviewed frequently, and they
include e.g.
• Processing of personal data
• Data protection principles (serves as a privacy notice)
• Advertising and customer privacy policies, principles, and
practical guidance (available in Finnish)
• Guidance on electronic direct marketing
• Requirements for the processing of traffic and location
data for marketing
• Employee data protection principles (serves as a privacy
notice)
• Principles for personal data processing in the staff
recruitment process (serves as a privacy notice)
• Practices related to data protection organisation and
assessments, and a monthly overview of EU data protection
breaches with analyses
The policy aims to protect Elisa’s customers, employees
and other stakeholders’ rights to confidentiality in their
communications and personal data, as well as to ensure that
employees and processes comply with the requirements.
Implementation of data protection must consider the
requirements of legislation and the authorities, as well
as other requirements, in the correct processing of data.
A high level of data protection requires high-quality and
reliable operations, which benefit customers, and that the
planning and implementation of data protection is part of the
operations and systems.
Elisa’s Security Governance Board is responsible for
strategic steering and decision-making related to data
protection at Elisa. Appropriate data protection is everyone’s
responsibility. Fulfilling the data protection requirements is
a part of our normal business responsibility, and the line
organisation is responsible for ensuring its implementation.
Data protection requirements must always be considered
when services, processes and systems are being developed.
Business units are responsible for data protection, including
when they acquire data processing services from external
providers. Elisa has separate Data Protection Officers
for operations in Finland and Estonia, who steer and
provide guidance in matters related to data protection and
monitor the implementation of these issues. A subsidiary
of Elisa may, if the nature of the operations and operation
environment requires, nominate a Data Protection Officer
or acquire one as a service. The Data Protection Officer
must be specifically designated if the subsidiary’s core
operations include, for example, processing sensitive data
on a large scale, or regular and systematic monitoring of
data subjects. Elisa’s Data Protection Group coordinates
and develops data protection-related issues and rolls out
requirements for units and subsidiaries. It also prepares the
data protection principles and other significant issues with
regard to business operations for Elisa’s Security Governance
Board. Elisa’s Data Protection Specialist Group and Data
Protection Ambassador organisation ensure data protection
awareness and competence. The Corporate Security unit
steers the preparation activities and is responsible for the
development of overall security, and it provides support in the
implementation of data protection within units.
To ensure effective implementation, in practice, the Data
Protection Policy is communicated to affected stakeholders
and those involved in its application through mandatory
training and via the Data Protection Ambassador organisation.
In addition to the group-level policy, each Elisa company has
an additional set of principles and policies. For example, Elisa
Polystar has established internal data processing policies and
instructions for staff, as well as externally imposed policies,
principles and contractual obligations from customers on
behalf of whom personal data is processed. This includes
limitations on purpose and access, geographical limitations
and other technical limitations. The scope of policies is
both general (covering areas like the information security
framework and ISO 27001 certification) and specific to
customer contractual commitments. These policies and
instructions are integrated into onboarding, company-
wide guidelines, and department-specific staff training.
Responsibility for upholding information security while
considering the interests of data subjects and customers rests
with the Board of Directors, CEO, and line managers.
In Elisa Eesti As, we have developed specific privacy policies
tailored to various data subject groups, all of which are
publicly accessible:
• Privacy Policy for Private Customers
• Privacy Policy for Legal Entities
• Privacy Policy for Recruitment
For our employees, the privacy policies are accessible via
our intranet and include detailed privacy notices and specific
requirements governing the processing of personal data
by staff members. Elisa’s Data Protection Policy, along with
guidelines for personal data processing, is communicated to
employees upon their onboarding. This ensures that they are
fully aware of their responsibilities regarding data privacy.
The implementation of these policies is supported by regular
training sessions and adherence to established protocols,
which help ensure that all employees understand and comply
with data protection requirements. By making policies readily
available to both our customers and employees, we reinforce
our commitment to accountability and transparency in our
data handling practices.
Our approach
Privacy and data protection
Secure infrastructure, well-functioning networks with fast
connections and reliable digital services form the foundation
for a modern digital society affecting everyone. Our networks
connect millions of people, homes, organisations and
applications. The security of customers, networks and systems
is important and a key part of what we do. We understand
our special role in relation to privacy, data protection, data
security and the protection of confidential communications.
Elisa promotes the principle of confidential communication to
all its customers as a foundational and ingrained principle of
its operations.
Elisa complies with all applicable privacy and data protection
regulations, including, but not limited to, the EU General Data
Protection Regulation, the Finnish Data Protection Act and
Act on Electronic Communications Services, as well as any
applicable national data protection legislation when operating
globally. Simultaneously, we respect international human
rights principles, such as the United Nations Declaration of
Human Rights and the Guiding Principles on Business and
Human Rights, as well as other international standards, such
as the OECD Guidelines for Multinational Enterprises, which
aim to promote and protect people’s right to privacy. These
regulations and legislation describe our requirements, and
the regulatory authorities oversee compliance with these laws
and may require us to take corrective action, when necessary.
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All of the customers and end users that use Elisa’s sold
products or services can be materially impacted by Elisa’s
operations and business activities and thus are included
in the scope of disclosure. This also includes vulnerable
groups such as elderly and young people as well as children.
We collect and process various types of personal data to
provide and improve our services. The data includes contact
information, identification details, service-related data, usage
data and customer interaction records. This data is collected
to deliver services, communicate with our consumer and
corporate customers, improve our offerings and ensure
service quality. As a result of these operations, our impacts
may include, for example, data breaches, unauthorised access
and the misuse of personal information.
Elisa is committed to mitigating these negative impacts and
risks through robust technical and organisational security
protocols as well as different types of financial, human and
technological resources including establishment of effective
processes and systems. Additionally, we continually focus
on access rights limitation, adhere to the principle of least
privilege and implement additional security measures
in collaboration with relevant staff, particularly those
directly involved with data and systems management. The
implementation of these protocols and measures leads to
positive outcomes and impacts, including data minimisation,
pseudonymisation, encryption, enhanced data security
measures that protect consumer information, implementation
of privacy-by-design principles in our product development
and educational initiatives that raise awareness about data
privacy among our consumers and end users
A high level of privacy is a key strategic objective for Elisa,
especially because as a telecommunication operator, we have
a major role in building and providing digital infrastructure.
The protection of confidential information, personal data
and the confidentiality of communications is carried out
by implementing security and privacy measures as part of
development phases. Key services are continuously monitored
to prevent and recognise incidents that occur in these
services. Elisa ensures prompt and appropriate management
and review of any allegations of personal data and security
breaches.
Elisa has not identified material negative impacts that would
have had affected or harmed the customers and end users.
We continually assess and work to prevent any potential
negative impacts of our actions.
In 2024, there were no confirmed severe human rights issues
regarding privacy. There were eight (8) inquiries from data
protection authorities or other competent authorities related to
data breaches.
The Data Protection Team is primarily responsible for
defining data protection requirements, providing guidance to
employees and management and ensuring compliance with
applicable data protection laws and regulations. Each unit is
supported by a designated data protection coordinator and/
or Data Protection Ambassadors positioned in the business
units, who oversee compliance within their respective areas,
ensuring a proactive approach to risk management.
To enhance oversight and facilitate informed decision-
making, Elisa has a Data Protection Group composed of
representatives from all business units. This group addresses
data protection risks and aligns strategic priorities across the
organisation. Furthermore, the International Data Protection
Group consists of representatives from Elisa’s major
international businesses and subsidiaries.
Additionally, annual internal self-assessments are conducted
within all units to review compliance levels and discuss
key focus areas. In our commitment to fostering a culture
of compliance, we have set the target, and we require all
employees to participate in mandatory security and data
protection training each year.
Annually, the Privacy Team provides a comprehensive report
to the Elisa Security Governance Board, detailing the status of
data protection compliance and highlighting any associated
risks. This structured approach reflects Elisa’s commitment
to safeguarding personal data and managing privacy-related
risks as essential elements of our overall business strategy.
Health and safety
In spring 2024, Elisa conducted a project to identify business
opportunities in sustainability. One interesting business
opportunity identified was digitalisation in the health and
wellbeing sector. The project results were presented to the
Board of Directors, and it was decided to continue exploring
the business opportunity as part of the 2024 strategic work.
The aim of the discovery is to leverage existing B2B health
solutions, such as Digihoiva and eKonsultaatio, as well as
the company’s strong data and AI capabilities to develop
innovative health and safety solutions for consumers. This
initiative, under the ongoing discovery project on digital
health and wellbeing, aligns with the company’s broader
sustainability goals. The project ran until the end of the year.
It focused on areas like elderly home care, mental wellbeing
among young people, and technologies that promote female
health (femtech). The target of the project are consumers in
Finland.
Processes for engaging with consumers
and end users
Elisa improves its operations through continuous dialogue
with customers and by regularly collecting feedback on its
performance to better understand the impacts of its services
and the potential related risks. The main tools to gain
feedback, in addition to the Net Promoter Score, which is
used in Finland and Estonia, are customer satisfaction surveys,
different topic-specific customer and non-customer surveys,
and focus group interviews. In Finland, we also use regional
councils, which give us valuable feedback from stakeholders
in each region, and we engage with non-governmental
organisations that represent vulnerable groups, such as
elderly people (e.g. Valli and Enter Ry) and children (e.g. the
Mannerheim League for Child Welfare).
Elisa has business-specific governance and management
models which guides the management of feedback and
further development of its delivery as well as sales processes
through experimentation as well as final implementation.
Engagements with consumers and end users take place
monthly, and the results are reviewed and discussed in the
Consumer Customer Corporate Executive Board.
Where customers reach out through other service channels
related to data protection, we have established protocols to
ensure that these inquiries are promptly forwarded to the Data
Protection Team. This guarantees that customers receive timely
and accurate responses.
Information regarding how to contact Elisa with data
protection inquiries is readily available on the Elisa website
and is detailed in the company’s Privacy Policy. Regular
engagement occurs as needed, and it is the responsibility of
the data protection team to facilitate these interactions and
maintain effective communication with our customers.
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Processes to remediate negative impacts and
channels for consumers and end users to raise
concerns
Consumers and end users can report any misconduct or
non-compliance with legislation they detect in connection with
their co-operation and collaboration with Elisa through Elisa’s
whistleblowing channel. Issues raised via the whistleblowing
channel are addressed according to Elisa’s whistleblowing
principles. For more information on our whistleblowing
channel and process, see the section Business conduct.
Targets, actions and performance in 2024
Target Scope Performance Key Actions
100 percent of employees have
completed security certificate
training by 2030
Elisa group 83 percent employees
completed the training
Enhancing Data Protection Ambassador
programme to improve skills and coverage,
while strengthening privacy support for our
international companies.
The target for security certification training was set as a part of
Elisa’s strategy process and as a result of DMA findings. Elisa’s
Security Governance Board regularly reviews and monitors
the status of performance of the targets and the effectiveness
of the measures. The progress of performance is reviewed
against the target set. Customers and end users were not
directly engaged in setting the targets. The performance
against the target as well as the Key Means are communicated
annually in the Sustainability Statement. Elisa is dedicated
to managing the material impacts and risks associated with
consumers and end users through comprehensive action
plans and resources. We have set the group-level target for
100 percent of Elisa employees to have completed security
certification training by 2030. This training includes three
modules, which focus on security, information security and
data protection. The course content is reviewed annually
and updated as needed, with each employee required
to complete it once a year. The data includes all Elisa
group companies as reported in Elisa financial statements.
The training data is calculated as number of employees
completing the training divided by total headcount in the end
of reporting period. This data includes employees on longer
sick leaves, absences and parental leaves as well as new hires
with tenure 14 days or less. The primary data is from Elisa
human resource function’s information system and training
platform. Newly acquired Elisa SedApta company is included
in the total headcount, however as integration is still ongoing,
the mandatory training programmes will be launched to the
company in 2025.
Additionally, employees are required to complete training in
the GDPR. We recognise that Elisa employees are required
to be conscious of data protection and privacy issues, as
they play a vital role in handling sensitive information and
data related to society, customers and personnel. Delivering
high-quality and trustworthy actions for the benefit of our
customers and end users necessitates maintaining a high
level of security, which is also a requirement from regulatory
authorities.
We also follow several actions and performance related to
privacy in each Elisa company. The key actions are carried
out Elisa Security Organisation, who is responsible for
establishing and promoting the programs to increase the
awareness related to privacy and data protection. They are
also responsible for driving the training program. While
tracking the effectiveness of actions, we ensure that it does
not cause or contribute to material negative impacts on
consumers and end users. At Elisa Polystar, our initiatives
centre on a data retention project aimed at implementing
technical measures for data minimisation. Ongoing efforts
will continue into 2025 and beyond to ensure departmental
compliance with customer-imposed information security
requirements. We also conduct reviews and privacy impact
assessments for newly acquired companies and newly
developed products and features, as well as customer-
imposed audits, including on-premises evaluations.
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ESRS G1
Role of the administrative, supervisory and
management bodies
Elisa’s standard for business conduct is defined in Elisa’s
Code of Conduct, which reflects Elisa’s mission and values
and further describes the general principles for how
employees should treat each other, conduct profitable and
ethical business, and take care of the company’s assets. Elisa’s
Code of Conduct is approved by the Board of Directors. It
is an integral part of Elisa’s business system and forms the
foundation of Elisa’s group-level compliance framework.
The Elisa Code of Conduct and the compliance framework,
which is approved by the Corporate Executive Board, form the
basis of Elisa’s compliance programme, the purpose of which
is to ensure that Elisa operates in accordance with laws and
the Code of Conduct. The compliance programme is steered
by the Compliance Steering Group, which has members from
legal, sustainability, human resources, corporate security,
finance, investor relations and communications functions. The
Compliance Steering Group annually reviews the Elisa Code
of Conduct and defines Elisa’s groupwide compliance focus
areas, targets and objectives. The compliance programme is
regularly reported to the Board’s Audit Committee.
Internal Audit independently assesses examines and
investigates Elisa’s operations, including the effectiveness of
the compliance framework and programme, risk management
and internal control processes.
G – Business conduct
Policies
Code of Conduct
Elisa’s governance, operations and decision-making are
guided by Elisa’s mission and values as well as the Elisa
Code of Conduct (COC). The Code of Conduct establishes
a framework for Elisa’s business operations and a foundation
for work at Elisa. Its purpose is to help the personnel make
the right decisions in their everyday work. Elisa is committed
to working according to the Code of Conduct which applies
throughout the Elisa group, to all operations, business units
and subsidiaries, as well as to every employee, officer, and
director of Elisa.
The Elisa Code of Conduct is part of our ever-
internationalising business culture. In order for us to act
appropriately and consistently, we have set out general
principles for how we treat each other, conduct profitable
and ethical business as well as take care of the company’s
assets. This is also vital in creating our ownership value and
risk management. The Code of Conduct is complemented by
policies and internal instructions.
According to the Elisa Code of Conduct it is the right and
duty of everyone at Elisa to report any known or suspected
breaches of the Code of Conduct to Elisa for us to be able
to remedy any defects and make better choices in the future.
This is part of Elisa’s open business culture.
All Elisians have a role in upholding Elisa’s values by acting in
accordance with them and ensuring compliance with laws and
the Code of Conduct. The Code of Conduct online training
is mandatory for all employees, and it is part of the induction
programme for new Elisa employees. In the end of 2024, 90
percent of employees had completed the Code of Conduct
training.
Anti-bribery and corruption
Elisa is committed to maintaining the highest standards of
ethical business conduct. Elisa’s Anti-Bribery and Corruption
(ABC) Policy outlines Elisa’s zero-tolerance stance on bribery
and corruption. It is applicable to all employees, directors
and officers within Elisa group and its affiliates, as well as
members of the Board of Directors and third parties acting
on behalf of Elisa. The policy was most recently revisited and
approved by the Board in 2022.
Elisa requires its suppliers, subcontractors and external
partners to comply with similar principles and to have zero
tolerance for corruption and bribery. The zero-tolerance
policy aims to prevent and detect corruption within Elisa’s
global business environment, reinforcing the principles set
out in the Elisa Code of Conduct.
Offering, accepting or authorising bribes or improper
payments is strictly prohibited. This includes using
intermediaries to facilitate such actions. Employees are
not permitted to accept or offer gifts or hospitality that
could influence business decisions. All transactions must
be transparent, reasonable and documented. Elisa makes
donations to non-profit organisations as part of its corporate
social responsibility; however, such donations must not be
used to gain improper business advantages. Sponsorships
must be transparent and align with Elisa’s values. While Elisa
prohibits all corruption and bribery, whether involving public
officials or private sector employees, it is important to note
that public officials and authorities are often subject to more
stringent anti-bribery and corruption rules and restrictions
than those within the private sector. We take specific attention
when dealing with public officials. All interactions must
comply with applicable laws and be fully documented. We
recognise that we may operate in countries where there are
more stringent anti-bribery and corruption laws or regulations.
In such cases, the provisions of the locally applicable laws will
take precedence over the principles that are set out in Elisa’s
ABC Policy.
All employees must familiarise themselves with the
requirements of the ABC Policy and participate in and
complete all ABC training that is assigned to them. In
addition, regular tailored training is given to employees that
are considered to be at the highest risk of facing corruption
and bribery risks in their work.
It is the responsibility and obligation of all Elisa employees
to report any suspected or actual non-compliance with the
ABC Policy or applicable laws to their own manager, Internal
Audit, their local legal counsel, or Elisa’s Group Legal or
Group Sustainability functions. Actual or suspected violations
can also be reported anonymously via Elisa’s whistleblowing
channel, available on Elisa’s website. The reported violations
of ABC policy or applicable regulation are investigated
according to Elisa’s main principles of processing the reports
of suspected misconduct. Reports are investigated by Elisa
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Corporation’s Chief Compliance Officer, General Counsel
and Director of Internal Audit ensuring the separation from
the chain of management involved in the matter. Reports are
included in regular misconducting reporting to the Audit
Committee.
We assess bribery risks by operations and country. In
Elisa’s business, function at risk of bribery is associated
with international sales and procurement, especially when
operating in high-risk countries. Bribery-related risks
are assessed, and necessary mitigation measures are
implemented as part of supplier onboarding, international
sales, and mergers and acquisitions due diligence processes.
Targets, actions and performance in 2024
Target Scope Performance Key Actions
100 percent of
employees have
completed anti-
bribery and
corruption training
by 2030.
Elisa group 86 percent of employees
completed the training.
Tailored training in business sales for the Elisa ‘s
International Digital Services business.
Tailored training for the Elisa Eesti As business.
Update of Elisa group risk assessment interview tool.
Risk assessment interviews in Elisa’s CamLine business
operations.
Internal webinar organised about ABC Policy in Finland.
Launch of a new targeted Code of Conduct e-learning
including tailored ABC training content for personnel
working in Consumer Customer interface in Finland.
Anti-bribery and corruption disclosures in 2024
Number of convictions for violation
of anti-corruption and anti-bribery laws
No confirmed violation
of anti-corruption or anti-bribery laws
Amount of fines for violation of anti-corruption and
anti-bribery laws
No fines for violation of anti-corruption or anti-bribery laws
Number of confirmed incidents of corruption or bribery No confirmed incidents of corruption or bribery
Information about the nature of confirmed incidents of
corruption or bribery
Not applicable
Number of confirmed incidents in which own workers were
dismissed or disciplined for corruption or bribery-related
incidents
Not applicable
Number of confirmed incidents relating to contracts with
business partners that were terminated or not renewed due to
violations related to corruption or bribery
Not applicable
Information about details of public legal cases regarding
corruption or bribery brought against undertaking and own
workers and about outcomes of such cases
Not applicable
Anti-corruption and bribery training completion in 2024
Share of employees completing the training (%) 86
Percentage of functions at risk covered by training (%) 64
Percentage of functions at risk completing
the training (%) 58
Accounting principles – Anti-bribery and corruption
The data includes all Elisa group companies as reported in
Elisa financial statements. The training data is calculated as
number of employees completing the training divided by
total headcount in the end of reporting period. This data
includes employees on longer sick leaves, absences and
parental leaves as well as new hires with tenure 14 days
or less. The primary data is from Elisa human resource
function’s information system and training platform. Newly
acquired Elisa SedApta company is included in the total
headcount, however as integration is still ongoing, the
mandatory training programmes will be launched to
the company in 2025. Additionally, other ABC related
data is centrally collected and received from Elisa’s legal
department.
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Whistleblowing principles
According to the Elisa Code of Conduct it is the duty
of everyone at Elisa to immediately report any known or
suspected breaches of the Code of Conduct to Elisa. This
principle is supported by providing multiple ways and
channels for employees to report known or suspected
breaches of the Code of Conduct or applicable laws without
having to fear retaliation or other negative consequences. All
employees should feel comfortable reporting their concerns.
Suspected breaches of the Code of Conduct and other
concerns can be reported to one’s own or line manager.
Alternatively, reports can always be made directly to the
following functions: legal, human resource, corporate
security, sustainability or internal audit.
