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The shares of the parent company, Elisa Corporation, have been listed on the Nasdaq Helsinki since 1997. On 29 January 2026, Elisa Corporation\u2019s Board of Directors accepted these financial statements for publication. According to the Finnish Companies\u2019 Act the Annual General Meeting has the right to approve, reject or make changes to the financial statements after the publication. 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On 29 January 2026, Elisa Corporation\u2019s Board of Directors
accepted these financial statements for publication.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "Elisa", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "1.2 Basis of preparation of financial statements Elisa\u2019s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), including adherence to IAS and IFRS accounting standards and SIC and IFRIC interpretations valid as at 31 December 2025. In the Finnish Accounting Act and the provisions issued pursuant to it, the International Financial Reporting Standards refer to standards and interpretations that have been approved for application in the EU according to the procedures provided for in EU regulation (EC) No. 1606/2002 (\u201cIFRS\u201d). The notes to the consolidated financial statements are also compliant with Finnish accounting and corporate legislation. The consolidated financial statements have been prepared under the historical cost convention, with the exception of financial assets and liabilities, share-based payments, pension liabilities and derivatives recognised at fair value through profit or loss or statement of comprehensive income. The financial statements are presented in EUR million and the figures are rounded to one decimal place. 1.2.1 Accounting principles, structure and presentation of the consolidated financial statements The accounting policies and descriptions of conclusions based on the judgement of Elisa\u2019s management are mainly found in the notes to the financial statements, which are listed in the table below. Only some general accounting policies are described in this section. Summary of notes, related to material accounting principles for the consolidated financial statements of Elisa Group.
Accounting principle
Note
Operating segments
2.1
Revenue from contracts with customers
2.3
Other operating income
2.4
Research and development costs
2.5
Earnings per share
2.6
Business acquisitions and disposals
3
Share-based incentives
4.2
Pension obligations
4.3
Property, plant and equipment
5.2
Right-of-use assets
5.3
Intangible assets
5.4
Goodwill
5.5
Inventories, trade and other receivables,
trade and other liabilities
6
Financial income and expenses
7.4.1
Financial assets and liabilities
7.4
Derivative instruments
7.4.4
Income taxes
8.1.1
Deferred tax assets and liabilities
8.1.2
Provisions
8.2
Consolidation principles, subsidiaries
8.3.1
Consolidation principles, associated companies
8.3.2
Off-balance sheet leases
8.4
The symbols below indicate the figures mentioned in the notes that match the balances in the income statement, the statement of financial position and the cash flow statement. I/S = Income Statement B/S = Balance Sheet C/F = Cash Flow Statement", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "Elisa\u2019s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), including adherence to IAS and IFRS accounting standards and SIC and IFRIC interpretations valid as at 31 December 2025.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "
Summary of notes, related to material accounting principles
for the consolidated financial statements of Elisa Group.
Accounting principle
Note
Operating segments
2.1
Revenue from contracts with customers
2.3
Other operating income
2.4
Research and development costs
2.5
Earnings per share
2.6
Business acquisitions and disposals
3
Share-based incentives
4.2
Pension obligations
4.3
Property, plant and equipment
5.2
Right-of-use assets
5.3
Intangible assets
5.4
Goodwill
5.5
Inventories, trade and other receivables,
trade and other liabilities
6
Financial income and expenses
7.4.1
Financial assets and liabilities
7.4
Derivative instruments
7.4.4
Income taxes
8.1.1
Deferred tax assets and liabilities
8.1.2
Provisions
8.2
Consolidation principles, subsidiaries
8.3.1
Consolidation principles, associated companies
8.3.2
Off-balance sheet leases
8.4
Accounting Principles \u2013 Operating Segments: The segments are controlled by segment-specific performance reporting that includes external revenue, EBITDA, EBIT and capital investments. Financial items, share of associated companies\u2019 profit and income taxes are not allocated to operating segments. The costs of production and support functions are allocated to operating segments on the matching principle. Operations in Estonia are divided into the Consumer Customers and Corporate Customers operating segments on the basis of customer accounts. Segment assets consist of intangible and tangible assets, right-of-use assets, inventories, trade and other non-interest bearing receivables. Deferred tax assets, investments in associated companies, other investments, interest-bearing receivables, financial items and income tax receivables are not included in segment assets. Liabilities are not allocated to operating segments. The accounting principles of the segments are the same as those used in the preparation of the financial statements. The reported geographical areas are Finland, Rest of Europe and Other Countries. Revenues are presented on the basis of customer location. The assets are presented on the basis of their location. Accounting Principles \u2013 Revenue from contracts with customers: Elisa Group\u2019s revenue mainly consists of fixed and mobile subscriptions along with supplementary digital services, mobile and data terminal devices, entertainment services, and IT and communication solutions for the digital environment, as well as automation solutions for network management and operation for mobile operators, industrial IoT solutions and distributed energy solutions. There is both revenue from products and services sold separately as well as from products and services sold as bundles. Revenue is allocated to performance obligations (equipment and services) on a relative standalone selling price basis. Consumer customer contracts are typically standard contracts, and revenue is allocated to performance obligations based on the standalone sellinge price of the products at the time of sale. Contracts with corporate customers and for international software services typically meet the criteria laid down for a contract negotiated as a single package, in which case, the revenue is allocated to performance obligations based on the prices agreed with each customer. Discounts given to customers are allocated proportionally to the performance obligations included in the contract, except in situations where there is observable evidence that the entire discount relates to one or more specific performance obligations in the contract, but not to all of them. Revenue is recognised when or as the performance obligations are satisfied, i.e. when the promised good or service has been delivered to the customer. Performance obligations are fulfilled either over time (services) or at certain points in time (equipment). Service revenue Service contracts are performance obligations that are satisfied over time. The service is provided continuously during the contract period. Revenue for service contracts is recognised over the contract period when the services are used by the customer. Customers may be charged separate activation and connection fees, e.g. for fixed and mobile network subscriptions and related digital services. Since no separate goods or services are delivered in exchange for activation and connection fees, these are considered to be part of the transaction price, which is allocated to the service in question and recognised over the contract period. For fixed-term contracts, the contract period corresponds to the term of the contract. For contracts valid until further notice, the contracts form a series of contracts that automatically renew, and the contract period is determined based on the notice period of the contract. Incremental costs of obtaining a fixed-term contract (such as sales or representation commissions) are capitalised and accrued as an expense during the contract period when these commissions relate directly to a contract that can be specifically identified. Revenue from prepaid mobile phone cards is recognised over the period of realised use of the cards. Service fees invoiced from a customer on behalf of a third-party content service provider are not recognised as revenue. Equipment revenue Equipment revenue is recognised at a certain point in time, when the customer has been deemed as having gained control of the equipment. Typically, this occurs when the customers enter into the contract, and revenue related to the performance obligation is recognised when the equipment is transferred to the customer. As a rule, customers have four weeks to cancel a service contract entered into through distance sales and return the purchased equipment. In principle, there is no right of cancellation for equipment bought from an Elisa shop. Based on historical experience, the number of refunds is expected to be low, due to which the Group has not recognised a refund liability for the amounts expected to be refunded, and revenue has not been adjusted by the estimated number of refunds. Elisa provides consumer customers with various payment methods granting them the possibility to purchase equipment with 12\u201336 months\u2019 credit. Revenue for equipment is recognised at the time of the sale, regardless of whether the customer pays for the device fully at the time of sale or in monthly payments. If revenue accumulated through an installment contract is higher than the cash selling price of the device, the difference is taken into account as a financing component. In this case, the transaction price is adjusted to take account of the financing component, and the interest revenue is recognised over time during the customer\u2019s contract period. Interest revenue is presented as part of the Group\u2019s revenue. Service bundles Customer contracts may include several performance obligations, and Elisa may agree on the delivery of several products, services or access rights (service bundle). In that case, the prices specified in the contract are used as the transaction price, which is allocated to performance obligations on a relative standalone selling price basis. The standalone selling price is based on the standalone selling price of the products at the time of sale. Equipment that can be used only in connection with services provided by Elisa and whose sole function is to provide the service to the customer is not accounted for as a separate performance obligation. In such arrangements, the equipment forms a single distinct performance obligation only in conjunction with the service, and revenue is recognised when the service is provided to the customer. If a customer contract includes a licence that is distinct from other goods or services promised in the contract, the promise to grant a licence is classified as either a \u201dright to access\u201d or a \u201dright to use\u201d Elisa\u2019s intellectual property, such as software. The licence is classified as a \u201dright to access\u201d and revenue is recognised over time during the contract period if Elisa performs activities that significantly affect the intellectual property in question and the customer is directly exposed to any positive or negative effects of those activities, and these activities do not constitute a separate performance obligation. If the promise is by nature a \u201dright to use\u201d Elisa\u2019s intellectual property as it exists at the time the licence is granted, sales revenue is recognised at a specific point in time. If a customer purchases an implementation project in conjunction with a licence, the licence and implementation project are treated as a single performance obligation if the licence cannot be used without separate implementation. Maintenance services related to sold licences are typically separate performance obligations that are recognised as service revenue when the customer uses the services. Elisa Etuohjelma In the 2024 financial year, Elisa launched Elisa Etuohjelma, a loyalty programme for consumer customers that provides benefits based on the member\u2019s tier in the programme, such as special offers and discounts. Benefits under Elisa Etuohjelma do not generally constitute a separate performance obligation under IFRS 15; rather, they are interpreted as offers that Elisa accounts for in bookkeeping only when the customer exercises their option to purchase additional goods or services. Accounting Principles \u2013 Other operating income: Other operating income includes non-operating income, such as capital gains on the disposal of tangible and intangible assets, subsidiaries and businesses, and rental income from real estate. Government grants associated with development projects are recognised as other operating income when the related costs are recognised as expenses. Government grants associated with capitalised development costs are recorded as a reduction of capital expenditure Accounting Principles \u2013 Research and development: Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit, and the Group has both the intention and the resources to complete the development and use or sell the asset. Capitalised development costs include those material, labour and testing costs and any capitalised borrowing costs that are directly attributable to bringing the asset to its working condition for its intended use. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be subsequently capitalised. Accounting principles \u2013 Earnings per share: Basic earnings per share are calculated by dividing the net profit for the period attributable to the parent company\u2019s equity holders by the weighted average number of shares outstanding during the period. Diluted earnings per share are calculated on the same basis as earnings per basic share, except for the dilutive effect of converting all dilutive potential shares into basic shares. Accounting principles \u2013 Business acquisitions and disposals: Acquired subsidiaries are consolidated from the date the Group obtains control, and divested companies until the loss of control. Business combinations are measured at amortised cost. Identifiable assets acquired and assumed liabilities are measured at their fair value on the acquisition date. Possible investments in non-controlling interests are measured either at a proportionate share of the acquiree\u2019s identifiable net assets or at fair value. The method to be used is selected on a case-by-case basis. Subsequent changes in non- controlling interests are treated as equity transactions. In business combinations carried out in stages, any previously held equity share in the acquiree is measured at fair value, and the resulting gain or loss is recognised through profit or loss. The acquisition price consists of the fair value of cash and any contingent consideration transferred. The amount of the acquisition price that exceeds the fair value of the acquired net assets is recognised as goodwill. Additional information regarding valuation and impairment testing of goodwill is available under note 5.5. Any changes in contingent consideration are expensed through profit and loss. Acquisition-related costs, such as consulting fees and transfer tax, are accounted for as expenses for the periods when the costs were incurred and the services received. The costs are presented as other operating expenses in the income statement. In connection with loss of control, any investment retained in a former subsidiary is measured at fair value through profit or loss on the date of the transaction. Changes in ownership interest that do not result in a loss of control are accounted for as equity transactions. Accounting principles \u2013 Share-based payments: In the share-based payment scheme, the total reward amount is the gross earning of shares granted less the applicable withholding tax, with the remaining net amount being paid to the reward recipient in shares. Compensation costs for the share-based incentive plans are entirely treated as equity-settled arrangements. Share-based incentive costs are recognised based on the number of gross shares issued, even though the employee ultimately receives only net shares. The Group settles a cash payment for each portion with the Finnish Tax Administration, as required to meet withholding tax obligations. The withholding tax paid to the Tax Administration is recognised directly in equity. Share-based incentive plans are measured at the fair value on the grant date. If the assumption regarding the realised number of shares changes, an adjustment will be recorded through profit and loss. The share-based incentive plans do not include any other non-market-based terms and conditions. Transfer restrictions related to the share-based incentive plans are out of the scope of the fair value measurement and expense recognition. Accounting principles \u2013 Pension obligations: The Group\u2019s defined benefit obligation has been calculated separately for each plan using the projected unit credit method. Pension expenses calculated by authorised actuaries are recognised in profit or loss over the employees\u2019 working lives. The rate used to discount the present value of the defined benefit obligation is determined by reference to market yields of high-quality corporate bonds. If such information is not available, the market yields on government bonds are used. The maturity of corporate bonds and government bonds are substantially consistent with the maturity of pension obligations. The present value of a defined benefit obligation is reduced by the fair value of the plan assets at the end of the reporting period. The net defined benefit pension liability is recognised in the statement of financial position. The current service cost and net interest of the net defined benefit liability are recorded in employee expenses on the income statement. The remeasurements of the net defined benefit liability, for example actuarial gains and losses and the return on plan assets, are recognised in other comprehensive income during the financial period in which they incur. Accounting principles \u2013 Property, plant and equipment: Property, plant and equipment are recognised in the statement of financial position at the original cost. Property, plant and equipment are valuated at acquisition cost less accumulated depreciation and impairments. Depreciation is recorded on a straight-line basis over the useful lives of tangible assets. The residual value and the useful life of an asset are reviewed at year-end and adjusted, if necessary. Subsequent costs, such as renewals and major renovation projects, are capitalised when it is probable that future economic benefit will flow to the Group. Ordinary repair, service and maintenance costs are recognised as expenses during the financial period in which they incur. Government grants, such as grants received in connection with the acquisition of fixed assets, are recorded as a deduction from the carrying amount of the fixed assets. Government grants are recognised in profit and loss in the form of lower depreciation over the useful life of the fixed asset. Expected useful life of property, plant and equipment: Buildings and structures 25\u201340 years Machinery and equipment in buildings 10\u201325 years Telecommunications network (line, backbone, area, subscription, cable TV) 8\u201315 years Exchanges and concentrators (fixed and mobile core) 6\u201310 years Equipment for the network and exchanges 3\u20138 years Telecommunication terminals 2\u20134 years Other machinery and equipment 3\u20135 years Land and water areas are not depreciated . Accounting principles \u2013 Right-of-use assets: A lease contract is a contract or a part of a contract that conveys the right to use the underlying asset for a specified period in exchange for consideration. When a new contract is made, Elisa assesses whether the contract in question is a lease contract or contains a lease contract. The Group\u2019s leases mainly consist of leases for business premises, telecom and equipment premises, retail facilities and vehicles. Last-mile rentals from other operators and indefeasible right to use (IRU) contracts mainly do not fulfil the definition of a lease. The right-of-use assets and lease liabilities recognised on the balance sheet are measured at the present value of future lease payments at the time of initial recognition. The lease payments are discounted using industry-specific interest rates considering the length of the lease contracts. The depreciation costs of the right-of-use assets and the interest portion of the lease liabilities are expensed. The depreciation of right-of-use assets is recorded on a straight-line basis starting at the commencement of the agreement over the useful life of the right-of-use asset or over the lease period, depending on which of these is shorter. The right-of-use asset is adjusted in certain cases with remeasurements of the lease liability. Lease liabilities are mainly remeasured when future payments change due to index or interest rate changes or when the Group\u2019s assessment of using a possible extension option changes. When a lease liability is remeasured, the book value of the right-of-use asset is usually adjusted accordingly. Short-term and low-value leases are recognised in the income statement and presented as off-balance sheet commitments. Leases with a lease term of 12 months or less are classed as short-term leases, and leases for which the underlying asset is of low value are classed as low-value leases. Rental expenses for short-term and low-value leases are described under Note 8.4 (Off-balance sheet leases and other commitments). The Group separates the service components included in the lease agreements of business premises, retail facilities and vehicles and recognises their share as an expense in the income statement. Accounting principles \u2013 Intangible assets: An intangible asset is recognised only if it is probable that the expected future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Subsequent costs related to the intangible assets are capitalised only if the future economic benefits that will flow to the Group exceed the level of performance originally assessed. In other cases, the costs are recognised when the expense is incurred. In connection with the business combinations, intangible assets, such as customer base and brand, are measured at fair value. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: Customer base 3\u20135 years Brand 10 years Development costs 3 years IT software 5 years Other intangible assets 3\u201310 years Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. Public grants related to research and development projects are recognised as other operating income when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. Implementation costs of a SaaS arrangement are generally recognised as an expense and capitalised as an intangible asset only if the capitalisation conditions are met. The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less the cost of disposal or its value in use, if it is higher. Value in use is the discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed if there are indications that a change in circumstances has taken place and the recoverable amount of the asset has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. Accounting principles \u2013 Goodwill: Goodwill arising from business combinations prior to 2010 is accounted for in accordance with the previous IFRS standards. Goodwill arising from business combinations incurred after 1 January 2010 represents the excess of the consideration transferred over the Group\u2019s interest in the net fair value of the identifiable net assets acquired and the amount of non-controlling interest, and in a business combination achieved in stages, the acquisition-date fair value of the equity interest. Goodwill is not amortised. Goodwill is tested for impairment annually, or more frequently if there is any indication of a potential impairment. For the purpose of impairment testing, goodwill is allocated to the cash-generating units (CGUs) \u2013 Consumer Customers, Corporate Customers and International Software Services. Goodwill is carried at its cost less any accumulated impairment losses. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. If an impairment loss is allocated to a CGU, it is first allocated to reduce the carrying amount of any goodwill allocated to the CGU, and then to the other assets of the unit on a pro rata basis. An impairment loss recognised for goodwill is never reversed under any circumstances. Accounting principles \u2013 Inventories, trade and other receivables, trade and other liabilities: Inventories: Inventories are measured at their acquisition cost or at the net realisable value, if lower than the cost. In the ordinary course of business, net realisable value is the estimated selling price less estimated necessary costs associated with the eventual sale. The cost is determined using a weighted average price. Trade and other receivables: Trade receivables are valued at amortised cost and recognised at the original invoiced amount. The Group records the provision for the impairment losses arising from trade receivables based on historical default rates over the expected life and recognises the impairment loss when the trade receivables are stated as lost. The impairment loss is adjusted by the amount of factored receivables. Trade receivables and other receivables are classified as non-current receivables if they mature in more than 12 months. In other cases, they are classified as current receivables. The Group offers consumer customers various payment methods, granting the possibility to purchase equipment on 12\u201336 months\u2019 credit. At the time of the sale of the equipment, such transactions are recorded as revenue and trade receivables. The trade receivables are classified as non-current if their maturity exceeds 12 months. Finance lease receivables: The Group acts as a lessor in the lease arrangements for data terminal equipment, which is accounted for as finance leases. At the time of the sale of the equipment, the proceeds is recorded as revenue and receivables at present value. Rental income received are recorded as financial income and a reduction of the receivables, reflecting a constant periodic rate of return on the net investment. Trade payables: The current value of trade payables and other liabilities is a reasonable estimate of their fair value. The payment terms of the Group\u2019s trade payables correspond to conventional corporate payment terms. Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. Accounting principles \u2013 Derivative instruments: Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition. Gains and losses arising from the fair value remeasurements are recognised in accordance with the nature of the derivative contracts. Outstanding derivatives that do not qualify for hedge accounting are measured at fair value at the end of the reporting period, and the fair value changes are immediately recognised in financial items on the income statement. The fair value of derivatives is expected to approximate the quoted market prices or, if the quoted market prices are not available, the value is estimated using commonly used valuation methods. The Group applies cash flow hedge accounting for hedging electricity price risk and the Swedish krona foreign exchange risk. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in other comprehensive income and presented in the equity hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective portion of the derivatives is recognised in other operating income and expenses on the income statement. The hedge accounting is discontinued when the hedge contract is expired, sold, terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in equity until the expected transaction is realised. The Group applies fair value hedge accounting for hedging fixed interest risk on debt. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in the income statement under financial items, along with any changes in the fair value of the hedged liabilities that are attributable to the hedged risk. Derivatives that are designated and qualify as fair value hedges mature at the same time as hedged items. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used, is amortised to profit or loss over the expected period to maturity. Ineffectiveness in fair value hedge of fixed interest risk may arise in case of early redemption of such debt, which is hedged under the fair value hedge accounting. Accounting principles \u2013 Financial assets and liabilities: Financial assets: Acquisition and sale of financial assets are recognised on the settlement date. The Group derecognises financial assets when its contractual rights to the cash flows from the financial asset expire or when it has transferred substantially all the risks and rewards to an external party. Cash and cash equivalents include cash at hand and bank deposits as well as highly liquid short-term investments with maturities of up to three months. Investments in shares, excluding investments in associated companies and mutual real-estate companies, are classified as other financial assets and generally measured at fair value. Investments in unlisted companies are recognised at original acquisition cost less any impairment. Investments in listed companies are measured at fair value, based on share transactions. Equity investments are included in non-current assets. On 31 December 2025, the Group\u2019s equity investments consisted mainly of investments in unlisted companies. Financial liabilities: Financial liabilities are initially recognised at fair value equalling the net proceeds received and subsequently measured at amortised cost, using the effective interest rate method. The transaction costs are included in the original acquisition cost of financial liabilities. Financial liabilities are recognised in non-current and current liabilities, and they may be non-interest-bearing or interest-bearing. In cases where the terms of the financial liability measured at amortised cost are amended in such a way that the change does not result in derecognition of the liability from the balance sheet, the Group must nevertheless recognise the profit or loss in the income statement. The profit or loss is calculated as the difference between the original contractual cash flows and the cash equivalents, discounted at the original effective interest rate of amended agreements. Lease liabilities: Lease liabilities are initially measured at the present value of future lease payments. The estimated lease term includes the non-cancellable period of the lease together with periods covered by termination and extension options, if exercise of these options is reasonably certain. The company has discounted the future lease payments using the borrowing rate based on the duration of the estimated lease term. The lease liability is initially measured using the actual value of an index at the commencement date. The lease liabilities are remeasured if the changes are reflected in the cash flow or if the Group reassesses whether it is reasonably certain to exercise a possible option. Classification of assets and liabilities: The Group\u2019s financial assets and liabilities are classified as financial assets and liabilities measured at amortised cost, financial assets and liabilities measured at fair value through other comprehensive income, and financial assets and liabilities measured at fair value through profit or loss. Financial assets and liabilities measured at amortised cost include fixed-term contracts the cash flow of which include payments of principal and interest on the principal amount outstanding. Financial assets and liabilities measured at fair value through other comprehensive income include financial items that are expected both to collect contractual cash flows and to sell financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include items that do not meet the criteria of the other groups. The Group categorises electricity and currency derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair value through other comprehensive income. Contingent considerations in business combinations and listed equity investments are recognised as financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost. Accounting principles \u2013 Income taxes for the period and deferred taxes: Taxes recognised on the income statement include current and deferred taxes. Income taxes for the financial year are calculated on the net profit for the period at the current tax rate and are adjusted by taxes for the prior periods. Deferred taxes are recognised from temporary differences arising between the tax bases of assets and liabilities and their carrying values. Please refer to note 8.1.2 for details. The global minimum tax regulation (OECD pillar 2) entered into force in 2024. As Elisa mainly operates in countries with local tax rates above the 15 per cent minimum rate, no significant top-up taxes are expected to be paid. Elisa\u2019s Estonian subsidiaries are subject to a profit distribution tax system, whereby corporate tax is only levied on the distribution of profits at a tax rate not lower than the minimum tax rate. For the 2025 financial period, a deferred profit distribution tax of EUR 8,9 (8.5) million, corresponding to the global minimum tax rate of 15 per cent, was recognised in the taxable income of Elisa\u2019s subsidiaries in Estonia. The regulation requires that the profit distribution tax will be realised within the next four financial years. The reporting period as well as prior reporting periods may be subject to a tax audit, which may subsequently result in a change in tax decisions, additional tax payments or refunds. Accounting principles \u2013 Deferred tax assets and liabilities: Deferred taxes are recognised for all temporary differences arising between the carrying amount and the tax base, with the exception of situations where a deferred tax asset or liabilty arises from initial recognition of goodwill or from the initial recognition of an asset or liability in a transaction which is not a business combination, and at the time of the transaction, does not affect either the accounting or the taxable profit, and does not give rise to equal taxable and deductible temporary differences. No deferred tax is recognised on valuation differences of shares for which the sales profit would be tax-deductible. Leases are typically transactions in which equal taxable and deductible temporary differences arise upon initial recognition of the asset and liability. Elisa recognises the tax arising from this difference as an expense or income and presents it as deferred tax receivables on the balance sheet. Deferred tax assets are recognised only to the extent that it is probable that they can be utilised against future taxable income. Deferred tax liabilities are recognised on the balance sheet in total, with the exception of the Estonian subsidiaries, where no tax liability has been recognised for the untaxed retained earnings accrued before the 2024 financial period, as no profit distribution decision or plans for profit distribution exist for the time being. From the 2024 financial period onwards, a deferred profit distribution tax liability has been recorded for the taxable income of the subsidiaries in Estonia in accordance with the global minimum tax regulation. Accounting principles \u2013 Provisions and contingent liabilities: A provision is recognised when the Group has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. Contingent liabilities are potential liabilities arising from past events that may occur depending on the outcome of uncertain future events that are beyond the control of the Group. Also, a present obligation that is unlikely to require settlement of a payment obligation or the amount of which cannot be reliably measured is a contingent liability. Contingent liabilities are not recognised in the statement of financial position. Contingent liabilities are presented in note 8.4. Accounting principles \u2013 Consolidation principles, subsidiaries: The consolidated financial statements include the parent company, Elisa Corporation, and those subsidiaries over which the Group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date the Group obtains control and divested companies until the loss of control. The acquisition method is used in the accounting for the elimination of internal ownership. All intra-group transactions, gains on the sale of inventories and fixed assets, intra-group receivables, payables and dividends are eliminated. Profit for the period attributable to the equity holders of the parent and non-controlling interests is presented separately in the consolidated income statement. Non-controlling interests are presented separately from the equity of the owners of the parent in the consolidated statement of financial position. Losses of subsidiaries are allocated to non-controlling interests even if they exceed their share of ownership. Accounting principles \u2013 Consolidation principles, joint arrangements: Joint arrangements are arrangements over which the Group exercises joint control with one or more parties. A joint arrangement is either a joint venture or a joint operation. A joint venture is a joint arrangement, where the Group has rights to the net assets of the arrangement. A joint operation is a joint arrangement where the Group has rights to the assets and obligations for the liabilities relating to the arrangement. The only joint arrangement owned by the Group, Kiinteist\u00f6 Oy Brahenkartano, is a joint operation, which is consolidated using the proportional consolidation method. Sixty per cent of the assets, liabilities, income and expenses of the joint operation are consolidated to the Group\u2019s financial statements. The company owns and manages a building and a site in Turku. Elisa is mainly entitled to manage office and telecom facilities with the shares owned. Accounting principles \u2013 Consolidation principles, associated companies Associated companies are entities over which the Group exercises significant influence. Significant influence is presumed to exist when the Group owns over 20 per cent of the voting rights of the company or when the Group otherwise exercises significant influence, but does not exercise control. Associated companies are consolidated in accordance with equity method. If the Group\u2019s share of losses of an associated company exceeds its interest in the associated company, the investment is recognised on the balance sheet at zero value and the Group discontinues recognising its share of further losses unless the Group has other obligations for the associated company. Associated companies are consolidated from the date the Group obtains significant influence and divested associated companies are consolidated until the loss of significant influence.
Accounting principles \u2013 Leases:
The group as a lessee
The Group recognises rental expenses for short-term leases and low-value assets in the income statements and presents
such contracts as off-balance sheet liabilities.
The group as a lessor
The Group acts as a lessor in two different types of lease arrangements that are accounted for as operating leases: rental
income from telecom premises and carrier services is recognised as revenue over the lease period, and rental income
from real estate is recognised as other operating income. The lease contract periods are mainly short with durations of 1\u20136
months.
Rental income is recognised over the lease period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "Consolidation principles The consolidated financial statements include the parent company, Elisa Corporation, subsidiaries, associates and joint arrangements as described in detail in Notes 8.3.1 and 8.3.2. Foreign-currency items Functional currency The consolidated financial statements are presented in euros, which is the functional and presentation currency of the parent company. Transactions in foreign currencies Foreign-currency transactions are translated into the functional currency using the exchange rates prevailing on the dates of the transactions. Monetary items have been translated into the functional currency at the exchange rates prevailing at the end of the reporting period. Non-monetary items denominated in foreign currencies are translated at the exchange rate on the date of the transaction, excluding items measured at fair value, which are translated at the exchange rates prevailing on the valuation date. Gains and losses arising from the currency translations are recognised through profit or loss. Foreign exchange gains and losses resulting from operating activities are included in the respective items above operating profit. Foreign exchange gains and losses from the liabilities denominated in foreign currencies are included in financial income and expenses, with the exception of exchange rate differences on foreign currency items that constitute a part of the net investment made in a foreign unit. These exchange rate differences are recognised in other comprehensive income, and accumulated exchange rate differences are included in the translation difference presented in shareholders\u2019 equity. Translation of foreign Group companies\u2019 financial statements The income statements of foreign subsidiaries that use a functional currency other than the Group\u2019s presentation currency have been converted into euros at the average exchange rate prevailing during the year, and statements of financial position at the exchange rate prevailing at the end of the reporting period. The different exchange rates applicable to the conversion of profit or loss on the income statement and balance sheet result in a translation difference recognised in shareholders\u2019 equity on the balance sheet, and any change in this difference is recognised in other comprehensive income. Translation differences arising from the elimination of the acquisition cost of foreign subsidiaries, as well as translation differences arising from equity items accumulated after the acquisition, are recognised in other comprehensive income. When a subsidiary is divested in full or in part, accumulated translation differences are recognised in the income statement as part of the sales gain or loss. Goodwill arising from the acquisition of foreign entities and the fair value adjustments made to the book values of the assets and liabilities of such foreign entities upon acquisition are treated as assets and liabilities belonging to the foreign entities. These are converted into euros at the exchange rate prevailing at the end of the reporting period. Cash flow statement Cah flow from operating activities is reported using the indirect method, and adjustments are made for the effects of transactions of a non-cash nature, such as depreciation and provisions, and for items of income or expense associated with investing or financing cash flows. Dividends received, interest paid and received, and taxes paid are included in cash flow from operating activities. Changes in operating receivables and payables, as well as changes in inventories, are reported under working capital. Cash flow from investing activities includes capital expenditure (CAPEX) and disposal of tangible and intangible assets, acquisitions and disposals of subsidiaries, associates and other investments, and loans granted. Acquisitions and disposals of subsidiaries and associates are presented on a net basis, meaning the consideration paid or received is adjusted by the cash of the acquired or sold company. Cash flows resulting from changes in ownership in subsidiaries that do not result in a loss of control are classified as cash flow from financing activities. Cash flow from financing activities includes proceeds and repayments of interest-bearing borrowings, repayments of lease liabilities, and dividends paid. The maturity of Elisa\u2019s commercial papers is mainly 1\u20133 months, and their proceeds and repayments are presented on a net basis. 1.2.2 Accounting principles that require the judgement of the management and key sources of uncertainty in estimates Preparation of the financial statements requires the Group\u2019s management to make certain estimates and considerations. In addition, judgement is required in applying the accounting policies. This applies particularly to cases in which valid IFRS standards provide for alternative methods of recognition, measurement or presentation. The estimates made in connection with the preparation of financial statements are based on the management\u2019s best view at the end of the financial period, and the outcome may differ from the estimates and assumptions. Estimates are based on historical experience and assumptions concerning the future that are believed to be reasonable at the end of the financial period. The Group regularly assesses the realisation of estimates and assumptions, as well as changes in the underlying factors. Any changes in estimates and assumptions are recorded for the financial year during which the estimate or assumption was adjusted, and for all subsequent periods. Significant areas of estimation and uncertainty in applying accounting policies that have the most significant impact on amounts recognised in the financial statements are related to the following notes. Accounting principle that requires judgement of the management Note Revenue from contracts with customers 2.3 Business acquisitions 3 Share-based incentives 4.2 Pension obligations 4.3 Goodwill 5.5 Deferred tax assets 8.1.2 Investments in associated companies 8.3.2 The potential climate change-related risks and opportunities to which the Group is exposed are disclosed in the Group\u2019s 2025 Sustainability Report on pages 26 and 37. Management has exercised judgement in concluding that there is no other material financial impact from climate- related risks and opportunities that needs to be recognised in the consolidated financial statements. As the future impact of climate change will depend on environmental, regulatory and other factors outside of the Group\u2019s control that are not currently known, management will continue to monitor these estimates. 1.3 Applied new and revised standards The consolidated financial statements have been prepared in accordance with the same accounting policies used in 2024, with the exception of the new amendments to existing standards listed below, which the Group has applied since 1 January 2025. These revisions did not have a material impact on the consolidated financial statements. \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. The amendments require to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide. On 1 January 2026, the Group will adopt the following new amendments, provided these are approved by the EU by the planned date of adoption. These amendments are not expected to have a material impact on the consolidated financial statements. \u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. Amendments clarify the classification of financial assets with environmental, social and corporate governance (ESG) and similar features and require providing new disclosures. On 1 January 2027, the Group will adopt the following new standard, provided it is approved by the EU by the planned date of adoption. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1. Standard introduces new requirements for presentation within the statement of profit and loss, including specified totals and subtotals. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information of the primary financial statements and the notes. Elisa has started an analysis of the impact of the implementation of the new standard on the accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
Foreign-currency items
Functional currency
The consolidated financial statements are presented in
euros, which is the functional and presentation currency of
the parent company.
Transactions in foreign currencies
Foreign-currency transactions are translated into the
functional currency using the exchange rates prevailing on
the dates of the transactions. Monetary items have been
translated into the functional currency at the exchange rates
prevailing at the end of the reporting period. Non-monetary
items denominated in foreign currencies are translated at
the exchange rate on the date of the transaction, excluding
items measured at fair value, which are translated at the
exchange rates prevailing on the valuation date. Gains and
losses arising from the currency translations are recognised
through profit or loss. Foreign exchange gains and losses
resulting from operating activities are included in the
respective items above operating profit. Foreign exchange
gains and losses from the liabilities denominated in foreign
currencies are included in financial income and expenses,
with the exception of exchange rate differences on foreign
currency items that constitute a part of the net investment
made in a foreign unit. These exchange rate differences
are recognised in other comprehensive income, and
accumulated exchange rate differences are included in the
translation difference presented in shareholders\u2019 equity.
Translation of foreign Group
companies\u2019 financial statements
The income statements of foreign subsidiaries that use a
functional currency other than the Group\u2019s presentation
currency have been converted into euros at the average
exchange rate prevailing during the year, and statements
of financial position at the exchange rate prevailing at the
end of the reporting period. The different exchange rates
applicable to the conversion of profit or loss on the income
statement and balance sheet result in a translation difference
recognised in shareholders\u2019 equity on the balance sheet,
and any change in this difference is recognised in other
comprehensive income. Translation differences arising
from the elimination of the acquisition cost of foreign
subsidiaries, as well as translation differences arising
from equity items accumulated after the acquisition,
are recognised in other comprehensive income. When
a subsidiary is divested in full or in part, accumulated
translation differences are recognised in the income
statement as part of the sales gain or loss.
Goodwill arising from the acquisition of foreign entities and
the fair value adjustments made to the book values of the
assets and liabilities of such foreign entities upon acquisition
are treated as assets and liabilities belonging to the foreign
entities. These are converted into euros at the exchange rate
prevailing at the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "Functional currency The consolidated financial statements are presented in euros, which is the functional and presentation currency of the parent company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "
1.2.2 Accounting principles that require
the judgement of the management and key
sources of uncertainty in estimates
Preparation of the financial statements requires the Group\u2019s
management to make certain estimates and considerations.
In addition, judgement is required in applying the
accounting policies. This applies particularly to cases in
which valid IFRS standards provide for alternative methods
of recognition, measurement or presentation.
The estimates made in connection with the preparation of
financial statements are based on the management\u2019s best
view at the end of the financial period, and the outcome
may differ from the estimates and assumptions. Estimates are
based on historical experience and assumptions concerning
the future that are believed to be reasonable at the end
of the financial period. The Group regularly assesses the
realisation of estimates and assumptions, as well as changes
in the underlying factors. Any changes in estimates and
assumptions are recorded for the financial year during
which the estimate or assumption was adjusted, and for all
subsequent periods.
Significant areas of estimation and uncertainty in applying
accounting policies that have the most significant impact on
amounts recognised in the financial statements are related to
the following notes.
Accounting principle that requires
judgement of the management Note
Revenue from contracts with customers 2.3
Business acquisitions 3
Share-based incentives 4.2
Pension obligations 4.3
Goodwill 5.5
Deferred tax assets 8.1.2
Investments in associated companies 8.3.2
The potential climate change-related risks and opportunities
to which the Group is exposed are disclosed in the
Group\u2019s 2025 Sustainability Report on pages 26 and 37.
Management has exercised judgement in concluding that
there is no other material financial impact from climate-
related risks and opportunities that needs to be recognised
in the consolidated financial statements. As the future impact
of climate change will depend on environmental, regulatory
and other factors outside of the Group\u2019s control that are not
currently known, management will continue to monitor these
estimates.
