Good day. Thank you for standing by. Welcome to the Tele2 Q2 Interim Report 2026 Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Nicholas Högberg, President and Group CEO. Please go ahead. Thank you. Good morning. Welcome to Tele2's call for the second quarter of 2026. With me, I have Peter Landgren, our Group CFO, and Stefan Trampus, our Chief B2B. Please turn to slide two for some highlights from the second quarter. In Q2, group end-user service revenue grew by 2%, whereas underlying EBITDA grew by 4%, despite tougher comps than in Q1. In Q2, we also continued to generate healthy equity free cash flow of SEK 1.5 billion. We also announced a partnership with Scaleway, Europe's leading public cloud provider, to launch a sovereign and scalable cloud and AI offering in Sweden. The offering combines Scaleway's public cloud capabilities with Tele2's private cloud services, providing organizations with a powerful hybrid solution. We continue to expand our store network in Sweden, adding three new stores during the quarter. Finally, we are proud to have been recognized by Time Magazine as one of the world's most sustainable companies, including being the most sustainable telco in the Nordics. Please move to page three for more details on our results. Our 2% growth in end-user service revenue was driven by all our operations, and our 4% growth in underlying EBITDA was driven by both revenue growth and continued sharp cost control. Our solid equity free cash flow, which reduced by 9% year-on-year, was negatively impacted by timing of tax payments, whereas operating cash flow grew somewhat. Peter will go through the details later. CapEx to sales, which increased seasonally versus Q1, remained well below last year's level, mainly due to lower 5G rollout pace. Our leverage ended at 1.7 x following the first dividend tranche, which was paid in May. In Sweden, consumer end-user service revenue remains stable, with growth in mobile postpaid and DTV. In Sweden business end-user service revenue grew by 4%, driven by mobile due to strong IoT growth. Our Baltic operations grew end-user service revenue by 6% and underlying EBITDA by a strong 10%. Let's move to slide five for more details on Swedish consumer. As discussed in the CEO letter, this quarter, we continue to enhance the customer experience through investment in our brands, expanding store footprint, and increased use of AI and automation. Also according to Ookla's test, Tele2 has Sweden's best 5G network, demonstrating the quality and reliability we deliver to our customers. Mobile postpaid end-user service revenue grew by 2%. Total mobile revenue grew by 1%, partly offset by continued decline in prepaid. In fixed broadband, end-user service revenue declined by 2%, impacted by increasingly competitive pricing dynamics. In digital TV, end-user service revenue continued to grow by 4% and once again driven by healthy high single-digit growth in Tele2 TV, more than offsetting the impact of Boxer TV switch off. Let's look at the consumer KPIs on slide six. Mobile postpaid added a solid 13,000 RGUs during Q2, whereas mobile ARPU remained unchanged year-on-year. Fixed broadband RGUs declined by 8,000 in Q2, reflecting our deliberate caution in open networks where price competitions remains unhealthy. Meanwhile, we grew RGUs in our own network where profitability is high. TV RGUs increased by 5,000 in Q2 with continued good momentum in Tele2 TV. ARPU grew by 3% year-on-year, driven by pricing and cross-selling of sports content. To sum up, we deliver a solid quarter overall in terms of customer intake, despite continued competitive intensity in the market. Please move to slide seven for Sweden Business. Sweden Business continued to deliver a solid end-user service revenue growth, reaching 4% in Q2. Mobile grew by 7%, driven by our fast-growing IoT business. Mobile RGUs increased by 15,000 in Q2, supported by steady growth across several segments. ARPU continued to be impacted by changing customer mix. Solutions grew by 2% in Q2, primarily due to strong network solution performance. Fixed declined by 2% due to lower IP VPN revenues as a result of migration to new solutions, partly offset by continued solid growth in fixed broadband. Please move to slide eight for Sweden financials. In total, Sweden end-user service revenue grew by 1% in Q2, mainly driven by business. Underlying EBITDA grew by 2%, driven by the end-user service revenue and continued sharp cost control. Cash conversion improved to 76% over the last 12 months. Let's move to Baltic financials on slide 10. Baltics maintained strong top and bottom-line growth in Q2. Total end-user service revenue grew by 6%, partly supported by price adjustments. Underlying EBITDA grew by 10%, mainly driven by end-user service revenue growth and cost optimizations. Cash conversion based on the last 12 months was 80%, slightly negatively impacted by the tower transaction in Q1. Let's move to slide 11 for Baltic operating KPIs. The total postpaid base increased by 11,000 RGUs in Q2, driven by all markets, whereas prepaid declined by 9,000 RGUs. Blended organic ASPU grew by a solid 7%, driven by price adjustments and continued prepaid to postpaid migration. With that, I hand over to Peter, who will go through the financial overview. Thank you, Nicholas, and