Shares and shareholders Board’s proposal for the distribution of profits Investor informationReport of the board of directors
9 Shares and shareholders
11 Board’s proposal fordistribution of profits
12 Investor information
REPORT OF THE BOARD OF DIRECTORS
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ANNUAL REPORT 2025 • Report of the Board of Directors1
Report of the board of directors 2025
Outlook and guidance for 2026
The development in the general economy includes many
uncertainties. Growth in the Finnish economy has been
weak. Competition in the Finnish telecommunications market
has been intense.
Full-year revenue is estimated to be at the same level
as or slightly higher than in 2025. Full-year comparable
EBITDA is anticipated to be EUR 815–845 million. Capital
expenditure is expected to be 12 per cent of revenue.
The outlook and guidance assume that the economic and
operating environment gradually improves during the year.
It further assumes telecom service revenue growth of 1–3
per cent and international software services organic revenue
growth over 10 percent. Mobile service revenue is the main
driver of telecom service growth.
Profit distribution
According to Elisa’s distribution policy, profit distribution
is 80–100 per cent of the previous fiscal year’s net profit.
In addition, any excess capital can be distributed to
shareholders. When making the distribution proposal or
decision, the Board of Directors will take into consideration
the company’s financial position, future financial needs
and financial targets. Profit distribution includes dividend
payment, capital repayment and share buybacks.
The Board of Directors proposes to the General Meeting
that the profit for the financial period 2025 be added to
accrued earnings and that a maximum dividend of EUR
2.40 per share be paid based on the adopted balance sheet
of 31 December 2025 adopted by the General Meeting.
According to the proposal, the dividend will be paid in four
instalments as follows.
The first instalment of the dividend of EUR 0.60 per
share is proposed to be paid to a shareholder registered in
the shareholders’ register of the Company held by Euroclear
Finland Oy on the dividend payment record date of the first
instalment of 7 April 2026. The Board of Directors proposes
that the first instalment of the dividend be paid on 15 April
2026.
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. The
authorisation would be valid until the opening of the next
Annual General Meeting.
Unless the Board of Directors decides otherwise for a
justified reason, the authorisation will be used to distribute
dividend in three equal-sized instalments during the period
of validity of the authorisation. The Board of Directors will
make separate resolutions on each distribution of dividend
so that the preliminary record and payment dates for each
dividend instalment will be as set out below. The Company
will make separate announcements of each such resolution.
Preliminary
record dates
Preliminary
payment dates
Preliminary
amounts
20 July
2026
29 July
2026
EUR 0.60 per share
26 October
2026
4 November
2026
EUR 0.60 per share
10 February
2027
17 February
2027
EUR 0.60 per share
Each dividend instalment based on the authorisation will
be paid to shareholders registered in the Company’s
shareholder register maintained by Euroclear Finland Ltd on
the dividend record date of the instalment in question.
The Board of Directors also decided to propose to the
General Meeting that the Board of Directors be authorised
to acquire a maximum of five million treasury shares, which
corresponds to 3 per cent of the total number of shares.
Market situation
The competitive environment has been active, especially
in mobile subscriptions. The usage of mobile services
has continued to evolve favourably. Good demand for
5G services has also continued due to the wider range
of 5G devices and better network coverage. Geopolitical
uncertainties and the soft macroeconomic environment still
continued. This situation has increased the demand for
cybersecurity services. Competition in the fixed broadband
market has continued to be intense, and the number and
usage of traditional fixed network subscriptions is declining.
The markets for IT services have continued to develop
favourably. The prevailing uncertainty in the general
economy has caused some companies to delay investment
decisions and project implementation.
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ANNUAL REPORT 2025 • Report of the Board of Directors2
Revenue, earnings and financial position
EUR million 2025 2024 2023
Revenue 2,257 2,191 2,180
EBITDA 764 767 756
EBITDA-% 33.9% 35.0% 34.7%
Comparable EBITDA
(1
808 783 756
Comparable EBITDA-% 35.8% 35.7% 34.7%
EBIT 466 488 482
EBIT-% 20.6% 22.3% 22.1%
Comparable EBIT
(1 (2
512 504 487
Comparable EBIT-% 22.7% 23.0% 22.4%
Return on equity, % 26.8% 27.6% 29.4%
1)
2025 excluding EUR 32 million in restructuring costs and EUR 12 million in network dismantling and repair costs.
2024 excluding EUR 17 million in restructuring costs.
2)
2025 excluding EUR 2 million impairment of fixed assets. 2023 excluding EUR 6 million impairment of fixed assets.
Revenue increased by 3 per cent on the previous year, mainly due to growth in mobile and international software services,
corporate digital services as well as interconnection and roaming. Acquisitions had a positive effect on revenue, while
decreases in equipment sales, fixed services, consumer digital services as well as the Epic TV divestment impacted revenue
negatively.
Comparable EBITDA increased by 3 per cent and comparable EBIT by 1 per cent, mainly due to service revenue growth
and efficiency improvement measures.
Net financial income and expenses were EUR –40 million (–39). Income taxes in the income statement were
EUR 83 million (91). Net profit was EUR 342 million (356), and comparable earnings per share was EUR 2.36 (2.35).
Financial position
EUR million 2025 2024 2023
Net debt 1,508 1,473 1,304
Net debt / EBITDA
(1
1.9 1.9 1.7
Gearing ratio, % 119.8% 113.9% 100.8%
Equity ratio, % 35.9% 38.7% 41.6%
Cash flow
(2
400 256 347
Comparable cash flow
(3
411 357 361
1)
Interest-bearing debt – financial assets) / (four previous quarters’ comparable EBITDA)
2)
Cash flow before financing activities.
3)
2025 excluding EUR 12 million in share investments and sales. 2024 excluding EUR 101 million in share and business investments and loans
granted. 2023 excluding EUR 14 million in share and business investments and sales.
Comparable cash flow after investments increased by 15 per cent to EUR 411 million. Change in net working capital, lower
taxes and lower CAPEX affected cash flow positively, while EBITDA, and financial expenses had negative effects.
The financial position and liquidity remain strong. Cash and undrawn committed credit lines totalled EUR 590 million at the
end of the reporting period.
Changes in corporate structure
In July, Elisa sold Banana Fingers Limited and Epic TV SAS to LDR S.p.A in Italy.
On 23 October, Elisa transferred the ownership of Elisa Eesti AS to Karelsat Oy from the parent company. The transaction
increased the parent company’s result and equity, but there was no tax effect. On 31 October Elisa’s wholly owned subsidiary
Karelsat Oy merged into Elisa Corporation. These transactions have no impact on the consolidated income statement or
balance sheet.
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ANNUAL REPORT 2025 • Report of the Board of Directors3
Corporate Customers business
EUR million 2025 2024
Revenue 750 754
EBITDA 239 242
EBITDA-% 31.9% 32.1%
Comparable EBITDA
(1
256 251
Comparable EBITDA-% 34.2% 33.2%
EBIT 146 155
EBIT-% 19.5% 20.5%
Comparable EBIT
(1 (2
164 163
Comparable EBIT-% 21.9% 21.6%
CAPEX 112 106
1)
2025 excluding EUR 13 million in restructuring costs and EUR 4 million in network dismantling and repair costs. 2024 excluding EUR 8 million
in restructuring costs.
2)
2025 excluding EUR 1 million impairment of fixed assets.
Revenue decreased by 1 per cent, being negatively affected by fixed services and equipment sales. Revenue was positively
affected by growth in mobile and digital services as well as interconnection and roaming. Comparable EBITDA increased by
2 per cent.
Consumer Customers business
EUR million 2025 2024
Revenue 1,352 1,329
EBITDA 526 539
EBITDA-% 38.9% 40.6%
Comparable EBITDA
(1
550 545
Comparable EBITDA-% 40.7% 41.0%
EBIT 333 356
EBIT-% 24.6% 26.8%
Comparable EBIT
(1 (2
358 361
Comparable EBIT-% 26.5% 27.2%
CAPEX 232 229
1)
2025 excluding EUR 16 million in restructuring costs and EUR 8 million in network dismantling and repair costs. 2024 excluding EUR 5 million in
restructuring costs.
2)
2025 excluding EUR 1 million impairment of fixed assets.
Revenue increased by 2 per cent. Revenue was positively affected by growth in mobile, fixed and energy software services,
as well as in interconnection and roaming revenue. Decreases in digital services and equipment sales as well as the Epic TV
divestment affected revenue negatively. Comparable EBITDA increased by 1 per cent.
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ANNUAL REPORT 2025 • Report of the Board of Directors4
International Software Services
EUR million 2025 2024
Revenue 155 109
EBITDA –1 –15
EBITDA-% –0.6% –13.6%
Comparable EBITDA
(1
2 –12
Comparable EBITDA-% 1.3% –10.9%
EBIT –13 –23
EBIT-% –8.6% –20.9%
Comparable EBIT
(1
–10 –20
Comparable EBIT-% –6.7% –18.2%
CAPEX 11 2
1)
2025 excluding EUR 3 million and 2024 excluding EUR 3 million in restructuring costs.
Revenue increased by 43 per cent, driven by acquisitions, growth in services and recurring revenue. Comparable EBITDA
increased by EUR 14 million, being EUR 2 million.
Investments
EUR million 2025 2024
Capital expenditure, of which 355 338
Consumer Customers 232 229
Corporate Customers 112 106
International Software Services 11 2
Shares
15
114
Total investments 371 452
Shares and business acquisitions 15 124
Reclassification on inventories 13
Leases
63
33
Capital expenditure excluding leases, reclassification on inventories,
shares and business acquisitions 280 295
Capital expenditure as % of revenue 12 13
The main capital expenditures were related to the capacity and coverage increases in 5G networks, fiber and other networks,
as well as IT investments. Growth in leases include construction of fiber network with joint venture company MPY Telecom.
Personnel
In 2025, the average number of personnel at Elisa was 6,233 (5,781), and employee expenses totalled EUR 478 million
(433). Personnel by segment at the end of the reporting period:
31 Dec 2025 31 Dec 2024
Consumer Customers 2,920 2,951
Corporate Customers 1,928 1,876
International Software Services
1,329
1,322
Total 6,177 6,149
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ANNUAL REPORT 2025 • Report of the Board of Directors5
Financing arrangements and ratings
EUR million
Maximum
amount
In use on
31 Dec 2025
Committed credit limits 300 0
Credit facilities (not committed) 125 0
Commercial paper programme (not committed) 350 90
Bank loans 300 200
EMTN programme (not committed)
2,000 1,285
Long term credit ratings Rating Outlook
Credit rating agency
Moody's Ratings Baa2 Stable
S&P Global Ratings
BBB+ Stable
On 7 May 2025, Elisa issued a fixed-rate, EUR 300 million bond that matures on 14 May 2030 under the EMTN Programme.
The coupon is 2.875 per cent, and the issue price was 99.455.
On 15 May 2025, Elisa purchased its bonds due in February 2026 in the amount of EUR 115.0 million. The purchase price
was 99.301 per cent. After the purchase, EUR 184.8 million of the February 2026 bonds remain outstanding.
In May, Elisa agreed with six banks to extend its EUR 170 million sustainability-linked revolving credit facility for two years by
EUR 145.7 million, from May 2028 to May 2030.
Also in May, Elisa agreed to increase its non-committed credit facility with Landesbank Baden-Württemberg to
EUR 125 million.
Elisa made an annual update to its EMTN Programme in July and in this connection increased the total amount of the
program from EUR 1.5 billion to EUR 2.0 billion.
On 19 November 2025, Elisa issued an increase of EUR 200 million under the EMTN Programme in the original of its
2030 maturing EUR 300 million bond (issued in May 2025). The coupon rate of tap issue is 2.875 per cent and the issue
price was 99.228, After the increase, the total capital of the bond is EUR 500 million, which raises the bond to the benchmark
category.
On 10 December 2025, Elisa signed an eight-year, EUR 200 million sustainability-linked loan agreement with the Nordic
Investment Bank. EUR 100 million of the loan was undrawn at the end of December 2025.
Share
Share trading volumes are based on trades made on the Nasdaq Helsinki and alternative marketplaces.
Closing prices are based on the Nasdaq Helsinki.
Trading of shares, millions 2025 2024 2023
Nasdaq Helsinki, millions 74.9 69.7 64.4
Cboe 186.8 121.3 148.8
London Stock Exchange 27.1 27.7 29.8
Other marketplaces
16.7
10.9 10.3
Total volume
(1
305.6 229.6 253.3
Value, EUR million 13,175 9,923 12,376
% of shares
182.6%
137.2% 151.4%
Shares and market values 2025 2024 2023
Total number of shares 167,335,073 167,335,073 167,335,073
Treasury shares 6,821,539 6,925,607 6,946,654
Outstanding shares 160,513,534 160,409,466 160,388,419
Closing price, EUR 37.74 41.80 41.87
Market capitalisation, EUR million 6,315 6,995 7,006
Treasury shares, %
4.08%
4.14% 4.15%
Number of shares Total Treasury Outstanding
Shares on 31 Dec 2024 167,335,073 6,925,607 160,409,466
Performance Share Plan, 5 Feb 2025
(2
–101,797 101,797
Restricted Share Plan, 5 Feb 2025
(2
–2,271 2,271
Shares on 31 Dec 2025
167,335,073
6,821,539 160,513,534
1)
Other marketplaces: based on Modular Finance.
2
) Stock exchange release, 5 February 2025.
On 5 February 2025, Elisa transferred 104,068 treasury shares to people included in the Performance
Share Plan for the period 2022–2024 and the Restricted Share Plan 2023 for the period 2024.
Shares and shareholders Board’s proposal for the distribution of profits Investor informationReport of the board of directorsReport of the board of directors
ANNUAL REPORT 2025 • Report of the Board of Directors6
Research and development
The majority of service development occurs during the
ordinary course of business and is accounted for as a
normal operating expense. Elisa invested EUR 38 million
(27) in research and development, of which EUR 13 million
(8) was capitalised in 2025, corresponding to 1.7 per cent
(1.2) of revenue.
Annual General Meeting 2025
On 2 April 2025, Elisa’s Annual General Meeting decided
to pay a dividend of EUR 2.35 per share based on the
adopted balance sheet of 31 December 2024. According
to the decision, the dividend will be paid in two instalments.
The first instalment of the dividend, EUR 1.18 per share,
was paid on 11 April 2025. The second instalment of the
dividend, EUR 1.17 per share, was paid on 24 October
2025.
The AGM adopted the financial statements for 2024.
The members of the Board of Directors and the CEO were
discharged from liability for 2024. The AGM approved the
Remuneration Report for the Company’s governing bodies
for 2024 and the Remuneration Policy for Elisa’s governing
bodies. The resolutions are advisory in accordance with the
Finnish Limited Liabilities Companies Act.
The number of the members of the Board of Directors
was confirmed at eight (8). Maher Chebbo, Kim Ignatius,
Katariina Kravi, Pia Kåll, Eva-Lotta Sjöstedt and Christoph
Vitzthum were re-elected as members of the Board of
Directors. Tuomas Hyyryläinen and Urs Schaeppi were
elected as new members of the Board of Directors.
Christoph Vitzthum was appointed as the Chair and Katariina
Kravi as the Deputy Chair of the Board of Directors.
The AGM decided that the amount of annual
remuneration for the members of the Board of Directors be
changed. The Chair will be paid an annual remuneration
of EUR 160,000, the Deputy Chair and the Chairs of
maximum. The shares may be repurchased in order to
carry out acquisitions or other arrangements related to the
Company’s business, to finance investments, to improve
the Company’s capital structure, to be used as part of the
Company’s incentive scheme, to be transferred for other
purposes, or to be cancelled. The authorisation is valid for
18 months from the date of the resolution of the General
Meeting.
The AGM decided on to authorise the Board of Directors
to pass a resolution concerning the share issue, the right
of assignment of treasury shares and/or the granting of
special rights referred to in the the Finnish Limited Liabilities
Companies Act. The authorisation entitles the Board of
Directors to execute the issue as directed. The amount
of shares under this authorisation is 15 million shares at
maximum. The shares may be issued under the proposed
authorisation in order to carry out acquisitions or other
arrangements related to the company’s business, to finance
investments, to improve the company’s capital structure, to
be used as part of the company’s incentive scheme or to
be used for other purposes decided on by the Board of
Directors. The authorisation is valid for 18 months from the
date of the resolution of the General Meeting.
Elisa Shareholders’ Nomination Board
The biggest shareholders were determined according to
the shareholder register of Elisa on 31 August 2025, and
they named the members of the Nomination Board. The
composition of the Nomination Board since September
2025 has been as follows:
• Timo Mäkinen, Investment Manager, nominated by
Solidium Oy
• Mikko Mursula, CEO, nominated by Ilmarinen Mutual
Pension Insurance Company
• Markus Aho, Deputy CEO, Chief Investment Officer,
nominated by Varma Mutual Pension Insurance Company
the Committees EUR 89,000, and other Board members
EUR 73,000. Additionally, EUR 800 per meeting of the
Board and of a Committee. However, if a Board member
is physically present in the Board or Committee meeting,
which is held in a country other than his/her permanent
home country, the meeting fee is EUR 1,600.
Ernst & Young Oy, Authorised Public Accountants
Organisation and Authorised Sustainability Audit Firm,
was elected as the company’s auditor and sustainability
reporting assurer. Terhi Mäkinen (APA) and Authorised
Sustainability Auditor (ASA) was elected as the responsible
auditor and the sustainability reporting assurer with principal
responsibility. Auditor and sustainability reporting assurer
will be remunerated, and travel expenses reimbursed in
accordance with the invoice accepted by the company.
The AGM decided on amending the first paragraph
of Section 11 of the Articles of Association (“the General
Meeting”) by adding provisions on the remuneration of
the sustainability reporting assurer and the grounds for
reimbursement of travel expenses (item 8) and on the
election of a sustainability reporting assurer (item 11).
Composition of the committees of
Elisa’s Board of Directors
The Board of Directors held its organising meeting and
appointed Katariina Kravi (chair), Maher Chebbo, Eva-
Lotta Sjöstedt and Christoph Vitzthum to the People and
Compensation Committee. Kim Ignatius (chair), Tuomas
Hyyryläinen, Pia Kåll and Urs Schaeppi were appointed to
the Audit Committee.
Authorisations of the Board of Directors
The AGM decided on to authorise the Board of Directors
to resolve to repurchase or accept as pledge the company’s
own shares. The repurchase may be directed. The amount
of shares under this authorisation is 5 million shares at
• Jonna Ryhänen, Deputy CEO, Chief Investment Officer,
nominated by Elo Mutual Pension Insurance Company
• Christoph Vitzthum, Chair of the Board of Elisa
The Nomination Board elected from amongst its members
Mikko Mursula as the Chair.
Elisa’s Shareholders’ Nomination Board was established
in 2012 by the Annual General Meeting. Its duty is to
prepare proposals for the election and remuneration of the
members of the Board of Directors of Elisa for the Annual
General Meeting.
Significant legal and regulatory issues
In April 2024, the EU issued a regulation on measures
to reduce the cost of deploying gigabit electronic
communications networks (the Gigabit Infrastructure Act),
with the aim of reducing the costs of and obstacles to
network construction as well as reusing existing physical
infrastructure. The Act also states that, from 1 January 2029,
providers should not charge different retail prices for
domestic and intra-EU communications, pending a review by
the European Commission of the situation and obligations,
which will take place by 30 June 2027. The Act entered into
force in November 2025.
In July 2020, Tucana Telecom NV initiated legal
proceedings against Polystar OSIX AB in the Business
Court of Brussels with a claim of infringement of exclusivity
included in a distribution agreement and also of wrongful
termination of the distribution agreement. This case has
been resolved pursuant to a judgement issued on 10 June
2022. The claim against Polystar OSIX AB was dismissed
in full by the court, and consequently, no compensation or
damages were awarded to the claimant. The decision has
been appealed.
In December 2022, Elisa appealed a decision of
Estonia’s Consumer Protection and Technical Regulatory
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ANNUAL REPORT 2025 • Report of the Board of Directors7
Authority, which was related to the restrictions within certain
time limits to use Huawei equipment in Elisa Estonia’s
networks, to the Estonian Administrative Court. Elisa was
being forced to replace the Huawei hardware and software
currently used in its networks, but there is no compensation
system in place. In November 2024, Elisa submitted a
compensation claim to the Estonian Administrative Court,
demanding compensation for 4G hardware and software
that must be prematurely replaced in its mobile network. The
Administrative Court has suspended the proceedings until
the legality of the restrictions has been clarified in parallel
proceedings.
In December 2025, a final award was given in the
arbitration proceeding initiated against Elisa in 2024,
related to devices used in a TV solution of the Elisa Viihde
entertainment services. All claims presented against Elisa
were rejected.
In 2021, the provisions related to national security in
Finnish networks came into force. The rules prohibit the use,
in the critical parts of a network, of communications network
devices that could endanger national security or national
defence. The critical parts of a network are defined at a
general level in the legislation. The Finnish Transport and
Communication Agency has issued an order that defines
more precisely the critical parts of a network. The revised
order was issued at the end of 2025. According to Elisa’s
assessment, the order does not cause any significant new
financial or operational impacts on Elisa’s business.
In June 2025, the Finnish Government granted Elisa a
licence for the 450 MHz frequency band in the mainland
Finland area. The licence is valid until 31 December 2033.
Substantial risks and uncertainties
associated with Elisa’s operations
Risk management is part of Elisa’s internal control system. It
aims to ensure that risks affecting the company’s business
Uncertainty relating to regional conflicts globally,
especially Russia’s war in Ukraine, is continuing. This is
expected to affect the general economic environment,
e.g. inflation and energy prices. Challenges in global
supply chains may also result in uncertainties in volumes
and prices. Disturbances related to running infrastructure
may also occur, for example due to cyber incidents. Elisa’s
business in Russia was not essential, and Elisa withdrew
from the Russian market in 2022.
Hazard risks:
The company’s core operations are covered by insurance
against damage and interruptions caused by accidents and
disasters. Accident risks also include litigation and claims.
Financial risks:
In order to manage the interest rate risk, the Group’s loans
and investments are diversified into fixed- and variable-rate
instruments. Interest rate swaps can be used to manage the
interest rate risk.
As most of Elisa’s operations and cash flow are
denominated in euros, the exchange rate risk is minor.
Currency derivatives can be used to manage the currency
risk.
The objective of liquidity risk management is to ensure
the Group’s financing in all circumstances. Elisa has cash
reserves, committed credit facilities and a sustainable cash
flow to cover its foreseeable financing needs.
Liquid assets are invested within confirmed limits in
financially solid banks, domestic companies and institutions.
Credit risk concentrations in accounts receivable are minor
as the customer base is broad.
Russia’s war in Ukraine and other geopolitical
uncertainties have increased volatility in the financial
markets. This might have an effect on Elisa’s ability to raise
funds and may increase financing costs.
A detailed description of financial risk management
can be found in Note 7.1 to the consolidated financial
statements.
Corporate Governance Statement
and Remuneration Report
Elisa’s Corporate Governance Statement and Remuneration
Report for 2025 will be published during week 10 (week
beginning 2 March) on the company website elisa.com/
annualreport.
Group Sustainability Statement 2025
The Group Sustainability Statement 2025 included in the
report of the board of directors includes information in
accordance with the Corporate Sustainability Reporting
Directive (CSRD) and the EU Taxonomy Regulation, and it
has been aligned with the European Sustainability Reporting
Standards (ESRS) issued by the European Financial
Reporting Advisory Group. The disclosed sustainability
matters and data points included in the Environment, Social
and Governance sections, covering both upstream and
downstream value chains, have been determined based on
Elisa’s double materiality assessment (DMA).
The full Group Sustainability Statement can be found in
the section Group Sustainability Statement 2025.
Events after the reporting period
There were no substantial events after the reporting period.
BOARD OF DIRECTORS
are identified, influenced and monitored. The company
classifies risks into strategic, operational, hazard and
financial risks.
Strategic and operational risks:
The telecommunications industry is intensely competitive
in Elisa’s main market areas, which may have an impact on
Elisa’s business. The telecommunications industry is also
subject to heavy regulation. Elisa and its businesses are
monitored and regulated by several public authorities. This
regulation also affects the price level of some products and
services offered by Elisa and may also require investments
that have long payback times.
Elisa processes different kinds of data, including
personal and traffic data. Therefore, the applicable data
protection legislation (especially the General Data Protection
Regulation) as well as other data-related legislation might
have a significant impact on Elisa and its businesses.
The rapid developments in telecommunications
technology may have a significant impact on Elisa’s business.
Changes in governmental relationships, including in the
security environment, may increase the risk of restrictions
being imposed on equipment from particular network
providers that is also used in Elisa’s network. This could have
financial or operational impacts on Elisa’s business.
Elisa’s main market is Finland, where the number of
mobile phones per inhabitant is among the highest in the
world and growth in subscriptions is therefore limited.
Furthermore, the volume of phone traffic on the fixed
network has been decreasing during recent years. These
factors may limit opportunities for growth. New international
business expansion and possible future acquisitions abroad
may increase risks.
Elisa is liable to pay direct and indirect taxes and
withholding taxes in the countries in which it operates.
Changes in tax authorities’ interpretations of tax laws may
lead to an increase in the tax burden for corporations.
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ANNUAL REPORT 2025 • Report of the Board of Directors8
Shares and shareholders
1. Share capital and shares
The company’s paid-up share capital registered in the Trade
Register stood at EUR 83,033,008 at the end of the financial
year.
At the end of the financial year, the number of Elisa
Corporation shares was 167,335,073, all within one share
series.
2. Authorisations of the
Board of Directors
On 2 April 2025, the Annual General Meeting authorised
the Board of Directors to decide on a new share issue,
transfer of treasury shares owned by the company and/or
granting of special rights referred to in chapter 10, section
1 of the Finnish Companies Act subject to the following:
The authorisation allows the Board of Directors to issue a
maximum of 15,000,000 shares in one or several issues.
The share issue and shares granted by virtue of special
rights are included in the aforementioned maximum number.
The maximum number is approximately 9 per cent of the
entire stock. The share issue can be free or for consideration
and can also be directed to the Company itself. The
authorisation entitles the Board to make a directed issue.
The authorisation may be used for making acquisitions or
implementing other arrangements related to the Company’s
business, to finance investments, to improve the Company’s
financial structure, to be used as part of the company’s
incentive scheme, or for other purposes decided by the
Board of Directors. The Board of Directors has the right
to decide on all other matters related to the share issue.
The authorisation is valid for 18 months, and it annuls the
authorisation given by the Annual General Meeting to the
Board of Directors on 12 April 2024.
On 2 April 2025, the Annual General Meeting also
authorised the Board of Directors to decide on the
acquisition of treasury shares subject to the following: The
Board of Directors may decide to acquire or pledge on non-
restricted equity a maximum of 5,000,000 treasury shares.
The acquisition may take place as one or several blocks of
shares. The consideration payable for the shares shall not
be more than the ultimate market price. In purchasing the
Company’s own shares derivative, share lending and other
contracts customary in the capital market may be concluded
pursuant to law and the applicable legal provisions. The
authorisation entitles the Board of Directors to pass a
resolution to purchase the shares by making an exception
to the purchase of shares relative to the current holdings
of the shareholders. The treasury shares may be used for
making acquisitions or implementing other arrangements
related to the Company’s business, to finance investments,
to improve the Company’s financial structure, to be used as
part of the incentive compensation plan, or for the purpose
of otherwise assigning or cancelling the shares. The Board
of Directors has the right to decide on all other matters
related to the acquisition of the Company’s own shares.
The authorisation is valid for 18 months, and it annuls
the respective authorisation given by the Annual General
Meeting to the Board of Directors on 12 April 2024.
3. Treasury shares, share
issues and cancellations
At the beginning of the financial period, Elisa held
6,925,607 treasury shares.
The Annual General Meeting held on 2 April 2025
authorised the Board of Directors to acquire and assign
treasury shares. The authorisation applies to a maximum
of 5,000,000 treasury shares. On the basis of the
authorisation, Elisa has not acquired any treasury shares.
A total of 104,068 treasury shares were disposed during
the financial year.
At the end of the financial period, Elisa held 6,821,539
treasury shares.
The treasury shares held by Elisa Corporation do not
have any substantial impact on the distribution of holdings
and votes in the Company. They represent 4.08 per cent of
all shares and votes.
4. Management interests
The aggregate number of shares held by Elisa’s Board of
Directors and the CEO on 31 December 2025 was 98,506
shares and votes, which represented 0.06 per cent of all
shares and votes.
5. Share performance
The Elisa share closed at EUR 37.74 on 31 December 2025.
The highest quotation of the year was EUR 48.16 and the
lowest EUR 36.46. The average price was EUR 43.11.
Information is based on share trades made on the Nasdaq
Helsinki stock exchange.
At the end of the financial year, the market capitalisation
of Elisa’s total number of shares was EUR 6,315.2 million.
6. Quotation and trading
The Elisa share is quoted on the Main List of the Nasdaq
Helsinki with the ticker ELISA. The aggregate volume
of trading on the Nasdaq Helsinki between 1 January
and 31 December 2025 was 74,911,458 shares for an
aggregate price of EUR 3,229.7 million. The trading volume
represented 44.8 per cent of the total number of shares at
the end of the financial year.
Shares and shareholders Board’s proposal for the distribution of profits Investor informationReport of the board of directors Shares and shareholders
ANNUAL REPORT 2025 • Report of the Board of Directors9
7. Distribution of holding by shareholder groups at 31 December 2025
Number of shares
Proportion of
all shares, %
1 Private companies 4,085,540 2.44
2 Financial and insurance institutions 5,008,305 2.99
3 Public corporations 30,900,810 18.47
4 Non-profit organisations 4,756,135 2.84
5 Households 37,581,834 22.46
6 Foreign 202,193 0.12
7 Nominee registered 77,978,717 46.60
Elisa Corporation, treasury shares
6,821,539 4.08
167,335,073 100.00
8. Distribution of holding by amount at 31 December 2025
Size of holding
Number of
shareholders %
Number of
shares %
1–100 60,294 32.68 2,574,096 1.50
101–1,000 119,410 64.71 27,263,708 16.29
1,001–10,000 4,581 2.49 10,721,256 6.41
10,001–100,000 215 0.12 5,545,277 3.31
100,001–1,000,000 25 0.01 6,962,722 4.16
1,000,001– 7 0.00 36,290,018 21.69
Nominee registered 77,978,717 46.60
184,532 100.00
Elisa Corporation, treasury shares 6,821,539 4.08
Issued amount 167,335,073 100.00
9. Largest shareholders at 31 December 2025
Name Number of shares %
1 Solidium Oy 16,802,800 10.04
2 Ilmarinen Mutual Pension Insurance Company 4,637,013 2.87
3 Varma Mutual Pension Insurance Company 3,096,976 1.85
4 Elo Mutual Pension Insurance Company 2,457,000 1.54
5 The State Pension Fund 1,350,000 0.69
6 City of Helsinki 1,124,690 0.67
7 OP-Finland Index Fund 725,829 0.38
8 The Local Government Pensions Institution 597,577 0.35
9 Seligson OMX Helsinki 25 ETF Fund 511,270 0.29
10 Nordea Pro Finland Fund 500,311 0.27
11 Evli Finland Select Fund 435,000 0.27
12 Samfundet Folkhälsan i Svenska Finland rf 368,982 0.25
13 OP-Henkivakuutus Ltd. 348,788 0.23
14 Nordea Finnish Passive Fund 317,740 0.22
15 OP-Finland Fund 316,822 0.21
16 Society of Swedish Literature in Finland 311,020 0.21
17 Sigrid Juselius Foundation 281,100 0.21
18 City of Vantaa 258,738 0.20
19 Amos Anderson Fund 250,000 0.18
20 Finnish Cultural Foundation 201,643 0.16
34,893,299 20.85
Nominee registered
1)
77,978,717 46.60
Elisa Corporation, treasury shares 6,821,539 4.08
Others 47,641,518 28.47
167,335,073 100.00
1)
BlackRock Inc’s ownership of Elisa Corporation shares totalled on 1 July 2025 10,857,012 shares,
which was 6.49 per cent of Elisa Corporation’s entire shares.
Shares and shareholders Board’s proposal for the distribution of profits Investor informationReport of the board of directors Shares and shareholders
ANNUAL REPORT 2025 • Report of the Board of Directors10
Board’s proposal
for distribution of profits
According to the balance sheet of 31 December 2025, the
parent company’s equity is EUR 891,596,568.86, of which
distributable funds account for EUR 779,289,390.40.
The parent company’s profit for the period from 1 January
to 31 December 2025 was EUR 760,851,377.71.
The Board of Directors proposes to the General Meeting of
Shareholders that the distributable funds be used as follows:
• A dividend of EUR 0.60 per share will be paid based on
the resolution of the Annual General Meeting
• The Board of Directors will be authorised to decide, at its
discretion, on the distribution of a maximum dividend of
EUR 1.80 per share in three instalments
• No dividend will be paid on shares in the parent
company’s possession
• A maximum dividend of EUR 2.40 per share will be paid,
for a total amount not exceeding EUR 385,232,481.60
• At least EUR 394,056,908.80 will be retained in
shareholders’ equity.
Share trading volumes are based on the trades made on Nasdaq Helsinki.
Elisa share is also traded in alternative marketplaces.
11. Trading volume
Shares per month (million)
10. Daily price development
Closing price in EUR
1)
Rebalanced to Elisa share.
34
36
38
40
42
44
46
48
50
52
54
56
58
Elisa
HEX 25
(1
Daily price development
Closing price in EUR
1/2025
2/2025
3/2025
4/2025
5/2025
6/2025
7/2025
8/2025
9/2025
10/2025
11/2025
12/2025
0
1
2
3
4
5
6
7
8
9
10
Trading volume
Shares per month (million)
5.6
4.8
5.9
8.1
5.7
5.1
4.9
3.9
5.9
8.7
8.7
7.6
1/2025
2/2025
3/2025
4/2025
5/2025
6/2025
7/2025
8/2025
9/2025
10/2025
11/2025
12/2025
Shares and shareholders Board’s proposal for the distribution of profits Investor informationReport of the board of directors Board’s proposal for the distribution of profits
ANNUAL REPORT 2025 • Report of the Board of Directors11
Investor information
Outlook and guidance for 2026
The development in the general economy includes many
uncertainties. Growth in the Finnish economy has been
weak. Competition in the Finnish telecommunications market
has been intense.
Full-year revenue is estimated to be at the same level
as or slightly higher than in 2025. Full-year comparable
EBITDA is anticipated to be EUR 815–845 million. Capital
expenditure is expected to be 12 per cent of revenue.
The outlook and guidance assume that the economic and
operating environment gradually improves during the year.
It further assumes telecom service revenue growth of 1–3
per cent and international software services organic revenue
growth over 10 percent. Mobile service revenue is the main
driver of telecom service growth.
Profit distribution
According to Elisa’s distribution policy, profit distribution
is 80–100 per cent of the previous fiscal year’s net profit.
In addition, any excess capital can be distributed to
shareholders. Profit distribution includes dividend payment,
capital repayment and purchase of treasury shares.
Guidance for 2026
Revenue 2025 level or slightly higher
EBITDA EUR 815–845 million
CAPEX-to-sales 12%
Medium-term financial targets by the end of 2027
Revenue 2024–2027 CAGR >4%
EBITDA 2024–2027 CAGR >4%
CAPEX/Sales Maximum 12 per cent
Net Debt/EBITDA 1.5–2x
Equity ratio > 35 per cent
Annual General Meeting
Elisa’s Annual General Meeting will be held on 1 April
2026. More information on the AGM invitation and at
elisa.com/agm.
Payment of dividends
The Board of Directors proposes to the General Meeting
that the profit for the financial period 2025 be added to
accrued earnings and that a maximum dividend of EUR
2.40 per share be paid based on the adopted balance sheet
of 31 December 2025 adopted by the General Meeting.
According to the proposal, the dividend will be paid in four
instalments as follows.
The first instalment of the dividend of EUR 0.60 per
share is proposed to be paid to a shareholder registered in
the shareholders’ register of the Company held by Euroclear
Finland Oy on the dividend payment record date of the first
instalment of 7 April 2026. The Board of Directors proposes
that the first instalment of the dividend be paid on 15 April
2026.
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. The
authorisation would be valid until the opening of the next
Annual General Meeting.
Unless the Board of Directors decides otherwise
for a justified reason, the authorisation will be used to
distribute dividend in three equal-sized instalments during
the period of validity of the authorisation. The Board of
Directors will make separate resolutions on each distribution
of dividend so that the preliminary record and payment
dates for each dividend instalment will be as set out below.
The Company will make separate announcements of each
such resolution.
Preliminary
record dates
Preliminary
payment dates
Preliminary
amounts
7 April 2026* 15 April 2026* EUR 0.60 per share*
20 July 2026 29 July 2026 EUR 0.60 per share
26 Oct 2026 4 Nov 2026 EUR 0.60 per share
10 Feb 2027 17 Febr 2027 EUR 0.60 per share
*Proposed dates and dividend to AGM
Each dividend instalment based on the authorisation will
be paid to shareholders registered in the Company’s
shareholder register maintained by Euroclear Finland Ltd on
the dividend record date of the instalment in question.
Listing of Elisa’s shares
Elisa’s shares are listed on the Nasdaq Helsinki and are
registered in the Finnish book-entry register maintained by
Euroclear Finland Ltd.
Publication dates 2026
• 21 April 2026: Interim Report Q1 2026
• 15 July 2026: Half-Year Financial Report 2026
• 21 October 2026: Interim Report Q3 2026
Financial information
Elisa publishes its financial reports and bulletins in
Finnish and English. The Annual Report, Half-year report,
Interim Reports, information on the AGM, stock exchange
releases and other information for investors, as well as
the Disclosure Policy, are available on the Elisa website at
elisa.com/investors.
Elisa’s investor relation contacts
Vesa Sahivirta
IR Director
vesa.sahivirta@elisa.fi
tel. +358 50 520 5555
Kati Norppa
IR Communications Manager
kati.norppa@elisa.fi
tel. +358 50 308 9773
elisa.com/investors
investor.relations@elisa.fi
Shares and shareholders Board’s proposal for the distribution of profits Investor informationReport of the board of directors Investor information
ANNUAL REPORT 2025 • Report of the Board of Directors12
15 General information
30 E – Environment
48 S – Social
64 G – Governance
67 Assurance report
69 Annexes
SUSTAINABILITY STATEMENT 2025
Environment SocialGeneral information Assurance AnnexesGovernance
13 ANNUAL REPORT 2025 • Sustainability Statement
General disclosureSUSTAINABILITY STATEMENT
SUSTAINABILITY STATEMENT 14
ESRS 2 – General disclosure 15
Basis of preparation 15
General basis for preparation of the Sustainability Statement 15
Disclosures in relation to specific circumstances 15
Sustainability governance 15
Integration of sustainability-related performance in incentive schemes 18
Risk management and internal controls over sustainability reporting 18
Sustainability strategy 18
Interests and views of stakeholders 21
Due diligence statement 24
Double materiality assessment 24
E – Environment 30
EU Taxonomy 30
Assessment of eligibility and alignment 30
E1 Climate change 37
Approach 37
Policies 37
Transition plan for climate change mitigation 38
Sustainability-related performance in incentive schemes 40
Targets, actions and performance in 2025 40
Energy consumption and mix 42
Gross GHG emissions 43
E5 Resource use and circular economy 45
Approach 45
Policies 45
Targets, actions and performance in 2025 45
Resource inflows 46
Resource outflows 47
S – Social 48
S1 Own workers 48
Approach 48
Policies 48
Engaging with workers and workers’ representatives 49
Processes to remediate negative impacts and channels to raise concerns 50
Targets, actions and performance in 2025 50
Characteristics of employees 51
Collective bargaining coverage and social dialogue 53
Diversity metrics 54
Training and skills development metrics 54
Health and safety metrics 54
S2 Workers in the value chain 55
Approach 55
Policies 55
Processes for engagement 55
Processes to remediate negative impacts and channels to raise concerns 56
Targets, actions and performance in 2025 57
S4 Consumers and end users 58
Approach 58
Policies 58
Processes for engagement 60
Processes to remediate negative impacts and channels to raise concerns 60
Targets, actions and performance in 2025 61
Entity specific – Critical infrastructure 62
Approach 62
Policies 62
Processes for engagement 62
Processes to remediate negative impacts and channels to raise concerns 63
Targets, actions and performance in 2025 63
G – Business conduct 64
G1 Role of the administrative, supervisory and management bodies 64
Policies 64
Code of Conduct 64
Anti-bribery and corruption 64
Targets, actions and performance in 2025 65
Whistleblowing principles 66
Management of relationships
with suppliers 66
Assurance report on the sustainability statement 67
To the Annual General Meeting of Elisa Corporation 67
Opinion 67
Basis for Opinion 67
Authorized Group Sustainability Auditor’s Independence and Quality Management 67
Responsibilities of the Board of Directors and the Managing Director 67
Inherent Limitations in the Preparation
of a Sustainability Statement 67
Responsibilities of the Authorized Group Sustainability Auditor 67
Description of the Procedures That Have Been Performed 68
ESRS Index 69
List of data points in cross-cutting and topical standards that derive from
other EU legislation 72
Content
Environment Social Assurance AnnexesGovernanceGeneral informationGeneral information
14 ANNUAL REPORT 2025 • Sustainability Statement
ESRS 2 – General disclosure
The consolidation of all the quantitative environmental,
social and governance (ESG) disclosures follows the
aforementioned scope, unless otherwise specified in the
accounting principles provided alongside each reported
data point in the ESG sections.