Accounting policies that require management\u2019s judgement \u2013 Revenue from contracts with customers:
Principal vs. agent
When another party is involved in providing goods or services to the customer, Elisa assesses whether its promise is, by
nature, a performance obligation to provide the specified goods or services itself (i.e. Elisa acts as the principal), or a
performance obligation to arrange for those goods or services to be provided by another party (i.e. Elisa acts as an agent).
When Elisa acts as the principal, revenue and related additional expenses are reported on a gross basis in the amount that
the Group expects to be entitled to in exchange for the delivered performance obligations. When Elisa acts as an agent,
revenue is recorded as a fee or commission. The received fee is the net consideration amount, which corresponds to the
earned margin or billing fee after deducting any fees paid to another party for the goods or services delivered by that
party.
Whether the Group is considered to be acting as the principal or an agent in a transaction depends on analysis by
management of both the legal form and substance of the agreement between Elisa and its business partners. Such
judgements impact the amount of reported revenue and operating expenses but do not impact net income or cash flows.
Accounting policies that require management\u2019s judgement \u2013 Acquisitions:
The identifiable assets and liabilities acquired in a business combination are measured at fair value at the acquisition date.
When determining the fair value of the acquired net assets, consideration and estimates may be required. Estimates and
judgement are based on the management\u2019s best view of the situation at the time of the acquisition.
Accounting policies that require management\u2019s judgement \u2013 Share-based payments:
The expense recognition for the share-based incentive plans is based on an estimate of the fulfilment of the share incentive
plan criteria and the development of Elisa Group\u2019s share price. The fulfilment of the share incentive plan criteria and the
development of the share price might deviate from the estimates.
Accounting policies that require management\u2019s judgement \u2013 Pension obligations:
The book value of defined pension obligations is based on actuarial valuations. Assumptions and estimates used in the
valuations include, among others, the discount rate used on the valuation of the pension obligation and plan assets, as well
as the development of inflation and salary levels.
Accounting policies that require management\u2019s judgement \u2013 Goodwill impairment testing:
The recoverable amount of cash-generating units is determined by calculations based on value in use, the preparation of
which requires estimates and assumptions. The main uncertainties are associated with the estimated levels of revenue and
profitability and the discount rate. Any changes may lead to the recognition of impairment losses.
Accounting policies that require management\u2019s judgement \u2013
Consolidation principles, associated companies:
Elisa\u2019s ownership of Misteli Fiber Oy is 45 percent, and it has been classified as an associated company based on
management\u2019s assessment, considering factors such as ownership, voting rights, and who has the right to direct significant
activities. The classification of Misteli Fiber as an associated company is reviewed regularly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
1.3 Applied new and revised standards
The consolidated financial statements have been prepared
in accordance with the same accounting policies used in
2024, with the exception of the new amendments to existing
standards listed below, which the Group has applied since
1 January 2025. These revisions did not have a material
impact on the consolidated financial statements.
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign
Exchange Rates. The amendments require to apply a
consistent approach in assessing whether a currency
can be exchanged into another currency and, when it
cannot, in determining the exchange rate to use and the
disclosures to provide.
On 1 January 2026, the Group will adopt the following
new amendments, provided these are approved by the EU
by the planned date of adoption. These amendments are
not expected to have a material impact on the consolidated
financial statements.
\u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7
Financial Instruments: Disclosures. Amendments clarify the
classification of financial assets with environmental, social
and corporate governance (ESG) and similar features and
require providing new disclosures.
On 1 January 2027, the Group will adopt the following new
standard, provided it is approved by the EU by the planned
date of adoption.
\u2022 IFRS 18 Presentation and Disclosure in Financial
Statements, which replaces IAS 1. Standard introduces
new requirements for presentation within the statement of
profit and loss, including specified totals and subtotals.
It also requires disclosure of management-defined
performance measures and includes new requirements for
aggregation and disaggregation of financial information
of the primary financial statements and the notes. Elisa has
started an analysis of the impact of the implementation of
the new standard on the accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "1.3 Applied new and revised standards The consolidated financial statements have been prepared in accordance with the same accounting policies used in 2024, with the exception of the new amendments to existing standards listed below, which the Group has applied since 1 January 2025. These revisions did not have a material impact on the consolidated financial statements. \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. The amendments require to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide. On 1 January 2026, the Group will adopt the following new amendments, provided these are approved by the EU by the planned date of adoption. These amendments are not expected to have a material impact on the consolidated financial statements. \u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. Amendments clarify the classification of financial assets with environmental, social and corporate governance (ESG) and similar features and require providing new disclosures. On 1 January 2027, the Group will adopt the following new standard, provided it is approved by the EU by the planned date of adoption. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1. Standard introduces new requirements for presentation within the statement of profit and loss, including specified totals and subtotals. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information of the primary financial statements and the notes. Elisa has started an analysis of the impact of the implementation of the new standard on the accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "2. Operational result 2.1 Operating segments and geographical areas From January 1, 2025, Elisa\u2019s reportable operating segments are: Consumer Customers, Corporate Customers and International Software Services. Consumer Customers and Corporate Customers operate under one Elisa brand, providing services for home markets in Finland and Estonia. International Software Services operate under the Elisa IndustriQ brand, providing services globally. Elisa Group\u2019s organisational and management structure is based on a customer-oriented operating model, which is why, the International Software Services has been separated from the Corporate Customers as of January 1, 2025. The reportable segments are based on internal management reporting. Comparison year 2024 figures have been updated to reflect the new segment structure. As a result, the comparison figures for Corporate Customers have been updated. The Consumer Customers operating segment consists of mobile and fixed network services and home services such as entertainment and information security services for consumers. The Corporate Customers operating segment consists of mobile, fixed and corporate network services, and IT and cyber services for corporations and public organisations. The International Software Services operating segment consists of software services and distributed energy solutions globally for customers in the manufacturing, telecommunications and energy sectors. Operating segments:
2025 Consumer Corporate International Group
EUR million Customers Customers
Software Services
Unallocated
Total
Revenue
1,352.2
749.6
155.4
2,257.1
Other operating income
3.6
2.9
3.1
9.6
Materials and services
\u2013481.9
\u2013287.0
\u201317.0
\u2013785.9
Employee expenses
\u2013204.7
\u2013166.0
\u2013107.1
\u2013477.8
Other operating expenses
\u2013143.1
\u201360.3
\u201335.2
\u2013238.6
EBITDA
526.1
239.2
\u20130.9
764.4
Depreciation, amortisation and impairment
\u2013192.8
\u201393.2
\u201312.4
\u2013298.4
EBIT
333.2
146.0
\u201313.3
465.9
Financial income
9.9
9.9
Financial expenses
\u201349.9
\u201349.9
Share of associated companies' profit
\u20131.1
\u20131.1
Profit before tax
424.8
Investments
232.2
112.5
10.8
355.4
Assets
1,952.2
970.1
342.8
250.7
3,515.7
2024 Consumer Corporate International Group
EUR million Customers Customers
Software Services
Unallocated
Total
Revenue
1,328.5
754.0
108.9
2,191.5
Other operating income
4.6
0.9
0.6
6.1
Materials and services
\u2013477.4
\u2013289.9
\u201316.7
\u2013783.9
Employee expenses
\u2013190.2
\u2013164.4
\u201378.7
\u2013433.3
Other operating expenses
\u2013126.3
\u201358.4
\u201328.9
\u2013213.5
EBITDA
539.3
242.3
\u201314.8
766.8
Depreciation, amortisation and impairment
\u2013183.7
\u201387.4
\u20138.0
\u2013279.2
EBIT
355.6
154.8
\u201322.8
487.6
Financial income
9.4
9.4
Financial expenses
\u201347.9
\u201347.9
Share of associated companies' profit
\u20131.2
\u20131.2
Profit before tax 447.9
Investments
229.5
105.8
2.3
337.6
Assets
1,929.0
953.9
336.8
136.7
3,356.4
In the comparison period 2024, Corporate Customers revenue was 862.9, other operating income 1.5, materials and services \u2013306.5, employee expenses \u2013243.1, other operating expenses \u201387.3, EBITDA 227.5, depreciation, amortisation and impairment \u201395.5, EBIT 132.0, investments 108.2, and total assets 1,290.8 million euros. Geographical areas
2025 Rest of Other Group
EUR million
Finland
Europe countries total
Revenue
1,863.7
338.1
55.4
2,257.1
Assets
2,880.3
595.5
39.8
3,515.7
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
Accounting Principles \u2013 Operating Segments: The segments are controlled by segment-specific performance reporting that includes external revenue, EBITDA, EBIT and capital investments. Financial items, share of associated companies\u2019 profit and income taxes are not allocated to operating segments. The costs of production and support functions are allocated to operating segments on the matching principle. Operations in Estonia are divided into the Consumer Customers and Corporate Customers operating segments on the basis of customer accounts. Segment assets consist of intangible and tangible assets, right-of-use assets, inventories, trade and other non-interest bearing receivables. Deferred tax assets, investments in associated companies, other investments, interest-bearing receivables, financial items and income tax receivables are not included in segment assets. Liabilities are not allocated to operating segments. The accounting principles of the segments are the same as those used in the preparation of the financial statements. The reported geographical areas are Finland, Rest of Europe and Other Countries. Revenues are presented on the basis of customer location. The assets are presented on the basis of their location. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "
Accounting Principles \u2013 Operating Segments:
The segments are controlled by segment-specific performance reporting that includes external revenue, EBITDA, EBIT and
capital investments. Financial items, share of associated companies\u2019 profit and income taxes are not allocated to operating
segments. The costs of production and support functions are allocated to operating segments on the matching principle.
Operations in Estonia are divided into the Consumer Customers and Corporate Customers operating segments on the
basis of customer accounts.
Segment assets consist of intangible and tangible assets, right-of-use assets, inventories, trade and other non-interest
bearing receivables. Deferred tax assets, investments in associated companies, other investments, interest-bearing
receivables, financial items and income tax receivables are not included in segment assets. Liabilities are not allocated to
operating segments.
The accounting principles of the segments are the same as those used in the preparation of the financial statements.
The reported geographical areas are Finland, Rest of Europe and Other Countries. Revenues are presented on the basis of
customer location. The assets are presented on the basis of their location.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "2.2 Items affecting comparability Elisa uses comparable key figures in its financial reporting to describe the financial development of its business and increase comparability between different periods. Exceptional transactions outside the ordinary course of business are treated as items affecting comparability. Such items, as identified by the Group, are, for example, capital gains and losses from divestments of the assets and businesses, acquisition costs of assets and businesses, impairments, restructuring expenses and costs of legislative changes, damages or litigation. Income statement
EUR million
2025
2024
Restructuring costs
\u201331.8
\u201316.6
Network dismantling and repair costs \u201312.0
Items affecting comparability in EBITDA
\u201343.8
\u201316.6
Impairment losses of fixed assets \u20132.0
Items affecting comparability in EBIT \u201345.8 \u201316.6
Impairment losses of loan receivables \u20135.0
Items affecting comparability in profit before tax \u201345.8 \u201321.6
Income taxes on items affecting comparability 9.2 3.3
Items affecting comparability in profit for the period
\u201336.6
\u201318.3
EUR million
2025
2024
Comparable EBITDA
I/S
EBITDA
764.4
766.8
Items affecting comparability in EBITDA
43.8
16.6
808.2
783.4
Comparable EBIT
I/S
EBIT
465.9
487.6
Items affecting comparability in EBIT
45.8
16.6
511.7
504.2
Comparable profit before tax
I/S
Profit before tax
424.8
447.9
Items affecting comparability in profit before tax
45.8
21.6
470,6
469,5
EUR million
2025
2024
Comparable profit for the period
I/S
Profit for the period
341.8
356.4
Items affecting comparability in profit for the period
36.6
18.3
378.5
374.7
Comparable profit for the period attributable to equity holders
of the parent
Comparable profit for the period
378.5
374.7
Non-controlling interests
\u20130.2
\u20132.0
378.6
376.6
Comparable earnings per share, EUR
Comparable profit for the period attributable to equity holders of the parent
378.6
376.6
Average number of outstanding shares, basic (1,000 shares) 160,503 160,509
2.36
2.35
9. Key Indicators 9.1 Key indicators describing the Group\u2019s financial development
2025
2024
2023
2022
2021
INCOME STATEMENT
Revenue, EUR million
2,257
2,191
2,180
2,130
1,998
Change of revenue, %
3.0
0.5
2.4
6.6
5.5
EBITDA, EUR million
764
767
756
733
697
EBITDA as % of revenue
33.9
35.0
34.7
34.4
34.9
EBIT, EUR million
466
488
482
470
431
EBIT as % of revenue
20.6
22.3
22.1
22.1
21.6
Profit before tax, EUR million
425
448
458
456
418
Profit before tax as % of revenue
18.8
20.4
21.0
21.4
20.9
Return on equity (ROE), %
26.8
27.6
29.4
30.4
28.8
Return on investment (ROI), %
16.2
17.7
18.5
18.3
16.9
Research and development costs, EUR million
38
27
24
21
16
Research and development costs as % of revenue
1.7
1.2
1.1
1.0
0.8
BALANCE SHEET
Gearing ratio, %
119.8
113.9
100.8
101.9
101.2
Current ratio
1.1
0.8
1.0
1.0
1.4
Equity ratio, %
35.9
38.7
41.6
40.6
39.9
Non-interest-bearing liabilities, EUR million
559
501
463
488
491
Interest-bearing net debt
1,508
1,473
1,304
1,276
1,219
Balance sheet total, EUR million
3,516
3,356
3,125
3,101
3,028
INVESTMENTS
Investments in shares, EUR million
15
114
12
25
28
CAPITAL EXPENDITURE
Gross investments, EUR million
355
338
321
290
265
Gross investments as % of revenue
15.7
15.4
14.7
13.6
13.3
PERSONNEL
Average number of employees during the period
6,233
5,781
5,721
5,523
5,391
Revenue/employee, EUR 1,000
362
379
381
386
371
The order book is not presented, as the information is not relevant due to the nature of the Group\u2019s business.
Formulae for financial summary indicators
EBITDA
EBIT + depreciation, amortisation and impairment
EBIT Profit for the period + income taxes + financial income and expenses +
share of associated companies\u2019 profit
Return on equity (ROE),% Profit for the period \u00d7 100
Total shareholders\u2019 equity on average
Return on investment (ROI),% Profit before taxes + interest and other financial expenses \u00d7 100
Total equity + interest-bearing liabilities on average
Interest-bearing liabilities \u2013 cash and cash equivalents and financial
Gearing ratio,% assets at fair value through profit or loss \u00d7 100
Total shareholders\u2019 equity
Current ratio Current assets
Current liabilities \u2013 advance payments received
Equity ratio,% Total shareholders\u2019 equity \u00d7 100
Balance sheet total \u2013 advance payments received
9.2 Alternative performance measures (1
2025
2024
2023
2022
2021
INCOME STATEMENT
Comparable EBITDA, EUR million
808
783
756
735
706
Comparable EBITDA as % of revenue
35.8
35.7
34.7
34.5
35.3
Comparable EBIT, EUR million
512
504
487
472
439
Comparable EBIT as % of revenue
22.7
23.0
22.4
22.2
22.0
Comparable profit before tax, EUR million
471
469
464
458
427
Comparable profit before tax as % of revenue
20.9
21.4
21.3
21.5
21.4
Comparable return on equity (ROE), %
29.7
29.0
29.7
30.5
29.3
Comparable return on investment (ROI), %
17.7
18.5
18.7
18.4
17.2
Comparable earnings per share (EPS)
2.36
2.35
2.37
2.34
2.19
1) other than the financial indicators defined by IFRS
Formulae for alternative performance measures
Comparable EBITDA
EBIT + depreciation, amortisation and impairment +/\u2013 items affecting comparability
Comparable EBIT Profit for the period + income taxes + financial income and expenses +
share of associated companies\u2019 profit +/\u2013 items affecting comparability
Comparable profit for the period
Profit for the period +/\u2013 items affecting comparability
Profit attributable to owners of the parent company
Comparable EPS +/\u2013 items affecting comparability
Average number of shares during the period adjusted for share issues
Comparable return on equity Profit for the period +/\u2013 items affecting comparability
\u00d7 100
(ROE), % Total shareholders\u2019 equity on average
Profit before taxes + interest and other financial expenses
Comparable return on investment +/\u2013 items affecting comparability
(ROI), % \u00d7 100
Total equity + interest-bearing liabilities on average
Comparable cash flow Net cash flow from operating activities \u2013 net cash used in investing activities
after investments +/\u2013 items affecting comparability
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "Cash flow
EUR million
2025
2024
Acquisitions and disposals of shares and business combinations 11.7 101.3
Items affecting comparability in cash flow before financing
11.7
101.3
The main items affecting comparability in 2025 were the acquisition of iCADA GmbH and the establishment of associated company, Misteli Fiber Oy. The main items affecting comparability in 2024 were the acquisitions of sedApta Group, Moontalk Oy and Leanware Oy and the acquisition of Koillisnet Oy and Kaisanet Oy\u2019s fibre network business. Comparable cash flow after investments
C/F Cash flow before financing
399.5
256.1
Items affecting comparability in cash flow before financing 11.7 101.3
411.2
357.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "
2.3 Revenue from contracts with customers
Division of Group\u2019s revenue
EUR million
2025
2024
Service revenue
1,879.0
1,800.9
Equipment revenue
377.4
390.1
Interest revenue 0.7 0.5
I/S
2,257.1
2,191.5
EUR million
2025
2024
Mobile telecommunications
1,332.0
1,301.9
Fixed-network broadband and others 925.1 889.6
I/S
2,257.1
2,191.5
Accounting Principles \u2013 Revenue from contracts with customers: Elisa Group\u2019s revenue mainly consists of fixed and mobile subscriptions along with supplementary digital services, mobile and data terminal devices, entertainment services, and IT and communication solutions for the digital environment, as well as automation solutions for network management and operation for mobile operators, industrial IoT solutions and distributed energy solutions. There is both revenue from products and services sold separately as well as from products and services sold as bundles. Revenue is allocated to performance obligations (equipment and services) on a relative standalone selling price basis. Consumer customer contracts are typically standard contracts, and revenue is allocated to performance obligations based on the standalone sellinge price of the products at the time of sale. Contracts with corporate customers and for international software services typically meet the criteria laid down for a contract negotiated as a single package, in which case, the revenue is allocated to performance obligations based on the prices agreed with each customer. Discounts given to customers are allocated proportionally to the performance obligations included in the contract, except in situations where there is observable evidence that the entire discount relates to one or more specific performance obligations in the contract, but not to all of them. Revenue is recognised when or as the performance obligations are satisfied, i.e. when the promised good or service has been delivered to the customer. Performance obligations are fulfilled either over time (services) or at certain points in time (equipment). Service revenue Service contracts are performance obligations that are satisfied over time. The service is provided continuously during the contract period. Revenue for service contracts is recognised over the contract period when the services are used by the customer. Customers may be charged separate activation and connection fees, e.g. for fixed and mobile network subscriptions and related digital services. Since no separate goods or services are delivered in exchange for activation and connection fees, these are considered to be part of the transaction price, which is allocated to the service in question and recognised over the contract period. For fixed-term contracts, the contract period corresponds to the term of the contract. For contracts valid until further notice, the contracts form a series of contracts that automatically renew, and the contract period is determined based on the notice period of the contract. Incremental costs of obtaining a fixed-term contract (such as sales or representation commissions) are capitalised and accrued as an expense during the contract period when these commissions relate directly to a contract that can be specifically identified. Revenue from prepaid mobile phone cards is recognised over the period of realised use of the cards. Service fees invoiced from a customer on behalf of a third-party content service provider are not recognised as revenue. Equipment revenue Equipment revenue is recognised at a certain point in time, when the customer has been deemed as having gained control of the equipment. Typically, this occurs when the customers enter into the contract, and revenue related to the performance obligation is recognised when the equipment is transferred to the customer. As a rule, customers have four weeks to cancel a service contract entered into through distance sales and return the purchased equipment. In principle, there is no right of cancellation for equipment bought from an Elisa shop. Based on historical experience, the number of refunds is expected to be low, due to which the Group has not recognised a refund liability for the amounts expected to be refunded, and revenue has not been adjusted by the estimated number of refunds. Elisa provides consumer customers with various payment methods granting them the possibility to purchase equipment with 12\u201336 months\u2019 credit. Revenue for equipment is recognised at the time of the sale, regardless of whether the customer pays for the device fully at the time of sale or in monthly payments. If revenue accumulated through an installment contract is higher than the cash selling price of the device, the difference is taken into account as a financing component. In this case, the transaction price is adjusted to take account of the financing component, and the interest revenue is recognised over time during the customer\u2019s contract period. Interest revenue is presented as part of the Group\u2019s revenue. Service bundles Customer contracts may include several performance obligations, and Elisa may agree on the delivery of several products, services or access rights (service bundle). In that case, the prices specified in the contract are used as the transaction price, which is allocated to performance obligations on a relative standalone selling price basis. The standalone selling price is based on the standalone selling price of the products at the time of sale. Equipment that can be used only in connection with services provided by Elisa and whose sole function is to provide the service to the customer is not accounted for as a separate performance obligation. In such arrangements, the equipment forms a single distinct performance obligation only in conjunction with the service, and revenue is recognised when the service is provided to the customer. If a customer contract includes a licence that is distinct from other goods or services promised in the contract, the promise to grant a licence is classified as either a \u201dright to access\u201d or a \u201dright to use\u201d Elisa\u2019s intellectual property, such as software. The licence is classified as a \u201dright to access\u201d and revenue is recognised over time during the contract period if Elisa performs activities that significantly affect the intellectual property in question and the customer is directly exposed to any positive or negative effects of those activities, and these activities do not constitute a separate performance obligation. If the promise is by nature a \u201dright to use\u201d Elisa\u2019s intellectual property as it exists at the time the licence is granted, sales revenue is recognised at a specific point in time. If a customer purchases an implementation project in conjunction with a licence, the licence and implementation project are treated as a single performance obligation if the licence cannot be used without separate implementation. Maintenance services related to sold licences are typically separate performance obligations that are recognised as service revenue when the customer uses the services. Elisa Etuohjelma In the 2024 financial year, Elisa launched Elisa Etuohjelma, a loyalty programme for consumer customers that provides benefits based on the member\u2019s tier in the programme, such as special offers and discounts. Benefits under Elisa Etuohjelma do not generally constitute a separate performance obligation under IFRS 15; rather, they are interpreted as offers that Elisa accounts for in bookkeeping only when the customer exercises their option to purchase additional goods or services. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "2.3 Revenue from contracts with customers Division of Group\u2019s revenue
EUR million
2025
2024
Service revenue
1,879.0
1,800.9
Equipment revenue
377.4
390.1
Interest revenue 0.7 0.5
I/S
2,257.1
2,191.5
EUR million
2025
2024
Mobile telecommunications
1,332.0
1,301.9
Fixed-network broadband and others 925.1 889.6
I/S
2,257.1
2,191.5
Accounting Principles \u2013 Revenue from contracts with customers: Elisa Group\u2019s revenue mainly consists of fixed and mobile subscriptions along with supplementary digital services, mobile and data terminal devices, entertainment services, and IT and communication solutions for the digital environment, as well as automation solutions for network management and operation for mobile operators, industrial IoT solutions and distributed energy solutions. There is both revenue from products and services sold separately as well as from products and services sold as bundles. Revenue is allocated to performance obligations (equipment and services) on a relative standalone selling price basis. Consumer customer contracts are typically standard contracts, and revenue is allocated to performance obligations based on the standalone sellinge price of the products at the time of sale. Contracts with corporate customers and for international software services typically meet the criteria laid down for a contract negotiated as a single package, in which case, the revenue is allocated to performance obligations based on the prices agreed with each customer. Discounts given to customers are allocated proportionally to the performance obligations included in the contract, except in situations where there is observable evidence that the entire discount relates to one or more specific performance obligations in the contract, but not to all of them. Revenue is recognised when or as the performance obligations are satisfied, i.e. when the promised good or service has been delivered to the customer. Performance obligations are fulfilled either over time (services) or at certain points in time (equipment). Service revenue Service contracts are performance obligations that are satisfied over time. The service is provided continuously during the contract period. Revenue for service contracts is recognised over the contract period when the services are used by the customer. Customers may be charged separate activation and connection fees, e.g. for fixed and mobile network subscriptions and related digital services. Since no separate goods or services are delivered in exchange for activation and connection fees, these are considered to be part of the transaction price, which is allocated to the service in question and recognised over the contract period. For fixed-term contracts, the contract period corresponds to the term of the contract. For contracts valid until further notice, the contracts form a series of contracts that automatically renew, and the contract period is determined based on the notice period of the contract. Incremental costs of obtaining a fixed-term contract (such as sales or representation commissions) are capitalised and accrued as an expense during the contract period when these commissions relate directly to a contract that can be specifically identified. Revenue from prepaid mobile phone cards is recognised over the period of realised use of the cards. Service fees invoiced from a customer on behalf of a third-party content service provider are not recognised as revenue. Equipment revenue Equipment revenue is recognised at a certain point in time, when the customer has been deemed as having gained control of the equipment. Typically, this occurs when the customers enter into the contract, and revenue related to the performance obligation is recognised when the equipment is transferred to the customer. As a rule, customers have four weeks to cancel a service contract entered into through distance sales and return the purchased equipment. In principle, there is no right of cancellation for equipment bought from an Elisa shop. Based on historical experience, the number of refunds is expected to be low, due to which the Group has not recognised a refund liability for the amounts expected to be refunded, and revenue has not been adjusted by the estimated number of refunds. Elisa provides consumer customers with various payment methods granting them the possibility to purchase equipment with 12\u201336 months\u2019 credit. Revenue for equipment is recognised at the time of the sale, regardless of whether the customer pays for the device fully at the time of sale or in monthly payments. If revenue accumulated through an installment contract is higher than the cash selling price of the device, the difference is taken into account as a financing component. In this case, the transaction price is adjusted to take account of the financing component, and the interest revenue is recognised over time during the customer\u2019s contract period. Interest revenue is presented as part of the Group\u2019s revenue. Service bundles Customer contracts may include several performance obligations, and Elisa may agree on the delivery of several products, services or access rights (service bundle). In that case, the prices specified in the contract are used as the transaction price, which is allocated to performance obligations on a relative standalone selling price basis. The standalone selling price is based on the standalone selling price of the products at the time of sale. Equipment that can be used only in connection with services provided by Elisa and whose sole function is to provide the service to the customer is not accounted for as a separate performance obligation. In such arrangements, the equipment forms a single distinct performance obligation only in conjunction with the service, and revenue is recognised when the service is provided to the customer. If a customer contract includes a licence that is distinct from other goods or services promised in the contract, the promise to grant a licence is classified as either a \u201dright to access\u201d or a \u201dright to use\u201d Elisa\u2019s intellectual property, such as software. The licence is classified as a \u201dright to access\u201d and revenue is recognised over time during the contract period if Elisa performs activities that significantly affect the intellectual property in question and the customer is directly exposed to any positive or negative effects of those activities, and these activities do not constitute a separate performance obligation. If the promise is by nature a \u201dright to use\u201d Elisa\u2019s intellectual property as it exists at the time the licence is granted, sales revenue is recognised at a specific point in time. If a customer purchases an implementation project in conjunction with a licence, the licence and implementation project are treated as a single performance obligation if the licence cannot be used without separate implementation. Maintenance services related to sold licences are typically separate performance obligations that are recognised as service revenue when the customer uses the services. Elisa Etuohjelma In the 2024 financial year, Elisa launched Elisa Etuohjelma, a loyalty programme for consumer customers that provides benefits based on the member\u2019s tier in the programme, such as special offers and discounts. Benefits under Elisa Etuohjelma do not generally constitute a separate performance obligation under IFRS 15; rather, they are interpreted as offers that Elisa accounts for in bookkeeping only when the customer exercises their option to purchase additional goods or services. Accounting policies that require management\u2019s judgement \u2013 Revenue from contracts with customers: Principal vs. agent When another party is involved in providing goods or services to the customer, Elisa assesses whether its promise is, by nature, a performance obligation to provide the specified goods or services itself (i.e. Elisa acts as the principal), or a performance obligation to arrange for those goods or services to be provided by another party (i.e. Elisa acts as an agent). When Elisa acts as the principal, revenue and related additional expenses are reported on a gross basis in the amount that the Group expects to be entitled to in exchange for the delivered performance obligations. When Elisa acts as an agent, revenue is recorded as a fee or commission. The received fee is the net consideration amount, which corresponds to the earned margin or billing fee after deducting any fees paid to another party for the goods or services delivered by that party. Whether the Group is considered to be acting as the principal or an agent in a transaction depends on analysis by management of both the legal form and substance of the agreement between Elisa and its business partners. Such judgements impact the amount of reported revenue and operating expenses but do not impact net income or cash flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
Accounting Principles \u2013 Revenue from contracts with customers:
Elisa Group\u2019s revenue mainly consists of fixed and mobile subscriptions along with supplementary digital services, mobile
and data terminal devices, entertainment services, and IT and communication solutions for the digital environment, as
well as automation solutions for network management and operation for mobile operators, industrial IoT solutions and
distributed energy solutions.
There is both revenue from products and services sold separately as well as from products and services sold as bundles.
Revenue is allocated to performance obligations (equipment and services) on a relative standalone selling price basis.
Consumer customer contracts are typically standard contracts, and revenue is allocated to performance obligations
based on the standalone sellinge price of the products at the time of sale. Contracts with corporate customers and for
international software services typically meet the criteria laid down for a contract negotiated as a single package, in which
case, the revenue is allocated to performance obligations based on the prices agreed with each customer.
Discounts given to customers are allocated proportionally to the performance obligations included in the contract, except
in situations where there is observable evidence that the entire discount relates to one or more specific performance
obligations in the contract, but not to all of them.
Revenue is recognised when or as the performance obligations are satisfied, i.e. when the promised good or service has
been delivered to the customer. Performance obligations are fulfilled either over time (services) or at certain points in time
(equipment).
Service revenue
Service contracts are performance obligations that are satisfied over time. The service is provided continuously during the
contract period. Revenue for service contracts is recognised over the contract period when the services are used by the
customer.
Customers may be charged separate activation and connection fees, e.g. for fixed and mobile network subscriptions and
related digital services. Since no separate goods or services are delivered in exchange for activation and connection fees,
these are considered to be part of the transaction price, which is allocated to the service in question and recognised over
the contract period.
For fixed-term contracts, the contract period corresponds to the term of the contract. For contracts valid until further notice,
the contracts form a series of contracts that automatically renew, and the contract period is determined based on the notice
period of the contract.
Incremental costs of obtaining a fixed-term contract (such as sales or representation commissions) are capitalised and
accrued as an expense during the contract period when these commissions relate directly to a contract that can be
specifically identified.
Revenue from prepaid mobile phone cards is recognised over the period of realised use of the cards. Service fees
invoiced from a customer on behalf of a third-party content service provider are not recognised as revenue.
Equipment revenue
Equipment revenue is recognised at a certain point in time, when the customer has been deemed as having gained
control of the equipment. Typically, this occurs when the customers enter into the contract, and revenue related to the
performance obligation is recognised when the equipment is transferred to the customer.
As a rule, customers have four weeks to cancel a service contract entered into through distance sales and return the
purchased equipment. In principle, there is no right of cancellation for equipment bought from an Elisa shop. Based on
historical experience, the number of refunds is expected to be low, due to which the Group has not recognised a refund
liability for the amounts expected to be refunded, and revenue has not been adjusted by the estimated number of refunds.
Elisa provides consumer customers with various payment methods granting them the possibility to purchase equipment
with 12\u201336 months\u2019 credit. Revenue for equipment is recognised at the time of the sale, regardless of whether the
customer pays for the device fully at the time of sale or in monthly payments. If revenue accumulated through an
installment contract is higher than the cash selling price of the device, the difference is taken into account as a financing
component. In this case, the transaction price is adjusted to take account of the financing component, and the interest
revenue is recognised over time during the customer\u2019s contract period. Interest revenue is presented as part of the Group\u2019s
revenue.
Service bundles
Customer contracts may include several performance obligations, and Elisa may agree on the delivery of several products,
services or access rights (service bundle). In that case, the prices specified in the contract are used as the transaction
price, which is allocated to performance obligations on a relative standalone selling price basis. The standalone selling
price is based on the standalone selling price of the products at the time of sale.
Equipment that can be used only in connection with services provided by Elisa and whose sole function is to provide the
service to the customer is not accounted for as a separate performance obligation. In such arrangements, the equipment
forms a single distinct performance obligation only in conjunction with the service, and revenue is recognised when the
service is provided to the customer.
If a customer contract includes a licence that is distinct from other goods or services promised in the contract, the promise
to grant a licence is classified as either a \u201dright to access\u201d or a \u201dright to use\u201d Elisa\u2019s intellectual property, such as software.
The licence is classified as a \u201dright to access\u201d and revenue is recognised over time during the contract period if Elisa
performs activities that significantly affect the intellectual property in question and the customer is directly exposed to any
positive or negative effects of those activities, and these activities do not constitute a separate performance obligation.
If the promise is by nature a \u201dright to use\u201d Elisa\u2019s intellectual property as it exists at the time the licence is granted, sales
revenue is recognised at a specific point in time.
If a customer purchases an implementation project in conjunction with a licence, the licence and implementation
project are treated as a single performance obligation if the licence cannot be used without separate implementation.
Maintenance services related to sold licences are typically separate performance obligations that are recognised as service
revenue when the customer uses the services.
Elisa Etuohjelma
In the 2024 financial year, Elisa launched Elisa Etuohjelma, a loyalty programme for consumer customers that provides
benefits based on the member\u2019s tier in the programme, such as special offers and discounts. Benefits under Elisa
Etuohjelma do not generally constitute a separate performance obligation under IFRS 15; rather, they are interpreted as
offers that Elisa accounts for in bookkeeping only when the customer exercises their option to purchase additional goods
or services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "2.4 Other operating income
EUR million
2025
2024
Gain on disposals of property, plant and equipment
2.4
1.7
Gain on disposal of subsidiaries and businesses
1.0
0.5
Government grants
0.3
0.2
Other items
(1
5.9 3.7
I/S
9.6
6.1
1) Other items include rental income from the real estate and other income not associated with ordinary operating activities. Accounting Principles \u2013 Other operating income: Other operating income includes non-operating income, such as capital gains on the disposal of tangible and intangible assets, subsidiaries and businesses, and rental income from real estate. Government grants associated with development projects are recognised as other operating income when the related costs are recognised as expenses. Government grants associated with capitalised development costs are recorded as a reduction of capital expenditure . Audit fees
EUR million
2025
2024
Auditing
0.6
0.4
Assurance on the sustainability statement
0.1
0.1
Tax advisory services
0.0
0.0
Other services
0.1
0.1
0.8
0.5
In 2025, non-audit fees charged by Ernst & Young Oy were EUR 0.1 (0.1) million. Research and development costs
EUR million
2025
2024
Research and development costs recognised as expenses
25.1
18.3
Capitalised development costs
13.0
8.4
38.2
26.8
The focus areas for the research and development activities in 2025 were the development of software for the manufacturing industry and supply chain management, corporate customers new services and platforms, as well as the development of network software solutions for telecom operators. Accounting Principles \u2013 Research and development: Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit, and the Group has both the intention and the resources to complete the development and use or sell the asset. Capitalised development costs include those material, labour and testing costs and any capitalised borrowing costs that are directly attributable to bringing the asset to its working condition for its intended use. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be subsequently capitalised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "2.4 Other operating income
EUR million
2025
2024
Gain on disposals of property, plant and equipment
2.4
1.7
Gain on disposal of subsidiaries and businesses
1.0
0.5
Government grants
0.3
0.2
Other items
(1
5.9 3.7
I/S
9.6
6.1
1) Other items include rental income from the real estate and other income not associated with ordinary operating activities. Accounting Principles \u2013 Other operating income: Other operating income includes non-operating income, such as capital gains on the disposal of tangible and intangible assets, subsidiaries and businesses, and rental income from real estate. Government grants associated with development projects are recognised as other operating income when the related costs are recognised as expenses. Government grants associated with capitalised development costs are recorded as a reduction of capital expenditure . ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
Government grants associated with development projects are recognised as other operating income when the related
costs are recognised as expenses. Government grants associated with capitalised development costs are recorded as a
reduction of capital expenditure .
Research and development costs
EUR million
2025
2024
Research and development costs recognised as expenses
25.1
18.3
Capitalised development costs
13.0
8.4
38.2
26.8
The focus areas for the research and development activities in 2025 were the development of software for the manufacturing industry and supply chain management, corporate customers new services and platforms, as well as the development of network software solutions for telecom operators. Accounting Principles \u2013 Research and development: Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit, and the Group has both the intention and the resources to complete the development and use or sell the asset. Capitalised development costs include those material, labour and testing costs and any capitalised borrowing costs that are directly attributable to bringing the asset to its working condition for its intended use. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be subsequently capitalised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "Government grants associated with development projects are recognised as other operating income when the related costs are recognised as expenses. Government grants associated with capitalised development costs are recorded as a reduction of capital expenditure . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Government grants associated with development projects are recognised as other operating income when the related costs are recognised as expenses. Government grants associated with capitalised development costs are recorded as a reduction of capital expenditure . Accounting Principles \u2013 Research and development: Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit, and the Group has both the intention and the resources to complete the development and use or sell the asset. Capitalised development costs include those material, labour and testing costs and any capitalised borrowing costs that are directly attributable to bringing the asset to its working condition for its intended use. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be subsequently capitalised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "Materials and services
EUR million
2025
2024
Purchases of materials, supplies and goods
502.0
502.1
Change in inventories
6.7
5.6
External services
277.7
275.9
Foreign exchange gains and losses
\u20130.4
0.4
I/S 785.9 783.9
Gains and losses arising from foreign currency translations are recognised in accordance with their nature, either in materials and services or financial income and expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "
Audit fees
EUR million
2025
2024
Auditing
0.6
0.4
Assurance on the sustainability statement
0.1
0.1
Tax advisory services
0.0
0.0
Other services
0.1
0.1
0.8
0.5
In 2025, non-audit fees charged by Ernst & Young Oy were EUR 0.1 (0.1) million.
