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Not on its own. The reported Kempower agreement is evidence that Elisa can sell AI-enabled IT services, but the available account does not disclose its value, term, margins or earnings contribution. Elisa’s 2026 outlook and Q2 results offer a better operating baseline; neither attributes a financial change to this deal. And an “8% undervaluation” is a model estimate, not an observable company fact: valuation pages reviewed on 3 October 2026 show different conclusions.
What Elisa agreed to provide Kempower
Simply Wall St reported on 24 September 2026 that Kempower had announced an agreement the previous day for Elisa to provide AI-powered IT services to Kempower’s global workforce and daily digital operations. The described services include Device-as-a-Service and Microsoft 365 support. The original Kempower announcement was not identified in the account available here, so the deal details should be attributed to Simply Wall St rather than treated as independently verified contract terms. Simply Wall St’s report
The report gives no contract price, duration, deployment timetable or quantified earnings impact. Without those details, investors cannot estimate how much revenue or profit the agreement might add, or determine whether it is financially material to Elisa.
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Elisa’s official guidance, published on 15 July 2026, provides context for the deal but does not identify it as a driver of the forecast. The company expects full-year revenue to be at the same level as or slightly above 2025, comparable EBITDA of €815–845 million, and capital expenditure equal to 12% of revenue. Its assumptions include 0–2% growth in telecom service revenue and 5–10% organic growth in international software services. Elisa cited weak Finnish economic growth and competition in the domestic telecom market. Elisa’s outlook and guidance
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Those figures distinguish an established business target from the much less measurable potential of one customer agreement. The software-growth assumption may be relevant to Elisa’s wider services business, but it is not a forecast of Kempower-related revenue.
What Q2 results say about performance
Elisa reported Q2 2026 revenue of €551 million, comparable EBITDA of €201 million, comparable EBIT of €123 million and comparable cash flow of €71 million. Revenue was level year over year; comparable EBITDA increased 1%, while comparable cash flow fell 37%. The company reiterated its full-year guidance and 5–10% organic-growth assumption for international software services. Elisa’s Half-Year Financial Report January–June 2026
The combination makes cash generation worth watching alongside revenue and EBITDA. These group-level results do not isolate the Kempower agreement, which was announced after the Q2 reporting period.
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Where AI fits in Elisa’s business
Elisa is not solely an AI company. Its international software unit, Elisa Industriq, develops and sells software for AI- and machine-learning-based process automation in industrial manufacturing and telecommunications. On 28 September 2026, Elisa said it was renewing the unit’s operating model, with a plan to organize it into manufacturing and critical-infrastructure business areas. The announcement describes a planned organizational change, not a quantified profitability improvement or a reported result from the Kempower agreement. Elisa’s operating-model announcement
What “8% undervalued” means—and what it does not
An undervaluation percentage is the output of a chosen valuation method, based on assumptions and a share-price reference at a particular time. It is not a company-reported statistic or proof that the market price is wrong. Simply Wall St’s valuation material reviewed on 3 October 2026 included a 7.0% analyst-consensus discount, while a separate narrative on its stock page showed 8.2% overvaluation. A separate discounted-cash-flow estimate also differed substantially from the market price. These are distinct model outputs and should not be read as directly comparable measurements. Simply Wall St valuation page · Simply Wall St stock page
Before relying on an 8% figure, check who calculated it, which method was used, the date and share-price reference, and the assumptions driving the result. A consensus-based estimate, a relative-multiples analysis and a discounted-cash-flow model answer different questions; their percentages should not be blended into a single verdict.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to watch before drawing a conclusion
- Deal economics: A disclosed contract value, duration, margin or deployment schedule would make the Kempower agreement easier to assess. None is given in the secondary account.
- Software execution: Compare future performance with Elisa’s 5–10% organic-growth assumption for international software services and track the planned Industriq reorganization.
- Cash conversion: Q2 comparable cash flow declined 37% year over year even as comparable EBITDA rose 1%; subsequent results can show whether that divergence persists.
- Valuation inputs: Recheck the date, price reference and assumptions behind any stated discount rather than assuming the percentage remains current.
As of 3 October 2026, Elisa’s results centre listed the Q3 2026 interim report for 21 October 2026, so Q2 was the latest interim report available at that point. Elisa’s results centre
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