Furthermore, Elisa has a confidential and secure
whistleblowing channel, where known or suspected
misconduct can be reported anonymously. The channel is
available on Elisa’s website, and it is open to all employees
as well as suppliers, customers and other stakeholders.
Elisa employees are also regularly reminded about the
whistleblowing channel and how to use it. All reports are
taken seriously and managed confidentially in accordance
with Elisa’s whistleblowing principles which apply to all Elisa
group companies.
By maintaining the whistleblowing channel, Elisa ensures
compliance with EU Whistleblowing Protection Directive as
well as any mandatory and applicable national legislation
on whistleblower protection in force in any country at any
given time. The whistleblowing channel is Elisa’s reporting
channel for reports falling within the scope of the mandatory
whistleblower protection Legislation. In addition, Elisa wants
to receive reports of possible misconduct more extensively
than required by the mandatory Whistleblower Protection
Legislation. Therefore, people can also report misconduct
that falls outside the scope of the Whistleblower Protection
Legislation to the whistleblowing channel.
Misconduct can be reported in any suspected breaches of law
in Elisa group companies’ operations as well as any violations
of the Elisa Code of Conduct, for example, in the following
matters:
• Bribery and corruption
• Conflicts of interest
• Fraud and financial irregularities
• Violations of tax legislation
• Violations of insider legislation
• Violations of competition and/or consumer protection laws
• Violations of data protection legislation
• Human rights violations
• Environmental violations
• Breaches of trade secrets protection
• Violation of Elisa’s contractual principles
The main principles of processing the reports of suspected
misconduct include anonymity, confidentiality, protection
for whistleblowers, no conflicts of interest and case-specific
corrective actions. Elisa Corporation’s Chief Compliance
Officer, General Counsel and Director of Internal Audit are
responsible for handling reports made to the whistleblowing
channel, and they are informed of each report received
via the channel. Depending on the notification, designated
experts may participate in processing the notification, for
example experts from Elisa group’s legal, compliance, human
resource, sustainability and corporate security functions,
internal audit, or the business unit in question. External
experts may also be appointed to assist in processing the
report. All designated experts treat reports confidentially, as
described in Elisa’s whistleblowing principles.
Notifications submitted to the whistleblowing channel and
any measures taken as a result of such reports are regularly
reported to the Audit Committee and, if necessary, the
members of the CEB as part of the implementation of Elisa’s
Compliance Programme.
Management of relationships with suppliers
Our suppliers play a vital role in supporting the realisation of
our mission – a sustainable future through digitalisation – as
well as achieving our climate targets and mitigating and
preventing negative human rights impacts. This is done by
setting out our social and environmental requirements – and
accountability – with our suppliers and by raising awareness,
as well as through collaboration and during contractual
negotiations. In 2024, we paid EUR 1,234 million to our
suppliers and subcontractors. At Elisa, our procurement
organisation and our business vendor managers have
key roles in ensuring the continuous development of our
responsible sourcing. Currently, we have named responsible
people for 254 suppliers to ensure continuous dialogue
and improvement, especially with our category A, B and C
vendors. These vendors account for more than 60 percent of
Elisa’s spending and are important from the points of view of
Elisa’s strategy, risks and impact.
Our procurement consists mainly of purchases of consumer
electronics and equipment, equipment for network
construction, and various services, both in Finland and
internationally. Responsibility for purchasing is guided by
Elisa’s Code of Ethical Purchasing and compliance with
the Finnish Act on Contractor’s Obligations and Liability,
as well as other applicable Elisa policies, instructions and
principles. We require compliance with laws and statutes
and the prevention of bribery from all our partners and
subcontractors. In addition to compliance with our Code
of Ethical Purchasing, we expect suppliers to comply with
all applicable laws, directives and standards in all countries
in which they operate. We also expect our suppliers to
appropriately communicate to their employees and to ensure
that adequate training and procedures are in place to enable
compliance with the requirements of Elisa’s Code of Ethical
Purchasing. The requirements are applied to promote safe and
fair working conditions as well as responsible management
of environmental and social issues in the supply chain. We
encourage our suppliers and their subcontractors to report any
suspected violations or non-compliance with the Code of Ethical
Purchasing to Elisa’s whistleblowing channel, which is available
on our website.
Elisa manages and treats all vendors equally, and we engage
with all our suppliers to promote social and environmental
sustainability for mutual benefit. Thus, we do not have specific
procedures or practices to support vulnerable suppliers.
We encourage our suppliers to take climate action with the
sustainable supply chain financing facility that we launched in
2024.
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Entity-specific
Critical infrastructure
As a provider of critical national infrastructure, we always
design, produce and develop our services with security in
mind. At Elisa, we follow the principle of security by design,
where information security, service security and safe use are
taken into account at all stages of development. Developers
and service owners ensure built-in security, data integrity
and information security. We protect society’s most crucial
functions, telecommunications connections and data, ensuring
that they keep operating. We also want to proactively block
a wide range of criminal activity and scam attempts and to
develop new ways of combating these increasingly diverse
threats. Being able to rapidly adapt to unexpected situations is
important in all circumstances.
Cyber security
At Elisa, cyber security is based on requirements from
legislation, industry regulations and our agreements with our
customers and partners, as well as on the targets that Elisa
sets for itself. The most important of those targets are the
confidentiality of information and ensuring the continuity of
business operations. Information security is a vital part of all
of our operations. We implement information security through
both administrative and technical measures. We utilise the
Cybersecurity Framework from the US National Institute of
Standards and Technology, which is widely recognised and
used in the industry. The core of the framework comprises
five continuous functions: identify, protect, detect, respond
and recover. Taken together, these functions provide a
strategic picture of cybersecurity risk management and help
in developing operations.
In Finland, we also use MITRE ATT&CK, a global knowledge
base of real-world attack techniques and tactics, as the basis
for developing threat models and methods. In evaluating
and developing our own cybersecurity operations, we use
Kybermittari, the cybermeter developed by the Finnish
Transport and Communications Agency’s National Cyber
Security Centre. We regularly measure cyber maturity in
all our profit units, and based on the results, we produce
unit-specific development plans over both the short and long
term. Evaluating cyber maturity gives us a valuable point of
comparison with other operators in the sector, both nationally
and internationally. Cyber security is a key component of
our activities and the quality of our services. Our guiding
principles are the development of a cybersecurity culture,
transparency, clear communication, strong stakeholder
cooperation, layered cyber security and continuous
development.
Elisa’s policies on cyber security are decided by the
Elisa Security Steering Group, which also monitors the
management of key security risks. The expert groups on data
protection, cyber security and operational security are led
by the security organisation, and their task is to develop our
security activities on an ongoing basis and to put them into
practice.
Resilience and reliable infrastructure
Our role in Finnish and Estonian society is to ensure
comprehensive and reliable mobile and data communication
connections and a securely functioning society. We comply
with the universal service obligations defined in Finnish
and Estonian legislation. Based on legislation, regulations
governing the sector and obligations imposed by the
authorities, Elisa must prepare contingency and continuity
plans. We have identified the most critical systems, processes
and services for business continuity, and comprehensive
continuity management plans have been prepared for
possible exceptional circumstances, taking into account the
restoration of services in different circumstances. We conduct
exercises simulating exceptional circumstances, apply what
we learn from them into practice and update our plans, as
necessary. We are the market leader in mobile networks in
Finland, and second in Estonia. In Finland, we handle the
majority of country’s network traffic, and we are important
operator also in Estonia.
As part of Elisa’s Sustainability Linked Loan, we are committed
to decrease of the share of population without access
to high-speed connection in Elisa Corporation (Finland)
and Elisa Eesti As. High-speed connection is defined as
broadband connection of atleast 100 MBs. It is calculated as
share of population in Finland and Estonia without high-speed
connection. The coverage with high-speed connection
percentage is calculated by dividing the number of residents
in buildings that are within high-speed connection network
coverage by the total population. The coverage without the
high-speed is then calculated as 100 percent minus the total
coverage percentage. In 2024, 8 percent of population were
without the high-speed connection.
Elisa’s Business Continuity Management Policy ensures the
continuity of business operations for prioritised products
and services in varying degrees of incident situations in
accordance with Elisa’s strategy as well as legal, regulatory
and customer requirements under normal conditions,
in situations of disruption to normal conditions and in
exceptional conditions, as defined by Finland’s Emergency
Powers Act and the Emergency Act in Estonia. The
development of the business continuity management model
is based on the ISO 22301 standard. The Business Continuity
Management Policy imposes obligations on Elisa Corporation,
its subsidiaries and Elisa’s suppliers and subcontractors,
in accordance with valid agreements and completed risk
analyses.
The Elisa Security Governance Group approves the Business
Continuity Management Policy and the related principles.
Corporate Security supports and develops business
continuity management methods and supervises and verifies
the implementation of policies and principles at the Elisa
group-level (Elisa Corporation). Each member of Elisa’s staff
must understand their role in business continuity and must
report any events that may affect the continuity of Elisa’s
services.
Processes for engaging
with stakeholders about impacts
We regularly share up-to-date and topical information about
the situational picture (Cyber Security Outlook and Cyber
Threat Intelligence) with our important stakeholders. This
information is gathered from both external and internal
sources and deals with the most critical issues for the
organisation. We make use of this information in our
operations at various levels and in different parts of the
organisation, and we share appropriate parts of it with our
customers, as well.
Elisa offers its corporate customers Security Operations
Center services 24/7. These services give our customers
access to a broad range of expert services in various
aspects of cyber security. Elisa’s services make it possible
to have comprehensive monitoring in different operating
environments, as well as continuously developed, secure
services for long-term development and strengthening
of information security. Customer organisations can take
advantage of our versatile IT and network management
services and our complementary expert and training services.
Our certified experts are all Finnish citizens who have
received security clearances from the Finnish authorities.
As a pioneer in cyber security in Finland, we already set up
our internal computer emergency response team in 2004,
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which has expanded to become the Cyber Security and
Service Operations Center. In 2015, we launched the Elisa
Security Operations Center for corporate customers, a service
independent of operators and manufacturers. We promote
co-operation and continuous improvement both through
internal cyber exercises and in partnership with our customers
and the authorities. Co-operation with our customers,
communities, public authorities and other businesses and
business organisations is important in terms of preparedness
and cyber security.
We provide our customers and end users services for cyber
risks management and to prepare for exceptional situations.
Processes to remediate negative impacts, and
channels to raise concerns
Elisa’s network is designed to be resilient, and our operations
are based on the Information Technology Infrastructure Library
model (incident management process). In our operations,
we focus on automation and proactively monitoring services.
Elisa’s network design principles are based on optimal
redundancy. This covers the use of alternative physical
locations and routes, as well as redundancy in equipment.
Redundancy is also implemented in utility services using e.g.
generators and batteries.
In Finland, the authorities set requirements for redundancy
(regulation TRAFICOM/54045/03.04.05.00/2020), and
in addition to those requirements, our design principles
also require the utilisation of redundancy to avoid major or
business-critical incidents. Elisa’s network and services are
built using equipment only from selected vendors, and all
new systems and software are tested before deployment. The
purpose of this testing is to verify compliance with the existing
network infrastructure as well as the functionality of the
equipment being tested. Elisa’s operations are both proactive
and automated. The aim is to handle all incidents before they
affect customer services. If an incident cannot be avoided, the
recovery time is typically short thanks to automated recovery
actions.
Due to the criticality of the business, every employee needs
to know and be able to identify their own responsibilities
and know how to act when the situation demands it. We
have already worked for a long time on raising awareness,
implementing operating models and providing a range of
different training courses, and we will continue to use all
these measures in the coming years as well. Information
and skills play critical roles in developing and improving
the information security of the entire Elisa group. Training
employees is one of the most effective and important ways
of combatting cyber threats. In addition to compulsory basic
training, we implement customised, in-depth training for a
variety of target groups.
To understand the customer experience, Elisa has a
Cyber Security and Service Management Center (cSOC),
which monitors service availability, and the customer
experience 24/7. Based on situational awareness, the
cSOC is responsible for both internal and external incident
communication and acts as a centralised management
function for recovery from major and business-critical
incidents and escalation cases.
Every incident in Elisa’s network is managed using a trouble
ticket system. Incident-specific trouble tickets are populated
with relevant information, such as the time and nature of the
incident, any mitigation measures and information about
the final resolution. This information is used in improving
the process and other aspects that affect quality by analysis,
classification and machine learning algorithms.
At Elisa, we have a defined process for learning from
environment. We focus on enhancing our employees’
competences in security measures, increasing engagement
in our security culture, and improving real threat detection
capabilities. Through comprehensive training programmes,
including online courses, micro-training solutions and
AI-powered phishing simulations, we are building a more
resilient organisation capable of adapting to the ever-evolving
cyberthreat landscape.
Prevention of fraudulent calls and scam text messages
Elisa has prevented over 23 million fraudulent calls since
it deployed new technical controls to block spoofed calls
coming from abroad. Ongoing scam call attacks on Finnish
citizens started in 2021, and scam text message campaigns
grew in volume during 2023. Both attack types remain active,
as attackers change tactics based on the preventive controls
used. Co-operation with the authorities and other stakeholders
has been critical in successfully blocking malicious traffic.
During 2024, our scam mitigation activities prevented 1.4
million scam messages. The prevention and mitigation
process are ongoing, as new scam campaigns are launched
against Finnish customers.
Distributed denial-of-service prevention and mitigation
Distributed denial-of-service (DDoS) attacks were ongoing
during 2024. If not effectively mitigated, DDoS can have
successes and mistakes. At each meeting, predefined
criteria are reviewed, and the findings are translated into
improvement tasks for the relevant stakeholders. The execution
of these tasks is supervised by the Resolution Management
function.
Elisa annually assesses the cyber maturity of its business
units to track and develop cyber security across the whole
organisation. For this, we have set Cyber security maturity
target. Elisa’s Security Governance Board regularly reviews
the status of performance of the target. The progress of
performance is reviewed against the target set. The scale
of the target is 0-100 percent and the maturity is assessed
annually in all U.S. National Institute of Standards and
Technology Cyber Security Framework (NIST CSF) categories
of identify, protect, detect, response and recovery. The
assessments are done using the Cybermeter (Kybermittari)
tool, and a consolidated view of the results is presented
to the senior leadership. Until 2024, the performance of
the target is measured through self-assessment and starting
from 2025 Elisa is looking to develop the process further by
conducting the cyber maturity assessment (CMA) through
facilitated interviews by external party. Additionally, our
strategic target for developing cybersecurity awareness and
a cybersecurity culture is to ensure that the entire workforce
at Elisa is equipped with the knowledge and skills necessary
to protect our digital assets and maintain a secure working
Targets, actions and performance in 2024
Target Scope Performance Key Actions
Cyber Security Maturity of
69 percent by 2027
Elisa Corporation
(Finland)
Elisa Eesti As
Elisa Santa Monica Oy
Cyber Security Maturity of 60
percent
Renewal of cyber security target
Raising awareness and building
competences through trainings,
events and communications.
Cyber exercises
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serious impacts on online services and websites. Elisa has
a continuous prevention and mitigation process in place,
which protects against denial-of-service attacks at the
application layer and the system level with firewalls and load
balancers. Packet scrubbing protects against malicious traffic,
allowing the traffic load to be reduced to an appropriate
level to ensure that affected services remain functional. Elisa
is actively engaged in information sharing with relevant
stakeholders and authorities. Mitigation actions are intended
to prevent attacks on a larger scale and keep all services up
and running. In 2024, Elisa prevented and mitigated 309,700
DDoS attacks.
Continuous threat exposure management
As cyber threats evolve and the overall attack surface expands,
there is a need for continuous modern threat exposure
management. This requires up-to-date information on how
exposed the organisation’s operations are to various cyber
threats and how those threats evolve over time. In addition to
the methods already in use, there are ongoing development
projects to enhance the security of our operations. During
2024, the measures taken in continuous threat exposure
management included, for example, purple team exercises,
automated external attack surface management, a bug
bounty programme for external vulnerability management
and a development project for continuous threat exposure
management that extends beyond standard vulnerability
management. In 2024, 667 people signed up for Elisa’s bug
bounty program. Elisa received 234 reports on vulnerabilities
and paid USD 21,750 in monetary rewards.
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Assurance
Assurance report on the Sustainability Statement
(Translation of the Finnish original)
To the Annual General Meeting of Elisa
Corporation
We have performed a limited assurance engagement on the
group sustainability statement of Elisa Corporation (business
identity code 0116510-6) that is referred to in Chapter 7 of
the Accounting Act and that is included in the report of the
Board of Directors for the financial year 1.1.–31.12.2024.
Opinion
Based on the procedures we have performed and the
evidence we have obtained, nothing has come to our
attention that causes us to believe that the group sustainability
statement does not comply, in all material respects, with
1) the requirements laid down in Chapter 7 of the Accounting
Act and the sustainability reporting standards (ESRS);
2) the requirements laid down in Article 8 of the Regulation
(EU) 2020/852 of the European Parliament and of the
Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU)
2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Elisa
Corporation has identified the information for reporting in
accordance with the sustainability reporting standards (double
materiality assessment) and the tagging of information as
referred to in Chapter 7, Section 22 of the Accounting Act.
Our opinion does not cover the tagging of the group
sustainability statement with digital XBRL sustainability tags
in accordance with Chapter 7, Section 22, Subsection 1(2),
of the Accounting Act, because sustainability reporting
companies have not had the possibility to comply with that
provision in the absence of the ESEF regulation or other
European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability
statement as a limited assurance engagement in compliance
with good assurance practice in Finland and with the
International Standard on Assurance Engagements (ISAE)
3000 (Revised) Assurance Engagements Other than Audits or
Reviews of Historical Financial Information.
Our responsibilities under this standard are further described
in the Responsibilities of the Group Sustainability Auditor
section of our report.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Other Matter
We draw attention to the fact that the group sustainability
statement of Elisa Corporation that is referred to in Chapter
7 of the Accounting Act has been prepared and assurance
has been provided for it for the first time for the financial
year 1.1.–31.12.2024. Our opinion does not cover the
comparative information that has been presented in the
group sustainability statement. Our opinion is not modified in
respect of this matter.
Group sustainability auditor's Independence and
Quality Management
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that
are applicable in Finland and are relevant to our engagement,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The group sustainability auditor applies International
Standard on Quality Management ISQM 1, which requires
the sustainability audit firm to design, implement and operate
a system of quality management including policies or
procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory
requirements.
Responsibilities of the Board of Directors and the Managing
Director
The Board of Directors and the Managing Director of Elisa
Corporation are responsible for:
• the group sustainability statement and for its preparation
and presentation in accordance with the provisions of
Chapter 7 of the Accounting Act, including the process
that has been defined in the sustainability reporting
standards and in which the information for reporting in
accordance with the sustainability reporting standards has
been identified as well as the tagging of information as
referred to in Chapter 7, Section 22 of the Accounting Act
and
• the compliance of the group sustainability statement with
the requirements laid down in Article 8 of the Regulation
(EU) 2020/852 of the European Parliament and of the
Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU)
2019/2088;
• such internal control as the Board of Directors and the
Managing Director determine is necessary to enable the
preparation of a group sustainability statement that is free
from material misstatement, whether due to fraud or error.
Inherent Limitations in the Preparation of a
Sustainability Statement
The preparation of the group sustainability statement requires
a materiality assessment from the company in order to identify
relevant disclosures. This significantly involves management
judgment and choices. Group Sustainability reporting is
also characterized by estimates and assumptions, as well as
measurement and estimation uncertainty.
The determination of greenhouse gases is subject to inherent
uncertainty due to the incomplete scientific data used to
determine the emission factors and the numerical values
needed to combine emissions of different gases.
In addition, when reporting forward-looking information, the
company must make assumptions about possible future events
and disclose the company's possible future actions in relation
to these events. The actual outcome may be different because
predicted events do not always occur as expected.
73ANNUAL REPORT 2024 Sustainability Statement
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Responsibilities of the Group Sustainability
Auditor
Our responsibility is to perform an assurance engagement
to obtain limited assurance about whether the group
sustainability statement is free from material misstatement,
whether due to fraud or error, and to issue a limited
assurance report that includes our opinion. Misstatements
can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably
be expected to influence the decisions of users taken on the
basis of the group sustainability statement.
Compliance with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised) requires that we exercise
professional judgment and maintain professional skepticism
throughout the engagement. We also:
• Identify and assess the risks of material misstatement of
the group sustainability statement, whether due to fraud
or error, and obtain an understanding of internal control
relevant to the engagement in order to design assurance
procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on
the effectiveness of the parent company’s or the group’s
internal control.
• Design and perform assurance procedures responsive
to those risks to obtain evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Description of the Procedures That Have Been
Performed
The procedures performed in a limited assurance
engagement vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement. The
nature, timing and extent of assurance procedures selected
depend on professional judgment, including the assessment
of risks of material misstatement, whether due to fraud or
error. Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower than the
assurance that would have been obtained had a reasonable
assurance engagement been performed.
