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Elisa Q1 Results In Line

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  • Headline figures look fine; Q1 revenue was 1.5% behind consensus at -1% YoY with the decline driven by disposals as mobile service revenue was over 1% ahead at +6% YoY while comparable EBITDA was 2% ahead at +4% YoY.
  • Credit metrics stable; EBITDA steady at 1.7x while comparable Q1 cash flow was +20% YoY.
  • Guidance unchanged.
  • EUR spreads flat.

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