good morning, everyone. Please turn to Page 13 for the group income statement. Total revenue grew by 2%, driven by the service revenue growth of 2%. On reported underlying EBITDA after lease, I would like to remind you about the Baltic tower transaction. As previously stated, the transaction is expected to have a negative impact of around EUR 35 million on a 12-month basis starting from March. This translates to around SEK 95 million in the quarter. The organic growth in underlying EBITDA, which reflects the pro forma development, was +4% compared to Q2 last year, thanks to the service revenue contribution and sharp cost control across the group. Items affecting comparability were mainly impacted by workforce-related costs. Net financial items decreased year-on-year, mainly thanks to higher interest income. In Q2, our average interest rate was 2.7%, with a debt mix of 74% fixed rates and 26% floating rates. Income tax increased year-on-year due to higher taxable profits. Let us move to the cash flow on slide 14. CapEx paid, excluding spectrum, decreased primarily due to lower 5G rollout speed and delayed hardware supply, partly offset by payment timing. Spectrum CapEx refers to the Lithuanian spectrum acquired in Q2. Net financial items paid, excluding leasing, decreased due to both lower financing cost for outstanding debt and higher interest income. Taxes paid included around SEK 135 million of withholding tax payment in Latvia in Q2, while the corresponding payment last year occurred in Q3. In addition, this year included a supplementary tax payment of around SEK 60 million in Lithuania related to 2025. Altogether, equity-free cash flow reached SEK 1.5 billion in Q2, and over the last 12 months, SEK 6.2 billion has been generated, equivalent to almost SEK 9 per share. Please turn to slide 15 for our capital structure. End of Q2, economic net debt was SEK 19.7 billion, a reduction of SEK 4.6 billion compared to end of 2025. This was driven by cash proceeds from the closing of the Baltic tower transaction and the cash generated in the business exceeding the payout of the first dividend tranche in May. Our leverage of 1.7 x underlying EBITDA is comfortably within an investment-grade range. With that, I hand over to Nicholas for some comments on our 2026 guidance. Thank you, Peter. Please turn to slide 16 for our 2026 guidance. Following our solid Q2 numbers, we are well on track to reach our full-year guidance for 2026, comprising low single-digit organic growth of end-user service revenue, low to mid single-digit organic growth for underlying EBITDA, and CapEx to sales in the range of 10%-11%. As for underlying EBITDA, we are optimistic about avoiding the low part of the range, and regarding CapEx to sales, we believe we will land in the lower part of the range. With that, I hand back to Peter for some additional comments regarding 2026 before we open up for Q&A. Thanks, Nicholas. As always, a few additional remarks on the cash flow for the full year 2026. On spectrum, we estimate full-year payments of around SEK 180 million related to auctions concluded in Sweden and Lithuania. On working capital, keep in mind that H1 was seasonally strong and H2 is hence expected to be seasonally weak. On financial items excluding leasing, we now estimate full-year net payments of around SEK 600 million, with a similar quarterly phasing to last year. Finally, on taxes, we now estimate full year payments of around SEK 1.45 billion. With that, I hand over to the operator for Q&A. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now take the first question from the line of Andrew Lee from Goldman Sachs. Please go ahead. Good morning, everyone, and welcome, Nicholas. I think we've met in the past when you were at Three Sweden. I just wanted to ask one question, which is kind of the key question investors are asking, given that the management change we've seen at Tele2, and you joining. The concern that investors have is did Jean Harion leave because there wasn't much more to be done in terms of cost efficiencies? So it'd be great if you could talk to what you see is the opportunity in terms of cost efficiencies from here and ability to deliver mid percent or mid-single digit EBITDA growth from here. In the context of you guys not raising your guidance of low single digits or mid-single digit EBITDA growth this year, despite having delivered 7.5% already year to date. Investors are just questioning what the kind of cost efficiency opportunity and outlook is from here, and it'd be great to get your take on that. Thank you. Oh, thank you. Thank you, Andrew. I think it's important to begin with stating that the next phase now is not about the new direction. The focus continues to further improve customer loyalty and drive sustainable and profitable growth. It's also important that we call ourselves a challenger, that is not a slogan for us. For Tele2, it means that we should act simpler, we should act faster, we should be more flexible. Being in and out in the telecom industry for almost 30 years, the beauty of the industry is that there is almost always more to do. It is in the details where cost efficiency happens. We will have a very strict cost control going forward. We see several areas, also we're working heavily with AI and