Our procedures included for ex. the following:
• We have interviewed the key persons responsible for
collecting and reporting the information included in the
group sustainability statement.
• Through interviews, we gained an understanding of
the group’s control environment related to the group
sustainability reporting process.
• We evaluated the implementation of the company's double
materiality assessment process against the requirements
of ESRS standards and the compliance of the information
provided for the double materiality assessment with ESRS
standards.
• We assessed whether the group sustainability statement in
material respect meets the requirements of ESRS standards
for material sustainability topics:
• We have tested the accuracy of the information
presented in the group sustainability statement by
comparing the information on a sample basis with
supporting company documentation.
• We have on a sample basis performed analytical
assurance procedures and related inquiries,
recalculation and inspected documentation, as well as
tested data aggregation to assess the accuracy of the
group sustainability statement.
• We gained an understanding of the process by which a
company has defined taxonomy-eligible and taxonomy-
aligned economic activities and evaluate the regulatory
compliance of the information provided.
Helsinki, 30 January, 2025
Ernst & Young Oy
Authorized Sustainability Audit Firm
Terhi Mäkinen
Authorized Sustainability Auditor
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Appendix 1
ESRS Index
Standard Disclosure Requirement Location Comment
ESRS 2 - General Disclosure BP-1 – General basis for preparation of sustainability statements 14
BP-2 – Disclosures in relation to specific circumstances 14
GOV-1 – The role of the administrative, management and supervisory bodies 15
GOV-2 – Information provided to, and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 15
GOV-3 – Integration of sustainability-related performance in incentive schemes 16
GOV-4 – Statement on due diligence 22
GOV-5 – Risk management and internal controls over sustainability reporting 14
SBM-1 – Strategy, business model and value chain 18
SBM-2 – Interests and views of stakeholders 19
SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 25
IRO-1 – Description of the process to identify and assess material impacts, risks and opportunities 22
IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability statement 75
E1- Climate Change ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes 41
E1-1 – Transition plan for climate change mitigation 38
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 37
ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities 37
E1-2 – Policies related to climate change mitigation and adaptation 35
E1-3 – Actions and resources in relation to climate change policies 35
E1-4 – Targets related to climate change mitigation and adaptation 42
E1-5 – Energy consumption and mix 48
E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions 48
E1-7 – GHG removals and GHG mitigation projects financed through carbon credits 44
E1-9 – Anticipated financial effects from material physical and transition risks and potential climate-related opportunities Phased in.
Annexes
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Standard Disclosure Requirement Location Comment
E5- Resource Use and Circular Economy ESRS 2 IRO-1 – Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities 22
E5-1 – Policies related to resource use and circular economy 50
E5-2 – Actions and resources related to resource use and circular economy 50
E5-3 – Targets related to resource use and circular economy 50
E5-4 – Resource inflows 51
E5-5 – Resource outflows-waste 52
E5-6 – Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities Phased in.
S1- Own Workforce ESRS 2 SBM-2 – Interests and views of stakeholders 19
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 54
S1-1 – Policies related to own workforce 53
S1-2 – Processes for engaging with own workforce and workers’ representatives about impacts 55
S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns 56
S1-4 – Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own
workforce, and effectiveness of those actions
57
S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 57
S1-6 – Characteristics of the undertaking’s employees 58
S1-7 – Characteristics of non-employees in the undertaking’s own workforce 59
S1-8 – Collective bargaining coverage and social dialogue 59
S1-9 – Diversity metrics 60
S1-13 – Training and skills development metrics 60
S1-14 – Health and safety metrics 60
S1-17 – Incidents, complaints and severe human rights impacts 60
S2 – Workers in the value chain ESRS 2 SBM-2 – Interests and views of stakeholders 20
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 61
S2-1 – Policies related to value chain workers 61
S2-2 – Processes for engaging with value chain workers about impacts 62
S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns 62
S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to
value chain workers, and effectiveness of those action
63
S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 63
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Standard Disclosure Requirement Location Comment
S4 - Consumers and end-users ESRS 2 SBM-2 – Interests and views of stakeholders 19
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 64
S4-1 – Policies related to consumers and end-users 64
S4-2 – Processes for engaging with consumers and end-users about impacts 65
S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns 66
S4-4 – Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities
related to consumers and end-users, and effectiveness of those actions
66
S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 66
G1 - Business Conduct ESRS 2 GOV-1 – The role of the administrative, supervisory and management bodies 67
ESRS 2 IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities 22
G1-1– Business conduct policies and corporate culture 67
G1-2 – Management of relationships with suppliers 69
G1-3 – Prevention and detection of corruption and bribery 67
G1-4 – Incidents of corruption or bribery 68
Entity Specific Material impacts, risks and opportunities and their interaction with strategy and business model 70
Policies related to entity specific topic 70
Actions and resources related to entity specific topic 71
Targets related to entity specific topic 71
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FINANCIAL
STATEMENTS
Consolidated financial statement .........80
Notes to the consolidated
financial statements ...........................84
Parent company financial statements .. 134
Notes to the financial statements of
the parent company ......................... 136
Signatures to the board of directors’
report and financial statements .......... 146
Auditor’s report ............................... 147
79ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
CONSOLIDATED FINANCIAL STATEMENTS 80
Consolidated income statement and statement
of comprehensive income 80
Consolidated statement of financial position 81
Consolidated cash flow statement 82
Consolidated statement of changes in equity 83
Notes to the consolidated financial statements 84
1. General accounting principles 84
1.1 Basic information about the Group 84
1.2 Basis of preparation of financial statements 84
1.3 Applied new and revised standards 85
2. Operational result 86
2.1 Operating segments and geographical areas 86
2.2 Items affecting comparability 88
2.3 Revenue from contracts with customers 89
2.4 Other operating income 90
2.5 Operating expenses 90
2.6 Earnings per share 91
3. Business acquisitions and disposals 92
4. Personnel 98
4.1 Employee expenses 98
4.2 Share-based incentives 100
4.3 Pension obligations 103
Contents
5. Tangible and intangible assets 105
5.1 Depreciation, amortisation and impairment 105
5.2 Property, plant and equipment 105
5.3 Right-of-use assets 107
5.4 Intangible assets 108
6. Inventories, trade and other receivables,
trade and other liabilities 111
6.1 Inventories 111
6.2 Trade and other receivables 111
6.3 Trade and other liabilities 113
7. Capital structure 114
7.1 Financial risk management 114
7.2 Capital management 116
7.3 Equity 117
7.4 Financial assets and liabilities 118
8. Other notes 124
8.1 Taxes 124
8.2 Provisions 126
8.3 Related party details 127
8.4 Off-balance sheet leases and other commitments 129
8.5 Events after the end of the reporting period 130
9. Key Indicators 131
9.1 Key indicators describing the Group’s
financial development 131
9.2 Alternative performance measures 132
9.3 Per-share indicators 133
PARENT COMPANY FINANCIAL STATEMENTS 134
Income statement 134
Balance sheet 134
Cash flow statement 135
Notes to the financial statements of
the parent company 136
Accounting principles 136
Notes to income statement 137
1. Revenue 137
2. Other operating income 137
3. Materials and services 137
4. Employee expenses 137
5. Depreciation, amortisation and impairment 138
6. Audit fees 138
7. Financial income and expenses 138
8. Appropriations 138
9. Income taxes 138
Notes to balance sheet 139
10. Intangible assets and property,
plant and equipment 139
11. Investments 141
12. Inventories 142
13. Non-current receivables 142
14. Current receivables 142
15. Equity 143
16. Provisions 143
17. Non-current liabilities 143
18. Current liabilities 144
19. Lease commitments and other liabilities 144
SIGNATURES TO THE BOARD OF DIRECTORS’
REPORT AND FINANCIAL STATEMENTS 146
AUDITOR’S REPORT 147
80ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| Consolidated income statement | |||
EUR million | Note | 2024 | 2023 |
Revenue | 2.1, 2.3 | ||
| Other operating income | 2.4 | ||
| Materials and services | 2.5 | – | – |
| Employee expenses | 4.1 | – | – |
| Other operating expenses | 2.5 | – | – |
| EBITDA | 2.1 | ||
| Depreciation, amortisation and impairment | 2.1, 5.1 | – | – |
| EBIT | 2.1 | ||
| Financial income | 7.4.1 | ||
| Financial expenses | 7.4.1 | – | – |
Share of associated companies’ profit | – | – | |
Profit before tax | |||
| Income taxes | 8.1.1 | – | – |
Profit for the period | |||
Attributable to Equity holders of the parent | |||
Non-controlling interests | – | – | |
| Earnings per share (EUR) | |||
| Basic | 2.6 | ||
| Diluted | 2.6 | ||
| Average number of outstanding shares (1,000 shares) | |||
| Basic | 2.6 | ||
| Diluted | 2.6 |
| Consolidated statement of comprehensive income | |||
EUR million | Note | 2024 | 2023 |
| Profit for the period | |||
| Other comprehensive income, net of tax | |||
| Items which may be reclassified subsequently to profit or loss | |||
| Cash flow hedge | – | – | |
| Translation differences | – | – | |
| Items which are not reclassified subsequently to profit or loss | |||
| Remeasurements of the net defined benefit liability | 4.3 | – | |
| Other comprehensive income | – | ||
| Total comprehensive income | |||
Total comprehensive income attributable to Equity holders of the parent | |||
| Non-controlling interests | – | – |
81ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| Consolidated statement of financial position | |||
EUR million | Note | 31 Dec. 2024 | 31 Dec. 2023 |
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 5.2 | ||
| Right-of-use assets | 5.3 | ||
| Goodwill | 5.4.1 | ||
| Intangible assets | 5.4 | ||
| Investments in associated companies | 8.3.2 | ||
| Other financial assets | 7.4.3 | ||
| Trade and other receivables | 6.2.2, 7.4.4 | ||
| Deferred tax assets | 8.1.2 | ||
| Current assets | |||
| Inventories | 6.1 | ||
| Trade and other receivables | 6.2.1 | ||
| Tax receivables | |||
| Cash and cash equivalents | |||
| TOTAL ASSETS | 2.1 |
EUR million | Note | 31 Dec. 2024 | 31 Dec. 2023 |
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
| Share capital | |||
| Treasury shares | – | – | |
| Reserve for invested non-restricted equity | |||
| Other reserves | |||
| Retained earnings | |||
| Equity attributable to equity holders of the parent | 4.2, 7.3 | ||
| Non-controlling interests | |||
| TOTAL EQUITY | |||
| LIABILITIES | |||
| Non-current liabilities | |||
| Deferred tax liabilities | 8.1.2 | ||
| Interest-bearing financial liabilities | 7.4.2, 7.4.3 | ||
| Interest-bearing lease liabilities | 7.4.2, 7.4.3 | ||
| Trade payables and other liabilities | 6.3, 7.4.3, 7.4.4 | ||
| Pension obligations | 4.3 | ||
| Provisions | 8.2 | ||
| Current liabilities | |||
| Interest-bearing financial liabilities | 7.4.2, 7.4.3 | ||
| Interest-bearing lease liabilities | 7.4.2, 7.4.3 | ||
| Trade and other payables | 6.3, 7.4.3 | ||
| Tax liabilities | |||
| Provisions | 8.2 | ||
| TOTAL LIABILITIES | |||
| TOTAL EQUITY AND LIABILITIES |
82ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| Consolidated cash flow statement | |||
| EUR million | Note | 2024 | 2023 |
| Cash flow from operating activities | |||
Profit before tax | |||
| Adjustments | |||
| Depreciation, amortisation and impairment | 5.1 | ||
| Financial income (–) and expenses (+) | 7.4.1 | ||
Gains (–) and losses (+) on the disposal of fixed assets | – | – | |
Increase (+) / decrease (–) in provisions on the income statement | |||
| Other adjustments | – | – | |
| Change in working capital | |||
Increase (–) / decrease (+) in trade and other receivables | – | ||
Increase (–) / decrease (+) in inventories | |||
| Increase (+) / decrease (–) in trade and other payables | – | ||
Dividends received | |||
Interest received | |||
Interest paid | – | – | |
| Taxes paid | – | – | |
Net cash flow from operating activities |
EUR million | Note | 2024 | 2023 |
| Cash flow from investing activities | |||
| Equity investments | 3 | – | |
Contingent consideration of subsidiaries | – | – | |
Investments in associates | – | ||
Other investments | – | ||
Capital expenditure | – | – | |
Loans granted | – | ||
Proceeds from disposal of subsidiaries and businesses | |||
Proceeds from disposal of other investments | |||
| Proceeds from disposal of tangible and intangible assets | |||
Net cash flow used in investing activities | – | – | |
Cash flow before financing activities | |||
| Cash flow from financing activities | |||
Proceeds from long-term borrowings | |||
Repayment of long-term borrowings | – | – | |
Increase (+) / decrease (–) in short-term borrowings | – | ||
Repayment of lease liabilities | – | – | |
Acquisition of non-controlling interests | – | ||
| Dividends paid | – | – | |
Net cash used in financing activities | – | – | |
Change in cash and cash equivalents | – | ||
Translation differences | – | ||
| Cash and cash equivalents at the beginning of the period | |||
| Cash and cash equivalents at the end of the period |
83ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| Consolidated statement of changes in equity | ||||||||
| Equity attributable to equity holders of the parent company | ||||||||
| Reserve for | ||||||||
| invested | ||||||||
| non- | Non- | |||||||
| Share | Treasury | restricted | Other | Retained | controlling | Total | ||
| EUR million | capital | shares | equity | reserves | earnings | Total | interests | equity |
Balance at 1 January 2023 | – | |||||||
Profit for the period | – | |||||||
| Other comprehensive income | ||||||||
| Translation differences | – | – | – | |||||
| Cash flow hedging | – | – | – | |||||
| Remeasurements of the net defined benefit liability | ||||||||
Total other comprehensive income | – | |||||||
Total comprehensive income | – | |||||||
| Dividend distribution | – | – | – | – | ||||
| Share-based compensation | ||||||||
| Acquisition of non-controlling interests | – | – | ||||||
| Other changes | – | |||||||
| Balance at 31 December 2023 | – | |||||||
| Profit for the period | – | |||||||
| Other comprehensive income | ||||||||
| Translation differences | – | – | – | |||||
| Cash flow hedging | – | – | – | |||||
| Remeasurements of the net defined benefit liability | – | – | – | |||||
Total other comprehensive income | – | – | – | – | ||||
Total comprehensive income | – | – | ||||||
Dividend distribution | – | – | – | – | ||||
Share-based compensation | ||||||||
Acquisition of subsidiary with non-controlling interests | ||||||||
Acquisition of non-controlling interests | – | – | ||||||
Other changes | – | |||||||
Balance at 31 December 2024 | – |
84
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
Notes to the consolidated financial statements
85
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
Liikevaihto 2023
Käyttökate 2024
86
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
2. Operational result
| 2024 | Consumer | Corporate | Group | |
| EUR million | Customers | Customers | Unallocated | Total |
Revenue | 1,328.5 | 862.9 | 2,191.5 | |
Other operating income | 4.6 | 1.5 | 6.1 | |
Materials and services | –477.4 | –306.5 | –783.9 | |
Employee expenses | –190.2 | –243.1 | –433.3 | |
| Other operating expenses | –126.3 | –87.3 | –213.5 | |
EBITDA | 539.3 | 227.5 | 766.8 | |
| Depreciation, amortisation and impairment | –183.7 | –95.5 | –279.2 | |
EBIT | 355.6 | 132.0 | 487.6 | |
Financial income | 9.4 | 9.4 | ||
Financial expenses | –47.9 | –47.9 | ||
| Share of associated companies' profit | –1.2 | –1.2 | ||
Profit before tax | 447.9 | |||
Investments | 229.5 | 108.2 | 337.6 | |
Assets | 1,929.0 | 1,290.8 | 136.7 | 3,356.4 |
| 2023 | Consumer | Corporate | Group | |
| EUR million | Customers | Customers | Unallocated | Total |
Revenue | 1,334.7 | 845.8 | 2,180.5 | |
Other operating income | 5.5 | 4.3 | 9.8 | |
Materials and services | –516.2 | –301.7 | –817.9 | |
Employee expenses | –187.4 | –229.7 | –417.1 | |
| Other operating expenses | –115.8 | –83.5 | –199.3 | |
EBITDA | 520.8 | 235.1 | 755.9 | |
| Depreciation, amortisation and impairment | –179.3 | –94.9 | –274.1 | |
EBIT | 341.6 | 140.3 | 481.8 | |
Financial income | 8.7 | 8.7 | ||
Financial expenses | –32.0 | –32.0 | ||
| Share of associated companies' profit | –0.4 | –0.4 | ||
Profit before tax | 458.1 | |||
Investments | 213.0 | 108.4 | 321.4 | |
Assets | 1,900.5 | 1,110.7 | 113.4 | 3,124.6 |
87
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| 2024 | Rest of | Other | Group | |
EUR million | Finland | Europe | countries | total |
Revenue | 1,833.0 | 311.4 | 47.0 | 2,191.5 |
Assets | 2,707.2 | 606.6 | 42.6 | 3,356.4 |
| 2023 | Rest of | Other | Group | |
EUR million | Finland | Europe | countries | total |
Revenue | 1,821.6 | 312.8 | 46.0 | 2,180.5 |
Assets | 2,597.3 | 497.3 | 30.0 | 3,124.6 |
88
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| EUR million | 2024 | 2023 |
| Restructuring costs | –16.6 | |
Items affecting comparability in EBITDA | –16.6 | |
| Impairment losses of fixed assets | –5.6 | |
| Items affecting comparability in EBIT | –16.6 | –5.6 |
| Impairment losses of loan receivables | –5.0 | |
| Items affecting comparability in profit before tax | –21.6 | –5.6 |
| Income taxes on items affecting comparability | 3.3 | 1.1 |
Items affecting comparability in profit for the period | –18.3 | –4.5 |
EUR million | 2024 | 2023 | |
| Comparable EBITDA | |||
| I/S | EBITDA | 766.8 | 755.9 |
| Items affecting comparability in EBITDA | 16.6 | ||
783.4 | 755.9 | ||
| Comparable EBIT | |||
| I/S | EBIT | 487.6 | 481.8 |
| Items affecting comparability in EBIT | 16.6 | 5.6 | |
504.2 | 487.4 | ||
| Comparable profit before tax | |||
| I/S | Profit before tax | 447.9 | 458.1 |
| Items affecting comparability in profit before tax | 21.6 | 5.6 | |
469.5 | 463.7 | ||
| Comparable profit for the period | |||
| I/S | Profit for the period | 356.4 | 374.0 |
| Items affecting comparability in profit for the period | 18.3 | 4.5 | |
374.7 | 378.5 | ||
Comparable profit for the period attributable to equity holders of the parent | |||
Comparable profit for the period | 374.7 | 378.5 | |
| Non-controlling interests | –2.0 | –1.2 | |
376.6 | 379.7 | ||
| Comparable earnings per share, EUR | |||
Comparable profit for the period attributable to equity holders of the parent | 376.6 | 379.7 | |
| Average number of outstanding shares, basic (1,000 shares) | 160,509 | 160,376 | |
2.35 | 2.37 | ||
EUR million | 2024 | 2023 |
| Acquisitions and disposals of shares and business combinations | 101.3 | 13.8 |
Items affecting comparability in cash flow before financing | 101.3 | 13.8 |
C/F Cash flow before financing | 256.1 | 347.0 |
| Items affecting comparability in cash flow before financing | 101.3 | 13.8 |
357.3 | 360.8 |
20242023202220212020
1,895
1,998
Development of revenue, EUR million
2,130
2,180
2,191
0
500
1,000
1,500
2,000
2,500
89
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
EUR million | 2024 | 2023 |
Rendering of services | 1,800.9 | 1,781.4 |
Sale of equipment | 390.1 | 398.7 |
| Interest revenue | 0.5 | 0.4 |
| I/S | 2,191.5 | 2,180.5 |
EUR million | 2024 | 2023 |
Mobile telecommunications | 1,301.9 | 1,290.2 |
| Fixed-network broadband and others | 889.6 | 890.2 |
| I/S | 2,191.5 | 2,180.5 |
90
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
EUR million | 2024 | 2023 |
Gain on disposals of property, plant and equipment | 1.7 | 4.2 |
Gain on disposal of subsidiaries and businesses | 0.5 | 0.5 |
Government grants | 0.2 | 0.0 |
Other items (1 | 3.7 | 5.1 |
| I/S | 6.1 | 9.8 |
2.5 Operating expenses
| EUR million | 2024 | 2023 |
Purchases of materials, supplies and goods | 502.1 | 529.0 |
Change in inventories | 5.6 | 11.2 |
External services | 275.9 | 277.7 |
Foreign exchange gains and losses | 0.4 | 0.0 |
| I/S | 783.9 | 817.9 |
Employee expenses
More detailed analysis of employee expenses is included in Note 4.
