A multilayer substrate includes a flexible element assembly including a principal surface, a first to an n-th external electrode disposed on the principal surface, and at least one first dummy conductor disposed inside the element assembly and being in a floating state. When the element assembly is viewed from a normal direction that is normal to the principal surface, a distance between an m-th external electrode and a nearest external electrode therefrom among the first to the n-th external electrodes is defined as a distance Dm, an average of distances D1 to Dn is defined as an average Dave, and when the element assembly is viewed from the normal direction, an area within a circle with a center on the m-th external electrode and with a radius of Dm is defined as an area Am. The first dummy conductor is located in at least one area Am with a radius of Dm smaller than the average Dave when viewed from the normal direction.