automation, where we see opportunities when it comes to creating even more operational efficiency in the company. The strategy is there. Of course, we're very proud of this quarter delivering on our expectations. We will continue to have a very strict cost control going forward. Thank you. We will now take the next question from the line of Erik Lindholm-Röjestål from SEB. Please go ahead. Sure. Thank you. Good morning, everyone, and welcome Nicholas. Just wanted to ask about pricing in Sweden to start with. Sweden postpaid after was flat year-over-year. How should we think about pricing into the second half? Would you say that sort of promotional activity, general competition has increased in the B2C mobile market? Just a second question on fixed broadband. Service revenues down 2% year-over-year here. How do you think sort of about volume loss versus price decline? Do you think the current pressure that you're seeing is sort of structural, or is it mostly campaign driven? Thank you. Well, thank you, Erik. When it comes to the market and the competition, it's clearly a very competitive market. It has also, within the no-frills segment increased, since Telia shut down the Halebop brand. We can see increased competition in the no-frills market. We have chosen not to be part of that. We strongly believe that we can continue to build our challenger position and value for money. We are doing that by strengthening our brand assets with the Comviq launching Jättebra, the very good campaign, and it actually performs very good. We're happy about that, but we can see that it is a fierce market. From our perspective, we have created the flexibility in the company, thanks to our strong financial situation, to choose whether we would like to take part of that competition or not. Right now and at this moment, we are not doing that. We are focusing internally on becoming even more efficient and strengthening our customer loyalty and our brands. When it comes to fixed broadband, that is a sort of a complex situation because we have players in the market, in the Open LAN market that is actually selling services below their cost price. We are not participating in that, and that is reflected in the numbers. What I can say is that we're growing at the same time in our own network, which is positive. We're also looking forward to the legislation from EU, which I think will create a more healthier situation in the market. I hope that perhaps your two questions. Definitely. Thank you. Thank you. Thank you. We will now take our next question from the line of Andreas Joelsson from DNB Carnegie. Please go ahead. Good morning, everyone. Also welcome, Nicholas, from my side. Follow up to Erik's question, but maybe more in general. I read your focus areas in the CEO letter, and you highlight accelerating growth and profitable and sustainable growth. It is a sector, as you know, having been in the sector for many years, that it is a challenge to grow the service revenue. Just would like to hear your more broad thoughts on that long term, how you see Tele2 being able to sustainably grow. We have seen that Three has managed it over many years recently, but how do you see Tele2 being able to grow, and do you see in terms of both market share and pricing? Well, thank you, Andreas. Well, this could be a very long answer, as you said, being in the industry for a while, but I will try to keep it short. There is a couple of components in this. Of course, to start with, I think the strict cost control gives us flexibility on how to act as a company. That is very important going forward. Our 5G network being now promoted as the best 5G network in Sweden by Ookla helps us because then we have the very best product in the market, which is super important. Of course, I think it is important to highlight that we want to have the most loyal customers in the industry. That comes down to offering very strong service, in whatever channel is relevant for the customer. It is very much about distribution and make sure that we can offer a good distribution from the customer's wish. It is very much about the brands and the brand assets that we have. Of course, I'm talking out of Tele2's position, but I think being in the market for a long time, that Tele2 has the two strongest brands in the market, both with Tele2 and Frank, and also with Comviq and Karim, where we now have revamped the positioning of both brands, and we can see some results. Going back to the growth, it's very much about operational efficiency and details and giving the customers what they really want and create a loyal customer base that feels that they get value for money. For me, being a challenger is not lowest price. It's most value for money. It's hard work, and we will make sure to do that work. Perfect. Thank you. Thank you. We will now take the next question from the line of Viktor Högberg from Danske Bank. Please go ahead. Good morning. On the fixed broadband in Sweden, you see increased price competition with the upcoming regulation, which you've been updated on previously. The aim from the regulator, of course, is the lower consumer prices. What's your strategy, and how will you capitalize on the new market regime, given what we're seeing on the pricing side already? That's the first potentially only