| EUR million | 2024 | 2023 |
Auditing | 0.4 | 0.4 |
Tax advisory services | 0.0 | 0.0 |
Other services | 0.1 | 0.1 |
0.5 | 0.5 |
91
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| EUR million | 2024 | 2023 |
Research and development costs recognised as expenses | 18.3 | 15.5 |
Capitalised development costs | 8.4 | 8.9 |
26.8 | 24.4 |
Earnings per share, basic | 2024 | 2023 | |
| I/S | Net profit for the period attributable to equity holders | ||
| of the parent (EUR million) | 358.4 | 375.2 | |
Weighted average number of shares outstanding (1,000 shares) | 160,509 | 160,376 | |
Earnings per share, basic (EUR/share) | 2.23 | 2.34 |
| Diluted earnings per share | 2024 | 2023 | |
| I/S | Net profit for the period attributable to equity holders | ||
| of the parent (EUR million) | 358.4 | 375.2 | |
| Weighted average number of shares outstanding (1,000 shares) | 160,509 | 160,376 | |
| Impact of share-based incentive plans | 159 | 154 | |
| Weighted average number of shares outstanding adjusted by dilutive effect | |||
| (1,000 shares) | 160,668 | 160,530 | |
| Diluted earnings per share (EUR/share) | 2.23 | 2.34 |
92
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
EUR million | Preliminary |
Cash paid | 11.7 |
| Contingent consideration | 2.8 |
Total acquisition price | 14.5 |
| EUR million | |
| Right-of-use assets | 0.2 |
Intangible assets | 2.1 |
Trade and other receivables | 0.6 |
Tax receivables | 0.2 |
Cash and cash equivalents | 2.4 |
Deferred tax liabilities | –0.5 |
Lease liabilities | –0.2 |
| Trade payables and other liabilities | –1.6 |
| 3.2 |
EUR million | Preliminary |
Purchase price paid in cash | –11.7 |
Cash and cash equivalents of the acquired entity | 2.4 |
| –9.3 |
| EUR million | |
Consideration transferred | 14.5 |
Identifiable net assets of the acquired entity | 3.2 |
Goodwill | 11.3 |
93
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
EUR million | Preliminary |
Cash paid | 15.6 |
| Contingent consideration | 1.0 |
Total acquisition price | 16.6 |
| EUR million | |
| Tangible assets | 0.2 |
Right-of-use assets | 0.1 |
Intangible assets | 3.7 |
Trade and other receivables | 0.9 |
Cash and cash equivalents | 0.5 |
Deferred tax liabilities | –0.3 |
Interest-bearing liabilities | –1.6 |
Lease liabilities | –0.1 |
| Trade payables and other liabilities | –3.1 |
| 0.3 |
EUR million | Preliminary |
Purchase price paid in cash | –15.6 |
Cash and cash equivalents of the acquired entity | 0.5 |
| –15.1 |
| EUR million | |
Consideration transferred | 16.6 |
Identifiable net assets of the acquired entity | 0.3 |
Non-controlling interest's proportionate share of identifiable net assets acquired | 0.3 |
Goodwill | 16.0 |
94
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
EUR million | Preliminary |
Cash paid | 16.1 |
Total acquisition price | 16.1 |
| EUR million | |
| Tangible assets | 0.1 |
Right-of-use assets | 0.4 |
Intangible assets | 3.6 |
Trade and other receivables | 1.2 |
Cash and cash equivalents | 1.4 |
Deferred tax liabilities | –0.3 |
Interest-bearing liabilities | –12.8 |
Lease liabilities | –0.4 |
| Trade payables and other liabilities | –3.1 |
| –9.9 |
EUR million | Preliminary |
Purchase price paid in cash | –16.1 |
Cash and cash equivalents of the acquired entities | 1.4 |
| –14.7 |
| EUR million | |
Consideration transferred | 16.1 |
Identifiable net assets of the acquired entities | –9.9 |
Goodwill | 26.0 |
95
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
EUR million | Preliminary |
| Cash paid | 14.8 |
Total acquisition price | 14.8 |
| EUR million | |
| Tangible assets | 14.3 |
Right-of-use assets | 1.1 |
Intangible assets | 1.0 |
Trade and other receivables | 0.1 |
Cash and cash equivalents | 0.2 |
Deferred tax liabilities | –0.2 |
Interest-bearing liabilities | –4.7 |
Lease liabilities | –1.1 |
| Trade payables and other liabilities | –0.2 |
| 10.6 |
EUR million | Preliminary |
Purchase price paid in cash | –14.8 |
Cash and cash equivalents of the acquired entities | 0.2 |
| –14.5 |
| EUR million | |
Consideration transferred | 14.8 |
Identifiable net assets of the acquired entities | 10.6 |
Goodwill | 4.2 |
96
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
EUR million | Preliminary |
Cash paid | 61.8 |
Previous ownership | 7.8 |
Settlement of pre-existing relationship | 0.5 |
Total acquisition price | 70.1 |
EUR million | Preliminary |
| Tangible assets | 4.4 |
Intangible assets | 11.5 |
Deferred tax assets | 0.2 |
Inventories | 4.6 |
Trade and other receivables | 17.2 |
Tax receivables | 1.5 |
Cash and cash equivalents | 18.3 |
Deferred tax liabilities | –1.4 |
Interest-bearing liabilities | –9.1 |
Trade payables and other liabilities | –23.5 |
| Tax liabilities | –1.8 |
| 21.9 |
| EUR million | |
Purchase price paid in cash | –61.8 |
Cash and cash equivalents of the acquired entities | 18.3 |
| –43.5 |
| EUR million | |
Consideration transferred | 70.1 |
Identifiable net assets of the acquired entities | 21.9 |
Non-controlling interest's proportionate share of identifiable net assets acquired | –0.5 |
Goodwill | 48.6 |
Disposals of businesses in 2024
There were no significant disposals during the reporting period.
97
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| Carrying | |
| EUR million | amount |
Tangible and intangible assets | 1.0 |
Inventories | 2.4 |
Trade and other receivables | 23.6 |
Cash and cash equivalents | 2.2 |
Deferred tax liabilities | –1.1 |
Lease liabilities | –0.3 |
| Trade payables and other liabilities | –6.9 |
| 20.9 |
| EUR million | |
| Cash and cash equivalent of a sold entity | –2.2 |
| –2.2 |
| EUR million | |
Selling price | 11.0 |
Net assets of a sold entity | –20.9 |
Pre-existing relationships between the Group and the sold entity (1 | 10.4 |
Profit from the sale | 0.5 |
20242023202220212020
Corporate Customers
Consumer Customers
Number of personnel at the year end
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2,2572,914
2,526
2,845
2,684
2,939
2,690
3,198
2,976
2,951
98
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| EUR million | 2024 | 2023 |
Salaries and wages | 353.7 | 331.0 |
Share-based payments | 9.7 | 15.4 |
Pension expenses - defined contribution plans | 44.2 | 45.8 |
Pension expenses - defined benefit plans | 0.3 | 0.5 |
| Other employee costs | 25.4 | 24.3 |
| I/S | 433.3 | 417.1 |
| Number of personnel at the end of the reporting period | 2024 | 2023 |
Consumer Customers | 2,951 | 2,976 |
| Corporate Customers | 3,198 | 2,690 |
6,149 | 5,666 |
| EUR million | 2024 | 2023 |
Managing Directors | 7.6 | 7.9 |
Members and deputy members of Boards of Directors | 0.8 | 0.8 |
99
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| EUR million | 2024 | 2023 |
Remuneration and other short-term employee benefits | 4.8 | 4.8 |
Post-employment benefits | 0.1 | 0.3 |
Share-based compensation (2 | 4.3 | 5.7 |
9.2 | 10.8 |
| EUR million | 2024 | 2023 |
Board of Directors | 0.8 | 0.8 |
CEO (1 | 0.9 | |
Former CEO | 0.3 | 1.0 |
Executive Board | 2.7 | 3.1 |
Share-based compensation (2 | 4.6 | 5.3 |
9.4 | 10.1 |
100
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| Amount of share incentives and terms and | Performance period |
| assumptions in the fair value calculation | 2024–2026 |
Maximum number of shares granted | 460,000 |
Grant date | 1.2.2024 |
Share price on the grant date, EUR | 42.97 |
Performance period starts | 1.1.2024 |
Performance period ends | 31.12.2026 |
Estimated realisation of earning criteria at the beginning of performance period, % | 68 |
Estimated realisation of earning criteria on the closing date, % | 64 |
| Number of participants in the plan on the closing date | 189 |
101
ANNUAL REPORT 2024 Financial Statements
Consolidated financial statements Parent company financial statements Auditor’s report
| Performance | Performance | Performance | |
| Amount of share incentives and terms | period | period | period |
| and assumptions in the fair value calculation | 2023–2025 | 2022–2024 | 2021–2023 |
Maximum number of shares granted | 395,800 | 360,500 | 410,700 |
Grant date | 31.12.2022 | 31.12.2021 | 31.12.2020 |
Share price on the grant date, EUR | 49.46 | 54.12 | 49.70 |
Performance period starts | 1.1.2023 | 1.1.2022 | 1.1.2021 |
Performance period ends | 31.12.2025 | 31.12.2024 | 31.12.2023 |
| Estimated realisation of earning criteria | |||
at the beginning of performance period, % | 41 | 44 | 46 |
Estimated realisation of earning criteria on the closing date, % | 49 | 65 | |
Realisation of earning criteria, % | 76 | ||
Number of shares transferred | 129,271 | ||
Average exchange rate on the day of transfer, EUR | 42.26 | ||
| Number of shares distributed as a proportion | |||
of the maximum amount of share rewards granted, % | 31 | ||
Number of participants in the plan on the payment date | 154 | ||
Number of participants in the plan on the closing date | 174 | 163 |
| Restriction | Restriction | Restriction | |
| Amount of share incentives and | period | period | period |
| terms and assumptions in the fair value calculation | 2023 | 2022–2023 | 2022–2023 |
Maximum number of rewards granted | 2,500 | 8,000 | 2,500 |
Grant date | 1.1.2023 | 1.8.2022 | 1.8.2022 |
Share price on the grant date, EUR | 49.78 | 54.16 | 54.16 |
Restriction period started | 1.1.2023 | 1.8.2022 | 1.8.2022 |
Restriction period ends | 31.12.2023 | 31.12.2023 | 31.8.2023 |
| Estimated realisation of earnings criteria | |||
at the beginning of performance period, % | 100 | 100 | 100 |
Realisation of earning criteria, % | 100 | 100 | 100 |
Number of shares transferred | 1,175 | 3,732 | 1,185 |
Average exchange rate on the day of transfer, EUR | 42.26 | 42.26 | 44.98 |
| Number of shares distributed as a proportion | |||
of the maximum amount of share rewards granted, % | 47 | 47 | 47 |
| Number of participants in the plan on the payment date | 6 | 4 | 5 |
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| Restriction | Restriction | Restriction | |
| Amount of share incentives and | period | period | period |
| terms and assumptions in the fair value calculation | 2024–2025 | 2024 | 2023–2024 |
Maximum number of rewards granted | 7,172 | 4,782 | 334 |
Grant date | 1.3.2024 | 1.3.2024 | 1.11.2023 |
Share price on the grant date, EUR | 42.04 | 42.04 | 40.78 |
Restriction period started | 1.3.2024 | 1.3.2024 | 1.11.2023 |
Restriction period ends | 31.12.2025 | 31.12.2024 | 31.12.2024 |
| Estimated realisation of earnings criteria | |||
at the beginning of performance period, % | 100 | 100 | 100 |
Estimated realisation of earning criteria on the closing date, % | 100 | 100 | |
Realisation of earning criteria, % | 100 | ||
Number of shares transferred | 0 (1 | ||
| Number of participants in the plan on the payment date | 1 | ||
| Number of participants in the plan on the closing date | 1 | 1 |
| Restriction | Restriction | |
| Amount of share incentives and | period | period |
| terms and assumptions in the fair value calculation | 2024–2027 | 2024–2026 |
Maximum number of rewards granted | 14,750 | 13,630 |
Grant date | 1.11.2024 | 1.6.2024 |
Share price on the grant date, EUR | 43.22 | 41.90 |
Restriction period started | 1.11.2024 | 1.6.2024 |
Restriction period ends | 31.1.2027 | 31.5.2026 |
Estimated realisation of earnings criteria at the beginning of performance period, % | 100 | 100 |
Estimated realisation of earning criteria on the closing date, % | 100 | 100 |
| Number of participants in the plan on the closing date | 13 | 13 |
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EUR million | 2024 | 2023 |
Present value of unfunded obligations | –1.0 | –2.8 |
Present value of funded obligations | –38.7 | –41.2 |
| Fair value of plan assets | 33.6 | 34.7 |
B/S Net pension liability (–) / receivable (+) in the statement of financial position | –6.2 | –9.3 |
EUR million | 2024 | 2023 |
| Expense recognised in profit or loss | ||
Service cost | 0.0 | 0.2 |
Net interest | 0.3 | 0.4 |
| Settlements | –1.8 | |
–1.4 | 0.5 | |
Remeasurements | 0.3 | –1.5 |
| Tax effect of the remeasurements | –0.1 | 0.3 |
| I/S | 0.2 | –1.2 |
EUR million | 2024 | 2023 |
Net defined benefit obligation at the beginning of the period | 9.3 | 12.9 |
Pension expenses recognised in profit or loss | –1.4 | 0.5 |
Remeasurements | 0.3 | –1.5 |
| Contributions paid by the employer | –2.0 | –2.6 |
Net defined benefit obligation at the end of period | 6.2 | 9.3 |
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EUR million | 2024 | 2023 |
Obligation at the beginning of the period | –44.0 | –50.6 |
Current service cost | 0.0 | –0.2 |
Interest expenses | –1.5 | –1.5 |
| Remeasurements | ||
Actuarial gain (+) or loss (–) arising from changes in economic assumptions | –0.6 | 2.4 |
Gain (+) or loss (–) arising from experience adjustments | 0.0 | 1.5 |
| Benefits paid | 4.6 | 4.5 |
| Settlements | 1.8 | |
Obligation at the end of period | –39.7 | –44.0 |
EUR million | 2024 | 2023 |
Fair value of plan assets at the beginning of the period | 34.7 | 37.7 |
Interest income | 1.2 | 1.2 |
Remeasurements, gain (+) or loss (–) | 0.2 | –2.3 |
Benefits paid | –4.6 | –4.5 |
| Contributions paid by the employer | 2.0 | 2.6 |
Fair value of plan assets at the end of period | 33.6 | 34.7 |
The principal actuarial assumptions used | 2024 | 2023 |
Discount rate, % | 3.3 | 3.8 |
Future pension increase, % | 2.4 | 2.7 |
Inflation, % | 2.1 | 2.4 |
Change in actuarial assumptions | 2024 | 2023 |
Discount rate +0.5% | –0.5 | –0.6 |
Future pension increase +0.5% | 0.6 | 0.7 |
Expected mortality +1 year | 0.5 | 0.6 |
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EUR million | 2024 | 2023 |
| Tangible assets | ||
| Land and water areas | ||
Right-of-use assets | 1.3 | 1.2 |
| Buildings and constructions | ||
Owned buildings and constructions | 12.5 | 12.3 |
Right-of-use assets | 21.9 | 21.5 |
| Telecom devices, machinery and equipment | ||
Owned telecom devices, machinery and equipment | 174.7 | 176.0 |
Right-of-use assets | 3.1 | 2.9 |
| Other tangible assets | 0.1 | 0.1 |
213.6 | 213.9 | |
| Intangible assets | ||
Customer base | 2.6 | 2.6 |
| Other intangible assets | 62.9 | 57.6 |
65.6 | 60.2 | |
| I/S | 279.2 | 274.1 |
| Telecom | ||||||
| devices, | Tangible | |||||
| Land and | Buildings | machinery | Other | assets | ||
| 2024 | water | and | and | tangible | under | |
| EUR million | areas | structures | equipment | assets | construction | Total |
Acquisition cost at 1 Jan. | 11.7 | 351.3 | 3,875.3 | 36.6 | 38.3 | 4,313.3 |
Business acquisitions | 0.0 | 3.8 | 5.2 | 0.3 | 9.2 | |
Additions | 0.3 | 13.9 | 193.3 | 0.0 | 29.6 | 237.1 |
Disposals | 0.0 | –0.2 | –2.9 | –3.1 | ||
Reclassifications | 11.4 | –36.1 | –27.6 | –52.2 | ||
| Translation differences | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Acquisition cost at 31 Dec. | 12.0 | 380.2 | 4,034.8 | 36.7 | 40.6 | 4,504.3 |
Accumulated depreciation and impairment at 1 Jan. | –0.1 | 217.4 | 3,244.5 | 35.9 | 3,497.7 | |
Depreciation and impairment | 0.0 | 12.5 | 174.7 | 0.1 | 187.3 | |
Accumulated depreciation on business acquisitions | 0.3 | 0.3 | ||||
Accumulated depreciation on disposals and reclassifications | 0.0 | 6.7 | –62.2 | –55.5 | ||
| Translation differences | 0.0 | 0.0 | 0.0 | 0.0 | ||
Accumulated depreciation and impairment at 31 Dec. | –0.1 | 236.7 | 3,357.3 | 36.0 | 3,629.8 | |
B/S Book value at 1 Jan. | 11.9 | 133.9 | 630.8 | 0.8 | 38.3 | 815.6 |
B/S Book value at 31 Dec. | 12.1 | 143.5 | 677.5 | 0.7 | 40.6 | 874.5 |
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| Telecom | ||||||
| devices, | Tangible | |||||
| Land and | Buildings | machinery | Other | assets | ||
| 2023 | water | and | and | tangible | under | |
| EUR million | areas | structures | equipment | assets | construction | Total |
Acquisition cost at 1 Jan. | 11.7 | 334.8 | 4,045.9 | 36.6 | 32.7 | 4,461.7 |
Additions | 0.3 | 14.8 | 190.8 | 0.1 | 30.6 | 236.6 |
Business disposals | –0.5 | –9.5 | –10.0 | |||
Disposals | –0.2 | –1.2 | –374.6 | –0.1 | 0.0 | –376.2 |
Reclassifications | 0.0 | 3.4 | 22.7 | –24.9 | 1.3 | |
| Translation differences | 0.0 | 0.0 | –0.1 | 0.0 | 0.0 | –0.1 |
Acquisition cost at 31 Dec. | 11.7 | 351.3 | 3,875.3 | 36.6 | 38.3 | 4,313.3 |
Accumulated depreciation and impairment at 1 Jan. | –0.1 | 206.7 | 3,452.6 | 35.9 | 3,695.0 | |
Depreciation and impairment | 0.0 | 12.3 | 176.0 | 0.1 | 188.4 | |
Accumulated depreciation on disposals and reclassifications | 0.0 | –1.1 | –374.6 | –0.1 | –375.8 | |
Accumulated depreciation on business disposals | –0.4 | –9.5 | –9.9 | |||