Research and development costs
EUR million
2025
2024
Research and development costs recognised as expenses
25.1
18.3
Capitalised development costs
13.0
8.4
38.2
26.8
The focus areas for the research and development activities in 2025 were the development of software for the manufacturing
industry and supply chain management, corporate customers new services and platforms, as well as the development of
network software solutions for telecom operators.
Accounting Principles \u2013 Research and development:
Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the
product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic
benefit, and the Group has both the intention and the resources to complete the development and use or sell the asset.
Capitalised development costs include those material, labour and testing costs and any capitalised borrowing costs that are
directly attributable to bringing the asset to its working condition for its intended use. Otherwise, development costs are
recorded as an expense. Development costs initially recognised as expenses cannot be subsequently capitalised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "Audit fees
EUR million
2025
2024
Auditing
0.6
0.4
Assurance on the sustainability statement
0.1
0.1
Tax advisory services
0.0
0.0
Other services
0.1
0.1
0.8
0.5
In 2025, non-audit fees charged by Ernst & Young Oy were EUR 0.1 (0.1) million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "2.6 Earnings per share
Earnings per share, basic
2025
2024
I/S Net profit for the period attributable to equity holders of the parent
(EUR million)
342.0
358.4
Weighted average number of shares outstanding (1,000 shares)
160,503
160,509
Earnings per share, basic (EUR/share)
2.13
2.23
Diluted earnings per share 2025 2024
I/S Net profit for the period attributable to equity holders of the parent
(EUR million)
342.0
358.4
Weighted average number of shares outstanding (1,000 shares)
160,503
160,509
Impact of share-based incentive plans
149
159
Weighted average number of shares outstanding adjusted by dilutive effect
(1,000 shares)
160,652
160,668
Diluted earnings per share (EUR/share)
2.13
2.23
Accounting principles \u2013 Earnings per share: Basic earnings per share are calculated by dividing the net profit for the period attributable to the parent company\u2019s equity holders by the weighted average number of shares outstanding during the period. Diluted earnings per share are calculated on the same basis as earnings per basic share, except for the dilutive effect of converting all dilutive potential shares into basic shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "
Accounting principles \u2013 Earnings per share:
Basic earnings per share are calculated by dividing the net profit for the period attributable to the parent company\u2019s equity
holders by the weighted average number of shares outstanding during the period.
Diluted earnings per share are calculated on the same basis as earnings per basic share, except for the dilutive effect of
converting all dilutive potential shares into basic shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "3. Business acquisitions and disposals Acquired businesses in 2025 Acquisition of iCADA On 3 January 2025, Elisa\u2019s subsidiary camLine acquired the Germany-based software provider iCADA GmbH to expand its process excellence on semiconductor processes. iCADA is a software provider of durable lifecycle solutions for the semiconductor industry. The acquisition strengthens camLine\u2019s leadership in process excellence in semiconductor industry. The acquisition price was EUR 5.5 million. EUR 0.8 million of the total acquisition price was allocated to customer base and EUR 0.5 million to software, both of which will be amortised over five years. The acquisition resulted in EUR 3.5 million of goodwill related to the Group\u2019s growth in digital services internationally and acceleration of the development of the software business. Goodwill is not tax deductible. The acquired companies have been consolidated from 1 January 2025 onwards. External revenue after the acquisition was EUR 1.4 million, and the impact on the Group\u2019s profit for the period was EUR 0.4 million.
Consideration transferred
EUR million
Carrying amount
Cash paid 5.5
Total acquisition price
5.5
Net assets acquired
EUR million
Intangible assets
1.3
Trade and other receivables
0.4
Cash and cash equivalents
1.6
Deferred tax liabilities
\u20130.4
Trade payables and other liabilities
\u20130.8
Tax liabilities \u20130.2
2.0
Effects of acquisition on cash flow
EUR million
Purchase price paid in cash
\u20135.5
Cash and cash equivalents of the acquired entities 1.6
\u20133.9
Goodwill arising from business combination
EUR million
Carrying amount
Consideration transferred
5.5
Identifiable net assets of the acquired entities 2.0
Goodwill
3.5
EUR 0.3 million of acquisition-related costs, such as professional fees, are recorded in other operating expenses. EUR 0.1 (0.2) million of these are recorded in the year 2025. Changes in ownership interests sedApta acquired additional shares in its subsidiaries Nextchain S.r.l., Aimesys S.r.l. and Novigo Technology S.R.L. during the first half of 2025. The acquisition price was EUR 0.8 million. Following the acquisition, the Group owns the entire share capital of the companies. Due to the acquisition, the share of non-controlling interests decreased by EUR 0.4 million. Disposals of businesses in 2025 Disposal of Banana Fingers Limited and Epic TV SAS On 31 July, Elisa sold the fully owned subsidiaries Banana Fingers Limited and Epic TV SAS to LDR S.p.A in Italy. The change in ownership was recorded in the Group as a sale of a subsidiary, and it resulted in a loss of EUR 0.5 million, recorded in other operating expenses. The Group has consolidated the result of the companies as a subsidiary until 31 July 2025.
Net assets of the sold entities
EUR million
Carrying amount
Tangible and intangible assets
0.5
Inventories
3.0
Trade and other receivables
0.5
Cash and cash equivalents
1.9
Lease liabilities
\u20130.5
Trade payables and other liabilities \u20131.2
4.2
Effects of disposal on cash flow
EUR million
Selling price paid in cash
3.6
Cash and cash equivalents of sold entities \u20131.9
1.7
Effects of disposal on consolidated income statement and balance sheet
EUR million
Selling price
3.6
Net assets of sold entities \u20134.2
Profit from the sale
\u20130.5
Acquired businesses in 2024 Acquisition of Romaric Automation Design Inc. On 15 February 2024, camLine acquired Romaric Automation Design Inc. Romaric is a US-based software provider of material control systems (MCS). The acquisition strengthens camLine\u2019s manufacturing excellence software portfolio and improves its footprint in the US market. The acquisition price was EUR 14.5 million including the contingent consideration of EUR 2.8 million. EUR 0.4 million of the total acquisition price was allocated to customer base and EUR 1.7 million to software, both of which will be amortised over four years. The acquisition resulted in EUR 11.3 million of goodwill related to the Group\u2019s growth in digital services internationally and acceleration of the development of the software business. Goodwill is not tax deductible. The acquired company has been consolidated from 1 February 2024 onwards. External revenue after the acquisition was EUR 2.7 million, and the impact on the Group\u2019s profit for the period was EUR \u20130.2 million. Had the acquisition been made as of the beginning of the year 2024, the impact on Group revenue would have been EUR 2.8 million and the effect on profit for the period EUR \u20130.4 million.
Consideration transferred
EUR million
Carrying amount
Cash paid
11.7
Contingent consideration 2.8
Total acquisition price
14.5
Net assets acquired
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
\u20130.5
Lease liabilities
\u20130.2
Trade payables and other liabilities \u20131.6
3.2
Effects of acquisition on cash flow
EUR million
Carrying amount
Purchase price paid in cash
\u201311.7
Cash and cash equivalents of the acquired entity 2.4
\u20139.3
Goodwill arising from business combination
EUR million
Consideration transferred
14.5
Identifiable net assets of the acquired entity 3.2
Goodwill
11.3
EUR 0.3 million of acquisition-related costs, such as professional fees, are recorded in other operating expenses. EUR 0.1 (0.2) million of these are recorded in the year 2024. Acquisition of Moontalk Oy On 5 March 2024, Elisa acquired a majority stake of 64.5 per cent in Moontalk. Moontalk is a software supplier in the mobile communications service software market. The acquisition price was EUR 16.6 million including the contingent consideration of EUR 1.0 million. EUR 1.5 million of the total acquisition price was allocated to customer base, which will be amortised over four years. The acquisition resulted in EUR 16.0 million of goodwill related to strengthening Elisa\u2019s application development expertise, especially in accelerating SaaS-based application development. Goodwill is not tax deductible. 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\u2019s holding in Moontalk Oy increased to 92.7 per cent. The acquired company has been consolidated from 1 March 2024 onwards. External revenue after the acquisition was EUR 3.9 million, and the impact on the Group\u2019s profit for the period was EUR \u20130.4 million. Had the acquisition been made as of the beginning of the year 2024, the impact on Group revenue would have been EUR 4.6 million and the effect on profit for the period EUR \u20130.5 million.
Consideration transferred
EUR million
Carrying amount
Cash paid
15.6
Contingent consideration 1.0
Total acquisition price
16.6
Net assets acquired
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
\u20130.3
Interest-bearing liabilities
\u20131.6
Lease liabilities
\u20130.1
Trade payables and other liabilities \u20133.1
0.3
Effects of acquisition on cash flow
EUR million
Carrying amount
Purchase price paid in cash
\u201315.6
Cash and cash equivalents of the acquired entity 0.5
\u201315.1
Goodwill arising from business combination
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
EUR 0.6 million of acquisition-related costs, such as professional fees and transfer tax, are recorded in other operating expenses. EUR 0.4 (0.2) million of these are recorded in the year 2024. Acquisition of Leanware Oy On 8 May 2024, Elisa acquired Lean Group Oy. Lean Group\u2019s subsidiary Leanware Oy is a Finnish provider of production, supply chain and logistics software for companies. With the acquisition, Leanware Oy\u2019s name changed to Elisa IndustrIQ Finland Oy. The acquisition price was EUR 16.1 million. EUR 1.6 million of the total acquisition price was allocated to customer base, which will be amortised over four years. The acquisition resulted in EUR 26.0 million of goodwill related to acceleration of the growth of Elisa IndustrIQ\u2019s industrial software business and to strengthening Elisa\u2019s foothold in the Finnish manufacturing customer base. Goodwill is not tax deductible. The acquired companies have been consolidated from 1 May 2024 onwards. External revenue after the acquisition was EUR 6.7 million, and the impact on the Group\u2019s profit for the period was EUR \u20130.1 million. Had the acquisition been made as of the beginning of the year 2024, the impact on Group revenue would have been EUR 10.5 million and the effect on profit for the period EUR \u20130.5 million.
Consideration transferred
EUR million
Carrying amount
Cash paid 16.1
Total acquisition price
16.1
Net assets acquired
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
\u20130.3
Interest-bearing liabilities
\u201312.8
Lease liabilities
\u20130.4
Trade payables and other liabilities \u20133.1
\u20139.9
Effects of acquisition on cash flow
EUR million
Carrying amount
Purchase price paid in cash
\u201316.1
Cash and cash equivalents of the acquired entities 1.4
\u201314.7
Goodwill arising from business combination
EUR million
Consideration transferred
16.1
Identifiable net assets of the acquired entities \u20139.9
Goodwill
26.0
EUR 0.6 million of acquisition-related costs, such as professional fees and transfer tax, are recorded in other operating expenses. Acquisition of Kaisanet Oy\u2019s fiber network business and Koillisnet Oy and it\u2019s fiber network business Elisa acquired Kaisanet\u2019s fiber network business in North Karelia and Koillisnet Oy and its fiber network business in the Kuusamo area on 3 July 2024. The acquisition price was EUR 14.8 million. EUR 1.0 million of the total acquisition price was allocated to customer base, which will be amortised over five years. The acquisition resulted in EUR 4.2 million of goodwill related to strengthening Elisa\u2019s fiber network. Goodwill is not tax deductible. The acquired companies have been consolidated from 1 July 2024 onwards. External revenue after the acquisition was EUR 1.0 million, and the impact on the Group\u2019s profit for the period was EUR \u20130.1 million. Had the acquisition been made as of the beginning of the year 2024, the impact on Group revenue would have been EUR 1.9 million and the effect on profit for the period EUR \u20130.2 million.
Consideration transferred
EUR million
Carrying amount
Cash paid 14.8
Total acquisition price
14.8
Net assets acquired
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
\u20130.2
Interest-bearing liabilities
\u20134.7
Lease liabilities
\u20131.1
Trade payables and other liabilities \u20130.2
10.6
Effects of acquisition on cash flow
EUR million
Carrying amount
Purchase price paid in cash
\u201314.8
Cash and cash equivalents of the acquired entities 0.2
\u201314.5
Goodwill arising from business combination
EUR million
Consideration transferred
14.8
Identifiable net assets of the acquired entities 10.6
Goodwill
4.2
EUR 0.2 million of acquisition-related costs, such as professional fees and transfer tax, are recorded in other operating expenses. Acquisition of sedApta Group Elisa acquired the remaining share capital (81 per cent) of sedApta Group on 30 October 2024. Elisa acquired a minority share (19 per cent) of sedApta in 2021. Italy-based sedApta is an international, industrial software provider specialising in IT solutions for manufacturing operation and supply chain management. The acquisition price was EUR 61.8 million. The fair value of previously held shares in sedApta at the time of acquisition was EUR 7.8 million. EUR 7.0 million of the total acquisition price was allocated to customer base and EUR 0.6 million to software, both of which will be amortised over five years. Including previous ownership, the business combination resulted in EUR 47.2 million of goodwill related to accelerating the growth of the Elisa IndustrIQ business, strengthening the software offering in industrial automation and Elisa\u2019s foothold in the global manufacturing customer base. Goodwill is not tax deductible. The acquired companies have been consolidated from 1 November 2024 onwards. External revenue after the acquisition was EUR 7.5 million, and the impact on the Group\u2019s profit for the period was EUR \u20131.0 million. Had the acquisition been made as of the beginning of the year 2024, the impact on Group revenue would have been EUR 44.1 million and the effect on profit for the period EUR \u20133.6 million.
Consideration transferred
EUR million
Carrying amount
Cash paid
61.8
Previous ownership
7.8
Settlement of pre-existing relationship 0.5
Total acquisition price
70.1
Net assets acquired
EUR million
Carrying amount
Tangible assets
4.0
Right-of-use assets
0.3
Intangible assets
13.4
Deferred tax assets
0.2
Other financial assets
0.4
Inventories
4.6
Trade and other receivables
17.1
Tax receivables
1.5
Cash and cash equivalents
18.3
Deferred tax liabilities
\u20131.8
Interest-bearing liabilities
\u20139.1
Lease liabilities
\u20130.3
Trade payables and other liabilities
\u201323.5
Tax liabilities \u20131.8
23.3
Effects of acquisition on cash flow
EUR million
Purchase price paid in cash
\u201361.8
Cash and cash equivalents of the acquired entities 18.3
\u201343.5
Goodwill arising from business combination
EUR million
Consideration transferred
70.1
Identifiable net assets of the acquired entities
23.3
Non-controlling interest's proportionate share of identifiable net assets acquired \u20130.5
Goodwill
47.2
EUR 0.4 million of acquisition-related costs, such as professional fees, are recorded in other operating expenses. Disposals of businesses in 2024 There were no significant disposals during the reporting period. Accounting principles \u2013 Business acquisitions and disposals: Acquired subsidiaries are consolidated from the date the Group obtains control, and divested companies until the loss of control. Business combinations are measured at amortised cost. Identifiable assets acquired and assumed liabilities are measured at their fair value on the acquisition date. Possible investments in non-controlling interests are measured either at a proportionate share of the acquiree\u2019s identifiable net assets or at fair value. The method to be used is selected on a case-by-case basis. Subsequent changes in non- controlling interests are treated as equity transactions. In business combinations carried out in stages, any previously held equity share in the acquiree is measured at fair value, and the resulting gain or loss is recognised through profit or loss. The acquisition price consists of the fair value of cash and any contingent consideration transferred. The amount of the acquisition price that exceeds the fair value of the acquired net assets is recognised as goodwill. Additional information regarding valuation and impairment testing of goodwill is available under note 5.5. Any changes in contingent consideration are expensed through profit and loss. Acquisition-related costs, such as consulting fees and transfer tax, are accounted for as expenses for the periods when the costs were incurred and the services received. The costs are presented as other operating expenses in the income statement. In connection with loss of control, any investment retained in a former subsidiary is measured at fair value through profit or loss on the date of the transaction. Changes in ownership interest that do not result in a loss of control are accounted for as equity transactions. Accounting policies that require management\u2019s judgement \u2013 Acquisitions: The identifiable assets and liabilities acquired in a business combination are measured at fair value at the acquisition date. When determining the fair value of the acquired net assets, consideration and estimates may be required. Estimates and judgement are based on the management\u2019s best view of the situation at the time of the acquisition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
Accounting principles \u2013 Business acquisitions and disposals:
Acquired subsidiaries are consolidated from the date the Group obtains control, and divested companies until the loss of
control.
Business combinations are measured at amortised cost. Identifiable assets acquired and assumed liabilities are measured at
their fair value on the acquisition date.
Possible investments in non-controlling interests are measured either at a proportionate share of the acquiree\u2019s identifiable
net assets or at fair value. The method to be used is selected on a case-by-case basis. Subsequent changes in non-
controlling interests are treated as equity transactions.
In business combinations carried out in stages, any previously held equity share in the acquiree is measured at fair value,
and the resulting gain or loss is recognised through profit or loss.
The acquisition price consists of the fair value of cash and any contingent consideration transferred. The amount of the
acquisition price that exceeds the fair value of the acquired net assets is recognised as goodwill. Additional information
regarding valuation and impairment testing of goodwill is available under note 5.5.
Any changes in contingent consideration are expensed through profit and loss. Acquisition-related costs, such as
consulting fees and transfer tax, are accounted for as expenses for the periods when the costs were incurred and the
services received. The costs are presented as other operating expenses in the income statement.
In connection with loss of control, any investment retained in a former subsidiary is measured at fair value through profit or
loss on the date of the transaction. Changes in ownership interest that do not result in a loss of control are accounted for as
equity transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "4. Personnel 4.1 Employee expenses
EUR million
2025
2024
Salaries and wages
390.1
353.7
Share-based payments
4.6
9.7
Pension expenses - defined contribution plans
49.7
44.2
Pension expenses - defined benefit plans
0.2
0.3
Other employee costs 33.2 25.4
I/S
477.8
433.3
Number of personnel at the end of the reporting period
2025
2024
Consumer Customers
2,920
2,951
Corporate Customers
1,928
1,876
International Software Services 1,329 1,322
6,177
6,149
2025 2024 1,876 1,928 1,322 1,329 2,951 2,920 Consumer Customers Corporate Customers International Software Services Number of personnel at year end 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Employee bonus and incentive schemes All employees are included in the scope of performance-, incentive-, commission- or provision-based bonus schemes. The Group also has a personnel fund. The costs of the performance-based bonus scheme and personnel fund are recognised on an accrual basis, and the costs are based on the best available estimate of realised amounts. Performance-based bonus scheme Rewards are based on financial and operational metrics of Elisa Corporation and its units. Targets are set, and the maximum amount of reward is confirmed semi-annually. Some of the Group\u2019s key personnel also participated in the share-based compensation plan. Personnel fund The objective of the personnel fund\u2019s profit bonus scheme is to secure the commitment of the personnel to Elisa\u2019s long-term objectives and to reinforce their interest in the company\u2019s financial success and its metrics. The evaluation metrics for the personnel fund\u2019s profit-based bonus schemes are earnings per share (EPS) and achievement of defined strategic goals. The Board of Directors decides on the profit-based bonus schemes and sets the earning criteria for the profit share reward annually. The members of the personnel fund are the employees of Elisa Group, with the exception of those employees who are part of the share incentive plan. In 2025, EUR 0.3 (0.9) million was recognised in the Group\u2019s personnel fund. Remuneration of management
EUR million
2025
2024
Managing Directors
6.1
7.6
Members and deputy members of Boards of Directors
0.8
0.8
Employment benefits for key management Key management consists of Elisa\u2019s Board of Directors, the CEO and the Executive Board. The Group CEO, Topi Manner, started in his role on 1 March 2024. Elisa\u2019s previous CEO, Veli-Matti Mattila, served as the CEO of the Group until 29 February 2024. The remuneration of the Board members and CEO is presented under note 4 for the parent company. Benefits recognised on the income statement (1
EUR million
2025
2024
Remuneration and other short-term employee benefits
4.0
4.8
Post-employment benefits
0.0
0.1
Share-based compensation
(2
1.9 4.3
5.9
9.2
1) Based on remuneration of Topi Manner starting from 1 March 2024 and remuneration of Veli-Matti Mattila until 29 February 2024. 2) In 2025, the share-based compensation expenses were EUR 4.6 (9.7) million, of which EUR 0.7 (0.9) million is allocated to the current CEO, EUR (0.3) million to the former CEO and EUR 1.9 (3.1) million to the Executive Board. The terms and conditions of share-based incentive plans are described under Note 4.2. Benefits paid (1
EUR million
2025
2024
Board of Directors
0.8
0.8
CEO
(2
1.1
0.9
Former CEO
0.3
Executive Board
2.9
2.7
Share-based compensation
(3
2.6 4.6
7.5
9.4
1) Based on remuneration of Topi Manner starting from 1 March 2024 and remuneration of Veli-Matti Mattila until 29 February 2024. 2) Comparison year 2024 includes compensation for loss of income related to previous role of EUR 0.2 million 3) The reward paid to the CEO under the share-based compensation plans was EUR 0.3 million, the reward paid to the former CEO was EUR (1.2) million, and the reward paid to the Executive Board members EUR 2.3 (3.4) million. Elisa\u2019s CEO Topi Manner, started in his role on 1 March 2024. The period of notice for the termination of the CEO\u2019s employment contract is six months, for both parties. In the event of termination for reasons attributable to Elisa, the CEO is entitled to receive severance pay equivalent to 18 months\u2019 total salary, less the salary for the period of notice. The period of notice for other members of the Executive Board is six months if the service contract is terminated by the Elisa. Should the contract be terminated by Elisa, the member of the Executive Board is entitled to receive a severance payment that equals the total salary of 15 months less the salary for the period of notice. Pension commitments for key management The pension and retirement age for the CEO, Topi Manner, are specified in accordance with the Finnish Employees Pensions Act. The executive agreements of the Group Management Board members appointed before 2013 expire mainly at the age of 62, when they have the right to retire. Pension provisions are cash-based, and they are covered by management supplementary pension insurance, which includes vested rights. The former CEO Veli-Matti Mattila\u2019s supplementary pension coverage is based on a defined contribution scheme and the pension arrangements included a right to a paid-up policy. The company\u2019s 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. In addition, 20.7% of annual earnings under employer\u2019s pension insurance (TyEL) were accrued for the management group\u2019s pension insurance in line with the relative length of service. Share-based compensation granted to the management The reward paid in 2025 to the CEO under the 2021 plan\u2019s 2022\u20132024 performance period equals the value of 1,271 shares, to the former CEO 8,195 shares and for the rest of the Executive Board 31,203 shares. The reward paid in 2025 to the CEO under the 2023 committed share-based incentive plan\u2019s 2024 performance period equals the value of 4,782 shares. The reward paid in 2024 to the former CEO under the 2021 plan\u2019s 2021\u20132023 performance period equals the value of 13,171 shares and for the rest of the Executive Board 38,069 shares. The maximum reward granted to the CEO under the 2021 plan\u2019s 2023\u20132025 performance period equals the value of 3,586 shares. The maximum reward granted to the former CEO equals the value of 38,430 shares of which a portion that corresponds to his working time during the performance period will be paid. The maximum reward granted for the rest of the Executive Board equals the value of 81,086 shares. The reward will be paid after the publication of the 2025 financial statements. The maximum reward granted to the CEO under the 2024 plan\u2019s 2024\u20132026 performance period equals the value of 44,000 shares. The maximum reward granted to the former CEO equals the value of 2,444 shares. The maximum reward granted for the rest of the Executive Board equals the value of 96,500 shares. The reward will be paid after the publication of the 2026 financial statements. The maximum reward granted to the CEO under the 2024 plan\u2019s 2025\u20132027 performance period equals the value of 44,000 shares. The maximum reward granted for the rest of the Executive Board equals the value of 130,500 shares. The reward will be paid after the publication of the 2027 financial statements. The maximum reward granted to the CEO under the 2023 committed share-based incentive plan\u2019s 2024\u20132025 performance period equals the value of 7,172 shares. The reward will be paid after the publication of the 2025 financial statements. The maximum reward granted for the rest of the Executive Board under the 2023 committed share-based incentive plan\u2019s 2025\u20132026 performance period equals the value of 12,000 shares. Of the reward, an amount corresponding to 4,000 shares will be paid after the publication of the Q3/2026 interim report and an amount corresponding to 8,000 shares will be paid after the publication of the 2026 financial statements. Elisa shares held by key members of the management The members of Elisa\u2019s Board of Directors, the CEO, the members of the Executive Board and their related parties held a total of 98,506 shares and votes, corresponding to 0.06 per cent of all shares and votes. 4.3 Pension obligations The Group\u2019s pension obligations are classified as either defined contribution plans or defined benefit plans. Under a defined contribution plan, the Group pays fixed contributions to pension insurance companies. If the pension insurance company does not hold sufficient assets to pay all employees the benefits in question, the Group will have no legal or constructive obligation to pay further contributions. The contributions for defined contribution pension plans are recognised as expenses during the financial year in which the payment obligation has arisen. All other plans not meeting the above criteria are classified as defined benefit plans. The pension schemes for the Group\u2019s personnel in Finland are covered by the Employees Pensions Act (TyEL) and are arranged through pension insurance companies. The Finnish Employees Pensions Act (TyEL) is a defined contribution plan. Supplementary pensions are arranged through life insurance companies. Some supplementary pension plans and pension plans under the responsibility of some Group companies have been classified as defined benefit plans. The defined benefit plans are mainly funded by yearly contributions to the insurance companies, based on actuarial valuation. Local tax and other legislation are applied to the pension plan arrangements. Only Elisa Corporation has defined benefit plans. The pension plans in foreign subsidiaries are defined contribution plans. Post-employment benefits of key management are described in Note 4.1. The net defined benefit related to pension liability
EUR million
2025
2024
Present value of unfunded obligations
\u20131,3
\u20131.0
Present value of funded obligations
\u201332,8
\u201338.7
Fair value of plan assets 28,2 33.6
B/S Net pension liability (-) / receivable (+) in the statement of financial position
\u20136.0
\u20136.2
Pension expenses recognised in the statement of comprehensive income
EUR million
2025
2024
Expense recognised in profit or loss
Service cost
0.0
0.0
Net interest
0.2
0.3
Settlements 0.0 \u20131.8
0.2
\u20131.4
Remeasurements
0.4
0.3
Tax effect of the remeasurements \u20130.1 \u20130.1
I/S
0.3
0.2
Reconciliation of the net defined benefit obligations in the statement of financial position
EUR million
2025
2024
Net defined benefit obligation at the beginning of the period
6.2
9.3
Pension expenses recognised in profit or loss
0.2
\u20131.4
Remeasurements
0.4
0.3
Contributions paid by the employer \u20130.8 \u20132.0
Net defined benefit obligation at the end of period
6.0
6.2
Changes in the present value of the defined benefit obligations
EUR million
2025
2024
Obligation at the beginning of the period
\u201339.7
\u201344.0
Current service cost
0.0
0.0
Interest expenses
\u20131.2
\u20131.5
Remeasurements
Actuarial gain (+) or loss (-) arising from changes in economic
and demographic assumptions
1.0
\u20130.6
Gain (+) or loss (-) arising from experience adjustments
1.2
0.0
Benefits paid
4.6
4.6
Settlements 1.8
Obligation at the end of period
\u201334.1
\u201339.7
Changes in the fair value of plan assets
EUR million
2025
2024
Fair value of plan assets at the beginning of the period
33.6
34.7
Interest income
1.0
1.2
Remeasurements, gain (+) or loss (-)
\u20132.7
0.2
Benefits paid
\u20134.6
\u20134.6
Contributions paid by the employer 0.8 2.0
Fair value of plan assets at the end of period
28.2
33.6
The principal actuarial assumptions used
2025
2024
Discount rate, %
3.5
3.3
Future pension increase, %
2.3
2.4
Inflation, %
2.0
2.1
Sensitivity analysis of net defined benefit obligation Effect on the net defined benefit obligation, EUR million
Change in actuarial assumptions
2025
2024
Discount rate + 0.5%
\u20130.4
\u20130.5
Future pension increase +0.5%
1.6
0.6
Expected mortality +1 year
0.4
0.5
When calculating a change in one assumption of the sensitivity analysis, the other assumptions are assumed to remain unchanged. In practice, this is not likely to happen, and some changes in the assumptions may correlate with each other. The figures in the sensitivity analysis have been calculated using the same method that is applied when calculating defined benefit obligations. Defined benefit obligations expose the Group to various risks. Decreases in the gain of corporate bonds, higher inflation and a higher expected retirement age may predispose the Group to the growth of defined benefit obligations. On the other hand, since the fair value of assets is calculated using the same discount rate that is used when calculating the obligation, the change in the discount rate will only affect the net defined benefit obligation. Similarly, a rise in life expectancy will increase the obligation and affect the net defined benefit obligation. The weighted average duration of the obligation is 12.0 (12.2) years. The Group expects to contribute EUR 0.7 (0.7) million to defined benefit pension plans in 2026. The assets of the defined benefit obligations are 100 per cent acceptable insurances. Accounting principles \u2013 Pension obligations: The Group\u2019s defined benefit obligation has been calculated separately for each plan using the projected unit credit method. Pension expenses calculated by authorised actuaries are recognised in profit or loss over the employees\u2019 working lives. The rate used to discount the present value of the defined benefit obligation is determined by reference to market yields of high-quality corporate bonds. If such information is not available, the market yields on government bonds are used. The maturity of corporate bonds and government bonds are substantially consistent with the maturity of pension obligations. The present value of a defined benefit obligation is reduced by the fair value of the plan assets at the end of the reporting period. The net defined benefit pension liability is recognised in the statement of financial position. The current service cost and net interest of the net defined benefit liability are recorded in employee expenses on the income statement. The remeasurements of the net defined benefit liability, for example actuarial gains and losses and the return on plan assets, are recognised in other comprehensive income during the financial period in which they incur. Accounting policies that require management\u2019s judgement \u2013 Pension obligations: The book value of defined pension obligations is based on actuarial valuations. Assumptions and estimates used in the valuations include, among others, the discount rate used on the valuation of the pension obligation and plan assets, as well as the development of inflation and salary levels. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
Number of personnel at the end of the reporting period
2025
2024
Consumer Customers
2,920
2,951
Corporate Customers
1,928
1,876
International Software Services 1,329 1,322
6,177
6,149
2025 2024
1,876
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "
Remuneration of management
EUR million
2025
2024
Managing Directors
6.1
7.6
Members and deputy members of Boards of Directors
0.8
0.8
Employment benefits for key management
Key management consists of Elisa\u2019s Board of Directors, the CEO and the Executive Board. The Group CEO, Topi Manner,
started in his role on 1 March 2024. Elisa\u2019s previous CEO, Veli-Matti Mattila, served as the CEO of the Group until
29 February 2024.
The remuneration of the Board members and CEO is presented under note 4 for the parent company.
Benefits recognised on the income statement
(1
EUR million
2025
2024
Remuneration and other short-term employee benefits
4.0
4.8
Post-employment benefits
0.0
0.1
Share-based compensation
(2
1.9 4.3
5.9
9.2
1)
Based on remuneration of Topi Manner starting from 1 March 2024 and remuneration of Veli-Matti Mattila until 29 February 2024.
2)
In 2025, the share-based compensation expenses were EUR 4.6 (9.7) million, of which EUR 0.7 (0.9) million is allocated to the current CEO,
EUR (0.3) million to the former CEO and EUR 1.9 (3.1) million to the Executive Board. The terms and conditions of share-based incentive plans
are described under Note 4.2.
Benefits paid
(1
EUR million
2025
2024
Board of Directors
0.8
0.8
CEO
(2
1.1
0.9
Former CEO
0.3
Executive Board
2.9
2.7
Share-based compensation
(3
2.6 4.6
7.5
9.4
1)
Based on remuneration of Topi Manner starting from 1 March 2024 and remuneration of Veli-Matti Mattila until 29 February 2024.
2)
Comparison year 2024 includes compensation for loss of income related to previous role of EUR 0.2 million
3)
The reward paid to the CEO under the share-based compensation plans was EUR 0.3 million, the reward paid to the former CEO
was EUR (1.2) million, and the reward paid to the Executive Board members EUR 2.3 (3.4) million.
Elisa\u2019s CEO Topi Manner, started in his role on 1 March 2024. The period of notice for the termination of the CEO\u2019s
employment contract is six months, for both parties. In the event of termination for reasons attributable to Elisa, the CEO is
entitled to receive severance pay equivalent to 18 months\u2019 total salary, less the salary for the period of notice.
The period of notice for other members of the Executive Board is six months if the service contract is terminated by the Elisa.
Should the contract be terminated by Elisa, the member of the Executive Board is entitled to receive a severance payment that
equals the total salary of 15 months less the salary for the period of notice.
Pension commitments for key management
The pension and retirement age for the CEO, Topi Manner, are specified in accordance with the Finnish Employees Pensions
Act. The executive agreements of the Group Management Board members appointed before 2013 expire mainly at the
age of 62, when they have the right to retire. Pension provisions are cash-based, and they are covered by management
supplementary pension insurance, which includes vested rights.
The former CEO Veli-Matti Mattila\u2019s supplementary pension coverage is based on a defined contribution scheme and the
pension arrangements included a right to a paid-up policy. The company\u2019s 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. In addition, 20.7% of annual
earnings under employer\u2019s pension insurance (TyEL) were accrued for the management group\u2019s pension insurance in line with
the relative length of service.
Share-based compensation granted to the management
The reward paid in 2025 to the CEO under the 2021 plan\u2019s 2022\u20132024 performance period equals the value of 1,271
shares, to the former CEO 8,195 shares and for the rest of the Executive Board 31,203 shares.
The reward paid in 2025 to the CEO under the 2023 committed share-based incentive plan\u2019s 2024 performance period
equals the value of 4,782 shares.
The reward paid in 2024 to the former CEO under the 2021 plan\u2019s 2021\u20132023 performance period equals the value of
13,171 shares and for the rest of the Executive Board 38,069 shares.
The maximum reward granted to the CEO under the 2021 plan\u2019s 2023\u20132025 performance period equals the value of
3,586 shares. The maximum reward granted to the former CEO equals the value of 38,430 shares of which a portion that
corresponds to his working time during the performance period will be paid. The maximum reward granted for the rest of
the Executive Board equals the value of 81,086 shares. The reward will be paid after the publication of the 2025 financial
statements.
The maximum reward granted to the CEO under the 2024 plan\u2019s 2024\u20132026 performance period equals the value of
44,000 shares. The maximum reward granted to the former CEO equals the value of 2,444 shares. The maximum reward
granted for the rest of the Executive Board equals the value of 96,500 shares. The reward will be paid after the publication of
the 2026 financial statements.
The maximum reward granted to the CEO under the 2024 plan\u2019s 2025\u20132027 performance period equals the value of
44,000 shares. The maximum reward granted for the rest of the Executive Board equals the value of 130,500 shares. The
reward will be paid after the publication of the 2027 financial statements.
The maximum reward granted to the CEO under the 2023 committed share-based incentive plan\u2019s 2024\u20132025 performance
period equals the value of 7,172 shares. The reward will be paid after the publication of the 2025 financial statements.
The maximum reward granted for the rest of the Executive Board under the 2023 committed share-based incentive plan\u2019s
2025\u20132026 performance period equals the value of 12,000 shares. Of the reward, an amount corresponding to 4,000
shares will be paid after the publication of the Q3/2026 interim report and an amount corresponding to 8,000 shares will be
paid after the publication of the 2026 financial statements.
Elisa shares held by key members of the management
The members of Elisa\u2019s Board of Directors, the CEO, the members of the Executive Board and their related parties held a total
of 98,506 shares and votes, corresponding to 0.06 per cent of all shares and votes.
8.3 Related party details
The Group\u2019s related parties include the parent company, subsidiaries, associates and joint ventures. The related parties also
include Elisa\u2019s 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:
2025
EUR million
Revenue
Purchases
Investments
Receivables
Liabilities
Associates
1.3
1.5
17.0
22.4
0.0
2024
EUR million
Associates
1.6
0.9
10.0
0.0
Elisa buys and sells services and products to and from associated companies. These transactions are based on commercial
terms. The most significant transactions have occurred with Misteli Fiber Oy. Misteli Fiber Oy builds fiber networks in Finland
and may use Elisa\u2019s subcontractor network for construction, in which case, the subcontractors\u2019 invoicing is routed through
Elisa. The outstanding receivables related to flow-through invoicing from Misteli Fiber amounted to EUR 11.4 million. Elisa
leases fiber networks from Misteli Fiber, and the lease agreements have been recognised on the balance sheet as right-of-use
assets and lease liabilities. During the financial year 2025, investments in lease agreements with Misteli Fiber totaled EUR
17.0 million.
