Slide 1: Tele2 Full Year Report
Tele2 Full Year Report Tele2 meets and beats guidance and delivers 42% Equity free cash flow growth 2025 “With the fundamentals in place, we increase our focus on growth.” Jean Marc Harion, CEO Tele2 End-user service revenue Q4 Underlying EBITDAaL Q4 Dividend proposal +65%: Financial highlights The
Slide 2: Operational highlights
Operational highlights Successful shutdown of 2G/3G legacy network, replaced by award winning 5G Strengthened spectrum position Headcount reduction target reached with ~650 positions by year end Ranked best in Europe for children’s rights Tele2 on CDP’s Climate ‘A List’ 2
Slide 3: Financial highlights
Financial highlights Strong Q4: 4% growth in end-user service revenue and 13% in uEBITDAaL 2025 guidance delivered, including 11% uEBITDAaL growth Strong 2025 eFCF of SEK 6.2bn, driven by OCF incl. WC growth of 33% Dividend proposal of SEK 10.50 per share (118% of 2025 eFCF) Updated financ
Slide 4: A strong close to a transformational year
A strong close to a transformational year SEK Q4 25 FY 25 The Group in Q4 (YoY growth)1 – EUSR growth of 4% driven by growth across all operations End-user – Underlying EBITDAaL growth of 13% driven by sharp cost control and end-user service 5.6bn 22.1bn service revenue growth revenue (+3.7%) (+2.3%
Slide 5: Sweden
SWEDEN
Slide 6: Sweden Consumer: Overall performance improvement
Sweden Consumer: Overall performance improvement Mobile EUSR Fixed broadband EUSR Digital TV EUSR SEKm, YoY growth SEKm, YoY growth SEKm, YoY growth +2% +3% +4% +5% +3% +3% +2% +1% +1% +6% -6% -1% -5% -6% -5% -10% -9% -8% -6% -7% 206 193 204 196 207 +2% +3% +3% +4% +5% 810 818 831 830 823 620 592 59
Slide 7: Sweden Consumer: Healthy ASPU growth
Sweden Consumer: Healthy ASPU growth Mobile postpaid RGU & ASPU Fixed broadband RGU & ASPU Digital TV RGU & ASPU +8% +3% +5% +2% 0% 0% +4% +1% +2% +1% -3% -2% -1% -1% -1% -7% -7% -7% -7% -4% +3% +3% +4% +3% +2% +1% +1% +1% -1% 0% 2,151 2,195 957 957 957 958 958 796 772 765 761 765 2,147 2,157 2,165
Slide 8: Sweden Business: Continued strong growth
Sweden Business: Continued strong growth Mobile RGU & net intake Mobile ASPU End-user service revenue Base & QoQ excl. IoT (‘000s), YoY growth YoY growth (excl. IoT) SEKm, YoY growth +7% +3% +4% +5% +1% +10% +6% +6% +5% +4% +5% +8% +3% +3% +2% 330 301 294 306 303 -1% -3% -3% -3% 0% -4% +1% +1% -2% -
Slide 9: Sweden financials: 12% EBITDAaL growth
Sweden financials: 12% EBITDAaL growth End-user service revenue Underlying EBITDAaL & margin Operating cash flow and cash SEKm, YoY growth SEKm, YoY growth conversion, LTM, SEKm +8% 0% +1% +3% +13% +12% +1% 0% 0% +3% +3% +4% +5% +7% +1% 40% 69% 38% 66% 1,078 1,055 1,096 1,096 1,152 60% 63% 36% 35% 5
Slide 10: Baltics
BALTICS
Slide 11: Baltics financials: 16% EBITDAaL growth
Baltics financials: 16% EBITDAaL growth End-user service revenue Underlying EBITDAaL & margin Operating cash flow and cash SEKm, YoY growth SEKm, YoY growth conversion, LTM, SEKm +7% +6% +7% +7% +7% +8% +20% +6% +9% +8% +20% +7% +16% +15% +6% 46% 46% 694 701 723 712 44% 81% 688 41% 76% 77% 78% 38% 7
Slide 12: Baltics KPIs: ASPU growth across markets
Baltics KPIs: ASPU growth across markets Lithuania – Mobile RGU & ASPU Latvia – Mobile RGU & ASPU Estonia – Mobile RGU & ASPU +15% +17% +17% +8% +9% +10% +2% +8% +7% +6% +6% +6% +5% +6% +2% +3% -5% -7% -9% -7% +1% -1% 0% -1% +2% +1% +2% -4% +1% 0% 653 504 470 216 207 199 204 178 514 502 43 46 45 46
Slide 13: Financial overview
FINANCIAL OVERVIEW
Slide 14: Group results
Group results Comments SEK million Q4 2025 Q4 2024 FY 2025 FY 2024 1 Underlying EBITDA driven by sharp Revenue 8,039 7,783 29,890 29,583 cost control and end-user service revenue growth across all operations Underlying EBITDA 3,398 3,055 1 13,397 12,149 Margin (%) 42.3% 39.3.% 44.8% 41,1% 2 Items af
Slide 15: Group cash flow
Group cash flow Comments SEK million Q4 2025 Q4 2024 FY 2025 FY 2024 1 Capex paid decreased due to Underlying EBITDAaL 2,972 2,658 11,728 10,612 optimised investments, driven by successful prioritisation and by the Capex paid excl. Spectrum -928 -1,032 1 -3,328 -3,960 deferral of some planned invest
Slide 16: Leverage at 2.1x
Leverage at 2.1x Economic net debt to underlying EBITDAaL LTM Comments – Economic net debt decreased by SEK 1.9bn compared to year-end 2024 the cash generated in the business exceeding the payout of the ordinary 2.5 dividend 2.2 2.2 2.0 2.1 – Leverage of 2.1x reflects levels comfortably within an in
Slide 17: Tele2 meets and beats guidance targets for 2025
Tele2 meets and beats guidance targets for 2025 End-user service Underlying revenue1 EBITDAaL1 Capex to sales2 2025 guidance Low single-digit Slightly above 10% ~12% 2025 actuals 2.3% 11.4% 10.8% 17 1) Organic growth rate 2) Excluding spectrum and leases
Slide 18: 2026 guidance
2026 guidance End-user service Underlying revenue1 EBITDAaL 1 Capex to sales2 Low to mid- 2026 guidance Low single-digit 10-11% single-digit 18 1) Organic growth rate, i.e. FX adjusted and excluding the impact from the upcoming Baltic Tower transaction 2) Excluding spectrum and leases. Including the
Slide 19: You are number 1. We are Tele2.
You are number 1. We are Tele2.