| Translation differences | 0.0 | 0.0 | 0.0 | 0.0 | ||
Accumulated depreciation and impairment at 31 Dec. | –0.1 | 217.4 | 3,244.5 | 35.9 | 3,497.7 | |
B/S Book value at 1 Jan. | 11.8 | 128.1 | 593.3 | 0.8 | 32.7 | 766.7 |
B/S Book value at 31 Dec. | 11.9 | 133.9 | 630.8 | 0.8 | 38.3 | 815.6 |
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| Land and | Buildings | Telecom devices, | ||
| 2024 | water | and | machinery and | |
| EUR million | areas | structures | equipment | Total |
Acquisition cost at 1 Jan. | 18.7 | 135.7 | 14.7 | 169.1 |
Business acquisitions | 0.0 | 0.6 | 0.1 | 0.7 |
Additions | 1.7 | 27.3 | 3.6 | 32.6 |
Reclassifications | –0.3 | –6.2 | –2.9 | –9.3 |
| Translation differences | 0.0 | 0.0 | 0.0 | |
Acquisition cost at 31 Dec. | 20.1 | 157.5 | 15.4 | 193.0 |
Accumulated depreciation and impairment at 1 Jan. | 4.9 | 68.9 | 8.0 | 81.8 |
Depreciation and impairment | 1.3 | 21.9 | 3.1 | 26.3 |
Accumulated depreciation on disposals and reclassifications | –0.2 | –6.1 | –2.8 | –9.2 |
| Translation differences | 0.0 | 0.0 | 0.0 | |
Accumulated depreciation and impairment at 31 Dec. | 6.0 | 84.7 | 8.3 | 98.9 |
B/S Book value at 1 Jan. | 13.8 | 66.8 | 6.7 | 87.3 |
B/S Book value at 31 Dec. | 14.2 | 72.8 | 7.2 | 94.1 |
| Land and | Buildings | Telecom devices, | ||
| 2023 | water | and | machinery and | |
| EUR million | areas | structures | equipment | Total |
Acquisition cost at 1 Jan. | 17.2 | 143.6 | 20.9 | 181.7 |
Additions | 1.8 | 17.7 | 3.8 | 23.3 |
Business disposals | –0.9 | –0.1 | –1.0 | |
Disposals | –0.5 | –0.5 | ||
Reclassifications | –0.2 | –24.2 | –9.9 | –34.3 |
| Translation differences | 0.0 | 0.0 | 0.0 | |
Acquisition cost at 31 Dec. | 18.7 | 135.7 | 14.7 | 169.1 |
Accumulated depreciation and impairment at 1 Jan. | 4.0 | 72.2 | 15.1 | 91.3 |
Depreciation and impairment | 1.2 | 21.5 | 2.9 | 25.6 |
Accumulated depreciation on disposals and reclassifications | –0.2 | –24.2 | –9.9 | –34.3 |
Accumulated depreciation on business disposals | –0.7 | –0.1 | –0.7 | |
| Translation differences | 0.0 | 0.0 | 0.0 | |
Accumulated depreciation and impairment at 31 Dec. | 4.9 | 68.9 | 8.0 | 81.8 |
B/S Book value at 1 Jan. | 13.2 | 71.4 | 5.9 | 90.4 |
B/S Book value at 31 Dec. | 13.8 | 66.8 | 6.7 | 87.3 |
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| Other | Intangible | ||||
| 2024 | Customer | intangible assets under | |||
| EUR million | Goodwill | base | assets | construction | Total |
Acquisition cost at 1 Jan. | 1,178.4 | 44.3 | 961.8 | 14.8 | 2,199.3 |
Business acquisitions | 106.1 | 8.0 | 25.3 | 1.0 | 140.4 |
Additions | 59.7 | 8.2 | 67.9 | ||
Disposals | –1.8 | –1.8 | |||
Reclassifications | –2.5 | –14.7 | 7.3 | –7.6 | –17.5 |
| Translation differences | –0.3 | –0.2 | 0.2 | –0.4 | |
Acquisition cost at 31 Dec. | 1,281.7 | 37.3 | 1,052.5 | 16.4 | 2,387.9 |
Accumulated amortisation and impairment at 1 Jan. | 21.2 | 40.9 | 769.7 | 831.8 | |
Amortisation and impairment | 0.0 | 2.6 | 62.9 | 65.6 | |
Accumulated amortisation on business acquisitions | 12.2 | 12.2 | |||
Accumulated amortisation on disposals and reclassifications | –2.5 | –14.7 | –1.9 | –19.1 | |
| Translation differences | 0.1 | –0.3 | 0.1 | –0.1 | |
Accumulated amortisation and impairment at 31 Dec. | 18.8 | 28.6 | 843.1 | 890.5 | |
Book value at 1 Jan. | 1,157.2 | 3.4 | 192.0 | 14.8 | 1,367.5 |
Book value at 31 Dec. | 1,262.9 | 8.8 | 209.4 (1 | 16.4 | 1,497.5 |
| Other | Intangible | ||||
| 2023 | Customer | intangible assets under | |||
| EUR million | Goodwill | base | assets | construction | Total |
Acquisition cost at 1 Jan. | 1,178.4 | 44.3 | 906.4 | 19.0 | 2,148.1 |
Additions | 51.5 (2 | 10.0 | 61.6 | ||
Disposals | –1.4 | –1.4 | |||
Business disposals | –7.9 | –0.1 | –8.0 | ||
Reclassifications | 13.1 | –14.1 | –1.0 | ||
| Translation differences | –0.1 | 0.0 | 0.0 | 0.0 | |
Acquisition cost at 31 Dec. | 1,178.4 | 44.3 | 961.8 | 14.8 | 2,199.3 |
Accumulated amortisation and impairment at 1 Jan. | 21.1 | 38.3 | 720.8 | 780.2 | |
Amortisation and impairment | 2.6 | 57.6 | 60.2 | ||
Accumulated amortisation on disposals and reclassifications | –1.3 | –1.3 | |||
Accumulated amortisation on business disposals | –7.4 | –7.4 | |||
| Translation differences | 0.1 | 0.0 | 0.0 | 0.1 | |
Accumulated amortisation and impairment at 31 Dec. | 21.2 | 40.9 | 769.7 | 831.8 | |
Book value at 1 Jan. | 1,157.3 | 6.0 | 185.5 | 19.0 | 1,367.9 |
Book value at 31 Dec. | 1,157.2 | 3.4 | 192.1 (1 | 14.8 | 1,367.5 |
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EUR million | 2024 | 2023 |
Consumer Customers | 643.7 | 641.0 |
| Corporate Customers | 619.2 | 516.2 |
B/S | 1,262.9 | 1,157.2 |
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| Consumer | Corporate | Consumer | Corporate | |
| Customers | Customers | Customers | Customers | |
| Projection parameters applied | 2024 | 2024 | 2023 | 2023 |
Amount in excess of CGU carrying value, EUR million | 7,548 | 3,146 | 5,478 | 2,847 |
EBITDA margin on average, % (1 | 39.3 | 29.0 | 39.1 | 28.9 |
Horizon growth, % | 2.0 | 2.0 | 2.0 | 2.0 |
Pre-tax discount rate, % | 5.9 | 5.9 | 6.9 | 6.8 |
| Consumer | Corporate | Consumer | Corporate | |
| Change in projection parameters that | Customers | Customers | Customers | Customers |
| makes the fair value equal to book value | 2024 | 2024 | 2023 | 2023 |
EBITDA margin on average, % | –20.0 | –13.0 | –18.1 | –13.8 |
Horizon growth, % | –39.0 | –19.0 | –30.6 | –29.4 |
Pre-tax discount rate, % | 19.2 | 13.1 | 17.1 | 16.4 |
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6. Inventories, trade and other receivables, trade and other liabilities
EUR million | 2024 | 2023 |
Materials and supplies | 21.1 | 25.2 |
| Finished goods | 54.5 | 51.9 |
B/S | 75.6 | 77.1 |
EUR million | 2024 | 2023 |
Trade receivables | 446.7 | 441.5 |
Impaired trade receivables | –6.2 | –6.1 |
Contract assets related to revenue | 3.8 | 3.8 |
Contract assets related to costs | 5.8 | 5.8 |
Accrued income | 87.0 | 75.2 |
Finance lease receivables | 17.4 | 17.2 |
Loan receivables | 0.0 | 0.1 |
Receivables from associated companies | 3.7 | 7.0 |
| Other receivables | 14.8 | 11.4 |
B/S | 573.0 | 555.8 |
| Nominal | Carrying | Nominal | Carrying | |||
| EUR million | value | Impairment | amount | value | Impairment | amount |
Not past due | 396.2 | 0.0 | 396.2 | 394.9 | 0.0 | 394.9 |
| Past due | ||||||
Past due less than 30 days | 28.4 | –0.2 | 28.2 | 28.2 | –0.2 | 28.1 |
Past due 31–60 days | 8.8 | –0.6 | 8.2 | 5.9 | –0.7 | 5.2 |
Past due 61–90 days | 3.3 | –0.6 | 2.6 | 3.0 | –0.7 | 2.4 |
Past due 91–180 days | 3.6 | –2.0 | 1.6 | 3.1 | –1.8 | 1.3 |
| Past due more than 181 days | 6.3 | –2.7 | 3.6 | 6.4 | –2.8 | 3.6 |
446.7 | –6.2 | 440.4 | 441.5 | –6.1 | 435.5 |
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EUR million | 2024 | 2023 |
Loan receivables | 0.0 | 0.0 |
Trade receivables | 91.3 | 94.7 |
Receivables from associated companies | 6.3 | 4.2 |
Finance lease receivables | 5.5 | 5.7 |
Accrued income | 0.2 | 1.3 |
Non-current derivatives | 0.4 | 1.0 |
| Other non-current receivables | 1.3 | 1.1 |
B/S | 105.1 | 107.9 |
EUR million | 2024 | 2023 |
Within one year | 17.8 | 17.4 |
| Later than one year, not later than five years | 5.6 | 5.7 |
23.4 | 23.1 | |
Future finance income | –0.5 | –0.2 |
Present value of finance lease receivables | 22.9 | 22.9 |
EUR million | 2024 | 2023 |
Within one year | 17.4 | 17.2 |
| Later than one year, not later than five years | 5.5 | 5.7 |
22.9 | 22.9 |
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EUR million | 2024 | 2023 | ||
| Non-current | ||||
Advances received | 4.6 | 4.8 | ||
Derivative instruments | 0.0 | |||
Other liabilities (1 | 14.7 | 14.6 | ||
B/S | 19.4 | 19.4 | ||
| Current | ||||
| Trade payables | (2 | (3 | 177.7 | 191.2 |
Advances received | 14.0 | 11.0 | ||
Contract liabilities, from revenue | 34.8 | 34.7 | ||
Accrued employee-related expenses | 69.1 | 62.0 | ||
Other accruals | 20.6 | 11.1 | ||
Liabilities to associated companies | 0.0 | 0.5 | ||
Other liabilities (1 | 108.0 | 92.2 | ||
| B/S | 424.2 | 402.5 | ||
443.6 | 421.9 |
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| Between | ||||
| Less than | 1 and 5 | Over | ||
| Time of interest rate change | 1 year | years | 5 years | Total |
| Variable-rate financing instruments | ||||
Commercial paper | 307.0 | 307.0 | ||
Bank loans | 150.0 | 150.0 | ||
| Fixed-rate financing instruments | ||||
Bonds | 900.0 | 900.0 | ||
Bank loans | 100.0 | 100.0 | ||
| Lease liabilities | 21.0 | 32.3 | 43.3 | 96.6 |
478.0 | 932.3 | 143.3 | 1,553.6 |
EUR million | 2024 | 2023 |
| Change in interest rate level +/– 1% | –4.6 / 4.6 | –1.3 / 1.3 |
2024 | 2023 | |||
| Trade | Trade | Trade | Trade | |
| EUR million | receivables | payables | receivables | payables |
USD | 9.6 | 5.5 | 10.1 | 5.8 |
SEK | 3.4 | 0.3 | 4.0 | 0.2 |
GBP | 0.1 | 0.3 | 0.4 | 0.7 |
CAD | 1.4 | 0.0 | 2.5 | 0.0 |
| CHF | 0.8 | 0.0 | 0.1 | 0.0 |
EUR million | 2024 | 2023 |
USD | +/– 0.8 | +/– 0.9 |
SEK | +/– 0.6 | +/– 0.8 |
GBP | –/+ 0.0 | –/+ 0.0 |
CAD | +/– 0.3 | +/– 0.5 |
| CHF | +/– 0.2 | –-/+ 0.0 |
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Hedging rate for purchases in the following years, % | 2024 | 2023 |
0–1 years | 92.0 | 93.1 |
1–2 years | 71.6 | 77.4 |
2–3 years | 42.1 | 38.8 |
3–4 years | 41.1 | 42.3 |
4–5 years | 34.5 | 41.1 |
EUR million | 2024 | 2023 |
Cash and cash equivalents | 89.9 | 63.4 |
| Credit limits | 300.0 | 300.0 |
389.9 | 363.4 |
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EUR million | 2024 | 2023 |
Interest-bearing net debt | 1,472.8 | 1,304.1 |
| B/S Total equity | 1,292.8 | 1,293.7 |
Total capital | 2,765.5 | 2,597.7 |
Gearing ratio, % | 113.9 | 100.8 |
Net debt / EBITDA | 1.9 | 1.7 |
Equity ratio, % | 38.7 | 41.6 |
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ANNUAL REPORT 2024 Financial Statements
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Shareholders’ equity 2024 | 2023 | |
Treasury shares, 000s | 6,926 | 6,947 |
Share issue authorisation, 000s | 15,000 | 14,999 |
Debt capital | 2024 | 2023 |
Commercial paper programme (non-committed) (1 | 43.0 | 315.5 |
Credit facility (non-committed) | 50.0 | 100.0 |
Revolving credits (committed) (2 | 300.0 | 300.0 |
EMTN programme (non-committed) (3 | 600.0 | 352.0 |
Total, EUR million | 993.0 | 1,067.5 |
| Number of | |||
| shares, | Share | Treasury | |
| EUR million | 000s | capital | shares |
1 Jan. 2023 | 167,335 | 83.0 | –124.5 |
| Disposal of treasury shares | 2.8 | ||
B/S 31 Dec. 2023 | 167,335 | 83.0 | –121.7 |
| Disposal of treasury shares | 2.9 | ||
B/S 31 Dec. 2024 | 167,335 | 83.0 | –118.8 |
| Accounting | Holding, | ||
| Number of | countervalue, | % of shares | |
| Treasury shares | shares | EUR | and votes |
Treasury shares held by the Group at 1 Jan. 2023 | 7,075,378 | 3,510,859 | 4.23 |
| Disposal of treasury shares | –128,724 | ||
Treasury shares held by the Group at 31 Dec. 2023 | 6,946,654 | 3,446,986 | 4.15 |
Disposal of treasury shares | –134,178 | ||
| Transfer from unallocated account | 113,131 | ||
Treasury shares held by the Group at 31 Dec. 2024 | 6,925,607 | 3,436,542 | 4.14 |
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| Reserve for | |||||
| invested | Fair | ||||
| non-restricted | Contingency | value | Other | ||
| EUR million | equity | reserve | reserve | reserves | Total |
1 Jan. 2023 | 90.9 | 3.4 | –10.5 | 381.0 | 464.8 |
Cash flow hedge | –0.1 | –0.1 | |||
| Remeasurements of the net defined benefit liability | 1.2 | 1.2 | |||
B/S 31 Dec. 2023 | 90.9 | 3.4 | –9.4 | 381.0 | 465.9 |
Cash flow hedge | –0.5 | –0.5 | |||
| Remeasurements of the net defined benefit liability | –0.2 | –0.2 | |||
B/S 31 Dec. 2024 | 90.9 | 3.4 | –10.1 | 381.0 | 465.2 |
7.4 Financial assets and liabilities
EUR million | 2024 | 2023 |
| Financial income | ||
Dividend income from other financial assets | 0.6 | 0.5 |
Interest and financial income from loans and other receivables | 5.0 | 4.7 |
Gain on disposal of financial assets | 0.8 | 0.2 |
Foreign exchange gain | 2.8 | 2.1 |
| Other financial income | 0.2 | 1.2 |
| I/S | 9.4 | 8.7 |
| Financial expenses | ||
Interest expenses on financial liabilities measured at amortised cost | –34.5 | –24.3 |
Interest expenses on lease liabilities | –3.9 | –3.3 |
Other financial expenses on financial liabilities measured at amortised cost | –2.2 | –2.1 |
Other interest expenses | –0.2 | –0.1 |
Impairments | –5.0 | –0.1 |
Loss on disposal of financial assets | 0.0 | –0.3 |
Foreign exchange loss | –2.0 | –1.9 |
| Other financial expenses | –0.1 | 0.0 |
| I/S | –47.9 | –32.0 |
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7.4.2 Financial liabilities
2024 2023
| Balance sheet | Fair | Balance sheet | Fair | |
| EUR million | values | values | values | values |
| Non-current | ||||
Bonds | 895.8 | 885.1 | 893.7 | 870.5 |
Bank loans | 111.8 | 111.8 | 103.0 | 103.0 |
| Lease liabilities | 75.5 | 75.5 | 67.8 | 67.8 |
B/S | 1,083.1 | 1,072.4 | 1,064.5 | 1,041.4 |
| Current | ||||
Bonds | 247.7 | 246.5 | ||
Bank loans | 151.5 | 151.5 | 0.0 | 0.0 |
Lease liabilities | 21.0 | 21.0 | 20.8 | 20.8 |
| Commercial paper | 307.0 | 307.0 | 34.5 | 34.5 |
| B/S | 479.6 | 479.6 | 303.0 | 301.8 |
1,562.7 | 1,552.0 | 1,367.5 | 1,343.2 |
The financial liabilities include a total of EUR 96.6 (88.6) million of secured lease liabilities. In practice, lease liabilities are
secured liabilities, as the rights to the leased property will revert to the lessor if the payments are neglected.
Material parts of the financial liabilities are denominated in euros. Financial liabilities are measured at amortised cost. The
fair values of financial liabilities are based on quoted market prices.
The average maturity of non-current liabilities was 2.2 (2.8) years, and the effective average interest rate was 2.4 (2.0) per
cent.
Contract-based cash flows on the repayment of financial liabilities and costs
2024
EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030– | Total |
Bonds | 17.0 | 317.0 | 313.2 | 12.0 | 312.0 | 0.0 | 971.2 |
Financial costs | 17.0 | 17.0 | 13.2 | 12.0 | 12.0 | 0.0 | 71.2 |
| Repayments | 0.0 | 300.0 | 300.0 | 0.0 | 300.0 | 0.0 | 900.0 |
Bank loans | 158.7 | 8.3 | 6.0 | 5.7 | 4.1 | 108.3 | 291.0 |
Financial costs | 7.2 | 3.8 | 3.7 | 3.7 | 3.7 | 5.6 | 27.6 |
| Repayments | 151.5 | 4.5 | 2.3 | 2.0 | 0.4 | 102.7 | 263.4 |
Commercial paper | 307.0 | 307.0 | |||||
Financial costs | 3.7 | 3.7 | |||||
| Repayments | 303.3 | 303.3 | |||||
Lease liabilities | 25.4 | 19.3 | 15.2 | 8.5 | 6.9 | 70.3 | 145.6 |
Financial costs | 4.4 | 6.6 | 5.5 | 3.0 | 2.5 | 27.0 | 49.0 |
| Repayments | 21.0 | 12.7 | 9.7 | 5.5 | 4.4 | 43.3 | 96.6 |
Derivatives | –0.4 | 0.0 | –0.4 | ||||
Electricity derivatives | –0.4 | 0.0 | –0.4 | ||||
| Currency derivatives | 0.0 | 0.0 | |||||
| Contingent considerations | 5.4 | 5.4 | |||||
| Trade payables | 177.7 | 177.7 | |||||
Total | 690.9 | 344.6 | 334.4 | 26.2 | 323.0 | 178.6 | 1,897.6 |
Financial costs | 32.0 | 27.4 | 22.4 | 18.7 | 18.2 | 32.6 | 151.2 |
| Repayments | 658.9 | 317.2 | 312.0 | 7.5 | 304.8 | 146.0 | 1,746.4 |
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2023
EUR million | 2024 | 2025 | 2026 | 2027 | 2028 | 2029– | Total |
Bonds | 258.3 | 16.1 | 316.1 | 312.8 | 12.0 | 312.0 | 1,227.3 |
Financial costs | 10.3 | 16.1 | 16.1 | 12.8 | 12.0 | 12.0 | 79.3 |
| Repayments | 248.0 | 0.0 | 300.0 | 300.0 | 0.0 | 300.0 | 1,148.0 |
Bank loans | 4.7 | 104.7 | 0.2 | 0.2 | 0.2 | 2.1 | 112.1 |
Financial costs | 4.5 | 4.4 | 0.0 | 0.0 | 0.0 | 0.1 | 9.1 |
| Repayments | 0.3 | 100.3 | 0.2 | 0.2 | 0.2 | 1.9 | 103.0 |
Commercial paper | 34.5 | 34.5 | |||||
Financial costs | 0.6 | 0.6 | |||||
| Repayments | 33.9 | 33.9 | |||||
Lease liabilities | 24.4 | 19.7 | 12.9 | 6.6 | 4.5 | 68.5 | 136.6 |
Financial costs | 3.6 | 7.0 | 5.0 | 2.5 | 1.7 | 28.1 | 47.9 |
| Repayments | 20.8 | 12.7 | 7.8 | 4.1 | 2.8 | 40.4 | 88.6 |
Derivatives | –0.9 | –0.2 | –1.1 | ||||
Electricity derivatives | –0.8 | –0.2 | –1.0 | ||||
| Currency derivatives | –0.1 | –0.1 | |||||
| Contingent considerations | 1.1 | 1.1 | |||||
| Trade payables | 191.2 | 191.2 | |||||
Total | 513.3 | 140.4 | 329.2 | 319.5 | 16.7 | 382.5 | 1,701.7 |
Financial costs | 18.0 | 27.4 | 21.2 | 15.3 | 13.7 | 40.2 | 135.8 |
| Repayments | 495.3 | 113.0 | 308.0 | 304.2 | 3.0 | 342.3 | 1,565.9 |
Future financial costs of variable-rate financial liabilities have been calculated at the interest rate prevailing on the period end
date.