The financial information included in this Sustainability
Statement has been derived from Elisa’s financial
statements which were 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.
Regarding environmental indicators, the most significant
environmental impacts of the Elisa Group have been
calculated in accordance with ESRS guidelines. The
calculation of greenhouse gas (GHG) emissions is based
on the Greenhouse Gas Protocol Corporate Accounting
and Reporting Standard. Disclosures concerning Elisa’s
own workforce cover the Elisa Group, with categories and
definitions aligned with the employee categorisation and
definitions used by Elisa’s Human Resources (HR) function.
Own workforce data is obtained from Elisa’s HR information
system and supplemented by external sources and
reports. In own workforce data points, headcount includes
employees with extended sick leave, absences, and parental
leave, as well as new hires employed for 14 days or less.
Structural changes within the Elisa Group are presented
in more detail in the section ”Group companies” in Elisa’s
financial statements. The disclosure principles, calculation
methodology and data sources are described in the
accounting principles sections under each data point.
Elisa’s Sustainability Statement 2025 is published
in Finnish and English and is available at elisa.com/
annualreport. The Sustainability Statement 2025, including
its processes and metrics, has been assured by Ernst &
Young. No additional validation has been performed by any
other external body.
Disclosures in relation to specific
circumstances
Elisa uses the following definitions for time horizons in
double materiality assessment: short-term (0–2 years),
medium-term (3–5 years) and long-term (more than five
years). The time horizons used are aligned with Elisa’s
strategic time horizons.
Elisa acknowledges that material uncertainties in its
sustainability disclosures primarily relate to the calculation
of upstream GHG emissions across gross Scopes 1, 2 and
3, as well as total emissions. These uncertainties stem from
gaps in the availability of accurate life cycle assessment data
for products, services and capital goods. As a result, Elisa
relies on indirect information sources where necessary.
To improve the accuracy and availability of data, Elisa
collaborates with upstream partners through dedicated
programmes. The company regularly revisits and updates
its data sources and aims to enhance reporting quality over
time. The calculation principles – including assumptions,
approximations and judgements – are detailed in the
accounting principles accompanying each data point.
Where indirect estimates are used for value chain data, Elisa
provides the basis for preparation and an assessment of
accuracy alongside the relevant disclosure.
In 2025, there have been changes in the reported
information compared to previous year. Elisa launched a
transformation programme to simplify its operations in line
with its strategy of fast and profitable growth. The implication
of this programme is visible in the company’s own workforce
data. Further, data from EpicTV and Banana Fingers is
included only up to mid-July, after which both entities
were divested from the Elisa Group. Additionally, Elisa has
retrospectively corrected its 2021 Scope 1 and Scope 3
baseline emission figures after revisiting its methodology
related to operational data. The 2024 headcount figures
and related S1 indicators have also been updated following
the sedApta group’s integration. Furthermore, reporting
of non-employee figures was discontinued in 2025 due to
updates in the categorisation of non-employees during the
year.
This Sustainability Statement includes forward-looking
information based on Elisa’s current assumptions and
expectations. Actual outcomes may differ due related
uncertainties, many of which are beyond Elisa’s control.
These statements reflect management’s views at the time of
reporting and are not guarantees of future performance.
For the 2025 reporting period, Elisa has applied
phased-in provisions for selected data points – SBM-3, E1-9,
E5-6, S1-7, S1-14-08, S1-14-09 and S1-14-12 – in accordance
with the ESRS.
Sustainability governance
Elisa’s senior leadership (i.e. Elisa’s administrative,
management and supervisory bodies for sustainability)
includes Elisa’s Board of Directors (BoD) and its
Basis of preparation
General basis for preparation of the
Sustainability Statement
The reporting period for the 2025 Sustainability Statement is
the same as the reporting period for the financial statements:
January 1, 2025 – December 31, 2025. Comparative
figures from previous years have been disclosed. This
Sustainability Statement has been prepared in accordance
with the Corporate Sustainability Reporting Directive (CSRD)
and the EU Taxonomy Regulation and it has been aligned
with the European Sustainability Reporting Standards (ESRS)
issued by the European Financial Reporting Advisory Group.
The disclosed sustainability matters and data points
included in the Environment (E), Social (S) and Governance
(G) sections, covering both upstream and downstream value
chains, have been determined based on Elisa’s double
materiality assessment (DMA). Details of the process,
methodology and scope of the DMA are presented in the
section ”Double materiality assessment”.
This Sustainability Statement has been prepared for the
Elisa Group (Elisa), encompassing the parent company,
Elisa Corporation (Finland), as well as subsidiaries,
associates and joint arrangements, as defined in Elisa’s
financial statements for 2025. Material impacts, risks and
opportunities associated with Elisa’s direct and indirect
upstream and downstream value chain actors have been
included accordingly. Various sustainability topics have been
considered to the extent of their materiality for each actor
within the value chain. Information related to intellectual
property rights, skills or innovation results has not been
omitted.
Environment Social Assurance AnnexesGovernanceGeneral informationGeneral information
15 ANNUAL REPORT 2025 • Sustainability Statement
committees, and Elisa’s Corporate Executive Board (CEB)
and Corporate Responsibility Management Board (CRMB).
Elisa has a European Works Council to improve employees’
access to information and to facilitate dialogue between
management and personnel. Employees are not represented
in Elisa’s BoD or CEB. More details of engagement with
workers’ representatives are provided in the section “Own
workforce”.
The general meeting (GM) of shareholders is Elisa’s
highest decision-making body. Among other things, it
approves the income statement and balance sheet, and it
declares the distribution of profits according to a proposal
from the Board of Directors. The GM appoints an auditor,
on the composition of Elisa’s CEB. The Board regularly
monitors financial performance and the development of the
company’s financial standing. It also supervises compliance
with regulations and the management of operational risks
and other risks. The Board addresses major investments
in, and disposals of, businesses or assets, and it sets the
boundaries for the company’s management in executing
operational investments and financial arrangements.
According to its charter, the following are specifically
subject to decisions of the Board of Directors:
• Elisa’s strategic guidelines
• Profit distribution policy
• Convening general meetings of shareholders and
submitting the Board of Directors proposals
• Matters having to do with Elisa stock and Elisa’s
shareholders
• Major mergers, acquisitions and investments
• Financial statements, half-year financial reports and
interim reports, and non-financial reports
• The appointment, dismissal and terms of employment of
the CEO and members of the CEB
The charter also specifies other matters to be addressed
by the Board, such as adopting the annual financial plan,
the principles of the company’s organisation and the main
business policies.
According to Elisa’s Articles of Association, the Board
must comprise a minimum of five and a maximum of nine
members. The members of the Board are appointed at the
GM for a one-year term of office starting at the close of
the relevant general meeting and ending at the close of
the next GM. The GM also elects the Chair and the Deputy
Chair of the Board. At its organising meeting, the Board
annually decides upon its committees, their chairs and
members. In 2025, the acting committees were the People
and Compensation Committee and the Audit Committee.
The duties and charters of the committees are adopted by
the Board. At the Annual General Meeting of 12 April 2025,
eight members were elected to the Board until the next GM.
The Board has assessed that each member of the
Board of Directors is independent of the company and
its significant shareholders, with the exception of Tuomas
Hyyryläinen, who is considered independent of Elisa but not
of its significant shareholder Solidium due to his position
as a member of Solidium’s Board of Directors. According
to the appointment and diversity principles for a person
elected as a member of Elisa’s Board, each member must
have the competences required for the position and be able
to devote a sufficient amount of time to the duties required.
In regard to the sustainability topics, the Board has assessed
its expertise in the material topics. The Board has expertise
in at least the following sustainability topics relevant to Elisa:
compliance (including anti-bribery and corruption); climate
change; circular economy; consumer and end-user related
matters, such as privacy, health and safety; cybersecurity
and critical infrastructure; human rights, including value
chain workers (e.g. forced/child labour, health and safety);
personnel (including diversity, collective bargaining, health
and safety); supplier management; and sustainability
reporting.
The Audit Committee is tasked with supervising the
proper organisation of the company’s sustainability
reporting, administration and audits, internal auditing and
risk management, including sustainability-related impacts,
risks and opportunities. Regarding sustainability reporting
and auditing, the Audit Committee specifically monitors
and assesses the company’s sustainability reporting
system, the effectiveness of internal controls and auditing,
and the independence of the sustainability auditor. The
sustainability reporting aspects were monitored, assessed
the assurer of the Sustainability Statement and the members
of the Board of Directors (including the Chair and the
Deputy Chair), and it approves the discharge from liability
of the Board of Directors and the Chief Executive Officer
(CEO). The Board attends to the administration and proper
organisation of the company’s operations in accordance
with the Finnish Limited Liability Companies Act and other
regulations. The Board also decides on matters that under
law are subject to decision by the Board. The Board has
adopted a charter for itself, which tasks the Board with
deciding the company’s strategic guidelines and the
targets for Elisa’s management and with monitoring their
achievement. The Board also appoints the CEO and decides
Sustainability governance structure
Board of Directors
Corporate Executive Board
Corporate Responsibility Management Board
Human
Rights
Steering
Group
Environmental
and Energy
Working
Group
Sustainable
Supply Chain
Working
Group
Audit
Committee
People and
Compensation
Committee
Security Steering Group
Compliance Steering Group
Occupational Health and
Safety Committee
Group
Sustainability
Environment Social Assurance AnnexesGovernanceGeneral informationGeneral information
16 ANNUAL REPORT 2025 • Sustainability Statement
and discussed in two (2) meetings during 2025. The
Audit Committee is responsible for monitoring the
implementation of Elisa’s compliance framework, including
compliance risks and matters related to responsible
business conduct. The Audit Committee reviewed
compliance topics in five (5) meetings.
Elisa’s Corporate Executive Board consists of EVPs with
experience in relevant sectors and businesses in both
international and domestic markets. Based on their roles
and experience, the CEB members have the knowledge
necessary to regularly review and assess the progress and
efficiency of strategic sustainability targets and measures, as
well as the management of specific sustainability initiatives.
As part of the regular performance review, the CEB also
reviews whether sufficient resources, skills and expertise for
sustainability are available and being developed according
to plan across the Elisa Group. In 2025, based on a review
by the CEB, Elisa increased its capabilities in sustainability
analysis and data management.
Elisa integrated the results of its DMA, including
key sustainability impacts, risks, opportunities and any
associated trade-offs, into its strategy process. A list
of material topics is presented in the table “Material
sustainability topics and description”. In 2025, the results of
the DMA were reviewed by CEB as part of the sustainability
strategy.
Elisa’s Corporate Responsibility Management Board
(CRMB) consists of executive- and management-level
representatives from Elisa’s business operations, support
functions and CEB, and from Elisa Eesti AS. Its role is to
monitor and guide the preparation of the DMA and the
sustainability strategy. Further, the CRMB monitors the
progress of sustainability measures and targets, as well as
the implementation of the sustainability strategy across Elisa’s
operations. The CRMB is also responsible for monitoring the
progress of sustainability work in topic-specific steering and
working groups. In its area of influence, the CRMB monitors
whether sufficient resources, skills and expertise are
available for sustainability initiatives. It is also responsible
for reviewing the ISO 14001-certified environmental
management system and ISO 50001-certified energy
management system of Elisa Corporation (Finland). Along
with these responsibilities, the CRMB reviews and approves
the Environment, Energy and Human Rights Policies. The
CRMB held eight (8) meetings during 2025.
Topic-specific steering and working groups consist of
Elisa experts working on the specific topic area. The role of
the topic-specific groups is to maintain, develop and share
sustainability best practices across Elisa.
The key matters and material topics addressed by senior
leaderships in 2025 were:
• Critical infrastructure and security
• Climate transition plan and climate reduction target
• Digital wellbeing and safety
Composition of Elisa’s management
by gender and age group
2025 2024
Board of Directors
Male (headcount) 5 5
Female (headcount) 3 3
Under 30 years (headcount) 0 0
30–39 years (headcount) 0 0
40–49 years (headcount) 1 1
Over 49 years (headcount) 7 7
8 8
Corporate Executive Board
Male (headcount) 7 8
Female (headcount) 2 2
Under 30 years (headcount) 0 0
30–39 years (headcount) 0 0
40–49 years (headcount) 2 2
Over 49 years (headcount) 7 8
9 10
Corporate Responsibility
Management Board
Male (headcount) 4 5
Female (headcount) 5 5
Under 30 years (headcount) 0 0
30–39 years (headcount) 0 1
40–49 years (headcount) 3 4
Over 49 years (headcount) 6 5
9 10
Percentage share of Elisa’s management
by gender
2025 2024
Board of Directors
Male (%) 63 63
Female (%) 38* 38*
Corporate Executive Board
Male (%) 78 80
Female (%) 22 20
Corporate Responsibility
Management Board
Male (%) 44 50
Female (%) 56 50
* 40% when calculated as defined in chapter 6, section 9a of the Finnish
Limited Liability Companies Act.
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17 ANNUAL REPORT 2025 • Sustainability Statement
Integration of sustainability-related
performance in incentive schemes
Elisa’s Remuneration Policy sets out the principles for
remuneration of the Board of Directors, the CEO and any
potential Deputy CEO. Remuneration of Elisa’s personnel
(including the CEO) is based on total remuneration, which
may, among other things, include both variable and fixed
components as well as personnel benefits. The personnel
are mainly included in performance-based remuneration
schemes. In addition, Elisa’s personnel, as a rule, are
also part of a long-term remuneration scheme, such as a
personnel fund or share-based remuneration scheme. The
Remuneration Policy ensures that remuneration promotes
Elisa’s business strategy and long-term financial success as
well as the favourable development of shareholder value,
and also enhances commitment and supports Elisa’s financial
objectives.
Elisa has a share-based incentive plan for the CEO,
members of the CEB and specific key personnel, which
includes sustainability targets. For example, the 2025–2027
performance period has a weighting of 5% for employee
engagement and 5% for the ESG development target
(CO
2
reduction). Further, the short-term incentive scheme
for 2025 for the CEO included a 5% weighting for the
ESG development target (CO
2
reduction) and 5% for
the employee engagement score target. In addition, the
conditions for Elisa’s Personnel Fund for 2025 also included
carbon emission reduction targets. Performance in relation
to sustainability-related targets is reviewed annually by the
Board.
Risk management and internal controls
over sustainability reporting
Elisa has a risk management and internal control system for
the preparation and reporting of its Sustainability Statement.
This system focuses on ensuring the harmonisation, accuracy
and quality of ESG data and reporting process. The systems
for internal control and risk management in relation to Elisa’s
sustainability reporting are designed to provide reliability
in the reporting process. In addition, this also supports the
preparation of sustainability statements for external purposes
in accordance with accepted accounting principles,
applicable legislation, the CSRD and other requirements for
listed companies.
The Sustainability Statement for 2025 is Elisa’s 13th
consecutive assured report. Elisa’s sustainability reporting
follows the Elisa Group-level sustainability reporting
principles for statutory reporting. Elisa Group’s Sustainability
function has overall responsibility for sustainability
reporting. It controls and oversees the development of
centralised sustainability data management processes and
sustainability data management tools. It conducts Group-level
consolidation of ESG disclosures, ensuring compliance
with the CSRD and with other relevant regulations. It is also
responsible for the management of mandatory third-party
assurance for this statement.
To mitigate the risk of human error in the reporting,
Elisa conducts Group-wide competence development,
including communication and training for nominated
sustainability reporting participants. Further, Elisa Group’s
Sustainability function maintains up-to-date guidelines,
manuals and instructions that are available to the experts
involved in the sustainability reporting process. The potential
risks of both human error and system failure are also
mitigated through the four eyes principle: the roles of the
data filer and approver are separated. In addition, Elisa
Group’s Sustainability function reviews the data as part of
consolidation. Further, the final disclosures are shared for
review with data approvers and Elisa’s management before
final assurance and publication.
The sustainability risk reporting assessments and internal
control evaluations are monitored annually by the Audit
Committee of Elisa’s Board of Directors and by Elisa’s
Corporate Responsibility Management Board (CRMB).
Elisa’s Internal Audit function audited Elisa’s sustainability
reporting processes and systems in 2024. The key
recommendations from that audit have been implemented
during 2025 to enhance the reporting process.
Sustainability strategy
Elisa is a pioneer in telecommunications and digital services
and serves approximately 2.8 million consumer, corporate
and public administration customers in Elisa’s main markets
in Finland and Estonia, as well as internationally. For
corporate customers, Elisa provides modern information
and communication technology (ICT) devices, mobile and
fixed subscriptions, and IoT services, among others, to
support business operations and enhance efficiency and
security. For consumer customers, Elisa’s offers mobile and
fixed broadband subscriptions and telephone subscriptions,
devices, data security services and entertainment services.
Elisa’s growing international digital businesses provide a
wide range of software services for manufacturing industries
and telecom customers globally. In 2025, Elisa employed
6,744 people across 21 countries, and total revenue for
the year amounted to EUR 2,257 million. A breakdown of
headcount by geographical area is presented in the section
“Own workforce”.
Comprehensive, secure and fast data communication
connections are considered essential for a competitive and
equitable information society. Elisa’s business objective is
to deliver value through sustainable connectivity and digital
solutions for customers and society. Elisa’s mission is to
promote a sustainable future through digitalisation.
As an outcome of the strategy process supported by the
double materiality assessment results, Elisa’s sustainability
focus areas and targets for the strategy period 2025–2027
were:
• Climate transition
• Responsible digital transformation
Strategic targets and key indicators for these objectives have
been established to ensure responsible business conduct
and to strengthen Elisa’s positive contribution to society.
Measures related to these focus areas are part of business
strategies and action plans. Performance is monitored
regularly by Elisa’s CEB.
In addition to sustainability impacts, targets and
performance, Elisa also evaluates the effectiveness of
its sustainability communication through a stakeholder
perception survey. This survey is conducted monthly in
Finland and Estonia by an independent third party and
involves 8,000 respondents who assess Elisa’s role as a
responsible actor in society. The results are used to guide
the development of communication and responsible
practices in stakeholder engagement.
Furthermore, Elisa has a medium-term carbon emission
reduction target for 2030, which has been approved by
the Science Based Targets initiative. This target is a key
milestone on the company’s path towards Net-zero 2040.
It is also one of the company’s strategic key success
indicators. The target is described in more detail in the
“Environmental” section.
Elisa’s operating model, which encompasses the
activities, resources and relationships the company relies
on to deliver products and services, defines its value chain
from development to delivery and end of life. The upstream
value chain includes suppliers, subcontractors and service
providers who supply the capital goods, products and
services used in Elisa’s operations serving customers and
society. Elisa’s direct and indirect business relationships
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18 ANNUAL REPORT 2025 • Sustainability Statement
and material topics are illustrated on the page 44. The
most material upstream impacts and risks are associated
with climate change mitigation, resource inflows, and
labour and human rights concerning workers. Procurement
of material products, technologies and services is primarily
managed centrally by Elisa’s procurement services
and logistics teams. Centralised processes and shared
procurement guidelines ensure that Elisa’s sustainability
targets, requirements and expectations are embedded
into supplier relationship operations. Further information
on supplier relationship management is disclosed in the
section “Business conduct”. Resources used and outputs
generated by Elisa are disclosed in the sections “Climate
change” and “Resource use and circular economy”.
Impacts related to workers in the value chain are presented
in the section “Workers in the value chain”.
In its own operations, Elisa manages telecommunication
infrastructure and develops ICT services that it offers to
customers and society. The most material elements in
this part of the value chain include Elisa’s own workforce,
working facilities and infrastructure, such as networks and
data centres. Impacts, risks and opportunities linked to
Elisa’s own operations are disclosed in the sections “Climate
change”, “Resource use and circular economy”, “Own
workforce”, and “Business conduct”.
Downstream activities include the sale of products and
services to consumer and corporate customers in both
domestic and international markets. In the downstream
value chain, Elisa maintains direct business relationships
with customers, logistics providers, waste management
companies, societies, end users, public organisations and
government entities. Products and services that Elisa sells are
received and used by these actors, while logistics partners
deliver equipment and devices, and waste partners ensure
appropriate circularity of products after use. The main
impacts and risks related to end-of-life product management
are disclosed in the section “Resource use and circular
economy”, and those related to data protection and privacy
are presented in the section “Consumers and end users”.
In addition to the impacts, risks and opportunities
covered by material topics and ESRS disclosure
requirements, Elisa has identified entity-specific impacts
and risks related to critical infrastructure. These impacts and
risks arise from the development and use of Elisa’s products
and services in both the company’s own operations and the
downstream value chain. Further information is provided in
the section “Entity-specific – Critical infrastructure”.
The material impacts, risks and opportunities identified
and disclosed in the 2025 reporting period do not differ
substantially from those reported in the previous period.
Elisa signed a new sustainability-linked loan arrangement as
a continuation of the company’s previous sustainability-linked
loan arrangement. This facility supports Elisa’s strategy of
profitable growth.
Accounting principles
As part of Elisa’s sustainability-linked revolving credit facilities set in 2023, the company has committed to three
sustainability targets.
The first target focuses on gender diversity in supervisory positions in Elisa Group. Elisa defines a supervisor as an
individual who has direct subordinates. The proportion of women in supervisory roles is calculated as the number of
women in supervisory positions as a percentage of the number of people of all genders in supervisory positions.
The second target addresses digital inclusion by aiming to reduce the proportion of the population in Finland and
Estonia without access to high-speed broadband. A “high-speed connection” is defined as a broadband connection of
at least 100 Mbps. The coverage figure for high-speed connections is calculated by dividing the number of residents in
buildings that are within high-speed connection network coverage by the total population of both countries. The figure
for the population without access to high-speed connections is then calculated as 100% minus the percentage of the
population that is covered by the high-speed network.
The third target relates to Elisa’s commitment to sourcing carbon-free electricity for the operations of Elisa Corporation
(Finland) and Elisa Eesti AS. “Carbon-free electricity” is defined as electrical energy produced from resources that
generate no carbon emissions.
Sustainability-linked revolving credit facilities – indicators
2025 2024
Increase proportion of women in supervisory positions (%) 29.0 29.1
Decrease the population without high speed connections (%) 2.7 7.9
Ensure 100% carbon-free electricity sourcing (%) 100 100
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19 ANNUAL REPORT 2025 • Sustainability Statement
Overview of Elisa’s material topics and their effects on business model and value chain
Upstream value chain
Own operations
Downstream value chain
PURCHASE OF PRODUCTS AND SERVICES
OPERATION OF NETWORKS, DATA CENTRES,
DEVELOPMENT OF SERVICES
SALE OF PRODUCTS AND SERVICES
Technology and device resellers
• Climate change
• Workers in the value chain
Technology and equipment
manufacturing
• Climate change
• Workers in the value chain
Mining and material extraction
• Resource inflows
• Workers in the value chain
Maintenance and
construction providers
• Own workforce
• Workers in the value chain
Software consultants
and agency workers
• Own workforce
• Workers in the value chain
Service providers
(e.g.: IT and software
suppliers, financing, human
resources, insurance,
marketing, logistics,
facilities management, etc.)
• Workers in the value chain
Elisa workplace and employees
• Business conduct
• Own workforce
Elisa networks, infrastructure and data centres
• Climate change including energy
• Resource use and circular economy
• Critical infrastructure
Owned and leased buildings
• Climate change including energy
• Resource outflows including waste
Consumer and end users
• Resource outflows including waste
• Privacy
• Health and safety
Societies, public organisations and government
• Resource outflows including waste
• Privacy
• Health and safety
• Freedom of expression
Service providers (e.g.: logistics, waste
management, etc.)
• Workers in the value chain
• Resource outflows including waste
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20 ANNUAL REPORT 2025 • Sustainability Statement
procurement principles and sustainability targets form the
foundation of these relationships.
Shareholders – expect short- and long-term profitability
and compliance with growing sustainability regulation
requirements in operations as well as transparent, timely
ESG reporting and disclosures. Elisa’s shareholders have a
financial stake in the company and thus expect dividends,
share price development, a coherent and sustainable
strategy, and predictable and reliable communication. Elisa
engages with shareholders to ensure that the company
understands their reasoning and expectations.
Society – expects Elisa to contribute to society via
investments and taxes as well as through providing
employment directly and indirectly through its value chain.
Elisa has a key role in the development of a safe and
reliable digital society. As stated in its mission, Elisa takes
responsibility for building a sustainable society. Society also
sets laws and regulations and expects digital services for
individuals and businesses to be technically reliable and
secure.
In 2025, highlighted themes in the dialogues
were uncertainty of the EU’s sustainability regulations,
environmental concerns – especially energy and emissions
and the need for more transparent ESG disclosures.
Additionally, Elisa maintains continuous dialogue
regarding the needs of groups in vulnerable positions (e.g.
children, young people and the elderly). These stakeholders
can be divided into two categories:
• Affected stakeholders – including suppliers, employees,
customers (including children, young people and the
elderly), local communities, society at large and nature
• Users of Sustainability Statements – typically customers,
investors, owners and social operators
Interests and views of stakeholders
Stakeholders can greatly affect Elisa’s operations. Through
regular engagement with each stakeholder group, Elisa
gains a better understanding of its impacts and stakeholders’
expectations. The company has continuous and recurring
engagement with its stakeholders through meetings, events
and surveys. Feedback from these activities is reviewed
and used to guide actions, helping Elisa understand
stakeholders’ needs and expectations as well as their
influence on the business. Elisa engages with employees
through internal surveys and holds structured discussions
with NGOs, authorities, customers and suppliers to explore
current and future expectations around sustainability. These
engagements support the evaluation and validation of
impacts, risks and opportunities for Elisa.
The results of these engagements are reviewed and
discussed within the relevant Elisa Business Management
Boards, and are used for double materiality assessment.
Elisa has identified key stakeholders and their specific
expectations as follows:
Employees – expect their employer to ensure their
physical, mental, financial and social wellbeing. Employees
also look to Elisa to take meaningful action and demonstrate
accountability in advancing diversity, equity and inclusion.
Customers – expect transparency regarding
environmental and social impacts, as well as company
performance in these areas. Customers expect Elisa to take
responsibility for topics that directly affect them, including
critical infrastructure, privacy, cybersecurity and device
circularity.
Key partners and suppliers – expect transparent and
ethical business conduct, along with collaboration on shared
and relevant sustainability targets, as well as sustainability
risk and impact mitigation. These partners play essential
roles in Elisa’s operations. Elisa’s business requirements,
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21 ANNUAL REPORT 2025 • Sustainability Statement
Stakeholder dialogue and material topics in 2025
Stakeholder group and their nature Engagement measures Relevant material topics Main topics raised and actions
Own workforce
(affected stakeholders)
• Employee Engagement Survey
• Cooperation with employee representatives
• Dialogue with supervisor
• Learning and Objecties Discussions, values
dialogue
• Health and safety (Working conditions)
• Social dialogue, the existence of works councils and
the information, consultation and participation rights of
workers (Working conditions)
• Diversity (Equal treatment and opportunities for all)
• Corporate culture (Business conduct)
• Protection of whistleblowers (Business conduct)
Main topics: ethical data use and AI; energy efficiency; flexible and remote work; wellbeing
and mental stress at work; climate; diversity, equity and inclusion
Actions: collaboration with peers to promote equality (e.g. Pride collaboration and more
equitable working place), training in the main topics to increase the awareness and know-
how, communication regarding material topics, ways of working and process development,
facilitating different communities of interest (rainbow, data and AI, ”Digimuijat” community
for women in tech, etc.)
Corporate customers
(affected stakeholders, users of
Sustainability Statements)
• Customer experience surveys
• Customer requests and feedback forms
• Strategic meetings
• Events
• Contact forms on webpages
• Privacy (Consumers and end users)
• Cybersecurity
• Resilience and reliable infrastructure
• Climate change
• Resource outflows including waste
Main topics: ethical sales procedures (e.g. selling to elderly people), cybersecurity, Elisa’s
climate actions, circularity, AI, digital wellbeing
Actions: development of automated customer-allocated sustainability information,
cybersecurity exercises, internal training about ethical sales
Consumer customers
(affected stakeholders)
• Customer experience surveys
• Customer requests and feedback forms
• Contact forms on webpages
• Marketing and communication
• Privacy (Consumers and end users)
• Cybersecurity
• Circularity
• Resilience and reliable infrastructure
• Health and safety (Consumers and end users)
• Freedom of expression (Consumers and end users)
Main topics: ethical sales procedures (e.g. selling to elderly people), cybersecurity, Elisa’s
climate actions, circularity, AI, digital inclusion and wellbeing of vulnerable groups
Actions: internal training about ethical sales, circularity communication (“circularity
hero” video), development of OmaElisa self-service channel, accessibility development,
collaboration with Mannerheim League for Child Welfare, collaboration with Valli ry to
promote digital inclusion for senior citizens
Suppliers
(affected stakeholders)
• Strategic and operational meetings
• Feedback surveys
• Audits
• Training
• Engagement programme
• Events
• Climate change mitigation (Climate change)
• Resources inflows, including resource use (Resource use
and circular economy)
• Resource outflows including waste (Resource use and
circular economy)
• Health and safety (Working conditions)
• Working time (Working Conditions)
• Forced labour (Other workers-related)
• Child labour (Other workers-related)
Main topics: energy efficiency, climate change mitigation, Scope 3 emission reductions,
human rights risks, biodiversity, circularity
Actions: supplier events to share best practices and communicate about expectations related
to sustainability, development of supplier engagement platform, agreement on corrective
actions from audit result, utilising common industry platform to develop sustainability
practices, internal supplier risk management, dashboard development, collaboration in
developing solutions for customer
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22 ANNUAL REPORT 2025 • Sustainability Statement
Stakeholder group and their nature Engagement measures Relevant material topics Main topics raised and actions
Owners and investors
(users of Sustainability Statements)
• Investor meetings and events
• General annual meeting
• Capital markets days
• Investor information requests
• Climate change mitigation (Climate change)
• Privacy (Consumers and end users)
• Cybersecurity
• Resilience and reliable infrastructure
Main topics: sustainability in financing, energy efficiency, climate work and targets, ethical
data use, cybersecurity, AI and diversity, CSRD and other sustainability related regulation
Actions: promoting material, transparent and high-quality ESG disclosures
Governments, policymakers and
regulators
(users of Sustainability Statements)
• Surveys
• Meetings, workshops and events
• Regular information requests
• Lobbying activities
• Privacy (Consumers and end users)
• Cybersecurity
• Resilience and reliable infrastructure
Main topics: CSRD and other sustainability-related regulation, cybersecurity, accessibility,
safeguarding functioning society, ethical data and AI
Actions: participation in consultations rounds, participation in events, compliance review
in management system, internal regulation follow-up, feedback on emerging regulation,
dialogue with stakeholders
Civic and non-profit organisations
(affected stakeholders)
• Surveys
• Meetings and events
• Project cooperation
• Health and safety (Consumers and end users)
• Climate change
• Biodiversity
• Circularity
Main topics: social exclusion stemming from overuse of digital platforms, children’s safety in
digital environments, privacy online, nature
Actions: sponsorship, collaboration on projects, charity
Industry associations
(affected stakeholders)
• Joint initiatives and programmes
• Regular meetings and events
• Inputs into strategic direction
• Workshops and knowledge-sharing
• Climate change
• Energy
• Resource inflows and outflows
• Workers in the value chain
Main topics and actions: human rights risk assessment, climate change, supplier due
diligence, energy efficiency
Actions: participation in events, contribution to relevant joint initiatives
Society and local communities
(affected stakeholders)
• Regular surveys
• Information requests from citizens
• Collaboration with stakeholders
• Cybersecurity
• Resilience and reliable infrastructure
• Privacy
• Health and safety
Main topics: cybersecurity, resilience of networks and network construction-related topics
Actions: communication about Elisa’s actions on topics, common development, responding to
information requests
Researchers, educational
institutions and students
(users of Sustainability Statements)
• Cooperation projects and events
• Organising visits
• Thesis assignments and traineeships
• Workshops
• Climate change Main topics: climate change, emissions, green coding, ethical data and AI, sustainability
regulation development (e.g. CSRD, CSDDD)
Actions: providing topics for and supervising thesis work, collaboration on material topics as
researcher, submission of comments and feedback, dialogue with stakeholders
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23 ANNUAL REPORT 2025 • Sustainability Statement
Due diligence statement
Elisa aims to avoid causing or contributing to adverse
impacts on people, the environment or society. Elisa
seeks to prevent adverse impacts that are directly linked
to its operations, products or services through business
adaptation,resource outflows-waste, and health and safety
have been removed from financial materiality as they scored
below the financial materiality thershold. New financial
opportunities have been identified in energy, privacy and
cybersecurity, while a potential risk related to forced labour
in the supply chain has been recognised. Additionally,
under “consumers and end users”, the sub-topics of freedom
of expression and health and safety have been assessed
as having a positive impact, as have business conduct
sub-topics, such as corporate culture and whistleblower
protection.
The assessment of aspects related to water bodies and
biodiversity and ecosystems was conducted by examining
the impacts of Elisa’s 46 different geographical business
locations worldwide using commercially or publicly available
tools, but no consultations were held with local communities,
as the impacts based on the assessment were minimal for
the office spaces and network operations the company
uses. However, the topic is increasingly kept on the agenda
in supplier discussions as part of the climate transition
dialogue.
Elisa does not have manufacturing operations of its own
that could have significant environmental impacts on water
bodies, biodiversity and ecosystems or various pollutants.
Elisa’s network operations are predominantly located in the
Nordics and Baltics, which have strict regulatory mitigation
of pollution and no water scarcity issues that are relevant
for its business context. The networks in Elisa’s home
markets have little direct impact on biodiversity through land
degradation, as the network sites cover small land areas and
are often located in urban settings. Construction of new sites
is carried out according to local environmental laws and
through building permits issued by the authorities, which in
this context represent local communities.
Mapping of information provided in Elisa’s Sustainability Statement about the due diligence process
Core elements of due diligence Section
a) Embedding due diligence in governance, strategy and
business model
Sustainability governance; strategy and business model
b) Engaging with affected stakeholders in all key steps of due
diligence
Interests and views of stakeholders
c) Identifying and assessing adverse impacts Double materiality assessment
d) Taking action to address those adverse impacts Disclosed as part of each material topic.
Table: Stakeholder dialogue and material topics in 2025
e) Tracking the effectiveness of these efforts and
communicating them
Disclosed as part of each material topic.
Table: Stakeholder dialogue and material topics in 2025
Double materiality assessment
In 2025, Elisa revisited its double materiality assessment
including impacts, risks and opportunities. The 2024 results
were refined using insights from third-party assessment
results and feedback gathered through consultations with
internal experts from business lines and Group functions as
well as external stakeholders, including suppliers, partners,
customers and industry associations. The scope of the
double materiality assessment covered the entire Elisa Group
and considered the value chains of all Elisa companies.
The updated findings were reviewed as part of
sustainable strategy by the CRMB in April 2025, the CEB
in May 2025, the Audit Committee in July 2025 and the
Board of Directors in November 2025. All impacts, risks
and opportunities identified have been evaluated and are
considered as part of Elisa Group’s strategy work and overall
risk management.
Based on the outcome of the double materiality
assessment, Elisa has identified the following material
sustainability topics: climate change, resource use and
circular economy, own workforce, workers in the value
chain, customers and end users, and business conduct,
as well as the entity-specific topic of critical infrastructure.
Accordingly, Elisa reports the relevant data points as
specified in the applicable disclosure requirements, unless
specific data points have been assessed as not material
or not relevant. If there are such exclusions, they are
noted under each data point, in line with the disclosure
requirements.
Following the DMA process, the topics of pollution,
water and marine resources, biodiversity and ecosystems
and affected communities have been determined not to
be material for Elisa, as they scored below the established
thresholds for both impact and financial materiality.
Compared to 2024, the sub-topics of climate change
relationships across the Elisa Group. The location of the
information provided in Elisa’s Sustainability Statement about
the due diligence process is disclosed in the table below. In
addition, Elisa discloses topic-specific due diligence process
descriptions alongside each topic.
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24 ANNUAL REPORT 2025 • Sustainability Statement
Impact materiality
In 2025, in cases where topics required reassessment, Elisa
continued to apply the same methodology for assessing
the materiality impact of topics as in 2024. Topics whose
materiality remained unchanged were not reassessed.
As per the ESRS guidance, the three parameters of scale,
scope and irremediable character or realisation of impact
have been used in scoring the severity of the impacts.
Irremediable character has been used for negative impacts,
and realisation of impact has been used to understand
realised positive impacts. Additionally, the likelihood matrix
was created as an average score of parameter such as
frequency, mitigation procedures and business continuity.
The final score of each impact was calculated as the severity
of that impact multiplied by the likelihood of that impact.
The determined materiality threshold yielded a final list
of 22 material topics, sub-topics and and sub-sub-topics that
were assessed as having a score of eight or higher.
Financial materiality
Elisa assessed the financial materiality of the sustainability
risks as well as opportunities. The scope of financial
materiality has remained almost the same as last year;
however, the scoring methodology and materiality level
were revisited and refined. Risks were identified through
the result of the impact materiality assessment and external
factors such as climate change, challenges in the business
environment, and geopolitical developments. Determining
the risk sizes was supported by third-party assessment
results. In parallel, Elisa’s strategy work and Elisa’s
development of new business, products and services formed
the basis for identifying opportunity.
In 2025, Elisa streamlined its methodology for scoring
financial risks to enhance clarity and consistency. Under the
revised approach, Elisa’s risk scoring is based on two key
factors: the potential financial impact of the risk on annual
profit and the effectiveness of Elisa’s mitigation measures.
The potential financial impact of the risk is derived from
comprehensive, science-based assessments carried out by
third parties, reflecting the average annual effect on profit
over a ten-year horizon. For topics where updated data were
not provided by a third party, the assessments were based
on internal subject experts’ evaluations. The materiality score
for the risks was graded as high, medium, medium-low or
low.
For financial opportunities, the scoring focuses solely
on the potential positive financial impact on Elisa’s business
or revenue growth. The size of these effects is based
on Elisa-specific business opportunities, evaluations by
internal experts and the result of Elisa’s portfolio analysis.
Only opportunities that have high financial impacts are
considered to be material.
Consolidated overviews of the sustainability-related
risks and opportunities were presented to and discussed
with internal stakeholders and management. The scoring
and respective materiality threshold yielded a final list of
nine (9) material risks and three (3) material opportunities
related to sustainability matters that were assessed as high
or very high. The final results were utilised in company’s risk
management.
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25 ANNUAL REPORT 2025 • Sustainability Statement
ESRS topic
Material impact, risk or
opportunity (IRO) and time horizon IRO occurrence Description
E1 Climate change Climate change mitigation
Actual negative impact (medium term) Value chain Impact mainly arises from supply chain, particularly through the procurement of network equipment, electronic products and related services.
Potential risk (medium to long term) Value chain
Own operations
Stricter climate regulations and Elisa’s SBTi commitments may lead to increased operational costs, while failure to meet expectations could result
in reputational damage, stakeholder dissatisfaction or regulatory penalties.