The employee benefits of the Group\u2019s related parties are presented in Note 4.1.
8.3.1 Group companies
The parent company of the Group is Elisa Corporation.
Group\u2019s
Subsidiaries
Subsidiaries
ownership, %
Digiset Oy
Helsinki, Finland
100
Elisa Eesti AS
Tallinn, Estonia
100
Elisa Finance O\u00fc
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.
Ia\u0219i, Romania
100
Group\u2019s
Subsidiaries
Subsidiaries
ownership, %
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
iCADA AG
Weinfelden, Switzerland
100
iCADA GmbH
Ludwigshafen, Germany
100
Elisa IndustrIQ Finland Oy
Tampere, Finland
100
sedApta s.r.l.
Genova, Italy
100
Elisa Industriq Italy
Genova, Italy
100
Elisa Industriq Germany GmbH
Chemnitz, Germany
100
Elisa Industriq UK Ltd
London, UK
100
Elisa Industriq France
Chang\u00e9, 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
Group\u2019s
Subsidiaries
Subsidiaries
ownership, %
Fenix Solutions Oy
Turku, Finland
100
Fonum Oy
Helsinki, Finland
100
Kepit Systems Oy
Vaasa, Finland
70
Kiinteist\u00f6 Oy Raision Luolasto
Espoo, Finland
100
Kiinteist\u00f6 Oy Rinnetorppa
Kuusamo, Finland
100
Kiinteist\u00f6 Oy Tapiolan Luolasto
Espoo, Finland
100
LNS Kommunikation AB
Stockholm, Sweden
100
Moontalk Oy
Oulu, Finland
93
Preminet Oy
Helsinki, Finland
100
Joint arrangements
Kiinteist\u00f6 Oy Brahenkartano
Turku, Finland
60
The following German subsidiaries meet the criteria and are exempt from the duty of corporations to audit and disclose financial statements pursuant to German legislations (Section 264 (3) HGB): Elisa camLine Holding GmbH, camLine GmbH and iCADA GmbH. The Group financial statements of Elisa serve as exempting consolidated financial statements for these companies. Significant changes in ownership of subsidiaries are presented in note 3. Other changes in group structure is described below. camLine USA Inc merged with Romaric Automation Design Inc in January 2025, Lean Group Oy merged with Elisa IndustrIQ Oy in June 2025, and Koillisnet Oy merged with Elisa Oyj in November 2025. In addition, the following arrangements took place in sedApta s.r.l. sub-group. Nextchain S.r.l. and Best Solutions and Processes Consultant S.r.l. merged with Elisa Industriq Italy in April 2025. Aimesys S.r.l. and Novigo Technology S.R.L. merged with sedApta s.r.l. in July 2025. Atomos Hyla Informatica SA was divested in August 2025. Accounting principles \u2013 Consolidation principles, subsidiaries: The consolidated financial statements include the parent company, Elisa Corporation, and those subsidiaries over which the Group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date the Group obtains control and divested companies until the loss of control. The acquisition method is used in the accounting for the elimination of internal ownership. All intra-group transactions, gains on the sale of inventories and fixed assets, intra-group receivables, payables and dividends are eliminated. Profit for the period attributable to the equity holders of the parent and non-controlling interests is presented separately in the consolidated income statement. Non-controlling interests are presented separately from the equity of the owners of the parent in the consolidated statement of financial position. Losses of subsidiaries are allocated to non-controlling interests even if they exceed their share of ownership. Accounting principles \u2013 Consolidation principles, joint arrangements: Joint arrangements are arrangements over which the Group exercises joint control with one or more parties. A joint arrangement is either a joint venture or a joint operation. A joint venture is a joint arrangement, where the Group has rights to the net assets of the arrangement. A joint operation is a joint arrangement where the Group has rights to the assets and obligations for the liabilities relating to the arrangement. The only joint arrangement owned by the Group, Kiinteist\u00f6 Oy Brahenkartano, is a joint operation, which is consolidated using the proportional consolidation method. Sixty per cent of the assets, liabilities, income and expenses of the joint operation are consolidated to the Group\u2019s financial statements. The company owns and manages a building and a site in Turku. Elisa is mainly entitled to manage office and telecom facilities with the shares owned. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "Employment benefits for key management Key management consists of Elisa\u2019s Board of Directors, the CEO and the Executive Board. The Group CEO, Topi Manner, started in his role on 1 March 2024. Elisa\u2019s previous CEO, Veli-Matti Mattila, served as the CEO of the Group until 29 February 2024. The remuneration of the Board members and CEO is presented under note 4 for the parent company. Benefits recognised on the income statement (1
EUR million
2025
2024
Remuneration and other short-term employee benefits
4.0
4.8
Post-employment benefits
0.0
0.1
Share-based compensation
(2
1.9 4.3
5.9
9.2
1) Based on remuneration of Topi Manner starting from 1 March 2024 and remuneration of Veli-Matti Mattila until 29 February 2024. 2) In 2025, the share-based compensation expenses were EUR 4.6 (9.7) million, of which EUR 0.7 (0.9) million is allocated to the current CEO, EUR (0.3) million to the former CEO and EUR 1.9 (3.1) million to the Executive Board. The terms and conditions of share-based incentive plans are described under Note 4.2. Benefits paid (1
EUR million
2025
2024
Board of Directors
0.8
0.8
CEO
(2
1.1
0.9
Former CEO
0.3
Executive Board
2.9
2.7
Share-based compensation
(3
2.6 4.6
7.5
9.4
1) Based on remuneration of Topi Manner starting from 1 March 2024 and remuneration of Veli-Matti Mattila until 29 February 2024. 2) Comparison year 2024 includes compensation for loss of income related to previous role of EUR 0.2 million 3) The reward paid to the CEO under the share-based compensation plans was EUR 0.3 million, the reward paid to the former CEO was EUR (1.2) million, and the reward paid to the Executive Board members EUR 2.3 (3.4) million. Elisa\u2019s CEO Topi Manner, started in his role on 1 March 2024. The period of notice for the termination of the CEO\u2019s employment contract is six months, for both parties. In the event of termination for reasons attributable to Elisa, the CEO is entitled to receive severance pay equivalent to 18 months\u2019 total salary, less the salary for the period of notice. The period of notice for other members of the Executive Board is six months if the service contract is terminated by the Elisa. Should the contract be terminated by Elisa, the member of the Executive Board is entitled to receive a severance payment that equals the total salary of 15 months less the salary for the period of notice. Pension commitments for key management The pension and retirement age for the CEO, Topi Manner, are specified in accordance with the Finnish Employees Pensions Act. The executive agreements of the Group Management Board members appointed before 2013 expire mainly at the age of 62, when they have the right to retire. Pension provisions are cash-based, and they are covered by management supplementary pension insurance, which includes vested rights. The former CEO Veli-Matti Mattila\u2019s supplementary pension coverage is based on a defined contribution scheme and the pension arrangements included a right to a paid-up policy. The company\u2019s 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. In addition, 20.7% of annual earnings under employer\u2019s pension insurance (TyEL) were accrued for the management group\u2019s pension insurance in line with the relative length of service. Share-based compensation granted to the management The reward paid in 2025 to the CEO under the 2021 plan\u2019s 2022\u20132024 performance period equals the value of 1,271 shares, to the former CEO 8,195 shares and for the rest of the Executive Board 31,203 shares. The reward paid in 2025 to the CEO under the 2023 committed share-based incentive plan\u2019s 2024 performance period equals the value of 4,782 shares. The reward paid in 2024 to the former CEO under the 2021 plan\u2019s 2021\u20132023 performance period equals the value of 13,171 shares and for the rest of the Executive Board 38,069 shares. The maximum reward granted to the CEO under the 2021 plan\u2019s 2023\u20132025 performance period equals the value of 3,586 shares. The maximum reward granted to the former CEO equals the value of 38,430 shares of which a portion that corresponds to his working time during the performance period will be paid. The maximum reward granted for the rest of the Executive Board equals the value of 81,086 shares. The reward will be paid after the publication of the 2025 financial statements. The maximum reward granted to the CEO under the 2024 plan\u2019s 2024\u20132026 performance period equals the value of 44,000 shares. The maximum reward granted to the former CEO equals the value of 2,444 shares. The maximum reward granted for the rest of the Executive Board equals the value of 96,500 shares. The reward will be paid after the publication of the 2026 financial statements. The maximum reward granted to the CEO under the 2024 plan\u2019s 2025\u20132027 performance period equals the value of 44,000 shares. The maximum reward granted for the rest of the Executive Board equals the value of 130,500 shares. The reward will be paid after the publication of the 2027 financial statements. The maximum reward granted to the CEO under the 2023 committed share-based incentive plan\u2019s 2024\u20132025 performance period equals the value of 7,172 shares. The reward will be paid after the publication of the 2025 financial statements. The maximum reward granted for the rest of the Executive Board under the 2023 committed share-based incentive plan\u2019s 2025\u20132026 performance period equals the value of 12,000 shares. Of the reward, an amount corresponding to 4,000 shares will be paid after the publication of the Q3/2026 interim report and an amount corresponding to 8,000 shares will be paid after the publication of the 2026 financial statements. Elisa shares held by key members of the management The members of Elisa\u2019s Board of Directors, the CEO, the members of the Executive Board and their related parties held a total of 98,506 shares and votes, corresponding to 0.06 per cent of all shares and votes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "4.2 Share-based incentives The Group has share-based incentive plans in place. The aim of the plans is to align the objectives of the shareholders and the key employees to increase the value of the Company over the long term, to retain the key employees at the Company, and to offer them a competitive reward plan that is based on earning and accumulating the Company\u00b4s shares. The potential rewards are based on the accomplishment of the goals set. 4.2.1 Share-based incentive plan 2024 On 31 January 2024, the Board of Directors of Elisa Corporation has appoved a share-based incentive plan for the Group key employees for years 2024\u20132028. The Performance Share Plan includes three three-year performance periods, calendar years 2024\u20132026, 2025\u20132027 and 2026\u20132028. The Board of Directors decided the performance criteria for the plan and required performance levels for each criterion at the beginning of each perfomance period. After the end of each performance period, the reward is paid as a combination of company shares and cash after the financial statements are completed. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participant. As a rule, no reward will be paid if a participant\u2019s employment or service ends before the reward is paid. The performance criteria for the performance period 2024\u20132026 are based on Group\u2019s earnings per share (EPS), the International Digital services growth, Employee Engagement and annual progress in specific key business growth and ESG (climate) targets. The rewards to be paid on the basis of the performance period 2024\u20132026 correspond to the value of a maximum total of 460,000 Elisa Corporation shares, including also the proportion to be paid in cash. The performance criteria for the performance period 2025\u20132027 are based on Group\u2019s earnings per share (EPS), the revenue growth of strategy focus areas, Employee Engagement and CO2 emission reductions. The rewards to be paid on the basis of the performance period 2025\u20132027 correspond to the value of a maximum total of 460,000 Elisa Corporation shares, including also the proportion to be paid in cash. The CEO of the company and members of the Corporate Executive Board must retain a minimum of 50 per cent of the net shares given on the basis of the plan. For the CEO, this obligation remains in place until the CEO\u2019s shareholding in the company corresponds to the value of his annual salary, and for members of the Corporate Executive Board, until their total shareholding corresponds to the value of half of their annual salary.
Performance Performance
Amount of share incentives and terms and assumptions period period
in the fair value calculation 2025\u20132027 2024\u20132026
Grant date
1.2.2025
1.2.2024
Share price on the grant date, EUR
42.44
42.97
Performance period starts
1.1.2025
1.1.2024
Performance period ends
31.12.2027
31.12.2026
Estimated realisation of earning criteria at the beginning of performance period, %
50
68
Estimated realisation of earning criteria on the closing date, %
32
20
Number of shares granted at the beginning of performance period
448,660
453,364
Number of shares granted on the closing date
443,118
409,597
Number of participants in the plan on the closing date
199
181
4.2.2 Share-based incentive plan 2021 On 4 March 2021, the Board of Directors of Elisa Corporation has appoved a share-based incentive plan for the Group key employees for years 2021\u20132025. The Performance Share Plan includes three three-year performance periods, calendar years 2021\u20132023, 2022\u20132024 and 2023\u20132025. The Board of Directors decided the performance criteria for the plan and required performance levels for each criterion at the beginning of each perfomance period. After the end of each performance period, the reward is paid as a combination of company shares and cash after the financial statements are completed. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participant. As a rule, no reward will be paid if a participant\u2019s employment or service ends before the reward is paid. The performance criteria for the performance period 2023\u20132025 are based on Group\u2019s earnings per share (EPS), the International Digital services growth, Employee Engagement and annual progress in specific key business growth targets. The rewards to be paid on the basis of the performance period 2023\u20132025 correspond to the value of a maximum total of 395,800 Elisa Corporation shares, including also the proportion to be paid in cash. The performance criteria for the performance period 2022\u20132024 are based on Group\u2019s EPS, the International Digital services growth, Employee Engagement and annual progress in specific key business growth targets. The rewards to be paid on the basis of the performance period 2022\u20132024 correspond to the value of a maximum total of 360,500 Elisa Corporation shares, including also the proportion to be paid in cash. The performance criteria for the performance period 2021\u20132023 are based on Group\u2019s EPS, the International Digital services growth and on annual progress in specific key business growth targets. The rewards to be paid on the basis of the performance period 2022\u20132024 correspond to the value of a maximum total of 410,700 Elisa Corporation shares, including also the proportion to be paid in cash. The CEO of the company and members of the Corporate Executive Board must retain a minimum of 50 per cent of the net shares given on the basis of the plan. For the CEO, this obligation remains in place until the CEO\u2019s shareholding in the company corresponds to the value of his annual salary, and for members of the Corporate Executive Board, until their total shareholding corresponds to the value of half of their annual salary.
Performance Performance Performance
Amount of share incentives and terms period period period
and assumptions in the fair value calculation 2023\u20132025 2022\u20132024 2021\u20132023
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
at the beginning of performance period, %
31
Realisation of earning criteria, %
65
76
Number of shares granted at the beginning of performance
period
390,580
Number of shares granted on the closing date
316,981
Number of shares transferred
(1
101,797
129,271
Average exchange rate on the day of transfer, EUR
42.30
42.26
Number of shares distributed as a proportion of the
maximum amount of share rewards granted, %
28
31
Number of participants in the plan on the payment date
163
154
Number of participants in the plan on the closing date 165
1) Withholding tax is deducted from the gross amount of shares, after which the remaining net amount is paid in shares. 4.2.3 Committed share-based incentive plan 2023 On 1 Februry 2023, Elisa\u2019s Board of Directors decided on a committed share-based incentive plan for 2023\u20132027. The rewards granted under the plan have a restriction period of 1\u20133 years. The potential reward is based on the validity of the key person\u2019s contract of employment. The maximum number of rewards paid under the plan equals the value of 500,000 Elisa shares.
Restriction Restriction Restriction
Amount of share incentives and terms and period period period
assumptions in the fair value calculation 2024\u20132025 2024 2023\u20132024
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 granted at the beginning of performance period
7,172
Number of shares granted on the closing date
7,172
Number of shares transferred
(1
2,271
0
(2
Average exchange rate on the day of transfer, EUR
42,30
Number of shares distributed as a proportion of the maximum
amount of share rewards granted, %
0
Number of participants in the plan on the payment date
1
1
Number of participants in the plan on the closing date 1
Amount of share incentives and terms Restriction Restriction Restriction Restriction
and assumptions in the fair value period period period period
calculation 2025\u20132026 2025\u20132026 2024\u20132027 2024\u20132026
Grant date
1.10.2025
1.10.2025
1.11.2024
1.6.2024
Share price on the grant date, EUR
45.34
45.34
43.22
41.90
Restriction period started
1.10.2025
1.10.2025
1.11.2024
1.6.2024
Restriction period ends
31.12.2026
30.9.2026
31.1.2027
31.5.2026
Estimated realisation of earnings criteria at
the beginning of performance period, %
100
100
100
100
Estimated realisation of earning criteria on
the closing date, %
100
100
100
100
Number of shares granted at the beginning
of performance period
8,000
4,000
14,750
13,630
Number of shares granted on the closing
date
8,000
4,000
14,250
7,605
Number of participants in the plan on the
closing date
1
1
12
10
1) Withholding tax is deducted from the gross amount of shares, after which the remaining net amount is paid in shares. 2) Paid in full in cash during the financial year 2024 Expenses of share-based incentive plans In 2025, EUR 4.6 (9.7) million of expenses were recognised for the share incentive plans. The Group expects to pay EUR 3.1 (6.2) million in taxes and tax-related costs arising from the reward to the participant in 2026. Accounting principles \u2013 Share-based payments: In the share-based payment scheme, the total reward amount is the gross earning of shares granted less the applicable withholding tax, with the remaining net amount being paid to the reward recipient in shares. Compensation costs for the share-based incentive plans are entirely treated as equity-settled arrangements. Share-based incentive costs are recognised based on the number of gross shares issued, even though the employee ultimately receives only net shares. The Group settles a cash payment for each portion with the Finnish Tax Administration, as required to meet withholding tax obligations. The withholding tax paid to the Tax Administration is recognised directly in equity. Share-based incentive plans are measured at the fair value on the grant date. If the assumption regarding the realised number of shares changes, an adjustment will be recorded through profit and loss. The share-based incentive plans do not include any other non-market-based terms and conditions. Transfer restrictions related to the share-based incentive plans are out of the scope of the fair value measurement and expense recognition. Accounting policies that require management\u2019s judgement \u2013 Share-based payments: The expense recognition for the share-based incentive plans is based on an estimate of the fulfilment of the share incentive plan criteria and the development of Elisa Group\u2019s share price. The fulfilment of the share incentive plan criteria and the development of the share price might deviate from the estimates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "
Accounting principles \u2013 Share-based payments:
In the share-based payment scheme, the total reward amount is the gross earning of shares granted less the applicable
withholding tax, with the remaining net amount being paid to the reward recipient in shares. Compensation costs for
the share-based incentive plans are entirely treated as equity-settled arrangements. Share-based incentive costs are
recognised based on the number of gross shares issued, even though the employee ultimately receives only net shares.
The Group settles a cash payment for each portion with the Finnish Tax Administration, as required to meet withholding tax
obligations. The withholding tax paid to the Tax Administration is recognised directly in equity.
Share-based incentive plans are measured at the fair value on the grant date. If the assumption regarding the realised
number of shares changes, an adjustment will be recorded through profit and loss. The share-based incentive plans do not
include any other non-market-based terms and conditions. Transfer restrictions related to the share-based incentive plans
are out of the scope of the fair value measurement and expense recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
Accounting principles \u2013 Pension obligations:
The Group\u2019s defined benefit obligation has been calculated separately for each plan using the projected unit credit
method. Pension expenses calculated by authorised actuaries are recognised in profit or loss over the employees\u2019 working
lives. The rate used to discount the present value of the defined benefit obligation is determined by reference to market
yields of high-quality corporate bonds. If such information is not available, the market yields on government bonds are
used. The maturity of corporate bonds and government bonds are substantially consistent with the maturity of pension
obligations. The present value of a defined benefit obligation is reduced by the fair value of the plan assets at the end of
the reporting period. The net defined benefit pension liability is recognised in the statement of financial position.
The current service cost and net interest of the net defined benefit liability are recorded in employee expenses on the
income statement. The remeasurements of the net defined benefit liability, for example actuarial gains and losses and the
return on plan assets, are recognised in other comprehensive income during the financial period in which they incur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "5. Tangible assets, intangible assets and goodwill 5.1 Depreciation, amortisation and impairment
EUR million
2025
2024
Tangible assets
Land and water areas
Right-of-use assets
1.5
1.3
Buildings and constructions
Owned buildings and constructions
13.3
12.5
Right-of-use assets
25.4
21.9
Telecom devices, machinery and equipment
Owned telecom devices, machinery and equipment
176.9
174.7
Right-of-use assets
3.5
3.1
Other tangible assets 0.1 0.1
220.7
213.6
Intangible assets
Development costs
17.5
12.1
Customer base
4.4
2.6
Other intangible assets 55.8 50.8
77.7
65.6
I/S
298.4
279.2
EUR 2.0 (0.1) million of impairment losses have been recorded for the assets. 5.2 Property, plant and equipment
Telecom
devices, Tangible
Land and Buildings machinery Other assets
2025 water and and tangible under
EUR million areas structures equipment assets construction Total
Acquisition cost at 1 Jan.
12.0
380.2
4,034.8
36.7
40.6
4,504.3
Business acquisitions
0.1
0.0
0.1
Additions
0.4
15.9
150.4
0.3
40.6
207.6
Business disposals
\u20130.1
\u20130.1
\u20130.1
Disposals
0.0
\u20130.6
\u20131,609.7
0.0
\u20131,610.4
Reclassifications
0.2
5.0
62.1
\u201331.5
35.8
Translation differences
0.0
0.0
\u20130.1
\u20130.1
0.0
\u20130.2
Acquisition cost at 31 Dec.
12.6
400.4
2,637.5
36.9
49.7
3,137.1
Accumulated depreciation and
impairment at 1 Jan.
\u20130.1
236.7
3,357.3
36.0
3,629.8
Depreciation and impairment
0.0
13.3
176.9
0.1
190.3
Accumulated depreciation on
business acquisitions
0.1
0.1
Accumulated depreciation on
disposals and reclassifications
0.0
\u20130.6
\u20131,573.5
\u20131,574.1
Accumulated depreciation on
business disposals
\u20130.1
0.0
\u20130.1
Translation differences
0.0
0.0
\u20130.1
\u20130.1
Accumulated depreciation and
impairment at 31 Dec.
\u20130.1
249.3
1,960.7
36.0
2,245.9
B/S Book value at 1 Jan.
12.1
143.5
677.5
0.7
40.6
874.5
B/S Book value at 31 Dec.
12.7
151.1
676.7
0.9
49.7
891.2
Telecom
devices, Tangible
Land and Buildings machinery Other assets
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
\u20130.2
\u20132.9
\u20133.1
Reclassifications
11.4
\u201336.1
\u201327.6
\u201352.2
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.
\u20130.1
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
\u201362.2
\u201355.5
Translation differences
0.0
0.0
0.0
0.0
Accumulated depreciation and
impairment at 31 Dec.
\u20130.1
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
On 31 December 2025, the investment commitments for tangible and intangible assets were EUR 90.9 (81.9) million. Accounting principles \u2013 Property, plant and equipment: Property, plant and equipment are recognised in the statement of financial position at the original cost. Property, plant and equipment are valuated at acquisition cost less accumulated depreciation and impairments. Depreciation is recorded on a straight-line basis over the useful lives of tangible assets. The residual value and the useful life of an asset are reviewed at year-end and adjusted, if necessary. Subsequent costs, such as renewals and major renovation projects, are capitalised when it is probable that future economic benefit will flow to the Group. Ordinary repair, service and maintenance costs are recognised as expenses during the financial period in which they incur. Government grants, such as grants received in connection with the acquisition of fixed assets, are recorded as a deduction from the carrying amount of the fixed assets. Government grants are recognised in profit and loss in the form of lower depreciation over the useful life of the fixed asset. Expected useful life of property, plant and equipment: Buildings and structures 25\u201340 years Machinery and equipment in buildings 10\u201325 years Telecommunications network (line, backbone, area, subscription, cable TV) 8\u201315 years Exchanges and concentrators (fixed and mobile core) 6\u201310 years Equipment for the network and exchanges 3\u20138 years Telecommunication terminals 2\u20134 years Other machinery and equipment 3\u20135 years Land and water areas are not depreciated . ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "
5.1 Depreciation, amortisation and impairment
EUR million
2025
2024
Tangible assets
Land and water areas
Right-of-use assets
1.5
1.3
Buildings and constructions
Owned buildings and constructions
13.3
12.5
Right-of-use assets
25.4
21.9
Telecom devices, machinery and equipment
Owned telecom devices, machinery and equipment
176.9
174.7
Right-of-use assets
3.5
3.1
Other tangible assets 0.1 0.1
220.7
213.6
Intangible assets
Development costs
17.5
12.1
Customer base
4.4
2.6
Other intangible assets 55.8 50.8
77.7
65.6
I/S
298.4
279.2
EUR 2.0 (0.1) million of impairment losses have been recorded for the assets.
Property, plant and equipment are valuated at acquisition cost less accumulated depreciation and impairments. Depreciation is recorded on a straight-line basis over the useful lives of tangible assets. The residual value and the useful life of an asset are reviewed at year-end and adjusted, if necessary. Expected useful life of property, plant and equipment: Buildings and structures 25\u201340 years Machinery and equipment in buildings 10\u201325 years Telecommunications network (line, backbone, area, subscription, cable TV) 8\u201315 years Exchanges and concentrators (fixed and mobile core) 6\u201310 years Equipment for the network and exchanges 3\u20138 years Telecommunication terminals 2\u20134 years Other machinery and equipment 3\u20135 years Land and water areas are not depreciated . The depreciation costs of the right-of-use assets and the interest portion of the lease liabilities are expensed. The depreciation of right-of-use assets is recorded on a straight-line basis starting at the commencement of the agreement over the useful life of the right-of-use asset or over the lease period, depending on which of these is shorter. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: Customer base 3\u20135 years Brand 10 years Development costs 3 years IT software 5 years Other intangible assets 3\u201310 years ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "EUR 2.0 (0.1) million of impairment losses have been recorded for the assets. The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less the cost of disposal or its value in use, if it is higher. Value in use is the discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed if there are indications that a change in circumstances has taken place and the recoverable amount of the asset has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "Accounting principles \u2013 Property, plant and equipment: Property, plant and equipment are recognised in the statement of financial position at the original cost. Property, plant and equipment are valuated at acquisition cost less accumulated depreciation and impairments. Depreciation is recorded on a straight-line basis over the useful lives of tangible assets. The residual value and the useful life of an asset are reviewed at year-end and adjusted, if necessary. Subsequent costs, such as renewals and major renovation projects, are capitalised when it is probable that future economic benefit will flow to the Group. Ordinary repair, service and maintenance costs are recognised as expenses during the financial period in which they incur. Government grants, such as grants received in connection with the acquisition of fixed assets, are recorded as a deduction from the carrying amount of the fixed assets. Government grants are recognised in profit and loss in the form of lower depreciation over the useful life of the fixed asset. Expected useful life of property, plant and equipment: Buildings and structures 25\u201340 years Machinery and equipment in buildings 10\u201325 years Telecommunications network (line, backbone, area, subscription, cable TV) 8\u201315 years Exchanges and concentrators (fixed and mobile core) 6\u201310 years Equipment for the network and exchanges 3\u20138 years Telecommunication terminals 2\u20134 years Other machinery and equipment 3\u20135 years Land and water areas are not depreciated ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "Property, plant and equipment are valuated at acquisition cost less accumulated depreciation and impairments. Depreciation is recorded on a straight-line basis over the useful lives of tangible assets. The residual value and the useful life of an asset are reviewed at year-end and adjusted, if necessary.
Expected useful life of property, plant and equipment:
Buildings and structures 25\u201340 years
Machinery and equipment in buildings 10\u201325 years
Telecommunications network
(line, backbone, area, subscription, cable TV) 8\u201315 years
Exchanges and concentrators (fixed and mobile core) 6\u201310 years
Equipment for the network and exchanges 3\u20138 years
Telecommunication terminals 2\u20134 years
Other machinery and equipment 3\u20135 years
Land and water areas are not depreciated .
Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: Customer base 3\u20135 years Brand 10 years Development costs 3 years IT software 5 years Other intangible assets 3\u201310 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "
Government grants, such as grants received in connection with the acquisition of fixed assets, are recorded as a deduction
from the carrying amount of the fixed assets. Government grants are recognised in profit and loss in the form of lower
depreciation over the useful life of the fixed asset.
Public grants related to research and development projects are recognised as other operating income when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "5.3 Right-of-use assets
Land and Buildings Telecom devices,
2025 water and machinery and
EUR million areas structures
equipment
Total
Acquisition cost at 1 Jan.
20.1
157.5
15.4
193.0
Additions
7.5
46.0
9.5
63.0
Business disposals
\u20131.1
\u20131.1
Disposals
\u20132.0
\u20132.0
Reclassifications
\u20130.4
\u20139.3
\u20132.5
\u201312.1
Translation differences
\u20130.1
0.0
\u20130.1
Acquisition cost at 31 Dec.
27.3
191.1
22.4
240.8
Accumulated depreciation and impairment at 1 Jan.
6.0
84.7
8.3
98.9
Depreciation and impairment
1.5
25.4
3.5
30.4
Accumulated depreciation on disposals and reclassifications
\u20130.4
\u20139.6
\u20132.5
\u201312.4
Accumulated depreciation on business disposals
\u20130.6
0.0
\u20130.6
Translation differences
0.0
0.0
0.0
Accumulated depreciation and impairment at 31 Dec.
7.1
99.8
9.2
116.2
B/S Book value at 1 Jan.
14.2
72.8
7.2
94.1
B/S Book value at 31 Dec.
20.2
91.2
13.2
124.6
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
\u20130.3
\u20136.2
\u20132.9
\u20139.3
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
\u20130.2
\u20136.1
\u20132.8
\u20139.2
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
On 31 December 2025, the lease commitments for lease contracts commencing in the future in accordance with IFRS 16 were EUR 0.1 (2.5) million. Accounting principles \u2013 Right-of-use assets: A lease contract is a contract or a part of a contract that conveys the right to use the underlying asset for a specified period in exchange for consideration. When a new contract is made, Elisa assesses whether the contract in question is a lease contract or contains a lease contract. The Group\u2019s leases mainly consist of leases for business premises, telecom and equipment premises, retail facilities and vehicles. Last-mile rentals from other operators and indefeasible right to use (IRU) contracts mainly do not fulfil the definition of a lease. The right-of-use assets and lease liabilities recognised on the balance sheet are measured at the present value of future lease payments at the time of initial recognition. The lease payments are discounted using industry-specific interest rates considering the length of the lease contracts. The depreciation costs of the right-of-use assets and the interest portion of the lease liabilities are expensed. The depreciation of right-of-use assets is recorded on a straight-line basis starting at the commencement of the agreement over the useful life of the right-of-use asset or over the lease period, depending on which of these is shorter. The right-of-use asset is adjusted in certain cases with remeasurements of the lease liability. Lease liabilities are mainly remeasured when future payments change due to index or interest rate changes or when the Group\u2019s assessment of using a possible extension option changes. When a lease liability is remeasured, the book value of the right-of-use asset is usually adjusted accordingly. Short-term and low-value leases are recognised in the income statement and presented as off-balance sheet commitments. Leases with a lease term of 12 months or less are classed as short-term leases, and leases for which the underlying asset is of low value are classed as low-value leases. Rental expenses for short-term and low-value leases are described under Note 8.4 (Off-balance sheet leases and other commitments). The Group separates the service components included in the lease agreements of business premises, retail facilities and vehicles and recognises their share as an expense in the income statement.
Gross finance lease receivables \u2013 maturity of minimum lease receivables
EUR million
2025
2024
Within one year
18.7
17.8
Later than one year, not later than five years 6.5 5.6
25.1
23.4
Future finance income
\u20130.5
\u20130.5
Present value of finance lease receivables
24.6
22.9
Maturity of present value of future minimum lease receivables
EUR million
2025
2024
Within one year
18.2
17.4
Later than one year, not later than five years 6.4 5.5
24.6
22.9
Lease periods vary from one to five years, and conditions vary in terms of index clauses.
Finance lease receivables: The Group acts as a lessor in the lease arrangements for data terminal equipment, which is accounted for as finance leases. At the time of the sale of the equipment, the proceeds is recorded as revenue and receivables at present value. Rental income received are recorded as financial income and a reduction of the receivables, reflecting a constant periodic rate of return on the net investment. Maturity of lease liabilities\u2019 cash flows
EUR million
2025
2024
Within one year
27.9
21.0
Later than one year, but not later than five years
44.4
32.3
Later than five years 48.6 43.3
120.9
96.6
Lease liabilities: Lease liabilities are initially measured at the present value of future lease payments. The estimated lease term includes the non-cancellable period of the lease together with periods covered by termination and extension options, if exercise of these options is reasonably certain. The company has discounted the future lease payments using the borrowing rate based on the duration of the estimated lease term. The lease liability is initially measured using the actual value of an index at the commencement date. The lease liabilities are remeasured if the changes are reflected in the cash flow or if the Group reassesses whether it is reasonably certain to exercise a possible option. Leases Group as a lessee Lease payments related to off-balance sheet lease commitments:
EUR million
2025
2024
Lease payments associated with short-term leases
37.0
39.9
Lease payments associated with low-value assets
12.5
14.7
49.5
54.6
Future minimum lease payments under non-cancellable off-balance sheet leases:
EUR million
2025
2024
Within one year
13.5
14.9
Later than one year, but not later than five years
2.6
3.8
Later than five years 0.6 0.6
16.7
19.3
Lease payments are presented without value added tax. Group as a lessor Future minimum lease receivables under non-cancellable operating leases:
EUR million
2025
2024
Within one year
3.0
2.9
Later than one year, but not later than five years 0.1 0.2
3.1
3.1
Accounting principles \u2013 Leases: The group as a lessee The Group recognises rental expenses for short-term leases and low-value assets in the income statements and presents such contracts as off-balance sheet liabilities. The group as a lessor The Group acts as a lessor in two different types of lease arrangements that are accounted for as operating leases: rental income from telecom premises and carrier services is recognised as revenue over the lease period, and rental income from real estate is recognised as other operating income. The lease contract periods are mainly short with durations of 1\u20136 months. Rental income is recognised over the lease period.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "
Accounting principles \u2013 Right-of-use assets:
A lease contract is a contract or a part of a contract that conveys the right to use the underlying asset for a specified period
in exchange for consideration. When a new contract is made, Elisa assesses whether the contract in question is a lease
contract or contains a lease contract.
The Group\u2019s leases mainly consist of leases for business premises, telecom and equipment premises, retail facilities
and vehicles. Last-mile rentals from other operators and indefeasible right to use (IRU) contracts mainly do not fulfil the
definition of a lease.
The right-of-use assets and lease liabilities recognised on the balance sheet are measured at the present value of future
lease payments at the time of initial recognition. The lease payments are discounted using industry-specific interest rates
considering the length of the lease contracts. The depreciation costs of the right-of-use assets and the interest portion of
the lease liabilities are expensed. The depreciation of right-of-use assets is recorded on a straight-line basis starting at
the commencement of the agreement over the useful life of the right-of-use asset or over the lease period, depending on
which of these is shorter.
The right-of-use asset is adjusted in certain cases with remeasurements of the lease liability. Lease liabilities are mainly
remeasured when future payments change due to index or interest rate changes or when the Group\u2019s assessment of using
a possible extension option changes. When a lease liability is remeasured, the book value of the right-of-use asset is
usually adjusted accordingly.
Short-term and low-value leases are recognised in the income statement and presented as off-balance sheet commitments.
Leases with a lease term of 12 months or less are classed as short-term leases, and leases for which the underlying asset is
of low value are classed as low-value leases. Rental expenses for short-term and low-value leases are described under Note
8.4 (Off-balance sheet leases and other commitments).
The Group separates the service components included in the lease agreements of business premises, retail facilities and
vehicles and recognises their share as an expense in the income statement.
Finance lease receivables:
The Group acts as a lessor in the lease arrangements for data terminal equipment, which is accounted for as finance
leases. At the time of the sale of the equipment, the proceeds is recorded as revenue and receivables at present value.
Rental income received are recorded as financial income and a reduction of the receivables, reflecting a constant periodic
rate of return on the net investment.
Lease liabilities:
Lease liabilities are initially measured at the present value of future lease payments. The estimated lease term includes the non-cancellable period
of the lease together with periods covered by termination and extension options, if exercise of these options is reasonably certain. The company
has discounted the future lease payments using the borrowing rate based on the duration of the estimated lease term. The lease liability is
initially measured using the actual value of an index at the commencement date. The lease liabilities are remeasured if the changes are reflected
in the cash flow or if the Group reassesses whether it is reasonably certain to exercise a possible option.
Accounting principles \u2013 Leases: The group as a lessee The Group recognises rental expenses for short-term leases and low-value assets in the income statements and presents such contracts as off-balance sheet liabilities. The group as a lessor The Group acts as a lessor in two different types of lease arrangements that are accounted for as operating leases: rental income from telecom premises and carrier services is recognised as revenue over the lease period, and rental income from real estate is recognised as other operating income. The lease contract periods are mainly short with durations of 1\u20136 months. Rental income is recognised over the lease period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "
5.4 Intangible assets
Other
Intangible
2025 Development Customer
intangible
assets under
EUR million costs base
assets
construction
Total
Acquisition cost at 1 Jan.
108.3
37.3
944.2
16.4
1,106.2
Business acquisitions
0.4
4.3
\u20131.2
3.5
Additions
12.5
47.5
24.8
84.8
Disposals
\u20134.7
\u20138.9
\u201313.6
Reclassifications
14.5
\u20135.2
\u201311.6
\u20132.2
Translation differences
0.0
0.0
\u20130.4
\u20130.4
Acquisition cost at 31 Dec.
131.0
41.6
976.0
29.7
1,178.3
Accumulated amortisation
and impairment at 1 Jan.
82.5
28.6
760.6
871.7
Amortisation and impairment
17.5
4.4
55.8
77.7
Accumulated amortisation
on business acquisitions
0.3
0.0
0.3
Accumulated amortisation
on disposals and reclassifications
\u20130.6
\u201315.4
\u201316.0
Translation differences
0.0
0.0
\u20130.2
\u20130.2
Accumulated amortisation
and impairment at 31 Dec.
