Elisa OYJ (ELISA.HE): 2Q26 results small miss and some guidance lowered but reassuring comments on underlying trajectory

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Elisa OYJ (ELISA.HE): 2Q26 results small miss and some guidance lowered but reassuring comments on underlying trajectory

Equity Research

15 July 2026 | 7:38AM BST

Elisa OYJ (ELISA.HE): 2Q26 results small miss and some guidance

lowered but reassuring comments on underlying trajectory

Elisa’s 2Q26 results were a 1% miss vs. company compiled consensus on underlying Andrew Lee

+44(20)7774-1383 |

EBITDA and 2026 revenue growth guidance was lowered. However, consensus was andrew.j.lee@gs.com

Goldman Sachs International

already modelling the new lowered revenue guidance (in the core telco business),

Sofija Rakicevic

management has confidence in cost-controls to sustain 2026 EBITDA guidance and, +44(20)7774-6556 |

most importantly in our view, management commentary on underlying telco market sofija.rakicevic@gs.comGoldman Sachs International

trends is more positive than we expected. Overall, we would expect the update to Mollie Witcombe

have a modest negative impact on the shares, which have been weak YTD vs. the +44(20)7051-6252mollie.witcombe@gs.com|

broader European telco sector. Investors will want reassurance that management Goldman Sachs International

Elyasnow has good visibility on mobile trend improvements given the overly-optimistic Halima | +44(20)7774-6503

guidance given at the start of the year. halima.elyas@gs.com Goldman Sachs International

AgrawalKey investor focus is likely to be on: 1) lowered revenue growth guidance mainly Mridul | +1(332)245-7969

already reflected in consensus: while the fairly broad group revenue growth mridul.y.agrawal@gs.com Goldman Sachs India SPL

guidance for 2026 has been kept at ‘same level or slightly higher’, more explicit

divisional guides have been lowered. Telecom service revenue growth for 2026 is