Energy
Actual negative impact (medium term) Value chain
Own operations
Electricity use in operations is expected to rise with growing data volumes and new technologies.
Potential risk (medium to long term) Value chain
Own operations
Energy-intensive operations may face increasing risks from regulatory changes, market volatility in renewable energy and rising expectations for
energy efficiency, affecting cost and operational planning.
Opportunity (medium to long term) Own operations Innovations, such as Gridle and Elisa Kotiakku, present strategic growth opportunities by enhancing operational efficiency, supporting the clean
energy transition and contributing to long-term business value.
E5 Resource use and
circular economy
Resource inflows, including use
Actual negative impact (medium term) Value chain Electronic devices and technologies rely on critical metals and minerals, many of which have few or no available substitutes and are often
sourced from only a few countries that are subject to geopolitical uncertainty.
Potential risk (medium to long term) Value chain
Own operations
Reliance on critical metals and minerals in the company’s technologies exposes it to potential supply chain disruptions, regulatory scrutiny and
reputational risks due to environmental and human rights concerns in global sourcing.
Resource outflows – waste
Actual negative impact (medium term) Value chain
Own operations
The sale and use of electronic devices and technologies lead to the generation of waste electrical and electronic equipment (WEEE), while
battery waste also poses a significant concern due to its widespread application in network infrastructure and electronic products.
Material sustainability topics and description
Environment Social Assurance AnnexesGovernanceGeneral informationGeneral information
26 ANNUAL REPORT 2025 • Sustainability Statement
ESRS topic
Material impact, risk or
opportunity (IRO) and time horizon IRO occurrence Description
S1 Own workforce Health and safety
Actual positive impact (short term) Own operations Employee wellbeing is supported through strong occupational health and safety practices, including access to mental health services where
available. No serious work-related physical injuries or fatalities have been reported in the past three years.
Potential risk (short to medium term) Own operations The company could face financial and operational strain if rising stress levels, inadequate safety measures or talent retention challenges lead to
increased absences, workplace incidents or long-term workforce disengagement.
Social dialogue, freedom of association,
collective bargaining
Actual positive impact (short term) Own operations Fair and lawful working conditions are ensured by complying with local labour laws, supporting freedom of association, and following relevant
collective agreements or equivalent regulations. Employee data is managed centrally through an HR system, with 88% of employees represented
in the European Works Council.
Diversity
Actual positive impact (short term) Own operations Diversity, equity and inclusion are promoted through fair recruitment, inclusive leadership and efforts to ensure equal opportunities across the
workforce. Targets and processes have also been set to support ongoing development in these areas.
Training and skills development
Actual positive impact (short term) Own operations Continuous learning is supported through the 70-20-10 model, which encourages development through daily work, peer learning and formal
training – all aligned with strategic goals.
S2 Workers in the
value chain
Forced labour and child labour
Potential negative impact (short to medium
term)
Value chain Global ICT supply chains have cases of serious human rights violations (such as forced or child labour and unsafe working conditions) due to
systemic risks in mineral sourcing, manufacturing and logistics in high-risk regions and industries.
Potential risk (short to medium term) Value chain Limited visibility in global supply chains, especially those involving conflict minerals and outsourced services, can lead to human rights, legal
and reputational risks. Vulnerable workers may be at risk of exploitation.
Working time
Actual negative impact (short term) Value chain Excessive working hours in the supply chain may infringe on workers’ right to rest and leisure may harm workers’ physical and mental health.
Health and safety
Actual negative impact (short term) Value chain Demanding work, excessive working hours and poor health and safety standards in parts of the supply chain may harm workers’ physical and
mental wellbeing.
Environment Social Assurance AnnexesGovernanceGeneral informationGeneral information
27 ANNUAL REPORT 2025 • Sustainability Statement
ESRS topic
Material impact, risk or
opportunity (IRO) and time horizon IRO occurrence Description
S4 Consumers and
end users
Privacy
Actual positive impact (short term) Value chain Digital inclusion and personal privacy are supported by providing secure, transparent and accessible digital services.
Potential risk (short to medium term) Value chain
Own operations
Processing personal, confidential and traffic data requires strict compliance with data protection laws—especially the GDPR. Any breach can
lead to serious legal, financial and regulatory consequences.
Opportunity (medium to long term) Own operations Promoting strong performance in privacy and data protection helps build customer trust, strengthen brand value and support growth in markets
where privacy matters most.
Freedom of expression
Actual positive impact (short to medium term) Value chain Safeguarding freedom of expression is supported by providing secure and private communication, applying ethical practices and ensuring
technologies help people communicate openly and safely.
Health and safety
Actual positive impact (short to medium term) Value chain Promoting children’s digital wellbeing through secure infrastructure, blocking content depicting the sexual abuse of minors, and active
participation in national and expert-led initiatives that promote safe and inclusive digital experiences.
Entity-specific –
Critical infrastructure
Resilience and reliable infrastructure
Actual positive impact (short term) Value chain
Own operations
Strengthening resilience and reliable infrastructure for all digital connections in a modern digital environment, as society and stakeholders
depend on reliable and accessible network connections for various needs, in digital as well as physical environments.
Cybersecurity
Actual positive impact (short term) Value chain
Own operations
Strengthening cybersecurity and network resilience to protect operations, customers and society, in response to growing geopolitical and
economic uncertainty.
Potential risk (medium term) Value chain
Own operations
Expanding operations and geopolitical uncertainty may increase exposure to cybersecurity risks. Incidents or non-compliance could lead to
reputational harm, financial penalties and reduced competitiveness.
Opportunity (medium to long term) Own operations Driving cybersecurity leadership to promote trust and unlock new revenue through AI-powered solutions and reliable infrastructure.
Environment Social Assurance AnnexesGovernanceGeneral informationGeneral information
28 ANNUAL REPORT 2025 • Sustainability Statement
ESRS topic
Material impact, risk or
opportunity (IRO) and time horizon IRO occurrence Description
G1 Business conduct Anti-bribery and corruption
Potential risk (short to medium term) Value chain
Own operations
International growth and complex supply chains may increase exposure to corruption risks, potentially leading to reputational damage, legal
penalties and weakened stakeholder trust despite strong preventive measures.
Corporate culture
Actual positive impact (short to medium term) Own operations Promoting corporate culture may attract talents and increase employee engagement and improve employee
wellbeing.
Protection of whistleblowers
Actual positive impact (short term) Value chain A secure and anonymous whistleblowing channel supports ethical behaviour by allowing stakeholders to report concerns safely and without fear
of retaliation.
Management of relationships with suppliers
Actual positive impact (short term) Value chain
Own operations
Ethical business practices are promoted across the supplier network through active engagement to align values on climate, human rights and
responsible conduct.
Environment Social Assurance AnnexesGovernanceGeneral informationGeneral information
29 ANNUAL REPORT 2025 • Sustainability Statement
E – Environment
EU Taxonomy
The EU Taxonomy, set out in Regulation (EU) 2020/852, is a
system for identifying environmentally sustainable activities.
Large companies must report the share of their business that
is Taxonomy-eligible and Taxonomy-aligned, as well as the
related investments and operating costs. “Eligibility” means
an activity is included in the Taxonomy list, while “alignment”
means that it meets the technical criteria, follows minimum
safeguards and does no significant harm.
Assessment of eligibility and alignment
The telecommunications sector is not yet included in the
scope of the EU Taxonomy Regulation, which limits the
applicability of related financial KPIs for Elisa. Additionally,
in 2025, the European Commission introduced the
Omnibus I simplification package, which aims to reduce
the administrative burden of EU Taxonomy reporting while
maintaining its core objectives. Key changes include
simplified templates, fewer data points and the introduction
of materiality thresholds. In 2025, Elisa’s KPIs were below
the threshold; however, Elisa has chosen to report under the
existing framework for 2025 to maintain consistency and
transparency.
In total, 10.6% of Elisa’s revenue was assessed as
Taxonomy- eligible by mapping its economic activities to
the NACE codes referenced in the EU Taxonomy Delegated
Acts. The Taxonomy sets out six environmental objectives: (a)
climate change mitigation, (b) climate change adaptation,
(c) sustainable use and protection of water and marine
resources, (d) transition to a circular economy, (e) pollution
prevention and control, and (f) protection and restoration
of biodiversity and ecosystems. Elisa’s eligible activities
contribute to climate change mitigation, climate change
adaptation and the transition to a circular economy.
The scope of eligible activities remained unchanged
from the previous year. During the year, Elisa worked with
relevant business units to review eligible activities against
the alignment criteria set out in the regulation. Explanations
of eligibility and alignment are presented below. Elisa will
continue to monitor regulatory developments and update its
assessments as the guidance evolves.
Climate change mitigation
CCM 4.1. Electricity generation using
solar photovoltaic technology
Elisa has installed solar panels at its facilities to partially
cover the electricity needs of its network. Energy data is
monitored and reported in Elisa’s Sustainability Statement.
This activity meets both eligibility and alignment criteria.
CCM 4.10. Storage of electricity
Elisa’s Gridle business includes Gridle Telco (previously
Elisa Distributed Energy Storage) and Gridle Home as well
as Elisa Kotiakku. These solutions optimise energy storage,
enabling efficient use of renewable energy. This activity is
fully eligible and aligned.
CM 4.16. Installation and operation
of electric heat pumps
Elisa uses electric heat pumps for heating
telecommunications facilities. While the activity meets
energy efficiency requirements, the refrigerants currently in
use exceed the GWP threshold of 675 due to technological
limitations. Therefore, the activity is eligible but not aligned.
CCM 4.22. Production of heat/cool from geothermal
energy
Elisa is transitioning from oil heating systems to geothermal
solutions. The activity is eligible but not yet aligned, as the
required life cycle assessment is pending.
CCM 4.25. Production of heat/cool using waste heat
Elisa recovers excess waste heat from servers in data
centres. This activity meets both eligibility and alignment
criteria, with energy data reported in the Sustainability
Statement.
CCM 6.5. Transport by motorbikes, passenger cars
and light commercial vehicles
Elisa’s employee car leasing benefit is eligible under this
activity. Alignment requires vehicles to meet strict CO₂
thresholds (below 50 g/km until 2025, zero emissions from
2026). Currently, not all leased vehicles comply, so the
activity is eligible but not fully aligned. Elisa is transitioning
its fleet to meet these standards in line with its 2030 and
2040 climate targets.
CCM 8.1. Data processing, hosting and related activities
Elisa assessed five data centres for alignment with EU
Taxonomy criteria. Compliance with the EU Code of Conduct
for Energy Efficiency and ISO audits was confirmed.
However, two centres use refrigerants exceeding GWP
limits. As of the end of 2025, Elisa had achieved 89%
alignment for this activity and is continuing to improve its
energy efficiency and cooling systems.
Climate change adaptation
CCA 8.3. Programming and broadcasting activities
Elisa’s Viihde and Elamus services are eligible under
this activity. Alignment is supported by climate risk and
vulnerability assessments, adaptation measures and life cycle
assessments. These measures follow best practices and are
regularly monitored for effectiveness.
Circular economy
CE 5.1. Repair, refurbishment and remanufacturing
Elisa’s Fonum business repairs and refurbishes used
products to extend their lifetime. In 2025, the activity is fully
aligned after confirmation of the DNSH requirements. Elisa
has implemented quality clauses in contracts and developed
a WEEE waste management plan to improve compliance.
E – Environment
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
30 ANNUAL REPORT 2025 • Sustainability Statement
CE 5.5. Product as a service and other circular use- and
result-oriented service models
Elisa’s EPP device-as-a-service operations are eligible
under this activity. Alignment is not yet achieved due to the
option for customers to purchase devices at the end of the
agreement period, which affects compliance. Packaging has
been designed for reuse to support circularity.
Do no significant harm
For climate adaptation, Elisa conducted climate risk
assessments in line with the technical screening criteria and
integrated the results into its double materiality assessment
under the CSRD. Circular economy requirements are
addressed through compliance with EU directives on
equipment and product standards as well as restricted
substances, along with a robust waste management plan.
At end of life, electronic equipment, products and batteries
are recycled in cooperation with local waste management
partners.
Elisa’s general terms and supplier contracts require
compliance with EU product regulations, including REACH,
RoHS and CE markings, ensuring adherence to pollution
prevention requirements. For biodiversity, Elisa operates
under valid environmental permits and complies with local
regulations.
Water-related impacts are generally immaterial for
most eligible activities. Where water is used (such as in
data centres), cooling systems operate in closed loops to
minimise consumption and waste. Sensors in computer
rooms enable immediate response to leaks or humidity
issues.
Through these measures, Elisa demonstrates compliance
with DNSH criteria while supporting sustainability goals and
regulatory requirements.
Minimum social safeguards
Elisa ensures compliance with minimum social safeguards
through Group-wide policies on human rights, anti-bribery
and corruption, taxation and fair competition, all aligned
with international standards. Compliance is supported
by due diligence processes and grievance mechanisms,
detailed in the “Business conduct” section.
Accounting principles
Elisa remains dedicated to improving its alignment with
the current EU Taxonomy requirements and has initiated
preparations for upcoming environmental objectives. The
financial information is from Elisa’s consolidated financial
statements and complies with IFRS accounting principles.
The allocated key performance indicators for the EU
Taxonomy were defined in accordance with the guidelines
provided in Annexes 1–5 to Delegated Regulations
(EU) 2021/4987 and 2021/2800. Data for revenue,
capital expenditure (CapEx) and operating expenses
(OpEx) were drawn from Elisa’s Group-level financial
statements for 2024.
Revenue
In the calculation of the key figure for revenue,
Elisa applies the same IFRS-compliant accounting
principles applied in the consolidated financial
statements. The overall revenue used to calculate the
key figure corresponds to the revenue disclosed in the
consolidated financial statements, which corresponds
to external revenue in Elisa’s consolidated statement of
comprehensive income (i.e. revenue from contracts with
customers). The accounting principles used for revenue
are discussed in Note 2.3 to the consolidated financial
statements.
Revenue in 2025 amounted to EUR 2,257 million
(denominator). Taxonomy-aligned revenue accounts for
EUR 208.7 million (numerator), or 9.2% of Elisa’s revenue.
In 2024, Taxonomy- aligned revenue was EUR 175.3
million (8.0% of total revenue).
There have not been any material changes to the
eligible and aligned revenue compared to the previous
period. The eligible revenue change is related to normal
business, and the change in alignment was due to
an increase in the alignment of 8.1. Data processing,
hosting and related activities as well as alignment of 5.1.
Repair, refurbishment and remanufacturing activity.
Capital expenditure
Elisa’s Taxonomy-eligible CapEx is defined as additions
to property, plant and equipment, intangible assets and
right- of-use assets during the financial year. Additions
to goodwill are not included in CapEx. Additions are
defined as investments during the financial year and
include additions resulting from business combinations.
Elisa’s CapEx metric used in the consolidated financial
statements excludes additions resulting from business
combinations.
In 2025, CapEx in intangible and tangible assets
and lease agreements amounted to EUR 358.6 million
(denominator). Additions to property, plant and
equipment are presented in Note 5.2 to the consolidated
financial statements, additions to intangible assets in
Note 5.3, and additions to right-of-use assets related
to leases in Note 5.4. The Taxonomy-aligned CapEx in
2025 was EUR 21.0 million (numerator), corresponding
to 5.9% of the Group’s total CapEx. In 2024, the
Taxonomy-aligned CapEx was EUR 12.1 million (3.3% of
total CapEx).
There has not been any material change to aligned
CapEx.
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
31 ANNUAL REPORT 2025 • Sustainability Statement
Operational expenditure
OpEx is defined as direct, non-capitalised costs
that relate to research and development, building
renovation measures, short-term leases, maintenance
and repair, as well as any other direct expenditures
relating to the day-to-day servicing of property, plant
and equipment by the undertaking or a third party
to whom activities are outsourced that are necessary
to ensure the continued and effective functioning of
such assets. Direct non-capitalised costs related to
research and development correspond to the amount
of research and development expenses in Elisa’s
consolidated statement of comprehensive income.
In 2025, the proportion of OpEx from products
or services totalled EUR 127.5 million (denominator).
Taxonomy-aligned OpEx was EUR 0.3 million (EUR
0.5 million in 2024).
There have not been any material changes to the
OpEx compared to the previous period.
To ensure accuracy, Elisa has diligently avoided
double counting by classifying external revenue
streams (CapEx and OpEx) into taxonomy activities
only once. As part of its EU Taxonomy disclosures,
Elisa also reports its activities related to nuclear power
or fossil gases using Template 1 presented in Annex
XII to Delegated Regulation (EU) 2022/1214 and
referred to in Articles 8(6) and (7) of Regulation (EU)
2021/2178.
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
32 ANNUAL REPORT 2025 • Sustainability Statement
EU Taxonomy indicators
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2025
Financial Year 2025 Substantial contribution criteria DNSH criteria (Does Not Significantly Harm)
Minimum
Safeguards
Proportion of
Taxonomy aligned or
eligible turnover (%),
2024
Category
(enabling activity)
Category
(transitional activity)
Economic activities
Code(s)
Turnover (MEUR)
Proportion of
turnover (%),
2025
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Pollution
prevention and
control
Circular economy
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Pollution
prevention and
control
Circular economy
Biodiversity and
ecosystems
Text Currency % Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1.Environmentally sustainable activities (Taxonomy-aligned)
Storage of electricity CCM 4.10 10.2 0.5% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y Y Y 0.1% E
Production of heat/cool using waste heat CCM 4.25 0.2 0.0% Y N N/EL N/EL N/EL N/EL N/A Y N/A Y Y Y Y 0.0%
Data processing, hosting and related activities CCM 8.1 28.0 1.2% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y N/A Y 0.6% T
Programming and broadcasting activities CCA 8.3 157.7 7.0% N/EL Y N/EL N/EL N/EL N/EL N /A N/A N/A N/A N/A N/A Y 7.3% E
Repair, refurbishment and remanufacturing CE 5.1 12.6 0.6% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y N/A N/A Y 0.6%
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
208.7 9.2% 9.2% 1.7% 7.0% 0.0% 0.0% 0.6% Y Y Y Y Y Y Y 8.6%
Of which Enabling 167.9 7.4% 7.4% 0.5% 7.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 7.4% E
Of which Transitional 28.0 1.2% 1.2% 1.2% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0.6% T
A.2.Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL;
N/EL
EL; N/EL
Product as a service and other circular use- and
result-oriented service models
CE 5.5 26.0 1.2% N/EL N/EL N/EL N/EL EL N/EL 1.1%
Data processing, hosting and related activities CCM 8.1 5.4 0.2% EL N/EL N/EL N/EL N/EL N/EL 0.9%
Turnover of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2)
31.3 1.4% 0.2% 0.0% 0.0% 0.0% 1.2% 0.0% 2.0%
A. Turnover of Taxonomy eligible activities (A.1+A.2) 240.1 10.6% 1.9% 7.0% 0.0% 0.0% 1.7% 0.0% 10.6%
B: TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 2,017.1 89.4%
Total (A+B) 2,257.1 100.0%
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
33 ANNUAL REPORT 2025 • Sustainability Statement
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2025
Financial Year 2025 Substantial contribution criteria DNSH criteria (Does Not Significantly Harm)
Minimum
Safeguards
Proportion of
Taxonomy aligned or
eligible CapEx (%),
2024
Category
(enabling activity)
Category
(transitional activity)
Economic activities
Code(s)
CapEx (MEUR)
Proportion of
CapEx (%),
2025
Climate change
mitigation
Climate change
adaptation
Water and
marine resources
Pollution
prevention and
control
Circular economy
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and
marine resources
Pollution
prevention and
control
Circular economy
Biodiversity and
ecosystems
Text Currency % Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1.Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation using solar photovolatic
technology
CCM 4.1 0.0 0.0% Y N N/EL N/EL N/EL N/EL N/A Y N/A N/A Y Y Y 0.0%
Storage of electricity CCM 4.10 4.6 1.3% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y Y Y 0.8% E
Production of heat/cool using waste heat CCM 4.25 2.0 0.6% Y N N/EL N/EL N/EL N/EL N/A Y N/A Y Y Y Y 0.0%
Data processing, hosting and related activities CCM 8.1 9.6 2.7% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y N/A Y 1.2% T
Programming and broadcasting activities CCA 8.3 4.8 1.3% N/EL Y N/EL N/EL N/EL N/EL N /A N/A N/A N/A N/A N/A Y 1.3% E
Repair, refurbishment and remanufacturing CE 5.1 0.0 0.0% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y N/A N/A Y 0.0%
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
21.0 5.9% 4.5% 1.3% 0.0% 0.0% 0.0% 0.0%
Y
Y Y Y Y Y Y 3.3%
Of which Enabling 9.5 2.6% 1.3% 1.3% 0.0% 0.0% 0.0% 0.0%
Y
Y Y Y Y Y Y 2.1% E
Of which Transitional 9.6 2.7% 2.7% 0.0% 0.0% 0.0% 0.0% 0.0%
Y
Y Y Y Y Y Y 1.2% T
A.2.Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL;
N/EL
EL;
N/EL
EL; N/EL
Installation and operation of electric heat pumps CCM 4.16 0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.1%
Production of heat/cool from geothermal energy CCM 4.22 0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Product as a service and other circular use- and
result-oriented service models
CE 5.5 0.0 0.0% N/EL N/EL N/EL N/EL EL N/EL 0.0%
Transport by motorbikes, passenger cars and light
commercial vehicles
CCM 6.5 3.3 0.9% EL N/EL N/EL N/EL N/EL N/EL 1.0%
Data processing, hosting and related activities CCM 8.1 1.2 0.3% EL N/EL N/EL N/EL N/EL N/EL 1.7%
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)
4.4 1.2% 1.2% 0.0% 0.0% 0.0% 0.0% 0.0% 2.8%
A. CapEx of Taxonomy eligible activities (A.1+A.2) 25.5 7.1% 5.7% 1.3% 0.0% 0.0% 0.0% 0.0% 6.1%
B: TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 333.2 92.9%
Total (A+B) 358.6 100.0%
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
34 ANNUAL REPORT 2025 • Sustainability Statement
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2025
Financial Year 2025 Substantial contribution criteria DNSH criteria (Does Not Significantly Harm)
Minimum
Safeguards
Proportion of
Taxonomy aligned or
eligible OpEx (%),
2024
Category
(enabling activity)
Category
(transitional activity)
Economic activities
Code(s)
OpEx (MEUR)
Proportion of
OpEx (%),
2025
Climate change
mitigation
Climate change
adaptation
Water and
marine resources
Pollution
prevention and
control
Circular economy
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and
marine resources
Pollution
prevention and
control
Circular economy
Biodiversity and
ecosystems
Text Currency % Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1.Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation using solar photovolatic
technology
CCM 4.1 0.0 0.0% Y N N/EL N/EL N/EL N/EL N/A Y N/A N/A Y Y Y 0.0%
Storage of electricity CCM 4.10 0.0 0.0% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y Y Y 0.0% E
Production of heat/cool using waste heat CCM 4.25 0.0 0.0% Y N N/EL N/EL N/EL N/EL N/A Y N/A Y Y Y Y 0.0%
Data processing, hosting and related activities CCM 8.1 0.0 0.0% Y N N/EL N/EL N/EL N/EL N/A Y Y N/A Y N/A Y 0.0% T
Programming and broadcasting activities CCA 8.3 0.3 0.2% N/EL Y N/EL N/EL N/EL N/EL N/A N/A N/A N/A N /A N/A Y 0.4% E
Repair, refurbishment and remanufacturing CE 5.1 0.0 0.0% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y N/A N/A Y 0.0%
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0.3 0.2% 0.0% 0.2% 0.0% 0.0% 0.0% 0.0%
Y
Y Y Y Y Y Y 0.4%
Of which Enabling 0.3 0.2% 0.0% 0.2% 0.0% 0.0% 0.0% 0.0%
Y
Y Y Y Y Y Y 0.4% E
Of which Transitional 0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Y
Y Y Y Y Y Y 0.0% T
A.2.Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL;
N/EL
EL;
N/EL
EL; N/EL
Installation and operation of electric heat pumps CCM 4.16 0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Production of heat/cool from geothermal energy CCM 4.22 0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Product as a service and other circular use- and
result-oriented service models
CE 5.5 0.0 0.0% N/EL N/EL N/EL N/EL EL N/EL 0.0%
Transport by motorbikes, passenger cars and light
commercial vehicles
CCM 6.5 0.0 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
OpEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)
0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
A. OpEx of Taxonomy eligible activities (A.1+A.2) 0.3 0.2% 0.0% 0.2% 0.0% 0.0% 0.0% 0.0% 0.4%
B: TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 127.2 99.8%
Total (A+B) 127.5 100.0%
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
35 ANNUAL REPORT 2025 • Sustainability Statement
Taxonomy eligible and aligned turnover per environmental objective in 2025
Turnover Proportion of turnover / Total turnover
Taxonomy-aligned per
objective (%)
Taxonomy-eligible per
objective (%)
Climate change mitigation (CCM) 1.7% 0.2%
Climate change adaptation (CCA) 7.0% 0.0%
Water and marine resources (WTR) 0.0% 0.0%
Pollution prevention and control (PPC) 0.0% 0.0%
Circular economy (CE) 0.6% 1.2%
Biodiversity and ecosystems (BIO) 0.0% 0.0%
Taxonomy eligible and aligned CapEx per environmental objective in 2025
CapEx Proportion of CapEx / Total CapEx
Taxonomy-aligned per
objective (%)
Taxonomy-eligible per
objective (%)
Climate change mitigation (CCM) 4.5% 1.2%
Climate change adaptation (CCA) 1.3% 0.0%
Water and marine resources (WTR) 0.0% 0.0%
Pollution prevention and control (PPC) 0.0% 0.0%
Circular economy (CE) 0.0% 0.0%
Biodiversity and ecosystems (BIO) 0.0% 0.0%
Taxonomy eligible and aligned OpEx per environmental objective in 2025
OpEx Proportion of OpEx/Total OpEx
Taxonomy-aligned per
objective (%)
Taxonomy-eligible per
objective (%)
Climate change mitigation (CCM) 0.0% 0.0%
Climate change adaptation (CCA) 0.2% 0.0%
Water and marine resources (WTR) 0.0% 0.0%
Pollution prevention and control (PPC) 0.0% 0.0%
Circular economy (CE) 0.0% 0.0%
Biodiversity and ecosystems (BIO) 0.0% 0.0%
Annex VII
Template 1. Nuclear and fossil gas related activities
Row Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to research, development,
demonstration and deployment of innovative electricity generation facilities that
produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2. The undertaking carries out, funds or has exposures to construction and safe
operation of new nuclear installations to produce electricity or process heat,
including for the purposes of district heating or industrial processes such as
hydrogen production, as well as their safety upgrades, using best available
technologies.
No
3. The undertaking carries out, funds or has exposures to safe operation of existing
nuclear installations that produce electricity or process heat, including for the
purposes of district heating or industrial processes such as hydrogen production
from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation
of electricity generation facilities that produce electricity using fossil gaseous
fuels.
No
5. The undertaking carries out, funds or has exposures to construction,
refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
No
6. The undertaking carries out, funds or has exposures to construction,
refurbishment and operation of heat generation facilities that produce heat/cool
using fossil gaseous fuels.
No
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
36 ANNUAL REPORT 2025 • Sustainability Statement
E1 Climate change
Approach
Elisa has assessed impacts, risks and opportunities related
to climate change through its double materiality assessment
(DMA) process. Through this process, the company has
identified parameters within its contextual environment that
may significantly influence its operations. The company
also conducts structured analyses of technology-related
roadmaps, competitor activities and various market
dynamics, supported by insights from its market intelligence
experts.
The most significant negative impacts are linked to Elisa’s
supply chain and own operations, influenced by external
environmental and regulatory factors. To ensure its strategy
is well informed, Elisa actively engages with stakeholders,
including customers, employees, investors, regulators,
suppliers, local communities and NGOs.
Climate risks have been investigated across short-,
medium- and long-term horizons. These include both
physical risks – such as extreme weather events and water
scarcity – and transitional risks related to policy changes
and market expectations. Elisa’s scenario analysis, based
on various information sources such as the EU, Cicero and
IPPC, evaluates how different climate futures (e.g. 1.5 °C to
3 °C warming) could affect its business.
Elisa is continuing to reduce its carbon footprint in line
with the 1.5 °C target, while preparing for more severe
climate scenarios. Climate-related risks are also considered
in financial planning. Regulatory developments play a key
role in shaping the company’s climate strategy, which is
aligned with broader planetary boundaries. To remain agile
in a changing environment, Elisa embeds sustainability into
its digital business operations and fosters innovation through
continuous learning and experimentation.
Climate risks, description and its management
Elisa does not estimate the physical climate risks to be
significant for its operations in the short term. However,
the company anticipates potential effects of physical
climate risks for its own operations over the longer term.
Elisa’s scenario analysis incorporates both physical and
transitional climate-related risks, drawing on a wide range
of information sources. In addition to evaluating climate
scenarios for the geographical areas where it operates, Elisa
analyses climate extremes and projected changes over the
next 30 years. The company uses tools and data sources that
address the climate change-related factors most relevant to
its operations, such as flooding, severe storms and wildfire
hazards. It also considers societal vulnerability to climate
change. According to this analysis, Finland and Estonia –
Elisa’s primary markets – exhibit relatively low exposure and
vulnerability to climate change. However, some of Elisa’s
international offices face higher risks in specific areas.
In parallel, Elisa conducts regular climate resilience
analysis across its operations and key suppliers to identify
vulnerable locations. For these sites, the company is
developing mitigation and adaptation strategies. The
company bases its analysis on its carbon footprint, regional
climate projections, supply chain dependencies and
regulatory context. It can also consider external factors
like geopolitical shifts, energy market volatility and new
technological developments. The analysis can apply to
company’s infrastructure, workforce and service delivery,
to identify critical vulnerabilities and prioritise its mitigation
actions.
Insights from both scenario and resilience analyses are
integrated into the company’s DMA process and the climate
transition planning, to guide strategic and operational
decisions.
Policies
Elisa complies with all relevant environmental and climate
regulations and expects the same from all stakeholders,
including employees, suppliers, subcontractors and
partners.
Elisa has established Group-wide policies to support
climate change mitigation, adaptation and environmental
sustainability. These include the Code of Conduct, which
guides ethical business practices, and the Environmental
and Energy Policies, which outline commitments to
reducing environmental impact and improving energy
performance across operations and the value chain. The
Code of Ethical Purchasing and Procurement Policy define
the responsibilities of suppliers, ensuring alignment with
Elisa’s values and legal obligations. In its 2025 updates to
the Environmental and Energy Policies, Elisa reaffirmed
its commitment to using 100% renewable electricity. This
included the use of 87,600 MWh of wind power electricity
acquired through a PPA agreement with the Puutikankangas
wind farm. Additionally, it also expanded the descriptions
of sustainable procurement criteria and supplier reporting
expectations.
Elisa’s Environmental and Energy Policies are aligned
with international frameworks, such as the CSRD, UN
Global Compact and Science Based Targets initiative (SBTi),
supporting the goals of the Paris Agreement. These policies
are approved by the Corporate Responsibility Management
Board and are publicly available to all employees and third
parties acting on behalf of Elisa. Together, these policies
provide clear guidance on responsible practices, focusing
on climate action, energy and resource efficiency, and
circularity.
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
37 ANNUAL REPORT 2025 • Sustainability Statement
Risk type and time horizon Description Management
Acute physical risk
(short term)
Extreme weather events, such as storms
or floods, may disrupt power supply
and damage Elisa’s network and data
centres, leading to service interruptions
and increased repair costs.
Elisa uses real-time monitoring, works with
electricity providers and manages risks
through backup systems, joint planning,
training and insurance.
Chronic physical risk
(medium term)
Rising temperatures may increase
cooling costs and affect equipment and
employee health, especially outside
Northern Europe.
Elisa improves energy efficiency and facility
design, and works with suppliers to manage
cooling needs.
Transitional risk 1
(medium to long term)
EU climate policies and carbon pricing
may raise energy and supplier costs,
impacting Elisa’s operations.
Elisa improves energy efficiency, uses
renewable electricity and secures long-term
energy agreements.
Transitional risk 2
(ongoing)
Growing environmental awareness
among customers, employees and
investors is increasing pressure for
sustainability performance.
Elisa maintains transparent climate
communication and promotes resource
efficiency in networks and devices.
Transitional risk 3
(ongoing)
Most of Elisa’s emissions originate
from its supply chain. Limited supplier
readiness for climate reporting and
product development may raise costs.
Elisa engages with suppliers on climate action
and involves stakeholders across its value
chain to meet climate targets.
Climate change - and energy-related opportunities
Elisa is advancing energy-related innovations that support the
global clean energy transition and contribute to long-term
business resilience. Through Elisa’s Gridle business,
which includes Gridle C&I, Gridle Telco (previously Elisa
Distributed Energy Storage) and Gridle Home as well as
Elisa Kotiakku, Elisa is leveraging AI and intelligent energy
management to enhance grid stability and operational
efficiency. These developments align with the company’s
sustainability goals and represent a strategic opportunity to
strengthen its position in the energy market while supporting
its climate objectives.
Transition plan for climate change mitigation
On its progress toward the Net-zero 2040 long-term target,
Elisa is currently focusing on its 2030 near-term target
milestone of a 42% absolute reduction in Scope 1, 2 and 3
GHG emissions from the 2021 baseline. Climate targets are
reviewed by Elisa’s BoD and approved by the CEB. Elisa has
established a climate transition planning structure around
these targets, guiding both strategic and operational climate
actions. Elisa publicly discloses a high-level overview of this,
forming its Climate Transition Plan (CTP).
The CTP is supported by a strategy period-related Climate
Transition Action Plan (CTAP), which outlines Elisa’s roadmap
for low-carbon operations and value chain engagement
as well as explains how the company’s climate target
supports the global climate neutrality goal and identifies
key decarbonisation levers. These plans are integrated into
Elisa’s Environmental Management System (EMS) and Energy
Management System (EnMS), forming the foundation for
climate action during the 2025–2027 strategic period.
The Corporate Responsibility Management Board
oversees the EMS and CTAP, while the Environment and
Energy Working Group tracks progress and supports
continuous improvement. The results of Elisa’s double
materiality assessment are reviewed annually and inform
strategic planning and prioritisation of environmental issues.
Elisa has identified several decarbonisation levers and
key actions that support its transition plan. Out of these, the
three main clusters of levers are related to energy, supply
chain and circular economy. These levers align with and
support Elisa’s internal policies and guidelines, particularly
in environmental management, energy efficiency and
procurement. Additionally, some of the levers are in line
with EU Taxonomy-eligible activities related to data centres
(disclosed in Taxonomy under activity CCM 4.16 Installation
and operation of electric heat pumps), distributed energy
storage (disclosed in Taxonomy under CCM 4.10 Storage
of electricity) and device circularity (disclosed in Taxonomy
under CE 5.1 Repair, refurbishment and remanufacturing).
Most of the actions represent ongoing improvement
efforts over several years, but all are expected to contribute
to achieving Elisa’s near-term climate targets for 2030.
However, specific actions – such as improving energy
efficiency in mobile networks and using energy attribute
certificates, adoption of energy-efficient technologies and
the reuse of waste heat from data centres were implemented
during the reporting year across different parts of Elisa’s
operations and value chain, and in collaboration with
stakeholders.These actions may have low, medium or high
climate impact on Elisa’s emission reduction efforts, as
illustrated below.
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
38 ANNUAL REPORT 2025 • Sustainability Statement
Climate Transition Action Plan (CTAP), levers and their estimated financial and climate impact
Reporting year
2025 emissions
2021 base year and
emission changes since
Scope 3
Suppliers’ SBTi
targets
Scope 3
Needed additional
mitigation by suppliers
Scope 3
Use of sold products
Scope 3
End-of-life for
sold products
Scope 3
Upstream energy
generation impacts
Scope 3
Elisa’s own operations
(employee mobility,
waste)
Scope 2
Energy use by Elisa
(indirect emissions)
Scope 1
Energy use by Elisa
(direct emissions)
Mitigation
levers
Elisa is in its near-term
climate target for 2030,
committed to reducing
absolute Scope 1, 2, and
3 GHG emissions by 42%
from the 2021 base year.
This is also a foundation
for Elisa’s net-zero target
in 2040.
Signs of a downward
trend in emissions,
As Elisa’s emissions
were slightly lower than
the previous year for
the second year in a
row, despite company
acquisitions and new
service launches.
Monitoring climate targets
of suppliers,
through public sources and
recurring dialogue around
alignment to Elisa’s climate
targets.
Engaging suppliers
with joint targets,
through procurement
requirements and by
integrating circular
business models.
Supporting customers in
their own choices,
through information on
electricity consumption and
optimal use of devices.
Supplier data required for
accurate location-specific
emissions.
Advancing circular
business models,
through value chain
collaboration and by
building awareness
among customers.
Circular approach can
unlock opportunities for
new revenue streams
Indirect effects from
energy-related actions,
through driving energy
efficiency, including
green coding practices,
and using renewables.
Reduced energy use
also brings significant
additional cost savings
Driving policy-based
internal actions,
through incentives for
low-carbon commuting
and business travel,
and Zero Waste target.
Refining the approach to
carbon budgeting and
related shadow pricing.
Transitioning to
renewable energy,
through continued use of
energy attribute certificates
(EACs) or long-term
agreements.
Energy consumption level
affects costs via renewable
EAC needs.
Eliminating fossil fuels
in operations,
through modernisation
of heating production,
biofuels, and adoption
of electrical vehicles.
Locked-in emissions
from rarely used yet
critical backup power.
Suppliers are critical in reducing Scope 3 emissions,
which make up 99% of Elisa’s total.
Climate
impact
Emission reduction
estimates consistent with
DMA definitions:
Elisa has by 2025
reduced the base year
emissions by 0.9%.
Medium impact
on Elisa’s emissions
Low impact
on Elisa’s emissions
Low impact
on Elisa’s emissions
Low impact
on Elisa’s emissions
Low impact
on Elisa’s emissions
High impact
on Elisa’s emissions
Low impact
on Elisa’s emissions
tCO
2
eq
0
50,000
100,000
150,000
200,000
250,000
300,000
by 2030
-42%
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
39 ANNUAL REPORT 2025 • Sustainability Statement
Elisa is investing in long-term improvements to its mobile
and fixed networks, including the modernisation of 4G
and 5G infrastructure and the replacement of legacy
systems with newer technologies. Additional resources
are allocated to enhancing energy efficiency in premises
and data centres through upgrades in cooling systems,
automation, cloudification and continuous property
development. Innovation efforts include the use of AI and
machine learning, distributed energy storage, smart meters
and the implementation of “green coding” practices.
These initiatives primarily target Scope 1 and 2 emissions,
with some reductions visible within the reporting year and
broader impacts expected over several years, particularly in
Elisa’s telecom operations in Finland and Estonia.
Elisa also supports the climate transition through other
climate actions such as energy generation within its own
operations, supplier engagement for material efficiency and
research into mitigation beyond its value chain. These efforts
span various geographies and parts of Elisa’s operations,
contributing primarily to Scope 3 emission reductions
aligned with Elisa’s 2030 near-term climate targets, while
Scope 1 and 2 benefits are typically more immediate. Elisa
has estimated the annual financial impact of these actions,
and most have been assessed as below Elisa’s financial
materiality threshold. This aligns with Note 1.2.2 of Elisa’s
2025 financial statements.
Elisa has not identified significant harm to external
stakeholders from its climate transition planning but remains
committed to implementing remedial action, should such
cases arise.
Financial resources allocated
to the Climate Transition Action Plan in 2025
Instruments CapEx (EURm) OpEx (EURm)
Energy efficiency 109.5 0.3
Other climate actions 0.0 3.1
Sustainability-related performance in incentive
schemes
Elisa has defined how climate-related considerations are
factored into incentives and remuneration for members
of administrative, management and supervisory bodies.
Incorporating GHG emission reduction targets into
remuneration shows the importance of both executive and
employee roles in achieving Elisa’s ambitious climate targets
and other environmental commitments.