question. We'll see. Thank you, Viktor. I think it's fair to say that we will wait for the regulators to come with the new legislation. After that, we are more prepared to discuss how and what we will do going forward. I think it would be a bit premature for me to go into details regarding that. With that said, we see opportunities, and it is necessary to make sure that the new regulations come in place, which we think will happen in 2027. Okay. Thank you. Also a follow-up, not on this one, on component prices and general inflation. Talked about this in the Q1 report as well, how will you mitigate this? Ties into previous questions. Are you willing to do anything on pricing already before the annual January hike to mitigate this, or is it something that would affect the profit margins? Thinking about inflation theme, which you clearly highlighted as well in the CEO letter. A general comment and then I will leave it to Peter to answer a bit more. We have, as you can see in the numbers, created a strong balance sheet and good operation. We are prepared, and we can mitigate, and we stand by our guidance for this year. Of course, everyone knows the geopolitical situation, and going forward, we will see how that develops. We think that we stand strong in this situation right now. With that said, I can leave over to Peter to give maybe a bit more flavor. Absolutely. First on how to deal with this inflation. There is indeed inflation in certain pockets here. I think the work is, of course, to work specifically on those matters and see how we can act differently, challenge the suppliers, and see if we can find other solutions. In the end, sometimes we face inflation. Specific work towards those counterparties is, of course, key, but also the general work that we have talked about also last year about our procurement activities and review our contracts, which we keep doing. Last year we saw a lot of it filtering through to better profitability. This year we see that as well, but part of it is also to mitigate this inflationary pressure that we see in some places. Maybe that's also worth reflecting on our CapEx so far this year. It's quite low, partly as expected, but partly also because of the delays in deliveries due to this complex situation. That's something that we're coping in different ways. In one, we try to plan differently and refurbish things where possible, but in some cases, we need to buy. So far it has impacted our CapEx to sales in a way that it's so far quite low, as you can see. Thank you. With that. Please continue. Sorry. Just to follow up on that. Of course, you haven't guided for 2027 yet, but do you see a catch-up on these investments next year in a material way, or is it a manageable quantity of CapEx that is delayed? Yeah. If you can say anything. To quantify it a bit, even though it's a matter of definition, but we think that what has been in a way pushed forward is about SEK 100 million in the first half of the year. That's something that might come back to some extent in the second half of the year, or we try to mitigate it in other ways, or it spills over to be invested going forward. In the scheme of things, it's not a massive amount, and we feel confident that we can continue to run a business with low CapEx intensity. Also, I think it's fair to say that it's very difficult to speculate on component prices, memory prices, et cetera, for 2027. Things are moving fast, we don't know actually what will happen during next year. That is also an uncertainty in the situation. Thank you. We will now take the next question from the line of Felix Henriksson from Nordea. Please go ahead. Hi. Thanks for taking my question. You announced a strategic partnership with Scaleway recently on sovereign cloud and AI offering in Sweden. Can you elaborate a bit more on this? How should we think about the financial impact of the partnership in terms of revenue margin potential as well as investment needs? If you could also touch on the sort of competitive landscape in that area in Sweden, that would be great. Thank you. Thank you for your question, Felix. I will hand over to Stefan Trampus, who is heading the B2B division. Hello, Felix. Thanks for your question. Before I come into sort of financial impacts, I think it's worth describing why we're in this area. First of all, cloud and data center services, it is a natural extension of Telco's core business and already invested assets that we have. We, as a provider, we are good at critical societal infrastructure, security, operational stability, and also resilience. Our resilience are reflected in everything that we do and deliver. What we see is that customers are looking for end-to-end, not all, but there are segments that are looking for not fragmented infrastructure. They want to buy both cloud network security services, so more of a cohesive solution. We deliver that, and I would say there's few players in Sweden that can do that, the whole end-to-end that I was talking about. The strategy and the position we want to take is to be a leading telco in cloud and AI infrastructure, and offering both private, public, and hybrid cloud solutions, the mix of it. What's interesting to see, and I think we've touched about it a little on previous calls, is that we see an increase in demand