Elisa has an unusual stone in its shoe. Greenland-style cold winds usually favor operators. This happened globally; major operators are performing strongly today, e.g., Deutsche Telekom up over +3%.
However, Elisa has drivers leading up to 2026:
+€40m from staff reductions
+€8m from corporate tax reduction
+€2m from the slump in electricity futures (though I don’t know how savvy Elisa’s electricity buyers have been regarding the market and whether they managed to take advantage of the situation. But that would normally be a saving)
And the company could quietly explore a merger/sale of its International Digital Services. It’s hot stuff right now, but with Elisa’s bureaucratic organization, it will only result in losses.