Executives in supervisory bodies and employees in
management and administrative bodies have important
roles in achieving Elisa’s ambitious climate targets and
other environmental commitment. Elisa’s climate targets are
aligned with science-based (SBTi) GHG emission reduction
targets. The 2025 terms of Elisa’s Personnel Fund included
GHG emission reduction targets. The CEO’s short-term
incentive plan for 2025 had an ESG goal focused on
reducing GHG emissions. Additionally, Elisa has set a
climate goal in the long-term incentive programme, which
targets the CEO, executive team members and selected key
personnel. In 2025, this meant reducing Scope 1 and 2
emissions by 9.8% annually towards Elisa’s science-based,
short-term climate targets, aiming for a 42% reduction by
2030 from the 2021 baseline.
For further information on the integration of sustainability-
related performance in incentive schemes, see the section
“Sustainability governance”.
Targets, actions and performance in 2025
Target Description Performance
Near-term climate
target for 2030
In its near-term climate target for 2030, Elisa is committed to
reducing absolute Scope 1, 2 and 3 greenhouse gas emissions
by 42% from the base year 2021. The company will achieve this
without using carbon credits or mitigation beyond the value chain.
0.9% decrease in
Scope 1, 2 and 3 emissions
compared to the base year
2021
Net-zero target
for 2040
In its long-term climate target for 2040, Elisa is committed to
reducing absolute Scope 1, 2 and 3 greenhouse gas emissions
by 90% from the base year 2021. The company will prioritise
decarbonisation through direct emissions reductions, and all
residual emissions will be neutralised in line with SBTi criteria
before reaching net-zero emissions in 2040.
Elisa is committed to the Paris Agreement goal of limiting
global warming to 1.5 °C and has set Group-level science-
based climate targets approved by the SBTi. These targets
are aligned with Elisa’s Environmental Policy, which commits
Elisa to managing material environmental impacts and risks.
Internal stakeholders were actively engaged in setting these
targets.
Elisa has enhanced ESG data collection and analysis
across its value chain to improve Scope 3 emissions tracking
and reporting. Supplier engagement has continued,
focusing on climate mitigation trends, Elisa-allocated
emissions, and product-specific data. Circularity has been
embedded in capital goods lifecycles through partner
collaboration. Internally, a carbon budget approach and
unit-level sub-targets have been tested. Green coding
efforts has delivered tangible results. Also shadow pricing
has been conceptualized and climate aspects have been
integrated further into financial reporting. Elisa’s updated
Energy Policy has reaffirmed commitment to renewable
electricity, increasingly via locally sourced Energy Attribute
Certificates, reducing Scope 2 emissions. Energy efficiency
initiatives in network operations have included extended use
of excess heat in data centers and heat exchangers, while
gradual adoption of biofuel policies has addressed Scope 1
emissions.
GHG removal and mitigation projects
Elisa prioritises carbon abatement within its value chain and
actively collaborates with various stakeholders to identify and
implement emission reduction opportunities. While Elisa has
not developed projects within its own operations or value
chain for GHG removal or storage, the company is exploring
such opportunities as part of its CTP.
Over time, Elisa has built a diversified carbon credit
portfolio comprising high-quality projects of different types
and on different continents. The portfolio is guided by the
following strategic motivations:
• Mitigating risks through a well-balanced portfolio
• Ensuring predictability in the availability of high-quality
carbon credits
• Realising financial benefits through strategic procurement
• Addressing geographical impacts within Elisa’s value
chain
Environment SocialGeneral information Assurance AnnexesGovernanceEnvironment
40 ANNUAL REPORT 2025 • Sustainability Statement
• Testing and learning from available opportunities to
support the transition
When reviewing, selecting and procuring carbon credits,
Elisa conducts thorough due diligence based on the
following criteria:
• Additionality: ensuring the project achieves emission
reductions that would not occur through other initiatives
• Leakage prevention: confirming that emission reductions
do not shift emissions to other locations or activities
• Permanence: verifying that the project permanently
prevents GHG emissions from entering the atmosphere
• Verifiability: requiring third-party confirmation of credible
emission reductions
• Other risk assessments: avoiding projects in very high-risk
countries or regions
Elisa procures carbon credits from projects verified by
recognised standard bodies such as Gold Standard and the
Verified Carbon Standard (VCS), ensuring alignment with
the UN Sustainable Development Goals. These standards
provide robust methodologies for accurate quantification
and verification of various mitigation technologies and
processes.
To further mitigate risks associated with carbon credit
quality, Elisa conducts additional vetting in collaboration
with selected partners. The company also actively monitors
methodological developments and engages in dialogue with
providers, experts and stakeholders to continuously improve
its carbon credit portfolio.
Elisa’s current portfolio for beyond-value-chain mitigation
includes both reduction and removal projects. For the
reporting year, the active carbon credit portfolio (used for
retirement) featured removal-type projects from Oxford
Categories 4 (forest restoration/reforestation) and 5
(biochar), alongside reduction-type projects from Oxford
Category 2 (forest conservation).
Carbon credit portfolio in 2025
Project name Project type Short project description
Quality standard
and project ID
Borneo Peatlands
(Indonesia)
Reduction
(Oxford Category 2)
Protects and restores peatland
ecosystems, reforests degraded areas,
and supports biodiversity and local
livelihoods
Verified Carbon
Standard VCS 1477
Keio Seima
(Cambodia)
Reduction
(Oxford Category 2)
Prevents deforestation in protected
forest areas, enhances biodiversity and
supports sustainable development for
local communities
Verified Carbon
Standard VCS 1650
Quinte Forestry Project
(Canada)
Removal
(Oxford Category 4)
Biogenic carbon sink
Removes atmospheric carbon through
improved forest management in mixed
hardwood forests, enhances biodiversity,
and supports watershed conservation
and community recreation
American Carbon
Registry ACR680
Interholco biochar
(Republic of Congo)
Removal
(Oxford Category 5)
Technical carbon sink
Converts sustainably sourced
hardwood residues into biochar
creating a permanent carbon sink,
while supporting forest conservation,
biodiversity and local livelihoods
Global Carbon
Registry GCSP1006
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41 ANNUAL REPORT 2025 • Sustainability Statement
Carbon credits retired
2025 2024
Share from removal projects (%) 17 16
Share from reduction projects (%) 83 84
Verified Carbon Standard (%) 83 84
American Carbon Registry (%) 14 0
Global Carbon Registry (%) 2 0
Puro.earth (%) 0 1
Climate Action Reserve (%) 0 15
Share from projects within the EU (%) 0 0
Share of carbon credits that qualify as corresponding adjustments (%) 0 0
Total (tCO
2
eq) 8,420 6,800
Carbon credits planned to be
retired in the future Amount until (2040)
Total (tCO
2
eq) Elisa has so far purchased carbon credits through the voluntary carbon market without
entering into multi-year contractual agreements. The company expects to continue
retiring carbon credits equivalent to the remaining emissions from its direct operations
and is preparing for the neutralisation phase beyond 2040.
Energy consumption and mix
Total energy consumption
2025 2024
Fuel consumption from coal and coal products (MWh) 0 0
Fuel consumption from crude oil and petroleum products (MWh) 5,599 4,018
Fuel consumption from natural gas (MWh) 26 33
Fuel consumption from other fossil sources (MWh) 0 0
Consumption of purchased or acquired electricity, heat, steam and
cooling from fossil sources (MWh)
3,409 11,959
Total fossil energy consumption (MWh) 9,034 16,010
Share of fossil sources in total energy consumption (%) 2 4
Consumption from nuclear sources (MWh) 36 239,847
Share of consumption from nuclear sources in total energy consumption (%) 0 66
Fuel consumption for renewable sources, including biomass (also comprising
industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
(MWh)
8 17
Consumption of purchased or acquired electricity, heating, steam and cooling from
renewable sources (MWh)
367,943 109,382
Consumption of self-generated, non-fuel renewable energy (MWh) 59 50
Total renewable energy consumption (MWh) 368,011 109,449
Share of renewable sources in total energy consumption (%) 98 30
Total energy consumption (MWh) 377,082 365,306
Total energy production
2025 2024
Total energy produced (MWh) 9,867 6,565
Total renewable energy produced (MWh) 9,867 6,565
Energy intensity based on net revenue
2025 2024
Energy intensity from activities in sectors with a high climate impact (MWh/EUR) 0.0002 0.0002
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42 ANNUAL REPORT 2025 • Sustainability Statement
Gross GHG emissions
Total GHG emissions
Retrospective Milestones and target years
Base year (2021) 2025 2024 % 2025/2024 2030 2040
Annual % target (2030)/
base year (2021)
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
2
eq) 1,035 1,458 925 158 600 104 5
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) 0 0 0 0 0 0 0
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 53,510 35,158 44,026 80 31,036 5,351 5
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 2,328 485 1,432 34 1,350 233 5
Significant Scope 3 GHG emissions
Total gross indirect (Scope 3) GHG emissions (tCO
2
eq) 238,690 237,759 240,458 99 138,440 23,869 5
(1) Purchased goods and services 140,944 115,770 124,520 93 81,777 14,099 5
(2) Capital goods 40,699 39,993 30,085 133 23,588 4,067 5
(3) Fuel and energy-related activities (not included in Scope 1 or 2) 24,211 11,207 29,819 38 14,042 2,421 5
(4) Upstream transportation and distribution 257 223 280 80 149 26 5
(5) Waste generated in operations 425 850 517 164 247 43 5
(6) Business travel 406 2,277 1,358 168 235 41 5
(7) Employee commuting 1,736 1,986 1,896 105 1,007 174 5
(8) Upstream leased assets N/A N/A N/A N/A N/A N/A N/A
(9) Downstream transportation N/A N/A N/A N/A N/A N/A N/A
(10) Processing of sold products N/A N/A N/A N/A N/A N/A N/A
(11) Use of sold products 28,959 62,318 49,289 126 16,796 2,896 5
(12) End-of-life treatment of sold products 1,032 3,136 2,694 116 599 103 5
(13) Downstream leased assets N/A N/A N/A N/A N/A N/A N/A
(14) Franchises N/A N/A N/A N/A N/A N/A N/A
(15) Investments N/A N/A N/A N/A N/A N/A N/A
Total GHG emissions (location-based) (tCO
2
eq) 293,235 274,375 285,409 96 170,076 29,323 5
Total GHG emissions (market-based) (tCO
2
eq) 242,053 239,702 242,815 99 140,390 24,205 5
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43 ANNUAL REPORT 2025 • Sustainability Statement
GHG intensity based on net revenue
2025 2024 % 2025/ 2024
GHG intensity (location-based) (tCO
2
eq/EUR) 0.00012 0.00013 93
GHG intensity (market-based) (tCO
2
eq/EUR) 0.00011 0.00011 96
Contractual instruments used
2025 2024
Share of contractual instruments used for sale and
purchase of energy bundled with attributes about
energy generation in relation to Scope 2 GHG
emissions (%)
25 31
Types of contractual instruments used for sale and
purchase of energy bundled with attributes about
energy generation in relation to Scope 2 GHG
emissions
Power purchasing
agreements (PPA) and
renewable energy certificates
(REC)
Power purchasing
agreements (PPA) and
renewable energy
certificates (REC)
Share of contractual instruments used for sale and
purchase of unbundled energy attribute claims in
relation to Scope 2 GHG emissions (%)
75 69
Types of contractual instruments used for sale and
purchase of energy for unbundled energy attribute
claims in relation to Scope 2 GHG emissions
Guarantees of origin (GoO)
and renewable energy
certificates (REC)
Guarantees of origin (GoO)
and renewable energy
certificates (REC)
Accounting principles – energy and emissions
Elisa reports energy consumption and GHG emissions for
all Group companies, consistent with its financial reporting
boundaries. Emissions are calculated using the GHG
Protocol Corporate Accounting and Reporting Standard
and the Scope 3 Value Chain Standard. Organisational
boundaries are clearly defined to reflect Elisa’s operational
structure, and all relevant emission sources are included
across Scope 1, Scope 2 and material Scope 3 categories.
Scope 1 emissions are based on Elisa’s direct energy
use, including fuels and oils for vehicles and heating
systems. Emission factors are sourced from the latest
Statistics Finland database. Biogenic emissions within
Scope 1 have not been reported, as their volume falls below
the threshold and thus considered not material. Scope 2
emissions cover purchased electricity, heating and cooling
for facilities owned or leased by Elisa. Where actual
consumption data are unavailable, estimates are made
using floor area and standard consumption intensities.
Elisa reports both location-based and market-based Scope
2 emissions, using European Residual Mix data or country-
specific factors when available. In the absence of local
data, global averages are applied. Heating and cooling
emissions are calculated using country-specific factors or, if
unavailable, UK Defra guidelines.
Scope 3 emissions are reported for all material
categories, based on financial thresholds. Data is sourced
from internal systems and third-party reports. Where
possible, Elisa uses product- and supplier-specific emission
factors, such as for electronic devices and transport. In
cases where specific data is unavailable, Elisa applies
industry averages or recognised databases like Defra and
LIPASTO. Approximately 0.09% of Scope 3 emissions are
based on primary data from suppliers. Under Scope 2 and
Scope 3, no biogenic emissions are identified for reporting.
Six Scope 3 categories are excluded due to not being
material: upstream leased assets, downstream transportation,
processing of sold products, downstream leased assets,
franchising and investments. These exclusions are justified
based on Elisa’s business model and operational structure.
Emission intensity is calculated by dividing total GHG
emissions by total Group revenue.
Elisa ensures alignment between its climate targets and
GHG reporting by applying standardised methodologies
and automating data collection across monthly, quarterly
and annual cycles. A dedicated ESG data management
system supports accurate GHG reporting and also enables
climate scenario analysis. Elisa continuously improves its
methodologies, prioritising the use of primary data wherever
feasible, and regularly updates emission factors for all
scopes using the most current and reliable sources. In
2025, Elisa actively engaged with its suppliers to improve
data granularity, particularly for Scope 3 emissions, where
supplier-specific information plays a critical role in refining
calculations.
Elisa’s retail sale of ICT equipment falls under the
high-impact sector G47.4, although this is not separately
disclosed in the financial statements. Energy intensity is
calculated by dividing total energy consumption by total
Group revenue, as reported in the consolidated financial
statements.
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44 ANNUAL REPORT 2025 • Sustainability Statement
E5 Resource use and circular economy
Approach
As part of the DMA, Elisa has evaluated its impacts, risks
and opportunities, which are explained in the ”Double
materiality assessment” section of this statement. Elisa does
not manufacture products but relies on natural resources
for the devices it uses and sells. It sees circular economy
practices – like refurbishing and repair, and offering
device-as-a-service models – as opportunities to reduce
environmental impact and improve resource efficiency.
Elisa’s climate goals depend on the climate commitments
of its suppliers. By working with partners across the value
chain, Elisa aims to improve resource efficiency both within
its own operations and more broadly. Circularity actions
are also important vehicles to positively contribute to the
company’s climate and other environmental impacts.
Elisa maintains regular dialogue with customers,
suppliers and waste partners. No negative community
impacts have been identified, but the company monitors its
actions and is prepared to take corrective steps if needed.
Policies
Elisa complies with all applicable laws and regulations in
the countries where it operates, alongside Group-level
Environmental policy and practices that supports the
company’s goals for resource efficiency, circularity and
responsible waste management.
Elisa promotes the use of circular design and prioritises
alternatives that reduce dependence on virgin materials.
In its operations, the company works to extend product
lifespans, minimise landfill use and reduce non-energy
waste incineration. Elisa also supports customers in adopting
circular practices by offering services such as device repair,
refurbishment and reuse.
The company follows a hierarchy of waste prevention,
reuse, refurbishment, recycling and recovery before
disposal. Elisa is committed to reducing waste generation
through responsible business practices and actively involves
stakeholders in circularity initiatives. The transition to a
circular economy is guided by principles of fairness and
inclusivity.
Further details on how this policy is implemented are
provided in the ”Climate change” section of the report.
Targets, actions and performance in 2025
Target Scope Performance Key actions
Zero waste in
capital goods
deliveries
(upstream) by 2030
Elisa
Group
The assessment of performance metrics
was initiated during the period, and will
be finalised in 2026.
• Continued supplier engagement for
climate transition planning, with an
initial focus on logistics in Finland
Zero waste to
landfill or non-
energy incineration
(direct) by 2030
Elisa
Group
• Active process for reuse of network
equipment in Finland and Estonia
• Broadening assessment of waste stream
processes within Elisa group offices
Zero waste until
customer handover
(downstream) by
2030
Elisa
Group
• Improvement and development of
device circularity to align with EU
taxonomy requirements in Finland
In 2025, Elisa continued to advance its circular economy
efforts, building on the foundation laid in 2024. As circular
economy, including resource inflows and outflows (waste),
has been assessed as material for Elisa, the company
has reaffirmed its Group-level Zero Waste 2030 target
as part of its climate transition. For Elisa, “zero waste”
means conserving resources across all operations to avoid
harmful discharges. This voluntary target, not mandated by
legislation, focuses on minimising and gradually phasing
out waste to landfill. Waste is managed through targeted
actions in both upstream direct operations and downstream
activities, including proper treatment through circularity
processes, such as material recovery and reuse.
The target remains structured around three sub-targets:
• Zero waste in capital goods deliveries, focusing on
minimising waste and using recyclable packaging
materials for network equipment
• Zero waste to landfill or non-energy incineration, aimed
at reducing waste from offices and stores, and ensuring
network equipment is reused, refurbished or responsibly
recycled
• Zero waste until customer handover, which promotes
reuse, refurbishment and responsible recycling of
devices
Through its process to continuous improvement, Elisa
continued to monitor performance against these targets
through its sustainability reporting systems.
Elisa’s updated Environmental Policy strengthens circular
economy practices by highlighting material efficiency, life
cycle cost considerations, and responsible resource use,
which are key principles in reducing environmental impacts
and supporting a life cycle approach.
Elisa has streamlined its device exchange program, with
continued integration of refurbishing and recycling to extend
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45 ANNUAL REPORT 2025 • Sustainability Statement
product life and recover valuable materials.
As one of Finland’s largest mobile device retailers, the
resources used in device manufacturing continue to be
material for Elisa. In its role as a service provider, Elisa
contributes positively to reducing electronic waste and
environmental impact by offering solutions that extend
device lifespans and enable data-secure recycling. Elisa
follows statutory regulations and instructions, including those
related to network construction and maintenance. In building
and maintaining its network, Elisa reuses equipment where
feasible; if reuse is not technically or financially viable (e.g.
due to poor energy efficiency), the hardware materials
are recycled. In office premises, recycling and waste
management are organised by local partners.
Waste-related data is collected through Elisa’s
sustainability reporting and monitoring system, based on
data from partners or their own estimates. Performance
against the target is monitored in the CRMB and relevant
Elisa operations.
Elisa is committed to supporting circularity through
eco-design and extending product lifetimes. This includes
reusing, repairing and refurbishing products to enhance
durability, reparability and recyclability – key components
of the transition towards a more circular economy. Elisa
is reducing its reliance on new raw material inputs and is
continuing to prioritise sourcing circular alternatives and
increasing materials recovery within its own operations. The
company’s commitment also includes sustainable sourcing of
materials, promoting circular alternatives in its supply chain,
and safeguarding the health and safety of the workforce.
These efforts are aligned with the cascading principle of
renewable resource use, which emphasises responsible and
efficient utilisation of resources.
Elisa engages consumers in circular thinking by
increasing awareness and promoting device recycling
through customer incentives. The company is continuing
to expand its sustainable and circular offerings, such as
device-as-a service business models.
Resource inflows
Manufactured electronic devices, network technologies and
batteries make up the majority of inflowing materials for
Elisa, and the company utilises these technologies to operate
its networks and to provide services and products to its
customers and end users. These devices and technologies
utilise metals and minerals, including some critical and rare
materials. Many of these materials have few or no available
substitutes and cannot be replaced. Additionally, the inflow
also includes batteries, which can include some precious
metals.
Resource inflows
2025 2024
Total weight of resource inflow products, including packaging (kg) 6,723,845 5,180,302
Percentage of biological materials, including packaging (%) 5 6
Absolute weight of secondary reused or recycled components, secondary
intermediary products and secondary materials, including packaging (kg)
0 0
Percentage of secondary reused or recycled components, secondary intermediary
products and secondary materials (%)
0 0
Accounting principles – resource inflows
Elisa continues to develop and refine its approach
to tracking resource inflows. The data covers Elisa
Corporation (Finland), Elisa Eesti AS and Elisa Polystar,
as resource inflows are most relevant to these parts of the
business.
The total weight of products includes all manufactured
materials, electronic devices and network technologies
procured during 2025. This data is sourced from Elisa’s
procurement system, using supplier-provided information
where available. In cases where supplier data is not
accessible, Elisa has applied researched estimates to
ensure coverage. 2024 data has been corrected after
revisiting the weight of products.
The weight and share of secondary reused or recycled
materials are estimated to be negligible and reported as
zero due to the lack of adequate and accurate data to
support reliable calculations.
To ensure accuracy and consistency, Elisa has taken
care to avoid double counting by using procurement
system data only once.
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46 ANNUAL REPORT 2025 • Sustainability Statement
Resource outflows
Elisa is continuing to strengthen its understanding and
management of resource outflows. As Elisa does not
manufacture or produce the products it offers, it operates
primarily as a retailer, supplying products to customers. In
this role, the volumes of resource inflows and outflows –
(including products and packaging) are nearly equivalent.
In Elisa’s network operations, facilities, office premises
and business activities, resource outflows mainly consist
of electronic waste, including network equipment,
other electronics and batteries (both rechargeable and
non-rechargeable), as well as packaging materials. Office
waste remains minimal and is managed in line with the
principle of “reduce, reuse and recycle”, in collaboration
with local waste management partners.
Elisa operates under Extended Producer Responsibility,
ensuring the recycling of electronic devices, batteries,
accumulators and packaging materials. Replaced network
equipment is either reused internally, sold on the
second-hand market or recycled through third-party partners.
Equipment handed over for refurbishment and resale is first
collected and assessed by Elisa to determine commercial
viability before being packaged for transport.
Elisa’s retail shops in Finland and Estonia are equipped
with WEEE collection receptacles for consumer electronics,
enabling devices to be processed into materials for new
electronic products.
Elisa also offers monetary compensation for phones
eligible for reuse, encouraging customers to return devices
when purchasing new ones. Collected devices are repaired,
refurbished and reintroduced to the market, supporting the
circular economy.
Additionally, Elisa complies with local legislation related
to producer responsibility, such as regulations in Finland
concerning the recycling of packaging waste.
Total waste generated
2025 2024
Non-recycled waste (kg) 234,260 219,803
Non-recycled waste (%) 21 26
Total amount of hazardous waste (kg) 589,944 356,435
Total amount of waste (kg) 1,125,013 838,763
2025 2024
Waste diverted from disposal
Hazardous waste (kg) 586,528 356,415
Preparation for reuse (kg) N/A N/A
Recycling (kg) 586,528 356,415
Other recovery operations (kg) N/A N/A
Non-hazardous waste (kg) 326,553 319,284
Preparation for reuse (kg) N/A N/A
Recycling (kg) 304,224 262,545
Other recovery operations (kg) 22,329 56,739
Total waste diverted from disposal (kg) 913,082 675,699
Waste directed to disposal
Hazardous waste (kg) 3,416 20
Incineration (kg) N/A N/A
Landfill (kg) N/A N/A
Other disposal operations (kg) 3,416 20
Non-hazardous Waste (kg) 208,516 163,045
Incineration (kg) 208,516 163,045
Landfill (kg) N/A N/A
Other disposal operations (kg) N/A N/A
Total waste directed to disposal (kg) 211,932 163,065
Accounting principles – resource outflows
Elisa reports waste data across all Group companies,
as reflected in its consolidated financial statements.
Waste volumes originate directly from Elisa’s
operations at offices, retail shops and network
infrastructure sites, and are closely tied to the
company’s business activities.
The majority of waste consists of battery waste,
WEEE, metal, and packaging waste. Office
waste, including paper, cardboard, and biowaste,
represents a small portion of the total volume. These
waste streams contain a variety of materials such
as minerals, metals, and critical materials from
technology equipment and batteries, plastics from
packaging and biomass from office biowaste.
Elisa collects waste data systematically through
reports from waste management partners and building
management to ensure accuracy. Where actual
data is unavailable – particularly in certain office
locations – Elisa applies estimates based on office
headcount, which correlates with waste generation.
These estimates account for less than 5% of the total
reported waste volume.
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47 ANNUAL REPORT 2025 • Sustainability Statement
S1 Own workers
Approach
Elisa is a major employer in its core markets of Finland
and Estonia, where over 80% of its workforce is based. As
Elisa’s digital services are expanding globally, the company
also employs a growing number of professionals in other
countries.
In addition to direct employees, Elisa engages a
significant number of non-employee workers through
external employment agencies. All individuals who may be
materially impacted by Elisa’s operations are included in the
scope of this disclosure.
The workforce primarily consists of roles in technology
development, sales and customer support, requiring
specialised ICT skills and typically performed in office
or retail environments. Health impacts in these roles are
generally related to mental and physical strain, while retail
employees may also face safety risks due to customer
interactions. Among non-employee workers, some are
involved in network infrastructure construction and
maintenance, which includes physically demanding tasks
such as climbing masts and towers, posing notable health
and safety risks. These workers – such as subcontractors,
agency staff and consultants – operate under Elisa’s
supervision but are employed and compensated by
third-party companies. Elisa recognises its responsibility for
both direct and indirect impacts on this group.
Elisa has a systematic approach to assessing and
collecting feedback and insights about its impacts on own
employees. The key processes are regular Learning and
Objectives Discussions (LOD) and Employee Engagement
Survey and regular one-to-one discussions between
supervisors and their subordinates. These assessments also
pay attention to vulnerable or marginalised groups, such as
individuals with disabilities, those in different age groups,
people with minority gender identities or sexual orientations,
and those engaged in high-risk roles. This helps Elisa
identify potential risks and adapt mitigation strategies
accordingly.
The company is committed to supporting the wellbeing
of all workers through initiatives focused on mental health,
safe working conditions and continuous professional
development. Elisa promotes a positive work culture that
values diversity, equity and inclusion, contributing to higher
engagement, job satisfaction and career growth across its
workforce.
In Finland, a dedicated working environment
committee coordinates occupational health and safety
(OHS) activities at the corporate level. The committee
monitors service implementation, proposes improvements
and oversees the OHS action programme, including
workplace safety measures and tracking of accidents,
absences and healthcare costs. Local working environment
teams monitor sickness-related absences by location
and activity. A high percentage of Elisa employees are
covered by OHS services, and no fatalities have occurred
in the past three years. Elisa also tracks work-related
injuries among subcontractors in Finland and Estonia in
close cooperation with partners to ensure safe working
conditions.
Elisa Corporation (Finland) is a member of the Finnish
Business & Society diversity network and the Inklusiiv
community. Elisa Eesti AS is a member of the Estonian
S – Social
Human Rights Centre diversity network and a signatory of
the Estonian Diversity Charter.
Policies
Elisa complies with all applicable labour laws, collective
agreements and regulations related to OHS as well as
diversity, equity and inclusion (DEI) in the countries where
it operates, alongside group-level practices that support fair
and safe working conditions.
Elisa recognises the universal nature of fundamental
human rights and is committed to upholding them across
its operations and value chain. This commitment is guided
by the United Nations Guiding Principles on Business and
Human Rights (UNGPs) and the OECD Guidelines for
Multinational Enterprises. Elisa respects the human and
labour rights of all individuals working for the company,
whether directly employed or engaged through other
arrangements. This is formalised through Elisa’s Code of
Conduct and Human Rights Policy. Elisa’s Executive Vice
President, Corporate Chief of Staff is responsible for
implementation of these policies.
The Code of Conduct outlines ethical standards for
employees, businesses and partners, and serves as the
foundation for responsible business conduct. The Human
Rights Policy provides the framework for Elisa’s human
rights due diligence process. The policy applies to Elisa,
its majority- owned entities and managed operations.
The policies are publicly available on Elisa’s website for
all stakeholders and also on the company’s intranet for
employees.
Elisa expects all employees, partners and other relevant
parties to respect human rights and avoid causing harm. The
company is committed to maintaining a workplace free from
harassment, bullying and discrimination, and to ensuring
equal treatment in recruitment, career development,
compensation and termination.
Elisa’s human rights policy addresses that the company
does not tolerate any form of human trafficking, forced or
bonded labour, or modern slavery within its operations or
value chain. Additionally, the policy states zero tolerance for
any form of discrimination, abuse, bullying and harassment
regardless of any personal or social characteristics. Elisa
also safeguards employee working conditions through
appropriate social protection measures.
Health and safety
Elisa manages OHS through structured programmes
integrated into daily operations. All employees have the
right and responsibility to contribute to the development of
a safe working environment and are encouraged to actively
participate in OHS matters.
Occupational healthcare follows recognised best
practices and aims to ensure a safe and healthy work
environment, prevent work-related illnesses, and
support employee wellbeing and work ability. Elisa’s
Human Resources function oversees the procurement
and development of occupational healthcare services.
Information about healthcare services is available on Elisa’s
intranet and is included in employee induction materials.
Diversity, equity and inclusion
Elisa promotes non-discrimination and equality across all
its operations and expects the same commitment from
its partners. Equality is supported throughout the entire
S – Social
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48 ANNUAL REPORT 2025 • Sustainability Statement
employment life cycle, guided by Elisa’s values and Code
of Conduct as well as relevant policies, such as those
related to occupational health and safety, human rights
and hybrid working. All employees must complete the
mandatory Code of Conduct training, which includes Elisa’s
non-discrimination principles. Oversight and resource
allocation for DEI are the responsibility of Elisa’s Executive
Vice President for People and Culture.
Elisa continuously develops its workplaces to ensure
safe and inclusive working conditions, making reasonable
accommodations where needed. Equal access to family
leave is supported, and employees returning from extended
absences receive reorientation and updates to ease their
transition back to work.
The company is committed to fostering an environment
where everyone can learn, grow and contribute. Elisa
does not tolerate discrimination, bullying or harassment –
including racism and sexual harassment – and strives to treat
all individuals equally, regardless of personal characteristics
or support needs. Promoting equality requires consideration
of multiple dimensions beyond gender alone.
Internal communication plays a key role in advancing
equity. Elisa shares information and encourages dialogue
through newsletters and targeted events. The effectiveness
of these efforts is monitored via the Employee Engagement
Surveys and reviewed by the Equality and Equity Working
Group and the Sustainability Communication Group.
Training and career development
Elisa considers continuous learning a key enabler of
business success and is guided by the company value “As
Elisians, we grow and develop fearlessly”. Competence
development is approached through the 70-20-10
learning model, which emphasises learning through
work, collaboration and formal training. Employees set
development goals with their line managers during Learning
and Objectives Discussions to ensure alignment with Elisa’s
strategic direction. The company supports various learning
methods, including job rotation and working experiments,
which also enhance operational flexibility. Employees are
actively involved in shaping their work and team practices,
contributing to a dynamic and evolving work environment.
Elisa continuously improves its learning culture and
workplace development based on insights from regular
employee surveys.
Working conditions
The company’s commitment to fair employment terms is
reinforced through its Human Rights Policy. In Finland,
Elisa adheres to industry-specific collective bargaining
agreements, and more than 95% of its workforce is based
in European countries with strong statutory protections
related to working hours, leave entitlements and flexible
work arrangements. Employees are free to join trade unions
where permitted by national law, and supports a hybrid
working policy.
Engaging with workers and workers’
representatives
Elisa fosters a culture of open dialogue and psychological
safety, ensuring that all employees, including those
in vulnerable or marginalised groups, can voice their
perspectives. Regular engagement takes place through
structured channels such as CEO staff meetings, weekly
division and unit meetings, and one-to-one discussions
between employees and managers. These interactions
support continuous feedback and inclusive decision-
making.
Although Elisa does not have a global framework
agreement on human resources, its values, mission and
vision reflect a strong commitment to human rights and
employee wellbeing. The company continuously evaluates
the effectiveness of its engagement processes through
participation rates, feedback quality and the implementation
of resulting actions, ensuring that all voices are heard and
integrated into decision-making.
In 2025, Elisa started a transformation programme to
accelerate its strategy in accordance with the company’s
transformation principles and applicable local laws.
Throughout the process, employee representatives were
consulted, and employees were kept appropriately informed.
Employee Engagement Survey
Performance in employee engagement is one of Elisa’s
four strategic goals. It is supported by the strategic key
initiative “Build an excellent workplace in collaboration
with Elisians”. This initiative is important part of Elisa’s
people strategy bringing together impactful group-wide and
business unit-level actions aimed at improving engagement.
Elisa’s Executive Vice President for People and Culture is
responsible for group-level oversight of development, and
the business specific Vice Presidents for People and Culture
ensure implementation in collaboration with operational
leadership. Employees are engaged in the work both directly
and through employee representatives.
Elisa conducts a group-wide Employee Engagement
Survey twice a year to gather insights on work conditions,
leadership, development opportunities and corporate
culture. Non-employee agency workers are also included
in the survey process. These confidential surveys, managed
by an external partner, are designed to be inclusive and
consider factors such as geography, gender, age, role and
length of employment relationship. The results are reviewed
across all levels – from individual teams to the Elisa Group
– and are used to inform action plans. Participation rates
consistently exceed 80%, reflecting the effectiveness of
Elisa’s engagement practices.
Elisa monitors the effectiveness and frequency of
one-to-one meetings between supervisors and their
subordinates. Results consistently show that regular
discussions between supervisors and employees promote
higher engagement.
Learning and Objectives Discussions
Learning and Objectives Discussions (LODs) held at least
once a year are another key tool to promote engagement.
These structured conversations between supervisor and
subordinate include discussions of employee self-evaluation,
learning plans, wellbeing and team dynamics, as well as
agreement about annual or future goals and objectives.
LODs help align personal development with organisational
objectives and enhance overall work experience and
motivation.
Engagement with employee representatives
Elisa also maintains strong engagement with employee
representatives. In Finland, employment terms are governed
by collective bargaining agreements across relevant
sectors, covering a significant portion of the workforce.
The European Works Council (EWC), which includes
representatives from Finland, Estonia, Germany, Sweden
and Romania, facilitates cross-border dialogue and
information sharing. The EWC facilitates the exchange of
views and strengthens mutual understanding, ensuring
that both company and employee needs are clearly
communicated and considered.
Regular meetings with employee representatives are
held in accordance with national cooperation laws. At
Elisa Group, the annual CEO meeting addresses key topics
including financial performance, the employment outlook
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49 ANNUAL REPORT 2025 • Sustainability Statement
and major strategic decisions. In Elisa Corporation (Finland),
CEO meetings are held three to four times per year, with
participation from employee representatives such as the
chief shop stewards and negotiating shop stewards from
each unit. Regular collaboration is maintained through
monthly Chief Shop Steward Group meetings and weekly
unit-level meetings. Local shop stewards and HR managers
play an active role in daily operations, fostering continuous
engagement across the organisation.
Occupational health and safety committees
In Finland, where the majority of Elisa’s employees are
based, the Occupational Health and Safety Committee
plays a central role in developing and implementing health
and safety programmes. Supported by regional teams, the
committee addresses working conditions, incident reporting,
accident investigations and corrective actions. Health sector
experts may participate when needed to ensure high safety
standards.
Processes to remediate negative impacts and
channels to raise concerns
Elisa is committed to ethical business conduct, legal
compliance and fair treatment of all individuals in its
workforce. The company has established structured processes
to identify, address and remediate any negative impacts
affecting employees and non-employee workers. These
processes ensure access to safe, confidential and effective
channels for raising concerns and seeking remedies.
When Elisa identifies that it has caused or contributed
to a material negative impact, a structured investigation
is initiated in collaboration with the relevant business unit
or function. The aim is to understand root causes, prevent
recurrence and implement corrective actions. Effectiveness
is monitored through resolution timelines, recurrence
tracking and feedback from affected individuals.
Employees are encouraged to report suspected
misconduct – including breaches of law, the Code
of Conduct or internal guidelines – through multiple
channels. These include direct reporting to supervisors or
designated functions such as Legal, HR, Corporate Security,
Sustainability or Internal Audit. Upon receiving a report,
the appropriate unit or Human Resources conducts an
impartial investigation, documents the findings, and ensures
compliance with all legal and organisational requirements.
If misconduct is confirmed, corrective measures are taken to
esnure a safe, respectful work environment. These measures
may include formal workplace mediation, organisational
adjustments, disciplinary actions as well as psychological
support for affected individuals.
Elisa also provides a secure, anonymous whistleblowing
channel managed by an independent third party, accessible
to both employees and non-employee workers. Awareness
of these channels is promoted through onboarding, internal
communication and the mandatory Code of Conduct
training. Further details are available in the “Business
conduct” section.
To ensure accessibility, these channels are integrated
into operational and HR processes across all countries of
operation. Materials are adapted to local languages and
contexts, and local HR teams and managers are trained to
support and escalate concerns appropriately.
Elisa has not currently identified any significant gaps in
its grievance mechanisms, but continuously evaluates their
effectiveness and inclusiveness. The company is exploring
ways to strengthen stakeholder feedback mechanisms and
has plans to incorporate trust and awareness metrics into
engagement surveys and reporting tools. A culture of
fairness and accountability is supported through consistent
disciplinary measures and positive incentives.
Unethical or non-compliant behaviour is addressed in
accordance with applicable laws, regardless of position.
Positive reinforcement includes the Elisa Values Awards and
compliance-related metrics in performance-based bonuses.
Equality, health and safety, and working conditions are
reviewed annually by Elisa’s Human Resources Management
Board and Corporate Executive Board. These reviews
are informed by the results of the Employee Engagement
Targets, actions and performance in 2025
Target Scope Performance Key actions
Employee
engagement target
of being among the
best 10% globally
Elisa
Group
Employee
engagement
survey score 72
• Refined the hybrid work model to support engagement,
collaboration and flexibility. Change management
training provided to help supervisors lead hybrid work
implementation and promote team engagement
• Top management actively engaged with employees
through site visits and online events
100% of our
employees involved
in LOD process have
individual learning
plans
Elisa
Group
86% of employees
involved in LOD
process had
individual
learning plans
• Adapted continuous improvement methods to increase
LOD discussions and individual learning plans
• Strengthened supervisor support and communication to
build consistent dialogue practices
Share of women in
supervisory*
positions
33.5% by 2029
Elisa
Group
29% of
supervisory
positions held by
women
• Piloted competency-based recruitment in front-line roles to
reduce bias and enhance diversity
• Activated the Elisa Women community through open
events supporting women’s career development and
professional growth
*Elisa defines supervisor as an individual who has direct subordinates.
Survey, which include questions about equal treatment and
workplace wellbeing. Equality plans for Elisa Corporation
and Elisa Santa Monica in Finland are processed in
accordance with legal requirements and monitored through
cooperative bodies and the Equality and Equity Working
Group. These efforts contribute to a workplace culture where
employees feel safe, respected and empowered to raise
concerns and participate in continuous improvement.
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50 ANNUAL REPORT 2025 • Sustainability Statement
In 2025, Elisa continues to advance its commitment to
managing material workforce impacts through three targets:
employee engagement, the share of women in supervisory
positions, and individual learning plans. These targets
are reviewed regularly and are central to Elisa’s broader
sustainability goals, including its contributions to applicable
United Nations Sustainable Development Goals.
The targets for employee engagement and gender
diversity in leadership are embedded in Elisa’s strategic
planning and approved by the Corporate Executive Board.
The target for individual learning plans is overseen by the
process owner responsible for competence development.
While employees and their representatives are not directly
involved in setting these targets, they participate in and
contribute to the performance and provide feedback,
particularly through the Employee Engagement Survey.
In 2025, OHS-related metrics and targets were reviewed,
and the evaluation process is ongoing. Wellbeing initiatives
continued across business units to support supervisors and
empower employees. In addition, office spaces and tools
were upgraded based on employee feedback to better
facilitate on-site work. In Estonia, comprehensive OHS risk
assessments, addressing broader workplace conditions were
conducted.
