Telia Company Ab · OMXSTO:TELIA
Telia Company Ab — Q4 2025 Earnings Presentation
25 slides from Telia Company Ab's earnings presentation, Jan 29, 2026
Slide 1: Telia Company Q4 2025
Telia Company Q4 2025 January 29, 2026
Slide 2: On track to deliver on 2027 ambitions
On track to deliver on 2027 ambitions Solid financial results Strong cost discipline Portfolio strengthened Increasingly trusted − Simplified operating model for − Non-core asset exits and core bolt − Dividend paid well covered by FCF − Trusted partner role deepened speed and efficiency on M&A − Str
Slide 3: Q4 solid performance supports 2026 plan
Q4 solid performance supports 2026 plan 2026 Outlook Good operational progress − Awarded best mobile network in Sweden and cost discipline − NPS continued to improve Service revenue − OPEX reduced by -4.1% ~2% (LFL) Continued active portfolio − Regulatory approval for Bredband2 Adjusted EBITDA ~3% (
Slide 4: Financial highlights Q4
Financial highlights Q4 Service revenue: +2.1% Service revenue Like for like growth - Sweden strong and the Baltics remained overall solid 2.1% - Norway improved sequentially but remained in negative territory 1.5% - Finland turned negative in a more competitive market 2025 outlook: ~2% Q1 25 Q2 25
Slide 5: Sweden
Sweden ARPU Continued strong fixed customer intake and again confirmed best network position according to umlaut Mobile postpaid Service revenue acceleration supported by increased demand for mission and business critical services 21 EBITDA growth remained solid as a negative y-o-y impact from lower
Slide 6: Finland
Finland ARPU Service revenue impacted by phasing of non-connectivity revenue in B2B, EBITDA also by higher marketing Mobile postpaid Increased activity in the Consumer mobile market driving subscriber losses -6 -19 -22 -35 -24 +2.5% Focus is on profitability, simplification, and customer base stabil
Slide 7: Norway
Norway ARPU Service revenue growth improved supported by pricing initiatives, also clearly impacting ARPUs Mobile postpaid Positive network development with incident index at all time low and 2G sunset complete -6 -2 -11 -10 +4.2% EBITDA development remained soft, driven by lower wholesale revenue a
Slide 8: Lithuania
Lithuania ARPU 5G SA launched, solid mobile KPIs, focus on the fixed side remains to drive ARPU Mobile postpaid Service revenue growth accelerated across both mobile (+8.1%) and fixed (+5.6%) 16 +4.1% EBITDA growth accelerated from solid top-line development and continued good cost control 9 10 7 5
Slide 9: Estonia
Estonia ARPU Good commercial as well as operational progress, and awarded best network Mobile postpaid Broad based service revenue growth with mobile and fixed both growing at +3% 1 6 +1.2% EBITDA growth softened impacted by relatively tough y-o-y comparison, improvement expected in 2026 0 2 0 Q4 24
Slide 10: Financials
Financials @
Slide 11: Service Revenue & EBITDA
Service Revenue & EBITDA Service revenue Adjusted EBITDA Like for like growth Like for like growth 6.7% 6.2% 2.1% 5.2% 1.7% 1.8% 4.4% 1.5% 3.7% 2.9% 1.0% 1.0% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 2025 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 2025 Q4 growth led by consumer service revenue growing >3%, and with f
Slide 12: OPEX & CAPEX
OPEX & CAPEX OPEX CAPEX excluding spectrum Adjusted EBITDA less CAPEX Like for like growth Reported SEK in billions, R12, booked CAPEX Reported SEK in billions, R12, booked CAPEX excl. spectrum 19.1 -4.1% 15.4 17.5 16.7 13.4 13.4 12.8 Q4 24 Resources Marketing Other Q4 25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 13: Free Cash Flow
Free Cash Flow FY FY Reported SEK in billions 2025 2024 Free cash flow development Q4 Reported SEK in billions Up due to profitable Adjusted EBITDA 31.9 30.9 growth Restructuring and other adj. items -0.7 -1.8 2.4 Repayment of leasing liabilities -3.2 -2.9 Cash CAPEX excl. spectrum -14.0 -13.4 Cash
Slide 14: Net Debt & Leverage
Net Debt & Leverage Leverage down by 0.35x compared to 2.28x in Q4 2024 Net debt and leverage − Net debt decreased by SEK 9.8bn Continuing and discontinued operations, reported SEK in billions, leverage ratio − Adjusted EBITDA up by SEK 0.6bn Leverage at 1.93x in Q4 2025 − Net debt increased by SEK
Slide 15: Progress on value creation agenda
Progress on value creation agenda Grow FCF per share to Active portfolio Actively manage our Grow DPS and return cover the dividend management balance sheet excess cash to shareholders ‒ FCF covered the dividend 2025 ‒ Regulatory approval received for ‒ Leverage remained flat at 1.93x in ‒ Quarterly
Slide 16: Summary & outlook
Summary & outlook
Slide 17: Summary & Outlook
Summary & Outlook On track to deliver on 2027 ambitions Q4 confirms solid foundation in place to support 2026 plans 2025-2027 mid-term ambitions Dividend of SEK 2.05/share proposed by the Board of directors Service revenue* Adjusted EBITDA* 2026 outlook supporting path to at least SEK 10bn FCF by 20
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Slide 19: Thank you!
Thank you! @
Slide 20: Appendix
Appendix @
Slide 21: Our 2025-2027 financial ambitions
Our 2025-2027 financial ambitions Service revenue* Adjusted EBITDA* CAPEX** Free cash flow*** 2025-2027, CAGR 2025-2027, CAGR 2025-2027 by 2027 SEK SEK 2% 4% <14bn/year >10bn * Based on 2024 as starting point, like for like growth ** CAPEX excl. spectrum and leases (booked) *** Based on the outlook
Slide 22: Our sustainability ambitions and progress 2025
Our sustainability ambitions and progress 2025 - Improvements in all key KPIs during the year Suppliers responsible for 65% of emissions have set SBT targets Net zero emissions in value chain by 2040 Zero waste by 2030 6.5% of total phones sold are refurbished (B2C) Climate and Achieved CDP “A
Slide 23: Our key sustainability ratings
Our key sustainability ratings MSCI ESG rating Ecovadis ISS ESG rating Global Child Forum “AAA” (highest) “Gold supplier” rating -B (Prime status) Ranked No. 4 worldwide in the State of Children’s Rights & Business benchmark CDP Climate Rating Sustainalytics FTSE4Good World Benchmark A Rated Include
Slide 24: Our climate commitments
Our climate commitments 2022 2025 2026 2030 2040 100% renewable electricity in our Short term Science Based Achieve an A score in CDP’s Reduce GHG emissions in the Achieve Net Zero: own operations (achieved already Targets: external climate disclosure. value chain (scope 3) by 50%. in 2020). Reducin
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