Not on the deal evidence alone. A report says Elisa Oyj (HLSE:ELISA) will provide AI-enabled IT services to Kempower, but it does not disclose the contract’s value, length, margins or expected earnings contribution. The “8% undervaluation” is a valuation estimate, not a company fact—and valuation pages reviewed on 3 October 2026 show conflicting model outputs. Elisa’s operating outlook and results are more useful anchors than an unquantified customer win.
What does the Kempower deal include?
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 reported services include Device-as-a-Service and Microsoft 365 support. The account is secondary; no original Kempower announcement was identified in the sources cited here. Simply Wall St’s report does not state the contract price, term, deployment timetable or earnings contribution.
That omission matters for investors. A customer win can demonstrate demand for a service, but without contract economics it is not possible to estimate how much revenue or profit it adds, or whether it is financially material to Elisa. There is no substantiated basis here for forecasting an earnings boost from this agreement.
What is Elisa’s 2026 outlook?
Elisa’s official guidance, published 15 July 2026, provides the relevant company baseline. It 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. The company assumes telecom service revenue growth of 0–2% and organic growth of 5–10% in international software services. Elisa cited weak Finnish economic growth and competition in the Finnish telecom market as part of its operating context. See Elisa’s outlook and guidance.
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The software-growth assumption is relevant to an AI services story, but it covers international software services as a business category; Elisa has not attributed that outlook to the Kempower contract. Treating the deal as proof that the target will be exceeded would go beyond the company’s guidance.
What do the latest results say about execution?
Elisa’s Q2 2026 report, published 15 July, showed 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 rose 1%, and comparable cash flow fell 37%. The company reiterated its full-year guidance, including its 5–10% organic-growth assumption for international software services. The figures and definitions are in the Half-Year Financial Report January–June 2026.
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The combination of flat revenue and lower comparable cash flow makes it sensible to assess cash generation as well as growth narratives. These group-level results do not identify a financial effect from Kempower, and they do not establish how the deal will perform.
What does “8% undervalued” mean?
It means a valuation model or estimate puts a value above the relevant share price; it is not an observable characteristic of Elisa or a guaranteed return. The estimate depends on who calculated it, the model, its assumptions, the date and the share-price reference. Those inputs can change, and different methods can produce different answers.
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How much could the deal add to earnings?
The available deal account does not provide enough information to calculate a contribution. In particular, it gives no contract value, duration, margins, implementation schedule or quantified earnings impact. Assigning a euro amount, assuming recurring revenue, or claiming the agreement will lift earnings would therefore be speculative.
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Elisa also has a broader software business beyond this customer agreement. On 28 September 2026, the company said it was renewing Elisa Industriq’s operating model, with a plan to organize the unit into manufacturing and critical-infrastructure business areas. Elisa describes Industriq software as enabling AI- and machine-learning-based process automation for industrial manufacturers and telecommunications operators. The announcement is about a planned organizational change, not evidence that profitability has already improved or that the Kempower deal will produce a particular return. Read Elisa’s announcement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What should investors watch next?
To judge whether the growth case is strengthening, compare company-level results with the guidance and look for disclosed evidence of software growth, cash generation and execution. For this particular deal, useful evidence would include its scale, duration, rollout and economics—but none is specified in the account cited above.
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Elisa’s results centre listed the Q3 2026 interim report for 21 October 2026. As of 3 October, it had not yet been published; the Q2 report was the latest interim-results source identified. The schedule is on Elisa’s results centre.
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