The company has EUR 300 million in credit facilities. Both EUR 130 million and EUR 170 million credit facilities mature in
2028 and were fully undrawn on 31 December 2024.
| Balance | Nominal | Nominal | Effective | |||
| Fair value | sheet value | value | interest | interest | Maturity | |
| EUR million | EUR million | EUR million | rate, % | rate, % | date | |
| EMTN programme 2001 / | ||||||
| EUR 1,000 million | ||||||
I/2019 | 295.0 | 298.7 | 300.0 | 1.125 | 1.236 | 26.2.2026 |
I/2020 | 280.1 | 299.0 | 300.0 | 0.250 | 0.322 | 15.9.2027 |
| I/2023 | 310.0 | 298.2 | 300.0 | 4.000 | 4.092 | 27.1.2029 |
885.1 | 895.8 | 900.0 |
EUR million | 2024 | 2023 |
Within one year | 21.0 | 20.8 |
Later than one year, but not later than five years | 32.3 | 27.4 |
| Later than five years | 43.3 | 40.4 |
96.6 | 88.6 |
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| Financial | Financial | |||||
| assets/liabilities | assets/liabilities | Financial | ||||
| measured at | measured at fair value | assets/liabilities | ||||
| 2024 | fair value through | through other | measured at | Book | Fair | |
| EUR million | profit or loss | comprehensive income | amortised cost | values | values | Note |
| Non-current financial assets | ||||||
Other financial assets (1 | 0.6 | 15.0 | 15.6 | 15.6 | ||
Trade and other receivables | 0.4 | 104.7 | 105.1 | 105.1 | 6.2.2 | |
| Current financial assets | ||||||
Trade and other receivables | 573.0 | 573.0 | 573.0 | 6.2.1 | ||
0.6 | 0.4 | 692.6 | 693.6 | 693.6 | ||
| Non-current financial liabilities | ||||||
Financial liabilities | 1,083.1 | 1,083.1 | 1,072.4 | 7.4.2 | ||
Trade and other liabilities (2 | 1.3 | 13.4 | 14.7 | 14.7 | 6.3 | |
| Current financial liabilities | ||||||
Financial liabilities | 479.6 | 479.6 | 479.6 | 7.4.2 | ||
Trade and other liabilities (2 | 4.1 | 406.2 | 410.3 | 410.3 | 6.3 | |
5.4 | 1,982.3 | 1,987.7 | 1,977.0 |
| Financial | Financial | |||||
| assets/liabilities | assets/liabilities | Financial | ||||
| measured at | measured at fair value | assets/liabilities | ||||
| 2023 | fair value through | through other | measured at | Book | Fair | |
| EUR million | profit or loss | comprehensive income | amortised cost | values | values | Note |
| Non-current financial assets | ||||||
Other financial assets (1 | 0.6 | 15.4 | 16.0 | 16.0 | ||
Trade and other receivables | 1.0 | 106.9 | 107.9 | 107.9 | 6.2.2 | |
| Current financial assets | ||||||
Trade and other receivables | 555.8 | 555.8 | 555.8 | 6.2.1 | ||
0.6 | 1.0 | 678.1 | 679.7 | 679.7 | ||
| Non-current financial liabilities | ||||||
Financial liabilities | 1,064.5 | 1,064.5 | 1,041.4 | 7.4.2 | ||
Trade and other liabilities (2 | 14.6 | 14.6 | 14.6 | 6.3 | ||
| Current financial liabilities | ||||||
Financial liabilities | 303.0 | 303.0 | 301.8 | 7.4.2 | ||
Trade and other liabilities (2 | 1.1 | 390.4 | 391.5 | 391.5 | 6.3 | |
1.1 | 1,772.5 | 1,773.6 | 1,749.3 |
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EUR million | 2024 | Level 1 | Level 2 | Level 3 |
| Financial assets and liabilities measured at fair value | ||||
| through other comprehensive income | ||||
Electricity derivatives | 0.4 | 0.4 | ||
Currency derivatives | 0.0 | 0.0 | ||
Financial assets and liabilities measured at fair value through profit or loss | ||||
Listed equity investments | 0.6 | 0.6 | ||
| Contingent considerations in business combinations | –5.4 | –5.4 | ||
–4.5 | 0.6 | 0.4 | –5.4 |
EUR million | 2023 | Level 1 | Level 2 | Level 3 |
| Financial assets and liabilities measured at fair value | ||||
| through other comprehensive income | ||||
Electricity derivatives | 1.0 | 1.0 | ||
Currency derivatives | 0.1 | 0.1 | ||
Financial assets and liabilities measured at fair value through profit or loss | ||||
| Listed equity investments | 0.6 | 0.6 | ||
| Contingent considerations in business combinations | –1.1 | –1.1 | ||
0.5 | 0.6 | 1.0 | –1.1 |
EUR million | 2024 | 2023 |
At the beginning of the period | 1.1 | 4.9 |
Increase in contingent consideration | 4.9 | 0.6 |
Payment of contingent consideration | –0.6 | –4.2 |
Release of unused contingent consideration | –0.1 | |
| Translation differences | 0.1 | 0.0 |
At the end of the period | 5.4 | 1.1 |
| Less than | Over | Less than | Over | |||
| EUR million | 1 year | 1–5 years | 5 years | 1 year | 1–5 years | 5 years |
Electricity derivatives | 2.4 | 3.5 | ||||
Currency derivatives | 4.0 | 3.3 | ||||
6.4 | 6.8 |
| Positive | Negative | Positive | Negative | |||
| EUR million | fair value | fair value | Total | fair value | fair value | Total |
Electricity derivatives | 0.4 | 0.4 | 1.0 | 1.0 | ||
Currency derivatives | 0.0 | 0.0 | 0.1 | 0.1 | ||
0.4 | 0.4 | 1.0 | 1.0 |
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8. Other notes
EUR million | 2024 | 2023 |
Taxes for the period | –80.1 | –82.7 |
Taxes for previous periods | 0.0 | 0.0 |
| Deferred taxes | –11.4 | –1.4 |
| I/S | –91.5 | –84.1 |
| Before | Tax | After | Before | Tax | After | |
| EUR million | taxes | effect | taxes | taxes | effect | taxes |
| Remeasurements of the net defined | ||||||
benefit liability | –0.3 | 0.1 | –0.2 | 1.5 | –0.3 | 1.2 |
| Cash flow hedge | –0.7 | 0.1 | –0.5 | –0.1 | 0.0 | –0.1 |
–1.0 | 0.2 | –0.8 | 1.5 | –0.3 | 1.2 |
EUR million | 2024 | 2023 | |
| I/S | Profit before tax | 447.9 | 458.1 |
Tax according to the domestic tax rate | –89.6 | –91.6 | |
| Tax effects of the following: | |||
Tax-free income | 0.0 | 0.1 | |
Non-deductible expenses | –2.1 | –1.8 | |
Tax effect related to the foreign subsidiaries | 2.7 | 11.0 | |
Usage of tax losses, for which no deferred tax was recognised | 0.2 | 0.7 | |
Loss for the period, for which no deferred tax asset is recognised | –2.0 | –2.4 | |
Taxes for previous periods | 0.0 | 0.0 | |
| Other items | –0.8 | 0.0 | |
| I/S | Taxes on the income statement | –91.5 | –84.1 |
Effective tax rate, % | 20.4 | 18.4 | |
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| Recognised | Recognised | |||||
| on the | on the | Business | ||||
| 1 Jan. | income | comprehensive | combina- | Translation | 31 Dec. | |
| EUR million | 2024 | statement | income | tions | differences | 2024 |
Lease liabilities | 16.4 | 1.2 | 17.6 | |||
| Right-of-use assets | –14.6 | –1.0 | –15.6 | |||
Lease contracts total | 1.8 | 0.2 | 2.0 | |||
Internal margins | 2.4 | –0.5 | 1.9 | |||
Share-based incentive plans | 3.6 | –0.8 | 2.8 | |||
Pension obligations | 2.1 | –0.3 | 0.1 | 1.9 | ||
Provisions | 1.0 | 0.8 | 1.8 | |||
| Other temporary differences | 0.6 | –0.2 | 0.1 | 0.2 | 0.0 | 0.8 |
B/S | 11.5 | –0.8 | 0.2 | 0.2 | 0.0 | 11.1 |
| Recognised | |||||
| on the | Business | ||||
| 1 Jan. | income | combina- | Translation | 31 Dec. | |
| EUR million | 2024 | statement | tions | differences | 2024 |
| Fair value measurement of tangible | |||||
| and intangible assets in business | |||||
combinations | 2.0 | –1.1 | 2.7 | 0.0 | 3.7 |
Accumulated depreciation differences | 18.0 | 3.2 | 0.1 | 21.4 | |
Finance lease agreements | 0.9 | 0.0 | 0.9 | ||
Customer contracts | 1.7 | 0.0 | 1.7 | ||
Bonds | 0.5 | –0.2 | 0.3 | ||
Profit distribution tax liability | 8.5 | 8.5 | |||
| Other temporary differences | 1.6 | 0.1 | 1.6 | ||
B/S | 24.7 | 10.6 | 2.8 | 0.0 | 38.1 |
| Recognised | Recognised | ||||
| on the | on the | ||||
| 1 Jan. | income | comprehensive | Translation | 31 Dec. | |
| EUR million | 2023 | statement | income | differences | 2023 |
Lease liabilities | 17.3 | –0.9 | 16.4 | ||
| Right-of-use assets | –15.6 | 1.0 | –14.6 | ||
Lease contracts total | 1.7 | 0.1 | 1.8 | ||
Internal margins | 2.8 | –0.4 | 2.4 | ||
Share-based incentive plans | 3.9 | –0.3 | 3.6 | ||
Pension obligations | 2.8 | –0.4 | –0.3 | 2.1 | |
Provisions | 0.8 | 0.2 | 1.0 | ||
Confirmed losses | 0.3 | –0.3 | 0.0 | ||
| Other temporary differences | 0.8 | –0.2 | 0.0 | 0.0 | 0.6 |
B/S | 13.1 | –1.3 | –0.3 | 0.0 | 11.5 |
| Recognised | |||||
| on the | |||||
| 1 Jan. | income | Business | Translation | 31 Dec. | |
| EUR million | 2023 | statement | disposals | differences | 2023 |
| Fair value measurement of tangible | |||||
| and intangible assets in business | |||||
combinations | 3.0 | –1.0 | 0.0 | 2.0 | |
Accumulated depreciation differences | 17.4 | 0.6 | 18.0 | ||
Finance lease contracts | 1.3 | 0.7 | –1.1 | 0.9 | |
Customer contracts | 1.8 | –0.1 | 1.7 | ||
Bonds | 0.7 | –0.2 | 0.5 | ||
| Other temporary differences | 1.6 | 0.0 | 1.6 | ||
B/S | 25.7 | 0.1 | –1.1 | 0.0 | 24.7 |
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| Termination | |||
| EUR million | benefits | Other | Total |
1 Jan. 2023 | 2.0 | 1.7 | 3.7 |
Increase in provisions | 4.4 | 4.4 | |
Utilised provisions | –3.3 | –3.3 | |
| Release of unused provisions | –0.3 | –0.3 | |
31 Dec. 2023 | 2.8 | 1.7 | 4.5 |
Increase in provisions | 15.5 | 15.5 | |
Utilised provisions | –8.5 | –8.5 | |
| Release of unused provisions | –1.7 | –1.7 | |
31. Dec 2024 | 8.1 | 1.7 | 9.8 |
EUR million | 2024 | 2023 | |
B/S | Long-term provisions | 3.3 | 3.4 |
B/S | Short-term provisions | 6.5 | 1.0 |
9.8 | 4.5 |
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8.3 Related party details
The Group’s related parties include the parent company, subsidiaries, associates and joint ventures. The related parties also
include Elisa’s Board of Directors, the CEO, the Executive Board as well as entities controlled by them and close members of
their family.
Transactions carried out with related parties:
2024
EUR million Revenue Purchases Receivables Liabilities
Associates 1.6 0.9 10.0 0.0
2023
EUR million
Associates 0.7 0.9 11.6 0.5
The employee benefits of the Group’s related parties are presented in Note 4.1.
8.3.1 Group companies
The parent company of the Group is Elisa Corporation.
| Group’s | ||
Subsidiaries | Domicile | ownership, % |
| Banana Fingers Limited | Bristol, UK | 100 |
| Digiset Oy | Helsinki, Finland | 100 |
| Elisa Eesti AS | Tallinn, Estonia | 100 |
| Elisa Finance Oü | Tallinn, Estonia | 100 |
| Elisa France SAS | Les Sorinieres, France | 100 |
| Elisa IndustrIQ Oy | Helsinki, Finland | 100 |
| Elisa camLine Holding GmbH | Petershausen, Germany | 100 |
| camLine GmbH | Petershausen, Germany | 100 |
| camLine Solutions S.r.l. | Iași, Romania | 100 |
| camLine USA Inc. | Atlanta GA, USA | 100 |
| Romaric Automation Design Inc. | Utah, USA | 100 |
| camLine Hungary Kft. | Szombathely, Hungary | 60 |
| camLine Pte. Ltd. | Singapore, Singapore | 100 |
| camLine Taiwan | New Taipei City, Taiwan | 100 |
| camLine sdn. Bhd. | Bayan Lepas, Malaysia | 100 |
| PT Elisa camLine Indonesia | Surabaya, Indonesia | 100 |
| Suzhou camLine Technology Co. Ltd | Suzhou, China | 100 |
| Group’s | ||
Subsidiaries | Domicile | ownership, % |
| sedApta s.r.l. | Genova, Italy | 100 |
| Aimesys S.r.l. | Genova, Italy | 51 |
| Atomos Hyla S.p.A. | Genova, Italy | 100 |
| Nextchain S.r.l. | Milan, Italy | 78 |
| Best Solutions and Processes Consultant S.r.l. | Torino, Italy | 100 |
| Atomos Hyla Informatica SA | Belo Horizonte, Brazil | 69 |
| Novigo Technology S.R.L. | Genova, Italy | 60 |
| sedApta GmbH | Chemnitz, Germany | 100 |
| SedApta Ltd. | London, UK | 100 |
| sedApta Osys S.A. | Changé, France | 100 |
| TenForce NV | Leuven, Belgium | 50 |
| Process Data Control Corporation | Arlington TX, USA | 50 |
| Corporate Car Solutions Italia S.r.l. | Rome, Italy | 50 |
| Elisa IndustrIQ USA Inc. | Murphy TX, USA | 100 |
| Elisa Santa Monica Oy | Helsinki, Finland | 100 |
| Elistar AB | Stockholm, Sweden | 100 |
| Elisa Polystar Finland Oy | Helsinki, Finland | 100 |
| Elisa Polystar UK Ltd. | Guildford, UK | 100 |
| Elisa Polystar Poland SP. z.o.o. | Lublin, Poland | 100 |
| Elisa Polystar Slovakia s.r.o. | Bratislava, Slovakia | 100 |
| Polystar Egypt LLC | Cairo, Egypt | 100 |
| Elisa Polystar Canada Inc. | Toronto, Canada | 100 |
| Elisa Polystar USA Inc. | Frisco TX, USA | 100 |
| Elisa Polystar Sweden AB | Stockholm, Sweden | 100 |
| Polystar Asia Private Ltd. | Singapore, Singapore | 100 |
| Elisa Polystar Australia Pty | Sydney, Australia | 100 |
| Elisa Polystar Spain S.L. | Bilbao, Spain | 100 |
| Enia Oy | Helsinki, Finland | 100 |
| Epic TV SAS | Sallanches, France | 100 |
| Fenix Solutions Oy | Turku, Finland | 100 |
| Fonum Oy | Helsinki, Finland | 100 |
| Karelsat Oy | Joensuu, Finland | 100 |
| Kepit Systems Oy | Vaasa, Finland | 70 |
| Kiinteistö Oy Raision Luolasto | Espoo, Finland | 100 |
| Kiinteistö Oy Rinnetorppa | Kuusamo, Finland | 100 |
| Kiinteistö Oy Tapiolan Luolasto | Espoo, Finland | 100 |
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EUR million | 2024 | 2023 | |
| I/S | Group’s share of associated companies’ profit | –1.2 | –0.4 |
B/S Group’s investments in associated companies | 11.7 | 20.8 |
EUR million | 2024 | 2023 |
Balance at the beginning of the period | 20.8 | 9.9 |
Additions (1 | 0.0 | 11.5 |
Reclassifications (2 | –7.8 | –0.2 |
Share of profits for the period | –1.2 | –0.4 |
Dividends received | 0.0 | 0.0 |
| Impairment | 0.0 | –0.1 |
B/S Balance at the end of the period | 11.7 | 20.8 |
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| Group’s | ||
Associates | Domicile | ownership,% |
FNE-Finland Oy | Kontiolahti, Finland | 45.9 |
KE-Masto Oy | Kajaani, Finland | 49.5 |
Kiinteistö Oy Helsingin Lauttasaarentie 19 | Helsinki, Finland | 41.7 |
Kiinteistö Oy Helsingin Sentnerikuja 6 | Helsinki, Finland | 50.0 |
Kiinteistö Oy Helsingin Stenbäckinkatu 5 | Helsinki, Finland | 40.0 |
Kiinteistö Oy Herrainmäen Luolasto | Tampere, Finland | 50.0 |
Kiinteistö Oy Pohjanplassi | Lapua, Finland | 39.3 |
Kiinteistö Oy Riihimäen Maisterinkatu 9 | Riihimäki, Finland | 35.0 |
Kiinteistö Oy Runeberginkatu 43 | Helsinki, Finland | 29.6 |
MVC Mobile Video Communication GmbH | Kronberg im Taunus, Germany | 37. 5 |
Suomen Numerot NUMPAC Oy | Helsinki, Finland | 33.3 |
EUR million | 2024 | 2023 |
Lease payments associated with short-term leases | 39.9 | 34.9 |
| Lease payments associated with low-value assets | 14.7 | 14.2 |
54.6 | 49.1 |
EUR million | 2024 | 2023 |
Within one year | 14.9 | 14.4 |
Later than one year, but not later than five years | 3.8 | 5.1 |
| Later than five years | 0.6 | 1.4 |
19.3 | 20.9 |
EUR million | 2024 | 2023 |
Within one year | 2.9 | 3.0 |
| Later than one year, but not later than five years | 0.2 | 0.4 |
3.1 | 3.5 |
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EUR million | 2024 | 2023 |
| On behalf of own commitments | ||
Mortgages | 3.8 | 3.8 |
Guarantees | 2.8 | 0.8 |
| Deposits | 0.6 | 0.5 |
| On behalf of others | ||
| Guarantees | 0.5 | 0.5 |
7.6 | 5.6 | |
| Other contractual obligations | ||
| Venture capital investment obligation | 0.2 | 0.2 |
| 0.2 | 0.2 |
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2024 | 2023 | 2022 | 2021 | 2020 | |
| INCOME STATEMENT | |||||
Revenue, EUR million | 2,191 | 2,180 | 2,130 | 1,998 | 1,895 |
Change of revenue, % | 0.5 | 2.4 | 6.6 | 5.5 | 2.8 |
EBITDA, EUR million | 767 | 756 | 733 | 697 | 685 |
EBITDA as % of revenue | 35.0 | 34.7 | 34.4 | 34.9 | 36.2 |
EBIT, EUR million | 488 | 482 | 470 | 431 | 409 |
EBIT as % of revenue | 22.3 | 22.1 | 22.1 | 21.6 | 21.6 |
Profit before tax, EUR million | 448 | 458 | 456 | 418 | 398 |
Profit before tax as % of revenue | 20.4 | 21.0 | 21.4 | 20.9 | 21.0 |
Return on equity (ROE), % | 27.6 | 29.4 | 30.4 | 28.8 | 28.1 |
Return on investment (ROI), % | 17.7 | 18.5 | 18.3 | 16.9 | 16.7 |
Research and development costs, EUR million | 27 | 24 | 21 | 16 | 10 |
Research and development costs as % of revenue | 1.2 | 1.1 | 1.0 | 0.8 | 0.5 |
| BALANCE SHEET | |||||
Gearing ratio, % | 113.9 | 100.8 | 101.9 | 101.2 | 101.9 |
Current ratio | 0.8 | 1.0 | 1.0 | 1.4 | 1.3 |
Equity ratio, % | 38.7 | 41.6 | 40.6 | 39.9 | 39.1 |
Non-interest-bearing liabilities, EUR million | 501 | 463 | 488 | 491 | 430 |
Interest-bearing net debt | 1,473 | 1,304 | 1,276 | 1,219 | 1,207 |
Balance sheet total, EUR million | 3,356 | 3,125 | 3,101 | 3,028 | 3,041 |
| INVESTMENTS | |||||
Investments in shares, EUR million | 114 | 12 | 25 | 28 | 70 |
| CAPITAL EXPENDITURE | |||||
Gross investments, EUR million | 338 | 321 | 290 | 265 | 266 |
Gross investments as % of revenue | 15.4 | 14.7 | 13.6 | 13.3 | 14.1 |
| PERSONNEL | |||||
Average number of employees during the period | 5,781 | 5,721 | 5,523 | 5,391 | 5,097 |
Revenue/employee, EUR 1,000 | 379 | 381 | 386 | 371 | 372 |
132
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2024 | 2023 | 2022 | 2021 | 2020 | |
| INCOME STATEMENT | |||||
Comparable EBITDA, EUR million | 783 | 756 | 735 | 706 | 685 |
Comparable EBITDA as % of revenue | 35.7 | 34.7 | 34.5 | 35.3 | 36.2 |
Comparable EBIT, EUR million | 504 | 487 | 472 | 439 | 415 |
Comparable EBIT as % of revenue | 23.0 | 22.4 | 22.2 | 22.0 | 21.9 |
Comparable profit before tax, EUR million | 469 | 464 | 458 | 427 | 399 |
Comparable profit before tax as % of revenue | 21.4 | 21.3 | 21.5 | 21.4 | 21.0 |
Comparable return on equity (ROE), % | 29.0 | 29.7 | 30.5 | 29.3 | 28.1 |
Comparable return on investment (ROI), % | 18.5 | 18.7 | 18.4 | 17.2 | 16.7 |
Comparable earnings per share (EPS) | 2.35 | 2.37 | 2.34 | 2.19 | 2.05 |
133
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9.3. Per-share indicators
(1
2024 | 2023 | 2022 | 2021 | 2020 | |
Share capital, EUR | 83,033,008 | 83,033,008 | 83,033,008 | 83,033,008 | 83,033,008 |
Number of shares at year-end | 160,409,466 | 160,388,419 | 160,259,695 | 160,187,301 | 160,082,908 |
Average number of shares | 160,508,759 | 160,376,432 | 160,253,348 | 160,174,453 | 160,065,712 |
Number of shares at year-end, diluted | 160,568,849 | 160,542,095 | 160,416,729 | 160,187,301 | 160,082,908 |
Average number of shares, diluted | 160,668,143 | 160,530,108 | 160,410,382 | 160,174,453 | 160,065,712 |
Market capitalisation, EUR million (2 | 6,995 | 7,006 | 8,276 | 9,056 | 7,508 |
Earnings per share (EPS), EUR | 2.23 | 2.34 | 2.33 | 2.15 | 2.05 |
Dividend per share, EUR | 2.35 (6 | 2.25 | 2.15 | 2.05 | 1.95 |
Payout ratio, % | 105.3 | 96.2 | 92.1 | 95.6 | 95.1 |
Equity per share, EUR | 8.01 | 8.05 | 7.78 | 7.48 | 7.39 |
P/E ratio | 18.7 | 17.9 | 21.2 | 25.2 | 21.9 |
Effective dividend yield, % (3 | 5.6 | 5.4 | 4.3 | 3.8 | 4.3 |
| Share performance on Nasdaq Helsinki | |||||
Mean price, EUR | 43.23 | 48.86 | 51.99 | 51.00 | 51.08 |
Closing price at year-end, EUR | 41.80 | 41.87 | 49.46 | 54.12 | 44.87 |
Lowest price, EUR | 40.18 | 39.41 | 45.57 | 45.10 | 40.79 |
Highest price, EUR | 49.08 | 56.52 | 56.90 | 56.18 | 58.88 |
Trading of shares on Nasdaq Helsinki (4 | |||||
Total trading volume, 1,000 shares | 69,716 | 64,380 | 71,229 | 81,557 | 122,497 |
Percentage of shares traded (5 | 42 | 38 | 43 | 49 | 73 |
1)
The numbers of shares are presented without treasury shares held by Elisa Group.