for European sovereign cloud and AI solutions. Swedish organizations in our dialogues, we see that they want alternatives to global giants and it's more than just a physical location for data storage. They also want clarity regarding ownership, regulatory compliance, long-term control over their infrastructure. The customers we are meeting, and the need that we see is really matching with our own private cloud which we deliver to our own data centers. We saw it as a need also to complement with something else from a hyperscaler place perspective. Therefore it was easy. Scaleway being close, part of the Iliad Group, have these capabilities. We're combining their public cloud with our private cloud into a powerful hybrid solution. As many or maybe have seen some of you that we have already secured our first customer, a major player in the energy segment. I think that shows that we have the right offerings and skills in place to serve the future already today, not in the future. From a financial perspective, how this will affect our revenues. We don't report on the business line specifically. We see good growth potential going forward, both from the customer needs, but also from legislation, policies that we see both from Swedish authorities, but also from EU perspective. This is something that we see as a good growth. It's attractive for selected segments, but you shouldn't see this as something that will replace our core revenue streams. We see this as an addition to the portfolio. That's a little bit about the partnership and why we're doing it. I hope that answers your question, Felix. Very good. Thank you. Thank you. We will now take the next question from the line of Fredrik Lithell from Handelsbanken. Please go ahead. Thank you very much, Nicholas. Welcome to the team. Nice to see you here. I know you've been on the board before that, on the cost level, we know all about the actions you've taken the last few years, but when you're sitting where you are now, do you feel there is more to do on the cost side? If so, where do you find that, and how would you proceed in order to move into an even more efficient cost profile going forward? Would be interesting to hear your thoughts on it. Thank you. Thank you, Fredrik. Well, there's always more to do, and that is my experience in this industry. Also, I think it's important that it's a part of our DNA to be very cost-disciplined. Also, we see a technology shift right now with AI and automation that will help us drive those cost reductions over time. I think we're looking into all areas, and not a specific area, to become even more efficient and have a high operational leverage in what we're doing. I hope that answers your question. For us it's a never-ending story to optimize costs. Yeah. That's interesting. Thank you. Could I have a follow-up on the Sweden and the mobile? We see some net adds, but we also see that ASP in Sweden is a little bit under pressure. What is the tactics here to go coming 12 months? Is it the tactics to have a net add that is on the positive side and at the little bit expense of ASP? Is that a driver for you or how do you play that, would be interesting. Thanks. Okay, thank you. We are focusing now on driving sustainable and profitable growth. That will come from our extension of distribution, our own channels where we are becoming more and more efficient, but also by making our brands even more attractive to the customers. I think we will have a healthy growth, but at the same time, we will work hard on keeping the ASP on good levels and not as for now, at least participate in the price war that is going on within the no-frill segment, because that is over time, not a healthy situation. As I pointed out, it has intensified quite a lot since Telia took away the Halebop brand from the market. We are observing what is happening right now, but over time for us, the most important part is to create the most loyal customers and continue to build on our brands and our distribution and our service. Okay. Thank you very much. Good luck. Thank you. We will now take the next question from the line of Ulrich Rathe from Bernstein. Please go ahead Yeah, thanks very much. I wanted to ask this cost question or efficiency question maybe another way. It's a change of leadership now, and the prior leadership sort of came in, and I think the signature move was to cut very radically the headcount in particular. Do you see any areas where that has done damage that needs to be fixed, where things have overshot? Thank you, Ulrich. No, I cannot see that. Actually, I think we have become overall, as a company, we have become simpler and much faster and much more flexible in how we operate. I think overall it has been, even though it was a tough situation for everyone involved, I think we have become a much leaner and better company going forward. We are definitely in a much better position. Great. Can I ask a follow-up, please? In the CEO letter, you talk about specifically unpredictable consumer sentiment. Could you explain whether that's the more sort of general point with the geopolitical uncertainties and inflation uncertainties, or do you have anything more specific in mind that caused you to insert that sentence into the CEO letter? Thank you. Thank you. It's not a specific