Characteristics of employees
Headcount by gender
2025 2024
Male 4,627 4,609
Female 1,961 2,021
Other 156 93
Total 6,744 6,723
Headcount by country
2025 2024
Finland 4,674 4,622
Estonia 946 948
Italy 393 380
Sweden 142 145
Germany 142 134
Indonesia 71 70
Romania 55 50
Belgium 50 54
France 48 61
Others 223 259
Total 6,744 6,723
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51 ANNUAL REPORT 2025 • Sustainability Statement
Headcount by contract and employment type, broken down by country
2025 2024
Number of
employees
Number of
permanent
employees
Number of
temporary
employees
Number of
full-time
employees
Number of
part-time
employees
Number of
employees
Number of
permanent
employees
Number of
temporary
employees
Number of
full-time
employees
Number of
part-time
employees
Finland 4,674 4,621 53 3,635 1,039 4,622 4,587 35 3,708 914
Estonia 946 934 12 896 50 948 926 22 884 64
Italy 393 392 1 369 24 380 380 0 358 22
Sweden 142 141 1 137 5 145 144 1 139 6
Germany 142 136 6 107 35 134 127 7 102 32
Indonesia 71 67 4 71 0 70 64 6 70 0
Romania 55 55 0 51 4 50 50 0 45 5
Belgium 50 50 0 50 0 54 54 0 54 0
France 48 47 1 45 3 61 57 4 55 6
Others 223 217 6 216 7 259 252 7 252 7
Total 6,744 6,660 84 5,577 1,167 6,723 6,641 82 5,667 1,056
Headcount by contract and employment type, broken down by gender
2025 2024
Number of
employees
Number of
permanent
employees
Number of
temporary
employees
Number of
full-time
employees
Number of
part-time
employees
Number of
employees
Number of
permanent
employees
Number of
temporary
employees
Number of
full-time
employees
Number of
part-time
employees
Male 4,627 4,587 40 3,803 824 4,609 4,569 40 3,881 728
Female 1,961 1,927 34 1,687 274 2,021 1,980 41 1,717 304
Other
156
146 10 87 69 93 92 1 69 24
Total 6,744 6,660 84 5,577 1,167 6,723 6,641 82 5,667 1,056
Employees turnover
2025 2024
Number of employees who left the company (headcount) 1,196 1,188
Rate of employee turnover 0.18 0.18
Accounting principles – characteristics of employees
The data includes the actual headcount figure for Elisa Group,i.e. all
companies that are included in Elisa’s financial statements at the end
of the reporting period. In the financial statements, the headcount
equivalent to FTE is disclosed and can be referenced.
At Elisa, “headcount” means the gross total number of employees
with valid contracts. When reporting headcount, only direct employees
who had ongoing employment relationships with Elisa at the end of the
reporting period are reported. An “employee” is an individual who is
in an employment relationship and has a direct contract with an Elisa
company, including subsidiaries (legal entity), which pays their salary
according to national law or its application. The primary source of
employee data is Elisa’s Human Resources function’s information system.
In gender figures, “other” means a gender other than men or
women, as specified by the employees themselves.
A “permanent employee” is an employee with a contract for full-time
or part-time work for an indeterminate period. A “temporary employee”
or “fixed-term employee” is an employee with a contract that ends when
a specific term of employment expires, or when a specific task that has
a time estimate attached is completed, including the end of a project or
work phase, or the return of employees being covered while on leave.
A “full-time employee” is an employee whose working hours per
week, month or year are defined according to national legislation
and practice regarding working time (such as national legislation that
specifies that full-time means a minimum of nine months per year
and a minimum of 30 hours per week). A “part-time employee” is an
employee whose working hours per week, month or year are less than
those of full-time as defined above.
The fluctuations in the number of employees are mainly due to the
acquisition of companies made during the reporting period.
The employee turnover is calculated as the number of employees
who have left the company divided by the total number of employees at
the end of the reporting period.
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52 ANNUAL REPORT 2025 • Sustainability Statement
Collective bargaining coverage and social dialogue
Percentage of total employees covered by collective bargaining agreements and social dialogue in 2025
Collective bargaining coverage Social dialogue
Coverage rate Employees, EEA Employees, non-EEA Workplace representation (EEA only)
(For countries with >50 employees
representing >10% total employees.)
(Estimate for regions with >50 employees representing
>10% total employees)
(For countries with >50 employees representing >10% total
employees)
0–19% Estonia, Sweden, Germany Indonesia Belgium, France, Italy
20–39%
40–59%
60–79%
80–100% Finland, Italy, Romania, France, Belgium Finland, Estonia, Germany, Romania, Sweden
Percentage of total employees covered by collective bargaining agreements
2025 2024
Employees, EEA (%) 78 77
Employees, non-EEA (%) 0 3
Total (%) 75 74
Accounting principles – collective
bargaining and social dialogue
The data includes the actual headcount figure for Elisa
Group, i.e. all companies that are included in Elisa’s
financial statements at the end of the reporting period.
Collective bargaining agreements are either at
the level of the organisation, at the industry level (in
countries where that is the practice) or both. Collective
bargaining determines working conditions and
terms of employment, and/or regulates the relations
between employers and workers, and/or regulates
relations between employers or their organisations
and a workers’ organisation or workers’ organisations.
It covers all types of negotiation, consultation or
simply exchange of information between or among
representatives of governments, employers, their
organisations and workers’ representatives on issues
of common interest relating to economic and social
policy. For employees not covered by collective
bargaining agreements, their terms of employment are
based on local national laws.
Social dialogue includes employees having country
representations in the European Works Council.
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53 ANNUAL REPORT 2025 • Sustainability Statement
Accounting principles – trainings and skills
development
The data includes the actual headcount figure for Elisa
Group, i.e. all companies that are included in Elisa’s
financial statements at the end of the reporting period.
Regular performance and career development
reviews are based on criteria known to the employee
and their superior. For Elisa, this is the Learning
and Objectives Discussion process. The review is
undertaken with the knowledge of the employee at
least once per year and can include an evaluation by
the employee’s direct superior, as well as feedback
from their peers or a wider range of employees. Elisa’s
Human Resources function monitors this process. The
performance data is based on actual data, and the
primary source is Elisa’s Human Resources function’s
information system.
Training hours for Elisa are defined as hours
used for training, such as vocational training and
instruction, paid educational leave provided by an
organisation for its employees, training or education
pursued externally and paid for in whole or in part
by an organisation, or training on specific topics. All
forms of such training should last at least one hour.
The data include the minimum training hours for all
employees, as there are many types of training data
that are not centrally collected. For example, Elisa has
not included on-site coaching by supervisors or peers
such as onboarding in the training hours.
The training hours data are received directly from
the third-party training partners and platforms or from
Elisa’s own training system. Where such data are
unavailable, estimates based on the best available
proxy data are used.
Diversity metrics
Distribution of employees by age group
2025 2024
Under 30 years 1,535 1,550
30–49 years 3,689 3,714
Over 49 years 1,520 1,459
Total 6,744 6,723
Diversity data for top management is disclosed in the section
”Sustainability governance”.
Training and skills development metrics
Employees participating in regular performance and
career development reviews
2025 2024
Male (headcount) 3,631 3,511
Female (headcount) 1,564 1,573
Other (headcount) 129 75
Employee participation (%) 79 77
Average number of training hours per employee
2025 2024
Male (h) 9 12
Female (h) 10 11
Other (h) 9 12
Total Employees (h) 9 12
Health and safety metrics
Employees health and safety data
2025 2024
Percentage covered by health and safety management system (%) 99 96
Number of fatalities, own employees 0 0
Number of recordable work-related accidents, own employees 71 76
Rate of recordable work-related accidents, own employees 7 8
Number of recordable work-related ill health incidents, own employees 0 0
Number of days lost to work-related injuries and fatalities, own employees 165 79
Accounting principles – health and safety
The data includes the actual figure for Elisa Group, i.e. all companies that are included in Elisa’s financial statements at
the end of the reporting period. Non-employee data are not reported in this metric. The number of days lost is those
days that are lost due to work-related accidents. There were no fatalities or cases of work-related ill health in 2025. The
calculation method for lost working days has been updated, and accordingly the figure for 2024 has also been revised.
Incidents, complaints and severe human rights impacts
2025 2024
Number of work-related discrimination incidents, including harassment 9 7
Number of complaints filed through whistleblowing channels 9 7
Number of fines, penalties or compensation for damages as a result of the incidents and
complaints disclosed above
0 0
Number of severe human rights incidents connected to own workforce (e.g. forced labour,
human trafficking or child labour)
0 0
Number of severe human rights issues and incidents connected to own workforce that are cases
of non-respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises
0 0
Number of fines, penalties or compensation for severe human rights issues and incidents
connected to own workforce
0 0
Accounting principles – incidents, complaints and severe human rights impact data
The number includes confirmed cases of work-related discrimination incidents filed through Elisa’s offical notification
mechanisms, including whistleblowing channel.
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54 ANNUAL REPORT 2025 • Sustainability Statement
S2 Workers in the value chain
Approach
Elisa’s value chain includes a wide range of workers who
may be materially impacted by its operations. These include
individuals involved in the production and distribution
of network equipment, servers, electronic components,
consumer electronics and software services. Workers may
be employed by suppliers, subcontractors or logistics
providers, and they may hold permanent, temporary,
informal or subcontracted roles, particularly in lower-tier
suppliers. All such workers are included in the scope of
Elisa’s disclosures.
Elisa recognises that certain geographies and
commodities within its supply chain present elevated risks of
child labour and forced labour. In particular, the sourcing of
tin, tantalum, tungsten and gold (3TG minerals), which are
essential to electronic devices, is linked to modern slavery
and child labour. These risks are most prevalent in regions
such as China and India. While Elisa’s direct influence is
limited due to the scale and location of these risks, the
company acknowledges its responsibility and actively works
to mitigate potential negative impacts.
Other common risks identified in the supply chain
include excessive working hours, inadequate wages
and unsafe working conditions, especially in hazardous
environments with insufficient worker protections. Vulnerable
groups such as migrant workers, women and young workers
are at greater risk of exploitation, particularly in regions with
weak regulatory oversight. Elisa uses supplier engagement
and third-party assessments aligned with international
frameworks, such as the UN Guiding Principles on Business
and Human Rights, to identify and protect these high-risk
groups.
The company actively engages with suppliers to assess
and mitigate risks, raise awareness and strengthen its due
diligence process. Any suspicion of misconduct triggers
immediate investigation and action. If issues are confirmed
and not resolved in a timely manner, Elisa reserves the right
to terminate supplier relationships.
Elisa also contributes positively to value chain workers
through its membership in the Joint Alliance for CSR (JAC),
which promotes ethical practices in the ICT supply chain.
Elisa’s target is to audit the targeted suppliers according
to the JAC audit programme. JAC audits and training
programmes help improve working conditions and raise
awareness of human rights and labour rights topics as well
as health and safety issues.
To monitor and address risks, Elisa conducts supply
chain impact assessments, audits and risk evaluations. These
evaluations prioritise occupational safety, the presence of a
written code of conduct and the availability of anonymous
reporting channels for workers. For subcontractors involved
in infrastructure maintenance and construction, Elisa applies
additional scrutiny during the tendering process, including
security screenings, to uphold high safety standards. These
processes help identify issues and ensure corrective action
is implemented effectively. Suppliers are prioritised based
on risk exposure and worker vulnerability, with both internal
and third-party verification used to ensure accountability.
Elisa has implemented compliance and contractual
controls in supplier selection and recognises that human
and labour rights violations in the supply chain could result
in reputational damage, financial liability or regulatory
consequences. Potential long-term risks include negative
media coverage, loss of stakeholder trust, customer boycotts
and the need to disengage from certain suppliers or
markets. Elisa’s proactive approach aims to prevent such
outcomes and to promote responsible business practices
throughout its value chain.
As of the end of the reporting period, Elisa has not
identified any confirmed cases of non-compliance with
the UN Guiding Principles, ILO Declaration or OECD
Guidelines involving value chain workers.
Policies
Elisa complies with all applicable regulation related to its
supply chain operations, alongside group-level practices
that support fair and safe working conditions for value chain
workers.
Elisa’s approach to managing sustainability risks and
impacts related to workers in its value chain is guided by
the Supplier Code of Conduct, which outlines the ethical
and legal responsibilities of suppliers. The Supplier Code
of Conduct is based on international labour standards
set out in the International Labour Organization (ILO)
Conventions, the United Nations’ Universal Declaration of
Human Rights, the United Nations’ Guiding Principles for
Business and Human Rights, and the Convention on the
Rights of the Child.
The Code applies to all value chain workers and
promotes safe and fair working conditions, as well as
responsible environmental and social practices. The
implementation of the Code is overseen by Elisa’s
procurement service organisation, with the head of
procurement reporting to the Elisa Group CFO. Suppliers
are required to comply with Elisa’s Supplier Code of
Conduct or equivalent standards, covering:
• Working conditions: fair employment practices, working
hours, wages, freedom of association, collective
bargaining, non-discrimination and compliance with local
labour laws
• Health and safety: safe working environments, access to
clean facilities, safe accommodation where provided,
and appropriate health and safety training
• Other labour standards: prohibition of child labour,
forced or bonded labour, and human trafficking
Children under 18 must not perform hazardous work,
and any detected child labour must be addressed in the
best interests of the child
Elisa’s Human Rights Policy reinforces expectations for
suppliers on labour rights and is referenced within the
Supplier Code of Conduct. Elisa expects suppliers to
implement these standards across all operations and
subcontracting chains. In 2025, Elisa introduced a
Procurement Policy to establish a consistent operating
model, clarify conduct principles and define procurement
responsibilities. The policy is maintained by procurement
services and approved by the CFO. Elisa’s procurement
decisions are guided by its mission and values, and by
the Code of Conduct. Supplier backgrounds and security
are consistently reviewed, and competitive tendering is
conducted fairly using predefined criteria. All procurement
activities must comply with related policies, including the
Anti-Bribery Policy and Security Policy.
Elisa does not tolerate any form of forced labour,
bonded labour, modern slavery or illegal child labour in its
operations or supply chain.
Processes for engagement
Elisa engages with value chain workers directly through
supplier site visits and audits, and indirectly through supply
chain relationship management practices, co-operation
meetings, “Supplier Day” events and other supply chain
management interactions.
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55 ANNUAL REPORT 2025 • Sustainability Statement
The company’s procurement organisation and vendor
managers are responsible for driving responsible sourcing
and maintaining continuous dialogue with key suppliers.
Named contacts are assigned to Elisa’s most key suppliers
to support ongoing collaboration and improvement. In
joint co-operation meetings with suppliers, Elisa strives to
address important sustainability issues, including labour
and human rights impact. All supplier engagement is based
and described in procurement contracts that include Elisa’s
Supplier Code of Conduct and other relevant Elisa policies.
All Elisa suppliers are categorised, managed and monitored
according to the specifics of the category. Elisa’s vendor
governance model describes the actions and responsibilities
of vendor management.
As a member of the JAC, Elisa participates in a
coordinated audit and supplier development programme.
The JAC framework provides a standard methodology for
verification, assessment and follow-up on corrective action
plans (CAPs). These audits enable Elisa to engage, through
a third party, with workers in high-risk environments several
times per year to assess labour conditions and human rights
risks. Additionally, JAC conducts worker surveys that directly
engage with value chain workers. This approach strengthens
transparency, accountability and access to industry best
practices, while enhancing Elisa’s auditing capacity through
collaboration with other telecom operators.
The operational responsibility for supplier engagement
lies with Elisa’s Procurement Director, ensuring that insights
from worker interactions inform procurement decisions and
supplier development strategies. The effectiveness of these
engagements is measured through supplier assessments,
audit reports and CAP follow-ups.
In 2025, Elisa organised its first ever Supplier Day
event, bringing together nearly 70 representatives from
key suppliers. The event served as a platform to strengthen
collaboration and align expectations around sustainability
within the supply chain. The discussions covered a range
of important topics, including sustainable procurement
practices, evolving customer needs and information
security. Supplier Day represented an essential step in
Elisa’s ongoing supplier engagement efforts, reinforcing
shared commitments to responsible business conduct and
continuous improvement.
While Elisa has established mechanisms for engaging
with supply chain workers, the company recognises the
need to further develop its approach to gather insights
from vulnerable or marginalised groups. A risk-based
strategy is being explored to enhance engagement with
these workers. Although Elisa does not currently have a
formal global framework agreement specific to workers’
rights, the company continues to evaluate opportunities to
strengthen its commitments in this area as part of its ongoing
improvement efforts.
Processes to remediate negative impacts and
channels to raise concerns
Elisa encourages suppliers and their workers to report any
suspected violations, misconduct or non-compliance through
several channels. These include direct communication with
the responsible vendor manager, Elisa’s publicly available
whistleblowing channel and JAC audit processes. Reports
can be submitted anonymously, and all notifications are
handled with care and confidentiality in accordance with
Elisa’s whistleblowing principles. Guidance for using
the whistleblowing channel is outlined in Elisa’s Supplier
Code of Conduct, and further details on the process and
whistleblower protection are provided in the “Business
conduct” section.
As part of the supplier onboarding process, Elisa checks
whether suppliers have their own grievance mechanisms or
whistleblowing channels. Elisa’s own channel is included
in procurement documentation and made accessible via
the company website. Elisa has not assessed whether
its whistleblowing channel is accessible or trusted by all
value chain workers, nor does it systematically monitor the
effectiveness or usage of suppliers’ grievance mechanisms.
This remains an area for future development.
JAC audits serve as an additional mechanism to identify
and address potential or actual negative impacts on value
chain workers. When issues are identified, Elisa collaborates
with suppliers to investigate and implement CAPs, which are
regularly followed up to ensure resolution.
Elisa is committed to preventing negative impacts and
continuously evaluates its operations to identify risks.
Where Elisa is found to have contributed to harm, remedial
actions are addressed on a case-by-case basis. To date,
no material negative impacts requiring remediation have
been identified, and therefore the effectiveness of remedial
actions has not yet been assessed.
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56 ANNUAL REPORT 2025 • Sustainability Statement
Targets, actions and performance in 2025
Target Scope Performance Key actions
100% of suppliers* have
signed Elisa’s Supplier
Code of Conduct or
similar terms by 2030
Elisa Corporation
(Finland)
Elisa Eesti AS
46% of targeted
suppliers accepted
Elisa’s Supplier Code of
Conduct or similar terms
• Update of the document to Supplier
Code of Conduct
• Improvement in database data
quality
100% of suppliers*
assessed in the supplier
database based on
sustainability factors by
2030
Elisa Corporation
(Finland)
Elisa Eesti AS
75% of targeted
suppliers have been
assessed
• Improving the assessment rate of
targeted suppliers, focusing on
questions related to environmental
performance, cybersecurity, and
human rights
100% of Vendor Managers
have completed Elisa
Supplier Code of Conduct
training by 2030
Elisa Corporation
(Finland)
Elisa Eesti AS
43% of Vendor
Managers completed the
training
• In Elisa Eesti AS, an updated version
of the training, featuring new case
studies and enhanced guidance was
released in H2 2025
*Suppliers that are defined by their strategic relevance, risk exposure and impact.
Elisa continued to advance its ethical procurement
practices and supplier management in 2025, reinforcing its
commitment to responsible sourcing across the value chain.
Central to this effort are three strategic targets for 2030
focused on key suppliers, which represent a significant share
of Elisa’s total procurement spend and are key to achieving
the company’s sustainability goals. The targets are aligned
with the UN Global Compact principles and Elisa’s Supplier
Code of Conduct, aiming to promote labour and human
rights, ensure safe working conditions and contribute to
the UN Sustainable Development Goals, particularly Goal 3
(Good Health and Well-being) and Goal 8 (Decent Work and
Economic Growth). To support these goals, Elisa requires
all key suppliers to complete a sustainability self-assessment
via its supplier management tool. Vendor Managers are
also required to complete annual online training on ethical
purchasing principles, with compliance monitored and
reinforced through reminders.
Oversight of progress is conducted through regular
reviews by the Corporate Responsibility Management Board
and the Procurement Management Board. Initially launched
at the Elisa Corporation (Finland) level in 2024, these
targets have since been expanded to cover the entire Elisa
Group, including Elisa Eesti AS.
The company continues to promote ethical business
conduct by embedding its principles into daily operations,
training employees and maintaining ongoing dialogue
with suppliers through audits and follow-up on corrective
actions.While value chain workers and their representatives
have not yet been directly involved in the target-setting
process, Elisa recognises this as an important area for future
development.
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57 ANNUAL REPORT 2025 • Sustainability Statement
S4 Consumers and end users
Approach
Elisa’s operations impact millions of consumers and end
users through its networks and digital services. As a
telecommunications provider, Elisa plays a central role in
building a secure, inclusive and trustworthy digital society.
The company is committed to protecting personal data,
ensuring online safety and promoting digital inclusion,
especially for vulnerable groups such as children, young
people and the elderly.
All individuals who use Elisa’s products and services
– whether directly or through partners and subcontractors –
can be affected by its operations and are therefore included
in the scope of disclosure. Elisa identifies and considers
these groups through internal risk assessments, stakeholder
engagement and analysis of service usage patterns. This
helps the company understand which users may be more
exposed to risks due to their characteristics or circumstances
and ensures that their needs are addressed responsibly.
Privacy and data protection
A high level of privacy is a strategic priority for Elisa,
particularly given its role as a telecommunications
operator responsible for building and maintaining digital
infrastructure. Elisa collects and processes various types of
personal data (including contact information, identification
details, service-related data, usage data and customer
interaction records) to deliver services, communicate with
consumer and corporate customers, enhance offerings and
ensure service quality.
These operations carry potential risks, such as data
breaches, unauthorised access and misuse of personal
information. Elisa is committed to mitigating these risks
through robust technical and organisational security
protocols, supported by financial, human and technological
resources. The company has established effective processes
and systems, limits access rights based on the principle
of least privilege and implements additional security
measures in collaboration with relevant personnel, especially
those managing data and systems. These measures
result in positive impacts, including data minimisation,
pseudonymisation and encryption, as well as the integration
of privacy-by-design principles in product development.
Elisa also promotes educational initiatives to raise
awareness about data privacy among consumers and end
users. These efforts benefit all user groups, with particular
attention to vulnerable populations, such as children and
the elderly, who may be more susceptible to digital threats.
Additionally, the company integrates security and privacy
measures into the development phases of its services. Key
services are continuously monitored to detect and prevent
incidents. The company ensures prompt and appropriate
handling of any allegations of personal data or security
breaches. No material negative impacts affecting customers
or end users were identified in the reporting period, and
Elisa continues to assess and prevent potential risks.
Although no confirmed severe human rights violations
were identified in 2025, Elisa acknowledges that
privacy-related risks remain material and require ongoing
monitoring. During the year, there were 4 inquiries from
data protection authorities or other competent bodies
regarding data breaches. These were addressed through
established incident response protocols, and the lessons
learned were incorporated into Elisa’s risk management
processes.
Responsibility for defining data protection requirements,
guiding employees and management, and ensuring
compliance with applicable laws lies with Elisa’s Data
Protection Team. Each business unit is supported by
a designated data protection coordinator and/or Data
Protection Ambassadors, who oversee compliance and
promote proactive risk management. Strategic oversight
is provided by the Data Protection Group, which includes
representatives from all business units and aligns data
protection priorities across the organisation. Additionally,
the International Data Protection Group brings together
representatives from Elisa’s major international businesses
and subsidiaries. The Data Protection Group prepares key
principles and business-relevant issues for the Security
Governance Board. The Corporate Security unit oversees
preparation activities, supports implementation and leads the
development of overall security.
Each year, the Privacy Team submits a comprehensive
report to the Elisa Security Governance Board, detailing
the status of data protection compliance and highlighting
associated risks. This structured approach reflects Elisa’s
commitment to safeguarding personal data and managing
privacy-related risks as integral components of its business
strategy. Elisa continues to evaluate how its reliance on
digital infrastructure and consumer trust presents both risks
and opportunities, integrating these insights into strategic
planning and service development.
Elisa conducts annual internal self-assessments across all
units to evaluate compliance and identify key focus areas. All
employees are required to complete mandatory security and
data protection training each year, reinforcing a culture of
compliance.
Health and safety
Children are materially impacted by Elisa’s operations,
both directly through its services and indirectly through the
broader digital ecosystem. Risks include digital exclusion,
online safety threats and mental wellbeing. Elisa addresses
these risks through targeted initiatives where children
gain safer online experiences and digital skills for future
readiness.
Material risks include reputational harm and regulatory
non-compliance if vulnerable users such as children are not
adequately protected. Opportunities arise from developing
trusted services that meet the specific needs of these
groups, enhancing the larger societal impact. Elisa has
developed its understanding of risks to children through
collaboration with experts and NGOs as well as from user
feedback. This includes recognising that children are more
susceptible to online manipulation.
Elisa’s strategy integrates these insights to ensure
responsible service design and delivery. Beyond technical
measures, Elisa promotes digital safety through long-standing
initiatives such as SuperDigischool events and Digital security
schools security training for children. In collaboration with
the Mannerheim League for Child Welfare, Elisa educates
children on safe internet use and supports parents with
age-based guidelines for digital device use. In Finland and
Estonia, Elisa has published a commercial age guideline,
advising that children under nine should not be given
smartphones for independent use. Elisa has established
internal guidelines to ensure that these age recommendations
are visible in all customer encounters and materials, e.g. use
of pictures and wording in marketing materials.
Policies
Elisa complies with all applicable laws and regulation
alongside group-level practices that relates to, but are not
limited to, privacy, data protection and digital safety. Elisa
has established a set of policies and practices to manage the
material impacts of its products and services on vulnerable
consumer groups, particularly children and the elderly.
These policies are guided by Elisa’s Code of Conduct,
Human Rights Policy, and Ethical Principles for Data and AI,
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58 ANNUAL REPORT 2025 • Sustainability Statement
which collectively promote responsible business conduct,
digital safety and inclusion. Elisa acknowledges the universal
and absolute nature of fundamental human rights that protect
the freedom, dignity and equality of all people.
The scope of these policies covers Elisa’s direct
operations and extends to its value chain through ethical
purchasing and supplier engagement. There are no explicit
exclusions regarding vulnerable consumer groups. Elisa
aligns its practices with third-party standards, such as the
UN Guiding Principles on Business and Human Rights, the
OECD Guidelines for Multinational Enterprises and the UN
Global Compact, to which it has been a signatory since
2015. These frameworks guide Elisa’s human rights due
diligence and ethical business conduct.
In setting these policies, Elisa considers the interests of
key stakeholders through continuous dialogue with children,
parents, elderly users, NGOs and public authorities. This
engagement helps identify risks, such as digital exclusion,
online exploitation and accessibility barriers, and informs the
development of inclusive and protective services. Policies
are made available to affected stakeholders through Elisa’s
corporate website and are communicated via educational
programmes, customer service channels and community
partnerships. Employees and suppliers are trained in these
policies to ensure consistent implementation across Elisa’s
operations.
Privacy
Elisa recognises its unique role in safeguarding privacy,
data protection, data security and the confidentiality of
communications. The company promotes the principle
of confidential communication to all its customers as a
foundational and ingrained principle of its operations. Elisa
complies with all applicable privacy and data protection
regulations, including (but not limited to) the EU General
Data Protection Regulation, the Finnish Data Protection Act
and Act on Electronic Communications Services, as well
as any applicable national data protection legislation when
operating globally. Simultaneously, it respects international
human rights principles, such as the United Nations
Declaration of Human Rights and the Guiding Principles on
Business and Human Rights, as well as other international
standards, such as the OECD Guidelines for Multinational
Enterprises, which aim to promote and protect people’s
right to privacy. These regulations and legislation describe
our requirements, and the regulatory authorities oversee
compliance with these laws and may require us to take
corrective action when necessary.
Privacy and data protection of consumers and end users
at Elisa are governed by the company’s privacy-related
principles, policies and guidelines. The processing of
personal data is based on Elisa’s Data Protection Policy,
which defines how data protection requirements are
implemented across Elisa’s operations. This policy is binding
on Elisa, its subsidiaries and suppliers through contractual
agreements. It applies to all Elisa’s operations and third-party
engagements, with exceptions only where required by local
legislation or contractual limitations.
The Data Protection Policy is complemented by a set
of principles and guidelines that are reviewed regularly.
These cover various aspects of data protection, including
the processing of personal data, data protection principles
that serve as privacy notices, advertising and customer
privacy policies and guidance (available in Finnish),
electronic direct marketing practices, requirements for
processing traffic and location data for marketing purposes,
employee data protection principles, recruitment-related
data processing, and organisational practices, such as data
protection assessments and monthly analyses of EU data
protection breaches.
The policy is designed to protect the confidentiality of
the communications and personal data of Elisa’s customers,
employees and other stakeholders. It ensures that employees
and operational processes comply with legal and regulatory
requirements. High standards of data protection are
achieved through reliable and well-integrated operations,
with data protection embedded in systems and processes
from the outset.
Strategic oversight and decision-making related to
data protection are the responsibility of Elisa’s Security
Governance Board, which also ensures the implementation
of the Data Protection Policy. Data protection is considered
a shared responsibility across the organisation. Meeting
data protection requirements is part of Elisa’s business
obligations, and the line organisation is accountable for
its execution. Data protection must be considered in the
development of services, processes and systems. Business
units are responsible for ensuring compliance, including
when engaging external service providers for data
processing.
Elisa has appointed dedicated Data Protection Officers
for its operations in Finland and Estonia. These officers
provide guidance, monitor implementation and support
compliance. Subsidiaries may designate a Data Protection
Officer or procure the role as a service, depending on the
nature of their operations. This is particularly relevant when
core activities involve large-scale processing of sensitive data
or systematic monitoring of individuals.
To ensure effective implementation, the Data Protection
Policy is communicated to relevant stakeholders through
mandatory training and the Data Protection Ambassador
network. Employee privacy policies are accessible via
the intranet and include detailed notices and specific
requirements for personal data processing. These
are introduced during onboarding and reinforced
through regular training and established protocols. By
making privacy policies accessible to both customers
and employees, Elisa demonstrates its commitment to
transparency and accountability in data handling.
In addition to the Group-level policy, individual Elisa
companies maintain their own specific principles and
policies. For instance, Elisa Polystar has developed internal
data processing policies and staff instructions, as well as
externally imposed policies and contractual obligations from
customers. These include limitations on purpose, access,
geography and technical constraints. The policies cover both
general areas, such as the information security framework
and ISO 27001 certification, as well as specific customer
commitments. They are embedded into onboarding
processes, group-wide guidelines and department-specific
training. Responsibility for maintaining information security
while respecting the rights of data subjects and customers
lies with the Board of Directors, CEO and line managers.
Elisa Eesti AS has developed tailored privacy policies for
different groups of data subjects, all of which are publicly
available. These include privacy policies for private
customers, legal entities and recruitment.
Health and safety
Elisa follows all applicable international standards and
national regulations related to children and actively
contributes to the development of the Children’s Rights in
Digital Environment.
Elisa supports a common industry approach to child
safety online and recognises that, children require specific
protection due to their position in society,. The company
understand its special role in protecting children and
exercises its right as a telecom operator to block access
to websites confirmed to host child sexual abuse material,
in accordance with Finnish legislation on blocking child
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59 ANNUAL REPORT 2025 • Sustainability Statement
pornography. This is done using a list maintained by Interpol
and the Finnish National Bureau of Investigation, which is
integrated into Elisa’s network infrastructure.
Freedom of expression
Elisa also recognises and is committed to respecting
freedom of expression and speech. As a telecom and
technology provider, Elisa believes that a diverse and
inclusive environment where individuals can express their
opinions and ideas freely is essential for fostering innovation
and growth. At the same time, Elisa acknowledges its
responsibility to combat any form of expression that incites
violence, discrimination, or hostility against individuals
or groups based on race, ethnicity, gender, sexual
orientation, religion or any other personal characteristic.
Elisa maintains a zero-tolerance policy towards bullying or
other illegal forms of speech within its company and in its
interactions with external partners and the public. To this
end, Elisa encourages open and respectful dialogue among
employees, stakeholders and the communities it serves.
Processes for engagement
Elisa engages with a wide range of consumers and end
users to better understand the impacts of its services and
identify potential risks and opportunities. This engagement
is continuous and inclusive, covering direct customers,
users reached through partners and subcontractors, and
vulnerable groups, such as children, young people and the
elderly.
Consumer engagement
Elisa improves its operations through continuous dialogue
with customers and by regularly collecting feedback on its
performance to better understand the impacts of its services
and the potential related risks. The main tools for obtaining
feedback (in addition to the Net Promoter Score, which
is used in Finland and Estonia) are customer satisfaction
surveys, different topic-specific customer and non-customer
surveys, and focus group interviews.
Elisa’s engagement processes are guided by
business-specific governance models that support service
development and improvement. Engagement typically
occurs during the design and refinement stages of services
and includes structured surveys, interviews and advisory
group consultations. These interactions take place monthly,
or more frequently depending on the nature of the issue,
and are reviewed by the senior leadership of the Consumer
Customers unit. This ensures that feedback from all user
groups is considered in decision-making and operational
planning.
For data protection-related inquiries, Elisa has established
protocols to ensure that customer concerns are promptly
directed to the Data Protection Team. Contact information
and guidance are clearly provided in Elisa’s Privacy Policy
and on its website. The Data Protection Team is responsible
for managing these interactions and maintaining effective
communication with users.
Engagement with vulnerable group
In Finland, Elisa collaborates with NGOs such as the
Mannerheim League for Child Welfare. Elisa interacts
directly with children and young people through its Digital
security schools security events and school visits. It has also
organised tech hackathons with high-school students to
involve them in solving digital wellbeing challenges. Annual
surveys are conducted with parents of young children to
understand their concerns and expectations regarding
digital device use.
Through a long-term strategic partnership with the
Mannerheim League for Child Welfare, Elisa gains deeper
insights into the challenges families face in the digital
environment. Elisa supports the “Digitutkijat” (“Digital
Detectives”) programme, which reaches over 75% of
fourth-grade students in Finland and promotes digital
wellbeing and media literacy. The Head of Communications
for Consumer Business is responsible for ensuring these
engagements are carried out and that Elisa fulfils its
commitments.
Elisa also contributes to national efforts led by the Finnish
Institute for Health and Welfare and the National Board of
Education to develop recommendations for children’s digital
lives and device use. This work began in late 2024 and is
continuing through 2025–2026, reinforcing Elisa’s role in
shaping safe and inclusive digital experiences for all.
To further support families, Elisa engages with experts,
psychologists and researchers to foster public dialogue
on children’s digital wellbeing. The company encourages
informed decision-making by helping parents understand
how to make sure that they and their children are ready to
safely use digital devices. Elisa believes that building a safe
and open digital environment requires collective societal
awareness and shared responsibility.
To evaluate the effectiveness of engagement, Elisa
monitors participation rates, satisfaction levels and the extent
to which feedback leads to changes in services, policies or
communication. Periodic reviews help refine engagement
methods and ensure they remain relevant and responsive.
Special attention is given to reaching users who may be
more vulnerable to digital risks through targeted outreach,
tailored surveys and collaboration with advocacy groups.
Processes to remediate negative impacts and
channels to raise concerns
Elisa provides multiple accessible and confidential channels
for consumers and end users to raise concerns, report
misconduct or highlight potential negative impacts related
to its services. These channels are designed to support all
user groups, including vulnerable populations, and are
integrated into Elisa’s digital platforms and customer service
processes.
Concerns related to legal non-compliance or misconduct
can be reported through Elisa’s whistleblowing channel,
which is governed by clear principles and procedures.
More information about this process is available in the
“Business conduct” section. In addition to whistleblowing,
users can raise issues related to privacy, data protection or
service impacts through customer service portals, website
contact forms and dedicated data protection inquiry forms.
These channels ensure timely and accurate responses and
are supported by trained staff who know how to escalate
concerns appropriately.
Elisa also holds regular joint meetings and organises
information sessions for partners upon request to ensure
continuous improvement in customer experience and impact
mitigation. All channels are supported by trained personnel,
who ensure timely responses and appropriate escalation.
Elisa’s general approach to remediation involves
investigating the issue, assessing whether Elisa has caused,
contributed to or is directly linked to the impact, and taking
corrective or preventive action. If Elisa identifies that it
has caused or contributed to a material negative impact, it
provides or participates in remediation. This may include
adjusting services, updating policies or communicating
directly with affected individuals.
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60 ANNUAL REPORT 2025 • Sustainability Statement
Targets, actions and performance in 2025
Target Scope Performance Key actions
100% of employees
have completed security
certificate training by
2030
Elisa Group 82% of
employees
have
completed the
training
• Targeted guidance and support to employees during the
transition to new learning platform
• Preparedness exercise with employees and key
stakeholders to enhance preparedness and resilience
• Security training and security testings in premises and
internal workplaces
• Strengthened supplier and product privacy management
through focused audits and business support
• Harmonised data retention practices and improved
processes for data subject rights and privacy policies
Increasing the number
of minors* participating
in Elisa’s online
or physical digital
wellbeing and digital
security events to
100,000 by 2026
Elisa
Corporation
(Finland)
95,000 minors
participated in
the events
• Coordinated online bullying survey together with MLL
• Organised digital security schools for 5th & 6th graders
and SuperDigischool for 7th-9th grader
• Conducted a national campaign encouraging parents to
delay children’s first mobile phone purchase until age
nine
*Minors inlcude all the 7th-9th grader children in Finland.
Recognising that the human element is a fundamental factor
in safeguarding security, the company has established a
clear target for security certification training and digital
wellbeing of minors. At the Group level, the goal is
to achieve 100% employee completion of the security
certificate training by 2030. Progress and performance
toward this target are regularly monitored by the Security
Governance Board, which also evaluates the effectiveness
of the measures in place to support training completion.
While consumers and end users were not directly involved
in setting the target, the results and key actions taken are
communicated annually in Elisa’s Sustainability Statement.
Elisa remains committed to managing the material
impacts and risks associated with consumers and end
users through comprehensive action plans and dedicated
resources.
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61 ANNUAL REPORT 2025 • Sustainability Statement
Entity specific – Critical infrastructure
Approach
Cybersecurity
Elisa’s cybersecurity practices are built on legal
requirements, industry standards, contractual obligations
and internal targets. Central to these efforts are the
protection of confidential information and the continuity of
business operations. Information security is integrated into
all aspects of Elisa’s activities through both administrative
and technical controls.
Elisa’s cybersecurity strategy is rooted in the principle
that cyber risks are business risks. Business units are
empowered to make informed decisions by providing
direction, guidance and coaching. Elisa employs a robust
set of frameworks and tools to manage and mitigate
cybersecurity risks. For example, the company applies the
cybersecurity framework developed by the US National
Institute of Standards and Technology (NIST), which is widely
recognised across the industry. This framework includes five
continuous functions: identify, protect, detect, respond and
recover. These functions guide Elisa’s strategic approach to
cyber risk management and operational development.
The company fosters a strong cybersecurity culture
through transparency, clear communication, layered
defences and continuous improvement. Oversight is
provided by the Elisa Security Steering Group, while expert
teams in data protection, cybersecurity and operational
security – led by Elisa’s security organisation – drive the
ongoing development and implementation of security
measures.
In Finland, Elisa also utilises MITRE ATT&CK, a
globally recognised database of real-world attack
tactics and techniques, to inform threat modelling and
response strategies. Cyber maturity is assessed using
Kybermittari, a tool developed by the Finnish Transport and
Communications Agency’s National Cyber Security Centre.
Elisa conducts regular assessments across its business units
and develops tailored short- and long-term improvement
plans based on the results. These evaluations provide
valuable benchmarks against national and international
peers. The cyber maturity assessment tool is used annually
across profit units to benchmark and develop cybersecurity
capabilities. The results are fed into short- and long-term
development plans. These frameworks and assessments are
integrated into Elisa’s business model and strategy.
Resilience and reliable infrastructure
Elisa has identified its most critical systems, processes and
services, and has developed comprehensive continuity
management plans to address potential disruptions and
exceptional circumstances. These plans are regularly tested
through simulation exercises, with lessons learned applied
to improve preparedness. Elisa is the market leader in
mobile networks in Finland and the second-largest operator
in Estonia. In Finland, Elisa handles the majority of the
country’s network traffic, underscoring its importance to
national infrastructure.
Policies
Elisa complies with universal service obligations defined by
national legislation and maintains contingency and continuity
plans in accordance with regulatory requirements. As a
provider of critical national infrastructure, Elisa designs,
develops and delivers its services with security as a core
priority. The company follows a security-by-design approach,
ensuring that information security, service reliability and
safe usage are considered throughout every stage of
development. Cybersecurity is deeply integrated into both
the strategic and operational layers. It goes beyond technical
safeguards, serving as a key business enabler that ensures
continuity, fosters trust and drives innovation. Developers
and service owners are responsible for embedding security
features and maintaining data integrity. Elisa safeguards
essential societal functions, including telecommunications
and data connectivity, ensuring their continuous operation.