99.7
32.9
800.8
933.4
Book value at 1 Jan.
25.8
8.8
183.6
16.4
234.6
Book value at 31 Dec.
31.3
(1
8.6
175.3
(1
29.7
244.9
Other
Intangible
2024 Development Customer
intangible
assets under
EUR million costs base
assets
construction
Total
Acquisition cost at 1 Jan.
91.9
44.3
869.9
14.8
1,020.9
Business acquisitions
4.2
8.0
21.1
1.0
34.3
Additions
11.3
48.4
8.2
67.9
Disposals
\u20130.9
\u20130.8
\u20131.8
Reclassifications
1.8
\u201314.7
5.5
\u20137.6
\u201315.1
Translation differences
0.0
\u20130.2
0.2
\u20130.1
Acquisition cost at 31 Dec.
108.3
37.3
944.2
16.4
1,106.2
Accumulated amortisation
and impairment at 1 Jan.
71.4
40.9
698.4
810.6
Amortisation and impairment
12.1
2.6
50.8
65.6
Accumulated amortisation
on business acquisitions
12.2
12.2
Accumulated amortisation
on disposals and reclassifications
\u20130.9
\u201314.7
\u20130.9
\u201316.6
Translation differences
0.0
\u20130.3
0.1
\u20130.2
Accumulated amortisation
and impairment at 31 Dec.
82.5
28.6
760.6
871.7
Book value at 1 Jan.
20.5
3.4
171.5
14.8
210.3
Book value at 31 Dec.
25.8
(1
8.8
183.6
(1
16.4
234.6
1)
Includes software in carrying amount of EUR 119,9 (116.9) million.
Accounting principles \u2013 Intangible assets: An intangible asset is recognised only if it is probable that the expected future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Subsequent costs related to the intangible assets are capitalised only if the future economic benefits that will flow to the Group exceed the level of performance originally assessed. In other cases, the costs are recognised when the expense is incurred. In connection with the business combinations, intangible assets, such as customer base and brand, are measured at fair value. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: Customer base 3\u20135 years Brand 10 years Development costs 3 years IT software 5 years Other intangible assets 3\u201310 years Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. Public grants related to research and development projects are recognised as other operating income when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. Implementation costs of a SaaS arrangement are generally recognised as an expense and capitalised as an intangible asset only if the capitalisation conditions are met. The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less the cost of disposal or its value in use, if it is higher. Value in use is the discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed if there are indications that a change in circumstances has taken place and the recoverable amount of the asset has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "5.4 Intangible assets
Other
Intangible
2025 Development Customer
intangible
assets under
EUR million costs base
assets
construction
Total
Acquisition cost at 1 Jan.
108.3
37.3
944.2
16.4
1,106.2
Business acquisitions
0.4
4.3
\u20131.2
3.5
Additions
12.5
47.5
24.8
84.8
Disposals
\u20134.7
\u20138.9
\u201313.6
Reclassifications
14.5
\u20135.2
\u201311.6
\u20132.2
Translation differences
0.0
0.0
\u20130.4
\u20130.4
Acquisition cost at 31 Dec.
131.0
41.6
976.0
29.7
1,178.3
Accumulated amortisation
and impairment at 1 Jan.
82.5
28.6
760.6
871.7
Amortisation and impairment
17.5
4.4
55.8
77.7
Accumulated amortisation
on business acquisitions
0.3
0.0
0.3
Accumulated amortisation
on disposals and reclassifications
\u20130.6
\u201315.4
\u201316.0
Translation differences
0.0
0.0
\u20130.2
\u20130.2
Accumulated amortisation
and impairment at 31 Dec.
99.7
32.9
800.8
933.4
Book value at 1 Jan.
25.8
8.8
183.6
16.4
234.6
Book value at 31 Dec.
31.3
(1
8.6
175.3
(1
29.7
244.9
Other
Intangible
2024 Development Customer
intangible
assets under
EUR million costs base
assets
construction
Total
Acquisition cost at 1 Jan.
91.9
44.3
869.9
14.8
1,020.9
Business acquisitions
4.2
8.0
21.1
1.0
34.3
Additions
11.3
48.4
8.2
67.9
Disposals
\u20130.9
\u20130.8
\u20131.8
Reclassifications
1.8
\u201314.7
5.5
\u20137.6
\u201315.1
Translation differences
0.0
\u20130.2
0.2
\u20130.1
Acquisition cost at 31 Dec.
108.3
37.3
944.2
16.4
1,106.2
Accumulated amortisation
and impairment at 1 Jan.
71.4
40.9
698.4
810.6
Amortisation and impairment
12.1
2.6
50.8
65.6
Accumulated amortisation
on business acquisitions
12.2
12.2
Accumulated amortisation
on disposals and reclassifications
\u20130.9
\u201314.7
\u20130.9
\u201316.6
Translation differences
0.0
\u20130.3
0.1
\u20130.2
Accumulated amortisation
and impairment at 31 Dec.
82.5
28.6
760.6
871.7
Book value at 1 Jan.
20.5
3.4
171.5
14.8
210.3
Book value at 31 Dec.
25.8
(1
8.8
183.6
(1
16.4
234.6
1) Includes software in carrying amount of EUR 119,9 (116.9) million. Accounting principles \u2013 Intangible assets: An intangible asset is recognised only if it is probable that the expected future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Subsequent costs related to the intangible assets are capitalised only if the future economic benefits that will flow to the Group exceed the level of performance originally assessed. In other cases, the costs are recognised when the expense is incurred. In connection with the business combinations, intangible assets, such as customer base and brand, are measured at fair value. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: Customer base 3\u20135 years Brand 10 years Development costs 3 years IT software 5 years Other intangible assets 3\u201310 years Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. Public grants related to research and development projects are recognised as other operating income when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. Implementation costs of a SaaS arrangement are generally recognised as an expense and capitalised as an intangible asset only if the capitalisation conditions are met. The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less the cost of disposal or its value in use, if it is higher. Value in use is the discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed if there are indications that a change in circumstances has taken place and the recoverable amount of the asset has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. 5.5 Goodwill
EUR million
2025
2024
Acquisition cost at 1 Jan.
1,281.7
1,178.4
Business acquisitions
2.2
106.1
Business disposals
0.2
Reclassifications
\u201318.7
\u20132.5
Translation differences \u20133.3 \u20130.3
Acquisition cost at 31 Dec.
1,262.2
1,281.7
Accumulated amortisation and impairment at 1 Jan.
18.8
21.2
Accumulated amortisation on disposals and reclassifications
\u201318.7
\u20132.5
Translation differences \u20130.1 0.1
Accumulated amortisation and impairment at 31 Dec.
0.0
18.8
Book value at 1 Jan.
1,262.9
1,157.2
Book value at 31 Dec.
1,262.2
1,262.9
Goodwill is allocated to the Group\u2019s cash generating units as follows:
EUR million
2025
2024
Consumer Customers
643.7
643.7
Corporate Customers
391.1
391.1
International Software Services 227.4 228.1
B/S
1,262.2
1,262.9
The reported operating segments based on Elisa\u2019s organisational and management structure are Consumer Customers, Corporate Customers and International Software Services. Impairment testing: In annual impairment tests, the recoverable amount of the segments is determined based on the value in use, which is calculated on the basis of projected discounted cash flows (DCF model). Covering a five-year period, the cash flow projections are based on plans approved by the management. The projections are mostly consistent with information from external sources and reflect actual development. The discount rate before taxes that is used is 6.6 per cent for Consumer Customers and Corporate Customers, and 11.7 per cent for International Software Services (5.9 per cent in comparison period for Consumer Customers and Corporate Customers). Cash flows after five years have been projected by estimating the change in future cash flows as 2 per cent growth. Usage of the DCF model requires forecasts and assumptions concerning market growth, prices, volume development, investment needs and general interest rates. The major sensitivities are associated with forecast revenue and profitability levels, horizon growth and discount rate. As a result of the impairment tests performed, there was no need for impairment of the segments\u2019 goodwill. Sensitivity analysis
Consumer Corporate International
Customers Customers Software Services
Projection parameters applied 2025 2025 2025
Amount in excess of CGU carrying value, EUR million
6,560
2,567
190
EBITDA margin on average, %
(1
40.3
34.1
13.1
Horizon growth, %
2.0
2.0
2.0
Pre-tax discount rate, %
6.6
6.6
11.7
Consumer Corporate
Customers Customers
Projection parameters applied 2024 2024
Amount in excess of CGU carrying value, EUR million
7,548
3,146
EBITDA margin on average, %
(1
39.3
29.0
Horizon growth, %
2.0
2.0
Pre-tax discount rate, %
5.9
5.9
1) On average during a five-year projection period.
Consumer Corporate International
Change in projection parameters that Customers Customers Software Services
makes the fair value equal to book value 2025 2025 2025
EBITDA margin on average, %
\u201320.7
\u201314.5
\u20137.0
Horizon growth, %
\u201342.6
\u201325.6
\u20137.7
Pre-tax discount rate, %
19.6
15.6
6.0
Consumer Corporate
Change in projection parameters that Customers Customers
makes the fair value equal to book value 2024 2024
EBITDA margin on average, %
\u201320.0
\u201313.0
Horizon growth, %
\u201339.0
\u201319.0
Pre-tax discount rate, %
19.2
13.1
Accounting principles \u2013 Goodwill: Goodwill arising from business combinations prior to 2010 is accounted for in accordance with the previous IFRS standards. Goodwill arising from business combinations incurred after 1 January 2010 represents the excess of the consideration transferred over the Group\u2019s interest in the net fair value of the identifiable net assets acquired and the amount of non-controlling interest, and in a business combination achieved in stages, the acquisition-date fair value of the equity interest. Goodwill is not amortised. Goodwill is tested for impairment annually, or more frequently if there is any indication of a potential impairment. For the purpose of impairment testing, goodwill is allocated to the cash-generating units (CGUs) \u2013 Consumer Customers, Corporate Customers and International Software Services. Goodwill is carried at its cost less any accumulated impairment losses. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. If an impairment loss is allocated to a CGU, it is first allocated to reduce the carrying amount of any goodwill allocated to the CGU, and then to the other assets of the unit on a pro rata basis. An impairment loss recognised for goodwill is never reversed under any circumstances. Accounting policies that require management\u2019s judgement \u2013 Goodwill impairment testing: The recoverable amount of cash-generating units is determined by calculations based on value in use, the preparation of which requires estimates and assumptions. The main uncertainties are associated with the estimated levels of revenue and profitability and the discount rate. Any changes may lead to the recognition of impairment losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "
Accounting principles \u2013 Intangible assets:
An intangible asset is recognised only if it is probable that the expected future economic benefits attributable to the asset
will flow to the Group and the cost of the asset can be measured reliably. Subsequent costs related to the intangible assets
are capitalised only if the future economic benefits that will flow to the Group exceed the level of performance originally
assessed. In other cases, the costs are recognised when the expense is incurred.
In connection with the business combinations, intangible assets, such as customer base and brand, are measured at fair
value. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their
estimated useful life.
Amortisation periods for intangible assets:
Customer base 3\u20135 years
Brand 10 years
Development costs 3 years
IT software 5 years
Other intangible assets 3\u201310 years
Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the
product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic
benefit. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses
cannot be capitalised subsequently.
Public grants related to research and development projects are recognised as other operating income when research and
development costs are recognised as an annual expense. If the public grant relates to the product development cost to be
capitalised, the grant received reduces the capitalised acquisition costs.
Implementation costs of a SaaS arrangement are generally recognised as an expense and capitalised as an intangible asset
only if the capitalisation conditions are met.
The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such
evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment
indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have
any intangible assets with an indefinite useful life.
The recoverable amount of the asset is its fair value less the cost of disposal or its value in use, if it is higher. Value in
use is the discounted present value of future net cash flows expected to be derived from an asset. An impairment loss
is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised
immediately in the income statement. An impairment loss is reversed if there are indications that a change in circumstances
has taken place and the recoverable amount of the asset has changed since the impairment loss was recognised. However,
the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been
recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "Accounting principles \u2013 Intangible assets: An intangible asset is recognised only if it is probable that the expected future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Subsequent costs related to the intangible assets are capitalised only if the future economic benefits that will flow to the Group exceed the level of performance originally assessed. In other cases, the costs are recognised when the expense is incurred. In connection with the business combinations, intangible assets, such as customer base and brand, are measured at fair value. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: Customer base 3\u20135 years Brand 10 years Development costs 3 years IT software 5 years Other intangible assets 3\u201310 years Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. Public grants related to research and development projects are recognised as other operating income when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. Implementation costs of a SaaS arrangement are generally recognised as an expense and capitalised as an intangible asset only if the capitalisation conditions are met. The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less the cost of disposal or its value in use, if it is higher. Value in use is the discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed if there are indications that a change in circumstances has taken place and the recoverable amount of the asset has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. Accounting principles \u2013 Goodwill: Goodwill arising from business combinations prior to 2010 is accounted for in accordance with the previous IFRS standards. Goodwill arising from business combinations incurred after 1 January 2010 represents the excess of the consideration transferred over the Group\u2019s interest in the net fair value of the identifiable net assets acquired and the amount of non-controlling interest, and in a business combination achieved in stages, the acquisition-date fair value of the equity interest. Goodwill is not amortised. Goodwill is tested for impairment annually, or more frequently if there is any indication of a potential impairment. For the purpose of impairment testing, goodwill is allocated to the cash-generating units (CGUs) \u2013 Consumer Customers, Corporate Customers and International Software Services. Goodwill is carried at its cost less any accumulated impairment losses. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. If an impairment loss is allocated to a CGU, it is first allocated to reduce the carrying amount of any goodwill allocated to the CGU, and then to the other assets of the unit on a pro rata basis. An impairment loss recognised for goodwill is never reversed under any circumstances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less the cost of disposal or its value in use, if it is higher. Value in use is the discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed if there are indications that a change in circumstances has taken place and the recoverable amount of the asset has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. If an impairment loss is allocated to a CGU, it is first allocated to reduce the carrying amount of any goodwill allocated to the CGU, and then to the other assets of the unit on a pro rata basis. An impairment loss recognised for goodwill is never reversed under any circumstances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "
5.5 Goodwill
EUR million
2025
2024
Acquisition cost at 1 Jan.
1,281.7
1,178.4
Business acquisitions
2.2
106.1
Business disposals
0.2
Reclassifications
\u201318.7
\u20132.5
Translation differences \u20133.3 \u20130.3
Acquisition cost at 31 Dec.
1,262.2
1,281.7
Accumulated amortisation and impairment at 1 Jan.
18.8
21.2
Accumulated amortisation on disposals and reclassifications
\u201318.7
\u20132.5
Translation differences \u20130.1 0.1
Accumulated amortisation and impairment at 31 Dec.
0.0
18.8
Book value at 1 Jan.
1,262.9
1,157.2
Book value at 31 Dec.
1,262.2
1,262.9
Goodwill is allocated to the Group\u2019s cash generating units as follows:
EUR million
2025
2024
Consumer Customers
643.7
643.7
Corporate Customers
391.1
391.1
International Software Services 227.4 228.1
B/S
1,262.2
1,262.9
The reported operating segments based on Elisa\u2019s organisational and management structure are Consumer Customers,
Corporate Customers and International Software Services.
Impairment testing: In annual impairment tests, the recoverable amount of the segments is determined based on the value in use, which is calculated on the basis of projected discounted cash flows (DCF model). Covering a five-year period, the cash flow projections are based on plans approved by the management. The projections are mostly consistent with information from external sources and reflect actual development. The discount rate before taxes that is used is 6.6 per cent for Consumer Customers and Corporate Customers, and 11.7 per cent for International Software Services (5.9 per cent in comparison period for Consumer Customers and Corporate Customers). Cash flows after five years have been projected by estimating the change in future cash flows as 2 per cent growth. Usage of the DCF model requires forecasts and assumptions concerning market growth, prices, volume development, investment needs and general interest rates. The major sensitivities are associated with forecast revenue and profitability levels, horizon growth and discount rate. As a result of the impairment tests performed, there was no need for impairment of the segments\u2019 goodwill. Sensitivity analysis
Consumer Corporate International
Customers Customers Software Services
Projection parameters applied 2025 2025 2025
Amount in excess of CGU carrying value, EUR million
6,560
2,567
190
EBITDA margin on average, %
(1
40.3
34.1
13.1
Horizon growth, %
2.0
2.0
2.0
Pre-tax discount rate, %
6.6
6.6
11.7
Consumer Corporate
Customers Customers
Projection parameters applied 2024 2024
Amount in excess of CGU carrying value, EUR million
7,548
3,146
EBITDA margin on average, %
(1
39.3
29.0
Horizon growth, %
2.0
2.0
Pre-tax discount rate, %
5.9
5.9
1) On average during a five-year projection period.
Consumer Corporate International
Change in projection parameters that Customers Customers Software Services
makes the fair value equal to book value 2025 2025 2025
EBITDA margin on average, %
\u201320.7
\u201314.5
\u20137.0
Horizon growth, %
\u201342.6
\u201325.6
\u20137.7
Pre-tax discount rate, %
19.6
15.6
6.0
Consumer Corporate
Change in projection parameters that Customers Customers
makes the fair value equal to book value 2024 2024
EBITDA margin on average, %
\u201320.0
\u201313.0
Horizon growth, %
\u201339.0
\u201319.0
Pre-tax discount rate, %
19.2
13.1
Accounting principles \u2013 Goodwill: Goodwill arising from business combinations prior to 2010 is accounted for in accordance with the previous IFRS standards. Goodwill arising from business combinations incurred after 1 January 2010 represents the excess of the consideration transferred over the Group\u2019s interest in the net fair value of the identifiable net assets acquired and the amount of non-controlling interest, and in a business combination achieved in stages, the acquisition-date fair value of the equity interest. Goodwill is not amortised. Goodwill is tested for impairment annually, or more frequently if there is any indication of a potential impairment. For the purpose of impairment testing, goodwill is allocated to the cash-generating units (CGUs) \u2013 Consumer Customers, Corporate Customers and International Software Services. Goodwill is carried at its cost less any accumulated impairment losses. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. If an impairment loss is allocated to a CGU, it is first allocated to reduce the carrying amount of any goodwill allocated to the CGU, and then to the other assets of the unit on a pro rata basis. An impairment loss recognised for goodwill is never reversed under any circumstances. Accounting policies that require management\u2019s judgement \u2013 Goodwill impairment testing: The recoverable amount of cash-generating units is determined by calculations based on value in use, the preparation of which requires estimates and assumptions. The main uncertainties are associated with the estimated levels of revenue and profitability and the discount rate. Any changes may lead to the recognition of impairment losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "
Accounting principles \u2013 Goodwill:
Goodwill arising from business combinations prior to 2010 is accounted for in accordance with the previous IFRS
standards. Goodwill arising from business combinations incurred after 1 January 2010 represents the excess of the
consideration transferred over the Group\u2019s interest in the net fair value of the identifiable net assets acquired and the
amount of non-controlling interest, and in a business combination achieved in stages, the acquisition-date fair value of the
equity interest.
Goodwill is not amortised. Goodwill is tested for impairment annually, or more frequently if there is any indication of a
potential impairment. For the purpose of impairment testing, goodwill is allocated to the cash-generating units (CGUs) \u2013
Consumer Customers, Corporate Customers and International Software Services. Goodwill is carried at its cost less any
accumulated impairment losses.
An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss
is recognised immediately in the income statement. If an impairment loss is allocated to a CGU, it is first allocated to reduce
the carrying amount of any goodwill allocated to the CGU, and then to the other assets of the unit on a pro rata basis. An
impairment loss recognised for goodwill is never reversed under any circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "6.1 Inventories
EUR million
2025
2024
Materials and supplies
18.4
21.1
Finished goods 29.1 54.5
B/S
47.5
75.6
A write-down of inventories of EUR 0.4 (0.7) million was recognised during the financial period. Inventories: Inventories are measured at their acquisition cost or at the net realisable value, if lower than the cost. In the ordinary course of business, net realisable value is the estimated selling price less estimated necessary costs associated with the eventual sale. The cost is determined using a weighted average price. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "6.2 Trade and other receivables 6.2.1 Current receivables
EUR million
2025
2024
Trade receivables
451.3
446.7
Impaired trade receivables
\u20137.5
\u20136.2
Contract assets related to revenue
1.2
3.8
Contract assets related to costs
7.8
5.8
Accrued income
78.8
87.0
Finance lease receivables
18.2
17.4
Loan receivables
0.0
0.0
Receivables from associated companies
16.0
3.7
Other receivables 12.0 14.8
B/S
577.8
573.0
Accrued income includes interest receivables as well as income and cost accruals from the operating activities. Aging of trade receivables 2025 2024
Nominal Carrying Nominal Carrying
EUR million
value
Impairment
amount
value
Impairment
amount
Not past due
395.1
0.0
395.0
396.2
0.0
396.2
Past due
Past due less than 30 days
29.7
\u20130.2
29.5
28.4
\u20130.2
28.2
Past due 31\u201360 days
8.9
\u20130.6
8.4
8.8
\u20130.6
8.2
Past due 61\u201390 days
4.7
\u20130.7
4.0
3.3
\u20130.6
2.6
Past due 91\u2013180 days
6.5
\u20133.0
3.5
3.6
\u20132.0
1.6
Past due more than 181 days
6.3
\u20133.0
3.4
6.3
\u20132.7
3.6
451.3
\u20137.5
443.8
446.7
\u20136.2
440.4
The book value of trade receivables approximates their fair value. The credit risk associated with trade receivables is described in note 7.1. The maximum exposure to credit risk is the carrying amount of the trade receivables on the closing date: EUR 443.8 million. 6.2.2 Non-current receivables
EUR million
2025
2024
Loan receivables
0.0
0.0
Trade receivables
100.2
91.3
Receivables from associated companies
6.4
6.3
Finance lease receivables
6.4
5.5
Accrued income
2.0
0.2
Non-current derivatives
0.0
0.4
Other non-current receivables 1.9 1.3
B/S
116.9
105.1
The effective interest rate on receivables (current and non-current) was 0.00 (0.00) per cent. Gross finance lease receivables \u2013 maturity of minimum lease receivables
EUR million
2025
2024
Within one year
18.7
17.8
Later than one year, not later than five years 6.5 5.6
25.1
23.4
Future finance income
\u20130.5
\u20130.5
Present value of finance lease receivables
24.6
22.9
Maturity of present value of future minimum lease receivables
EUR million
2025
2024
Within one year
18.2
17.4
Later than one year, not later than five years 6.4 5.5
24.6
22.9
Lease periods vary from one to five years, and conditions vary in terms of index clauses. Trade and other receivables: Trade receivables are valued at amortised cost and recognised at the original invoiced amount. The Group records the provision for the impairment losses arising from trade receivables based on historical default rates over the expected life and recognises the impairment loss when the trade receivables are stated as lost. The impairment loss is adjusted by the amount of factored receivables. Trade receivables and other receivables are classified as non-current receivables if they mature in more than 12 months. In other cases, they are classified as current receivables. The Group offers consumer customers various payment methods, granting the possibility to purchase equipment on 12\u201336 months\u2019 credit. At the time of the sale of the equipment, such transactions are recorded as revenue and trade receivables. The trade receivables are classified as non-current if their maturity exceeds 12 months. Finance lease receivables: The Group acts as a lessor in the lease arrangements for data terminal equipment, which is accounted for as finance leases. At the time of the sale of the equipment, the proceeds is recorded as revenue and receivables at present value. Rental income received are recorded as financial income and a reduction of the receivables, reflecting a constant periodic rate of return on the net investment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "6.3 Trade and other liabilities
EUR million
2025
2024
Non-current
Advances received
4.9
4.6
Derivative instruments
1.2
0.0
Other liabilities
(1
16.5 14.7
B/S
22.6
19.4
Current
Trade payables
(2
188.9
177.7
Advances received
8.0
14.0
Contract liabilities, from revenue
43.9
34.8
Accrued employee-related expenses
68.4
69.1
Other accruals
26.8
20.6
Liabilities to associated companies
0.0
0.0
Other liabilities
(1
104.3 108.0
B/S 440.3 424.2
462.9
443.6
1) Other non-current liabilities include EUR 0.0 (7.6) million and other current liabilities include EUR 1.5 (4.1) million of contingent considerations and contingent redemption obligations for non-controlling interests related to business acquisitions. 2) Trade payables include accounts payable under vendor financing agreements of EUR 2.4 (5.2) million. Under the arrangements, the bank offers Elisa\u2019s vendors the option to receive earlier payment of Elisa\u2019s accounts payable. Vendors utilising these arrangements pay a credit fee to the bank. Due dates for the payables within the vendor financing arrangements are 60\u201375 days after the date of the invoice. The majority of the other accounts payable have payment due dates 30\u201340 days after the date of the invoice. Other accruals consist of accrued interest expenses as well as income and cost accruals from the operating activities. Trade payables: The current value of trade payables and other liabilities is a reasonable estimate of their fair value. The payment terms of the Group\u2019s trade payables correspond to conventional corporate payment terms. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "
Inventories:
Inventories are measured at their acquisition cost or at the net realisable value, if lower than the cost. In the ordinary course
of business, net realisable value is the estimated selling price less estimated necessary costs associated with the eventual
sale. The cost is determined using a weighted average price.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "
Trade and other receivables:
Trade receivables are valued at amortised cost and recognised at the original invoiced amount. The Group records the
provision for the impairment losses arising from trade receivables based on historical default rates over the expected life
and recognises the impairment loss when the trade receivables are stated as lost. The impairment loss is adjusted by the
amount of factored receivables.
Trade receivables and other receivables are classified as non-current receivables if they mature in more than 12 months. In
other cases, they are classified as current receivables.
The Group offers consumer customers various payment methods, granting the possibility to purchase equipment on 12\u201336
months\u2019 credit. At the time of the sale of the equipment, such transactions are recorded as revenue and trade receivables.
The trade receivables are classified as non-current if their maturity exceeds 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "
Trade payables:
The current value of trade payables and other liabilities is a reasonable estimate of their fair value. The payment terms of
the Group\u2019s trade payables correspond to conventional corporate payment terms.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "7. Capital structure 7.1 Financial risk management Elisa\u2019s central treasury department manages the exchange rate, interest rate, liquidity and refinancing risks for the entire Group. The financing policies, covering funding and investment principles, are annually discussed and ratified by the Audit Committee of the Board of Directors. Funding risks are monitored as a part of the regular business monitoring procedure. 7.1.1 Market risks Interest rate risk Elisa is exposed to interest rate risk mainly through its financial liabilities. In order to manage the interest rate risk, the Group\u2019s borrowings and investments are diversified into fixed- and variable-rate instruments. Derivative financial instruments may also be used in managing the interest rate risk. The purpose is to minimise the negative effects caused by changes in the interest rate level. Timing of interest rate changes for interest-bearing financial liabilities (EUR million) 31 Dec. 2025, at nominal value
Less than Between Over
Time of interest rate change 1 year 1 and 5 years 5 years Total
Variable-rate financing instruments
Commercial paper
90.0
90.0
Bonds
200.0
200.0
Bank loans
100.0
100.0
Fixed-rate financing instruments
Bonds
185.0
900.0
1,085.0
Bank loans
100.0
100.0
Lease liabilities
27.9
44.4
48.6
120.9
302.9
1,144.4
248.6
1,695.9
On 31 December 2025, the Group\u2019s interest-bearing financial assets consisted of commercial papers and bank deposits amounting to EUR 100.0 million and cash in the bank amounting to EUR 89.5 million. Lease contracts contain index-linkages, which affect the amounts of lease liabilities, right-of-use assets and depreciation. The sensitivity analysis includes the financial liabilities at the balance sheet date. The change in interest rate level is assumed to be one percentage point, and the effect on income is calculated before taxes. The interest rate position is assumed to include interest-bearing financial liabilities and receivables, as well as interest rate swaps on the balance sheet date, assuming that all the contracts will be valid and stay unchanged for the entire year.
EUR million
2025
2024
Change in interest rate level +/- 1% \u20133.9 / 3.9 \u20134.6 / 4.6
Foreign exchange risk Most of Elisa Group\u2019s cash flows are denominated in euros, which means that the company\u2019s exposure to exchange rate risk (economic risk and transaction risk) is low. Business-related exchange rate risks arise from Elisa Polystar Sweden AB and its subsidiaries, international interconnection traffic and, to a minor extent, other acquisitions. The most essential currencies are the US dollar (USD), Swedish krona (SEK), Canadian dollar (CAD), British pound (GBP) and Swiss franc (CHF). The impact of other currencies is insignificant. During the financial year, exchange rate hedges have been used against changes in the value of the Swedish krona and US dollar. The Group has hedged Swedish krona- and US dollar-denominated expenses with foreign currency forward contracts. The Group\u2019s financial liabilities do not include exchange rate risk. The translation difference exposure from the foreign subsidiaries included in consolidated equity mainly consists of the Elisa Polystar subgroup. The translation difference exposure has not been hedged during the reporting period. Foreign currency position 2025 2024
EUR million
Trade receivables
Trade payables
Trade receivables
Trade payables
USD
9.2
7.3
9.6
5.5
SEK
3.9
0.7
3.4
0.3
GBP
0.4
0.5
0.1
0.3
CAD
2.8
0.0
1.4
0.0
CHF
0.1
0.0
0.8
0.0
The Group-level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. If the euro were to appreciate or depreciate by 20 per cent against all other currencies, the impact on cash flows would be:
EUR million
2025
2024
USD
+/\u20130.4
+/\u20130.8
SEK
+/\u20130.6
+/\u20130.6
GBP
\u2013/+0.0
\u2013/+0.0
CAD
+/\u20130.6
+/\u20130.3
CHF +/\u20130.0 +/\u20130.2
Commodity risks Elisa is investing strongly in the use of renewable energy and has signed a wind power purchase agreement for the Puutikankangas wind farm. The agreement is valid until March 2033 and it covers about half of the electricity consumption of Elisa\u2019s mobile network in Finland. Elisa hedges electricity purchases with physical purchase contracts and derivatives. The electricity price risk is assessed for a five-year period. Hedge accounting is applied to contracts hedging future purchases. The effective portion of derivatives that qualify for hedge accounting is recognised in the revaluation reserve of equity, and the ineffective portion is recognised in the income statement under other operating income or expenses. The change in the revaluation reserve, recognised in equity, is presented in the statement of comprehensive income under \u201cCash flow hedge\u201d. At the end of the year, the ineffective portion of hedge accounting was EUR 0.0 (0.0) million.
Hedging rate for purchases in the following years, %
2025
2024
0\u20131 years
97.4
92.0
1\u20132 years
75.7
71.6
2\u20133 years
43.8
42.1
3\u20134 years
42.6
41.1
4\u20135 years
42.6
34.5
If the market price of electricity derivatives changed by +/\u2013 10 per cent from the balance sheet date 31 December 2025, it would contribute EUR +0.3/\u20130.3 (+0.3/\u20130.3) million to equity. The impact has been calculated before tax. 7.1.2 Liquidity risk The objective of liquidity risk management is to ensure the Group\u2019s financing under all circumstances. The Group\u2019s most important financing arrangement is an EMTN programme of EUR 2,000 million, under which the Company issued bonds for EUR 1,285 million. Elisa made an annual update to its EMTN Programme in July 2025 and in this connection increased the total amount of the program from EUR 1,500 million to EUR 2,000 million. Elisa has issued a EUR 300 million fix-rated bond under the Programme on 14 May 2025. The bond matures on 14 May 2030. In addition, Elisa purchased the 2026 maturing bonds with nominal value EUR 115 million on 15 May 2025. On 26 November 2025 Elisa issued an increase of EUR 200 million in the original amount of EUR 300 million bond issued on 14 May 2025. Furthermore, the Company has a EUR 350 million commercial paper programme and committed credit limit of EUR 300 million. Both credit lines were fully undrawn on 31 December 2025. A EUR 130 million credit limit will fall due on 22 September 2028, EUR 24 million will fall due on 16 May 2028 and EUR 146 million will fall due on 16 May 2030. The loan margin is determined based on the Company\u2019s credit rating and sustainability targets. Elisa has issued EUR 125 million of short-term financing under the credit facility, which was arranged by Landesbank Baden- W\u00fcrttemberg. The limit is non-committed and is valid until further notice. The limit is fully undrawn on 31 December 2025. Elisa has two loans from the Nordic Investment Bank (NIB). A EUR 100 million loan matures on year 2031 and has fixed interest. EUR 200 million loan matures on year 2033 and has variable interest. The interest margin of both loans are linked to sustainability targets. EUR 100 million of the EUR 200 million loan was in use at the end of year 2025. Elisa has financial covenant in its two committed credit facilities, totally EUR 300 million and in its two term loans with Nordic Investment Bank, totally EUR 300 million. Financial covenant is Equity Ratio, which shall not at any time be less than 30 per cent. Equity Ratio is tested quarterly and it is shared with debtors. Based on Elisa\u00b4s financial forecasts the covenant will not be breached. As part of ensuring its financing, Elisa has acquired international credit ratings. Moody\u2019s Investor Services have rated Elisa\u2019s long-term commitments as Baa2 (outlook stable). S&P Global has rated the company\u2019s long-term commitments as BBB+ (outlook stable) and short-term commitments as A-2. Cash and undrawn committed limits
EUR million
2025
2024
Cash and cash equivalents
189.5
89.9
Credit limits and undrawn bank loans 400.0 300.0
589.5
389.9
On 31 December 2025, cash and cash equivalents, as well as undrawn committed credit limits less commercial papers issued by Elisa, were EUR 499.5 (82.9) million. Contract-based cash flows for financial liabilities are presented under Note 7.4.2 7.1.3 Credit risk Financial instruments contain an element of risk of the respective parties failing to fulfil their obligations. Liquid assets are invested within confirmed limits in investment targets with good credit ratings. Investments and the limits specified for them are reviewed annually, or more often, if necessary. Derivative contracts are only signed with Finnish and foreign banks with good credit ratings. The business units are liable for credit risk associated with trade receivables. The units have written credit policies that are mainly consistent with uniform principles. The credit ratings of new customers are always reviewed from external sources when selling products or services invoiced in arrears. In the case of additional sales to existing customers, creditworthiness is reviewed on the basis of the company\u2019s own accounts. The Group may also collect advance or guarantee payments in accordance with its credit policy. Credit risk concentrations in trade receivables are minor, as the Group\u2019s customer base is wide; the ten largest customers represent approximately 6 per cent of customer invoicing. EUR 7.5 (6.2) million of uncertain receivables have been deducted from consolidated trade receivables. The Group\u2019s previous experience in the collection of trade receivables corresponds to the recognised impairment. Furthermore, the Group regularly sells past-due trade receivables from defined customer groups. Based on these facts, the management is confident that the Group\u2019s trade receivables do not involve any substantial credit risk. The maximum credit risk is the value of the trade receivables. On 31 December 2025, short-term trade receivables were EUR 443.8 (440.4) million and long-term trade receivables EUR 100.2 (91.3) million. The aging of short-term trade receivables is described in note 6.2.1. 7.2 Capital management Elisa\u2019s capital consists of equity and liabilities. To develop its business, Elisa may carry out expansion investments and acquisitions, which may be financed through equity or liabilities, directly or indirectly. The target for the company\u2019s equity ratio is over 35 per cent and for comparable net debt / EBITDA 1.5 to 2.0. The company\u2019s distribution of profit to shareholders consists of dividends, capital repayment and acquisition of treasury shares. Effective profit distribution is 80\u2013100 per cent of profit for the period. Furthermore, additional profit distribution to the shareholders may occur. When proposing or deciding on the profit distribution, the Board takes into account the company\u2019s financial position, future financing needs, and set financial objectives. 7.2.1 Capital structure and key indicators
EUR million
2025
2024
Interest-bearing net debt
1,508.5
1,472.8
B/S Total equity 1,259.0 1,292.8
Total capital
2,767.5
2,765.5
Gearing ratio, %
119.8
113.9
Net debt / EBITDA
1.9
1.9
Equity ratio, %
35.9
38.7
7.2.2 Available sources of financing With regard to capital financing, the company\u2019s objective is to maintain sufficient flexibility for the Board of Directors to issue shares. The Annual General Meeting 2025 authorised the Board of Directors to pass a resolution concerning the share issue, right of assignment of treasury shares and/or granting of special rights referred to in the Limited Liability Companies Act. The authorisation entitles the Board of Directors to issue the shares in a proportion other than that of the current shareholdings (directed share issue). A maximum aggregate of 15 million of the company\u2019s shares can be issued under the authorisation.
Shareholders\u2019 equity 2025
2024
Treasury shares, 000s
6,822
6,926
Share issue authorisation, 000s
15,000
15,000
On 31 December 2025, the maximum amount of the share issue authorisation at the share closing price was EUR 566.1 (627.0) million. With regard to capital financing, the company maintains loan programmes and credit arrangements that allow quick issuance. The arrangements are committed and non-committed, and allow issuances for different maturities.