2)
Calculated on the basis of the closing price on the last trading day of the year and the total number of shares at the end of the period (167,335,073).
3)
Calculated on the basis of the closing price on the last trading day of the year.
4)
Elisa share is also traded in alternative marketplaces. According to Bloomberg, the trading volumes in these markets in 2024 were approximately
229 (289) per cent of the volumes on the Nasdaq Helsinki.
5)
Calculated in proportion to the total number of shares at the end of the period.
6)
The Board of Directors proposes a dividend payment of EUR 2.35 per share.
Formulae for per-share indicators
Earnings per share (EPS)
Profit for the period attributable to the equity holders of the parent
Average number of shares during the period adjusted for share issues
Dividend per share
(1
Dividend adjusted for share issues
Number of shares at the balance sheet date adjusted for share issues
Effective dividend yield, %
(1
Dividend per share
× 100
Share price at the balance sheet date adjusted for share issues
Payout ratio, %
(1
Dividend per share
× 100
Earnings per share
Equity per share
Equity attributable to equity holders of the parent
Number of shares at the balance sheet date adjusted for share issues
P/E ratio (price/earnings)
Share price on the balance sheet date
Earnings per share
1)
The calculation formulae apply also to the capital repayment indicators.
134
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ANNUAL REPORT 2024 Financial Statements 134
EUR million Note 2024 2023
Revenue
1
1,776.4
1,771.6
Other operating income
2
11.2
10.3
Materials and services
3
–654.4
–666.3
Employee expenses
4
–265.8
–271.9
Depreciation, amortisation and impairment
5
–268.8
–267.9
Other operating expenses
–182.4
–174.0
Operating profit 416.2 401.7
Financial income and expenses
7
23.5
–37.3
Profit before tax and appropriations 439.8 364.4
Appropriations
8
–14.7
0.8
Income taxes
9
–77.6
–80.8
Profit for the period 347.4 284.3
Income statement, parent company, FAS
EUR million Note 31 Dec. 2024 31 Dec. 2023
ASSETS
Non-current assets
Intangible assets
10
223.2
247.7
Property, plant and equipment 10
788.9
741.0
Investments
11 972.1
851.5
1,984.2
1,840.2
Current assets
Inventories
12 49.8
52.8
Non-current receivables 13 167.7
109.3
Current receivables 14 487.0
465.0
Cash and bank receivables
47.3
37.9
751.7
665.1
TOTAL ASSETS
2,735.9
2,505.3
EQUITY AND LIABILITIES
Equity
15
Share capital
83.0
83.0
Treasury shares
–118.6
–121.5
Reserve for invested non-restricted equity
77.8
77.8
Contingency reserve
3.4
3.4
Retained earnings
114.9
194.1
Profit for the period
347.4
284.3
508.0
521.2
Accumulated appropriations 104.3
87.3
Provisions 16 8.5
5.4
Liabilities
Non-current liabilities
17 1,007.1
1,005.8
Current liabilities 18 1,108.1
885.6
2,115.2
1,891.4
TOTAL EQUITY AND LIABILITIES
2,735.9
2,505.3
Balance sheet, parent company, FAS
135
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ANNUAL REPORT 2024 Financial Statements
EUR million 2024 2023
Cash flow from operating activities
Profit before appropriations and taxes 439.8 364.4
Adjustments:
Depreciation and amortisation 268.8 267.9
Other income and expenses with no payment relation 5.5 1.1
Other financial income (–) and expenses (+) –11.2 18.0
Gains (–) and losses (+) on the disposal of fixed assets –1.5 –3.9
Gains (–) and losses (+) on the disposal of investments 0.3 16.6
Change in provisions in the income statement
3.1
0.4
Cash flow before changes in working capital 704.6 664.5
Change in working capital
Increase (–) / decrease (+) in current non-interest-bearing trade receivables –15.2 0.9
Increase (–) / decrease (+) in inventories 2.5 10.8
Increase (+) / decrease (–) in trade and other payables
–11.3
–4.0
Cash flow before financial items and taxes 680.6 672.2
Dividends received 1.4 5.0
Interests received 4.7 5.3
Interests paid –38.0 –28.5
Income taxes paid
–83.0
–77.8
Net cash flow from operating activities 565.7 576.1
Cash flow statement, parent company, FAS
EUR million 2024 2023
Cash flow from investing activities
Capital expenditure –293.6 –292.5
Proceeds from disposal of property, plant and equipment and intangible assets 3.6 4.0
Investments in shares and other investments –42.7 –4.7
Proceeds from disposal of shares and other investments 0.2 0.3
Loans granted –109.5 –13.4
Repayment of loan receivables
4.7
5.2
Net cash flow used in investing activities –437.2 –301.2
Cash flow after investing activities 128.5 275.0
Cash flow from financing activities
Increase in long-term borrowings (+) 100.0 300.0
Decrease in long-term borrowings (–) –248.0 –202.0
Increase (+) / decrease (–) in short-term borrowings 383.9 –39.5
Group contributions received (+) / paid (–) 4.6 –5.3
Dividends paid
–359.6
–343.2
Net cash flow used in financing activities –119.2 –290.0
Change in cash and cash equivalents 9.3 –15.0
Cash and cash equivalents at the beginning of the period 37.9 53.0
Cash from business transfers and mergers 0.0
Cash and cash equivalents at the end of the period 47.3 37.9
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ANNUAL REPORT 2024 Financial Statements
Notes to the financial statements of the parent company
ACCOUNTING PRINCIPLES
Elisa Corporation’s financial statements have been prepared
in accordance with the accounting principles based on
Finnish accounting legislation.
Foreign currency items
Transactions denominated in foreign currencies are
recorded at the exchange rates prevailing on the dates of
transactions. At the end of the reporting period, assets and
liabilities denominated in foreign currencies are valued at
the exchange rates quoted by the European Central Bank on
the closing date.
Fixed assets
The carrying value of intangible and tangible assets is stated
at cost less accumulated depreciation, amortisation and
impairment. Internally generated fixed assets are measured
at variable costs.
The difference between depreciation according to plan and
total depreciation is presented under appropriations of the
parent company’s income statement, and the accumulated
depreciation difference is presented under accumulated
appropriations in shareholders’ equity and liabilities on the
balance sheet. Depreciation according to plan is recognised
on a straight-line basis over the useful life from the original
acquisition cost.
The useful life according to plan for the different asset
groups:
Intangible rights 3–5 years
Goodwill 5–20 years
Other expenditure with long-term effects 5–10 years
Buildings and structures 25–40 years
Machinery and equipment in buildings 10–25 years
Telephone exchanges
(fixed and mobile network) 6–10 years
Cable network 8–15 years
Telecommunication terminals 2–4 years
Other machines and equipment 3–5 years
Inventories
Inventories are stated at the lowest of variable cost,
acquisition price or the likely disposal or repurchase price.
Cost is determined using a weighted average price.
Marketable securities
Investments in money market funds are recognised at the
repurchase price. Investments in certificates of deposit and
commercial paper are recognised at the acquisition cost,
as the difference between the repurchase price and cost of
acquisition is not significant.
Revenue recognition principles
Revenue from deliverables is recognised at the time of
ownership transfer, and revenue from services is recognised
when the services have been performed.
Interconnection fees that are invoiced from the customers
and paid as such to other telecommunication companies are
presented as an adjustment to revenue (Finnish Accounting
Standards Board 1995/1325).
Profit from the sale of business operations and fixed assets,
subsidies received and rental income from premises is
presented under other operating income.
Losses from the sale of fixed assets are presented under
other operating expenses. The profit or loss from the sale of
shares is presented in financial income and expenses.
Research and development
Research costs are expensed as they incur, with the
exception of development costs, which are capitalised. The
capitalisation criteria are met when the product is technically
and commercially feasible, and it is expected to generate
future economic benefit. Development costs initially
recognised as expenses cannot be capitalised subsequently.
Public grants associated with development projects are
recognised as other operating income when the related
costs are recognised as expenses. Public grants, associated
with capitalised development costs, are recorded as a
reduction of cost.
Future expenses and losses
Probable future expenses and losses related to the reporting
period or a prior financial period without corresponding
income are recognised on the income statement. Such items
are recognised on the balance sheet under provisions if a
reliable estimate of the amount or timing of the obligation
cannot be made. Otherwise the obligation is recognised as
accrual.
Income taxes
Income taxes for the financial year are recognised on the
income statement. No deferred tax liabilities or receivables
have been recognised in the financial statements.
137
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ANNUAL REPORT 2024 Financial Statements
1. Revenue
EUR million 2024 2023
Revenue 1,834.3 1,838.4
Interconnection fees and other adjustments
–57.8
–66.8
1,776.4 1,771.6
Geographical distribution
Finland 1,756.8 1,747.1
Rest of Europe 18.5 23.2
Other countries
1.2
1.4
1,776.4 1,771.6
2. Other operating income
EUR million 2024 2023
Gain on disposals of fixed assets 1.5 3.9
Profit from mergers 2.6
Other income
(1
7.1
6.5
11.2 10.3
1)
Other income includes rental income from real estate, management fee income charged from subsidiaries and other income not associated
with ordinary operating activities.
3. Materials and services
EUR million 2024 2023
Materials, supplies and goods
Purchases during reporting period 339.2 346.5
Change in inventories
3.0
11.8
342.2 358.4
External services
312.2
308.0
654.4 666.3
4. Employee expenses
EUR million 2024 2023
Salaries and wages 226.2 226.7
Pension costs 34.2 38.7
Other social security costs
5.4
6.5
265.8 271.9
Personnel on average 3,240 3,361
CEO remuneration, EUR / Manner 2024 2023
Fixed salaries 586,014.00
Compensation for loss of income related to previous role 200,000.00
Performance-based bonus 113,256.00
Fringe benefits 17,315.53
Share-based payments
(1
0.00
916,585.53
1)
The maximum award allocated to the CEO under the share-based compensation plans equals the value of 63,126 shares.
See note 4.1 of the consolidated financial statements.
CEO remuneration, EUR / Mattila 2024 2023
Fixed salaries 183,940.00 668,040.00
Performance-based bonus 161,924.40 294,218.10
Fringe benefits 3,589.64 20,903.10
Share-based payments
(1
1,180,154.26
1,351,749.69
1,529,608.30
2,334,910.89
1)
The maximum award allocated to the CEO under the share-based compensation plans equals the value of 40,500 shares.
See note 4.1 of the consolidated financial statements.
The pension and retirement age for the CEO, Topi Manner, are specified in accordance with the Finnish Employees Pensions
Act.
The former CEO Veli-Matti Mattila’s supplementary pension coverage is based on a defined contribution scheme and the
pension arrangements included a right to a paid-up policy. The company’s pension liability of EUR 1.7 million was included in
the pension obligations on the balance sheet. During the financial year 2024, the liability and related assets were transferred
to the insurance company, and no further liabilities are expected to arise for the company.
138
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ANNUAL REPORT 2024 Financial Statements
Remuneration of Board members, EUR 2024 2023
Clarisse Berggårdh 2,400.00
Maher Chebbo 92,000.00 93,400.00
Kim Ignatius 99,000.00 98,000.00
Katariina Kravi 99,000.00 97,200.00
Pia Kåll 83,200.00 83,000.00
Topi Manner 78,200.00
Eva-Lotta Sjöstedt 92,000.00 93,400.00
Anssi Vanjoki 157,200.00 148,000.00
Antti Vasara 84,000.00 82,200.00
Christoph Vitzthum
80,800.00
787,200.00 775,800.00
For the year 2024, the following compensations were decided by the Annual General Meeting for the Members of the
Board: remuneration fee for the Chair EUR 150,000, for Deputy Chair and the Chairs of the Committees EUR 87,000, and
other Board members EUR 72,000; and additionally EUR 800 per meeting of the Board and of a committee. However, if a
Board member lives permanently outside Finland and is physically present at a Board or committee meeting that is held in a
country other than his/her permanent home country, the meeting fee is EUR 1,600. According to the decision of the Board
on 12 April 2024, the annual remuneration was paid in Company shares on 24 April 2024. The outstanding remuneration
amounts were paid net of tax, 60 per cent.
5. Depreciation, amortisation and impairment
EUR million 2024 2023
Intangible assets 84.4 83.7
Property, plant and equipment
184.3
184.3
268.8 267.9
EUR 0.1 (5.6) million of impairment losses have been recorded for the assets.
Specification of depreciation, amortisation and impairment by balance sheet items is included in note 10.
6. Audit fees
EUR million 2024 2023
Auditing 0.2 0.2
Tax advisory services 0.0
Other services
0.1
0.1
0.3 0.3
7. Financial income and expenses
EUR million 2024 2023
Interest income and other financial income
Dividends received
From Group companies 0.3 4.5
From associated companies 0.0 0.0
From others
0.4
0.4
0.8 4.9
Other interest and financial income
From Group companies 1.4 1.0
Capital gains from investments 74.6 0.1
From others
5.2
4.9
81.2
5.9
82.0 10.8
Interest costs and other financial expenses
To Group companies –9.3 –8.6
Impairment of investments in subsidiaries –0.1
To others
(1
–49.2
–39.4
–58.5 –48.2
23.5 –37.3
1)
Interest costs and other financial expenses include EUR 12.8 million credit loss on intra-group loan receivables.
8. Appropriations
EUR million 2024 2023
Change in appropriations –17.3 –3.9
Group contributions received 11.7 10.4
Group contributions paid
–9.1
–5.7
–14.7 0.8
9. Income taxes
EUR million 2024 2023
Income taxes for the reporting period –77.7 –80.8
Taxes for previous periods
0.1
0.0
–77.6 –80.8
139
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ANNUAL REPORT 2024 Financial Statements
10. Intangible assets and property, plant and equipment
Intangible assets
2024
EUR million
Development
costs
Intangible
rights Goodwill
Other
intangible
assets
Intangible
assets under
construction Total
Acquisition cost at 1 Jan. 86.7 166.0 886.3 646.6 14.8 1,800.5
Additions 9.9 2.7 40.2 8.0 60.8
Disposals –0.9 –0.1 –6.0 –7.0
Reclassifications 1.8 0.0 6.7 –7.6
0.8
Acquisition cost at 31 Dec. 97.5 168.7 886.3 687.5 15.2 1,855.2
Accumulated amortisation and impairment at 1 Jan. 67.4 104.1 829.0 552.4 1,552.8
Accumulated amortisation on disposals and reclassifications –0.9 –0.1 –4.2 –5.2
Amortisation and impairment for the period 10.8 9.1 28.8 35.7
84.4
Accumulated amortisation and impairment at 31 Dec. 77.2 113.2 857.8 583.8 1,631.9
Book value at 31 Dec. 20.3 55.5 28.5 103.7 15.2
223.2
Property, plant and equipment
2024
EUR million
Land and
water areas
Buildings and
constructions
Machinery and
equipment
Other
assets
Assets under
construction Total
Acquisition cost at 1 Jan. 9.5 258.1 3,958.9 35.1 35.8 4,297.5
Additions 0.2 11.4 192.1 0.0 29.1 232.7
Disposals 0.0 –0.2 –3.2 –3.4
Reclassifications 3.4 23.2 –27.5
–0.8
Acquisition cost at 31 Dec. 9.6 272.8 4,171.0 35.1 37.4 4,526.0
Accumulated depreciation and impairment at 1 Jan. 0.0 158.5 3,363.4 34.6 3,556.5
Accumulated depreciation on disposals and reclassifications –0.2 –3.6
–3.7
Depreciation and impairment for the period 8.5 175.8 0.0
184.3
Accumulated depreciation and impairment at 31 Dec. 0.0 166.8 3,535.7 34.6 3,737.1
Book value at 31 Dec. 9.6 106.0 635.3 0.5 37.4
788.9
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ANNUAL REPORT 2024 Financial Statements
Intangible assets
2023
EUR million
Development
costs
Intangible
rights Goodwill
Other
intangible
assets
Intangible
assets under
construction Total
Acquisition cost at 1 Jan. 74.0 163.2 886.3 603.3 18.8 1,745.6
Additions 8.3 1.8 35.3 9.9 55.4
Disposals –0.1 –0.1
Reclassifications 4.4 1.1 8.0 –13.9 –0.4
Acquisition cost at 31 Dec. 86.7 166.0 886.3 646.6 14.8 1,800.5
Accumulated amortisation and impairment at 1 Jan. 58.2 95.1 797.5 518.4 1,469.2
Accumulated amortisation on disposals and reclassifications –0.1 –0.1
Amortisation and impairment for the period 9.2 9.1 31.4 34.0 83.7
Accumulated amortisation and impairment at 31 Dec. 67.4 104.1 829.0 552.4 1,552.8
Book value at 31 Dec. 19.4 61.9 57.3 94.2 14.8 247.7
Property, plant and equipment
2023
EUR million
Land and
water areas
Buildings and
constructions
Machinery and
equipment
Other
assets
Assets under
construction Total
Acquisition cost at 1 Jan. 9.4 243.8 4,114.8 35.1 31.3 4,434.3
Additions 0.2 12.7 188.1 29.4 230.4
Disposals 0.0 –1.0 –372.2 –373.3
Reclassifications 0.0 2.6 28.3 –24.9 6.1
Acquisition cost at 31 Dec. 9.5 258.1 3,958.9 35.1 35.8 4,297.5
Accumulated depreciation and impairment at 1 Jan. 151.2 3,554.3 34.6 3,740.0
Accumulated depreciation on disposals and reclassifications –1.0 –366.8 –367.8
Depreciation and impairment for the period 0.0 8.3 176.0 0.0 184.3
Accumulated depreciation and impairment at 31 Dec. 0.0 158.5 3,363.4 34.6 3,556.5
Book value at 31 Dec. 9.5 99.7 595.5 0.5 35.8 741.0
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ANNUAL REPORT 2024 Financial Statements
11. Investments
Investments in Receivables from
2024
EUR million Subsidiaries Associates
Other
companies
Group
companies
Other
companies Total
Acquisition cost at 1 Jan. 846.2 17.8 23.1 1.5 888.6
Additions
(1
128.2 0.0 128.2
Disposals
(2
–7.6 0.0
–7.6
Acquisition cost at 31 Dec. 966.8 17.8 23.1 1.5 1,009.2
Impairment at 1 Jan. –32.6 –0.2 –4.3
–37.1
Impairment at 31 Dec. –32.6 –0.2 –4.3 –37.1
Book value at 31 Dec. 934.2 17.6 18.8 1.5
972.1
1)
On 5 March 2024, Elisa acquired a majority stake of 64.5 per cent in Moontalk. On 1 June 2024, Elisa transferred the Ring business to Moontalk in exchange for new shares in Moontalk Oy issued by the company. As a result
of the directed share issue, Elisa Corporation’s holding in Moontalk Oy increased to 92.7 per cent. Acquisition price for the shares was then EUR 94.8 million.