The company also proactively combats criminal activity and
scam attempts, constantly innovating to address evolving
threats. Agility in responding to unexpected situations
remains a key capability across all operations.
Cybersecurity
Elisa’s Information Security Policy applies comprehensively
across all operations, subsidiaries and subcontractors,
with no exclusions unless mandated by legal or contractual
constraints. Any exceptions to the procedures outlined in
the policy are decided by Elisa’s Security Governance Body,
which operates at the highest level of the organisation. This
body is responsible not only for approving the Information
Security Policy, but also for overseeing the management of
key security risks.
The policy defines the principles, roles and
responsibilities related to information security, guiding its
development, maintenance and monitoring throughout Elisa
Corporation. It is supported by more detailed principles and
guidelines that ensure consistent implementation across the
organisation.
Stakeholder input is actively integrated into the policy
through structured feedback mechanisms, regulatory
engagement, industry collaboration, threat intelligence
and situational awareness. Key stakeholders include Elisa’s
employees, customers and partners, the authorities and civil
society. The policy is communicated internally via the Elisa
Intranet, training programmes and operational guidelines,
and externally through contracts and public disclosures
where appropriate.
Resilience and reliable infrastructure
Elisa’s Business Continuity Management Policy ensures
the resilience of prioritised products and services under
normal, disrupted and exceptional conditions, as defined by
Finland’s Emergency Powers Act and Estonia’s Emergency
Act. The policy is based on the ISO 22301 standard and
applies to Elisa Corporation, its subsidiaries and contracted
suppliers, in line with risk assessments and contractual
obligations.
The Business Continuity Management Policy is
approved by the Elisa Security Governance Group. The
Corporate Security function oversees the development,
implementation and verification of continuity practices
across the organisation. Every Elisa employee is expected to
understand their role in maintaining service continuity and
to report any events that may affect operations.
Processes for engagement
Elisa actively engages with key stakeholders to share
timely and relevant information about cybersecurity risks
and developments. This includes regular updates on
the situational landscape through Cybersecurity Outlook
and Cyber Threat Intelligence reports. These insights are
drawn from both internal and external sources and focus
on the most critical issues affecting the organisation. Elisa
integrates this intelligence into its operations across various
levels and shares relevant information with customers to
support their own preparedness.
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62 ANNUAL REPORT 2025 • Sustainability Statement
For corporate customers, Elisa provides 24/7 Security
Operations Center (SOC) services, offering access to
a wide range of cybersecurity expertise. These services
enable comprehensive monitoring across different operating
environments and support the long-term development
of secure systems. Customers benefit from Elisa’s IT
and network management capabilities, as well as expert
consulting and training services. All SOC personnel are
certified Finnish citizens who have undergone security
clearance by national authorities, ensuring a high level of
trust and reliability.
Elisa has been a pioneer in cybersecurity in Finland,
having established its internal Computer Emergency
Response Team in 2004. This team has since evolved into
the Cyber Security and Service Operations Center. In 2015,
Elisa launched its independent Security Operations Center
for corporate customers, which operates without ties to
specific vendors or operators. Elisa fosters collaboration and
continuous improvement through internal cyber exercises
and partnerships with customers, public authorities and
other organisations. These relationships are essential for
strengthening cyber resilience and preparedness across the
ecosystem.
In addition to these services, Elisa supports consumers
and end users in managing cyber risks and preparing for
exceptional situations, reinforcing its commitment to secure
and resilient digital infrastructure.
Processes to remediate negative impacts and
channels to raise concerns
Elisa’s network is built for resilience, with operations
structured around the Information Technology Infrastructure
Library incident management model. The company
prioritises automation and proactive service monitoring
to prevent disruptions. Elisa’s network architecture is
designed with optimal redundancy, including alternative
physical locations, routing paths and backup systems, such
as generators and batteries, ensuring continuity even in
adverse conditions.
In Finland, Elisa adheres to regulatory requirements
for redundancy (TRAFICOM/54045/03.04.05.00/2020)
and applies additional internal design principles to prevent
major or business-critical incidents. All network components
and services are sourced from selected vendors, and new
systems undergo rigorous testing to ensure compatibility
and reliability before deployment. Elisa’s proactive and
automated operations aim to resolve incidents before they
affect customer services. When disruptions do occur,
automated recovery mechanisms typically ensure swift
resolution.
Given the critical nature of Elisa’s services, every
employee is expected to understand their responsibilities
and respond appropriately during incidents. Elisa has
invested in awareness-building, operational models and
targeted training programmes to strengthen organisational
readiness. Training is a key element in enhancing
information security across the group, with both mandatory
foundational courses and specialised sessions tailored to
specific roles.
To monitor service availability and the customer
experience, Elisa operates a Cyber Security and Service
Operations Center (cSOC), which functions 24/7. The cSOC
oversees internal and external incident communications and
coordinates recovery efforts for major and business-critical
events. It serves as a centralised hub for escalation and
resolution management.
All incidents are tracked through a trouble ticket system,
which logs key details such as timing, the nature of the
issue, mitigation actions and the final resolution. This data is
analysed using classification methods and machine learning
algorithms to continuously improve processes and service
quality.
Elisa has established a structured process for learning
Targets, actions and performance in 2025
Target Scope Performance Key actions
Cyber maturity
target of 69% by
2027
Elisa Corporation (Finland)
Elisa Eesti AS
Elisa Santa Monica Oy
Cyber
maturity of
78%
• Continuous awareness-raising and competence
development for employees through regular training
sessions, events, and internal communications
• Cyber exercises organised with key stakeholders to
enhance preparedness and resilience
from both successes and failures. During regular review
meetings, predefined criteria are assessed, and findings are
translated into actionable improvement tasks. These tasks are
overseen by the Resolution Management function, ensuring
accountability and follow-through across relevant teams.
Elisa annually assesses the cyber maturity of its business
units to track and develop cybersecurity across the whole
organisation through a defined target. In 2025, the set
target was achieved. Elisa’s Security Governance Board
regularly reviews the status of performance of the target,
and progress is reviewed against the target. The scale of
the target is 0–100%, and maturity is assessed annually in
all the U.S. National Institute of Standards and Technology
Cyber Security Framework (NIST CSF) categories of identify,
protect, detect, response and recovery. The assessments
are done using the Kybermittari tool, and a consolidated
view of the results is presented to the senior leadership.
Until 2024, the performance of the target was measured
through self-assessment, and starting from 2025, Elisa has
further improved the process and is conducting the cyber
maturity assessment (CMA) through facilitated interviews by
an external party.
Additionally, the company’s strategic target for
developing cybersecurity awareness and a cybersecurity
culture is to ensure that the entire workforce at Elisa is
equipped with the knowledge and skills necessary to protect
its digital assets and maintain a secure working environment.
Elisa focus on enhancing its employees’ competences in
security measures, increasing engagement in our security
culture and improving real threat detection capabilities.
Through comprehensive training programmes, including
online courses, micro-training solutions and AI-powered
phishing simulations, the company is building a more
resilient organisation capable of adapting to the ever-
evolving cyberthreat landscape.
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63 ANNUAL REPORT 2025 • Sustainability Statement
G1 Role of the administrative,
supervisory and management bodies
Elisa’s standards for ethical business conduct are defined
in the Elisa Code of Conduct, which reflects the company’s
mission and values, and outlines the core principles guiding
how employees interact, conduct responsible and profitable
business, and safeguard corporate assets. The Code of
Conduct is formally approved by Elisa’s Board of Directors
and serves as a foundational element of the Group-level
compliance framework.
Together with the compliance framework endorsed by the
Corporate Executive Board, the Code of Conduct forms the
basis of Elisa’s compliance programme. This programme is
designed to ensure that Elisa’s operations align with legal
requirements and internal ethical standards. Oversight of the
programme is provided by the Compliance Steering Group,
which includes representatives from Legal, Sustainability,
Human Resources, Corporate Security, Finance, Investor
Relations, and Communications. This group conducts an
annual review of the Code of Conduct and defines Elisa’s
compliance priorities, targets and focus areas. Updates and
progress are regularly reported to the Audit Committee of
the Board of Directors.
Elisa’s Internal Audit function operates independently to
assess and investigate the effectiveness of the compliance
framework, risk management practices and internal control
systems, ensuring that governance processes remain robust
and aligned with Elisa’s ethical commitments.
G – Business conduct
Policies
Code of Conduct
Elisa’s governance, operations and decision-making are
guided by the company’s mission and values, and by the
Elisa Code of Conduct. The Code provides a consistent
framework for ethical behaviour across all Elisa entities
(including subsidiaries and business units) and applies
to every employee, officer and director. It is designed to
support personnel in making sound decisions in their daily
work, and it reinforces Elisa’s commitment to responsible
and transparent business practices.
As Elisa continues to grow internationally, the Code of
Conduct plays a key role in maintaining consistent working
standards across diverse markets. It sets out general
principles for respectful interaction, ethical business conduct
and responsible asset management – essential elements
in building ownership value and managing risk. The Code
is supported by complementary policies and internal
guidelines.
In line with Elisa’s open business culture, all employees
are encouraged and expected to report any known or
suspected breaches of the Code. This helps the company
identify and address issues early and continuously improve
its practices. The Code of Conduct training is mandatory for
all employees and forms part of the onboarding process for
new hires. By the end of the reporting period, 98% of Elisa
employees had completed this training.
In 2025, Elisa started the process of updating its Code of
Conduct.
Anti-bribery and corruption
Elisa is committed to upholding the highest standards
of ethical conduct and maintains a zero-tolerance policy
towards bribery and corruption. The Anti-Bribery and
Corruption (ABC) Policy outlines the company’s expectations
and applies to all employees, directors, officers and third
parties acting on behalf of the company. The policy has
been reviewed and approved by Elisa Board of directors.
The validity of the Anti-Bribery Policy and any need for
changes are reviewed regularly, at least once a year, by
Elisa’s Compliance Steering Group. Significant changes
are approved by Elisa’s Board of Directors. Elisa’s Executive
Vice President, Corporate Chief of Staff is responsible for
implementation of this policy. The policy is publicly available
on Elisa’s website for all stakeholders and also on company’s
intranet for employees.
Elisa expects its suppliers, subcontractors and external
partners to adhere to similar principles and uphold zero
tolerance for corruption. The ABC Policy prohibits offering,
accepting or authorising bribes or improper payments,
including through intermediaries. Employees must not
accept gifts or hospitality that could influence business
decisions, and all transactions must be transparent,
reasonable and properly documented. Donations and
sponsorships are permitted only when aligned with the
company’s values and must not be used to gain improper
business advantages.
Special attention is given to interactions with public
officials, who are subject to stricter anti-corruption
regulations. Elisa ensures that all engagements comply with
applicable laws and are fully documented. In jurisdictions
with more stringent anti-corruption laws, local regulations
take precedence over Elisa’s internal policy.
All employees are required to familiarise themselves
with the ABC Policy and complete the assigned training.
Additional, tailored training is provided to employees
in roles with higher exposure to bribery risks, such as
international sales and procurement.
Elisa assesses bribery risks by function and geography,
and mitigation measures are integrated into supplier
onboarding, international sales and M&A due diligence
processes.
Employees are responsible for reporting any suspected
or actual violations of the ABC Policy or applicable
laws. Reports can be made to managers, Internal Audit,
legal counsel or Elisa’s Group Legal and Sustainability
teams. Anonymous reporting is also available via Elisa’s
whistleblowing channel.
G – Business conduct
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64 ANNUAL REPORT 2025 • Sustainability Statement
Targets, actions and performance in 2025
Target Scope Performance Key actions
100% of employees have
completed anti-bribery and
corruption training by 2030
Elisa Group 96% of employees
completed the training
• Risk assessments at Elisa Industriq
• Taylored training for specific teams in the
consumer customer business unit, based on
risk survey
• Strengthening of antibribery practices in the
ethical sales procedure
• ABC policy and mandatory ABC training
implemented in SedApta
Anti-corruption and anti-bribery disclosures in 2025
Number of convictions for violation of anti-corruption and
anti-bribery laws
No confirmed violation
of anti-corruption or anti-bribery laws
Amount of fines for violation of anti-corruption and anti-
bribery laws
No fines for violation of anti-corruption or anti-bribery
laws
Number of confirmed incidents of corruption or bribery No confirmed incidents of corruption or bribery
Information about the nature of confirmed incidents of
corruption or bribery
Not applicable
Number of confirmed incidents in which own workers were
dismissed or disciplined for corruption or bribery-related
incidents
Not applicable
Number of confirmed incidents relating to contracts with
business partners that were terminated or not renewed due
to violations related to corruption or bribery
Not applicable
Information about details of public legal cases regarding
corruption or bribery brought against undertaking and own
workers and about outcomes of such cases
Not applicable
Anti-corruption and bribery training completion
2025 2024
Share of employees who have completed the training (%) 96 86
Percentage of functions at risk covered by training (%) 100 64
Percentage of functions at risk completing the training (%) 93 58
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Whistleblowing principles
According to the Elisa Code of Conduct, it is the duty
of everyone at Elisa to immediately report any known or
suspected breaches of the Code or of applicable laws. This
principle is supported by multiple internal and external
reporting channels that allow both employees and external
stakeholders – including suppliers, subcontractors and
customers – to raise concerns confidentially and without
fear of retaliation.
Elisa has a confidential and secure whistleblowing
channel operated by a third party, where known or
suspected misconduct can be reported anonymously. The
channel is accessible via Elisa’s website and is available to
all employees and external stakeholders. It covers a wide
range of issues, including suspected breaches of law and
violations of the Code of Conduct. These include (but are
not limited to):
• Bribery and corruption
• Conflicts of interest
• Fraud and financial irregularities
• Violations of tax legislation
• Violations of insider legislation
• Violations of competition and/or consumer protection
laws
• Violations of data protection legislation
• Human rights violations
• Environmental violations
• Breaches of trade secrets protection
• Violations of Elisa’s contractual principles.
The whistleblowing channel is accessible in multiple
languages. By maintaining the whistleblowing channel, Elisa
ensures compliance with the EU Whistleblowing Protection
Directive as well as any mandatory and applicable national
legislation on whistleblower protection.
Elisa has a centralised internal procedure for handling
reports submitted via the whistleblowing channel.
Elisa Corporation’s Chief Compliance Officer, General
Counsel and Director of Internal Audit are responsible
for reviewing each report to examine its accuracy while
ensuring confidentiality, protecting the whistleblower’s
anonymity and avoiding conflicts of interest. Reports may
either proceed to further investigation or be closed, e.g.
if they lack sufficient detail or repeat previously resolved
issues without new evidence. Additionally, depending on
the nature of the report, designated experts from relevant
functions (such as Legal, Compliance, Human Resources,
Sustainability, Corporate Security, Internal Audit or the
relevant business unit) may be involved in the investigation.
External experts may also be appointed when necessary. If
a concern is substantiated, appropriate and case-specific
corrective measures are taken based on the findings of
the investigation. Notifications and the resulting actions
are regularly reported to the Audit Committee and, when
necessary, to the Corporate Executive Board as part of Elisa’s
Compliance Programme.
Elisa undertakes to protect all those who have reported
suspected misconduct to Elisa in good faith and to ensure
that no retaliatory measures are taken against whistleblowers.
A whistleblower acting in good faith and in accordance with
Elisa’s whistleblowing principles will not face any negative
consequences for submitting a report.
Management of relationships
with suppliers
Elisa recognises the vital role suppliers play in building
a sustainable future through digitalisation. Suppliers
are essential to achieving Elisa’s climate targets and to
identifying, mitigating and preventing human rights risks
across the value chain. Elisa promotes responsible sourcing
by setting clear social and environmental expectations,
raising awareness and embedding accountability into
supplier relationships through collaboration and contractual
requirements.
The procurement organisation, together with business
vendor managers, drives the continuous development
of responsible sourcing practices. Elisa has appointed
dedicated contacts for 364 suppliers to ensure ongoing
dialogue and improvement, particularly with key suppliers,
which represent over 81% of total spend and are strategically
significant in terms of business impact, risk and alignment
with corporate objectives.
Elisa’s procurement activities primarily involve consumer
electronics, network construction equipment and a range of
services, both domestically and internationally. Purchasing
decisions are guided by Elisa’s Code of Ethical Purchasing,
the Finnish Act on Contractor’s Obligations and Liability, and
other internal policies. All suppliers and subcontractors must
comply with applicable laws, uphold anti-bribery standards
and cascade these requirements to their employees through
training and internal procedures.
The Code of Ethical Purchasing sets out expectations
for safe and fair working conditions and responsible
environmental and social practices throughout the supply
chain. Elisa encourages suppliers and subcontractors to
report suspected breaches via its whistleblowing channel,
accessible through the Elisa website. Elisa treats all suppliers
equally and works with them to promote mutual progress in
sustainability.
In 2025, Elisa introduced an updated procurement policy
to strengthen sustainability integration and risk management.
Supplier risk assessment is embedded in Elisa’s double
materiality process, addressing climate-related risks, human
rights, corruption and material procurement risks. Mitigation
measures include supplier audits, corrective action plans
and collaboration mostly through initiatives such as the Joint
Alliance for CSR (JAC).
To support this, Elisa has implemented a proactive risk
management framework that combines vendor importance
and compliance status as well as operational and financial
performance.
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66 ANNUAL REPORT 2025 • Sustainability Statement
Assurance report on the sustainability statement
Assurance report on
the Sustainability Statement
To the Annual General Meeting
of Elisa Corporation
We have performed a limited assurance engagement on
the group sustainability statement of Elisa Corporation
(business identity code 0116510-6) that is referred to in
Chapter 7 of the Accounting Act and that is included in the
report of the Board of Directors for the reporting period
1.1.–31.12.2025.
Opinion
Based on the procedures we have performed and
the evidence we have obtained, nothing has come to
our attention that causes us to believe that the group
sustainability statement does not comply, in all material
respects, with
1) the requirements laid down in Chapter 7 of the
Accounting Act and the sustainability reporting standards
(ESRS), and
2) the requirements laid down in Article 8 of the Regulation
(EU) 2020/852 of the European Parliament and of the
Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU)
2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Elisa
Corporation has identified the information for reporting
in accordance with the sustainability reporting standards
(double materiality assessment).
Our opinion does not cover the tagging of the group
sustainability statement with digital XBRL sustainability tags
(Translation of the Finnish original)
in accordance with Chapter 7, Section 22, Subsection 1(2),
of the Accounting Act, because sustainability reporting
companies have not had the possibility to comply with that
requirement in the absence of requirements for the tagging
of sustainability information in the ESEF regulation or other
European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability
statement as a limited assurance engagement in compliance
with good assurance practice in Finland and with the
International Standard on Assurance Engagements (ISAE)
3000 (Revised) Assurance Engagements Other than Audits
or Reviews of Historical Financial Information.
Our responsibilities under this standard are further
described in the Responsibilities of the Authorized Group
Sustainability Auditor section of our report.
We believe that the evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Authorized Group Sustainability
Auditor’s Independence and Quality
Management
We are independent of the parent company and of
the group companies in accordance with the ethical
requirements that are applicable in Finland and are relevant
to our engagement, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
The Authorized Group Sustainability Auditor applies
International Standard on Quality Management ISQM 1,
which requires the Authorized Sustainability Audit Firm
to design, implement and operate a system of quality
management including policies or procedures regarding
compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director of Elisa
Corporation are responsible for:
• the group sustainability statement and for its preparation
and presentation in accordance with the provisions of
Chapter 7 of the Accounting Act, including the process
that has been defined in the sustainability reporting
standards and in which the information for reporting in
accordance with the sustainability reporting standards has
been identified,
• the compliance of the group sustainability statement with
the requirements laid down in Article 8 of the Regulation
(EU) 2020/852 of the European Parliament and of the
Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU)
2019/2088, and for
• such internal control as the Board of Directors and the
Managing Director determine is necessary to enable the
preparation of a group sustainability statement that is
free from material misstatement, whether due to fraud or
error.
Inherent Limitations in the Preparation
of a Sustainability Statement
The preparation of the group sustainability statement
requires a materiality assessment from the company in order
to identify relevant disclosures. This significantly involves
management judgment and choices. Group Sustainability
reporting is also characterized by the fact that reporting of
this type of information involves estimates and assumptions,
as well as measurement and assessment uncertainty.
The determination of greenhouse gases is subject to
inherent uncertainty due to the incomplete scientific data
used to determine the emission factors and the numerical
values needed to combine emissions of different gases.
When reporting future-related information in accordance
with the ESRS standards, the company’s management must
present assumptions regarding possible future events and
disclose the company’s potential future actions related to
these events, as well as prepare future-related information
based on these assumptions. The actual outcome is likely to
differ, as predicted events often do not occur as expected.
Responsibilities of the Authorized Group
Sustainability Auditor
Our responsibility is to perform an assurance engagement
to obtain limited assurance about whether the group
sustainability statement is free from material misstatement,
whether due to fraud or error, and to issue a limited
assurance report that includes our opinion. Misstatements
can arise from fraud or error and are considered material
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67 ANNUAL REPORT 2025 • Sustainability Statement
if, individually or in the aggregate, they could reasonably
be expected to influence the decisions of users taken on the
basis of the group sustainability statement.
Compliance with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised) requires that we
exercise professional judgment and maintain professional
skepticism throughout the engagement. We also:
• Identify and assess the risks of material misstatement of
the group sustainability statement, whether due to fraud
or error, and obtain an understanding of internal control
relevant to the engagement in order to design assurance
procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on
the effectiveness of the parent company’s or the group’s
internal control.
• Design and perform assurance procedures responsive
to those risks to obtain evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Description of the Procedures That Have
Been Performed
The procedures performed in a limited assurance
engagement vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement. The
nature, timing and extent of assurance procedures selected
depend on professional judgment, including the assessment
of risks of material misstatement, whether due to fraud or
error. Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower than the
assurance that would have been obtained had a reasonable
assurance engagement been performed.
Our procedures included for ex. the following:
• We have interviewed the management of the group
as well as key personnel responsible for collecting
and reporting the information included in the group
sustainability statement.
• Through interviews, we gained an understanding of
the group’s control environment related to the group
sustainability reporting process.
• We evaluated the implementation of the company’s
double materiality assessment process in relation to the
requirements of the ESRS standards, as well as whether
the information provided from the double materiality
assessment is in material respects in accordance with the
ESRS standards.
• We assessed whether the group sustainability statement
in material respects meets the requirements of the ESRS
standards regarding material sustainability topics:
– We have tested the accuracy of the information
presented in the group sustainability statement by
comparing the information on a sample basis to the
documentation and records prepared by the company
and assessed whether they support the information
included in the group sustainability statement.
– We have on a sample basis performed analytical
assurance procedures and related inquiries,
recalculations and inspected documentation, as well
as tested data aggregation to assess the accuracy of
the group sustainability statement.
• We conducted a site visit at a selected location.
• Regarding EU Taxonomy data, we gained an
understanding of the process by which a company
has defined taxonomy-eligible and taxonomy-aligned
economic activities, and we assessed the compliance of
the information provided.
Helsinki 29.1.2026
Ernst & Young Oy
Authorized Sustainability Audit Firm
Terhi Mäkinen
Authorized Sustainability Auditor
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68 ANNUAL REPORT 2025 • Sustainability Statement
Annexes
Appendix 1
ESRS Index
Standard Disclosure Requirement Location Comment
ESRS 2 - General
Disclosure
BP-1 – General basis for preparation of sustainability statements 39
BP-2 – Disclosures in relation to specific circumstances 39
GOV-1 – The role of the administrative, management and supervisory bodies 39
GOV-2 – Information provided to, and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 39
GOV-3 – Integration of sustainability-related performance in incentive schemes 42
GOV-4 – Statement on due diligence 48
GOV-5 – Risk management and internal controls over sustainability reporting 42
SBM-1 – Strategy, business model and value chain 44
SBM-2 – Interests and views of stakeholders 45
SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 50
IRO-1 – Description of the process to identify and assess material impacts, risks and opportunities 48
IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability statement 93
E1- Climate Change ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes 64
E1-1 – Transition plan for climate change mitigation 62
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 61
ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities 61
E1-2 – Policies related to climate change mitigation and adaptation 61
E1-3 – Actions and resources in relation to climate change policies 63
E1-4 – Targets related to climate change mitigation and adaptation 64
E1-5 – Energy consumption and mix 66
E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions 67
E1-7 – GHG removals and GHG mitigation projects financed through carbon credits 64
E1-9 – Anticipated financial effects from material physical and transition risks and potential climate-related opportunities Phased in
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Standard Disclosure Requirement Location Comment
E5- Resource Use and
Circular Economy
ESRS 2 IRO-1 – Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and
opportunities
69
E5-1 – Policies related to resource use and circular economy 69
E5-2 – Actions and resources related to resource use and circular economy 69
E5-3 – Targets related to resource use and circular economy 69
E5-4 – Resource inflows 70
E5-5 – Resource outflows-waste 71
E5-6 – Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities Phased in
S1- Own Workforce ESRS 2 SBM-2 – Interests and views of stakeholders 45
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 72
S1-1 – Policies related to own workforce 72
S1-2 – Processes for engaging with own workforce and workers’ representatives about impacts 73
S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns 74
S1-4 – Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related
to own workforce, and effectiveness of those actions
74
S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 74
S1-6 – Characteristics of the undertaking’s employees 75
S1-7 – Characteristics of non-employees in the undertaking’s own workforce Phased in
S1-8 – Collective bargaining coverage and social dialogue 77
S1-9 – Diversity metrics 78
S1-13 – Training and skills development metrics 78
S1-14 – Health and safety metrics 78
S1-17 – Incidents, complaints and severe human rights impacts 78
S2 – Workers in the
value chain
ESRS 2 SBM-2 Interests and views of stakeholders 45
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 79
S2-1 – Policies related to value chain workers 79
S2-2 – Processes for engaging with value chain workers about impacts 79
S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns 80
S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities
related to value chain workers, and effectiveness of those action
81
S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 81
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Standard Disclosure Requirement Location Comment
S4 - Consumers and
end-users
ESRS 2 SBM-2 – Interests and views of stakeholders 45
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model 82
S4-1 – Policies related to consumers and end-users 82
S4-2 – Processes for engaging with consumers and end-users about impacts 84
S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns 84
S4-4 – Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material
opportunities related to consumers and end-users, and effectiveness of those actions
85
S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 85
Entity Specific Material impacts, risks and opportunities and their interaction with strategy and business model 86
Policies related to entity specific topic 86
Processes for engagement 86
Processes to remediate negative impacts and channels 87
Actions and resources related to entity specific topic 87
Targets related to entity specific topic 87
G1 - Business Conduct ESRS 2 GOV-1 – The role of the administrative, supervisory and management bodies 88
ESRS 2 IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities 48
G1-1– Business conduct policies and corporate culture 88
G1-2 – Management of relationships with suppliers 90
G1-3 – Prevention and detection of corruption and bribery 88
G1-4 – Incidents of corruption or bribery 89
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List of data points in cross-cutting and topical standards that derive from other EU legislation
Assurance report on
the Sustainability Statement
Disclosure Requirement and
related datapoint
SFDR (Sustainable Finance
Disclosures Regulation) reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Location
ESRS 2 GOV-1 Board's gender diversity
paragraph 21 (d)
Indicator number 13 of Table #1 of Annex 1 Commission Delegated Regulation
(EU) 2020/1816 ( 27 ) , Annex II
41
ESRS 2 GOV-1 Percentage of board
members who are independent paragraph
21 (e)
Delegated Regulation (EU) 2020/1816,
Annex II
40
ESRS 2 GOV-4 Statement on due diligence
paragraph 30
Indicator number 10 Table #3 of Annex 1 48
ESRS 2 SBM-1 Involvement in activities
related to fossil fuel activities paragraph 40
(d) i
Indicators number 4 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 ( 28 ) Table 1: Qualitative
information on Environmental risk and Table 2:
Qualitative information on Social risk
Delegated Regulation (EU) 2020/1816,
Annex II
N/A
ESRS 2 SBM-1 Involvement in activities
related to chemical production paragraph
40 (d) ii
Indicator number 9 Table #2 of Annex 1 Delegated Regulation (EU) 2020/1816,
Annex II
N/A
ESRS 2 SBM-1 Involvement in activities
related to controversial weapons paragraph
40 (d) iii
Indicator number 14 Table #1 of Annex 1 Delegated Regulation
(EU) 2020/1818 ( 29 ) , Article 12(1)
Delegated Regulation (EU) 2020/1816,
Annex II
N/A
ESRS 2 SBM-1 Involvement in activities
related to cultivation and production of
tobacco paragraph 40 (d) iv
Delegated Regulation (EU) 2020/1818,
Article 12(1) Delegated Regulation
(EU) 2020/1816, Annex II
N/A
ESRS E1-1 Transition plan to reach climate
neutrality by 2050 paragraph 14
Regulation (EU) 2021/1119,
Article 2(1)
62
ESRS E1-1 Undertakings excluded from Paris-
aligned Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 Template 1: Banking book-Climate
Change transition risk: Credit quality of exposures
by sector, emissions and residual maturity
Delegated Regulation (EU) 2020/1818,
Article12.1 (d) to (g), and Article 12.2
64
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Disclosure Requirement and
related datapoint
SFDR (Sustainable Finance
Disclosures Regulation) reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Location
ESRS E1-4 GHG emission reduction targets
paragraph 34
Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 Template 3: Banking book –
Climate change transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818,
Article 6
64
ESRS E1-5 Energy consumption from fossil
sources disaggregated by sources (only high
climate impact sectors) paragraph 38
Indicator number 5 Table #1 and Indicator
n. 5 Table #2 of Annex 1
N/A
ESRS E1-5 Energy consumption and mix
paragraph 37
Indicator number 5 Table #1 of Annex 1 66
ESRS E1-5 Energy intensity associated with
activities in high climate impact sectors
paragraphs 40 to 43
Indicator number 6 Table #1 of Annex 1 N/A
ESRS E1-6 Gross Scope 1, 2, 3 and Total
GHG emissions paragraph 44
Indicators number 1 and 2 Table #1 of
Annex 1
Article 449a; Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 Template 1: Banking book –
Climate change transition risk: Credit quality
of exposures by sector, emissions and residual
maturity
Delegated Regulation (EU) 2020/1818,
Article 5(1), 6 and 8(1)
67
ESRS E1-6 Gross GHG emissions intensity
paragraphs 53 to 55
Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 Template 3: Banking book –
Climate change transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818,
Article 8(1)
68
ESRS E1-7 GHG removals and carbon
credits paragraph 56
Regulation (EU) 2021/1119,
Article 2(1)
64
ESRS E1-9 Exposure of the benchmark
portfolio to climate-related physical risks
paragraph 66
Delegated Regulation (EU) 2020/1818,
Annex II Delegated Regulation
(EU) 2020/1816, Annex II
Phased in
ESRS E1-9 Disaggregation of monetary
amounts by acute and chronic physical risk
paragraph 66 (a)
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 paragraphs 46 and 47; Template
5: Banking book - Climate change physical risk:
Exposures subject to physical risk.
Phased in
ESRS E1-9 Location of significant assets at
material physical risk paragraph 66 (c).
Phased in
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Disclosure Requirement and
related datapoint
SFDR (Sustainable Finance
Disclosures Regulation) reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Location
ESRS E1-9 Breakdown of the carrying value
of its real estate assets by energy-efficiency
classes paragraph 67 (c).