happening or anything. It's more the geopolitical situation, which I think we all can relate to, even more the latest week, and the headlines we're waking up to every day and how that will affect the consumer going forward. It is an uncertainty, and it's hard for us to see where this is going. We are well prepared to tackle such a situation if it would become a negative consumer sentiment. Thank you very much. Thank you. We will now take the next question from the line of Abhilash Mohapatra from BNP Paribas. Please go ahead. Yeah. Good morning, and thank you for taking my questions. I just wanted to come back to the Swedish top-line performance this quarter, please. As you mentioned, we saw fixed B2C service revenue slow down quite materially versus Q1. We also saw a slowdown in the mobile end-user service revenues. I was wondering if you could just comment a bit more on that, please. You talked about competition in the open networks, and then low end of mobile market, which is if you could help bring that back into your revenue performance. How much of that was the competition, how much impact it had on your ASPs, or is there some phasing around back book price increases that we should be aware of? Just some more color on what looks like a slowdown in your top line, please. Thank you. Yeah. I will answer that. Thanks for your question, Abhilash, on this one. When it comes to starting mechanically with phasing, just a reminder around that we did the annual pricing in Q1, as you probably recall in Sweden consumer. That's of course helping, but then as we have pointed out in different ways here, it is a busy market and competitive market, especially in fixed broadband, and in the no-frills area. We face that, and our focus is on keeping our customers, making them more loyal, of course, but keeping our customers, and which also is illustrated a bit by our positive net adds in Q2 in mobile. When doing this, we needed to make sure to keep them by, in some cases, offer somewhat better pricing. That's something that is offsetting the price increases that was implemented earlier in this year. That's a constant balance and a constant fine-tuning to find the right way to approach our customers and provide the right price at the right time. That's the work that we will continue to do with the development of our own stores and our AI capabilities to approach the customers in the right way. That's what we see. Thank you. That's very helpful. Just a very quick follow-up, please. I mean, just sort of taking a step back, I guess the Swedish market, at least until this quarter, has generally been seen as sort of relatively rational. I know there's the competition in the open networks that you've referred to in the past as well. Just taking a step back, do you see fundamentally has the market become more competitive than where we were previously, or is this more of sort of the usual kind of competitive trends that we see? Thank you. No. Thank you. I think it's fair to say that we definitely see a more competitive situation in the no-frills market. That's where it's most obvious. Sort of a reflection is that it's almost, it feels like it's Black Week, Black Day every day right now. Different brands are pushing really hard. That's what we see where we think it's a bit of a, as you stated it, irrational in one sense. Very helpful. Thank you. Thank you. We will now take the next question from the line of Ondrej Cabejsek from UBS. Please go ahead. Hey, good morning, everyone. Thank you for the presentation. I've got a couple of questions, maybe starting with a follow-up on the theme that was already developed several times, the increased competition following the shutdown in Halebop as a brand. Can you elaborate on why exactly this is? I presume that's because, I guess, other companies or maybe even yourself, through Comviq, are trying to take advantage of that and somehow use that as a way to increase market share at the expense of the shutdown brands. Any color on that would be very helpful, and then I'll follow up with other questions, please. Ondrej. Well, it's a bit hard to understand why, but we do see increased competition, and I assume that is a consequence of trying to make sure that the Halebop customer base stays where it should be, or where some actors think it should be. Maybe that is driving the increased competition. From our perspective, we are always making sure that we come out as attractive brand and that we have great offers and make sure that we can take as much as possible from the market. With that said, in a healthy and sustainable way. Thank you. I had two questions kind of related to Three, Nicholas. I guess Three had a much thinner organization as far as I know, at least in terms of internal sales channels. I am curious how you view the strategy of Tele2 currently of exiting third-party distribution, which I believe for Three were, or was much more of a prominent part of the sales mix. I guess my question is, do you subscribe to the Tele2 strategy fully, and if not, how do you plan on developing the sales channel mix going forward? No, thank you. Well, first, just a reminder, it was more than 10 years ago, or it was 10 years ago since I left Three, I have no clue or insight into what they are doing today. Now I am fully