Translation: Original published in Finnish on 8/7/2026 at 7:38 am EEST.

Teleste will publish its Q2 report on Friday, August 14, at 1:00 pm EEST. We expect the company's revenue and adjusted EBIT to have decreased slightly year-on-year due to timing shifts in Networks segment orders. In line with the company's outlook, the full-year earnings expectations are weighted towards the second half of the year. Our latest extensive report on Teleste can be read here.

We expect top line to have decreased slightly year-on-year

We forecast Teleste's Q2 revenue to have decreased by just under 3% to 34.9 MEUR. In the Networks segment, we expect revenue to have decreased by 7% to 21 MEUR. The decline is particularly affected by the ongoing merger of Teleste's largest customer in North America, Cox, with Charter, which is causing a short-term shift in order timing. However, the improving market outlook in Europe should partially offset the short-term slowdown in North America. In Public Safety and Mobility, we expect revenue to have grown by 5% to 13.9 MEUR. The segment's healthy order book (Q1'26: 90.8 MEUR), expanded customer base, and otherwise favorable market trends support a stable growth outlook, although the timing of large project deliveries will cause fluctuations in quarterly growth figures.

We expect EBIT to have weakened due to declining volumes

We expect Q2 adjusted EBIT to have declined to 1.9 MEUR (Q2'25: 2.2 MEUR), reflecting the declining volumes in our Networks segment forecast. However, profitability is supported by a trimmed cost structure and improved operational efficiency in both businesses in recent years. On the cost side, pressure comes from the fact that demand for components, driven by AI investments, has created pressure on prices and availability, which Teleste has, however, tried to prepare for with proactive procurements. Further down the income statement, however, we expect adjusted EPS (EUR 0.07) to have improved significantly from the comparison period (EUR 0.03). At that time, financial expenses were increased by unrealized foreign exchange losses resulting from currency fluctuations.

Earnings expectations are weighted towards year-end

Teleste estimates that 2026 revenue will be 140–160 MEUR and adjusted EBIT 7–10 MEUR. Our estimates expect revenue of 145 MEUR and an adjusted EBIT of 9.2 MEUR. The company has previously communicated that this year's earnings will be weighted towards the second half of the year, so in connection with the Q2 report, attention will turn to the delivery outlook for the rest of the year. We are particularly interested in comments regarding the North American market and the progress of the Cox and Charter merger. The merger is estimated to be completed in the second half of the year, and its effects on key customers' short-term investment pace are currently the single largest uncertainty factor for the Networks segment for the rest of the year. In Public Safety and Mobility, an expanded customer base, a steadily growing market, and implemented business efficiency measures create a strong foundation for continued profitable growth.