Debt capital
2025
2024
Commercial paper programme (non-committed)
(1
260.0
43.0
Current credit facility (non-committed)
125.0
50.0
Non current bank loans (committed)
100.0
Revolving credits (committed)
(2
300.0
300.0
EMTN programme (non-committed)
(3
715.0 600.0
Total, EUR million
1,500.0
993.0
On the closing date, the share issue authorisation as well as committed and non-committed credit arrangements totalled EUR 2,066.1 (1,620.0) million. 1) The commercial paper programme amounted to EUR 350 million, of which EUR 90 million was in use on 31 December 2025. 2) Elisa has two committed revolving credit facilities of EUR 300 million in total. Both credit facilities were undrawn on 31 December 2025. 3) Elisa has a European Medium Term Note programme (EMTN) for a total of EUR 2,000 million, of which EUR 1,285 million was in use on 31 December 2025. The programme was updated on 18 July 2025, and it is valid for one year as of the update. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "7.1 Financial risk management Elisa\u2019s central treasury department manages the exchange rate, interest rate, liquidity and refinancing risks for the entire Group. The financing policies, covering funding and investment principles, are annually discussed and ratified by the Audit Committee of the Board of Directors. Funding risks are monitored as a part of the regular business monitoring procedure. 7.1.1 Market risks Interest rate risk Elisa is exposed to interest rate risk mainly through its financial liabilities. In order to manage the interest rate risk, the Group\u2019s borrowings and investments are diversified into fixed- and variable-rate instruments. Derivative financial instruments may also be used in managing the interest rate risk. The purpose is to minimise the negative effects caused by changes in the interest rate level. Timing of interest rate changes for interest-bearing financial liabilities (EUR million) 31 Dec. 2025, at nominal value
Less than Between Over
Time of interest rate change 1 year 1 and 5 years 5 years Total
Variable-rate financing instruments
Commercial paper
90.0
90.0
Bonds
200.0
200.0
Bank loans
100.0
100.0
Fixed-rate financing instruments
Bonds
185.0
900.0
1,085.0
Bank loans
100.0
100.0
Lease liabilities
27.9
44.4
48.6
120.9
302.9
1,144.4
248.6
1,695.9
On 31 December 2025, the Group\u2019s interest-bearing financial assets consisted of commercial papers and bank deposits amounting to EUR 100.0 million and cash in the bank amounting to EUR 89.5 million. Lease contracts contain index-linkages, which affect the amounts of lease liabilities, right-of-use assets and depreciation. The sensitivity analysis includes the financial liabilities at the balance sheet date. The change in interest rate level is assumed to be one percentage point, and the effect on income is calculated before taxes. The interest rate position is assumed to include interest-bearing financial liabilities and receivables, as well as interest rate swaps on the balance sheet date, assuming that all the contracts will be valid and stay unchanged for the entire year.
EUR million
2025
2024
Change in interest rate level +/- 1% \u20133.9 / 3.9 \u20134.6 / 4.6
Foreign exchange risk Most of Elisa Group\u2019s cash flows are denominated in euros, which means that the company\u2019s exposure to exchange rate risk (economic risk and transaction risk) is low. Business-related exchange rate risks arise from Elisa Polystar Sweden AB and its subsidiaries, international interconnection traffic and, to a minor extent, other acquisitions. The most essential currencies are the US dollar (USD), Swedish krona (SEK), Canadian dollar (CAD), British pound (GBP) and Swiss franc (CHF). The impact of other currencies is insignificant. During the financial year, exchange rate hedges have been used against changes in the value of the Swedish krona and US dollar. The Group has hedged Swedish krona- and US dollar-denominated expenses with foreign currency forward contracts. The Group\u2019s financial liabilities do not include exchange rate risk. The translation difference exposure from the foreign subsidiaries included in consolidated equity mainly consists of the Elisa Polystar subgroup. The translation difference exposure has not been hedged during the reporting period. Foreign currency position 2025 2024
EUR million
Trade receivables
Trade payables
Trade receivables
Trade payables
USD
9.2
7.3
9.6
5.5
SEK
3.9
0.7
3.4
0.3
GBP
0.4
0.5
0.1
0.3
CAD
2.8
0.0
1.4
0.0
CHF
0.1
0.0
0.8
0.0
The Group-level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. If the euro were to appreciate or depreciate by 20 per cent against all other currencies, the impact on cash flows would be:
EUR million
2025
2024
USD
+/\u20130.4
+/\u20130.8
SEK
+/\u20130.6
+/\u20130.6
GBP
\u2013/+0.0
\u2013/+0.0
CAD
+/\u20130.6
+/\u20130.3
CHF +/\u20130.0 +/\u20130.2
Commodity risks Elisa is investing strongly in the use of renewable energy and has signed a wind power purchase agreement for the Puutikankangas wind farm. The agreement is valid until March 2033 and it covers about half of the electricity consumption of Elisa\u2019s mobile network in Finland. Elisa hedges electricity purchases with physical purchase contracts and derivatives. The electricity price risk is assessed for a five-year period. Hedge accounting is applied to contracts hedging future purchases. The effective portion of derivatives that qualify for hedge accounting is recognised in the revaluation reserve of equity, and the ineffective portion is recognised in the income statement under other operating income or expenses. The change in the revaluation reserve, recognised in equity, is presented in the statement of comprehensive income under \u201cCash flow hedge\u201d. At the end of the year, the ineffective portion of hedge accounting was EUR 0.0 (0.0) million.
Hedging rate for purchases in the following years, %
2025
2024
0\u20131 years
97.4
92.0
1\u20132 years
75.7
71.6
2\u20133 years
43.8
42.1
3\u20134 years
42.6
41.1
4\u20135 years
42.6
34.5
If the market price of electricity derivatives changed by +/\u2013 10 per cent from the balance sheet date 31 December 2025, it would contribute EUR +0.3/\u20130.3 (+0.3/\u20130.3) million to equity. The impact has been calculated before tax. 7.1.2 Liquidity risk The objective of liquidity risk management is to ensure the Group\u2019s financing under all circumstances. The Group\u2019s most important financing arrangement is an EMTN programme of EUR 2,000 million, under which the Company issued bonds for EUR 1,285 million. Elisa made an annual update to its EMTN Programme in July 2025 and in this connection increased the total amount of the program from EUR 1,500 million to EUR 2,000 million. Elisa has issued a EUR 300 million fix-rated bond under the Programme on 14 May 2025. The bond matures on 14 May 2030. In addition, Elisa purchased the 2026 maturing bonds with nominal value EUR 115 million on 15 May 2025. On 26 November 2025 Elisa issued an increase of EUR 200 million in the original amount of EUR 300 million bond issued on 14 May 2025. Furthermore, the Company has a EUR 350 million commercial paper programme and committed credit limit of EUR 300 million. Both credit lines were fully undrawn on 31 December 2025. A EUR 130 million credit limit will fall due on 22 September 2028, EUR 24 million will fall due on 16 May 2028 and EUR 146 million will fall due on 16 May 2030. The loan margin is determined based on the Company\u2019s credit rating and sustainability targets. Elisa has issued EUR 125 million of short-term financing under the credit facility, which was arranged by Landesbank Baden- W\u00fcrttemberg. The limit is non-committed and is valid until further notice. The limit is fully undrawn on 31 December 2025. Elisa has two loans from the Nordic Investment Bank (NIB). A EUR 100 million loan matures on year 2031 and has fixed interest. EUR 200 million loan matures on year 2033 and has variable interest. The interest margin of both loans are linked to sustainability targets. EUR 100 million of the EUR 200 million loan was in use at the end of year 2025. Elisa has financial covenant in its two committed credit facilities, totally EUR 300 million and in its two term loans with Nordic Investment Bank, totally EUR 300 million. Financial covenant is Equity Ratio, which shall not at any time be less than 30 per cent. Equity Ratio is tested quarterly and it is shared with debtors. Based on Elisa\u00b4s financial forecasts the covenant will not be breached. As part of ensuring its financing, Elisa has acquired international credit ratings. Moody\u2019s Investor Services have rated Elisa\u2019s long-term commitments as Baa2 (outlook stable). S&P Global has rated the company\u2019s long-term commitments as BBB+ (outlook stable) and short-term commitments as A-2. Cash and undrawn committed limits
EUR million
2025
2024
Cash and cash equivalents
189.5
89.9
Credit limits and undrawn bank loans 400.0 300.0
589.5
389.9
On 31 December 2025, cash and cash equivalents, as well as undrawn committed credit limits less commercial papers issued by Elisa, were EUR 499.5 (82.9) million. Contract-based cash flows for financial liabilities are presented under Note 7.4.2 7.1.3 Credit risk Financial instruments contain an element of risk of the respective parties failing to fulfil their obligations. Liquid assets are invested within confirmed limits in investment targets with good credit ratings. Investments and the limits specified for them are reviewed annually, or more often, if necessary. Derivative contracts are only signed with Finnish and foreign banks with good credit ratings. The business units are liable for credit risk associated with trade receivables. The units have written credit policies that are mainly consistent with uniform principles. The credit ratings of new customers are always reviewed from external sources when selling products or services invoiced in arrears. In the case of additional sales to existing customers, creditworthiness is reviewed on the basis of the company\u2019s own accounts. The Group may also collect advance or guarantee payments in accordance with its credit policy. Credit risk concentrations in trade receivables are minor, as the Group\u2019s customer base is wide; the ten largest customers represent approximately 6 per cent of customer invoicing. EUR 7.5 (6.2) million of uncertain receivables have been deducted from consolidated trade receivables. The Group\u2019s previous experience in the collection of trade receivables corresponds to the recognised impairment. Furthermore, the Group regularly sells past-due trade receivables from defined customer groups. Based on these facts, the management is confident that the Group\u2019s trade receivables do not involve any substantial credit risk. The maximum credit risk is the value of the trade receivables. On 31 December 2025, short-term trade receivables were EUR 443.8 (440.4) million and long-term trade receivables EUR 100.2 (91.3) million. The aging of short-term trade receivables is described in note 6.2.1. 7.2 Capital management Elisa\u2019s capital consists of equity and liabilities. To develop its business, Elisa may carry out expansion investments and acquisitions, which may be financed through equity or liabilities, directly or indirectly. The target for the company\u2019s equity ratio is over 35 per cent and for comparable net debt / EBITDA 1.5 to 2.0. The company\u2019s distribution of profit to shareholders consists of dividends, capital repayment and acquisition of treasury shares. Effective profit distribution is 80\u2013100 per cent of profit for the period. Furthermore, additional profit distribution to the shareholders may occur. When proposing or deciding on the profit distribution, the Board takes into account the company\u2019s financial position, future financing needs, and set financial objectives. 7.2.1 Capital structure and key indicators
EUR million
2025
2024
Interest-bearing net debt
1,508.5
1,472.8
B/S Total equity 1,259.0 1,292.8
Total capital
2,767.5
2,765.5
Gearing ratio, %
119.8
113.9
Net debt / EBITDA
1.9
1.9
Equity ratio, %
35.9
38.7
7.2.2 Available sources of financing With regard to capital financing, the company\u2019s objective is to maintain sufficient flexibility for the Board of Directors to issue shares. The Annual General Meeting 2025 authorised the Board of Directors to pass a resolution concerning the share issue, right of assignment of treasury shares and/or granting of special rights referred to in the Limited Liability Companies Act. The authorisation entitles the Board of Directors to issue the shares in a proportion other than that of the current shareholdings (directed share issue). A maximum aggregate of 15 million of the company\u2019s shares can be issued under the authorisation.
Shareholders\u2019 equity 2025
2024
Treasury shares, 000s
6,822
6,926
Share issue authorisation, 000s
15,000
15,000
On 31 December 2025, the maximum amount of the share issue authorisation at the share closing price was EUR 566.1 (627.0) million. With regard to capital financing, the company maintains loan programmes and credit arrangements that allow quick issuance. The arrangements are committed and non-committed, and allow issuances for different maturities.
Debt capital
2025
2024
Commercial paper programme (non-committed)
(1
260.0
43.0
Current credit facility (non-committed)
125.0
50.0
Non current bank loans (committed)
100.0
Revolving credits (committed)
(2
300.0
300.0
EMTN programme (non-committed)
(3
715.0 600.0
Total, EUR million
1,500.0
993.0
On the closing date, the share issue authorisation as well as committed and non-committed credit arrangements totalled EUR 2,066.1 (1,620.0) million. 1) The commercial paper programme amounted to EUR 350 million, of which EUR 90 million was in use on 31 December 2025. 2) Elisa has two committed revolving credit facilities of EUR 300 million in total. Both credit facilities were undrawn on 31 December 2025. 3) Elisa has a European Medium Term Note programme (EMTN) for a total of EUR 2,000 million, of which EUR 1,285 million was in use on 31 December 2025. The programme was updated on 18 July 2025, and it is valid for one year as of the update. 7.4.2 Financial liabilities
2025
2024
Balance Balance
sheet Fair sheet Fair
EUR million values values values values
Non-current
Bonds
1,093.2
1,092.8
895.8
885.1
Bank loans
208.5
208.5
111.8
111.8
Lease liabilities
93.0
93.0
75.5
75.5
B/S
1,394.8
1,394.3
1,083.1
1,072.4
Current
Bonds
184.9
184.7
Bank loans
0.4
0.4
151.5
151.5
Lease liabilities
27.9
27.9
21.0
21.0
Commercial paper
90.0
90.0
307.0
307.0
B/S
303.2
303.0
479.6
479.6
1,698.0
1,697.3
1,562.7
1,552.0
The financial liabilities include a total of EUR 120.9 (96.6) 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 3.2 (2.2) years, and the effective average interest rate was 2.5 (2.4) per cent. Changes in financial liabilities
Non-current Current
interest- Non- interest-
bearing current bearing Current
2025 financial lease financial lease
EUR million liabilities liabilities liabilities
liabilities
Derivatives
Total
Liabilities at 1 Jan.
1,007.6
75.5
458.5
21.0
\u20130.4
1,562.3
Proceeds
600.0
175.0
775.0
Repayments
\u20133.3
\u2013658.1
\u201329.4
\u2013690.8
Acquisitions and disposals
0.0
\u20130.1
\u20130.1
\u20130.2
New contracts and other
changes in lease contracts
17.7
36.3
54.0
Changes in fair values
\u20132.6
\u20130.1
0.5
\u20132.2
Transfer between non-current
and current liabilities
\u2013300.0
300.0
0.0
Exchange gains and losses
\u20130.1
\u20130.1
Liabilities at 31 Dec.
1,301.7
93.0
275.3
27.9
0.1
1,698.1
Non-current Current
interest- Non- interest-
bearing current bearing Current
2024 financial lease financial lease
EUR million liabilities liabilities liabilities
liabilities
Derivatives
Total
Liabilities at 1 Jan.
996.7
67.8
282.2
20.8
\u20131.0
1,366.5
Proceeds
100.0
428.0
528.0
Repayments
\u201313.1
\u2013358.3
\u201325.4
\u2013396.8
Acquisitions and disposals
21.9
1.3
6.3
0.4
29.9
New contracts and other
changes in lease contracts
6.4
25.2
31.6
Changes in fair values
2.1
0.4
0.7
3.1
Transfer between non-current
and current liabilities
\u2013100.0
100.0
0.0
Exchange gains and losses
0.0
0.0
Liabilities at 31 Dec.
1,007.6
75.5
458.5
21.0
\u20130.4
1,562.3
Contract-based cash flows on the repayment of financial liabilities and costs
2025
EUR million
2026
2027
2028
2029
2030
2031\u2013
Total
Bonds
214.2
327.1
26.4
326.4
514.4
0.0
1,408.5
Financial costs
29.2
27.1
26.4
26.4
14.4
0.0
123.5
Repayments
185.0
300.0
0.0
300.0
500.0
0.0
1,285.0
Bank loans
7.0
10.9
7.5
6.9
6.9
208.9
248.1
Financial costs
6.6
6.5
6.5
6.5
6.5
6.6
39.2
Repayments
0.4
4.4
1.0
0.4
0.4
202.3
208.9
Commercial paper
90.0
90.0
Financial costs
1.2
1.2
Repayments
88.8
88.8
Lease liabilities
32.5
25.0
16.5
11.4
9.1
72.7
167.2
Financial costs
4.7
6.7
4.5
3.4
2.9
24.0
46.3
Repayments
27.9
18.3
12.0
7.9
6.2
48.6
120.9
Derivatives
0.1
0.0
0.1
Electricity derivatives
0.1
0.0
0.1
Currency derivatives
0.0
0.0
Interest rate derivatives
1.1
1.1
Contingent considerations
1.5
1.5
Trade payables
188.9
188.9
Total
534.2
363.0
50.4
344.7
530.4
281.5
2,104.3
Financial costs
41.8
40.4
37.4
36.3
23.8
30.6
210.3
Repayments
492.5
322.6
13.0
308.4
506.6
250.9
1,894.0
2024
EUR million
2025
2026
2027
2028
2029
2030\u2013
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
\u20130.4
0.0
\u20130.4
Electricity derivatives
\u20130.4
0.0
\u20130.4
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
Future financial costs of variable-rate financial liabilities have been calculated at the interest rate prevailing on the period end date. The company has committed credit limits of EUR 300 million. They were fully undrawn on 31 December 2025. A EUR 130 million credit limit will fall due on 22 September 2028, EUR 24 million will fall due on 16 May 2028 and EUR 146 million will fall due on 16 May 2030. Bonds In the framework of its bond programme, the parent company has issued the following bonds:
31 Dec. 2025
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
184.7
184.9
185.0
1.125
1.236
26.2.2026
I/2020
288.6
299.5
300.0
0.250
0.322
15.9.2027
I/2023
308.8
298.6
300.0
4.000
4.092
27.1.2029
I/2025
297.6
297.4
300.0
2.875
2.994
14.5.2030
II/2025
197.8
197.7
200.0
2.875
3.060
14.5.2030
1,277.5
1,278.2
1,285.0
The fair value of bonds is based on market quotes. Maturity of lease liabilities\u2019 cash flows
EUR million
2025
2024
Within one year
27.9
21.0
Later than one year, but not later than five years
44.4
32.3
Later than five years 48.6 43.3
120.9
96.6
7.4.3 Financial assets and liabilities recognised at fair value Carrying amounts of financial assets and liabilities by category 2025
Financial Financial
assets/liabilities assets/liabilities Financial
measured at measured at fair value assets/liabilities
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
15.1
15.6
15.6
Trade and other receivables
0.0
116.9
116.9
116.9
6.2.2
Current financial assets
Trade and other receivables
577.8
577.8
577.8
6.2.1
0.6
0.0
709.7
710.3
710.3
Non-current financial liabilities
Financial liabilities
1,394.8
1,394.8
1,394.3
7.4.2
Trade and other liabilities
(2
1.1
0.1
16.5
17.7
17.7
6.3
Current financial liabilities
Financial liabilities
303.2
303.2
303.0
7.4.2
Trade and other liabilities
(2
1.5
430.9
432.3
432.3
6.3
2.6
0.1
2,145.3
2,148.1
2,147.4
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
1) Other investments contain the Group\u2019s listed and unlisted equity investments. 2) Excluding advances received The fair values of financial asset and liability items are presented in detail under the specified note number. Financial assets and liabilities recognised at fair value
EUR million
2025
Level 1
Level 2
Level 3
Financial assets and liabilities measured at fair value through other
comprehensive income
Electricity derivatives
\u20130.1
\u20130.1
Currency derivatives
0.0
0.0
Financial assets and liabilities measured at fair value
through profit or loss
Interest rate derivatives
\u20131.1
\u20131.1
Listed equity investments
0.6
0.6
Contingent considerations in business combinations \u20131.5 \u20131.5
\u20132.1
0.6
\u20131.2
\u20131.5
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
\u20135.4
\u20135.4
\u20134.5
0.6
0.4
\u20135.4
Items measured at fair value are categorised using a three-level value hierarchy. Level 1 includes financial instruments with quoted prices in active markets, such are listed shares owned by the Group. Level 2 includes instruments with observable prices based on market data, such are electricity, currency and interest rate derivatives. Level 3 includes instruments with prices that are not based on observable market data, but instead, on the company\u2019s internal information, such are Group\u2019s contingent considerations relating to business combinations. Level 3 reconciliation Contingent considerations related to business acquisitions
EUR million
2025
2024
At the beginning of the period
5.4
1.1
Increase in contingent consideration
4.9
Payment of contingent consideration
\u20131.7
\u20130.6
Release of unused contingent consideration
\u20131.9
Translation differences \u20130.3 0.1
At the end of the period
1.5
5.4
According to the management\u2019s estimation for the financial instruments valued at Level 3, replacing one or more of the pieces of fair value measurement data with a possible alternative assumption would not significantly change the fair value of the items, considering the small total amount of underlying liabilities. 7.4.4 Derivative instruments Nominal values of derivatives
2025
2024
Period of validity
Period of validity
Less than 1\u20135 Over Less than 1\u20135 Over
EUR million 1 year years 5 years 1 year years 5 years
Electricity derivatives
2.9
2.4
Currency derivatives
3.9
4.0
Interest rate derivatives
200.0
206.8
6.4
Fair values of derivatives
2025
2024
Positive Negative Positive Negative
EUR million fair value
fair value
Total
fair value
fair value
Total
Electricity derivatives
\u20130.1
\u20130.1
0.4
0.4
Currency derivatives
0.0
0.0
0.0
0.0
Interest rate derivatives
\u20131.1
\u20131.1
0.0
\u20131.2
\u20131.2
0.4
0.4
Determination of fair value and categorisation The fair value of derivative instruments is determined using quoted prices in active markets. The Group recognises the derivative instruments at the fair value hierarchy Level 2. Please see note 7.4.3. Accounting principles \u2013 Derivative instruments: Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition. Gains and losses arising from the fair value remeasurements are recognised in accordance with the nature of the derivative contracts. Outstanding derivatives that do not qualify for hedge accounting are measured at fair value at the end of the reporting period, and the fair value changes are immediately recognised in financial items on the income statement. The fair value of derivatives is expected to approximate the quoted market prices or, if the quoted market prices are not available, the value is estimated using commonly used valuation methods. The Group applies cash flow hedge accounting for hedging electricity price risk and the Swedish krona foreign exchange risk. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in other comprehensive income and presented in the equity hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective portion of the derivatives is recognised in other operating income and expenses on the income statement. The hedge accounting is discontinued when the hedge contract is expired, sold, terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in equity until the expected transaction is realised. The Group applies fair value hedge accounting for hedging fixed interest risk on debt. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in the income statement under financial items, along with any changes in the fair value of the hedged liabilities that are attributable to the hedged risk. Derivatives that are designated and qualify as fair value hedges mature at the same time as hedged items. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used, is amortised to profit or loss over the expected period to maturity. Ineffectiveness in fair value hedge of fixed interest risk may arise in case of early redemption of such debt, which is hedged under the fair value hedge accounting. Accounting principles \u2013 Financial assets and liabilities: Financial assets: Acquisition and sale of financial assets are recognised on the settlement date. The Group derecognises financial assets when its contractual rights to the cash flows from the financial asset expire or when it has transferred substantially all the risks and rewards to an external party. Cash and cash equivalents include cash at hand and bank deposits as well as highly liquid short-term investments with maturities of up to three months. Investments in shares, excluding investments in associated companies and mutual real-estate companies, are classified as other financial assets and generally measured at fair value. Investments in unlisted companies are recognised at original acquisition cost less any impairment. Investments in listed companies are measured at fair value, based on share transactions. Equity investments are included in non-current assets. On 31 December 2025, the Group\u2019s equity investments consisted mainly of investments in unlisted companies. Financial liabilities: Financial liabilities are initially recognised at fair value equalling the net proceeds received and subsequently measured at amortised cost, using the effective interest rate method. The transaction costs are included in the original acquisition cost of financial liabilities. Financial liabilities are recognised in non-current and current liabilities, and they may be non-interest-bearing or interest-bearing. In cases where the terms of the financial liability measured at amortised cost are amended in such a way that the change does not result in derecognition of the liability from the balance sheet, the Group must nevertheless recognise the profit or loss in the income statement. The profit or loss is calculated as the difference between the original contractual cash flows and the cash equivalents, discounted at the original effective interest rate of amended agreements. Lease liabilities: Lease liabilities are initially measured at the present value of future lease payments. The estimated lease term includes the non-cancellable period of the lease together with periods covered by termination and extension options, if exercise of these options is reasonably certain. The company has discounted the future lease payments using the borrowing rate based on the duration of the estimated lease term. The lease liability is initially measured using the actual value of an index at the commencement date. The lease liabilities are remeasured if the changes are reflected in the cash flow or if the Group reassesses whether it is reasonably certain to exercise a possible option. Classification of assets and liabilities: The Group\u2019s financial assets and liabilities are classified as financial assets and liabilities measured at amortised cost, financial assets and liabilities measured at fair value through other comprehensive income, and financial assets and liabilities measured at fair value through profit or loss. Financial assets and liabilities measured at amortised cost include fixed-term contracts the cash flow of which include payments of principal and interest on the principal amount outstanding. Financial assets and liabilities measured at fair value through other comprehensive income include financial items that are expected both to collect contractual cash flows and to sell financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include items that do not meet the criteria of the other groups. The Group categorises electricity and currency derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair value through other comprehensive income. Contingent considerations in business combinations and listed equity investments are recognised as financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
7.1.1 Market risks
Interest rate risk
Elisa is exposed to interest rate risk mainly through its financial liabilities. In order to manage the interest rate risk, the Group\u2019s
borrowings and investments are diversified into fixed- and variable-rate instruments. Derivative financial instruments may also
be used in managing the interest rate risk. The purpose is to minimise the negative effects caused by changes in the interest
rate level.
Timing of interest rate changes for interest-bearing financial liabilities (EUR million) 31 Dec. 2025,
at nominal value
Less than Between Over
Time of interest rate change 1 year 1 and 5 years 5 years Total
Variable-rate financing instruments
Commercial paper
90.0
90.0
Bonds
200.0
200.0
Bank loans
100.0
100.0
Fixed-rate financing instruments
Bonds
185.0
900.0
1,085.0
Bank loans
100.0
100.0
Lease liabilities
27.9
44.4
48.6
120.9
302.9
1,144.4
248.6
1,695.9
On 31 December 2025, the Group\u2019s interest-bearing financial assets consisted of commercial papers and bank deposits
amounting to EUR 100.0 million and cash in the bank amounting to EUR 89.5 million.
Lease contracts contain index-linkages, which affect the amounts of lease liabilities, right-of-use assets and depreciation.
The sensitivity analysis includes the financial liabilities at the balance sheet date. The change in interest rate level is assumed
to be one percentage point, and the effect on income is calculated before taxes. The interest rate position is assumed
to include interest-bearing financial liabilities and receivables, as well as interest rate swaps on the balance sheet date,
assuming that all the contracts will be valid and stay unchanged for the entire year.
EUR million
2025
2024
Change in interest rate level +/- 1% \u20133.9 / 3.9 \u20134.6 / 4.6
Foreign exchange risk
Most of Elisa Group\u2019s cash flows are denominated in euros, which means that the company\u2019s exposure to exchange rate risk
(economic risk and transaction risk) is low. Business-related exchange rate risks arise from Elisa Polystar Sweden AB and its
subsidiaries, international interconnection traffic and, to a minor extent, other acquisitions. The most essential currencies are
the US dollar (USD), Swedish krona (SEK), Canadian dollar (CAD), British pound (GBP) and Swiss franc (CHF). The impact of
other currencies is insignificant.
During the financial year, exchange rate hedges have been used against changes in the value of the Swedish krona and US
dollar. The Group has hedged Swedish krona- and US dollar-denominated expenses with foreign currency forward contracts.
The Group\u2019s financial liabilities do not include exchange rate risk.
The translation difference exposure from the foreign subsidiaries included in consolidated equity mainly consists of the Elisa
Polystar subgroup. The translation difference exposure has not been hedged during the reporting period.
Foreign currency position
2025 2024
EUR million
Trade receivables
Trade payables
Trade receivables
Trade payables
USD
9.2
7.3
9.6
5.5
SEK
3.9
0.7
3.4
0.3
GBP
0.4
0.5
0.1
0.3
CAD
2.8
0.0
1.4
0.0
CHF
0.1
0.0
0.8
0.0
The Group-level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. If the euro were to
appreciate or depreciate by 20 per cent against all other currencies, the impact on cash flows would be:
EUR million
2025
2024
USD
+/\u20130.4
+/\u20130.8
SEK
+/\u20130.6
+/\u20130.6
GBP
\u2013/+0.0
\u2013/+0.0
CAD
+/\u20130.6
+/\u20130.3
CHF +/\u20130.0 +/\u20130.2
Commodity risks
Elisa is investing strongly in the use of renewable energy and has signed a wind power purchase agreement for the
Puutikankangas wind farm. The agreement is valid until March 2033 and it covers about half of the electricity consumption of
Elisa\u2019s mobile network in Finland.
Elisa hedges electricity purchases with physical purchase contracts and derivatives. The electricity price risk is assessed for
a five-year period. Hedge accounting is applied to contracts hedging future purchases. The effective portion of derivatives
that qualify for hedge accounting is recognised in the revaluation reserve of equity, and the ineffective portion is recognised
in the income statement under other operating income or expenses. The change in the revaluation reserve, recognised in
equity, is presented in the statement of comprehensive income under \u201cCash flow hedge\u201d.
At the end of the year, the ineffective portion of hedge accounting was EUR 0.0 (0.0) million.
Hedging rate for purchases in the following years, %
2025
2024
0\u20131 years
97.4
92.0
1\u20132 years
75.7
71.6
2\u20133 years
43.8
42.1
3\u20134 years
42.6
41.1
4\u20135 years
42.6
34.5
If the market price of electricity derivatives changed by +/\u2013 10 per cent from the balance sheet date 31 December 2025, it
would contribute EUR +0.3/\u20130.3 (+0.3/\u20130.3) million to equity. The impact has been calculated before tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "Foreign exchange risk Most of Elisa Group\u2019s cash flows are denominated in euros, which means that the company\u2019s exposure to exchange rate risk (economic risk and transaction risk) is low. Business-related exchange rate risks arise from Elisa Polystar Sweden AB and its subsidiaries, international interconnection traffic and, to a minor extent, other acquisitions. The most essential currencies are the US dollar (USD), Swedish krona (SEK), Canadian dollar (CAD), British pound (GBP) and Swiss franc (CHF). The impact of other currencies is insignificant. During the financial year, exchange rate hedges have been used against changes in the value of the Swedish krona and US dollar. The Group has hedged Swedish krona- and US dollar-denominated expenses with foreign currency forward contracts. The Group\u2019s financial liabilities do not include exchange rate risk. The translation difference exposure from the foreign subsidiaries included in consolidated equity mainly consists of the Elisa Polystar subgroup. The translation difference exposure has not been hedged during the reporting period. Foreign currency position 2025 2024
EUR million
Trade receivables
Trade payables
Trade receivables
Trade payables
USD
9.2
7.3
9.6
5.5
SEK
3.9
0.7
3.4
0.3
GBP
0.4
0.5
0.1
0.3
CAD
2.8
0.0
1.4
0.0
CHF
0.1
0.0
0.8
0.0
The Group-level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. If the euro were to appreciate or depreciate by 20 per cent against all other currencies, the impact on cash flows would be:
EUR million
2025
2024
USD
+/\u20130.4
+/\u20130.8
SEK
+/\u20130.6
+/\u20130.6
GBP
\u2013/+0.0
\u2013/+0.0
CAD
+/\u20130.6
+/\u20130.3
CHF +/\u20130.0 +/\u20130.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "
7.1.2 Liquidity risk
The objective of liquidity risk management is to ensure the Group\u2019s financing under all circumstances. The Group\u2019s most
important financing arrangement is an EMTN programme of EUR 2,000 million, under which the Company issued bonds for
EUR 1,285 million. Elisa made an annual update to its EMTN Programme in July 2025 and in this connection increased the
total amount of the program from EUR 1,500 million to EUR 2,000 million. Elisa has issued a EUR 300 million fix-rated bond
under the Programme on 14 May 2025. The bond matures on 14 May 2030. In addition, Elisa purchased the 2026 maturing
bonds with nominal value EUR 115 million on 15 May 2025. On 26 November 2025 Elisa issued an increase of EUR 200
million in the original amount of EUR 300 million bond issued on 14 May 2025.
Furthermore, the Company has a EUR 350 million commercial paper programme and committed credit limit of EUR 300
million. Both credit lines were fully undrawn on 31 December 2025. A EUR 130 million credit limit will fall due on 22
September 2028, EUR 24 million will fall due on 16 May 2028 and EUR 146 million will fall due on 16 May 2030. The loan
margin is determined based on the Company\u2019s credit rating and sustainability targets.
Elisa has issued EUR 125 million of short-term financing under the credit facility, which was arranged by Landesbank Baden-
W\u00fcrttemberg. The limit is non-committed and is valid until further notice. The limit is fully undrawn on 31 December 2025.
Elisa has two loans from the Nordic Investment Bank (NIB). A EUR 100 million loan matures on year 2031 and has fixed
interest. EUR 200 million loan matures on year 2033 and has variable interest. The interest margin of both loans are linked to
sustainability targets. EUR 100 million of the EUR 200 million loan was in use at the end of year 2025.
Elisa has financial covenant in its two committed credit facilities, totally EUR 300 million and in its two term loans with Nordic
Investment Bank, totally EUR 300 million. Financial covenant is Equity Ratio, which shall not at any time be less than 30 per
cent. Equity Ratio is tested quarterly and it is shared with debtors. Based on Elisa\u00b4s financial forecasts the covenant will not be
breached.
As part of ensuring its financing, Elisa has acquired international credit ratings. Moody\u2019s Investor Services have rated Elisa\u2019s
long-term commitments as Baa2 (outlook stable). S&P Global has rated the company\u2019s long-term commitments as BBB+
(outlook stable) and short-term commitments as A-2.
Cash and undrawn committed limits
EUR million
2025
2024
Cash and cash equivalents
189.5
89.9
Credit limits and undrawn bank loans 400.0 300.0
589.5
389.9
On 31 December 2025, cash and cash equivalents, as well as undrawn committed credit limits less commercial papers
issued by Elisa, were EUR 499.5 (82.9) million.
Contract-based cash flows for financial liabilities are presented under Note 7.4.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "Cash and undrawn committed limits
EUR million
2025
2024
Cash and cash equivalents
189.5
89.9
Credit limits and undrawn bank loans 400.0 300.0
589.5
389.9
On 31 December 2025, cash and cash equivalents, as well as undrawn committed credit limits less commercial papers issued by Elisa, were EUR 499.5 (82.9) million. Cash and cash equivalents include cash at hand and bank deposits as well as highly liquid short-term investments with maturities of up to three months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "7.1.3 Credit risk Financial instruments contain an element of risk of the respective parties failing to fulfil their obligations. Liquid assets are invested within confirmed limits in investment targets with good credit ratings. Investments and the limits specified for them are reviewed annually, or more often, if necessary. Derivative contracts are only signed with Finnish and foreign banks with good credit ratings. The business units are liable for credit risk associated with trade receivables. The units have written credit policies that are mainly consistent with uniform principles. The credit ratings of new customers are always reviewed from external sources when selling products or services invoiced in arrears. In the case of additional sales to existing customers, creditworthiness is reviewed on the basis of the company\u2019s own accounts. The Group may also collect advance or guarantee payments in accordance with its credit policy. Credit risk concentrations in trade receivables are minor, as the Group\u2019s customer base is wide; the ten largest customers represent approximately 6 per cent of customer invoicing. EUR 7.5 (6.2) million of uncertain receivables have been deducted from consolidated trade receivables. The Group\u2019s previous experience in the collection of trade receivables corresponds to the recognised impairment. Furthermore, the Group regularly sells past-due trade receivables from defined customer groups. Based on these facts, the management is confident that the Group\u2019s trade receivables do not involve any substantial credit risk. The maximum credit risk is the value of the trade receivables. On 31 December 2025, short-term trade receivables were EUR 443.8 (440.4) million and long-term trade receivables EUR 100.2 (91.3) million. The aging of short-term trade receivables is described in note 6.2.1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
Credit risk concentrations in trade receivables are minor, as the Group\u2019s customer base is wide; the ten largest customers
represent approximately 6 per cent of customer invoicing. EUR 7.5 (6.2) million of uncertain receivables have been deducted
from consolidated trade receivables. The Group\u2019s previous experience in the collection of trade receivables corresponds to
the recognised impairment. Furthermore, the Group regularly sells past-due trade receivables from defined customer groups.
Based on these facts, the management is confident that the Group\u2019s trade receivables do not involve any substantial credit
risk. The maximum credit risk is the value of the trade receivables. On 31 December 2025, short-term trade receivables
were EUR 443.8 (440.4) million and long-term trade receivables EUR 100.2 (91.3) million. The aging of short-term trade
receivables is described in note 6.2.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
7.2 Capital management
Elisa\u2019s capital consists of equity and liabilities. To develop its business, Elisa may carry out expansion investments and
acquisitions, which may be financed through equity or liabilities, directly or indirectly.
The target for the company\u2019s equity ratio is over 35 per cent and for comparable net debt / EBITDA 1.5 to 2.0.
The company\u2019s distribution of profit to shareholders consists of dividends, capital repayment and acquisition of treasury
shares. Effective profit distribution is 80\u2013100 per cent of profit for the period. Furthermore, additional profit distribution
to the shareholders may occur. When proposing or deciding on the profit distribution, the Board takes into account the
company\u2019s financial position, future financing needs, and set financial objectives.