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 paragraph 34;Template 2:Banking
book -Climate change transition risk: Loans
collateralised by immovable property - Energy
efficiency of the collateral
Phased in
ESRS E1-9 Degree of exposure of the
portfolio to climate- related opportunities
paragraph 69
Delegated Regulation (EU) 2020/1818,
Annex II
Phased in
ESRS E2-4 Amount of each pollutant listed in
Annex II of the E-PRTR Regulation (European
Pollutant Release and Transfer Register)
emitted to air, water and soil, paragraph 28
In Annex 1, Indicator 8 in Table #1 and
Indicators 1, 2, and 3 in Table # 2
Not material
ESRS E3-1 Water and marine resources
paragraph 9
Indicator number 7 Table #2 of Annex 1 Not material
ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of Annex 1 Not material
ESRS E3-1 Sustainable oceans and seas
paragraph 14
Indicator number 12 Table #2 of Annex 1 Not material
ESRS E3-4 Total water recycled and reused
paragraph 28 (c)
Indicator number 6.2 Table #2 of Annex 1 Not material
ESRS E3-4 Total water consumption in
m 3 per net revenue on own operations
paragraph 29
Indicator number 6.1 Table #2 of Annex 1 Not material
ESRS 2- SBM 3 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 Not material
ESRS 2- SBM 3 - E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 Not material
ESRS 2- SBM 3 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 Not material
ESRS E4-2 Sustainable land / agriculture
practices or policies paragraph 24 (b)
Indicator number 11 Table #2 of Annex 1 Not material
ESRS E4-2 Sustainable oceans / seas
practices or policies paragraph 24 (c)
Indicator number 12 Table #2 of Annex 1 Not material
ESRS E4-2 Policies to address deforestation
paragraph 24 (d)
Indicator number 15 Table #2 of Annex 1 Not material
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Disclosure Requirement and
related datapoint
SFDR (Sustainable Finance
Disclosures Regulation) reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Location
ESRS E5-5 Non-recycled waste paragraph
37 (d)
Indicator number 13 Table #2 of Annex 1 71
ESRS E5-5 Hazardous waste and radioactive
waste paragraph 39
Indicator number 9 Table #1 of Annex 1 71
ESRS 2- SBM3 - S1 Risk of incidents of
forced labour paragraph 14 (f)
Indicator number 13 Table #3 of Annex I 72
ESRS 2- SBM3 - S1 Risk of incidents of child
labour paragraph 14 (g)
Indicator number 12 Table #3 of Annex I 72
ESRS S1-1 Human rights policy commitments
paragraph 20
Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex I
72
ESRS S1-1 Due diligence policies on issues
addressed by the fundamental International
Labor Organisation Conventions 1 to 8,
paragraph 21
Delegated Regulation (EU) 2020/1816,
Annex II
72
ESRS S1-1 processes and measures for
preventing trafficking in human beings
paragraph 22
Indicator number 11 Table #3 of Annex I 72
ESRS S1-1 workplace accident prevention
policy or management system paragraph 23
Indicator number 1 Table #3 of Annex I 72
ESRS S1-3 grievance/complaints handling
mechanisms paragraph 32 (c)
Indicator number 5 Table #3 of Annex I 74
ESRS S1-14 Number of fatalities and number
and rate of work-related accidents paragraph
88 (b) and (c)
Indicator number 2 Table #3 of Annex I Delegated Regulation (EU) 2020/1816,
Annex II
78
ESRS S1-14 Number of days lost to injuries,
accidents, fatalities or illness paragraph 88
(e)
Indicator number 3 Table #3 of Annex I 78
ESRS S1-16 Unadjusted gender pay gap
paragraph 97 (a)
Indicator number 12 Table #1 of Annex I Delegated Regulation (EU) 2020/1816,
Annex II
Not material
ESRS S1-16 Excessive CEO pay ratio
paragraph 97 (b)
Indicator number 8 Table #3 of Annex I Not material
ESRS S1-17 Incidents of discrimination
paragraph 103 (a)
Indicator number 7 Table #3 of Annex I 78
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Disclosure Requirement and
related datapoint
SFDR (Sustainable Finance
Disclosures Regulation) reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Location
ESRS S1-17 Non-respect of UNGPs on
Business and Human Rights and OECD
Guidelines paragraph 104 (a)
Indicator number 10 Table #1 and Indicator
n. 14 Table #3 of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation
(EU) 2020/1818 Art 12 (1)
78
ESRS 2- SBM3 – S2 Significant risk of child
labour or forced labour in the value chain
paragraph 11 (b)
Indicators number 12 and n. 13 Table #3 of
Annex I
79
ESRS S2-1 Human rights policy commitments
paragraph 17
Indicator number 9 Table #3 and Indicator
n. 11 Table #1 of Annex 1
79
ESRS S2-1 Policies related to value chain
workers paragraph 18
Indicator number 11 and n. 4 Table #3 of
Annex 1
79
ESRS S2-1 Non-respect of UNGPs on
Business and Human Rights principles and
OECD guidelines paragraph 19
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation
(EU) 2020/1818, Art 12 (1)
79
ESRS S2-1 Due diligence policies on issues
addressed by the fundamental International
Labor Organisation Conventions 1 to 8,
paragraph 19
Delegated Regulation (EU) 2020/1816,
Annex II
79
ESRS S2-4 Human rights issues and
incidents connected to its upstream and
downstream value chain paragraph 36
Indicator number 14 Table #3 of Annex 1 79
ESRS S3-1 Human rights policy commitments
paragraph 16
Indicator number 9 Table #3 of Annex 1
and Indicator number 11 Table #1 of Annex
1
Not material
ESRS S3-1 non-respect of UNGPs on
Business and Human Rights, ILO principles
or OECD guidelines paragraph 17
Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation
(EU) 2020/1818, Art 12 (1)
Not material
ESRS S3-4 Human rights issues and
incidents paragraph 36
Indicator number 14 Table #3 of Annex 1 Not material
ESRS S4-1 Policies related to consumers and
end-users paragraph 16
Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex 1
82
ESRS S4-1 Non-respect of UNGPs on
Business and Human Rights and OECD
guidelines paragraph 17
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation
(EU) 2020/1818, Art 12 (1)
82
Environment SocialGeneral information Assurance AnnexesGovernance Assurance
76 ANNUAL REPORT 2025 • Sustainability Statement
Disclosure Requirement and
related datapoint
SFDR (Sustainable Finance
Disclosures Regulation) reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Location
ESRS S4-4 Human rights issues and
incidents paragraph 35
Indicator number 14 Table #3 of Annex 1 82
ESRS G1-1 United Nations Convention
against Corruption paragraph 10 (b)
Indicator number 15 Table #3 of Annex 1 88
ESRS G1-1 Protection of whistle- blowers
paragraph 10 (d)
Indicator number 6 Table #3 of Annex 1 90
ESRS G1-4 Fines for violation of anti-
corruption and anti-bribery laws paragraph
24 (a)
Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU) 2020/1816,
Annex II)
89
ESRS G1-4 Standards of anti- corruption and
anti- bribery paragraph 24 (b)
Indicator number 16 Table #3 of Annex 1 89
Environment SocialGeneral information Assurance AnnexesGovernance Assurance
77 ANNUAL REPORT 2025 • Sustainability Statement
80 Consolidated financial statement
84 Notes to the consolidated financial statements
139 Parent company financial statements
141 Notes to the financial statements of
the parent company
151 Signatures to the board of directors’
report and financial statements
152 Auditor’s report
FINANCIAL STATEMENTS
Parent company financial statements Auditor’s reportConsolidated financial statements
ANNUAL REPORT 202578 • Financial statements
Parent company financial statements Auditor’s reportConsolidated financial statements
CONSOLIDATED FINANCIAL STATEMENTS 80
Consolidated income statement 80
Consolidated statement of comprehensive income 80
Consolidated statement of financial position 81
Consolidated cash flow statement 82
Consolidated statement of changes in equity 83
Notes to the consolidated financial statements 84
1 General accounting principles 84
1.1 Basic information about the Group 84
1.2 Basis of preparation of financial statements 84
1.3 Applied new and revised standards 85
2. Operational result 86
2.1 Operating segments and geographical areas 86
2.2 Items affecting comparability 87
2.3 Revenue from contracts with customers 88
2.4 Other operating income 90
2.5 Operating expenses 91
2.6 Earnings per share 92
3. Business acquisitions and disposals 93
Acquired businesses in 2025 93
4. Personnel 100
4.1 Employee expenses 100
4.2 Share-based incentives 102
4.3 Pension obligations 105
5. Tangible assets, intangible assets and goodwill 108
5.1 Depreciation, amortisation and impairment 108
5.2 Property, plant and equipment 108
5.3 Right-of-use assets 110
5.4 Intangible assets 111
5.5 Goodwill 112
6. Inventories, trade and other receivables, trade
and other liabilities 114
6.1 Inventories 114
6.2 Trade and other receivables 114
6.3 Trade and other liabilities 116
7. Capital structure 117
7.1 Financial risk management 117
7.2 Capital management 119
7.3 Equity 120
7.4 Financial assets and liabilities 121
8 Other notes 128
8.1 Taxes 128
8.2 Provisions 130
8.3 Related party details 131
8.4 Off-balance sheet leases and other commitments 134
8.5 Events after the end of the reporting period 135
9. Key Indicators 136
9.1 Key indicators describing the Group’s
financial development 136
9.2 Alternative performance measures
(1
137
9.3. Per-share indicators
(1
138
PARENT COMPANY FINANCIAL STATEMENTS 139
Parent company financial statements 139
Income statement, parent company, FAS 139
Balance sheet, parent company, FAS 139
Cash flow statement, parent company, FAS 140
Notes to the financial statements of the parent company 141
Notes to the income statement 142
1. Revenue 142
2. Other operating income 142
3. Materials and services 142
4. Employee expenses 142
5. Depreciation, amortisation and impairment 143
6. Audit fees 143
7. Financial income and expenses 143
8. Appropriations 143
9. Income taxes 143
Notes to balance sheet 144
10. Intangible assets and property, plant and equipment 144
11. Investments 146
12. Inventories 147
13. Non-current receivables 147
14. Current receivables 147
15. Equity 148
16. Provisions 148
17. Non-current liabilities 148
18. Current liabilities 149
19. Lease commitments and other liabilities 149
SIGNATURES TO THE BOARD OF DIRECTORS’
REPORT AND FINANCIAL STATEMENTS 151
AUDITOR’S REPORT 152
Content
ANNUAL REPORT 202579 • Financial statements
Consolidated financial statements
Parent company financial statements Auditor’s reportConsolidated financial statements
| Consolidated income statement | |||
| EUR million | Note | 2025 | 2024 |
Revenue | 2.1, 2.3 | ||
Other operating income | 2.4 | ||
Materials and services | 2.5 | – | – |
Employee expenses | 4.1 | – | – |
Other operating expenses | 2.5 | – | – |
EBITDA | 2.1 | ||
| Depreciation, amortisation and impairment | 2.1, 5.1 | – | – |
EBIT | 2.1 | ||
Financial income | 7.4.1 | ||
Financial expenses | 7.4.1 | – | – |
Share of associated companies’ profit | – | – | |
Profit before tax | |||
Income taxes | 8.1.1 | – | – |
Profit for the period | |||
Attributable to Equity holders of the parent | |||
Non-controlling interests | – | – | |
| Earnings per share (EUR) | |||
Basic | 2.6 | ||
Diluted | 2.6 | ||
| Average number of outstanding shares (1,000 shares) | |||
Basic | 2.6 | ||
| Diluted | 2.6 |
| Consolidated statement of comprehensive income | |||
EUR million | Note | 2025 | 2024 |
Profit for the period | |||
| Other comprehensive income, net of tax | |||
| Items which may be reclassified subsequently to profit or loss | |||
Cash flow hedge | – | – | |
Translation differences | – | – | |
| Items which are not reclassified subsequently to profit or loss | |||
Remeasurements of the net defined benefit liability | 4.3 | – | – |
Other comprehensive income | – | – | |
Total comprehensive income | |||
Total comprehensive income attributable to Equity holders of the parent | |||
Non-controlling interests | – | – |
ANNUAL REPORT 202580 • Financial statements
Parent company financial statements Auditor’s reportConsolidated financial statements
| Consolidated statement of financial position | ||||
EUR million | Note | 31 Dec. 2025 | 31 Dec. 2024 | EUR million Note 31 Dec. 2025 31 Dec. 2024 |
| ASSETS | ||||
| Non-current assets | ||||
Property, plant and equipment | 5.2 | |||
Right-of-use assets | 5.3 | |||
Goodwill | 5.5 | |||
Intangible assets | 5.4 | |||
Investments in associated companies | 8.3.2 | |||
Other financial assets | 7.4.3 | |||
Trade and other receivables | 6.2.2, 7.4.4 | |||
Deferred tax assets | 8.1.2 | |||
| Current assets | ||||
Inventories | 6.1 | |||
Trade and other receivables | 6.2.1 | |||
Tax receivables | ||||
Cash and cash equivalents | ||||
TOTAL ASSETS | 2.1 |
| EQUITY AND LIABILITIES | ||||
| EQUITY | ||||
Share capital | ||||
Treasury shares | – | – | ||
Reserve for invested non-restricted equity | ||||
Other reserves | ||||
Retained earnings | ||||
Equity attributable to equity holders of the parent | 4.2, 7.3 | |||
Non-controlling interests | ||||
TOTAL EQUITY | ||||
| LIABILITIES | ||||
| Non-current liabilities | ||||
Deferred tax liabilities | 8.1.2 | |||
Interest-bearing financial liabilities | 7.4.2, 7.4.3 | |||
Interest-bearing lease liabilities | 7.4.2, 7.4.3 | |||
Trade payables and other liabilities | 6.3, 7.4.3, 7.4.4 | |||
Pension obligations | 4.3 | |||
Provisions | 8.2 | |||
| Current liabilities | ||||
Interest-bearing financial liabilities | 7.4.2, 7.4.3 | |||
Interest-bearing lease liabilities | 7.4.2, 7.4.3 | |||
Trade and other payables | 6.3, 7.4.3 | |||
Tax liabilities | ||||
Provisions | 8.2 | |||
TOTAL LIABILITIES | ||||
TOTAL EQUITY AND LIABILITIES | ||||
| ANNUAL REPORT 202581 • Financial statements |
Parent company financial statements Auditor’s reportConsolidated financial statements
| Consolidated cash flow statement | |||
EUR million | Note | 2025 | 2024 |
| Cash flow from operating activities | |||
Profit before tax | |||
| Adjustments | |||
Depreciation, amortisation and impairment | 5.1 | ||
Financial income (-) and expenses (+) | 7.4.1 | ||
Gains (-) and losses (+) on the disposal of fixed assets | – | – | |
Increase (+) / decrease (-) in provisions on the income statement | 8.2 | ||
| Other adjustments | – | – | |
| Change in working capital | |||
Increase (-) / decrease (+) in trade and other receivables | |||
Increase (-) / decrease (+) in inventories | |||
| Increase (+) / decrease (-) in trade and other payables | – | ||
Dividends received | 7.4.1 | ||
Interest received | 7.4.1 | ||
Interest paid | 7.4.1 | – | – |
Taxes paid | 8.1.1 | – | – |
Net cash flow from operating activities |
EUR million | Note | 2025 | 2024 |
| Cash flow from investing activities | |||
Equity investments | 3 | – | – |
Contingent consideration of subsidiaries | 3, 7.4.3 | – | – |
Investments in associates | 8.3.2 | – | |
Other investments | – | ||
Capital expenditure | 5.2, 5.4 | – | – |
Loans granted | 6.2.1 | – | – |
Proceeds from disposal of subsidiaries and businesses | 3 | ||
Proceeds from disposal of other investments | |||
| Proceeds from disposal of tangible and intangible assets | 5.2, 5.4 | ||
Net cash flow used in investing activities | – | – | |
Cash flow before financing activities | |||
| Cash flow from financing activities | |||
Proceeds from long-term borrowings | 7.1.2, 7.4.2 | ||
Repayment of long-term borrowings | 7.1.2, 7.4.2 | – | – |
Increase (+) / decrease (-) in short-term borrowings | 7.4.2 | – | |
Repayment of lease liabilities | 7.4.2 | – | – |
Acquisition of non-controlling interests | 3 | – | |
Dividends paid | 7.3.2 | – | – |
Net cash used in financing activities | – | – | |
Change in cash and cash equivalents | |||
Translation differences | – | – | |
| Cash and cash equivalents at the beginning of the period | |||
| Cash and cash equivalents at the end of the period |
ANNUAL REPORT 202582 • Financial statements
Parent company financial statements Auditor’s reportConsolidated financial statements
| Consolidated statement of changes in equity | ||||||||
| Equity attributable to equity holders of the parent company | ||||||||
| Reserve for invested | Non- | |||||||
| Share | Treasury | non-restricted | Other | Retained | controlling | Total | ||
| EUR million | capital | shares | equity | reserves | earnings | Total | interests | equity |
| Balance at 1 January 2024 | – | |||||||
Profit for the period | – | |||||||
| Other comprehensive income | ||||||||
Translation differences | – | – | – | |||||
Cash flow hedging | – | – | – | |||||
Remeasurements of the net defined benefit liability | – | – | – | |||||
Total other comprehensive income | – | – | – | – | ||||
Total comprehensive income | – | – | ||||||
Dividend distribution | – | – | – | – | ||||
Share-based compensation | ||||||||
Acquisition of subsidiary with non-controlling interests | ||||||||
Acquisition of non-controlling interests | – | – | ||||||
Other changes | – | |||||||
Balance at 31 December 2024 | – | |||||||
Profit for the period | – | |||||||
| Other comprehensive income | ||||||||
Translation differences | – | – | – | |||||
Cash flow hedging | – | – | – | |||||
Remeasurements of the net defined benefit liability | – | – | – | |||||
Total other comprehensive income | – | – | – | – | ||||
Total comprehensive income | – | – | ||||||
Dividend distribution | – | – | – | – | ||||
Share-based compensation | ||||||||
Acquisition of non-controlling interests | – | – | – | – | ||||
Other changes | ||||||||
Balance at 31 December 2025 | – | |||||||
ANNUAL REPORT 202583 • Financial statements
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
Notes to the consolidated financial statements
1 General accounting principles
1.1 Basic information about the 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 |
ANNUAL REPORT 2025 • Financial statements84
Konsernitilinpäätöksen liitetiedot
Konsernitilinpäätöksen liitetiedot
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
ANNUAL REPORT 2025 • Financial statements85
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
| 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 | –481.9 | –287.0 | –17.0 | –785.9 | |
Employee expenses | –204.7 | –166.0 | –107.1 | –477.8 | |
| Other operating expenses | –143.1 | –60.3 | –35.2 | –238.6 | |
EBITDA | 526.1 | 239.2 | –0.9 | 764.4 | |
| Depreciation, amortisation and impairment | –192.8 | –93.2 | –12.4 | –298.4 | |
EBIT | 333.2 | 146.0 | –13.3 | 465.9 | |
Financial income | 9.9 | 9.9 | |||
Financial expenses | –49.9 | –49.9 | |||
| Share of associated companies' profit | –1.1 | –1.1 | |||
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 | –477.4 | –289.9 | –16.7 | –783.9 | |
| Employee expenses | –190.2 | –164.4 | –78.7 | –433.3 | |
| Other operating expenses | –126.3 | –58.4 | –28.9 | –213.5 | |
| EBITDA | 539.3 | 242.3 | –14.8 | 766.8 | |
| Depreciation, amortisation and impairment | –183.7 | –87.4 | –8.0 | –279.2 | |
| EBIT | 355.6 | 154.8 | –22.8 | 487.6 | |
| Financial income | 9.4 | 9.4 | |||
| Financial expenses | –47.9 | –47.9 | |||
| Share of associated companies' profit | –1.2 | –1.2 | |||
| Profit before tax | 447.9 | ||||
| Investments | 229.5 | 105.8 | 2.3 | 337.6 | |
| Assets | 1,929.0 | 953.9 | 336.8 | 136.7 | 3,356.4 |
International
Software Services
Corporate
Customers
Consumer
customers
Revenue, EUR million
1,352
750
155
1,400
1,200
1,000
800
600
400
200
0
International
Software Services
Corporate
Customers
Consumer
Customers
EBITDA, EUR million
526
239
–1
600
500
400
300
200
100
0
–100
ANNUAL REPORT 2025 • Financial statements86
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
| 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 |
EUR million | 2025 | 2024 | |
Restructuring costs | –31.8 | –16.6 | |
| Network dismantling and repair costs | –12.0 | ||
Items affecting comparability in EBITDA | –43.8 | –16.6 | |
| Impairment losses of fixed assets | –2.0 | ||
| Items affecting comparability in EBIT | –45.8 | –16.6 | |
| Impairment losses of loan receivables | –5.0 | ||
| Items affecting comparability in profit before tax | –45.8 | –21.6 | |
| Income taxes on items affecting comparability | 9.2 | 3.3 | |
Items affecting comparability in profit for the period | –36.6 | –18.3 | |
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 | ||
ANNUAL REPORT 2025 • Financial statements87
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
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 | –0.2 | –2.0 | |
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 |
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 |
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 |
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 |
20252024202320222021
1,998
Development of revenue, EUR million
2,130
2,180
2,191
2,257
0
500
1,000
1,500
2,000
2,500
ANNUAL REPORT 2025 • Financial statements88
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
ANNUAL REPORT 2025 • Financial statements89
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
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 |
ANNUAL REPORT 2025 • Financial statements90
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
2.5 Operating expenses
| 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 | –0.4 | 0.4 |
| I/S | 785.9 | 783.9 |
Employee expenses
More detailed analysis of employee expenses is included in Note 4.
| 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 |
| 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 |
ANNUAL REPORT 2025 • Financial statements91
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
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 |
ANNUAL REPORT 2025 • Financial statements92
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
| 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 | –0.4 |
Trade payables and other liabilities | –0.8 |
| Tax liabilities | –0.2 |
| 2.0 | |
| Effects of acquisition on cash flow | |
| EUR million | |
Purchase price paid in cash | –5.5 |
| Cash and cash equivalents of the acquired entities | 1.6 |
| –3.9 |
| 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 |
ANNUAL REPORT 2025 • Financial statements93
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
| 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 | –0.5 |
| Trade payables and other liabilities | –1.2 |
| 4.2 | |
| Effects of disposal on cash flow | |
| EUR million | |
Selling price paid in cash | 3.6 |
| Cash and cash equivalents of sold entities | –1.9 |
| 1.7 | |
| Effects of disposal on consolidated income statement and balance sheet | |
| EUR million | |
Selling price | 3.6 |
| Net assets of sold entities | –4.2 |
Profit from the sale | –0.5 |
| 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 | –0.5 |
Lease liabilities | –0.2 |
| Trade payables and other liabilities | –1.6 |
| 3.2 |
ANNUAL REPORT 2025 • Financial statements94
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
| Effects of acquisition on cash flow | |
EUR million | Carrying amount |
Purchase price paid in cash | –11.7 |
| Cash and cash equivalents of the acquired entity | 2.4 |
| –9.3 | |
| Goodwill arising from business combination | |
| EUR million | |
Consideration transferred | 14.5 |
| Identifiable net assets of the acquired entity | 3.2 |
Goodwill | 11.3 |
| 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 | –0.3 |
Interest-bearing liabilities | –1.6 |
Lease liabilities | –0.1 |
| Trade payables and other liabilities | –3.1 |
| 0.3 |
ANNUAL REPORT 2025 • Financial statements95
Parent company financial statements Auditor’s reportConsolidated financial statementsConsolidated financial statements
| Effects of acquisition on cash flow | |
EUR million | Carrying amount |
Purchase price paid in cash | –15.6 |
| Cash and cash equivalents of the acquired entity | 0.5 |
| –15.1 | |
| 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 |
| 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 | –0.3 |
Interest-bearing liabilities | –12.8 |
Lease liabilities | –0.4 |
| Trade payables and other liabilities | –3.1 |
| –9.9 |
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| Effects of acquisition on cash flow | |
EUR million | Carrying amount |
Purchase price paid in cash | –16.1 |
| Cash and cash equivalents of the acquired entities | 1.4 |
| –14.7 | |
| Goodwill arising from business combination | |
| EUR million | |
Consideration transferred | 16.1 |
| Identifiable net assets of the acquired entities | –9.9 |
Goodwill | 26.0 |
| 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 | –0.2 |
Interest-bearing liabilities | –4.7 |
Lease liabilities | –1.1 |
| Trade payables and other liabilities | –0.2 |
| 10.6 |
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| Effects of acquisition on cash flow | |
EUR million | Carrying amount |
Purchase price paid in cash | –14.8 |
| Cash and cash equivalents of the acquired entities | 0.2 |
| –14.5 | |
| Goodwill arising from business combination | |
| EUR million | |
Consideration transferred | 14.8 |
| Identifiable net assets of the acquired entities | 10.6 |
Goodwill | 4.2 |
| 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 |
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| 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 | –1.8 |
Interest-bearing liabilities | –9.1 |
Lease liabilities | –0.3 |
Trade payables and other liabilities | –23.5 |
| Tax liabilities | –1.8 |
| 23.3 | |
| Effects of acquisition on cash flow | |
| EUR million | |
Purchase price paid in cash | –61.8 |
| Cash and cash equivalents of the acquired entities | 18.3 |
| –43.5 | |
| 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 | –0.5 |
Goodwill | 47.2 |
ANNUAL REPORT 2025 • Financial statements99
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| 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 |
| EUR million | 2025 | 2024 |
Managing Directors | 6.1 | 7.6 |
Members and deputy members of Boards of Directors | 0.8 | 0.8 |
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| 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 |
| 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 |
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| Performance | Performance | |
| Amount of share incentives and terms and assumptions | period | period |
| in the fair value calculation | 2025–2027 | 2024–2026 |
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 |
| Performance | Performance | Performance | |
| Amount of share incentives and terms | period | period | period |
| and assumptions in the fair value calculation | 2023–2025 | 2022–2024 | 2021–2023 |
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 |
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| Restriction | Restriction | Restriction | |
| Amount of share incentives and terms and | period | period | period |
| assumptions in the fair value calculation | 2024–2025 | 2024 | 2023–2024 |
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 | 2025–2026 | 2025–2026 | 2024–2027 | 2024–2026 |
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 |
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EUR million | 2025 | 2024 |
Present value of unfunded obligations | –1,3 | –1.0 |
Present value of funded obligations | –32,8 | –38.7 |
| Fair value of plan assets | 28,2 | 33.6 |
B/S Net pension liability (-) / receivable (+) in the statement of financial position | –6.0 | –6.2 |
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 | –1.8 |
0.2 | –1.4 | |
Remeasurements | 0.4 | 0.3 |
| Tax effect of the remeasurements | –0.1 | –0.1 |
| I/S | 0.3 | 0.2 |
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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 | –1.4 |
Remeasurements | 0.4 | 0.3 |
| Contributions paid by the employer | –0.8 | –2.0 |
Net defined benefit obligation at the end of period | 6.0 | 6.2 |
EUR million | 2025 | 2024 |
Obligation at the beginning of the period | –39.7 | –44.0 |
Current service cost | 0.0 | 0.0 |
Interest expenses | –1.2 | –1.5 |
| Remeasurements | ||
| Actuarial gain (+) or loss (-) arising from changes in economic | ||
and demographic assumptions | 1.0 | –0.6 |
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 | –34.1 | –39.7 |
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 (-) | –2.7 | 0.2 |
Benefits paid | –4.6 | –4.6 |
| 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 |
Change in actuarial assumptions | 2025 | 2024 |
Discount rate + 0.5% | –0.4 | –0.5 |
Future pension increase +0.5% | 1.6 | 0.6 |
Expected mortality +1 year | 0.4 | 0.5 |
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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 |
| 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 | –0.1 | –0.1 | –0.1 | |||
Disposals | 0.0 | –0.6 | –1,609.7 | 0.0 | –1,610.4 | |
Reclassifications | 0.2 | 5.0 | 62.1 | –31.5 | 35.8 | |
| Translation differences | 0.0 | 0.0 | –0.1 | –0.1 | 0.0 | –0.2 |
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. | –0.1 | 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 | –0.6 | –1,573.5 | –1,574.1 | ||
Accumulated depreciation on business disposals | –0.1 | 0.0 | –0.1 | |||
| Translation differences | 0.0 | 0.0 | –0.1 | –0.1 | ||
Accumulated depreciation and impairment at 31 Dec. | –0.1 | 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 |
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2024
| 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 | –0.2 | –2.9 | –3.1 | ||
Reclassifications | 11.4 | –36.1 | –27.6 | –52.2 | ||
| Translation differences | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Acquisition cost at 31 Dec. | 12.0 | 380.2 | 4,034.8 | 36.7 | 40.6 | 4,504.3 |
Accumulated depreciation and impairment at 1 Jan. | –0.1 | 217.4 | 3,244.5 | 35.9 | 3,497.7 | |
Depreciation and impairment | 0.0 | 12.5 | 174.7 | 0.1 | 187.3 | |
Accumulated depreciation on business acquisitions | 0.3 | 0.3 | ||||
Accumulated depreciation on disposals and reclassifications | 0.0 | 6.7 | –62.2 | –55.5 | ||
| Translation differences | 0.0 | 0.0 | 0.0 | 0.0 | ||
Accumulated depreciation and impairment at 31 Dec. | –0.1 | 236.7 | 3,357.3 | 36.0 | 3,629.8 | |
B/S Book value at 1 Jan. | 11.9 | 133.9 | 630.8 | 0.8 | 38.3 | 815.6 |
B/S Book value at 31 Dec. | 12.1 | 143.5 | 677.5 | 0.7 | 40.6 | 874.5 |
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| 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 | –1.1 | –1.1 | ||
Disposals | –2.0 | –2.0 | ||
Reclassifications | –0.4 | –9.3 | –2.5 | –12.1 |
| Translation differences | –0.1 | 0.0 | –0.1 | |
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 | –0.4 | –9.6 | –2.5 | –12.4 |
Accumulated depreciation on business disposals | –0.6 | 0.0 | –0.6 | |
| 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 | –0.3 | –6.2 | –2.9 | –9.3 |
| Translation differences | 0.0 | 0.0 | 0.0 | |
Acquisition cost at 31 Dec. | 20.1 | 157.5 | 15.4 | 193.0 |
Accumulated depreciation and impairment at 1 Jan. | 4.9 | 68.9 | 8.0 | 81.8 |
Depreciation and impairment | 1.3 | 21.9 | 3.1 | 26.3 |
Accumulated depreciation on disposals and reclassifications | –0.2 | –6.1 | –2.8 | –9.2 |
| Translation differences | 0.0 | 0.0 | 0.0 | |
Accumulated depreciation and impairment at 31 Dec. | 6.0 | 84.7 | 8.3 | 98.9 |
B/S Book value at 1 Jan. | 13.8 | 66.8 | 6.7 | 87.3 |
B/S Book value at 31 Dec. | 14.2 | 72.8 | 7.2 | 94.1 |
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| 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 | –1.2 | 3.5 | |
Additions | 12.5 | 47.5 | 24.8 | 84.8 | |
Disposals | –4.7 | –8.9 | –13.6 | ||
Reclassifications | 14.5 | –5.2 | –11.6 | –2.2 | |
| Translation differences | 0.0 | 0.0 | –0.4 | –0.4 | |
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 | –0.6 | –15.4 | –16.0 | ||
| Translation differences | 0.0 | 0.0 | –0.2 | –0.2 | |
| 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 | –0.9 | –0.8 | –1.8 | |||
Reclassifications | 1.8 | –14.7 | 5.5 | –7.6 | –15.1 | |
| Translation differences | 0.0 | –0.2 | 0.2 | –0.1 | ||
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 | –0.9 | –14.7 | –0.9 | –16.6 | ||
| Translation differences | 0.0 | –0.3 | 0.1 | –0.2 | ||
| 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 |
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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 | –18.7 | –2.5 |
| Translation differences | –3.3 | –0.3 |
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 | –18.7 | –2.5 |
| Translation differences | –0.1 | 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 |
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 |
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| 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 |
| 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, % | –20.7 | –14.5 | –7.0 |
Horizon growth, % | –42.6 | –25.6 | –7.7 |
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, % | –20.0 | –13.0 | |
Horizon growth, % | –39.0 | –19.0 | |
Pre-tax discount rate, % | 19.2 | 13.1 |
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6. Inventories, trade and other receivables, trade and other liabilities
EUR million | 2025 | 2024 |
Materials and supplies | 18.4 | 21.1 |
| Finished goods | 29.1 | 54.5 |
B/S | 47.5 | 75.6 |
EUR million | 2025 | 2024 |
Trade receivables | 451.3 | 446.7 |
Impaired trade receivables | –7.5 | –6.2 |
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 |
| 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 | –0.2 | 29.5 | 28.4 | –0.2 | 28.2 |
Past due 31–60 days | 8.9 | –0.6 | 8.4 | 8.8 | –0.6 | 8.2 |
Past due 61–90 days | 4.7 | –0.7 | 4.0 | 3.3 | –0.6 | 2.6 |
Past due 91–180 days | 6.5 | –3.0 | 3.5 | 3.6 | –2.0 | 1.6 |
| Past due more than 181 days | 6.3 | –3.0 | 3.4 | 6.3 | –2.7 | 3.6 |
451.3 | –7.5 | 443.8 | 446.7 | –6.2 | 440.4 |
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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 |
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 | –0.5 | –0.5 |
Present value of finance lease receivables | 24.6 | 22.9 |
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 |
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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 |
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| 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 |
EUR million | 2025 | 2024 |
| Change in interest rate level +/- 1% | –3.9 / 3.9 | –4.6 / 4.6 |
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 |
EUR million | 2025 | 2024 |
USD | +/–0.4 | +/–0.8 |
SEK | +/–0.6 | +/–0.6 |
GBP | –/+0.0 | –/+0.0 |
CAD | +/–0.6 | +/–0.3 |
| CHF | +/–0.0 | +/–0.2 |
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Hedging rate for purchases in the following years, % | 2025 | 2024 |
0–1 years | 97.4 | 92.0 |
1–2 years | 75.7 | 71.6 |
2–3 years | 43.8 | 42.1 |
3–4 years | 42.6 | 41.1 |
4–5 years | 42.6 | 34.5 |
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 |
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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 |
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Shareholders’ equity 2025 | 2024 | |
Treasury shares, 000s | 6,822 | 6,926 |
Share issue authorisation, 000s | 15,000 | 15,000 |
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 |
| Number of | |||
| shares, | Share | Treasury | |
| EUR million | 000s | capital | shares |
1 Jan. 2024 | 167,335 | 83.0 | –121.7 |
| Disposal of treasury shares | 2.9 | ||
B/S 31 Dec. 2024 | 167,335 | 83.0 | –118.8 |
| Disposal of treasury shares | 2.3 | ||
B/S 31 Dec. 2025 | 167,335 | 83.0 | –116.5 |
| 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 | –134,178 | ||
| Transfer from unallocated account | 113,131 | ||
Treasury shares held by the Group at 31 Dec. 2024 | 6,925,607 | 3,436,542 | 4.14 |
| Disposal of treasury shares | –104,068 | ||
Treasury shares held by the Group at 31 Dec. 2025 | 6,821,539 | 3,384,902 | 4.08 |
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| Reserve | |||||
| for invested | |||||
| non-restricted | Contingency | Fair value | Other | ||
| EUR million | equity | reserve | reserve | reserves | Total |
1 Jan. 2024 | 90.9 | 3.4 | –9.4 | 381.0 | 465.9 |
Cash flow hedge | –0.5 | –0.5 | |||
| Remeasurements of the net defined benefit liability | –0.2 | –0.2 | |||
B/S 31 Dec. 2024 | 90.9 | 3.4 | –10.1 | 381.0 | 465.2 |
Cash flow hedge | –0.4 | –0.4 | |||
| Remeasurements of the net defined benefit liability | –0.3 | –0.3 | |||
B/S 31 Dec. 2025 | 90.9 | 3.4 | –10.8 | 381.0 | 464.5 |
7.4 Financial assets and liabilities
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 | –37.9 | –34.5 |
Interest expenses on lease liabilities | –4.3 | –3.9 |
Other financial expenses on financial liabilities measured at amortised cost | –2.4 | –2.2 |
Other interest expenses | –0.1 | –0.2 |
Impairments | 0.0 | –5.0 |
Loss on disposal of financial assets | 0.0 | 0.0 |
Foreign exchange loss | –4.8 | –2.0 |
| Other financial expenses | –0.3 | –0.1 |
| I/S | –49.9 | –47.9 |
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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 |
| 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 | –0.4 | 1,562.3 |
Proceeds | 600.0 | 175.0 | 775.0 | |||
Repayments | –3.3 | –658.1 | –29.4 | –690.8 | ||
Acquisitions and disposals | 0.0 | –0.1 | –0.1 | –0.2 | ||
New contracts and other changes in lease contracts | 17.7 | 36.3 | 54.0 | |||
Changes in fair values | –2.6 | –0.1 | 0.5 | –2.2 | ||
| Transfer between non-current | ||||||
and current liabilities | –300.0 | 300.0 | 0.0 | |||
| Exchange gains and losses | –0.1 | –0.1 | ||||
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 | –1.0 | 1,366.5 |
Proceeds | 100.0 | 428.0 | 528.0 | |||
Repayments | –13.1 | –358.3 | –25.4 | –396.8 | ||
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 | –100.0 | 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 | –0.4 | 1,562.3 |
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| 2025 | |||||||
EUR million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031– | 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– | Total |
Bonds | 17.0 | 317.0 | 313.2 | 12.0 | 312.0 | 0.0 | 971.2 |
Financial costs | 17.0 | 17.0 | 13.2 | 12.0 | 12.0 | 0.0 | 71.2 |
| Repayments | 0.0 | 300.0 | 300.0 | 0.0 | 300.0 | 0.0 | 900.0 |
Bank loans | 158.7 | 8.3 | 6.0 | 5.7 | 4.1 | 108.3 | 291.0 |
Financial costs | 7.2 | 3.8 | 3.7 | 3.7 | 3.7 | 5.6 | 27.6 |
| Repayments | 151.5 | 4.5 | 2.3 | 2.0 | 0.4 | 102.7 | 263.4 |
Commercial paper | 307.0 | 307.0 | |||||
Financial costs | 3.7 | 3.7 | |||||
| Repayments | 303.3 | 303.3 | |||||
Lease liabilities | 25.4 | 19.3 | 15.2 | 8.5 | 6.9 | 70.3 | 145.6 |
Financial costs | 4.4 | 6.6 | 5.5 | 3.0 | 2.5 | 27.0 | 49.0 |
| Repayments | 21.0 | 12.7 | 9.7 | 5.5 | 4.4 | 43.3 | 96.6 |
Derivatives | –0.4 | 0.0 | –0.4 | ||||
Electricity derivatives | –0.4 | 0.0 | –0.4 | ||||
| Currency derivatives | 0.0 | 0.0 | |||||
| Contingent considerations | 5.4 | 5.4 | |||||
| Trade payables | 177.7 | 177.7 | |||||
Total | 690.9 | 344.6 | 334.4 | 26.2 | 323.0 | 178.6 | 1,897.6 |
Financial costs | 32.0 | 27.4 | 22.4 | 18.7 | 18.2 | 32.6 | 151.2 |
| Repayments | 658.9 | 317.2 | 312.0 | 7.5 | 304.8 | 146.0 | 1,746.4 |
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| 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 |
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 |
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| 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 |
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EUR million | 2025 | Level 1 | Level 2 | Level 3 |
| Financial assets and liabilities measured at fair value through other | ||||
| comprehensive income | ||||
Electricity derivatives | –0.1 | –0.1 | ||
Currency derivatives | 0.0 | 0.0 | ||
Financial assets and liabilities measured at fair value through profit or loss | ||||
Interest rate derivatives | –1.1 | –1.1 | ||
Listed equity investments | 0.6 | 0.6 | ||
| Contingent considerations in business combinations | –1.5 | –1.5 | ||
–2.1 | 0.6 | –1.2 | –1.5 |
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 | –5.4 | –5.4 | ||
–4.5 | 0.6 | 0.4 | –5.4 |
EUR million | 2025 | 2024 |
At the beginning of the period | 5.4 | 1.1 |
Increase in contingent consideration | 4.9 | |
Payment of contingent consideration | –1.7 | –0.6 |
Release of unused contingent consideration | –1.9 | |
| Translation differences | –0.3 | 0.1 |
At the end of the period | 1.5 | 5.4 |
2025 | 2024 | |||||
Period of validity | Period of validity | |||||
| Less than | 1–5 | Over | Less than | 1–5 | 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 |
2025 | 2024 | |||||
| Positive | Negative | Positive | Negative | |||
| EUR million | fair value | fair value | Total | fair value | fair value | Total |
Electricity derivatives | –0.1 | –0.1 | 0.4 | 0.4 | ||
Currency derivatives | 0.0 | 0.0 | 0.0 | 0.0 | ||
Interest rate derivatives | –1.1 | –1.1 | ||||
0.0 | –1.2 | –1.2 | 0.4 | 0.4 |
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8 Other notes
EUR million | 2025 | 2024 |
Taxes for the period | –76.1 | –80.1 |
Taxes for previous periods | 0.1 | 0.0 |
| Deferred taxes | –7.1 | –11.4 |
| I/S | –83.0 | –91.5 |
2025 | 2024 | |||||
| Before | Tax | After | Before | Tax | After | |
| EUR million | taxes | effect | taxes | taxes | effect | taxes |
| Remeasurements of the net defined | ||||||
benefit liability | –0.4 | 0.1 | –0.3 | –0.3 | 0.1 | –0.2 |
| Cash flow hedge | –0.5 | 0.1 | –0.4 | –0.7 | 0.1 | –0.5 |
–0.8 | 0.2 | –0.7 | –1.0 | 0.2 | –0.8 |
EUR million | 2025 | 2024 | |
| I/S | Profit before tax | 424.8 | 447.9 |
Tax according to the domestic tax rate | –85.0 | –89.6 | |
| Tax effects of the following: | |||
Tax-free income | 0.1 | 0.0 | |
Non-deductible expenses | –1.0 | –2.1 | |
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 | –0.8 | –2.0 | |
Taxes for previous periods | 0.1 | 0.0 | |
| Other items | –0.2 | –0.8 | |
| I/S | Taxes on the income statement | –83.0 | –91.5 |
Effective tax rate, % | 19.5 | 20.4 | |
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| 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 | –15.6 | –4.5 | –20.1 | |||
Lease contracts total | 2.0 | –0.8 | 1.2 | |||
Internal margins | 1.9 | –0.3 | 1.5 | |||
Share-based incentive plans | 2.8 | –1.2 | 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 | –0.1 | 0.0 | 1.2 |
B/S | 11.1 | 2.9 | 0.2 | –0.1 | 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 | –1.5 | 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 | –0.2 | 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 |
| 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 | –14.6 | –1.0 | –15.6 | |||
Lease contracts total | 1.8 | 0.2 | 2.0 | |||
Internal margins | 2.4 | –0.5 | 1.9 | |||
Share-based incentive plans | 3.6 | –0.8 | 2.8 | |||
Pension obligations | 2.1 | –0.3 | 0.1 | 1.9 | ||
Provisions | 1.0 | 0.8 | 1.8 | |||
| Other temporary differences | 0.6 | –0.2 | 0.1 | 0.2 | 0.0 | 0.8 |
B/S | 11.5 | –0.8 | 0.2 | 0.2 | 0.0 | 11.1 |
| Recognised | |||||
| 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 | –1.1 | 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 | –0.2 | 0.3 | ||
Profit distribution tax liability | 8.5 | 8.5 | |||
| Other temporary differences | 1.6 | 0.1 | 1.6 | ||
B/S | 24.7 | 10.6 | 2.8 | 0.0 | 38.1 |
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| 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 | –8.5 | –8.5 | |
| Release of unused provisions | –1.7 | –1.7 | |
31 Dec. 2024 | 8.1 | 1.7 | 9.8 |
Increase in provisions | 25.3 | 17.4 | 42.7 |
Utilised provisions | –11.0 | –11.0 | |
| Release of unused provisions | –1.2 | –1.2 | |
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 |
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8.3 Related party details
The Group’s related parties include the parent company, subsidiaries, associates and joint ventures. The related parties also
include Elisa’s Board of Directors, the CEO, the Executive Board as well as entities controlled by them and close members of
their family.
Transactions carried out with related parties:
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’s subcontractor network for construction, in which case, the subcontractors’ 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’s related parties are presented in Note 4.1.
| Group’s | ||
Subsidiaries | Subsidiaries | ownership, % |
Digiset Oy | Helsinki, Finland | 100 |
Elisa Eesti AS | Tallinn, Estonia | 100 |
Elisa Finance Oü | Tallinn, Estonia | 100 |
Elisa France SAS | Les Sorinieres, France | 100 |
Elisa IndustrIQ Oy | Helsinki, Finland | 100 |
Elisa camLine Holding GmbH | Petershausen, Germany | 100 |
camLine GmbH | Petershausen, Germany | 100 |
camLine Solutions S.r.l. | Iași, Romania | 100 |
| Group’s | ||
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 | Changé, France | 100 |
TenForce NV | Leuven, Belgium | 50 |
Process Data Control Corporation | Arlington TX, USA | 50 |
Corporate Car Solutions Italia S.r.l. | Rome, Italy | 50 |
Elisa IndustrIQ USA Inc. | Murphy TX, USA | 100 |
Elisa Santa Monica Oy | Helsinki, Finland | 100 |
Elistar AB | Stockholm, Sweden | 100 |
Elisa Polystar Finland Oy | Helsinki, Finland | 100 |
Elisa Polystar UK Ltd. | Guildford, UK | 100 |
Elisa Polystar Poland SP. z.o.o. | Lublin, Poland | 100 |
Elisa Polystar Slovakia s.r.o. | Bratislava, Slovakia | 100 |
Polystar Egypt LLC | Cairo, Egypt | 100 |
Elisa Polystar Canada Inc. | Toronto, Canada | 100 |
Elisa Polystar USA Inc. | Frisco TX, USA | 100 |
Elisa Polystar Sweden AB | Stockholm, Sweden | 100 |
Polystar Asia Private Ltd. | Singapore, Singapore | 100 |
Elisa Polystar Australia Pty | Sydney, Australia | 100 |
Elisa Polystar Spain S.L. | Bilbao, Spain | 100 |
Enia Oy | Helsinki, Finland | 100 |
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| Group’s | ||
Subsidiaries | Subsidiaries | ownership, % |
Fenix Solutions Oy | Turku, Finland | 100 |
Fonum Oy | Helsinki, Finland | 100 |
Kepit Systems Oy | Vaasa, Finland | 70 |
Kiinteistö Oy Raision Luolasto | Espoo, Finland | 100 |
Kiinteistö Oy Rinnetorppa | Kuusamo, Finland | 100 |
Kiinteistö Oy Tapiolan Luolasto | Espoo, Finland | 100 |
LNS Kommunikation AB | Stockholm, Sweden | 100 |
Moontalk Oy | Oulu, Finland | 93 |
Preminet Oy | Helsinki, Finland | 100 |
| Joint arrangements | ||
Kiinteistö Oy Brahenkartano | Turku, Finland | 60 |
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EUR million | 2025 | 2024 | |
| I/S | Group’s share of associated companies’ profit | –1.1 | –1.2 |
B/S Group’s 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 | –7.8 | |
Share of profits for the period | –1.1 | –1.2 |
| Dividends received | 0.0 | 0.0 |
B/S Balance at the end of the period | 19.5 | 11.7 |
| Group’s | ||
Associates | Domicile | ownership,% |
FNE-Finland Oy | Kontiolahti, Finland | 48.8 |
KE-Masto Oy | Kajaani, Finland | 49.5 |
Kiinteistö Oy Helsingin Lauttasaarentie 19 | Helsinki, Finland | 41.7 |
Kiinteistö Oy Helsingin Sentnerikuja 6 | Helsinki, Finland | 50.0 |
Kiinteistö Oy Helsingin Stenbäckinkatu 5 | Helsinki, Finland | 40.0 |
Kiinteistö Oy Herrainmäen Luolasto | Tampere, Finland | 50.0 |
Kiinteistö Oy Pohjanplassi | Lapua, Finland | 39.3 |
Kiinteistö Oy Riihimäen Maisterinkatu 9 | Riihimäki, Finland | 35.0 |
Kiinteistö Oy Runeberginkatu 43 | Helsinki, Finland | 29.6 |
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 |
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8.4 Off-balance sheet leases and other 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 |
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 |
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 |
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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 |
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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 |
| 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’ profit | ||
| Return on equity (ROE),% | Profit for the period | × 100 |
| Total shareholders’ equity on average | ||
| Return on investment (ROI),% | Profit before taxes + interest and other financial expenses | × 100 |
| Total equity + interest-bearing liabilities on average | ||
| Interest-bearing liabilities – cash and cash equivalents and financial | ||
| Gearing ratio,% | assets at fair value through profit or loss | × 100 |
| Total shareholders’ equity | ||
| Current ratio | Current assets | |
| Current liabilities – advance payments received | ||
| Equity ratio,% | Total shareholders’ equity | × 100 |
| Balance sheet total – advance payments received |
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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 |
| Formulae for alternative performance measures | |
Comparable EBITDA | EBIT + depreciation, amortisation and impairment +/– items affecting comparability |
| Comparable EBIT | Profit for the period + income taxes + financial income and expenses + |
| share of associated companies’ profit +/– items affecting comparability | |
Comparable profit for the period | Profit for the period +/– items affecting comparability |
| Profit attributable to owners of the parent company | |
| Comparable EPS | +/– items affecting comparability |
| Average number of shares during the period adjusted for share issues | |
| Comparable return on equity | Profit for the period +/– items affecting comparability |
| × 100 | |
| (ROE), % | Total shareholders’ equity on average |
| Profit before taxes + interest and other financial expenses | |
| Comparable return on investment | +/– items affecting comparability |
| (ROI), % | × 100 |
| Total equity + interest-bearing liabilities on average | |
| Comparable cash flow | Net cash flow from operating activities – net cash used in investing activities |
| after investments | +/– items affecting comparability |
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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 |
| 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 | × 100 |
| Share price at the balance sheet date adjusted for share issues | |
| Dividend per share | |
Payout ratio, % (1 | × 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 |
.
