New Street Research - Elisa (ELISA) Elisa (Neutral, TP: €46, +12%) Q3 25: Slightly weak results, worrying comments on Finland competition

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New Street Research

Russell Waller

EUR 8601.00 For Business Accounts Only

Elisa (Neutral, TP: €46, +12%) Q3 25: Slightly weak results, worrying comments on Finland competition

Elisa has reported a slightly weak set of results with both SR and EBITDA -0.7% below consensus expectations; LFL SR trends are better at +3.9% y/y from +3.2% y/y, thanks to a recovery in fixed, with MSR unchanged.

23/10/2025 1 EN

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Elisa

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New Street Research

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Analysts

Russell Waller

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Elisa (Neutral, TP: €46, +12%) Q3 25: Slightly weak results, worrying comments on Finland competition

Why you should be reading the Tariff Tracker – a leading SR indicator

Elisa (Neutral, TP: €46, -1%) Q2 25: SR and EBITDA growth converge; headline growth now at mid-term targets

Alphabet (Buy, $295 target) How much revenue could Anthropic’s 1M TPUs generate?

Megacable (Buy, TP: MXN75, +36%) Q3 25: Another good quarter

Intel 3Q25: beat despite tight supply;18A yields poor, but 14A momentum builds

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