7.2.1 Capital structure and key indicators
EUR million
2025
2024
Interest-bearing net debt
1,508.5
1,472.8
B/S Total equity 1,259.0 1,292.8
Total capital
2,767.5
2,765.5
Gearing ratio, %
119.8
113.9
Net debt / EBITDA
1.9
1.9
Equity ratio, %
35.9
38.7
7.2.2 Available sources of financing
With regard to capital financing, the company\u2019s objective is to maintain sufficient flexibility for the Board of Directors to issue
shares. The Annual General Meeting 2025 authorised the Board of Directors to pass a resolution concerning the share issue,
right of assignment of treasury shares and/or granting of special rights referred to in the Limited Liability Companies Act. The
authorisation entitles the Board of Directors to issue the shares in a proportion other than that of the current shareholdings
(directed share issue). A maximum aggregate of 15 million of the company\u2019s shares can be issued under the authorisation.
Shareholders\u2019 equity 2025
2024
Treasury shares, 000s
6,822
6,926
Share issue authorisation, 000s
15,000
15,000
On 31 December 2025, the maximum amount of the share issue authorisation at the share closing price was EUR 566.1
(627.0) million.
With regard to capital financing, the company maintains loan programmes and credit arrangements that allow quick issuance.
The arrangements are committed and non-committed, and allow issuances for different maturities.
Debt capital
2025
2024
Commercial paper programme (non-committed)
(1
260.0
43.0
Current credit facility (non-committed)
125.0
50.0
Non current bank loans (committed)
100.0
Revolving credits (committed)
(2
300.0
300.0
EMTN programme (non-committed)
(3
715.0 600.0
Total, EUR million
1,500.0
993.0
On the closing date, the share issue authorisation as well as committed and non-committed credit arrangements totalled
EUR 2,066.1 (1,620.0) million.
1)
The commercial paper programme amounted to EUR 350 million, of which EUR 90 million was in use on 31 December 2025.
2)
Elisa has two committed revolving credit facilities of EUR 300 million in total. Both credit facilities were undrawn on 31 December 2025.
3)
Elisa has a European Medium Term Note programme (EMTN) for a total of EUR 2,000 million, of which EUR 1,285 million was in use on
31 December 2025. The programme was updated on 18 July 2025, and it is valid for one year as of the update.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "7.3 Equity 7.3.1 Share capital and treasury shares
Number of
shares, Share Treasury
EUR million 000s capital shares
1 Jan. 2024
167,335
83.0
\u2013121.7
Disposal of treasury shares 2.9
B/S 31 Dec. 2024
167,335
83.0
\u2013118.8
Disposal of treasury shares 2.3
B/S 31 Dec. 2025
167,335
83.0
\u2013116.5
At the end of the reporting period, the company\u2019s paid-in share capital registered in the Trade Register was EUR 83,033,008 (83,033,008). According to its Articles of Association, Elisa Corporation has only one series of shares, each share entitling to one vote. All issued shares have been paid for. Shares do not have a nominal value. Treasury shares include the acquisition cost of treasury shares held by the Group, and they are deducted from shareholder\u2019s equity in the consolidated financial statements.
Accounting Holding, %
Number of countervalue, of shares
Treasury shares shares EUR and votes
Treasury shares held by the Group at 1 Jan. 2024
6,946,654
3,446,986
4.15
Disposal of treasury shares \u2013134,178
Transfer from unallocated account 113,131
Treasury shares held by the Group at 31 Dec. 2024
6,925,607
3,436,542
4.14
Disposal of treasury shares \u2013104,068
Treasury shares held by the Group at 31 Dec. 2025
6,821,539
3,384,902
4.08
7.3.2 Dividends The Board of Directors proposes a dividend payment of EUR 0.60 per share be distributed based on the resolution of the Annual General Meeting. In addition, the Board of Directors proposes that the Annual General Meeting authorise the Board of Directors to later decide, at its discretion, on the distribution of a maximum dividend of EUR 1.80 per share in total. A maximum dividend of EUR 2.40 per share will be distributed. A dividend of EUR 2.35 per share was paid for the 2024 result. 7.3.3 Other reserves
Reserve
for invested
non-restricted Contingency Fair value Other
EUR million equity reserve reserve
reserves
Total
1 Jan. 2024
90.9
3.4
\u20139.4
381.0
465.9
Cash flow hedge
\u20130.5
\u20130.5
Remeasurements of the net defined benefit liability
\u20130.2
\u20130.2
B/S 31 Dec. 2024
90.9
3.4
\u201310.1
381.0
465.2
Cash flow hedge
\u20130.4
\u20130.4
Remeasurements of the net defined benefit liability
\u20130.3
\u20130.3
B/S 31 Dec. 2025
90.9
3.4
\u201310.8
381.0
464.5
The reserve for invested non-restricted equity includes the proportion of share subscription prices that was not recognised as share capital in accordance with the share issue terms. The contingency reserve includes the amount transferred from distributable equity under the Articles of Association or by a decision of the General Meeting. The fair value reserve includes changes in the fair value of other investments, the remeasurements of the net defined benefit liability and the effective portion of the changes in the fair values of derivatives designated as cash flow hedges. Other reserves were formed through share issues in business acquisitions by the amount exceeding the par value of the share received by the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "
7.3.1 Share capital and treasury shares
Number of
shares, Share Treasury
EUR million 000s capital shares
1 Jan. 2024
167,335
83.0
\u2013121.7
Disposal of treasury shares 2.9
B/S 31 Dec. 2024
167,335
83.0
\u2013118.8
Disposal of treasury shares 2.3
B/S 31 Dec. 2025
167,335
83.0
\u2013116.5
At the end of the reporting period, the company\u2019s paid-in share capital registered in the Trade Register was EUR 83,033,008
(83,033,008).
According to its Articles of Association, Elisa Corporation has only one series of shares, each share entitling to one vote. All
issued shares have been paid for. Shares do not have a nominal value.
9.3. Per-share indicators (1
2025
2024
2023
2022
2021
Share capital, EUR
83,033,008
83,033,008
83,033,008
83,033,008
83,033,008
Number of shares at year-end
160,513,534
160,409,466
160,388,419
160,259,695
160,187,301
Average number of shares
160,503,270
160,508,759
160,376,432
160,253,348
160,174,453
Number of shares at year-end, diluted
160,662,578
160,568,849
160,542,095
160,416,729
160,187,301
Average number of shares, diluted
160,652,314
160,668,143
160,530,108
160,410,382
160,174,453
Market capitalisation, EUR million
(2
6.315
6.995
7.006
8.276
9.056
Earnings per share (EPS), EUR
2.13
2.23
2.34
2.33
2.15
Dividend per share, EUR
2.40
(6
2.35
2.25
2.15
2.05
Payout ratio, %
112.6
105.3
96.2
92.1
95.6
Equity per share, EUR
7.80
8.01
8.05
7.78
7.48
P/E ratio
17.7
18.7
17.9
21.2
25.2
Effective dividend yield, %
(3
6.4
5.6
5.4
4.3
3.8
Share performance on Nasdaq Helsinki
Mean price, EUR
43.11
43.23
48.86
51.99
51.00
Closing price at year-end, EUR
37.74
41.80
41.87
49.46
54.12
Lowest price, EUR
36.46
40.18
39.41
45.57
45.10
Highest price, EUR
48.16
49.08
56.52
56.90
56.18
Trading of shares on Nasdaq Helsinki
(4
Total trading volume, 1,000 shares
74.911
69.716
64.380
71.229
81.557
Percentage of shares traded
(5
45
42
38
43
49
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 2025 were approximately 208 (229) 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 0.60 per share be distributed based on the resolution of the Annual General Meeting. In addition, the Board of Directors proposes that the Annual General Meeting authorise the Board of Directors to later decide, at its discretion, on the distribution of a maximum dividend of EUR 1.80 per share in total. A maximum dividend of EUR 2.40 per share will be distributed.
Formulae for per-share indicators
Profit for the period attributable to the equity holders of the parent
Earnings per share (EPS)
Average number of shares during the period adjusted for share issues
Dividend adjusted for share issues
Dividend per share
(1
Number of shares at the balance sheet date adjusted for share issues
Dividend per share
Effective dividend yield, %
(1
\u00d7 100
Share price at the balance sheet date adjusted for share issues
Dividend per share
Payout ratio, %
(1
\u00d7 100
Earnings per share
Equity attributable to equity holders of the parent
Equity per share
Number of shares at the balance sheet date adjusted for share issues
Share price on the balance sheet date
P/E ratio (price/earnings)
Earnings per share
1) The calculation formulae apply also to the capital repayment indicators", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "
Treasury shares include the acquisition cost of treasury shares held by the Group, and they are deducted from shareholder\u2019s
equity in the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "Treasury shares include the acquisition cost of treasury shares held by the Group, and they are deducted from shareholder\u2019s equity in the consolidated financial statements.
Accounting Holding, %
Number of countervalue, of shares
Treasury shares shares EUR and votes
Treasury shares held by the Group at 1 Jan. 2024
6,946,654
3,446,986
4.15
Disposal of treasury shares \u2013134,178
Transfer from unallocated account 113,131
Treasury shares held by the Group at 31 Dec. 2024
6,925,607
3,436,542
4.14
Disposal of treasury shares \u2013104,068
Treasury shares held by the Group at 31 Dec. 2025
6,821,539
3,384,902
4.08
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "
7.3.2 Dividends
The Board of Directors proposes a dividend payment of EUR 0.60 per share be distributed based on the resolution of the
Annual General Meeting. In addition, the Board of Directors proposes that the Annual General Meeting authorise the Board
of Directors to later decide, at its discretion, on the distribution of a maximum dividend of EUR 1.80 per share in total. A
maximum dividend of EUR 2.40 per share will be distributed. A dividend of EUR 2.35 per share was paid for the 2024
result.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "2.4", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-395": { "value": "2.35", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-396": { "value": "
7.3.3 Other reserves
Reserve
for invested
non-restricted Contingency Fair value Other
EUR million equity reserve reserve
reserves
Total
1 Jan. 2024
90.9
3.4
\u20139.4
381.0
465.9
Cash flow hedge
\u20130.5
\u20130.5
Remeasurements of the net defined benefit liability
\u20130.2
\u20130.2
B/S 31 Dec. 2024
90.9
3.4
\u201310.1
381.0
465.2
Cash flow hedge
\u20130.4
\u20130.4
Remeasurements of the net defined benefit liability
\u20130.3
\u20130.3
B/S 31 Dec. 2025
90.9
3.4
\u201310.8
381.0
464.5
The reserve for invested non-restricted equity includes the proportion of share subscription prices that was not recognised as
share capital in accordance with the share issue terms.
The contingency reserve includes the amount transferred from distributable equity under the Articles of Association or by a
decision of the General Meeting.
The fair value reserve includes changes in the fair value of other investments, the remeasurements of the net defined benefit
liability and the effective portion of the changes in the fair values of derivatives designated as cash flow hedges.
Other reserves were formed through share issues in business acquisitions by the amount exceeding the par value of the share
received by the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "7.4.1 Financial income and expenses
EUR million
2025
2024
Financial income
Dividend income from other financial assets
0.5
0.6
Interest and financial income from loans and other receivables
5.1
5.0
Gain on disposal of financial assets
0.1
0.8
Foreign exchange gain
3.0
2.8
Other financial income 1.3 0.2
I/S
9.9
9.4
Financial expenses
Interest expenses on financial liabilities measured at amortised cost
\u201337.9
\u201334.5
Interest expenses on lease liabilities
\u20134.3
\u20133.9
Other financial expenses on financial liabilities measured at amortised cost
\u20132.4
\u20132.2
Other interest expenses
\u20130.1
\u20130.2
Impairments
0.0
\u20135.0
Loss on disposal of financial assets
0.0
0.0
Foreign exchange loss
\u20134.8
\u20132.0
Other financial expenses \u20130.3 \u20130.1
I/S
\u201349.9
\u201347.9
Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "7.4.1 Financial income and expenses
EUR million
2025
2024
Financial income
Dividend income from other financial assets
0.5
0.6
Interest and financial income from loans and other receivables
5.1
5.0
Gain on disposal of financial assets
0.1
0.8
Foreign exchange gain
3.0
2.8
Other financial income 1.3 0.2
I/S
9.9
9.4
Financial expenses
Interest expenses on financial liabilities measured at amortised cost
\u201337.9
\u201334.5
Interest expenses on lease liabilities
\u20134.3
\u20133.9
Other financial expenses on financial liabilities measured at amortised cost
\u20132.4
\u20132.2
Other interest expenses
\u20130.1
\u20130.2
Impairments
0.0
\u20135.0
Loss on disposal of financial assets
0.0
0.0
Foreign exchange loss
\u20134.8
\u20132.0
Other financial expenses \u20130.3 \u20130.1
I/S
\u201349.9
\u201347.9
Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "7.4.1 Financial income and expenses
EUR million
2025
2024
Financial income
Dividend income from other financial assets
0.5
0.6
Interest and financial income from loans and other receivables
5.1
5.0
Gain on disposal of financial assets
0.1
0.8
Foreign exchange gain
3.0
2.8
Other financial income 1.3 0.2
I/S
9.9
9.4
Financial expenses
Interest expenses on financial liabilities measured at amortised cost
\u201337.9
\u201334.5
Interest expenses on lease liabilities
\u20134.3
\u20133.9
Other financial expenses on financial liabilities measured at amortised cost
\u20132.4
\u20132.2
Other interest expenses
\u20130.1
\u20130.2
Impairments
0.0
\u20135.0
Loss on disposal of financial assets
0.0
0.0
Foreign exchange loss
\u20134.8
\u20132.0
Other financial expenses \u20130.3 \u20130.1
I/S
\u201349.9
\u201347.9
Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "7.4.1 Financial income and expenses
EUR million
2025
2024
Financial income
Dividend income from other financial assets
0.5
0.6
Interest and financial income from loans and other receivables
5.1
5.0
Gain on disposal of financial assets
0.1
0.8
Foreign exchange gain
3.0
2.8
Other financial income 1.3 0.2
I/S
9.9
9.4
Financial expenses
Interest expenses on financial liabilities measured at amortised cost
\u201337.9
\u201334.5
Interest expenses on lease liabilities
\u20134.3
\u20133.9
Other financial expenses on financial liabilities measured at amortised cost
\u20132.4
\u20132.2
Other interest expenses
\u20130.1
\u20130.2
Impairments
0.0
\u20135.0
Loss on disposal of financial assets
0.0
0.0
Foreign exchange loss
\u20134.8
\u20132.0
Other financial expenses \u20130.3 \u20130.1
I/S
\u201349.9
\u201347.9
Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
EUR million
2025
2024
Financial income
Dividend income from other financial assets
0.5
0.6
Interest and financial income from loans and other receivables
5.1
5.0
Gain on disposal of financial assets
0.1
0.8
Foreign exchange gain
3.0
2.8
Other financial income 1.3 0.2
I/S
9.9
9.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "
Financial expenses
Interest expenses on financial liabilities measured at amortised cost
\u201337.9
\u201334.5
Interest expenses on lease liabilities
\u20134.3
\u20133.9
Other financial expenses on financial liabilities measured at amortised cost
\u20132.4
\u20132.2
Other interest expenses
\u20130.1
\u20130.2
Impairments
0.0
\u20135.0
Loss on disposal of financial assets
0.0
0.0
Foreign exchange loss
\u20134.8
\u20132.0
Other financial expenses \u20130.3 \u20130.1
I/S
\u201349.9
\u201347.9
Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
Accounting principles \u2013 Financial income and expenses:
Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised
when the right to dividend is incurred.
Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or
in financial income and expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "
7.4.2 Financial liabilities
2025
2024
Balance Balance
sheet Fair sheet Fair
EUR million values values values values
Non-current
Bonds
1,093.2
1,092.8
895.8
885.1
Bank loans
208.5
208.5
111.8
111.8
Lease liabilities
93.0
93.0
75.5
75.5
B/S
1,394.8
1,394.3
1,083.1
1,072.4
Current
Bonds
184.9
184.7
Bank loans
0.4
0.4
151.5
151.5
Lease liabilities
27.9
27.9
21.0
21.0
Commercial paper
90.0
90.0
307.0
307.0
B/S
303.2
303.0
479.6
479.6
1,698.0
1,697.3
1,562.7
1,552.0
The financial liabilities include a total of EUR 120.9 (96.6) 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 3.2 (2.2) years, and the effective average interest rate was 2.5 (2.4) per
cent.
Changes in financial liabilities
Non-current Current
interest- Non- interest-
bearing current bearing Current
2025 financial lease financial lease
EUR million liabilities liabilities liabilities
liabilities
Derivatives
Total
Liabilities at 1 Jan.
1,007.6
75.5
458.5
21.0
\u20130.4
1,562.3
Proceeds
600.0
175.0
775.0
Repayments
\u20133.3
\u2013658.1
\u201329.4
\u2013690.8
Acquisitions and disposals
0.0
\u20130.1
\u20130.1
\u20130.2
New contracts and other
changes in lease contracts
17.7
36.3
54.0
Changes in fair values
\u20132.6
\u20130.1
0.5
\u20132.2
Transfer between non-current
and current liabilities
\u2013300.0
300.0
0.0
Exchange gains and losses
\u20130.1
\u20130.1
Liabilities at 31 Dec.
1,301.7
93.0
275.3
27.9
0.1
1,698.1
Non-current Current
interest- Non- interest-
bearing current bearing Current
2024 financial lease financial lease
EUR million liabilities liabilities liabilities
liabilities
Derivatives
Total
Liabilities at 1 Jan.
996.7
67.8
282.2
20.8
\u20131.0
1,366.5
Proceeds
100.0
428.0
528.0
Repayments
\u201313.1
\u2013358.3
\u201325.4
\u2013396.8
Acquisitions and disposals
21.9
1.3
6.3
0.4
29.9
New contracts and other
changes in lease contracts
6.4
25.2
31.6
Changes in fair values
2.1
0.4
0.7
3.1
Transfer between non-current
and current liabilities
\u2013100.0
100.0
0.0
Exchange gains and losses
0.0
0.0
Liabilities at 31 Dec.
1,007.6
75.5
458.5
21.0
\u20130.4
1,562.3
Contract-based cash flows on the repayment of financial liabilities and costs
2025
EUR million
2026
2027
2028
2029
2030
2031\u2013
Total
Bonds
214.2
327.1
26.4
326.4
514.4
0.0
1,408.5
Financial costs
29.2
27.1
26.4
26.4
14.4
0.0
123.5
Repayments
185.0
300.0
0.0
300.0
500.0
0.0
1,285.0
Bank loans
7.0
10.9
7.5
6.9
6.9
208.9
248.1
Financial costs
6.6
6.5
6.5
6.5
6.5
6.6
39.2
Repayments
0.4
4.4
1.0
0.4
0.4
202.3
208.9
Commercial paper
90.0
90.0
Financial costs
1.2
1.2
Repayments
88.8
88.8
Lease liabilities
32.5
25.0
16.5
11.4
9.1
72.7
167.2
Financial costs
4.7
6.7
4.5
3.4
2.9
24.0
46.3
Repayments
27.9
18.3
12.0
7.9
6.2
48.6
120.9
Derivatives
0.1
0.0
0.1
Electricity derivatives
0.1
0.0
0.1
Currency derivatives
0.0
0.0
Interest rate derivatives
1.1
1.1
Contingent considerations
1.5
1.5
Trade payables
188.9
188.9
Total
534.2
363.0
50.4
344.7
530.4
281.5
2,104.3
Financial costs
41.8
40.4
37.4
36.3
23.8
30.6
210.3
Repayments
492.5
322.6
13.0
308.4
506.6
250.9
1,894.0
2024
EUR million
2025
2026
2027
2028
2029
2030\u2013
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
\u20130.4
0.0
\u20130.4
Electricity derivatives
\u20130.4
0.0
\u20130.4
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
Future financial costs of variable-rate financial liabilities have been calculated at the interest rate prevailing on the period end date.
The company has committed credit limits of EUR 300 million. They were fully undrawn on 31 December 2025.
A EUR 130 million credit limit will fall due on 22 September 2028, EUR 24 million will fall due on 16 May 2028 and EUR 146 million
will fall due on 16 May 2030.
Bonds
In the framework of its bond programme, the parent company has issued the following bonds:
31 Dec. 2025
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
184.7
184.9
185.0
1.125
1.236
26.2.2026
I/2020
288.6
299.5
300.0
0.250
0.322
15.9.2027
I/2023
308.8
298.6
300.0
4.000
4.092
27.1.2029
I/2025
297.6
297.4
300.0
2.875
2.994
14.5.2030
II/2025
197.8
197.7
200.0
2.875
3.060
14.5.2030
1,277.5
1,278.2
1,285.0
The fair value of bonds is based on market quotes.
Maturity of lease liabilities\u2019 cash flows
EUR million
2025
2024
Within one year
27.9
21.0
Later than one year, but not later than five years
44.4
32.3
Later than five years 48.6 43.3
120.9
96.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "
7.4.3 Financial assets and liabilities recognised at fair value
Carrying amounts of financial assets and liabilities by category
2025
Financial Financial
assets/liabilities assets/liabilities Financial
measured at measured at fair value assets/liabilities
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
15.1
15.6
15.6
Trade and other receivables
0.0
116.9
116.9
116.9
6.2.2
Current financial assets
Trade and other receivables
577.8
577.8
577.8
6.2.1
0.6
0.0
709.7
710.3
710.3
Non-current financial liabilities
Financial liabilities
1,394.8
1,394.8
1,394.3
7.4.2
Trade and other liabilities
(2
1.1
0.1
16.5
17.7
17.7
6.3
Current financial liabilities
Financial liabilities
303.2
303.2
303.0
7.4.2
Trade and other liabilities
(2
1.5
430.9
432.3
432.3
6.3
2.6
0.1
2,145.3
2,148.1
2,147.4
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
1)
Other investments contain the Group\u2019s listed and unlisted equity investments.
2)
Excluding advances received
The fair values of financial asset and liability items are presented in detail under the specified note number.
Financial assets and liabilities recognised at fair value
EUR million
2025
Level 1
Level 2
Level 3
Financial assets and liabilities measured at fair value through other
comprehensive income
Electricity derivatives
\u20130.1
\u20130.1
Currency derivatives
0.0
0.0
Financial assets and liabilities measured at fair value
through profit or loss
Interest rate derivatives
\u20131.1
\u20131.1
Listed equity investments
0.6
0.6
Contingent considerations in business combinations \u20131.5 \u20131.5
\u20132.1
0.6
\u20131.2
\u20131.5
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
\u20135.4
\u20135.4
\u20134.5
0.6
0.4
\u20135.4
Items measured at fair value are categorised using a three-level value hierarchy. Level 1 includes financial instruments with
quoted prices in active markets, such are listed shares owned by the Group. Level 2 includes instruments with observable
prices based on market data, such are electricity, currency and interest rate derivatives. Level 3 includes instruments with
prices that are not based on observable market data, but instead, on the company\u2019s internal information, such are Group\u2019s
contingent considerations relating to business combinations.
Level 3 reconciliation
Contingent considerations related to business acquisitions
EUR million
2025
2024
At the beginning of the period
5.4
1.1
Increase in contingent consideration
4.9
Payment of contingent consideration
\u20131.7
\u20130.6
Release of unused contingent consideration
\u20131.9
Translation differences \u20130.3 0.1
At the end of the period
1.5
5.4
According to the management\u2019s estimation for the financial instruments valued at Level 3, replacing one or more of the pieces
of fair value measurement data with a possible alternative assumption would not significantly change the fair value of the
items, considering the small total amount of underlying liabilities.
7.4.4 Derivative instruments
Nominal values of derivatives
2025
2024
Period of validity
Period of validity
Less than 1\u20135 Over Less than 1\u20135 Over
EUR million 1 year years 5 years 1 year years 5 years
Electricity derivatives
2.9
2.4
Currency derivatives
3.9
4.0
Interest rate derivatives
200.0
206.8
6.4
Fair values of derivatives
2025
2024
Positive Negative Positive Negative
EUR million fair value
fair value
Total
fair value
fair value
Total
Electricity derivatives
\u20130.1
\u20130.1
0.4
0.4
Currency derivatives
0.0
0.0
0.0
0.0
Interest rate derivatives
\u20131.1
\u20131.1
0.0
\u20131.2
\u20131.2
0.4
0.4
Determination of fair value and categorisation The fair value of derivative instruments is determined using quoted prices in active markets. The Group recognises the derivative instruments at the fair value hierarchy Level 2. Please see note 7.4.3. Accounting principles \u2013 Derivative instruments: Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition. Gains and losses arising from the fair value remeasurements are recognised in accordance with the nature of the derivative contracts. Outstanding derivatives that do not qualify for hedge accounting are measured at fair value at the end of the reporting period, and the fair value changes are immediately recognised in financial items on the income statement. The fair value of derivatives is expected to approximate the quoted market prices or, if the quoted market prices are not available, the value is estimated using commonly used valuation methods. The Group applies cash flow hedge accounting for hedging electricity price risk and the Swedish krona foreign exchange risk. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in other comprehensive income and presented in the equity hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective portion of the derivatives is recognised in other operating income and expenses on the income statement. The hedge accounting is discontinued when the hedge contract is expired, sold, terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in equity until the expected transaction is realised. The Group applies fair value hedge accounting for hedging fixed interest risk on debt. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in the income statement under financial items, along with any changes in the fair value of the hedged liabilities that are attributable to the hedged risk. Derivatives that are designated and qualify as fair value hedges mature at the same time as hedged items. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used, is amortised to profit or loss over the expected period to maturity. Ineffectiveness in fair value hedge of fixed interest risk may arise in case of early redemption of such debt, which is hedged under the fair value hedge accounting. Classification of assets and liabilities: The Group\u2019s financial assets and liabilities are classified as financial assets and liabilities measured at amortised cost, financial assets and liabilities measured at fair value through other comprehensive income, and financial assets and liabilities measured at fair value through profit or loss. Financial assets and liabilities measured at amortised cost include fixed-term contracts the cash flow of which include payments of principal and interest on the principal amount outstanding. Financial assets and liabilities measured at fair value through other comprehensive income include financial items that are expected both to collect contractual cash flows and to sell financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include items that do not meet the criteria of the other groups. The Group categorises electricity and currency derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair value through other comprehensive income. Contingent considerations in business combinations and listed equity investments are recognised as financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "7.4.3 Financial assets and liabilities recognised at fair value Carrying amounts of financial assets and liabilities by category 2025
Financial Financial
assets/liabilities assets/liabilities Financial
measured at measured at fair value assets/liabilities
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
15.1
15.6
15.6
Trade and other receivables
0.0
116.9
116.9
116.9
6.2.2
Current financial assets
Trade and other receivables
577.8
577.8
577.8
6.2.1
0.6
0.0
709.7
710.3
710.3
Non-current financial liabilities
Financial liabilities
1,394.8
1,394.8
1,394.3
7.4.2
Trade and other liabilities
(2
1.1
0.1
16.5
17.7
17.7
6.3
Current financial liabilities
Financial liabilities
303.2
303.2
303.0
7.4.2
Trade and other liabilities
(2
1.5
430.9
432.3
432.3
6.3
2.6
0.1
2,145.3
2,148.1
2,147.4
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
1) Other investments contain the Group\u2019s listed and unlisted equity investments. 2) Excluding advances received The fair values of financial asset and liability items are presented in detail under the specified note number. Financial assets and liabilities recognised at fair value
EUR million
2025
Level 1
Level 2
Level 3
Financial assets and liabilities measured at fair value through other
comprehensive income
Electricity derivatives
\u20130.1
\u20130.1
Currency derivatives
0.0
0.0
Financial assets and liabilities measured at fair value
through profit or loss
Interest rate derivatives
\u20131.1
\u20131.1
Listed equity investments
0.6
0.6
Contingent considerations in business combinations \u20131.5 \u20131.5
\u20132.1
0.6
\u20131.2
\u20131.5
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
\u20135.4
\u20135.4
\u20134.5
0.6
0.4
\u20135.4
Items measured at fair value are categorised using a three-level value hierarchy. Level 1 includes financial instruments with quoted prices in active markets, such are listed shares owned by the Group. Level 2 includes instruments with observable prices based on market data, such are electricity, currency and interest rate derivatives. Level 3 includes instruments with prices that are not based on observable market data, but instead, on the company\u2019s internal information, such are Group\u2019s contingent considerations relating to business combinations. Level 3 reconciliation Contingent considerations related to business acquisitions
EUR million
2025
2024
At the beginning of the period
5.4
1.1
Increase in contingent consideration
4.9
Payment of contingent consideration
\u20131.7
\u20130.6
Release of unused contingent consideration
\u20131.9
Translation differences \u20130.3 0.1
At the end of the period
1.5
5.4
According to the management\u2019s estimation for the financial instruments valued at Level 3, replacing one or more of the pieces of fair value measurement data with a possible alternative assumption would not significantly change the fair value of the items, considering the small total amount of underlying liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "7.4.4 Derivative instruments Nominal values of derivatives
2025
2024
Period of validity
Period of validity
Less than 1\u20135 Over Less than 1\u20135 Over
EUR million 1 year years 5 years 1 year years 5 years
Electricity derivatives
2.9
2.4
Currency derivatives
3.9
4.0
Interest rate derivatives
200.0
206.8
6.4
Fair values of derivatives
2025
2024
Positive Negative Positive Negative
EUR million fair value
fair value
Total
fair value
fair value
Total
Electricity derivatives
\u20130.1
\u20130.1
0.4
0.4
Currency derivatives
0.0
0.0
0.0
0.0
Interest rate derivatives
\u20131.1
\u20131.1
0.0
\u20131.2
\u20131.2
0.4
0.4
Determination of fair value and categorisation The fair value of derivative instruments is determined using quoted prices in active markets. The Group recognises the derivative instruments at the fair value hierarchy Level 2. Please see note 7.4.3. Accounting principles \u2013 Derivative instruments: Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition. Gains and losses arising from the fair value remeasurements are recognised in accordance with the nature of the derivative contracts. Outstanding derivatives that do not qualify for hedge accounting are measured at fair value at the end of the reporting period, and the fair value changes are immediately recognised in financial items on the income statement. The fair value of derivatives is expected to approximate the quoted market prices or, if the quoted market prices are not available, the value is estimated using commonly used valuation methods. The Group applies cash flow hedge accounting for hedging electricity price risk and the Swedish krona foreign exchange risk. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in other comprehensive income and presented in the equity hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective portion of the derivatives is recognised in other operating income and expenses on the income statement. The hedge accounting is discontinued when the hedge contract is expired, sold, terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in equity until the expected transaction is realised. The Group applies fair value hedge accounting for hedging fixed interest risk on debt. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in the income statement under financial items, along with any changes in the fair value of the hedged liabilities that are attributable to the hedged risk. Derivatives that are designated and qualify as fair value hedges mature at the same time as hedged items. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used, is amortised to profit or loss over the expected period to maturity. Ineffectiveness in fair value hedge of fixed interest risk may arise in case of early redemption of such debt, which is hedged under the fair value hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "
Accounting principles \u2013 Derivative instruments:
Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition.
Gains and losses arising from the fair value remeasurements are recognised in accordance with the
nature of the derivative contracts. Outstanding derivatives that do not qualify for hedge accounting
are measured at fair value at the end of the reporting period, and the fair value changes are
immediately recognised in financial items on the income statement. The fair value of derivatives is
expected to approximate the quoted market prices or, if the quoted market prices are not available,
the value is estimated using commonly used valuation methods.
The Group applies cash flow hedge accounting for hedging electricity price risk and the Swedish
krona foreign exchange risk. The change in fair value of effective portion of derivatives that qualify
for hedge accounting is recognised in other comprehensive income and presented in the equity
hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments
accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective
portion of the derivatives is recognised in other operating income and expenses on the income
statement. The hedge accounting is discontinued when the hedge contract is expired, sold,
terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in
equity until the expected transaction is realised.
The Group applies fair value hedge accounting for hedging fixed interest risk on debt. The change
in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in
the income statement under financial items, along with any changes in the fair value of the hedged
liabilities that are attributable to the hedged risk. Derivatives that are designated and qualify as fair
value hedges mature at the same time as hedged items. If the hedge no longer meets the criteria
for hedge accounting, the adjustment to the carrying amount of a hedged item for which the
effective interest method is used, is amortised to profit or loss over the expected period to maturity.
Ineffectiveness in fair value hedge of fixed interest risk may arise in case of early redemption of such
debt, which is hedged under the fair value hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "Accounting principles \u2013 Derivative instruments: Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition. Gains and losses arising from the fair value remeasurements are recognised in accordance with the nature of the derivative contracts. Outstanding derivatives that do not qualify for hedge accounting are measured at fair value at the end of the reporting period, and the fair value changes are immediately recognised in financial items on the income statement. The fair value of derivatives is expected to approximate the quoted market prices or, if the quoted market prices are not available, the value is estimated using commonly used valuation methods. The Group applies cash flow hedge accounting for hedging electricity price risk and the Swedish krona foreign exchange risk. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in other comprehensive income and presented in the equity hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective portion of the derivatives is recognised in other operating income and expenses on the income statement. The hedge accounting is discontinued when the hedge contract is expired, sold, terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in equity until the expected transaction is realised. The Group applies fair value hedge accounting for hedging fixed interest risk on debt. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in the income statement under financial items, along with any changes in the fair value of the hedged liabilities that are attributable to the hedged risk. Derivatives that are designated and qualify as fair value hedges mature at the same time as hedged items. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used, is amortised to profit or loss over the expected period to maturity. Ineffectiveness in fair value hedge of fixed interest risk may arise in case of early redemption of such debt, which is hedged under the fair value hedge accounting. The Group categorises electricity and currency derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair value through other comprehensive income. Contingent considerations in business combinations and listed equity investments are recognised as financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "Accounting principles \u2013 Derivative instruments: Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition. Gains and losses arising from the fair value remeasurements are recognised in accordance with the nature of the derivative contracts. Outstanding derivatives that do not qualify for hedge accounting are measured at fair value at the end of the reporting period, and the fair value changes are immediately recognised in financial items on the income statement. The fair value of derivatives is expected to approximate the quoted market prices or, if the quoted market prices are not available, the value is estimated using commonly used valuation methods. The Group applies cash flow hedge accounting for hedging electricity price risk and the Swedish krona foreign exchange risk. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in other comprehensive income and presented in the equity hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective portion of the derivatives is recognised in other operating income and expenses on the income statement. The hedge accounting is discontinued when the hedge contract is expired, sold, terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in equity until the expected transaction is realised. The Group applies fair value hedge accounting for hedging fixed interest risk on debt. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in the income statement under financial items, along with any changes in the fair value of the hedged liabilities that are attributable to the hedged risk. Derivatives that are designated and qualify as fair value hedges mature at the same time as hedged items. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used, is amortised to profit or loss over the expected period to maturity. Ineffectiveness in fair value hedge of fixed interest risk may arise in case of early redemption of such debt, which is hedged under the fair value hedge accounting. Accounting principles \u2013 Financial assets and liabilities: Financial assets: Acquisition and sale of financial assets are recognised on the settlement date. The Group derecognises financial assets when its contractual rights to the cash flows from the financial asset expire or when it has transferred substantially all the risks and rewards to an external party. Cash and cash equivalents include cash at hand and bank deposits as well as highly liquid short-term investments with maturities of up to three months. Investments in shares, excluding investments in associated companies and mutual real-estate companies, are classified as other financial assets and generally measured at fair value. Investments in unlisted companies are recognised at original acquisition cost less any impairment. Investments in listed companies are measured at fair value, based on share transactions. Equity investments are included in non-current assets. On 31 December 2025, the Group\u2019s equity investments consisted mainly of investments in unlisted companies. Financial liabilities: Financial liabilities are initially recognised at fair value equalling the net proceeds received and subsequently measured at amortised cost, using the effective interest rate method. The transaction costs are included in the original acquisition cost of financial liabilities. Financial liabilities are recognised in non-current and current liabilities, and they may be non-interest-bearing or interest-bearing. In cases where the terms of the financial liability measured at amortised cost are amended in such a way that the change does not result in derecognition of the liability from the balance sheet, the Group must nevertheless recognise the profit or loss in the income statement. The profit or loss is calculated as the difference between the original contractual cash flows and the cash equivalents, discounted at the original effective interest rate of amended agreements. Lease liabilities: Lease liabilities are initially measured at the present value of future lease payments. The estimated lease term includes the non-cancellable period of the lease together with periods covered by termination and extension options, if exercise of these options is reasonably certain. The company has discounted the future lease payments using the borrowing rate based on the duration of the estimated lease term. The lease liability is initially measured using the actual value of an index at the commencement date. The lease liabilities are remeasured if the changes are reflected in the cash flow or if the Group reassesses whether it is reasonably certain to exercise a possible option. Classification of assets and liabilities: The Group\u2019s financial assets and liabilities are classified as financial assets and liabilities measured at amortised cost, financial assets and liabilities measured at fair value through other comprehensive income, and financial assets and liabilities measured at fair value through profit or loss. Financial assets and liabilities measured at amortised cost include fixed-term contracts the cash flow of which include payments of principal and interest on the principal amount outstanding. Financial assets and liabilities measured at fair value through other comprehensive income include financial items that are expected both to collect contractual cash flows and to sell financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include items that do not meet the criteria of the other groups. The Group categorises electricity and currency derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair value through other comprehensive income. Contingent considerations in business combinations and listed equity investments are recognised as financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "Accounting principles \u2013 Derivative instruments: Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition. Gains and losses arising from the fair value remeasurements are recognised in accordance with the nature of the derivative contracts. Outstanding derivatives that do not qualify for hedge accounting are measured at fair value at the end of the reporting period, and the fair value changes are immediately recognised in financial items on the income statement. The fair value of derivatives is expected to approximate the quoted market prices or, if the quoted market prices are not available, the value is estimated using commonly used valuation methods. The Group applies cash flow hedge accounting for hedging electricity price risk and the Swedish krona foreign exchange risk. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in other comprehensive income and presented in the equity hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective portion of the derivatives is recognised in other operating income and expenses on the income statement. The hedge accounting is discontinued when the hedge contract is expired, sold, terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in equity until the expected transaction is realised. The Group applies fair value hedge accounting for hedging fixed interest risk on debt. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in the income statement under financial items, along with any changes in the fair value of the hedged liabilities that are attributable to the hedged risk. Derivatives that are designated and qualify as fair value hedges mature at the same time as hedged items. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used, is amortised to profit or loss over the expected period to maturity. Ineffectiveness in fair value hedge of fixed interest risk may arise in case of early redemption of such debt, which is hedged under the fair value hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "
Financial assets:
Acquisition and sale of financial assets are recognised on the settlement date. The Group derecognises financial assets when its contractual
rights to the cash flows from the financial asset expire or when it has transferred substantially all the risks and rewards to an external party.
