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First mover Tele2 is the first operator in Sweden to offer RCS for both Android and iOS . “ We are turning strategy and ideas into action at an accelerating pace ” Tele2 Interim Report Third Quarter 2026 Tuesday 20 October 2 % o rganic growth End - user service revenue: 3 % organic growth Underlying EBITDAaL: 2.3 bn SEK Equity free cash flow: Tele2 delivers record - high cash flow Nicholas Högberg, CEO Tele2 Financial highlights Continued organi c EBITDAaL growth from a strong base. Record - high EFCF of around SEK 9.70 per share over the last twelve months. Full year guidance updated. Highest score Tele2’s network selected as part of Sweden’s new emergency network, with the highest quality score. Top rated Tele2 ranked highest in mobile consumer customer satisfaction among Sweden’s main brands (Swedish Quality Index).
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▪ 2 % organic growth in end - user service revenue ▪ 3% organic growth in underlying EBITDAaL ▪ Record - high EFCF of SEK 2.3 bn ▪ Full year guidance updated ▪ 1 st in quality: highest score for Net4Mobility in the procurement for Sweden’s new emergency network ▪ 1 st in messaging: first operator in Sweden to offer RCS on both Android and iOS ▪ 1 st in customer satisfaction: highest mobile consumer score among Sweden's main brands ( Swedish Quality Index). 2 Highlights
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Another s olid quarter 3 Sweden Business in Q3 – EUSR growth of 5% – Strong growth in Mobile driven by IoT The Group in Q3 – EUSR growth 1 of 2% driven by growth across all operations – Underlying EBITDAaL growth 1 of 3% driven by end - user service revenue growth and continued sharp cost control – Strong EFCF growth driven by working capital and lower capex, resulting in low financial leverage of 1.5x Sweden Consumer in Q3 – EUSR stable – Growth in mobile postpaid and digital TV The Baltics in Q3 – EUSR growth 1 of 6% – Strong underlying EBITDAaL growth 1 of 9 % SEK (YoY growth) Q3 26 YTD End - user service revenue (EUSR) 1 5.7bn (+2.2%) 16.9bn (+2.7%) Underlying EBITDAaL 1 3.1bn (+2.8%) 9.1bn (+5.9%) Capex 2 to sales 7.7% 8.3% EFCF 2.3bn (+30%) 6.0bn (+10%) 1) Organic growth rate including pro forma adjustments related to the Baltic towerco 2) Excluding spectrum and leases
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SWEDEN
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1 409 1 390 1 374 1 402 1 444 206 196 173 183 185 +4% +5% +3% +2% +3% - 6% - 5% - 10% - 10% - 10% +3% +4% +2% +1% +1% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 830 823 825 817 803 +3% +2% +1% - 2% - 3% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 590 611 618 618 614 - 8% - 1% +4% +4% +4% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 Mobile prepaid Fixed broadband EUSR SEKm, YoY growth Digital TV EUSR SEKm, YoY growth Mobile postpaid Sweden Consumer: Growth in mobile and TV Mobile EUSR SEKm, YoY growth 5 Q3 highlights – Mobile end - user service revenue (EUSR) grew 1% due to 3% postpaid growth partly offset by continued prepaid decline – Fixed broadband EUSR declined 3% impacted by continued competitive pricing dynamics – Digital TV EUSR grew 4% as our modern TV service continues to develop well and grew end - user service revenue at a high single - di git rate
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2 165 2 195 2 194 2 207 2 218 +8 +30 0 +13 +11 +3% +2% +2% +2% +2% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 +1% +3% +1% 0% 0% 958 958 951 943 937 +1 0 - 7 - 8 - 6 +1% 0% - 1% - 1% - 2% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 +2% +1% +1% - 1% - 1% Sweden Consumer: Overall RGU growth RGU base & QoQ (‘000s) Fixed broadband RGU & ASPU Digital TV RGU & ASPU ASPU growth YoY ASPU growth YoY RGU base & QoQ (‘000s) ASPU growth YoY RGU base & QoQ (‘000s) Mobile postpaid RGU & ASPU Q3 highlights – Solid intake in Mobile postpaid – Fixed broadband decline driven by deliberate caution in the open networks amid fierce competition – Good intake on Tele2 TV meanwhile Boxer volume continues to decline. ASPU growth mainly driven by pricing and sports RGU growth YoY RGU growth YoY RGU growth YoY 6 761 765 768 773 775 - 3 +3 +4 +5 +2 - 7% - 4% 0% +1% +2% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 0% +4% +7% +4% +3%
