First quarter 2024 financial highlights
- Revenue decreased by
EUR 5m toEUR 535m , mainly due to business disposals. -
Mobile service revenue increased by 5.8 per cent to
EUR 249m . -
Comparable EBITDA grew by
EUR 7m toEUR 190m . -
Comparable EBIT increased by
EUR 5m toEUR 122m . -
Comparable cash flow increased by
EUR 15m toEUR 86m , mainly due to a change in net working capital. -
In
Finland , mobile post-paid ARPU increased toEUR 22.8 (22.4 in the previous quarter), and mobile post-paid churn decreased to 15.0 percent (15.4) . - During the quarter, post-paid mobile subscriptions increased by 18,200. M2M and IoT subscriptions grew by 36,100.
- Due to seasonality, prepaid subscriptions decreased by 14,800 during the quarter.
- The number of fixed broadband subscriptions increased by 3,300 during the quarter.
Key indicators
EUR million | 1Q24 | 1Q23 | Δ % | 2023 | |
Revenue | 534.5 | 540 | -1.0 % | 2,180 | |
EBITDA | 179.7 | 183 | -2.0 % | 756 | |
Comparable EBITDA (1 | 190.0 | 183 | 3.6 % | 756 | |
EBIT | 112 | 117 | -4.5 % | 482 | |
Comparable EBIT (1-2 | 121.9 | 117 | 4.3 % | 487 | |
Profit before tax | 104 | 112 | -7.5 % | 458 | |
Comparable profit before tax (1-2 | 114 | 112 | 1.6 % | 464 | |
EPS, EUR | 0.52 | 0.57 | -9.5 % | 2.34 | |
Comparable EPS, EUR (1-2 | 0.57 | 0.57 | -0.5 % | 2.37 | |
Capital expenditure | 68 | 66 | 4.2 % | 321 | |
Net debt | 1,260 | 1,217 | 3.5 % | 1,304 | |
Net debt / EBITDA (3 | 1.7 | 1.6 | 1.7 | ||
Gearing ratio, % | 92.0 % | 91.0 % | 100.8 % | ||
Equity ratio, % | 43.8 % | 42.6 % | 41.6 % | ||
Cash flow (4 | 62 | 71 | -13.7 % | 347 | |
Comparable cash flow (5 | 86 | 71 | 20.6 % | 361 | |
1) 1Q2024 excluding
Additional key performance indicators are available at elisa.com/investors (Elisa Operational Data.xlsx).
CEO
In the first quarter, Elisa continued its good performance despite geopolitical and macroeconomic headwinds. Revenue decreased by
During the first quarter, we continued to expand the coverage of our high-speed connections. Elisa was the first operator in
As a sign of Elisa's innovativeness, the
We continued to grow with bolt-on acquisitions in accordance with our strategy. In
Elisa's Distributed Energy Storage (DES) solution is gaining international interest. In February, DNA Tower Finland, part of
Elisa is rated as one of the most sustainable companies in the world. CDP, a global environmental disclosure system, recognised Elisa's leadership in corporate transparency and performance on climate change by including Elisa on its highest "A List".
As Elisa's new CEO, I'm impressed by the culture of excellence in the company and the commitment and capabilities of our people. Our competitiveness is based on continuous improvement of productivity and quality, the innovativeness of our people in creating customer value, and clear priorities in making investments. Together with the entire Elisa team, I will stay focused on the long-term execution of our strategy, and I see further potential for generating profitable growth in our home markets in
Outlook and guidance for 2024
The development in the general economy includes many uncertainties. Growth in the Finnish economy is expected to stall. In particular, there is continuing uncertainty in e.g. inflation and energy prices relating to
Full-year revenue is estimated to be at the same level or slightly higher than in 2023. Mobile data and digital services are expected to increase revenue. Full-year comparable EBITDA is anticipated to be at the same level or slightly higher than in 2023. Capital expenditure is expected to be 12-13 per cent of revenue.
Elisa continues to improve productivity, for example by increasing automation and data analytics in different processes, such as customer interaction, network operations and delivery. Additionally, Elisa's continuous quality improvement measures will increase customer satisfaction and efficiency, and reduce costs.
Elisa's transformation into a provider of exciting, new and relevant services for its customers is continuing. Long-term revenue growth and profitability improvement will derive from growth in the mobile data market, as well as domestic and international digital services.
Additional information:
Mr
Mr
Mr
Distribution:
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Principal media
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https://news.cision.com/elisa-oyj/r/elisa-s-interim-report-q1-2024,c3964140
https://mb.cision.com/Public/18382/3964140/8c1b16c61eb93bd0.pdf
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