committed to Tele2. I have been watching for almost 30 years as a fantastic competitor, then from the board and now operationally, and I am very impressed of how we are running Tele2 from a sales and distribution perspective. I think it is fair to say that we have been vocal on that we are investing in our own distribution channels. I fully agree on that strategy and have been working with that strategy both from operational and strategic board perspective. We are very aligned on what we are doing and where we are going when it comes to the distribution strategy. Thank you very much. Thank you. As a reminder, to ask a question, please press star one and one on your telephone. We will now take the next question from the line of Ajay Soni from JPMorgan. Please go ahead. Hi there. I know Q2 last year you had lower marketing spend, comps were slightly harder for this year. If these are excluded, where would your group organic growth been from the 4% reported today? If we look at Q1 EBITDA growth, it was double digit Q2, let's say mid-single digit, and your guidance remains at low to mid-single digit. At the low single-digit level, it feels like things have to get materially worse in H2. What headwinds do you see in H2 where potentially full year EBITDA growth ends up towards that low single-digit number? Thank you. Thanks for your question. I'll cover those two. We're not calling out exactly what it would mean in terms of growth with and without the marketing moves. What we notice, of course, is that we had a very strong growth in Q2 last year. Of course that impacts the growth this year, that we had tough comps. On that note, that's why we find the 4% growth that we see now as a solid performance, which we're pleased with and in line with our expectations. Going forward and on the guidance for the full year, I think it's a couple of things to call out. First, we should keep in mind, we keep saying that we raised the bar last year and we're hence starting from higher levels. Also, as Nicholas pointed out earlier today, is that we're optimistic to avoid the lower end of the range on EBITDA. As you know, then we keep the guidance untouched. It's a couple of reasons. One thing is then, as we've said, the geopolitical and macroeconomic environment that it brings uncertainty. We have talked about it here, but it's about consumer sentiment and where that goes, and also the inflationary pressure that we have, especially in certain pockets of our cost base. Secondly, as we've talked about, it's the Swedish market that is competitive, especially now for some fixed broadband. We don't know how that will evolve in the second half of the year. So far we have stayed out deliberately from the most intense competition, but we of course want to retain our ability and optionality to act as we find best for Tele2. That's how I look at our guidance for the remainder of the year. Okay. Thank you. Thank you. We will now take the next question from the line of Viktor Högberg from Danske Bank. Please go ahead. Hi again. Just on a recent topic, will be interesting to pick your brain. Satellites, the large vendor having recently IPO'd. Just your thoughts on satellite providers within the context of the competitive landscape in the future, both for your sakes but also for the industry, will be interesting to just hear your thoughts on it. Thank you. Thank you, Viktor. It's always thrilling when new technologies come out. Satellite is not new, but it's a different way of using it. It's a bit of a different scenarios here. If we're talking about broadband, then it's more rural areas and a complement. We don't see a big threat right now from satellite. We think it will be a complement to us. If we talk about D2D, device to device, there are a couple of things to look into when it comes to satellite. We have the regulations, looking at EU, and the Nordics specifically. We have regulations that makes it a bit sort of complicated. We also have frequencies and capacity that you have to understand and how that will affect a satellite operator. Of course, we have the more operational part where we have very, very good networks in the Nordics, in Europe. We have a dense population. The price levels are quite low. Maybe also that will affect the sort of opportunity and possibility for a satellite operator to enter the market. As a complement, we are very positive, and we think there is an opportunity there. I hope that answers your question. Of course, we are following it closely and as I said, it's always exciting with new technologies and technology shifts. I would rather see AI and automation as a bigger sort of opportunity and technology shift, which also is very exciting to talk about, of course. Thank you. Thank you. There are no further questions at this time. I would now like to turn the conference back to Nicholas Högberg for closing remarks. Thank you very much, thank you all for listening in and the great questions. As said before, we are proud to deliver a solid and strong quarter, according to our expectations. I want to wish everyone thank you so much and wish everyone a great summer and hopefully a good and deserved vacation for some of you. Thank you very much. This concludes today's conference call. Thank you for participating. You may now disconnect.