DNA Oyj
Finnish mobile, fiber broadband, and TV operator majority owned by Telenor.
On the record
Checkpoint: Telenor ASA's next quarterly report covering the DNA segment
The call
DNA's fiber and spectrum keep it planted in Finland's three-operator market, while AI chatbots reshape its support desks, not its network.
DNA runs phone, internet, and TV service in Finland through owned fiber networks and 5G coverage, serving about 3.7 million customers. It is hard to replace because it owns the physical pipes and airwave licenses the whole country depends on, and the Finnish market only has three main competitors who do not fight on price. The one thing to watch is whether the parent company Telenor uses AI chatbots and voicebots to cut customer service jobs faster than new work appears, since the company has already started automating support roles with tools like its Business Apuri chatbot.
Why
01
AI pressure: Genesys voicebot and DNA Business Apuri chatbot (DNA's own AI tools). AI voicebots and chatbots now handle tier-1 support and SME queries, cutting call-center and customer-service headcount, not the network business. Could AI do the core job? Unlikely.
02
Bigger players: Starlink and other satellite broadband providers. Satellite internet could pick off rural fixed-broadband customers where DNA's fiber build-out is thinnest, though no Finnish share loss is reported yet. Could a giant copy it? No, they are blocked.
03
What protects it. Owned fiber network, spectrum licenses, near-total 5G/4G coverage, and billing relationships that are costly for customers to switch away from.
What would change this call
Telenor ASA's Oslo quarterly filings report DNA segment headcount or margin declines. Would show Telenor tightening cost pressure on DNA post-tower-demerger.
Telenor announces sale of DNA to a private equity or infrastructure fund. Would signal a shift toward cost-cutting ownership and reduced job security.
Finnish regulator approves spectrum for a fourth mobile network operator. Would show the three-operator oligopoly structure weakening.
Telenor announces sale of DNA to a private equity or infrastructure fund. Would signal a shift toward cost-cutting ownership and reduced job security.
Finnish regulator approves spectrum for a fourth mobile network operator. Would show the three-operator oligopoly structure weakening.
Key numbers
- FY2023 revenue crossed €1,067m for the first time
- H1 2024 EBITDA €209m, up 11% year on year
- ~3.7 million total subscriptions as of mid-2024
Named risks
- Standalone financial disclosure ended March 27, 2025, reducing visibility into DNA's actual FY2025-2026 performance.
- Weak Finnish macro, high unemployment and exceptionally fierce competition flagged by CEO in April 2026 review.
- AI voicebot and chatbot automation (2025 launches) threatens tier-1 customer service and support roles.
- Telenor could restructure or sell DNA to a cost-cutting PE or infrastructure fund with no public equity recourse for stakeholders.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Elisa Oyj | losing to | Elisa held 38-39% Finnish mobile subscriber share vs DNA's smaller share as of mid-2024 (S&P, 2025-04-15) |
| Telia Finland | contesting | Three-player Finnish oligopoly with DNA and Telia contesting #2/#3 mobile and fixed broadband positions |
| Alcom | gaining on | DNA and Elisa dwarf small regional operator Alcom in the Aland Islands market |
Questions people ask
- Is DNA Oyj profitable in 2024?
- Yes. DNA reported FY2023 EBITDA of 390 million euros (up 7% year on year) and an operating result of 200 million euros (up 25%), on revenue of 1,067 million euros, its first year above 1 billion euros, per its February 7, 2024 financial statements bulletin.
- Who owns DNA Oyj now?
- DNA Oyj has been wholly owned by Norway's Telenor Group since a squeeze-out completed in 2019-2020. Telenor first agreed in April 2019 to buy 54% for 20.90 euros per share (about 1.5 billion euros total), then reached 97.87% via tender offer, and DNA delisted from Nasdaq Helsinki on February 3, 2020.
- Could AI replace DNA's customer service jobs?
- DNA has already automated parts of tier-1 support: a Genesys-built AI voicebot launched June 16, 2025 for 24/7 customer service, and a chatbot called DNA Business Apuri launched September 1, 2025 for SME inquiries, indicating routine support roles face near-term automation while network jobs remain protected.
- Who is DNA Oyj's biggest competitor?
- Elisa Oyj is DNA's largest rival, holding roughly 38 to 39 percent of Finnish mobile subscriber share as of mid-2024 versus DNA's smaller share, per S&P's April 15, 2025 ratings note on Elisa; Telia is the third player in Finland's three-operator oligopoly.
- Is DNA Oyj still publicly traded?
- No. DNA delisted from Nasdaq Helsinki on February 3, 2020 after Telenor's squeeze-out, and its last remaining listed bond matured March 27, 2025, ending even DNA's limited standalone disclosure obligations; it now reports only inside parent Telenor ASA's Oslo-listed consolidated filings.
- Is DNA Oyj laying off workers?
- DNA's own corporate materials consistently state about 1,600 employees from 2023 into 2026, including its April 27, 2026 wholesale page. Third-party workforce vendors disagree on trend direction, but DNA has disclosed no confirmed layoffs; a January 2025 tower unit demerger moved some infrastructure staff to a new Telenor entity.
Timeline
- 2026-01DNA closed its last copper exchange in Lahti, ending 140+ years of copper network operations
- 2025-09-01Launched DNA Business Apuri, an AI chatbot for SME corporate customers
- 2025-06-16Launched Genesys-powered real-time AI voicebot for 24/7 customer service
- 2025-03-27DNA's last listed bond matured, ending standalone stock-exchange disclosure obligations
- 2025-01-01DNA Tower Finland demerger effective, infrastructure moved to Telenor Towers Finland Oy
- 2024-11-13DNA announced restructuring of its network infrastructure via partial demerger
- 2024-07-18H1 2024 results: revenue 539 million euros, EBITDA 209 million euros, up 11%
- 2024-02-07FY2023 results: revenue 1,067 million euros, first year above 1 billion euros
- 2020-02-03DNA delisted from Nasdaq Helsinki after Telenor squeeze-out
- 2019-04-08Telenor agreed to acquire 54% of DNA for 20.90 euros per share, about 1.5 billion euros
Revision history
25 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- DNA Plc's Financial Statements Bulletin 2023 (2024-02-07)
- DNA Plc's Half-Year Financial Report 2024 (2024-07-18)
- DNA launches real-time AI-voicebot (2025-06-16)
- Telenor to acquire majority stake in the Finnish telecom operator DNA (2019-04-08)
- European Commission approves Telenor, DNA deal (2019-01-01)
- DNA Oyj (2026-02-21)
- Telenor gains title to outstanding DNA shares, delisting (2020-02-03)
- Annual Reports and CSR Reports Archive (2025-03-26)
- DNA Plc is restructuring its network infrastructure (2024-11-13)
- Get to know us (2026-04-27)
- DNA's new AI bot enhances customer experience for businesses (2025-08-31)
- CEO's review (2026-04-27)