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1 135 1 135 1 138 1 153 1 163 +10 0 +3 +15 +10 +5% +4% +3% +3% +3% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 - 3% - 3% - 3% - 3% - 1% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 618 645 636 652 664 174 176 172 174 168 303 330 304 313 314 +8% +10% +3% +2% +4% +5% +7% +8% +7% +7% +1% 0% 0% - 2% - 4% +5% +7% +5% +4% +5% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 Fixed Solutions Mobile Mobile ASPU YoY growth (excl. IoT) End - user service revenue SEKm , YoY growth Sweden Business: Strong growth Mobile RGU & net intake Base & QoQ excl. IoT (‘000s), YoY growth Q3 highlights – Mobile EUSR growth of 7% driven by IoT. Solid RGU intake . ASPU stabilising – Solutions EUSR growth of 4% driven by strong network solutions performance – Total EUSR growth of 5% 7
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3 210 3 194 3 162 3 191 3 213 1 096 1 152 1 113 1 140 1 146 0% +2% +1% 0% 0% +5% +7% +5% +4% +5% +1% +3% +2% +1% +1% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 2 307 2 226 2 199 2 209 2 326 +8% +12% +10% +2% +1% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 41% 36% 39% 39% 41% 5 605 6 069 6 527 6 791 6 884 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 66% 70% 73% 76% 77% Consumer Underlying EBITDAaL & margin SEKm, YoY growth Operating cash flow and cash conversion, LTM, SEKm Business Sweden financials: EBITDAaL growth from a strong base End - user service revenue SEKm , YoY growth Q3 highlights – EUSR grew by 1% driven by Business – Underlying EBITDAaL growth of 1% driven by end - user service revenue growth and continued sharp cost control – Improving cash conversion of 77% LTM 8 Underlying EBITDAaL Underlying EBITDAaL margin Operating cash flow Cash conversion Cash conversion = operating cash flow / underlying EBITDAaL
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BALTICS
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188 183 178 188 196 385 379 372 384 395 723 712 703 742 775 +6% +4% +3% +4% +5% +4% +6% +8% +7% +3% +8% +8% +7% +7% +7% +7% +6% +7% +6% +6% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 753 689 720 764 820 +20% +17% +15% +10% +9% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 41% 36% 42% 42% 42% 2 437 2 571 2 585 2 564 2 520 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 78% 81% 80% 80% 80% Underlying EBITDAaL & margin SEKm, YoY i ncluding tower impact pro forma Operating cash flow and cash conversion, LTM, SEKm Latvia Baltics financials: 9% EBITDAaL growth End - user service revenue SEKm , YoY growth Lithuania 10 Underlying EBITDAaL Underlying EBITDAaL margin Estonia Operating cash flow Cash conversion Organic growth rate. Underlying EBITDAaL & margin on a full pro forma basis. Cash conversion = operating cash flow / underlying EBITDAaL based on reported numbers Q3 highlights – Continued solid EUSR growth of 6% driven by both ASPU and postpaid volume across markets – Strong underlying EBITDAaL growth of 9% mainly driven by EUSR growth and cost control – Continued strong cash conversion of 80% LTM
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1 439 1 450 1 460 1 462 1 470 504 470 449 439 432 +13 +11 +9 +2 +9 - 9% - 7% - 1% - 1% - 2% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 +17% +17% +12% +8% +9% 861 871 877 884 891 204 178 166 167 174 +9 +10 +6 +8 +7 0% - 1% - 1% 0% 0% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 +5% +6% +9% +7% +2% 423 425 427 428 426 46 37 34 35 36 0 +2 +2 +1 - 2 +1% 0% - 1% - 1% - 1% Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 +7% +2% +3% +6% +7% Postpaid RGU base & QoQ (‘000s) Latvia – Mobile RGU & ASPU ASPU growth YoY ASPU growth YoY Postpaid RGU base & QoQ (‘000s) Baltics KPIs: Strong ASPU growth Estonia – Mobile RGU & ASPU Q 3 highlights – Mobile postpaid RGUs increased driven by Lithuania and Latvia – Mobile prepaid RGUs increased slightly driven by Latvia and Estonia – Blended organic ASPU growth of 7 % mainly driven by price adjustments and prepaid to postpaid migration Lithuania – Mobile RGU & ASPU ASPU growth YoY Postpaid RGU base & QoQ (‘000s) Prepaid RGU base (‘000s) RGU growth YoY 11 Organic growth rate RGU growth YoY Prepaid RGU base (‘000s) RGU growth YoY Prepaid RGU base (‘000s)
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FINANCIAL OVERVIEW
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SEK million Q3 2026 Q3 2025 Revenue 7,603 7,442 Underlying EBITDAaL 3,146 3,157 Underlying EBITDAaL , organic 3,146 3,059 Margin (%) 41.4% 42.4% Reversal lease expense 458 417 Underlying EBITDA 3,604 3,574 Items affecting comparability - 24 - 130 Share - based compensation - 47 - 42 Sale of Operations 2 0 D&A - 1,531 - 1,563 Result from shares in associated companies and joint ventures - 23 0 Operating profit 1,981 1,839 Net interest and other financial items - 202 - 235 Income tax - 369 - 315 Net profit 1,410 1,290 13 Comments Underlying EBITDAaL grew organically, mainly driven by end - user service revenue growth and continued sharp cost control across operations Items affecting comparability were mainly related to restructuring costs Net interest and other financial items decreased due to higher interest income Income tax increased largely due to higher taxable profits 1 2 3 2 3 1 4 4 Group results
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14 Group cash flow Comments Capex paid decreased mainly due to lower 5G rollout pace and delayed hardware supply Spectrum capex comprised payments for the Lithuanian spectrum acquired in 2026 Changes in working capital were mainly impacted by increased accounts payable Net financial items paid decreased mainly due to lower financing costs for outstanding debt and higher interest income Taxes paid decreased mainly as last year included approximately SEK - 135 million of withholding tax payments, while the corresponding payment this year occurred in the second quarter 1 2 3 5 SEK million Q3 2026 Q3 2025 Underlying EBITDAaL 3,146 3,157 Capex paid excl. Spectrum - 622 - 745 Underlying EBITDAaL - Capex paid excl. Spectrum 2,524 2,412 Spectrum capex paid - 25 0 Items affecting comparability - 24 - 130 Changes in working capital 182 - 42 Net financial items paid excl. leasing - 56 - 74 Taxes paid - 334 - 420 Other cash items 36 31 Equity free cash flow 2,302 1,777 Equity free cash flow, rolling 12 months 6,729 6,226 Equity free cash flow, rolling 12 months / share (SEK) 9.7 9.0 2 4 1 5 3 4
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22.9 24.3 17.4 19.7 17.5 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 2.0 2.0 1.5 1.7 1.5 Comments – Economic net debt decreased by SEK 6.8bn compared to year - end 2025 due to cash proceeds from the Baltic tower transaction and cash generated in the business, exceeding the payout of the first tranche of the dividend – Leverage of 1 .5x reflects levels comfortably within an investment - grade range. Adjusted for the payout of the second tranche of the dividend (payable in October), pro forma leverage would have been 1.8x Economic net debt to underlying EBITDAaL LTM Economic net debt, SEK billion Leverage 15 Economic net debt = Net debt excluding lease liabilities. Underlying EBITDAaL including pro forma adjustments related to the Baltic tower transaction has been used as of 3 1 March 2026 Leverage at 1.5x
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End - user service revenue 1 Underlying EBITDAaL 1 Capex to sales 2 2026 guidance 16 2026 guidance updated 1) Organic growth rate, i.e. FX adjusted and including the impact of the Baltic tower transaction on a pro forma basis 2) Excluding spectrum and leases. Including the impact from the Baltic tower transaction Low single - digit (unchanged) 4 - 5% (previously low to mid - single - digit) Below 10% (previously 10 - 11%)
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You are no 1. We are Tele2.