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EUR million Note 2025 2024
Revenue
1
1,802.0 1,776.4
Other operating income
2
9.0 11.2
Materials and services
3
–690.5 –654.4
Employee expenses
4
–275.0 –265.8
Depreciation, amortisation and impairment
5
–277.9 –268.8
Other operating expenses
–205.9
–182.4
Operating profit 361.7 416.2
Financial income and expenses
7
477.5
23.5
Profit before tax and appropriations 839.2 439.8
Appropriations
8
–5.6 –14.7
Income taxes
9
–72.7
–77.6
Profit for the period 760.9 347.4
Income statement, parent company, FAS
EUR million Note 31 Dec. 2025 31 Dec. 2024
ASSETS
Non-current assets
Intangible assets
10
211.4 223.2
Property, plant and equipment
10
806.3 788.9
Investments
11 1,497.3
972.1
2,514.9
1,984.2
Current assets
Inventories 12 30.8
49.8
Non-current receivables 13 176.5
167.7
Current receivables 14 491.1
487.0
Cash and bank receivables
163.1
47.3
861.5
751.7
TOTAL ASSETS 3,376.4
2,735.9
EQUITY AND LIABILITIES
Equity 15
Share capital
83.0
83.0
Treasury shares
–116.3
–118.6
Reserve for invested non-restricted equity
77.8
77.8
Contingency reserve
3.4
3.4
Retained earnings
82.8
114.9
Profit for the period
760.9
347.4
891.6
508.0
Accumulated appropriations 117.4
104.3
Provisions 16 32.0
8.5
Liabilities
Non-current liabilities 17 1,309.8
1,007.1
Current liabilities 18 1,025.6
1,108.1
2,335.4
2,115.2
TOTAL EQUITY AND LIABILITIES 3,376.4
2,735.9
Balance sheet, parent company, FAS
ANNUAL REPORT 2025 • Financial statements139
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EMOYHTIÖN TILINPÄÄTÖS
Emoyhtiön tilinpäätöksen päälaskelmat
Parent company financial statements Auditor’s reportConsolidated financial statements Parent company financial statements
EUR million 2025 2024
Cash flow from operating activities
Profit before appropriations and taxes 839.2 439.8
Adjustments:
Depreciation and amortisation 277.9 268.8
Other income and expenses with no payment relation 4.2 5.5
Other financial income (–) and expenses (+) 52.0 –11.2
Gains (–) and losses (+) on the disposal of fixed assets –4.0 –1.5
Gains (–) and losses (+) on the disposal of investments –521.4 0.3
Change in provisions in the income statement
23.6
3.1
Cash flow before changes in working capital 671.4 704.6
Cash flow before changes in working capital
Increase (–) / decrease (+) in current non-interest-bearing trade receivables –12.2 –15.2
Increase (–) / decrease (+) in inventories 7.6 2.5
Increase (+) / decrease (–) in trade and other payables
28.2
–11.3
Cash flow before financial items and taxes 695.0 680.6
Dividends received 1.7 1.4
Interests received 6.2 4.7
Interests paid –44.7 –38.0
Income taxes paid
–77.8
–83.0
Net cash flow from operating activities 580.4 565.7
Cash flow statement, parent company, FAS
EUR million 2025 2024
Cash flow from investing activities
Capital expenditure –262.2 –293.6
Proceeds from disposal of property, plant and equipment and intangible assets 0.8 3.6
Investments in shares and other investments –8.9 –42.7
Proceeds from disposal of shares and other investments 0.2
Loans granted –2.1 –109.5
Repayment of loan receivables
–3.2
4.7
Net cash flow used in investing activities –275.6 –437.2
Cash flow after investing activities 304.8 128.5
Cash flow from financing activities
Increase in long-term borrowings (+) 600.0 100.0
Decrease in long-term borrowings (–) –215.0 –248.0
Increase (+) / decrease (–) in short-term borrowings –195.8 383.9
Group contributions received (+) / paid (–) 2.5 4.6
Dividends paid
–381.3
–359.6
Net cash flow used in financing activities –189.5 –119.2
Change in cash and cash equivalents 115.3 9.3
Cash and cash equivalents at the beginning of the period 47.3 37.9
Cash from business transfers and mergers
0.6
Cash and cash equivalents at the end of the period 163.1 47.3
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Notes to the financial statements of the parent company
ACCOUNTING PRINCIPLES
Elisa Corporation’s financial statements have been prepared
in accordance with the accounting principles based on
Finnish accounting legislation.
Foreign currency items
Transactions denominated in foreign currencies are
recorded at the exchange rates prevailing on the dates of
transactions. At the end of the reporting period, assets and
liabilities denominated in foreign currencies are valued at
the exchange rates quoted by the European Central Bank on
the closing date.
Fixed assets
The carrying value of intangible and tangible assets is stated
at cost less accumulated depreciation, amortisation and
impairment. Internally generated fixed assets are measured
at variable costs.
The difference between depreciation according to plan and
total depreciation is presented under appropriations of the
parent company’s income statement, and the accumulated
depreciation difference is presented under accumulated
appropriations in shareholders’ equity and liabilities on the
balance sheet. Depreciation according to plan is recognised
on a straight-line basis over the useful life from the original
acquisition cost.
The useful life according to plan for the different asset
groups:
Intangible rights 3–5 years
Goodwill 5–20 years
Other expenditure with long-term effects 5–10 years
Buildings and structures 25–40 years
Machinery and equipment in buildings 10–25 years
Telephone exchanges
(fixed and mobile network) 6–10 years
Cable network 8–15 years
Telecommunication terminals 2–4 years
Other machines and equipment 3–5 years
Inventories
Inventories are stated at the lowest of variable cost,
acquisition price or the likely disposal or repurchase price.
Cost is determined using a weighted average price.
Marketable securities
Investments in money market funds are recognised at the
repurchase price. Investments in certificates of deposit and
commercial paper are recognised at the acquisition cost,
as the difference between the repurchase price and cost of
acquisition is not significant.
Derivatives
Derivatives are presented in the financial statements in
accordance with the prudence principle. If the fair value of
the derivative is negative, it is recognised as an expense and
a liability. Positive fair values are disclosed as off-balance-
sheet items.
Revenue recognition principles
Revenue from deliverables is recognised at the time of
ownership transfer, and revenue from services is recognised
when the services have been performed.
Interconnection fees that are invoiced from the customers
and paid as such to other telecommunication companies are
presented as an adjustment to revenue (Finnish Accounting
Standards Board 1995/1325).
Profit from the sale of business operations and fixed assets,
subsidies received and rental income from premises is
presented under other operating income.
Losses from the sale of fixed assets are presented under
other operating expenses. The profit or loss from the sale of
shares is presented in financial income and expenses.
Research and development
Research costs are expensed as they incur, with the
exception of development costs, which are capitalised. The
capitalisation criteria are met when the product is technically
and commercially feasible, and it is expected to generate
future economic benefit. Development costs initially
recognised as expenses cannot be capitalised subsequently.
Public grants associated with development projects are
recognised as other operating income when the related
costs are recognised as expenses. Public grants, associated
with capitalised development costs, are recorded as a
reduction of cost.
Future expenses and losses
Probable future expenses and losses related to the reporting
period or a prior financial period without corresponding
income are recognised on the income statement. Such items
are recognised on the balance sheet under provisions if a
reliable estimate of the amount or timing of the obligation
cannot be made. Otherwise the obligation is recognised as
accrual.
Income taxes
Income taxes for the financial year are recognised on the
income statement. No deferred tax liabilities or receivables
have been recognised in the financial statements.
ANNUAL REPORT 2025 • Financial statements141
Emoyhtiön tilinpäätöksen liitetiedot
Emoyhtiön tilinpäätöksen liitetiedot
Parent company financial statements Auditor’s reportConsolidated financial statements Parent company financial statements
1. Revenue
EUR million 2025 2024
Revenue 1,856.3 1,834.3
Interconnection fees and other adjustments
–54.3
–57.8
1,802.0 1,776.4
Geographical distribution
Finland 1,778.5 1,756.8
Rest of Europe 21.8 18.5
Other countries
1.7
1.2
1,802.0 1,776.4
2. Other operating income
EUR million 2025 2024
Gain on disposals of fixed assets 0.3 1.5
Profit from mergers 2.6
Other income
(1
8.7
7.1
9.0 11.2
1)
Other income includes rental income from real estate, management fee income charged from subsidiaries and other income not associated
with ordinary operating activities.
3. Materials and services
EUR million 2025 2024
Materials, supplies and goods
Purchases during reporting period 338.9 339.2
Change in inventories
6.3
3.0
345.1 342.2
External services
345.3
312.2
690.5 654.4
4. Employee expenses
EUR million 2025 2024
Salaries and wages 231.2 226.2
Pension costs 37.3 34.2
Other social security costs
6.5
5.4
275.0 265.8
Personnel on average 3,217 3,240
CEO remuneration, EUR / Manner 2025 2024
Fixed salaries 730,560.00 586,014.00
Compensation for loss of income related to previous role 200,000.00
Performance-based bonus 372,204.00 113,256.00
Fringe benefits 27,238.26 17,315.53
Share-based payments
(1
317,755.55
1,447,757.81 916,585.53
1)
The maximum award allocated to the CEO under the share-based compensation plans equals the value of 98,758 shares.
See note 4.1 of the consolidated financial statements.
CEO remuneration, EUR / Mattila 2025 2024
Fixed salaries 183,940.00
Performance-based bonus 161,924.40
Fringe benefits 3,589.64
Share-based payments
(1
735,011.15
1,180,154.26
735,011.15 1,529,608.30
1)
The maximum award allocated to the CEO under the share-based compensation plans equals the value of 17,398 shares.
See note 4.1 of the consolidated financial statements.
The pension and retirement age for the CEO, Topi Manner, are specified in accordance with the Finnish Employees Pensions
Act.
In comparison year 2024, the former CEO Veli-Matti Mattila’s supplementary pension coverage is based on a defined
contribution scheme and the pension arrangements included a right to a paid-up policy. The company’s pension liability of
EUR 1.7 million was included in the pension obligations on the balance sheet. During the financial year 2024, the liability
and related assets were transferred to the insurance company.
ANNUAL REPORT 2025 • Financial statements142
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liitetiedot
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Remuneration of Board members, EUR 2025 2024
Maher Chebbo 91,400.00 92,000.00
Tuomas Hyyryläinen 84,200.00
Kim Ignatius 102,600.00 99,000.00
Katariina Kravi 101,800.00 99,000.00
Pia Kåll 86,600.00 83,200.00
Urs Schaeppi 90,600.00
Eva-Lotta Sjöstedt 91,400.00 92,000.00
Anssi Vanjoki 1,600.00 157,200.00
Antti Vasara 2,400.00 84,000.00
Christoph Vitzthum
172,000.00
80,800.00
824,600.00 787,200.00
For the year 2025, the following compensations were decided by the Annual General Meeting for the Members of the Board:
remuneration fee for the Chair EUR 160,000, for Deputy Chair and the Chairs of the Committees EUR 89,000, and other
Board members EUR 73,000; and additionally EUR 800 per meeting of the Board and of a committee. However, if a Board
member lives permanently outside Finland and is physically present at a Board or committee meeting that is held in a country
other than his/her permanent home country, the meeting fee is EUR 1,600. According to the decision of the Board on 2
April 2025, the annual remuneration was paid in Company shares on 24 April 2025. The outstanding remuneration amounts
were paid net of tax, 60 per cent.
5. Depreciation, amortisation and impairment
EUR million 2025 2024
Intangible assets 91.5 84.4
Property, plant and equipment
186.4
184.3
277.9 268.8
EUR 2.0 (0.1) million of impairment losses have been recorded for the assets.
Specification of depreciation, amortisation and impairment by balance sheet items is included in note 10.
6. Audit fees
EUR million 2025 2024
Auditing 0.3 0.2
Assurance on the sustainability statement 0.1 0.1
Other services
0.0
0.1
0.4 0.3
7. Financial income and expenses
EUR million 2025 2024
Interest income and other financial income
Dividends received
From Group companies 1.3 0.3
From associated companies 0.0
From others
0.4
0.4
1.7 0.8
Other interest and financial income
From Group companies 2.0 1.4
Capital gains from investments
(1
524.8 74.6
From others
5.2
5.2
532.0
81.2
533.7 82.0
Interest costs and other financial expenses
To Group companies –11.6 –9.3
Impairment of investments in subsidiaries 0.0
To others
(2
–44.6
–49.2
–56.2
–58.5
477.5 23.5
1)
Financial items include a capital gain of EUR 521.4 million arising from a share exchage transaction with Karelsat Oy.
2)
Interest costs and other financial expenses include EUR 4.7 (12.8) million credit loss on intra-group loan receivables.
8. Appropriations
EUR million 2025 2024
Change in appropriations –13.1 –17.3
Group contributions received 15.5 11.7
Group contributions paid
–8.0
–9.1
–5.6 –14.7
9. Income taxes
EUR million 2025 2024
Income taxes for the reporting period –72.8 –77.7
Taxes for previous periods
0.0
0.1
–72.7 –77.6
ANNUAL REPORT 2025 • Financial statements143
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10. Intangible assets and property, plant and equipment
Intangible assets
2025
EUR million
Development
costs
Intangible
rights Goodwill
Other
intangible
assets
Intangible
assets under
construction Total
Acquisition cost at 1 Jan. 97.5 168.7 886.3 687.5 15.2 1,855.2
Additions 10.5 3.8 1.0 38.7 24.8 78.9
Disposals –4.7 –4.6 0.0 –19.9 –29.2
Reclassifications 5.5 0.1 5.5 –10.3
0.8
Acquisition cost at 31 Dec. 108.8 168.1 887.3 711.8 29.7 1,905.6
Accumulated amortisation and impairment at 1 Jan. 77.2 113.2 857.8 583.8 1,631.9
Accumulated amortisation on disposals and reclassifications –4.7 –4.6 0.0 –18.0 –27.2
Amortisation and impairment for the period 14.1 9.2 28.4 37.9
89.5
Accumulated amortisation and impairment at 31 Dec. 86.6 117.8 886.2 603.7 1,694.2
Book value at 31 Dec. 22.2 50.3 1.1 108.1 29.7
211.4
Property, plant and equipment
2025
EUR million
Land and
water areas
Buildings and
constructions
Machinery and
equipment
Other
assets
Assets under
construction Total
Acquisition cost at 1 Jan. 9.6 272.8 4,171.0 35.1 37.4 4,526.0
Additions 0.1 13.7 152.7 38.1 204.6
Disposals 0.0 –0.5 –1,588.4 0.0 –1,588.9
Reclassifications 0.0 4.9 25.3 –31.0
–0.8
Acquisition cost at 31 Dec. 9.7 290.9 2,760.5 35.1 44.5 3,140.9
Accumulated depreciation and impairment at 1 Jan. 0.0 166.8 3,535.7 34.6 3,737.1
Accumulated depreciation on disposals and reclassifications –0.5 –1,588.4
–1,588.9
Depreciation and impairment for the period 9.1 177.2 0.0
186.4
Accumulated depreciation and impairment at 31 Dec. 0.0 175.4 2,124.5 34.7 2,334.6
Book value at 31 Dec. 9.7 115.5 636.0 0.5 44.5
806.3
ANNUAL REPORT 2025 • Financial statements144
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Intangible assets
2024
EUR million
Development
costs
Intangible
rights Goodwill
Other
intangible
assets
Intangible
assets under
construction Total
Acquisition cost at 1 Jan. 86.7 166.0 886.3 646.6 14.8 1,800.5
Additions 9.9 2.7 40.2 8.0 60.8
Disposals –0.9 –0.1 –6.0 –7.0
Reclassifications 1.8 0.0 6.7 –7.6
0.8
Acquisition cost at 31 Dec. 97.5 168.7 886.3 687.5 15.2 1,855.2
Accumulated amortisation and impairment at 1 Jan. 67.4 104.1 829.0 552.4 1,552.8
Accumulated amortisation on disposals and reclassifications –0.9 –0.1 –4.2 –5.2
Amortisation and impairment for the period 10.8 9.1 28.8 35.7
84.4
Accumulated amortisation and impairment at 31 Dec. 77.2 113.2 857.8 583.8 1,631.9
Book value at 31 Dec. 20.3 55.5 28.5 103.7 15.2
223.2
Property, plant and equipment
2024
EUR million
Land and
water areas
Buildings and
constructions
Machinery and
equipment
Other
assets
Assets under
construction Total
Acquisition cost at 1 Jan. 9.5 258.1 3,958.9 35.1 35.8 4,297.5
Additions 0.2 11.4 192.1 0.0 29.1 232.7
Disposals 0.0 –0.2 –3.2 –3.4
Reclassifications 3.4 23.2 –27.5
–0.8
Acquisition cost at 31 Dec. 9.6 272.8 4,171.0 35.1 37.4 4,526.0
Accumulated depreciation and impairment at 1 Jan. 0.0 158.5 3,363.4 34.6 3,556.5
Accumulated depreciation on disposals and reclassifications –0.2 –3.6
–3.7
Depreciation and impairment for the period 8.5 175.8 0.0
184.3
Accumulated depreciation and impairment at 31 Dec. 0.0 166.8 3,535.7 34.6 3,737.1
Book value at 31 Dec. 9.6 106.0 635.3 0.5 37.4
788.9
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11. Investments
Investments in Receivables from
2025
EUR million Subsidiaries Associates
Other
companies
Group
companies
Other
companies Total
Acquisition cost at 1 Jan. 966.8 17.8 23.1 1.5 1,009.2
Additions
(1
1,547.4 8.9 0.1 1,556.4
Disposals
(2
–1,030.9 –0.3
–1,031.2
Acquisition cost at 31 Dec. 1,483.3 26.7 23.2 1.2 1,534.4
Impairment at 1 Jan. –32.6 –0.2 –4.3 –37.1
Disposals
(1
0.0
0.0
Impairment at 31 Dec. –32.6 –0.2 –4.4 –37.1
Book value at 31 Dec. 1,450.7 26.5 18.8 1.2
1,497.3
1)
In the financial year 2025, Elisa Oyj sold all the shares of Elisa Eesti AS to Karelsat Oy. The sale of the shares was carried out as a share exchange, in which Karelsat Oy executed a share issue and, in return, received the
shares of Elisa Eesti AS as a contribution in kind. The value of the acquired shares is based on their fair value.
2)
On 31 October 2025, Karelsat Oy merged with Elisa Oyj. The acquisition price for the shares was EUR 1,026.0 million.
On 30.11.2025 Koillisnet Oy merged with Elisa Oyj. The acquisition price for the shares was EUR 4.9 million
A list of the Group and associated companies is available under note 8.3 of the consolidated financial statements.
Investments in Receivables from
2024
EUR million Subsidiaries Associates
Other
companies
Group
companies
Other
companies Total
Acquisition cost at 1 Jan. 846.2 17.8 23.1 1.5 888.6
Additions 128.2 0.0 128.2
Disposals –7.6 0.0
–7.6
Acquisition cost at 31 Dec. 966.8 17.8 23.1 1.5 1,009.2
Impairment at 1 Jan.
–32.6 –0.2 –4.3
–37.1
Impairment at 31 Dec. –32.6 –0.2 –4.3 –37.1
Book value at 31 Dec. 934.2 17.6 18.8 1.5
972.1
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13. Non-current receivables
EUR million
2025 2024
Receivables from Group companies
Loan receivables 71.4 77.1
Receivables from associated companies
Loan receivables 6.4 6.3
Receivables from others
Trade receivables 82.3 73.1
Prepayments and accrued income
(1
16.5
11.1
98.7
84.3
176.5 167.7
1)
Breakdown of prepayments and accrued income
Rent advances 10.5 8.3
Transaction costs and losses related to loan issuance
6.0
2.9
16.5 11.1
12. Inventories
EUR million 2025 2024
Materials and supplies 12.3 6.7
Finished goods
18.5
43.0
30.8 49.8
14. Current receivables
EUR million 2025 2024
Receivables from Group companies
Loan receivables 61.3 61.5
Trade receivables 6.8 8.2
Prepayments and accrued income 2.5 2.0
Other receivables
15.9
12.6
86.5 84.2
Receivables from associated companies
Trade receivables 8.7 3.6
Prepayments and accrued income
7.3
16.0 3.6
Receivables from others
Trade receivables 328.3 326.7
Prepayments and accrued income
1)
56.8 64.0
Other receivables
3.5
8.4
388.6
399.1
491.1 487.0
1)
Breakdown of prepayments and accrued income
Interests 0.5 2.1
Rent advances 1.5 1.4
Transaction costs and losses related to loan issuance 2.3 2.0
Income taxes 8.1 3.1
Other business expense advances paid
44.4
55.4
56.8
64.0
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15. Equity
EUR million 2025 2024
Share capital at 1 Jan.
83.0
83.0
Share capital at 31 Dec. 83.0 83.0
Treasury shares at 1 Jan. –118.6 –121.5
Disposal of treasury shares
2.3
2.9
Treasury shares at 31 Dec. –116.3 –118.6
Reserve for invested non-restricted equity at 1 Jan.
77.8
77.8
Reserve for invested non-restricted equity at 31 Dec. 77.8 77.8
Contingency reserve at 1 Jan.
3.4
3.4
Contingency reserve at 31 Dec. 3.4 3.4
Retained earnings at 1 Jan. 462.3 478.4
Dividend distribution –377.2 –361.2
Withdrawal of dividend liabilities 0.0 0.5
Disposal of treasury shares
–2.3
–2.9
Retained earnings at 31 Dec. 82.8 114.9
Profit for the period
760.9
347.4
Total equity 891.6 508.0
Distributable earnings
Retained earnings 82.8 114.9
Treasury shares –116.3 –118.6
Reserve for invested non-restricted equity 77.8 77.8
Development costs –25.9 –26.6
Profit for the period
760.9
347.4
779.3 395.0
16. Provisions
EUR million 2025 2024
Provision for unemployment pensions 3.5 2.5
Restructuring provisions
(1
17.6 6.0
Other long-term provisions
(2
7.3
Other short-term provisions
(2
3.7
32.0 8.5
1)
Restructuring provisions consist of salaries, including related statutory employee costs for employees not required to work during their
severance period, and a provision for other operating expenses.
Provisions of EUR 9.4 (8.1) million were used and EUR 2.3 (3.9) million were reversed as unused in 2025.
2)
Other provisions consist of the estimated dismantling and demolition costs of air cable network.
17. Non-current liabilities
EUR million 2025 2024
Interest-bearing
Liabilities to others
Bonds 1,100.0 900.0
Loans from financial institutions
200.0
100.0
1,300.0
1,000.0
Non-interest bearing
Liabilities to others
Other liabilities 1.2
Accruals and deferred income
(1
8.5
7.1
9.8
7.1
1,309.8 1,007.1
Liabilities maturing after five years
Loans from financial institutions
200.0
100.0
200.0 100.0
1)
Breakdown of accruals and deferred income
Rent advances 8.5 7. 1
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18. Current liabilities
EUR million 2025 2024
Interest-bearing
Liabilities to Group companies
Cash Pool account 406.7 335.5
406.7 335.5
Liabilities to others
Loans from financial institutions 150.0
Bonds 185.0
Commercial paper 90.0 307.0
275.0 457.0
681.7 792.5
Non-interest bearing
Liabilities to Group companies
Trade payables 18.5 9.9
Other liabilities 8.0 9.1
26.6 19.1
Liabilities to associates
Trade payables 0.0 0.0
0.0 0.0
Liabilities to others
Advances received 4.0 4.4
Trade payables 160.4 147.1
Accrued liabilities
(1
78.9 67.4
Other liabilities 74.1 77.7
317.4 296.6
343.9 315.6
1,025.6 1,108.1
1)
Breakdown of accrued liabilities
Interests 45.8 45.6
Direct taxes 23.1 15.2
Rent advances 0.0
Income received in advance 1.4 1.2
Others 8.0 4.7
Muut 0.6 0.7
78.9 67.4
19. Lease commitments and other liabilities
Collateral
EUR million 2025 2024
On behalf of own commitments
Bank deposits 0.3 0.3
Guarantees
1.9
0.5
2.2 0.8
Lease commitments
EUR million 2025 2024
Real estate leases
(1
Within one year 28.3 29.8
Later than one year, but not later than five years 28.5 35.1
Later than five years
57.1
65.6
113.9 130.5
Other lease commitments
(2
Within one year 5.8 5.4
Later than one year, but not later than five years 8.6 6.1
Later than five years
1.9
16.2
11.5
Total leases
130.1
142.0
Other commitments
EUR million 2025 2024
Venture capital investment obligation
0.1
0.2
Repurchase obligations 0.0
Other contingent liabilities
(3
5.8
1.7
6.0 1.8
1)
Real estate leases comprise rental contracts relating to business, office and telecom premises.
2)
Lease liabilities consist mainly of car and IT equipment leases.
3)
Other contingent liabilities consist of the estimated dismantling and demolition costs of telephone poles, as well as the estimated dismantling
and demolition costs of data centers and masts located on leased land areas, and the estimated restoration costs of those leased land areas.
Real estate leases are presented at nominal values.
Rental liabilities are exclusive of value added tax, except for vehicle lease liabilities.
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Derivative instruments
EUR million 2025 2024
Currency derivatives
Nominal value 3.9 4.0
Fair value 0.0 0.0
Electricity derivatives
Nominal value 2.9 2.4
Fair value –0.1 0.4
Balance sheet value –0.1
Interest rate derivatives
Nominal value 200.0
Fair value –1.1
Balance sheet value –1.1
Elisa hedges fixed interest risk on debt with interest rate derivatives, foreign exchange risk with currency derivatives and
electricity purchases through physical procurement contracts and electricity derivatives. The electricity price risk is assessed
over a five-year period. Negative fair values of derivatives are recognized as an expense and as a liability in accordance with
the prudence principle.
The hedging rate for purchases during the coming years, %
2025 2024
0–1 years 97.4 92.0
1–2 years 75.7 71.6
2–3 years 43.8 42.1
3–4 years 42.6 41.1
4–5 years 42.6 34.5
Real-estate investments
On 31 December 2025, the VAT refund liability of real-estate investments was EUR 64.1 (59.5) million.
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Signatures to the board of directors’
report and financial statements
The financial statements provide a true and fair view of the assets, liabilities, financial position and profit or loss of Elisa
Corporation and of the undertakings included in its consolidated accounts, taken as a whole.
The management report includes a fair review of the development and performance of the business of Elisa Corporation and
of the undertakings included in its consolidated accounts, together with a description of the principal risks and uncertainties
as well as other aspects of the company’s situation.
The sustainability report included in the management report has been prepared in accordance with the reporting standards
referred to in chapter 7 of the Finnish Accounting Act as well as Article 8 of the EU Taxonomy Regulation.
Helsinki, 29 January 2026
Christoph Vitzthum
Chair of the Board of Directors
Maher Chebbo Tuomas Hyyryläinen
Kim Ignatius Katariina Kravi Pia Kåll
Urs Schaeppi Eva-Lotta Sjöstedt Topi Manner
President and CEO
Auditor’s note
A report on the audit performed has been issued today.
Helsinki, 29 January 2026
Ernst &Young Oy
Authorised Public Accountants
Terhi Mäkinen
APA
ANNUAL REPORT 2025 • Financial statements151
Toimintakertomuksen ja tilinpäätöksen allekirjoitukset
TOIMINTAKERTOMUKSEN JA TILINPÄÄTÖKSEN ALLEKIRJOITUKSET
Auditor’s report
To the Annual General Meeting
of Elisa Corporation
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Elisa
Corporation (business identity code 0116510-6) for the
year ended 31 December, 2025. The financial statements
comprise the consolidated income statement, statement of
comprehensive income, balance sheet, statement of cash
flows, statement of changes in equity and notes, including
material accounting policy information, as well as the parent
company’s income statement, balance sheet, statement of
cash flows and notes.
In our opinion
• the consolidated financial statements give a true and
fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS
Accounting Standards as adopted by the EU.
• the financial statements give a true and fair view of the
parent company’s financial performance and financial
position in accordance with the laws and regulations
governing the preparation of financial statements in
Finland and comply with statutory requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good auditing
practice in Finland. Our responsibilities under good
auditing practice are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements
section of our report.
We are independent of the parent company and of
the group companies in accordance with the ethical
requirements that are applicable in Finland and are
relevant to our audit, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit
services that we have provided to the parent company
and group companies are in compliance with laws and
regulations applicable in Finland regarding these services,
and we have not provided any prohibited non-audit services
referred to in Article 5(1) of regulation (EU) 537/2014.
The non-audit services that we have provided have been
disclosed in note 2.5 to the consolidated financial statements
note 6 to the parent company financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements of the current period. These matters
were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters.
We have fulfilled the responsibilities described in the
Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report, including in relation
to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our
assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures,
including the procedures performed to address the matters
below, provide the basis for our audit opinion on the
accompanying financial statements.
We have also addressed the risk of management
override of internal controls. This includes consideration
of whether there was evidence of management bias that
represented a risk of material misstatement due to fraud.
(Translation of the Finnish original)
ANNUAL REPORT 2025 • Financial statements152
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KEY AUDIT MATTER
HOW OUR AUDIT ADDRESSED
THE KEY AUDIT MATTER
Valuation of Goodwill
We refer to the Group’s accounting
policies and the note 5.5
At the balance sheet date 31 December 2025, the value
of goodwill amounted to EUR 1,262 million representing
36% of total assets and 100% of total equity.
The valuation of goodwill was a key audit matter as:
• the management’s annual impairment test involves
significant judgments related to key assumptions used
and;
• the goodwill is significant to the financial statements.
The cash flows of the cash generating units are based
on the value in use. Changes in the assumptions used
can significantly impact the value in use. The value in
use is dependent on several assumptions such as the
revenue growth, operating profit and discount rate used.
Changes in these assumptions can lead to an impairment
in goodwill.
Our audit procedures included, among others:
• involving our internal valuation specialist to assist us in
evaluating the methodologies, impairment calculations
and underlying assumptions applied by management in
impairment testing;
• comparing the key assumptions applied by management
to approved budgets and long-term forecasts, information
available in external sources, as well as our independently
calculated industry averages for example related to the
weighted average cost of capital used in discounting;
• checking the mathematical accuracy of the underlying
calculations and comparing the discounted cash-flows to
Elisa market capitalization;
• comparing the groups’ disclosures related to impairment
tests in note 5.5 in the financial statements with
presentation requirements in applicable accounting
standards and we reviewed the information provided on
sensitivity analysis.
KEY AUDIT MATTER
HOW OUR AUDIT ADDRESSED
THE KEY AUDIT MATTER
Revenue Recognition
We refer to the Group’s accounting policies
and the note 2.3
Elisa Group revenue streams comprise of several streams
such as fixed and mobile subscriptions, different kind
of digital services, solutions for automating network
management and operations for mobile operators and
IoT solutions for industry. Goods and services can be
sold separately or bundled. Revenue is recognised over
time or at certain points of time. The key criterion for the
revenue recognition is the transfer of control.
There is an inherent risk around the accuracy of
revenue recognized given the complexity of IT systems,
high volume of different types of customer contracts and
transactions, and changing business and pricing models
(tariff structures, incentive arrangements, discounts
etc.). The application of revenue recognition accounting
standards is complex and requires significant judgements
and estimates on behalf of management as to when, and
to which amount revenues are recognized.
Revenue recognition was determined to be a key audit
matter and a significant risk of material misstatement
referred to in EU Regulation No 537/2014, point (c)
of Article 10(2) due to the identified risk of material
misstatement in revenue recognition.
Our audit procedures, addressing the significant risk of
material misstatement related to revenue recognition,
included amongst other:
• assessing the application of group’s accounting policies
over revenue recognition and comparing the group’s
accounting policies over revenue recognition with
applicable accounting standards;
• testing the IT general controls and application controls
over the main billing systems and applications;
• testing the revenue recognized on a sample basis
including testing of group’s controls on revenue
recognition, when applicable;
• testing the end-to-end reconciliation from billing system to
accounting system;
• testing the accruals for deferred and unbilled revenue on
a sample basis;
• assessing the revenue recognized with substantive
analytical procedures and
• assessing the group’s disclosures on revenue recognition.
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Responsibilities of the Board of Directors and the
Managing Director for the Financial Statements
The Board of Directors and the Managing Director are
responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance
with IFRS Accounting Standards as adopted by the EU,
and of financial statements that give a true and fair view in
accordance with the laws and regulations governing the
preparation of financial statements in Finland and comply
with statutory requirements. The Board of Directors and the
Managing Director are also responsible for such internal
control as they determine is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of
Directors and the Managing Director are responsible for
assessing the parent company’s and the group’s ability
to continue as going concern, disclosing, as applicable,
matters relating to going concern and using the going
concern basis of accounting. The financial statements are
prepared using the going concern basis of accounting
unless there is an intention to liquidate the parent company
or the group or cease operations, or there is no realistic
alternative but to do so.
Auditor’s Responsibilities for the Audit
of the Financial Statements
Our objectives are to obtain reasonable assurance on
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance
with good auditing practice will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually
or in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis
of the financial statements.
As part of an audit in accordance with good auditing
practice, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of
the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the parent
company’s or the group’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of the Board of
Directors’ and the Managing Director’s use of the going
concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant
doubt on the parent company’s or the group’s ability
to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures
in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions
may cause the parent company or the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of
the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events so that the financial statements
give a true and fair view.
• Plan and perform the group audit to obtain sufficient
appropriate audit evidence regarding the financial
information of the entities or business units within the
group as a basis for forming an opinion on the group
financial statements. We are responsible for the direction,
supervision and review of the audit work performed
for purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant ethical
requirements regarding independence, and communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such
communication.
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Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General
Meeting on 12.4.2024 and our appointment represents a
total period of uninterrupted engagement of 2 years.
Other information
The Board of Directors and the Managing Director are
responsible for the other information. The other information
comprises the report of the Board of Directors and the
information included in the Annual Report, but does not
include the financial statements and our auditor’s report
thereon. We have obtained the report of the Board of
Directors prior to the date of this auditor’s report, and the
Annual Report is expected to be made available to us after
that date.
Our opinion on the financial statements does not cover
the other information.
In connection with our audit of the financial statements,
our responsibility is to read the other information identified
above and, in doing so, consider whether the other
information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. With respect
to report of the Board of Directors, our responsibility also
includes considering whether the report of the Board
of Directors has been prepared in compliance with the
applicable provisions, excluding the sustainability report
information on which there are provisions in Chapter 7
of the Accounting Act and in the sustainability reporting
standards.
In our opinion, the information in the report of the Board
of Directors is consistent with the information in the financial
statements and the report of the Board of Directors has been
prepared in compliance with the applicable provisions. Our
opinion does not cover the sustainability report information
on which there are provisions in Chapter 7 of the
Accounting Act and in the sustainability reporting standards.
If, based on the work we have performed on the
other information that we obtained prior to the date of
this auditor’s report, we conclude that there is a material
misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Other statements based on law
Our responsibility is to, based on our audit, express an
opinion on the registration and publication of the income tax
report required in Chapter 7 b of the Accounting Act.
The Board of Directors and the Managing Director are
responsible for the registration and the publication of the
income tax report.
In our opinion, the company has not been obliged to
register and publish an income tax report referred to in
Chapter 7 b of the Accounting Act for the financial year
immediately preceding the financial year.
Helsinki 29.1.2026
Ernst & Young Oy
Authorized Public Accountant Firm
Terhi Mäkinen
Authorized Public Accountant
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Parent company financial statements Auditor’s reportConsolidated financial statements Auditor’s report
Independent Auditor’s Report on the ESEF Consolidated
To the Board of Directors of Elisa Corporation
We have performed a reasonable assurance engagement
on the financial statements 743700TU2S3DXWGU7H32-
2025-12-31-1-fi.zip of Elisa Corporation (y-identifier:
0116510-6) that have been prepared in accordance with the
Commission’s regulatory technical standard for the financial
year ended 31.12.2025.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director are
responsible for the preparation of the company’s report
of Board of Directors and financial statements (the ESEF
financial statements) in such a way that they comply with
the requirements of the Commission’s regulatory technical
standard. This responsibility includes:
• preparing the ESEF financial statements in XHTML
format in accordance with Article 3 of the Commission’s
regulatory technical standard
• tagging the primary financial statements, notes and
company’s identification data in the consolidated financial
statements that are included in the ESEF financial
statements with iXBRL tags in accordance with Article 4 of
the Commission’s regulatory technical standard and
• ensuring the consistency between the ESEF financial
statements and the audited financial statements.
The Board of Directors and the Managing Director
are also responsible for such internal control as they
determine is necessary to enable the preparation of ESEF
financial statements in accordance the requirements of the
Commission’s regulatory technical standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with
the ethical requirements that are applicable in Finland and
are relevant to the engagement we have performed, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements.
The firm applies International Standard on Quality
Management (ISQM) 1, which requires the firm to design,
implement and operate a system of quality management
including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable
legal and regulatory requirements.
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7,
Section 8 of the Securities Markets Act, provide assurance
on the financial statements that have been prepared in
accordance with the Commission’s technical regulatory
standard. We express an opinion on whether the
consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material
respects, in accordance with the requirements of Article 4 of
the Commission’s regulatory technical standard.
Our responsibility is to indicate in our opinion to what
extent the assurance has been provided. We conducted
a reasonable assurance engagement in accordance with
International Standard on Assurance Engagements (ISAE)
3000.
The engagement includes procedures to obtain evidence
on:
• whether the primary financial statements in the
consolidated financial statements that are included in
the ESEF financial statements have been tagged, in all
material respects, with iXBRL tags in accordance with the
requirements of Article 4 of the Commission’s regulatory
technical standard and
• whether the notes and company’s identification data in
the consolidated financial statements that are included
in the ESEF financial statements have been tagged, in all
material respects, with iXBRL tags in accordance with the
requirements of Article 4 of the Commission’s regulatory
technical standard and
• whether there is consistency between the ESEF financial
statements and the audited financial statements.
The nature, timing and extent of the selected procedures
depend on the auditor’s judgement. This includes an
assessment of the risk of material deviations due to fraud or
error from the requirements of the Commission’s technical
regulatory standard.
We believe that the evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the
Securities Markets Act is that the primary financial
statements, notes and company’s identification data in
the consolidated financial statements that are included
in the ESEF financial statements of Elisa Corporation
743700TU2S3DXWGU7H32-2025-12-31-1-fi.zip for the
financial year ended 31.12.2025 have been tagged, in all
material respects, in accordance with the requirements of
the Commission’s regulatory technical standard.
Our opinion on the audit of the consolidated financial
statements of Elisa Corporation for the financial year ended
31.12.2025 has been expressed in our auditor’s report
dated 29.1.2026. With this report we do not express an
opinion on the audit of the consolidated financial statements
nor express another assurance conclusion.
Helsinki 3.3.2026
Ernst & Young Oy
Authorized Public Accountant Firm
Terhi Mäkinen
Authorized Public Accountant
ANNUAL REPORT 2025 • Financial statements156
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