Cash and cash equivalents include cash at hand and bank deposits as well as highly liquid short-term investments with maturities of up to three
months.
Investments in shares, excluding investments in associated companies and mutual real-estate companies, are classified as other financial
assets and generally measured at fair value. Investments in unlisted companies are recognised at original acquisition cost less any impairment.
Investments in listed companies are measured at fair value, based on share transactions. Equity investments are included in non-current assets.
On 31 December 2025, the Group\u2019s equity investments consisted mainly of investments in unlisted companies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "Financial assets: Acquisition and sale of financial assets are recognised on the settlement date. The Group derecognises financial assets when its contractual rights to the cash flows from the financial asset expire or when it has transferred substantially all the risks and rewards to an external party. Cash and cash equivalents include cash at hand and bank deposits as well as highly liquid short-term investments with maturities of up to three months. Investments in shares, excluding investments in associated companies and mutual real-estate companies, are classified as other financial assets and generally measured at fair value. Investments in unlisted companies are recognised at original acquisition cost less any impairment. Investments in listed companies are measured at fair value, based on share transactions. Equity investments are included in non-current assets. On 31 December 2025, the Group\u2019s equity investments consisted mainly of investments in unlisted companies. Financial liabilities: Financial liabilities are initially recognised at fair value equalling the net proceeds received and subsequently measured at amortised cost, using the effective interest rate method. The transaction costs are included in the original acquisition cost of financial liabilities. Financial liabilities are recognised in non-current and current liabilities, and they may be non-interest-bearing or interest-bearing. In cases where the terms of the financial liability measured at amortised cost are amended in such a way that the change does not result in derecognition of the liability from the balance sheet, the Group must nevertheless recognise the profit or loss in the income statement. The profit or loss is calculated as the difference between the original contractual cash flows and the cash equivalents, discounted at the original effective interest rate of amended agreements. Classification of assets and liabilities: The Group\u2019s financial assets and liabilities are classified as financial assets and liabilities measured at amortised cost, financial assets and liabilities measured at fair value through other comprehensive income, and financial assets and liabilities measured at fair value through profit or loss. Financial assets and liabilities measured at amortised cost include fixed-term contracts the cash flow of which include payments of principal and interest on the principal amount outstanding. Financial assets and liabilities measured at fair value through other comprehensive income include financial items that are expected both to collect contractual cash flows and to sell financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include items that do not meet the criteria of the other groups. The Group categorises electricity and currency derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair value through other comprehensive income. Contingent considerations in business combinations and listed equity investments are recognised as financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
Financial liabilities:
Financial liabilities are initially recognised at fair value equalling the net proceeds received and subsequently measured at amortised cost, using
the effective interest rate method. The transaction costs are included in the original acquisition cost of financial liabilities. Financial liabilities are
recognised in non-current and current liabilities, and they may be non-interest-bearing or interest-bearing.
In cases where the terms of the financial liability measured at amortised cost are amended in such a way that the change does not result in
derecognition of the liability from the balance sheet, the Group must nevertheless recognise the profit or loss in the income statement. The profit
or loss is calculated as the difference between the original contractual cash flows and the cash equivalents, discounted at the original effective
interest rate of amended agreements.
Classification of assets and liabilities:
The Group\u2019s financial assets and liabilities are classified as financial assets and liabilities measured at amortised cost, financial assets and
liabilities measured at fair value through other comprehensive income, and financial assets and liabilities measured at fair value through profit or
loss. Financial assets and liabilities measured at amortised cost include fixed-term contracts the cash flow of which include payments of principal
and interest on the principal amount outstanding. Financial assets and liabilities measured at fair value through other comprehensive income
include financial items that are expected both to collect contractual cash flows and to sell financial assets/liabilities. Financial assets and liabilities
measured at fair value through profit or loss include items that do not meet the criteria of the other groups.
The Group categorises electricity and currency derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair
value through other comprehensive income. Contingent considerations in business combinations and listed equity investments are recognised as
financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "8.1 Taxes 8.1.1 Income taxes
EUR million
2025
2024
Taxes for the period
\u201376.1
\u201380.1
Taxes for previous periods
0.1
0.0
Deferred taxes \u20137.1 \u201311.4
I/S
\u201383.0
\u201391.5
Income taxes recognised directly in comprehensive income:
2025
2024
Before Tax After Before Tax After
EUR million taxes effect taxes taxes effect taxes
Remeasurements of the net defined
benefit liability
\u20130.4
0.1
\u20130.3
\u20130.3
0.1
\u20130.2
Cash flow hedge
\u20130.5
0.1
\u20130.4
\u20130.7
0.1
\u20130.5
\u20130.8
0.2
\u20130.7
\u20131.0
0.2
\u20130.8
Translation differences do not include a tax effect. Reconciliation of the tax expense on the income statement and taxes calculated at the Group\u2019s domestic statutory tax rate 20 (20):
EUR million
2025
2024
I/S
Profit before tax
424.8
447.9
Tax according to the domestic tax rate
\u201385.0
\u201389.6
Tax effects of the following:
Tax-free income
0.1
0.0
Non-deductible expenses
\u20131.0
\u20132.1
Tax effect related to the foreign subsidiaries
3.1
2.7
Usage of tax losses, for which no deferred tax was recognised
0.5
0.2
Loss for the period, for which no deferred tax asset is recognised
\u20130.8
\u20132.0
Taxes for previous periods
0.1
0.0
Other items \u20130.2 \u20130.8
I/S
Taxes on the income statement
\u201383.0
\u201391.5
Effective tax rate, %
19.5
20.4
Accounting principles \u2013 Income taxes for the period and deferred taxes: Taxes recognised on the income statement include current and deferred taxes. Income taxes for the financial year are calculated on the net profit for the period at the current tax rate and are adjusted by taxes for the prior periods. Deferred taxes are recognised from temporary differences arising between the tax bases of assets and liabilities and their carrying values. Please refer to note 8.1.2 for details. The global minimum tax regulation (OECD pillar 2) entered into force in 2024. As Elisa mainly operates in countries with local tax rates above the 15 per cent minimum rate, no significant top-up taxes are expected to be paid. Elisa\u2019s Estonian subsidiaries are subject to a profit distribution tax system, whereby corporate tax is only levied on the distribution of profits at a tax rate not lower than the minimum tax rate. For the 2025 financial period, a deferred profit distribution tax of EUR 8,9 (8.5) million, corresponding to the global minimum tax rate of 15 per cent, was recognised in the taxable income of Elisa\u2019s subsidiaries in Estonia. The regulation requires that the profit distribution tax will be realised within the next four financial years. The reporting period as well as prior reporting periods may be subject to a tax audit, which may subsequently result in a change in tax decisions, additional tax payments or refunds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "
Accounting principles \u2013 Income taxes for the period and deferred taxes:
Taxes recognised on the income statement include current and deferred taxes. Income taxes for the financial year are
calculated on the net profit for the period at the current tax rate and are adjusted by taxes for the prior periods.
Deferred taxes are recognised from temporary differences arising between the tax bases of assets and liabilities and their
carrying values. Please refer to note 8.1.2 for details.
The global minimum tax regulation (OECD pillar 2) entered into force in 2024. As Elisa mainly operates in countries with
local tax rates above the 15 per cent minimum rate, no significant top-up taxes are expected to be paid. Elisa\u2019s Estonian
subsidiaries are subject to a profit distribution tax system, whereby corporate tax is only levied on the distribution of
profits at a tax rate not lower than the minimum tax rate. For the 2025 financial period, a deferred profit distribution tax of
EUR 8,9 (8.5) million, corresponding to the global minimum tax rate of 15 per cent, was recognised in the taxable income
of Elisa\u2019s subsidiaries in Estonia. The regulation requires that the profit distribution tax will be realised within the next four
financial years.
The reporting period as well as prior reporting periods may be subject to a tax audit, which may subsequently result in a
change in tax decisions, additional tax payments or refunds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "8.1.2 Deferred tax assets and liabilities Change in deferred tax assets and liabilities during 2025
Recognised Recognised
Deferred tax assets on the on the
1 Jan. income comprehensive Business Translation 31 Dec.
EUR million 2025 statement income combinations differences 2025
Lease liabilities
17.6
3.6
21.2
Right-of-use assets
\u201315.6
\u20134.5
\u201320.1
Lease contracts total
2.0
\u20130.8
1.2
Internal margins
1.9
\u20130.3
1.5
Share-based incentive plans
2.8
\u20131.2
1.6
Pension obligations
1.9
0.0
0.1
2.0
Provisions
1.8
4.9
6.8
Other temporary differences
0.8
0.4
0.1
\u20130.1
0.0
1.2
B/S
11.1
2.9
0.2
\u20130.1
0.0
14.2
Recognised
Deferred tax liabilities on the
1 Jan. income Business Translation 31 Dec.
EUR million 2025 statement combinations differences 2025
Fair value measurement of
tangible and intangible assets in
business combinations
3.7
\u20131.5
0.8
0.0
2.9
Accumulated depreciation
differences
21.4
2.5
23.9
Finance lease agreements
0.9
0.2
1.1
Customer contracts
1.7
0.1
1.8
Bonds
0.3
\u20130.2
0.2
Profit distribution tax liability
8.5
8.9
17.4
Other temporary differences
1.6
0.0
1.6
B/S
38.1
10.0
0.8
0.0
48.9
Deferred income tax assets recognised for tax losses are carried forward to the extent that the realisation of the related tax benefit through future profits is probable. On 31 December 2025, the Group had no deferred tax assets recognised for confirmed tax losses. At the end of the reporting period, the Group had EUR 26.3 (24.1) million of unused tax losses for which no tax assets have been recognised. Change in deferred tax assets and liabilities during 2024
Recognised Recognised
Deferred tax assets on the on the
1 Jan. income comprehensive Business Translation 31 Dec.
EUR million 2024 statement income combinations differences 2024
Lease liabilities
16.4
1.2
17.6
Right-of-use assets
\u201314.6
\u20131.0
\u201315.6
Lease contracts total
1.8
0.2
2.0
Internal margins
2.4
\u20130.5
1.9
Share-based incentive plans
3.6
\u20130.8
2.8
Pension obligations
2.1
\u20130.3
0.1
1.9
Provisions
1.0
0.8
1.8
Other temporary differences
0.6
\u20130.2
0.1
0.2
0.0
0.8
B/S
11.5
\u20130.8
0.2
0.2
0.0
11.1
Recognised
Deferred tax liabilities on the
1 Jan. income Business Translation 31 Dec.
EUR million 2024 statement combinations differences 2024
Fair value measurement of
tangible and intangible assets in
business combinations
2.0
\u20131.1
2.7
0.0
3.7
Accumulated depreciation
differences
18.0
3.2
0.1
21.4
Finance lease contracts
0.9
0.0
0.9
Customer contracts
1.7
0.0
1.7
Bonds
0.5
\u20130.2
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
Accounting principles \u2013 Deferred tax assets and liabilities: Deferred taxes are recognised for all temporary differences arising between the carrying amount and the tax base, with the exception of situations where a deferred tax asset or liabilty arises from initial recognition of goodwill or from the initial recognition of an asset or liability in a transaction which is not a business combination, and at the time of the transaction, does not affect either the accounting or the taxable profit, and does not give rise to equal taxable and deductible temporary differences. No deferred tax is recognised on valuation differences of shares for which the sales profit would be tax-deductible. Leases are typically transactions in which equal taxable and deductible temporary differences arise upon initial recognition of the asset and liability. Elisa recognises the tax arising from this difference as an expense or income and presents it as deferred tax receivables on the balance sheet. Deferred tax assets are recognised only to the extent that it is probable that they can be utilised against future taxable income. Deferred tax liabilities are recognised on the balance sheet in total, with the exception of the Estonian subsidiaries, where no tax liability has been recognised for the untaxed retained earnings accrued before the 2024 financial period, as no profit distribution decision or plans for profit distribution exist for the time being. From the 2024 financial period onwards, a deferred profit distribution tax liability has been recorded for the taxable income of the subsidiaries in Estonia in accordance with the global minimum tax regulation. Accounting policies that require management\u2019s judgement \u2013 Deferred tax assets: Particularly at the end of each financial period, the Group assesses the probability of subsidiaries generating taxable income against which unused tax losses can be utilised. The appropriateness of recognising other deferred tax assets is also determined at the end of each financial period. Changes in the estimates may lead to the recognition of significant tax expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "
Accounting principles \u2013 Deferred tax assets and liabilities:
Deferred taxes are recognised for all temporary differences arising between the carrying amount and the tax base,
with the exception of situations where a deferred tax asset or liabilty arises from initial recognition of goodwill or from
the initial recognition of an asset or liability in a transaction which is not a business combination, and at the time of
the transaction, does not affect either the accounting or the taxable profit, and does not give rise to equal taxable
and deductible temporary differences. No deferred tax is recognised on valuation differences of shares for which the
sales profit would be tax-deductible.
Leases are typically transactions in which equal taxable and deductible temporary differences arise upon initial
recognition of the asset and liability. Elisa recognises the tax arising from this difference as an expense or income and
presents it as deferred tax receivables on the balance sheet.
Deferred tax assets are recognised only to the extent that it is probable that they can be utilised against future taxable
income. Deferred tax liabilities are recognised on the balance sheet in total, with the exception of the Estonian
subsidiaries, where no tax liability has been recognised for the untaxed retained earnings accrued before the 2024
financial period, as no profit distribution decision or plans for profit distribution exist for the time being. From the
2024 financial period onwards, a deferred profit distribution tax liability has been recorded for the taxable income of
the subsidiaries in Estonia in accordance with the global minimum tax regulation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "8.2 Provisions
Restructuring Other
EUR million provision
provisions
Total
1 Jan. 2024
2.8
1.7
4.5
Increase in provisions
15.5
15.5
Utilised provisions
\u20138.5
\u20138.5
Release of unused provisions
\u20131.7
\u20131.7
31 Dec. 2024
8.1
1.7
9.8
Increase in provisions
25.3
17.4
42.7
Utilised provisions
\u201311.0
\u201311.0
Release of unused provisions
\u20131.2
\u20131.2
31. Dec 2025
21.2
19.0
40.2
EUR million
2025
2024
B/S Long-term provisions
17.6
3.3
B/S Short-term provisions 22.7 6.5
40.2
9.8
Termination benefits As a part of the Group\u2019s rationalisation, Elisa carried out statutory employee negotiations leading to personnel reductions in 2025. The restructuring provision includes provisions for both unemployment pensions and other expenses due to redundancies. The provisions associated with redundancies will be realised during 2026\u20132027, and the provision associated with unemployment pensions will be realised in 2026\u20132027. Other provisions Other provisions include environmental provisions made for telephone poles and air cable network as well as a restoration provision made for lease agreements. The provisions consists of the estimated dismantling and demolition costs of telephone poles, air cable network and data centers and masts located on leased land areas, as well as the estimated restroration costs of the leased land areas. The environmental provisions are expected to be realised during the years 2026\u20132028 and the restoration provision during the years 2026\u20132061. Accounting principles \u2013 Provisions and contingent liabilities: A provision is recognised when the Group has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. Contingent liabilities are potential liabilities arising from past events that may occur depending on the outcome of uncertain future events that are beyond the control of the Group. Also, a present obligation that is unlikely to require settlement of a payment obligation or the amount of which cannot be reliably measured is a contingent liability. Contingent liabilities are not recognised in the statement of financial position. Contingent liabilities are presented in note 8.4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "
Other provisions
Other provisions include environmental provisions made for telephone poles and air cable network as well as a restoration
provision made for lease agreements. The provisions consists of the estimated dismantling and demolition costs of telephone
poles, air cable network and data centers and masts located on leased land areas, as well as the estimated restroration costs of
the leased land areas. The environmental provisions are expected to be realised during the years 2026\u20132028 and the restoration
provision during the years 2026\u20132061.
Collateral, commitments and other liabilities
EUR million
2025
2024
On behalf of own commitments
Mortgages
3.8
3.8
Guarantees
4.4
2.8
Deposits 0.5 0.6
On behalf of others
Guarantees 0.2 0.5
8.8
7.6
Other contractual obligations
Venture capital investment obligation
0.1
0.2
Repurchase obligations 0.0
0.1 0.2
Real estate investments VAT refund liability for real estate investments indicates the amount that may become completely non tax-deductible if the intended use of the property was to change. On 31 December 2025, the VAT refund liability for real estate investments was EUR 64.1 (59.5) million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "
A provision is recognised when the Group has a legal or constructive obligation as a result of a past event, it is probable that
an outflow of resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "
Contingent liabilities are potential liabilities arising from past events that may occur depending on the outcome of uncertain
future events that are beyond the control of the Group. Also, a present obligation that is unlikely to require settlement of a
payment obligation or the amount of which cannot be reliably measured is a contingent liability. Contingent liabilities are not
recognised in the statement of financial position. Contingent liabilities are presented in note 8.4.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Contingent liabilities are potential liabilities arising from past events that may occur depending on the outcome of uncertain future events that are beyond the control of the Group. Also, a present obligation that is unlikely to require settlement of a payment obligation or the amount of which cannot be reliably measured is a contingent liability. Contingent liabilities are not recognised in the statement of financial position. Contingent liabilities are presented in note 8.4.
Real estate investments
VAT refund liability for real estate investments indicates the amount that may become completely non tax-deductible if the
intended use of the property was to change.
On 31 December 2025, the VAT refund liability for real estate investments was EUR 64.1 (59.5) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "8.3.1 Group companies The parent company of the Group is Elisa Corporation.
Group\u2019s
Subsidiaries
Subsidiaries
ownership, %
Digiset Oy
Helsinki, Finland
100
Elisa Eesti AS
Tallinn, Estonia
100
Elisa Finance O\u00fc
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.
Ia\u0219i, Romania
100
Group\u2019s
Subsidiaries
Subsidiaries
ownership, %
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
iCADA AG
Weinfelden, Switzerland
100
iCADA GmbH
Ludwigshafen, Germany
100
Elisa IndustrIQ Finland Oy
Tampere, Finland
100
sedApta s.r.l.
Genova, Italy
100
Elisa Industriq Italy
Genova, Italy
100
Elisa Industriq Germany GmbH
Chemnitz, Germany
100
Elisa Industriq UK Ltd
London, UK
100
Elisa Industriq France
Chang\u00e9, 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
Group\u2019s
Subsidiaries
Subsidiaries
ownership, %
Fenix Solutions Oy
Turku, Finland
100
Fonum Oy
Helsinki, Finland
100
Kepit Systems Oy
Vaasa, Finland
70
Kiinteist\u00f6 Oy Raision Luolasto
Espoo, Finland
100
Kiinteist\u00f6 Oy Rinnetorppa
Kuusamo, Finland
100
Kiinteist\u00f6 Oy Tapiolan Luolasto
Espoo, Finland
100
LNS Kommunikation AB
Stockholm, Sweden
100
Moontalk Oy
Oulu, Finland
93
Preminet Oy
Helsinki, Finland
100
Joint arrangements
Kiinteist\u00f6 Oy Brahenkartano
Turku, Finland
60
The following German subsidiaries meet the criteria and are exempt from the duty of corporations to audit and disclose financial statements pursuant to German legislations (Section 264 (3) HGB): Elisa camLine Holding GmbH, camLine GmbH and iCADA GmbH. The Group financial statements of Elisa serve as exempting consolidated financial statements for these companies. Significant changes in ownership of subsidiaries are presented in note 3. Other changes in group structure is described below. camLine USA Inc merged with Romaric Automation Design Inc in January 2025, Lean Group Oy merged with Elisa IndustrIQ Oy in June 2025, and Koillisnet Oy merged with Elisa Oyj in November 2025. In addition, the following arrangements took place in sedApta s.r.l. sub-group. Nextchain S.r.l. and Best Solutions and Processes Consultant S.r.l. merged with Elisa Industriq Italy in April 2025. Aimesys S.r.l. and Novigo Technology S.R.L. merged with sedApta s.r.l. in July 2025. Atomos Hyla Informatica SA was divested in August 2025. Accounting principles \u2013 Consolidation principles, subsidiaries: The consolidated financial statements include the parent company, Elisa Corporation, and those subsidiaries over which the Group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date the Group obtains control and divested companies until the loss of control. The acquisition method is used in the accounting for the elimination of internal ownership. All intra-group transactions, gains on the sale of inventories and fixed assets, intra-group receivables, payables and dividends are eliminated. Profit for the period attributable to the equity holders of the parent and non-controlling interests is presented separately in the consolidated income statement. Non-controlling interests are presented separately from the equity of the owners of the parent in the consolidated statement of financial position. Losses of subsidiaries are allocated to non-controlling interests even if they exceed their share of ownership. Accounting principles \u2013 Consolidation principles, joint arrangements: Joint arrangements are arrangements over which the Group exercises joint control with one or more parties. A joint arrangement is either a joint venture or a joint operation. A joint venture is a joint arrangement, where the Group has rights to the net assets of the arrangement. A joint operation is a joint arrangement where the Group has rights to the assets and obligations for the liabilities relating to the arrangement. The only joint arrangement owned by the Group, Kiinteist\u00f6 Oy Brahenkartano, is a joint operation, which is consolidated using the proportional consolidation method. Sixty per cent of the assets, liabilities, income and expenses of the joint operation are consolidated to the Group\u2019s financial statements. The company owns and manages a building and a site in Turku. Elisa is mainly entitled to manage office and telecom facilities with the shares owned. 8.3.2 Investments in associated companies Aggregated financial information of associates
EUR million
2025
2024
I/S
Group\u2019s share of associated companies\u2019 profit
\u20131.1
\u20131.2
B/S Group\u2019s investments in associated companies
19.5
11.7
EUR million
2025
2024
Balance at the beginning of the period
11.7
20.8
Additions
(1
8.9
0.0
Reclassifications
(2
\u20137.8
Share of profits for the period
\u20131.1
\u20131.2
Dividends received 0.0 0.0
B/S Balance at the end of the period
19.5
11.7
1) Elisa and MPY Telecom Oy established Misteli Fiber Oy during the financial year 2025. Elisa owns 45 percent of Misteli Fiber Oy, and the company is consolidated into the Elisa Group as an associated company. 2) In comparison year 2024 Elisa purchased the remaining share capital (81 per cent) in sedApta Group. Elisa had purchased a minority holding (19 per cent) in sedApta in 2021.
Group\u2019s
Associates
Domicile
ownership,%
FNE-Finland Oy
Kontiolahti, Finland
48.8
KE-Masto Oy
Kajaani, Finland
49.5
Kiinteist\u00f6 Oy Helsingin Lauttasaarentie 19
Helsinki, Finland
41.7
Kiinteist\u00f6 Oy Helsingin Sentnerikuja 6
Helsinki, Finland
50.0
Kiinteist\u00f6 Oy Helsingin Stenb\u00e4ckinkatu 5
Helsinki, Finland
40.0
Kiinteist\u00f6 Oy Herrainm\u00e4en Luolasto
Tampere, Finland
50.0
Kiinteist\u00f6 Oy Pohjanplassi
Lapua, Finland
39.3
Kiinteist\u00f6 Oy Riihim\u00e4en Maisterinkatu 9
Riihim\u00e4ki, Finland
35.0
Kiinteist\u00f6 Oy Runeberginkatu 43
Helsinki, Finland
29.6
Misteli Fiber Oy
Helsinki, Finland
45.0
MVC Mobile Video Communication GmbH
Kronberg im Taunus, Germany
37.5
Suomen Numerot NUMPAC Oy
Helsinki, Finland
33.3
Accounting principles \u2013 Consolidation principles, associated companies Associated companies are entities over which the Group exercises significant influence. Significant influence is presumed to exist when the Group owns over 20 per cent of the voting rights of the company or when the Group otherwise exercises significant influence, but does not exercise control. Associated companies are consolidated in accordance with equity method. If the Group\u2019s share of losses of an associated company exceeds its interest in the associated company, the investment is recognised on the balance sheet at zero value and the Group discontinues recognising its share of further losses unless the Group has other obligations for the associated company. Associated companies are consolidated from the date the Group obtains significant influence and divested associated companies are consolidated until the loss of significant influence. Accounting policies that require management\u2019s judgement \u2013 Consolidation principles, associated companies: Elisa\u2019s ownership of Misteli Fiber Oy is 45 percent, and it has been classified as an associated company based on management\u2019s assessment, considering factors such as ownership, voting rights, and who has the right to direct significant activities. The classification of Misteli Fiber as an associated company is reviewed regularly.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
Group\u2019s
Subsidiaries
Subsidiaries
ownership, %
Digiset Oy
Helsinki, Finland
100
Elisa Eesti AS
Tallinn, Estonia
100
Elisa Finance O\u00fc
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.
Ia\u0219i, Romania
100
Group\u2019s
Subsidiaries
Subsidiaries
ownership, %
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
iCADA AG
Weinfelden, Switzerland
100
iCADA GmbH
Ludwigshafen, Germany
100
Elisa IndustrIQ Finland Oy
Tampere, Finland
100
sedApta s.r.l.
Genova, Italy
100
Elisa Industriq Italy
Genova, Italy
100
Elisa Industriq Germany GmbH
Chemnitz, Germany
100
Elisa Industriq UK Ltd
London, UK
100
Elisa Industriq France
Chang\u00e9, 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
Group\u2019s
Subsidiaries
Subsidiaries
ownership, %
Fenix Solutions Oy
Turku, Finland
100
Fonum Oy
Helsinki, Finland
100
Kepit Systems Oy
Vaasa, Finland
70
Kiinteist\u00f6 Oy Raision Luolasto
Espoo, Finland
100
Kiinteist\u00f6 Oy Rinnetorppa
Kuusamo, Finland
100
Kiinteist\u00f6 Oy Tapiolan Luolasto
Espoo, Finland
100
LNS Kommunikation AB
Stockholm, Sweden
100
Moontalk Oy
Oulu, Finland
93
Preminet Oy
Helsinki, Finland
100
The following German subsidiaries meet the criteria and are exempt from the duty of corporations to audit and disclose financial statements pursuant to German legislations (Section 264 (3) HGB): Elisa camLine Holding GmbH, camLine GmbH and iCADA GmbH. The Group financial statements of Elisa serve as exempting consolidated financial statements for these companies. Significant changes in ownership of subsidiaries are presented in note 3. Other changes in group structure is described below. camLine USA Inc merged with Romaric Automation Design Inc in January 2025, Lean Group Oy merged with Elisa IndustrIQ Oy in June 2025, and Koillisnet Oy merged with Elisa Oyj in November 2025. In addition, the following arrangements took place in sedApta s.r.l. sub-group. Nextchain S.r.l. and Best Solutions and Processes Consultant S.r.l. merged with Elisa Industriq Italy in April 2025. Aimesys S.r.l. and Novigo Technology S.R.L. merged with sedApta s.r.l. in July 2025. Atomos Hyla Informatica SA was divested in August 2025. Accounting principles \u2013 Consolidation principles, subsidiaries: The consolidated financial statements include the parent company, Elisa Corporation, and those subsidiaries over which the Group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date the Group obtains control and divested companies until the loss of control. The acquisition method is used in the accounting for the elimination of internal ownership. All intra-group transactions, gains on the sale of inventories and fixed assets, intra-group receivables, payables and dividends are eliminated. Profit for the period attributable to the equity holders of the parent and non-controlling interests is presented separately in the consolidated income statement. Non-controlling interests are presented separately from the equity of the owners of the parent in the consolidated statement of financial position. Losses of subsidiaries are allocated to non-controlling interests even if they exceed their share of ownership. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
Joint arrangements
Kiinteist\u00f6 Oy Brahenkartano
Turku, Finland
60
Accounting principles \u2013 Consolidation principles, joint arrangements: Joint arrangements are arrangements over which the Group exercises joint control with one or more parties. A joint arrangement is either a joint venture or a joint operation. A joint venture is a joint arrangement, where the Group has rights to the net assets of the arrangement. A joint operation is a joint arrangement where the Group has rights to the assets and obligations for the liabilities relating to the arrangement. The only joint arrangement owned by the Group, Kiinteist\u00f6 Oy Brahenkartano, is a joint operation, which is consolidated using the proportional consolidation method. Sixty per cent of the assets, liabilities, income and expenses of the joint operation are consolidated to the Group\u2019s financial statements. The company owns and manages a building and a site in Turku. Elisa is mainly entitled to manage office and telecom facilities with the shares owned. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "
Accounting principles \u2013 Consolidation principles, subsidiaries:
The consolidated financial statements include the parent company, Elisa Corporation, and those subsidiaries over which
the Group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity.
Subsidiaries are consolidated from the date the Group obtains control and divested companies until the loss of control.
The acquisition method is used in the accounting for the elimination of internal ownership. All intra-group transactions,
gains on the sale of inventories and fixed assets, intra-group receivables, payables and dividends are eliminated.
Profit for the period attributable to the equity holders of the parent and non-controlling interests is presented separately in
the consolidated income statement. Non-controlling interests are presented separately from the equity of the owners of the
parent in the consolidated statement of financial position. Losses of subsidiaries are allocated to non-controlling interests
even if they exceed their share of ownership.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "Non-controlling interests are presented separately from the equity of the owners of the parent in the consolidated statement of financial position. Losses of subsidiaries are allocated to non-controlling interests even if they exceed their share of ownership. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
Accounting principles \u2013 Consolidation principles, joint arrangements:
Joint arrangements are arrangements over which the Group exercises joint control with one or more parties. A joint
arrangement is either a joint venture or a joint operation. A joint venture is a joint arrangement, where the Group has
rights to the net assets of the arrangement. A joint operation is a joint arrangement where the Group has rights to the
assets and obligations for the liabilities relating to the arrangement.
The only joint arrangement owned by the Group, Kiinteist\u00f6 Oy Brahenkartano, is a joint operation, which is consolidated
using the proportional consolidation method. Sixty per cent of the assets, liabilities, income and expenses of the joint
operation are consolidated to the Group\u2019s financial statements. The company owns and manages a building and a site in
Turku. Elisa is mainly entitled to manage office and telecom facilities with the shares owned.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "Accounting principles \u2013 Consolidation principles, joint arrangements: Joint arrangements are arrangements over which the Group exercises joint control with one or more parties. A joint arrangement is either a joint venture or a joint operation. A joint venture is a joint arrangement, where the Group has rights to the net assets of the arrangement. A joint operation is a joint arrangement where the Group has rights to the assets and obligations for the liabilities relating to the arrangement. The only joint arrangement owned by the Group, Kiinteist\u00f6 Oy Brahenkartano, is a joint operation, which is consolidated using the proportional consolidation method. Sixty per cent of the assets, liabilities, income and expenses of the joint operation are consolidated to the Group\u2019s financial statements. The company owns and manages a building and a site in Turku. Elisa is mainly entitled to manage office and telecom facilities with the shares owned. Accounting principles \u2013 Consolidation principles, associated companies Associated companies are entities over which the Group exercises significant influence. Significant influence is presumed to exist when the Group owns over 20 per cent of the voting rights of the company or when the Group otherwise exercises significant influence, but does not exercise control. Associated companies are consolidated in accordance with equity method. If the Group\u2019s share of losses of an associated company exceeds its interest in the associated company, the investment is recognised on the balance sheet at zero value and the Group discontinues recognising its share of further losses unless the Group has other obligations for the associated company. Associated companies are consolidated from the date the Group obtains significant influence and divested associated companies are consolidated until the loss of significant influence. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "8.3.2 Investments in associated companies Aggregated financial information of associates
EUR million
2025
2024
I/S
Group\u2019s share of associated companies\u2019 profit
\u20131.1
\u20131.2
B/S Group\u2019s investments in associated companies
19.5
11.7
EUR million
2025
2024
Balance at the beginning of the period
11.7
20.8
Additions
(1
8.9
0.0
Reclassifications
(2
\u20137.8
Share of profits for the period
\u20131.1
\u20131.2
Dividends received 0.0 0.0
B/S Balance at the end of the period
19.5
11.7
1) Elisa and MPY Telecom Oy established Misteli Fiber Oy during the financial year 2025. Elisa owns 45 percent of Misteli Fiber Oy, and the company is consolidated into the Elisa Group as an associated company. 2) In comparison year 2024 Elisa purchased the remaining share capital (81 per cent) in sedApta Group. Elisa had purchased a minority holding (19 per cent) in sedApta in 2021.
Group\u2019s
Associates
Domicile
ownership,%
FNE-Finland Oy
Kontiolahti, Finland
48.8
KE-Masto Oy
Kajaani, Finland
49.5
Kiinteist\u00f6 Oy Helsingin Lauttasaarentie 19
Helsinki, Finland
41.7
Kiinteist\u00f6 Oy Helsingin Sentnerikuja 6
Helsinki, Finland
50.0
Kiinteist\u00f6 Oy Helsingin Stenb\u00e4ckinkatu 5
Helsinki, Finland
40.0
Kiinteist\u00f6 Oy Herrainm\u00e4en Luolasto
Tampere, Finland
50.0
Kiinteist\u00f6 Oy Pohjanplassi
Lapua, Finland
39.3
Kiinteist\u00f6 Oy Riihim\u00e4en Maisterinkatu 9
Riihim\u00e4ki, Finland
35.0
Kiinteist\u00f6 Oy Runeberginkatu 43
Helsinki, Finland
29.6
Misteli Fiber Oy
Helsinki, Finland
45.0
MVC Mobile Video Communication GmbH
Kronberg im Taunus, Germany
37.5
Suomen Numerot NUMPAC Oy
Helsinki, Finland
33.3
Accounting principles \u2013 Consolidation principles, associated companies Associated companies are entities over which the Group exercises significant influence. Significant influence is presumed to exist when the Group owns over 20 per cent of the voting rights of the company or when the Group otherwise exercises significant influence, but does not exercise control. Associated companies are consolidated in accordance with equity method. If the Group\u2019s share of losses of an associated company exceeds its interest in the associated company, the investment is recognised on the balance sheet at zero value and the Group discontinues recognising its share of further losses unless the Group has other obligations for the associated company. Associated companies are consolidated from the date the Group obtains significant influence and divested associated companies are consolidated until the loss of significant influence. Accounting policies that require management\u2019s judgement \u2013 Consolidation principles, associated companies: Elisa\u2019s ownership of Misteli Fiber Oy is 45 percent, and it has been classified as an associated company based on management\u2019s assessment, considering factors such as ownership, voting rights, and who has the right to direct significant activities. The classification of Misteli Fiber as an associated company is reviewed regularly.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
Accounting principles \u2013 Consolidation principles, associated companies
Associated companies are entities over which the Group exercises significant influence. Significant influence is presumed
to exist when the Group owns over 20 per cent of the voting rights of the company or when the Group otherwise exercises
significant influence, but does not exercise control. Associated companies are consolidated in accordance with equity
method. If the Group\u2019s share of losses of an associated company exceeds its interest in the associated company, the
investment is recognised on the balance sheet at zero value and the Group discontinues recognising its share of further
losses unless the Group has other obligations for the associated company. Associated companies are consolidated from
the date the Group obtains significant influence and divested associated companies are consolidated until the loss of
significant influence.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
Collateral, commitments and other liabilities
EUR million
2025
2024
On behalf of own commitments
Mortgages
3.8
3.8
Guarantees
4.4
2.8
Deposits 0.5 0.6
On behalf of others
Guarantees 0.2 0.5
8.8
7.6
Other contractual obligations
Venture capital investment obligation
0.1
0.2
Repurchase obligations 0.0
0.1 0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "Collateral, commitments and other liabilities
EUR million
2025
2024
On behalf of own commitments
Mortgages
3.8
3.8
Guarantees
4.4
2.8
Deposits 0.5 0.6
On behalf of others
Guarantees 0.2 0.5
8.8
7.6
Other contractual obligations
Venture capital investment obligation
0.1
0.2
Repurchase obligations 0.0
0.1 0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "Collateral, commitments and other liabilities
EUR million
2025
2024
On behalf of own commitments
Mortgages
3.8
3.8
Guarantees
4.4
2.8
Deposits 0.5 0.6
On behalf of others
Guarantees 0.2 0.5
8.8
7.6
Other contractual obligations
Venture capital investment obligation
0.1
0.2
Repurchase obligations 0.0
0.1 0.2
Real estate investments VAT refund liability for real estate investments indicates the amount that may become completely non tax-deductible if the intended use of the property was to change. On 31 December 2025, the VAT refund liability for real estate investments was EUR 64.1 (59.5) million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "8.5 Events after the end of the reporting period There were no significant events after the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }