Good day, and thank you for standing by. Welcome to the Tele2 Q3 Interim Report 2021 conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. I must advise you that this conference is being recorded today on Tuesday the 19th of October 2021. I'll now like to hand the conference over to your speaker today, Kjell Johnsen. Please go ahead. Thank you very much. Good morning, everyone. Welcome to the Q3 report call for Tele2. With me in the room here today, I have our Interim Chief Financial Officer, Peter Landgren, our Chief Commercial Officer, Hendrik de Groot, and our head of B2B, Stefan Trampus. I'm glad to present to you today the second consecutive quarter of growth with good results across all segments. Sweden B2B in particular, turned to growth for the first time in several years, while we saw commercial momentum picking up in Sweden B2C. During the quarter, we also finalized the consolidation of our international footprint through the divestment of T-Mobile Netherlands. While I'm impressed by the development and efforts of the management and employees in the Netherlands, we clearly stated during the Capital Markets Day that our midterm strategic ambition is to be the leading operator in the Nordics and the Baltics. Thus, our focus will be on this specific region. As we will now go through this quarter's numbers, I'm even more confident about reaching the ambitions that we set out earlier this year. The group end user service revenue showed a growth of 2% in the quarter on the back of strong performance in the Baltics, growth in both Sweden B2C and B2B, and a slight tailwind from roaming. Underlying EBITDA grew by 5% for the group in the quarter, driven by end user service revenue growth and continued execution of the business transformation program in Sweden. As I mentioned earlier, we closed the T-Mobile Netherlands sale in the quarter, marking an important milestone for the company. The board intends to propose an extraordinary dividend of at least SEK 11 per share, pending receivable of cash proceeds. This gives further proof of our midterm ambition of having the best industry shareholder return. During the quarter, we paid out an extraordinary dividend of 3 SEK per share to our shareholders. Together with the second tranche of the ordinary dividend of 3 SEK per share paid out in October, Tele2 will have distributed 9 SEK per share this year to shareholders. This is yet another proof of our midterm ambition. In Sweden B2C, we see that our value-led strategy through price adjustments on the back of product improvements are continuing to bear fruit while net intake in mobile postpaid turned positive. After a successful 5G launch last year on the premium Tele2 brand, we now launched 5G on Comviq to further assert our strong position in the mid-tier segment. This gives us an enhanced product offering prior to a quarter with seasonally higher activity for handsets. I'm very proud to say that Sweden B2B saw growth in the quarter. We're in the middle of a major turnaround within B2B, and Stefan and his team is doing an amazing job to fulfill the ambitions that we presented to you on the Capital Markets Day. Our more granular approach with clearly defined segments and a developed understanding of how to balance value and volume has led to a major improvement in performance. Our operations in the Baltics are clearly performing very well, both in terms of end-user service revenue and underlying EBITDA growth. We see that our more for more strategy is very much working as we monetize the increased demand for data by our customers. Let's move over to the Swedish consumer segment on slide four. With previous modest market activity, commercial activity started to pick up in the quarter, and we saw positive net intake for mobile postpaid. With price adjustments made previously during the year having full effect in the quarter and a slight tailwind from roaming, we were able to grow mobile postpaid ARPU by 3%. As a result, we saw mobile postpaid end user service revenue of 2%, growth in that of 2%. Fixed broadband continues to show steady growth both in terms of volume and ARPU, leading to a solid end user service revenue growth in the quarter of 4%. In the cable and fiber segment within digital TV, we see continued strong ARPU development on the back of pandemic unwind, as we now had a full quarter of premium sports, combined with a growing contribution from Com Hem Play+. This fully offset the slight decline of RGUs, and we were able to grow end user service revenue by 1%. With a strong ARPU development in our core services and pandemic recovery, we were able to grow total end user service revenues in Sweden B2C by 1%. Let's continue with Sweden B2B on the next slide. Mobile net intake was positive with 17,000 revenue-generating units in the quarter, driven by positive net intake in all three segments. Mobile ARPU declined by 4%. While still declining, this is a clear improvement in the trend as we see SME intake contributing to a better mix and focus on profitability in large public and private starting to have an effect. We also see a slight tailwind from roaming in the quarter. With increasing mobile volumes, continued growth within IoT and solution sales, we were able to offset the decline in the legacy fixed services. Total end-user service revenue grew by 1%. Now let's move to an overview of Sweden on slide six. End-user service revenue grew by 1% in Sweden as both B2C and B2B segments saw growth. Underlying EBITDA increased by 4% through end-user service revenue, wholesale revenue growth, and structural cost savings related to the business transformation program. Cash conversion continues to be high in the quarter at 65%, as we keep growing underlying EBITDA and the full run rate of 5G rollout has not yet been reached. Let's look at the Baltics on slide eight. Our operations in the Baltics are performing well, both in terms of absolute numbers and in relation to our competitors. Net intake was strong in the quarter for the Baltics, driven by mobile postpaid growth in Lithuania and Latvia. We saw ARPU growth on similar levels as in Q2, as we continue to monetize increased data consumption through our More for More strategy and are helped by a slight tailwind from roaming. Let's move to the next slide. We see continued strong end-user service revenue of 12% in the quarter, with growth across all markets driven by ARPU and volume growth. Higher end-user service revenue led to an underlying EBITDA growth of 6% on an organic basis. Cash conversion saw a slight decline compared to previous quarters, as continued underlying EBITDA growth was offset by slightly higher CapEx, as we now have started to modernize our core networks to prepare for 5G. After this little overview, I'd like to hand over to Peter to go through the financial overview. Thank you, Kjell, and good morning, everyone. Please turn to page 11 in the presentation. As in previous quarters, we have included this slide to illustrate the top-line development with the roaming impact on a separate line. Please keep in mind that the organic growth rates on this slide are adjusted for currency movements. With restrictions now starting to ease up, we now see a gradual roaming recovery. As a result, outbound roaming provided tailwind of SEK 29 million in the quarter. Even if we strip out the roaming effect, we see the underlying business improving, and we were able to grow end-user service revenue by 1.9% ex-roaming. In Sweden B2C, mobile postpaid grew by 1% ex-roaming and fixed broadband by 4%, driven by price adjustments and also volume growth in fixed broadband. Within TV, we are helped by somewhat easier comps, as sports broadcasts were shut down part of Q3 last year. Now we also see Com Hem Play+ starting to contribute to the top line. This didn't fully compensate the continued decline in the legacy DTT business, resulting in TV end-user service revenue declining by 2%. To summarize Sweden B2C, end-user service revenue was quite flat, excluding roaming, as growth in the core services was offset by the legacy decline. As Kjell mentioned, we now see Sweden B2B growing for the first time in several years as the business shows good progress. Growth in mobile and solutions was fully compensating the declining legacy fixed services. Our Baltic friends continued to deliver fantastic growth. End-user service revenue was up by 11%, excluding roaming, with new customers added, price adjustment, and upselling, all enabled by our More for More strategy. To conclude, this marked the second consecutive quarter of end-user service revenue growth for the group. Please turn to slide 12 for the group results. The end-user service revenue growth, along with the continued execution on the business transformation program, were the main factors behind the mid-single-digit growth in underlying EBITDA. Items affecting comparability of minus SEK 75 million were mainly related to restructuring costs attached to the business transformation program. Please note that last year's figure included a positive one-off of around SEK 110 million. D&A increased compared to last year as we continued to amortize the book value of the Com Hem brand following the merger with the Tele2 brand in the second quarter. Finally, results from associated companies and the JVs improved, largely related to our 25% stake in T-Mobile Netherlands. Let's have a look at the cash flow on slide 13. We continue to see strong cash generation with equity-free cash flow of SEK 1.9 billion in the quarter. Compared to last year, it improved by some SEK 200 million, with underlying EBITDA growth as the key driver. We also had a positive change to working capital, where external asset financing in the Baltics contributed. Net financial items paid also improved as we benefit from lower interest rates compared to last year. Finally, looking at the last 12 months, equity-free cash flow of SEK 4.9 billion has been generated, which is equivalent to some SEK 7 per share. Please move to slide 14 for an overview of the capital structure. In the third quarter, the extraordinary dividend of SEK 3 per share was paid. Leverage or economic net debt to underlying EBITDA still stayed in the lower end of our 2.5-3 target range as a result of the strong cash generation and the underlying EBITDA growth in the quarter. In October, the second tranche of the ordinary dividend was also paid. If we adjust for this leverage, would have been at around 2.7 at the end of Q3. Worth repeating, we have now paid SEK 9 per share in total dividends to our shareholders in 2021. As already communicated, the board intends to propose another extraordinary dividend of at least SEK 11 per share once the divestment of T-Mobile Netherlands is finalized. Let's continue with slide 15 and the progress on the business transformation program. We continue to execute on the program, and we reached annualized run rate savings of SEK 425 million at the end of Q3, and this resulted in SEK 90 million of cost reductions affecting the P&L in the quarter. The efficiency improvements adding during this quarter came from the technology, IT, and commercial organizations. We remain committed to the saving targets of at least SEK 1 billion. With that, I'd like to hand back to Kjell to cover our key priorities going forward. Thank you very much, Peter. I'll ask you all, please, to turn to slide 17 for our key priorities going forward. I'd like to say that I'm very proud of the team's efforts when I see the results that we are able to present to you today, and we show that we can grow both on the top and bottom line. As we gradually move to a post-pandemic society, we will continue to make the investments necessary to assert our premium position in the markets. On the fixed side, this means improving our fixed footprint by building fiber closer to property through Remote PHY, which is already showing promising signs from our pilot areas. In the mobile infrastructure, we are now finishing the final test for our 5G network in Sweden, and we aim to ramp up the rollout in order to achieve nationwide coverage. The execution of the business transformation program is progressing well, and we are on track to deliver an annualized run rate of SEK 500 million at the end of this year, and at least SEK 1 billion at the end of 2022. In Sweden B2C, we gear up our capabilities to address the 1.3 million non-FMC households while continuing to build a premium brand with increasing customer satisfaction that we can monetize through reduced churn or price adjustments on the back of product improvements. In the mid-tier market, we will continue the success story that is Comviq. An introduction of 5G is a major step in this as we enter a quarter with seasonally higher activity. In Sweden B2B, we'll continue the turnaround that we have started with a new granular approach with clearly defined segments and a developed understanding of how to balance volume and value. This includes improved volumes in the SME segment while focusing on profitability in public and large enterprise segments. In the Baltics, we'll continue to build on the momentum and execute our mobile-centric convergence strategy through more for more offers while ensuring that the growth we have seen will be sustainable. We have taken a major step in preparation of 5G by modernizing our core network and launched a fiber pilot project in Lithuania to trial a CapEx-light approach in order to provide fixed services to our customers. With yet another strong quarter behind us and restrictions starting to ease up, we can see that our hard work is starting to yield results. I'm excited to continue this journey together with my colleagues at the office, and I'm confident that we can and will achieve the ambitions that we have communicated and reach sustainable long-term growth. With that, operator, I hand it over to you for Q&A. Thank you. As a reminder, if you wish to ask a question, please press star and one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press hash. We would like to ask the analysts to limit themselves to one question. Once again, please press star one if you wish to ask a question. Your first question comes from the line of Andrew Lee from Goldman Sachs. Yeah, good morning, everyone. For one question, I was just going to focus on Swedish consumer. You had flat service revenue growth in Swedish consumer ex roaming. Your Swedish customer intake turned positive in the quarter. Postpaid net has turned positive as well, but nowhere near where you were one year ago. The question is, what does the run rate look like as you exited Q3? How much of an acceleration should we anticipate? How much is Sweden consumer running on all cylinders, and how much is there in terms of acceleration to come? Thank you. Well, let me start, and probably Hendrik will fill in a bit. First of all, I think you see that throughout the year, we have done a good value versus volume mix with the moves we did with Comviq in the earlier part of the year, which was unprecedented to the market. Now you see that we're also looking into the volume side, where in Q3, we see positive volumes coming in. I think we're finding a good balance on that. It seems like we can keep two thoughts in our mind at the same time. Hendrik, do you want to add some? Sure. Thanks, Kjell, and hi, Andrew. I think if you look at the trending, you do see that we're stabilizing and moving back to positive terrain on the consumer side. I think for the fourth quarter, typically this is quite an active quarter in the business. We do believe that we can work on that basis and continue the trending. That will, of course, go hand in hand also with a little bit further investment into the quarter as we see also post-pandemic recovery. I do want to point out that we're not fully out of the woods, let's say, and that we're still on a recovery path. I think you would need to take that into balance. I do believe we can continue and strengthen our play on the consumer side. Thank you. Can I just check that I understood what you're saying? When you say not fully out, afterwards on recovery path, and when you say, continue the trending, what exactly do you mean? Did you see accelerating run rate through the quarter, and into Q4? Is the Q3 overall that you posted today an indication of the run rate that you are delivering at, as you exited Q3? I think we have an underlying run rate that we're establishing throughout the third quarter. The fourth quarter typically is quite a busy season that we do believe we can pick up on. I think that's how you would need to look at it. Yeah. I would like to say, since I have the benefit of being here last year also, before Hendrik came, that we have a much stronger go-to market proposition in the fourth quarter of this year than we had last year. We can see in Q3 that played out quite well. Yeah Where we were last year. Yeah. At the same time. Thank you very much Andrew, to just final comment. What I mean with the post pandemic is that we do see that traffic to, for example, retail and stores, that's not at the level yet of pre-pandemic. Okay? That's the sort of balance I'm just putting on the table. Thank you. That's very helpful. Your next question comes from the line of Ondrej Cabejšek from UBS. Please ask your question. Hello, thank you for the presentation. I had a question in terms of commercial costs. If I'm not mistaken, if I'm looking at the numbers correctly, then just looking quarter by quarter this year, it seems to me that about 75% of the costs that you didn't decide to utilize in the first half came back in the third quarter. As we know, there were still a lot of restrictions in Sweden until the end of September. Could you maybe explain how you've been doing things differently in terms of interacting with your growth hubs? You mentioned stores are a bit emptier. At the same time, you've got fewer stores than you had pre-pandemic. Just develop a bit on that, and then any outlook in terms of direction of the commercial costs relative to 4Q as we head into that busy period that you just mentioned would be helpful. Thank you. Well, I think you will recall, we talked about this a bit in July also, how that the first and second quarter saw a relatively calm market, and that we expected fully that the third and the fourth would be much more active, which is a normal seasonality of course around the iPhone launch, Black Week and leading up to Christmas. Clearly, and we said we would, we are investing a bit into that market activity, and that is reflected in the commercial costs. Yeah, I can just add, if you look at it between the year, we see quite flat development between last year and this year, and as Kjell says, we expect it will be intensified next quarter. Can I just check? Sorry, the quarter that is in Q4. In terms of year-over-year dynamics, should we expect 4Q year-over-year to be more intense than last year? You mentioned, first half, you did save some money in this regard. Would you be reinvesting that, or would you expect more of a kind of flattish year-over-year situation in the second half, the second, say, fourth quarter, of course? We will have more activity, definitely in the fourth quarter than you saw in the first two quarters. My message is that the offerings out there now are very competitive. We're getting a return from investing that money. Yeah, Hendrik. Yeah, Ondrej, well, maybe to add to what was already said. Yes, it will be a more busy quarter. Your question, of course, is what is it from a year-over-year point of view? I do believe we are in a different situation than we were last year also on the pandemic. That said, on the marketing side, we've also been able, of course, to generate some efficiencies through the business transformation and the rebrand. I think whilst we're investing more on the marketing side, on the one hand, we also have some efficiencies coming in. I would say the sales cost will be slightly up also versus Q4. How that in total will look like, I think we're sort of pretty on a balanced play given, of course, some of the marketing efficiencies I've been pointing out. We're happy about this. Gives us momentum into next year. Yep. Thank you. Your next question comes from the line of Maurice Patrick from Barclays. Yeah, morning, guys. Thanks for taking the question. If I could ask a slightly bigger picture question around CapEx. You indicated this quarter you were focusing a lot on higher 5G spend, and you seem to indicate much of that was around the core network. I'm just curious to understand a bit around how far you are in the process of rolling out the 5G network, numbers of new sites that you're rolling out, whether it's mainly upgrading existing kits, and just where you think we'll be by the end of next year in terms of Sweden coverage. Just linked to it, you talked about Remote PHY investments. Should we understand that's more likely a 2022, 2023 activity rather than this year? Thank you. Okay. The position of 5G depends a bit on whether we're talking Baltics or Sweden. In the Baltics, we're clearly still doing the prep work with the core, since we're still going to do the spectrum auctions. We are quite far down the line of clarifying the RAN picture for the Baltics. In Sweden, the testing and all this stuff is done. Orders have been placed, and rollout plans are put together. You will see a lot of rollouts going on over the next two years, and we're going to cover the majority or most of the population of Sweden at the end of 2023. Of course, there could be some disruptions. You heard Börje talking about it today. By and large, the momentum is there. We're going to do that. Remote PHY is, of course, in order of magnitude, much, much smaller in terms of CapEx. Yes, we're going to continue doing that in 2022 and 2023. We have done quite a few installations this year as well. We would think that we could potentially double the volume in 2022. Even though we haven't finally concluded the exact numbers of that order of magnitude, that's quite possible. Again, from a CapEx point of view, that is not moving the needle in any major way. Great. Thank you very much. Your next question comes from the line of Stefan Gauffin from DNB. Yes. Hello. I have a question on the wholesale revenue in Sweden, because that was the main deviation compared to my numbers. What is driving a 17% increase year-over-year in the wholesale revenue line? The business seems fairly lumpy. Why is that the case? Well, clearly, our part of the building the A2P businesses here in Sweden, that's one major element. Of course, we see some of these roaming effects. Please, Peter. Yeah, I can comment. As Kjell says, it is A2P communications person. Then roaming is recovering. People are coming to Sweden, That helps us in that field. Okay. Thank you. Your next question comes from the line of Terence Tsui from Morgan Stanley. Yeah. Thank you. Morning, everyone. Just picking up on the theme again of investments and CapEx. I just wondered if you can just say a few words around the supply chain. Obviously, you've got the big rollout of 5G. What's Tele2's access to things like labor, equipment, and chips? Then the second part of this is just maybe you can elaborate a bit more on your plans for Remote PHY. Why have you chosen to go down Remote PHY? Why not full fiber, which is what several cable companies are doing? Maybe just give us an indication of some of the build-out costs for Remote PHY would be great, please. Thank you. The 5G rollout and the component part is, of course, maybe related to the RAN at this stage because we've done so much of the preparations in our core networks. We all know that there are some small warning signs, but we have placed orders. We are going into production mode. At this point, it doesn't look like it's going to be a big deal for us. There can, of course, be some impact. We are to some extent hedged because in Sweden, we are getting deliveries from both Ericsson and Nokia. The way, of course, such contracts are structured, that gives us the opportunity, if need be, to adjust volumes. I don't think it will come to that, but it is an opportunity that we have out there. When you come to this discussion about Remote PHY versus fiber, I think to some extent you're getting a little bit into religion here. Several cable operators, of course, go with Remote PHY, which gives plenty of speed and reliability for the whole foreseeable future. You probably listened in on our Capital Markets Day when Yogesh took you through the 10G thinking. It's a natural upgrade path for us to clean up the node splits and to get a simple infrastructure that is cheaper to operate and have even higher reliability. At the end of the day, if you use fiber, you still have to buy quite expensive equipment to give higher speeds to the end user. It is a matter of pros and cons, but in almost any case that we operate, the service delivery and the speeds that we can offer will be more than the market with any realism will need. Great. Thanks very much. Your next question comes from the line of Ulrich Rathe from Jefferies. Yeah. Thanks very much. I was wondering about the revenue growth inflection in B2B. You're highlighting this very prominently as a clear sign of your turnaround effort. I'm wondering how sustainable this inflection is. This is a lumpy item, and you would say, "Look, there could be some quarters ahead where it turns negative again, depending how things unfold." What are the uncertainties? What are the major uncertainties with regard to the continuity of the revenue growth outlook in B2B? Thank you. I will soon hand over to Stefan on that, to the man himself. B2B markets, also in Sweden, are very competitive. The big change that has happened here is, of course, the level of accuracy has improved tremendously over the last nine months. Much more data-driven, much more clearly segmented, and much more disciplined. Please, Stefan. Hello, Ulrich. Our long-term financial objective for B2B, which we presented at the Capital Markets Day, was or is to return to growth and improve profitability. I'm confident that the strategy and the focus areas that we put in place support this in the correct way. If we look at the Q3 results, Q3 2020 was somewhat an easier comparison quarter for the fixed revenues. Looking forward to Q4, we had some one-off effects in Q4 last year on the mobile side. With that said, we can conclude that Q3 was really strong. We will achieve the trend shift that we were talking about in the Capital Markets Day to achieve a less revenue decline in 2021. Our ambition is to stabilize the revenues in 2022. We're sticking with the revenue ambitions and the financial objectives both for 2021, 2022, and long term. Thank you very much. You said there was a question about uncertainties as well. I would say then that would be market moves by our competitors. We haven't seen any of those. It is quite a stable market in terms of B2B. One factor that is a question mark that you're all aware of, and that's visible for us as well, is the semiconductors shortage. That can affect us on the solution business going forward in Q4. This is not affecting our competitiveness. We won't lose any market share. If it comes to that, then it's just delays in deliveries, basically. Mainly that affects the equipment revenues. Mm-hmm. Thanks again. Thank you. Your next question comes from the line of Roman Arbuzov from JP Morgan. Good morning, everybody. Thank you for taking the questions. Can I just ask a small clarification on the T-Mobile Netherlands proceeds? The over SEK 11 distribution that you're targeting, do you intend to distribute 100% of the proceeds, or would you need to hold some back? Also, perhaps you could discuss some of the related costs, anything to do with taxes or any other costs to close the transaction. Can I also just ask on the Baltics fiber, the Lithuania pilot, the timing of it. Why did you suddenly decide to do it now? It seems like something that you certainly could have done a while back, and the topic has been on your mind for some time. Why now, please? Thank you. I'll start with the second one because it's very easy. It's because Petras, who runs Baltics, asked me for permission to run the pilot, and I said yes. Okay. When it comes to the first one, we sent a very clear signal when we announced Netherlands that the money is going to be distributed to shareholders. That's the message that we are basically giving. We want to just make sure that Tele2 is in the same situation after selling Netherlands as we were before. We don't want to hold back anything. We want to make sure from a ratings and from a future dividend perspective, we have the same situation. Given that selling Netherlands means that in the future, there will be absolutely no dividend, of course, coming from Netherlands when it has been sold. That has a certain impact on our ratings and capital position. We just want to make sure that we have that picture crystal clear before we set the final dividend, which will be at least SEK 11. If we were to go all the way and take the nominal amount, krona for krona, then all other things equal, we would have basically paid an extraordinary dividend. You see what I mean. Let's take that when we get the money on the account, we will talk to the board, the board will make a recommendation. Is there any costs just related to that, any explicit costs that you're expecting during closing? Peter here, just to comment on that one on the cost study. No specific taxes or such things. Obviously, there are slight transaction costs in it, but that's reflected by us already. That's a minor difference. All right. Thank you very much. Your next question comes from the line of Keval Khiroya from Deutsche Bank. Thank you. There's also been increased discussion around inflationary impacts across sectors too, and we've seen accelerating inflation in Sweden. Can you talk about how you think about the impacts to your business as you see it today from energy or any other areas as well? Thank you. Yeah. At this point, we don't see anything that has a major impact on how we run our day-to-day business. Peter, maybe are there some things that I have? My view, I share your view. Obviously, energy prices are increasing. Yeah. That has an impact. Of course, all else equal negative for us, but in the scheme of things, it's not a major cost item for us. Okay, thank you. Your next question comes from the line of Adam Fox-Rumley from HSBC. Thank you very much. I had a question on the sales cycle in B2B, please. What proportion of the customer base has had to consider new tariffs or products in business? I guess it's probably different by business segment, it'd be interesting to know how far through that kind of process you are. Thank you. Well, if we look at the development that we have, there's lots of different products. It could be a really complex answer to your question, Adam. If we look at the development and what we're doing in the market for the different segments, we're taking in good intake in the SME segment and the small segment on the back of the new portfolio that we launched this year. I think we're taking a conscious and responsible approach to the price in the market. We're well above of some of our competitors on the pricing there. It's actually developing a little bit better than expected in that segment. On the larger segment, so the public and the key private segments, these are the contracts that we take in. Their pricing are individual contracts and negotiations. The focus in these segments is really to drive profitability, making sure that we stick with the pricing guidelines and improve margin. Totally according to the ambition that we set out for the different segments going forward. We can see that this is yielding results. You can see that on the mobile ASPU, for instance. Also when we look at the solutions revenues that we are getting. Hopefully that answers your questions, Adam. Yep. Thanks very much. Your next question comes from the line of Nick Lyall from Société Générale. Yeah. Morning, everybody. Just a quick one maybe to Hendrik, just on the commercial strategy. Given you started just recently, Hendrik, is there anything you're planning on changing, particularly on the FMC strategy? Secondly, it's very early days, but have you seen any change in customer behavior after the Telia fiber price rises or the start of the UEFA service? Thank you. Nick. Thanks for the questions. Yes, pleased to be here, I could tell you. It's a great time to join Tele2 in combination the strength of the company in the market and, of course, where we are on the, hopefully end of the pandemic. I think the commercial strategy was clearly laid out. I hope you joined the Capital Markets Day. That was before my time. I think there's a clear direction we want to go in with the consumer business. FMC is a key part of that. Certainly now all the assets have come together. I think as it was laid out before, what I see at the moment is not a question of change of direction. It's a question of making sure that we execute on the next phase. As you may have noted before that the first phase was very much as a result of the merger, making sure that we retain those valuable customers. You can see a little bit that we're sort of at the end of that. We're sort of tailing off in terms of adding customers who are around 310,000 and then sort of stabilizing a little bit. At the same time, we will and we are in process of ramping up our next phase. For that, we need to bring a number of capabilities in place that are different from what we had at our disposal in the first phase, which is basically to address that 1.3 million households that was also pointed out at the Capital Markets Day that are, I would say, Tele2 customers, but they're mainly single play. Therefore, we need to have a cross-selling approach. For that, a number of things need to be well in place in terms of being able to approach these customers in a data-driven way to make sure that also on the IT side, they're sitting on the right systems. As you probably know, we're still moving through some IT transformation that we need to have fully in place as an enabler. There's a couple of other things that we are considering to follow through on. A bit of a long answer, but we're clearly moving in that direction. You'll see us picking up as we move into 2022 on that phase 2. I would say at the moment it is putting the right enablers in place and actually, honestly, also focusing on the fourth quarter, as we've pointed out before, which is a very strong season. That's where we are on FMC. In terms of customer behavior around Telia and what you pointed out with probably more on the entertainment side. I think what we're seeing there is that the market in general and entertainment is moving behind the paywall. That is a trend that has been going on for a bit of a longer time, obviously, with the OTT players coming to market. It is now picking up speed across the whole market. That sports are moving behind the paywall, basically from old premium now on an OTT base behind the paywall, I think is also a normal trend. We're also working on our entertainment strategy as we've laid out on the Capital Markets Day. It's a couple of things that we have in the works that will see daylight as we enter the new year. For now, what we're seeing on Telia and, for example, Champions League behind the paywall. There will be customers and also Tele2 customers who are very big fans of Champions League and have made that mark. Have we seen customers depart us? Yes, we have seen some. Is it material? No, it is not. That's how we're trending. Yes, entertainment is changing. We have also very clearly laid out a strategy around entertainment. On the short term, is it significant for us in respect to the Champions League move? No, it is not. That's great. Thank you. Thanks. Your next question comes from the line of Siyi He from Citi. Thank you very much. It's actually a follow-up on the question previously. I think in your presentation, you talk about you see some positive contributions from Com Hem Play+. It would be interesting to hear, say, what you see and the willingness of paying that particular product. Just back on your comments of your work doing on the entertainment side. I wonder if there is a ambition to stabilize your TV base. Because I understand that you target to stabilize the pay TV revenue, assuming that a stable customer base would be a cornerstone for that. Now with Telia potentially taking some customers away on the premium sports, what are you planning to do to offset the decline? Thank you. Sure, thanks for the questions. I would say what we're seeing overall, if you look at our entertainment business, we do see that, and I think, Peter, you also talked to that, right, in terms of the financials. We have the DTT business that is a declining business, and that is just, I would say, a legacy that will carry on. That will put some pressure on the total entertainment business line as such. If you look a bit closer into, let's say, the cable and pay TV part, that's where we've seen, of course, in this quarter, a little bit of a jump back from lows from last year that helped us in a bit of a cleanup also on the RGUs. In addition, we've seen indeed Com Hem Play+ first start to chip in. Where we've had a 12-month freemium, let's say, and now these customers are rolling off, and we see a willingness to pay a little bit above our expectations. I think that is good. It's still very early days, so we need to see what the stickiness of that will look like going forward. Early signals are good. In general, we do believe this will help us to stabilize at least the historic trend, which was declining both on Boxer and on the cable TV base to stabilize certainly that latter bit. With the developments we have planned, and I don't want to take any sort of forward-looking specific comments here at this stage, but I think we're quite confident with some of the developments we're at the moment executing on that we can look at. I at least look confidently as we move into 2022 on our entertainment business and ability to stabilize that side of the business. That's very clear. Thank you. Your next question comes from the line of Jakob Bluestone from Credit Suisse. Hi. My question has actually been asked. Thank you. We'll move to our next question, and it's from Abhilash Mohapatra from Berenberg. Hi, good morning, and thanks for taking my question. I've got a question around the B2B mobile ASPU, and the chart that you show in the presentation. I was just wondering, excluding roaming and IoT, is it fair to think that B2B mobile ASPUs can sort of stabilize going forward, or should we continue to see a year-on-year declining trend more in line with what we've seen historically? Thanks. Yeah. Hello, Abhilash, and thank you for your question. Of course, we've seen the mobile ASPU developing better than previously. This is basically due to a couple of things. First of all, the things that I was talking about, the pricing guidelines and the bidding guidelines and the focus on profitability in the large and public. Secondly, we have a good momentum in the small segment, yielding good net intake and decreasing churn as well as part of the new portfolio. Also the ASPU on that segment, of course, is higher, which improves totally then with this development. I wouldn't like to guide anything on specific KPIs going forward. We think the strategy that we've put in place will support us going forward, also in the mobile revenue that we have and the mobile line that we have. That's fair. Thank you. Our final question comes from the line of Ethan Newton from ABG. Please ask your question. Yeah, thank you. I just want to follow up on the one question earlier about convergence. Just so I understand your comments correctly. What you are saying is we should not anticipate a major push from Tele2 until sometime perhaps well into next year on the convergence side. Did I understand that correctly? Thank you. Shall I answer that one? Yeah, Ethan, thanks for that question. Our view on convergence is that we are carrying on with the initiative and the focus, and it's key priority as we speak today. It's not like we've parked everything, and we will sort of switch on the engine again somewhere next year. If that's been your perception, then that's not the case. I think what we're saying is that there are a number of ways we can enter and continue on FMC. The way we want to do it is in line with our overall commercial strategy, which is to look for a balanced play of value and volume. You will not see us press the button on a hard, aggressive type price play on FMC. That is not the way we want to do it. We definitely will continue this and move this forward in a balanced fashion. Not somewhere starting it up in the second half of next year, for example. We're working it through also early into the next year. You will see us taking balanced steps. It's more like a continuum and building up momentum type trajectory that we're looking for where we can balance value and volume in the market and bring these customers to us for a sustainable journey with us instead of for a quick buck or a quick deal. Okay. Thank you for that. Sure. We now have a couple of more questions. Our next question comes from the line of Kristoffer Carleskär from Handelsbanken. Please ask your question. Morning, guys. We have seen if we look at the Swedish mobile market, we have seen 3 bring in a lot of subscribers over the past year. I was a bit interested to understand how big of a threat you believe this is to your business, or do you actually believe it's good that they are able to bring in customers with current price plans and thereby minimizing the risk for them reducing prices in the market? We talked about the strategic picture here before, where I've said that there are two players that have all the assets that are needed to build the FMC story that Hendrik was talking about. Of course, a lot of the transformation that we are going through now is about taking us to a level where we simplify, and we can do this in a much more nimble way than traditional for telcos. In that perspective, the two of us have that opportunity. The third player has some of those elements but has struggled quite a lot with making that work. Then you have Tre, that is a pure play mobile, growing their customer base. I think when you go into the numbers, you will see it's their second brand that has grown the most. The first brand shows limited growth. There is also an element of cannibalization. I think their approach is quite rational. I think it's quite natural that they will have a feed from people who want to be mobile only. If they execute well on that, they can have an okay position for that. The position that we are taking is to develop Tele2 as the converged brand and of course, continue the success of Comviq, where we have assets that definitely Tele2 does not have. We should give credit to these guys for executing on a relatively clear strategy. We are getting traction on our converged story, and as we get out of the transformation program, we'll be in a great spot. Mm-hmm. Thank you. Your next question comes from the line of Pontus Wachtmeister from SEB. Hi, guys. Quick question on the working capital. Was it slightly larger release than usual in the third quarter? Also year-to-date, it's a better nine-month period than the previous years. Would you say this is pure efficiencies and just a better execution, or is it that we are seeing inventories drawing down because of bottlenecks, and you're just basically selling everything you've got, and it's hard to replenish supplies for hardware? Can we see a reversion of this, is my big point, in the future? Thanks for the question. Peter here. I would say that we have a strong working capital in the quarter and year-to-date. The first piece is, of course, that we get the help from external enhanced financing in the Baltics, Lithuania from last year and Latvia this year. That's positive. I think if you compare to last year, I think you should recall that in Q3 last year, we had a little bit of swings with the one-off effect in working capital, negatively SEK 100 million, roughly. That should be kept in mind looking year on year. I think you should keep in mind the seasonality. We are strong year to date, but then we enter the heavy Christmas and Black Friday period where we'll sell phones, which will bring it down a bit. That's how I would look at working capital. Thank you. Thanks. We have no further questions. I would now like to hand the call back to Kjell Johnsen for some final remarks. Thank you very much, thank you to all of you for your questions. I'm going back to my original statement here. I think we're very happy to see that we are delivering a strong quarter. We see that it's not one area alone that drives it. It is across the board an improved performance. Very happy to see our growth in the Baltics. Of course, in the long run, the mothership is Sweden. Now we're getting back to growth overall in Sweden, which I think is a milestone. We see B2B, that used to be a problem 12 months ago, a big problem, is now back in a stable situation. That gives us quite good hopes for going forward. I also see that on the CapEx side, we are definitely within our guidance. For this year, we probably will be somewhere between the top and the medium range of our CapEx, so we could come in a bit under the top. Cash flow generation is very, very strong at Tele2. The third quarter is something that's a step on the way. If you see quarter by quarter, there is continuous improvement, and I'm very happy to see that. I think we're going to land this year in a quite decent way. I'm quite comfortable and confident about that. Again, thank you for joining us today, and I look forward to speaking to you guys later. That concludes our conference for today. Thank you for participating. You may all disconnect.