On 8 May 2024, Elisa acquired Lean Group Oy. With the acquisition, Leanware Oy’s name changed to Elisa IndustrIQ Finland Oy. Acquisition price for the shares was EUR 28.5 million.
On 3 July 2024, Elisa acquired the share capital of Koillisnet Oy. Acquisition price for the shares was EUR 4.9 million.
2)
On 30 April 2024, Watson Nordic Oy merged with Elisa. The acquisition price for the shares was EUR 7.6 million.
A list of the Group and associated companies is available under note 8.3 of the consolidated financial statements.
Investments in Receivables from
2023
EUR million Subsidiaries Associates
Other
companies
Group
companies
Other
companies Total
Acquisition cost at 1 Jan. 842.2 6.3 23.3 1.5 873.3
Additions 4.1 11.5 0.3 0.0 16.0
Disposals –0.2 –0.5 –0.6
Acquisition cost at 31 Dec. 846.2 17.8 23.1 1.5 888.6
Impairment at 1 Jan. –5.1 –0.1 –4.3 –9.6
Disposals –27.4 –0.1 0.0 –27.5
Impairment at 31 Dec. –32.6 –0.2 –4.3 –37.1
Book value at 31 Dec. 813.6 17.6 18.7 1.5 851.5
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13. Non-current receivables
EUR million
2024 2023
Receivables from Group companies
Loan receivables 77.1 17.2
Receivables from associated companies
Loan receivables 6.3 4.2
Receivables from others
Trade receivables 73.1 74.5
Prepayments and accrued income
(1
11.1
13.5
84.3
87.9
167.7 109.3
1)
Breakdown of prepayments and accrued income
Rent advances 8.3 8.8
Transaction costs and losses related to loan issuance
2.9
4.6
11.1 13.5
12. Inventories
EUR million 2024 2023
Materials and supplies 6.7 13.1
Finished goods
43.0
39.7
49.8 52.8
14. Current receivables
EUR million 2024 2023
Receivables from Group companies
Loan receivables 61.5 41.8
Trade receivables 8.2 3.7
Prepayments and accrued income 2.0 1.2
Other receivables
12.6
10.8
84.2 57.6
Receivables from associated companies
Loan receivables 6.8
Trade receivables
3.6
0.2
3.6 6.9
Receivables from others
Trade receivables 326.7 340.7
Prepayments and accrued income
1)
64.0 52.9
Other receivables
8.4
7.0
399.1
400.5
487.0 465.0
1)
Breakdown of prepayments and accrued income
Interests 2.1 0.2
Rent advances 1.4 1.4
Transaction costs and losses related to loan issuance 2.0 2.2
Income taxes 3.1
Other business expense advances paid
55.4
49.0
64.0
52.9
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15. Equity
EUR million 2024 2023
Share capital at 1 Jan.
83.0
83.0
Share capital at 31 Dec. 83.0 83.0
Treasury shares at 1 Jan. –121.5 –124.4
Disposal of treasury shares
2.9
2.8
Treasury shares at 31 Dec. –118.6 –121.5
Reserve for invested non-restricted equity at 1 Jan.
77.8
77.8
Reserve for invested non-restricted equity at 31 Dec. 77.8 77.8
Contingency reserve at 1 Jan.
3.4
3.4
Contingency reserve at 31 Dec. 3.4 3.4
Retained earnings at 1 Jan. 478.4 541.6
Dividend distribution –361.2 –344.8
Withdrawal of dividend liabilities 0.5 0.2
Disposal of treasury shares
–2.9
–2.8
Retained earnings at 31 Dec. 114.9 194.1
Profit for the period
347.4
284.3
Total equity 508.0 521.2
Distributable earnings
Retained earnings 114.9 194.1
Treasury shares –118.6 –121.5
Reserve for invested non-restricted equity 77.8 77.8
Development costs –26.6 –23.9
Profit for the period
347.4
284.3
395.0 410.8
16. Provisions
EUR million 2024 2023
Provision for unemployment pensions 2.5 4.3
Other provisions
(1
6.0
1.0
8.5 5.4
1)
Other provisions consist of salaries, including related statutory employee costs for employees not required to work during their severance
period, and a provision for other operating expenses.
Provisions of EUR 8.1 (1.3) million were used and EUR 3.9 (2.9) million were reversed as unused in 2024.
17. Non-current liabilities
EUR million 2024 2023
Interest-bearing
Liabilities to others
Bonds 900.0 900.0
Loans from financial institutions
100.0
100.0
1,000.0
1,000.0
Non-interest bearing
Liabilities to others
Accruals and deferred income
(1
7.1
5.8
7.1
5.8
1,007.1 1,005.8
Liabilities maturing after five years
Bonds 300.0
Loans from financial institutions
100.0
100.0 300.0
1)
Breakdown of accruals and deferred income
Rent advances 7.1 5.8
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18. Current liabilities
EUR million 2024 2023
Interest-bearing
Liabilities to Group companies
Cash Pool account 335.5 283.8
335.5 283.8
Liabilities to others
Loans from financial institutions 150.0
Bonds 248.0
Commercial paper 307.0 34.5
457.0 282.5
792.5 566.4
Non-interest bearing
Liabilities to Group companies
Trade payables 9.9 7.1
Other liabilities 9.1 5.8
19.1 12.9
Liabilities to associates
Trade payables 0.0 0.4
0.0 0.4
Liabilities to others
Advances received 4.4 4.7
Trade payables 147.1 163.4
Accrued liabilities
(1
67.4 65.5
Other liabilities 77.7 72.3
296.6 305.9
315.6 319.2
1,108.1 885.6
1)
Breakdown of accrued liabilities
Salaries, wages and social security costs 45.6 48.8
Interests 15.2 8.2
Direct taxes 0.0 2.2
Rent advances 1.2 1.0
Income received in advance 4.7 4.8
Others 0.7 0.6
67.4 65.5
19. Lease commitments and other liabilities
Collateral
EUR million 2024 2023
On behalf of own commitments
Bank deposits 0.3 0.3
Guarantees
0.5
0.5
0.8 0.8
Lease commitments
EUR million 2024 2023
Real estate leases
(1
Within one year 29.8 29.8
Later than one year, but not later than five years 35.1 34.7
Later than five years
65.6
63.7
130.5 128.2
Other lease commitments
(2
Within one year 5.4 4.9
Later than one year, but not later than five years
6.1
6.4
11.5
11.3
Total leases
142.0
139.5
Other commitments
EUR million 2024 2023
Venture capital investment obligation 0.2 0.2
1)
Real estate leases comprise rental contracts relating to business, office and telecom premises.
2)
Lease liabilities consist mainly of car and IT equipment leases.
Real estate leases are presented at nominal values.
Rental liabilities are exclusive of value added tax, except for vehicle lease liabilities.
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Derivative instruments
EUR million 2024 2023
Currency derivatives
Nominal value 4.0 3.3
Fair value 0.0 0.1
Electricity derivatives
Nominal value 2.4 3.5
Fair value 0.4 1.0
Elisa hedges electricity purchases through physical purchase agreements and derivatives. The electricity price risk is assessed
over a five-year period. Electricity derivatives are subject to hedge accounting.
The hedging rate for purchases during the coming years, %
2024 2023
0–1 years 92.0 93.1
1–2 years 71.6 77.4
2–3 years 42.1 38.8
3–4 years 41.1 42.3
4–5 years 34.5 41.1
Real-estate investments
On 31 December 2024, the VAT refund liability of real-estate investments was EUR 59.5 (39.7) million.
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Signatures to the board of directors’
report and financial statements
The financial statements provide a true and fair view of the assets, liabilities, financial position and profit or loss of Elisa
Corporation and of the undertakings included in its consolidated accounts, taken as a whole.
The management report includes a fair review of the development and performance of the business of Elisa Corporation and
of the undertakings included in its consolidated accounts, together with a description of the principal risks and uncertainties as
well as other aspects of the company’s situation.
The sustainability report included in the management report has been prepared in accordance with the reporting standards
referred to in chapter 7 of the Finnish Accounting Act as well as Article 8 of the EU Taxonomy Regulation.
Auditor’s note
A report on the audit performed has been issued today.
Helsinki, 30 January 2025
Ernst &Young Oy
Authorised Public Accountants
Terhi Mäkinen
APA
Helsinki, 30 January 2025
Anssi Vanjoki
Chairman of the Board of Directors
Maher Chebbo Kim Ignatius
Katariina Kravi Pia Kåll Eva-Lotta Sjöstedt
Antti Vasara Christoph Vitzthum Topi Manner
President and CEO
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ANNUAL REPORT 2024 Financial Statements
Auditor’s report (Translation of the Finnish original)
To the Annual General Meeting
of Elisa Corporation
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Elisa
Corporation (business identity code 0116510-6) for the
year ended 31 December, 2024. The financial statements
comprise the consolidated income statement, statement of
comprehensive income, balance sheet, statement of cash
flows, statement of changes in equity and notes, including
material accounting policy information, as well as the parent
company’s income statement, balance sheet, statement of
cash flows and notes.
In our opinion
• the consolidated financial statements give a true and
fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS
Accounting Standards as adopted by the EU.
• the financial statements give a true and fair view of the
parent company’s financial performance and financial
position in accordance with the laws and regulations
governing the preparation of financial statements in
Finland and comply with statutory requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good auditing
practice in Finland. Our responsibilities under good
auditing practice are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements
section of our report.
We are independent of the parent company and of
the group companies in accordance with the ethical
requirements that are applicable in Finland and are
relevant to our audit, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit
services that we have provided to the parent company
and group companies are in compliance with laws and
regulations applicable in Finland regarding these services,
and we have not provided any prohibited non-audit services
referred to in Article 5(1) of regulation (EU) 537/2014.
The non-audit services that we have provided have been
disclosed in note 2.5 to the consolidated financial statements
note 6 to the parent company financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements of the current period. These matters
were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
We have fulfilled the responsibilities described in the
Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report, including in relation
to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our
assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures,
including the procedures performed to address the matters
below, provide the basis for our audit opinion on the
accompanying financial statements.
We have also addressed the risk of management override
of internal controls. This includes consideration of whether
there was evidence of management bias that represented a
risk of material misstatement due to fraud.
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ANNUAL REPORT 2024 Financial Statements
KEY AUDIT MATTER
HOW OUR AUDIT ADDRESSED
THE KEY AUDIT MATTER
Valuation of Goodwill and intangibles
with indefinite lives
We refer to the Group’s accounting policies
and the note 5.4.1
At the balance sheet date 31 December 2024, the value
of goodwill amounted to EUR 1 263 million representing
38 % of total assets and 98 % of total equity.
The valuation of goodwill was a key audit matter as:
• the management’s annual impairment test involves
significant judgments related to key assumptions used
and;
• the goodwill is significant to the financial statements.
The cash flows of the cash generating units are based
on the value in use. Changes in the assumptions used
can significantly impact the value in use. The value in
use is dependent on several assumptions such as the
revenue growth, operating profit and discount rate
used. Changes in these assumptions can lead to an
impairment in goodwill.
Our audit procedures included, among others:
• involving our internal valuation specialist to assist us in
evaluating the methodologies, impairment calculations
and underlying assumptions applied by management in
impairment testing;
• comparing the key assumptions applied by management
to approved budgets and long-term forecasts, information
available in external sources, as well as our independently
calculated industry averages for example related to the
weighted average cost of capital used in discounting;
• checking the mathematical accuracy of the underlying
calculations and comparing the discounted cash-flows to Elisa
market capitalization;
• comparing the groups’ disclosures related to impairment tests
in note 5.4.1 in the financial statements with presentation
requirements in applicable accounting standards and we
reviewed the information provided on sensitivity analysis.
KEY AUDIT MATTER
HOW OUR AUDIT ADDRESSED
THE KEY AUDIT MATTER
Revenue Recognition
We refer to the Group’s accounting policies
and the note 2.3
Elisa Group revenue streams comprise of several
streams such as fixed and mobile subscriptions,
different kind of digital services, solutions for
automating network management and operations
for mobile operators and IoT solutions for industry.
Goods and services can be sold separately or
bundled. Revenue is recognised over time or at
certain points of time. The key criterion for the
revenue recognition is the transfer of control.
There is an inherent risk around the accuracy of
revenue recognized given the complexity of IT
systems, high volume of different types of customer
contracts and transactions, and changing business
and pricing models (tariff structures, incentive
arrangements, discounts etc.). The application
of revenue recognition accounting standards is
complex and requires significant judgements and
estimates on behalf of management as to when, and
to which amount revenues are recognized.
Revenue recognition was determined to be a
key audit matter and a significant risk of material
misstatement referred to in EU Regulation No
537/2014, point (c) of Article 10(2) due to the
identified risk of material misstatement in revenue
recognition.
Our audit procedures, addressing the significant risk of material
misstatement related to revenue recognition, included amongst
other:
• assessing the application of group’s accounting policies over
revenue recognition and comparing the group’s accounting
policies over revenue recognition with applicable accounting
standards;
• testing the IT general controls and application controls over the
main billing systems and applications;
• testing the revenue recognized on a sample basis including
testing of group’s controls on revenue recognition, when
applicable;
• testing the end-to-end reconciliation from billing system to
accounting system;
• testing the accruals for deferred and unbilled revenue on a
sample basis;
• assessing the revenue recognized with substantive analytical
procedures and
• assessing the group’s disclosures on revenue recognition.
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ANNUAL REPORT 2024 Financial Statements
Responsibilities of the Board of Directors and the
Managing Director for the Financial Statements
The Board of Directors and the Managing Director are
responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance
with IFRS Accounting Standards as adopted by the EU,
and of financial statements that give a true and fair view in
accordance with the laws and regulations governing the
preparation of financial statements in Finland and comply
with statutory requirements. The Board of Directors and the
Managing Director are also responsible for such internal
control as they determine is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors
and the Managing Director are responsible for assessing
the parent company’s and the group’s ability to continue as
going concern, disclosing, as applicable, matters relating
to going concern and using the going concern basis of
accounting. The financial statements are prepared using
the going concern basis of accounting unless there is an
intention to liquidate the parent company or the group or
cease operations, or there is no realistic alternative but to
do so.
• Conclude on the appropriateness of the Board of
Directors’ and the Managing Director’s use of the going
concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant
doubt on the parent company’s or the group’s ability
to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures
in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions
may cause the parent company or the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of
the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events so that the financial statements
give a true and fair view.
• Plan and perform the group audit to obtain sufficient
appropriate audit evidence regarding the financial
information of the entities or business units within the
group as a basis for forming an opinion on the group
financial statements. We are responsible for the direction,
supervision and review of the audit work performed
for purposes of the group audit. We remain solely
responsible for our audit opinion.
Auditor’s Responsibilities for the Audit
of the Financial Statements
Our objectives are to obtain reasonable assurance on
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance
with good auditing practice will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually
or in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis
of the financial statements.
As part of an audit in accordance with good auditing
practice, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of
the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the parent
company’s or the group’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant ethical
requirements regarding independence, and communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such
communication.
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Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General
Meeting on 12.4.2024.
Other information
The Board of Directors and the Managing Director are
responsible for the other information. The other information
comprises the report of the Board of Directors and the
information included in the Annual Report, but does not
include the financial statements and our auditor’s report
thereon. We have obtained the report of the Board of
Directors prior to the date of this auditor’s report, and the
Annual Report is expected to be made available to us after
that date.
Our opinion on the financial statements does not cover the
other information.
In connection with our audit of the financial statements,
our responsibility is to read the other information identified
above and, in doing so, consider whether the other
information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. With respect
to report of the Board of Directors, our responsibility also
includes considering whether the report of the Board
of Directors has been prepared in compliance with the
applicable provisions, excluding the sustainability report
information on which there are provisions in Chapter 7
of the Accounting Act and in the sustainability reporting
standards.
In our opinion, the information in the report of the Board of
Directors is consistent with the information in the financial
statements and the report of the Board of Directors has been
prepared in compliance with the applicable provisions. Our
opinion does not cover the sustainability report information
on which there are provisions in Chapter 7 of the
Accounting Act and in the sustainability reporting standards.
If, based on the work we have performed on the other
information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material
misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Helsinki 30.1.2025
Ernst & Young Oy
Authorized Public Accountant Firm
Terhi Mäkinen
Authorized Public Accountant
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ANNUAL REPORT 2024 Financial Statements
Independent Auditor’s Report on the ESEF Consolidated Financial Statements of Elisa Corporation
(Translation of the Finnish original)
To the Board of Directors of Elisa Corporation
We have performed a reasonable assurance engagement
on the financial statements 743700TU2S3DXWGU7H32-
2024-12-31-0-fi.zip of Elisa Corporation (y-identifier:
0116510-6) that have been prepared in accordance with the
Commission’s regulatory technical standard for the financial
year ended 31.12.2024.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director are
responsible for the preparation of the company’s report
of Board of Directors and financial statements (the ESEF
financial statements) in such a way that they comply with
the requirements of the Commission’s regulatory technical
standard. This responsibility includes:
• preparing the ESEF financial statements in XHTML
format in accordance with Article 3 of the Commission’s
regulatory technical standard
• tagging the primary financial statements, notes and
company’s identification data in the consolidated financial
statements that are included in the ESEF financial
statements with iXBRL tags in accordance with Article 4 of
the Commission’s regulatory technical standard and
• ensuring the consistency between the ESEF financial
statements and the audited financial statements.
The Board of Directors and the Managing Director
are also responsible for such internal control as they
determine is necessary to enable the preparation of ESEF
financial statements in accordance the requirements of the
Commission’s regulatory technical standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with
the ethical requirements that are applicable in Finland and
are relevant to the engagement we have performed, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements.
The firm applies International Standard on Quality
Management (ISQM) 1, which requires the firm to design,
implement and operate a system of quality management
including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable
legal and regulatory requirements.
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7,
Section 8 of the Securities Markets Act, provide assurance
on the financial statements that have been prepared in
accordance with the Commission’s technical regulatory
standard. We express an opinion on whether the
consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material
respects, in accordance with the requirements of Article 4 of
the Commission’s regulatory technical standard.
Our responsibility is to indicate in our opinion to what
extent the assurance has been provided. We conducted
a reasonable assurance engagement in accordance with
International Standard on Assurance Engagements (ISAE)
3000.
The engagement includes procedures to obtain evidence
on:
• whether the primary financial statements in the
consolidated financial statements that are included in
the ESEF financial statements have been tagged, in all
material respects, with iXBRL tags in accordance with the
requirements of Article 4 of the Commission’s regulatory
technical standard
• whether the notes and company’s identification data in
the consolidated financial statements that are included
in the ESEF financial statements have been tagged, in all
material respects, with iXBRL tags in accordance with the
requirements of Article 4 of the Commission’s regulatory
technical standard
• whether there is consistency between the ESEF financial
statements and the audited financial statements.
The nature, timing and extent of the selected procedures
depend on the auditor’s judgement. This includes an
assessment of the risk of material deviations due to fraud or
error from the requirements of the Commission’s technical
regulatory standard.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the
Securities Markets Act is that the primary financial statements,
notes and company’s identification data in the consolidated
financial statements that are included in the ESEF financial
statements of Elisa Corporation 743700TU2S3DXWGU7H32-
2024-12-31-0-fi.zip for the financial year ended 31.12.2024
have been tagged, in all material respects, in accordance
with the requirements of the Commission’s regulatory
technical standard.
Our opinion on the audit of the consolidated financial
statements of Elisa Corporation for the financial year ended
31.12.2024 has been expressed in our auditor’s report
30.1.2025. With this report we do not express an opinion on
the audit of the consolidated financial statements nor express
another assurance conclusion.
Helsinki 25.2.2025
Ernst & Young Oy
Authorized Public Accountant Firm
Terhi Mäkinen
Authorized Public Accountant