Interim report
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Key financial data SEK million Jul-Sep 2026 Jul-Sep 2025 Organic % Jan-Sep 2026 Jan-Sep 2025 Organic % Full Year 2025 Continuing operations Revenue 7,603 7,442 22,240 21,851 29,890 Revenue, organic 7,603 7,439 2.2% 22,240 21,755 2.2% Operating profit 1,981 1,839 10,520 4,861 6,615 Profit after financial items 1,779 1,605 9,966 4,171 5,678 End-user service revenue 5,725 5,602 16,897 16,525 22,146 End-user service revenue, organic 5,725 5,601 2.2% 16,897 16,454 2.7% Underlying EBITDAaL 3,146 3,157 9,103 8,867 11,879 Underlying EBITDAaL, organic 3,146 3,059 2.8% 9,103 8,599 5.9% Capex excluding spectrum and leases 583 643 1,836 2,365 3,240 Operating cash flow 2,563 2,514 7,267 6,503 8,639 Operating cash flow, rolling 12 months 9,404 8,042 Equity free cashflow 2,302 1,777 5,951 5,418 6,196 Equity free cash flow, rolling 12 months 6,729 6,226 Total operations Net profit 1,410 1,290 9,007 3,361 4,587 Earnings per share (SEK) 2.03 1.86 12.97 4.85 6.62 Earnings per share, after dilution (SEK) 2.02 1.85 12.91 4.82 6.58 Equity free cashflow 2,302 1,777 5,951 5,418 6,196 Economic net debt to underlying EBITDAaL 1.5x 2.0x 2.0x Q3 2026 Revenue SEK million 7,603 Q3 2026 Underlying EBITDAaL SEK million 3,146 Reporting period and continuing operations Figures presented in this report refer to the period July-September 2026 and continuing operations unless otherwise stated. Figures shown in parentheses refer to the comparable periods in 2025. For discontinued operations, refer to Note 9. Non-IFRS measures This report contains certain non-IFRS measures which are defined and reconciled to the closest reconcilable line items in the section Non-IFRS measures. Effective from Q2 2026, Tele2 has revised the definition of underlying EBITDAaL to exclude costs related to long-term incentive programs (“L TIP”). Comparative figures have been restated to ensure comparability . Note that this change only affects the measures underlying EBITDAaL and underlying EBITDA. Note that organic growth rates are calculated at constant currency , meaning that comparative figures have been recalculated using the currency rates for the current period, and including effects from divestments and acquisitions as if these occurred one year earlier. For further definitions of industry terms and acronyms, please refer to www .tele2.com/investors/ definitions/ or to the section Other financial metrics. • End-user service revenue of SEK 5.7 billion increased by 2% organically compared to Q3 2025 driven by growth across all operations. Total revenue of SEK 7.6 billion increased by 2% organically compared to Q3 2025. • Underlying EBITDAaL of SEK 3.1 billion increased by 3% organically compared to Q3 2025 driven by end-user service revenue growth and continued sharp cost control across all operations. Reported growth was flat due to the impact of the Baltic tower transaction. • Net profit from total operations of SEK 1.4 (1.3) billion and earnings per share of SEK 2.03 (1.86) in Q3 2026. • Equity free cash flow of SEK 2.3 (1.8) billion in Q3 2026. Over the last twelve months, SEK 6.7 billion has been generated, equivalent to SEK 9.69 (8.99) per share. • Full year 2026 guidance updated: Underlying EBITDAaL narrowed to 4–5% organic growth (previously low to mid-single-digit); capex to sales reduced to below 10% (previously 10–11%). Refer to page 7. • Tele2 has the most satisfied mobile consumer customers among the main brands, according to the Swedish Quality Index (SKI). • Tele2’s network selected as part of Sweden’s new emergency communications network (SWEN). • V ahdat Zehtab appointed EVP Chief Commercial Officer. Highlights Tele2 Third Quarter Report 2026 2 (32)
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CEO letter Dear shareholders, Three quarters into the year, we are delivering in line with our guidance for end-user service revenue, and we are comfortable with narrowing the full-year guidance for organic underlying EBITDAaL growth to 4-5%. Capex-to-sales is expected to land lower than we anticipated at the start of the year, below 10%. W e remain disci- plined with investments, prioritise what genuinely improves the customer experience and scrutinise every contract and every single cost. This has allowed us to keep growing while offsetting the cost impact of geopolitical developments. In the quarter, we generated record-strong equity-free cash flow , bringing the total to around SEK 9.70 per share over the last twelve months. The Swedish market remains highly competitive. Reducing churn is a priority , yet we have improved our gross intake of new customers, thanks to operational improvements and a stronger sales culture. That is despite our deliberate choice not to follow the most aggres- sive pricing, for example in broadband. Our strong results over the past 18 months prove us right and give us the flexibility to act decisively when we think it’s right. Our continuous transformation has simplified and focused Tele2, and reduced our cost base. It has given us the prerequisites to act like the challenger we are. Now it is time to execute and accelerate. There is still a lot of work ahead, and for an impatient person like me, it can be frustrating that some changes take time. But every day I see very strong momentum across the company , in engagement, innovation and performance. That gives me confidence that we are on the right track, doing the right things and turning strategy and ideas into action at an accelerating pace. Our Swedish brands are a good example. With Frank for Tele2 and Karim for Comviq, they have been given a whole new energy . W e haven’t seen brand sender-ID this strong in many years, and our brand communication is currently in a class of its own in the mar- ket. At the same time, we are expanding our own channels. During the quarter we opened yet another new store in Sweden, bringing the total to 9 since January 2026, with more openings to follow in Q4. With every opening we get better at optimising cost, traffic and conversion. The share of sales through our own channels is moving in the right direction and so are conversion rates. This has likely contributed to us having the most satisfied mobile consumer customers among the main brands in the latest Swedish Quality Index (SKI) survey . Better data analytics make us more precise in how we engage with customers, which is essential if we are to sustain this trend and become more effective in areas such as cross-selling. AI is creating significant value for us, in administration and network operations as well as customer relations. The vast majority of the customer queries we receive are simple questions that AI can resolve with no waiting time, much appreciated by our customers. NPS for our voice bot Anna is rising steadily , and she frees up time for our senior agents to handle the complex cases where customers want and need to talk to a person. W e are also closely following the development of personal AI agents, which will change how custom- ers compare and buy services. Whether the customer is a person or an AI agent, we need to be the best choice, giving customers more reasons to stay through a high-quality network, strong service and brands people love. Making it much easier to become and stay our customer has been a focus since the beginning of our transforma- tion, and it will only become more important. W e are not here to defend ourselves against AI. W e are here to win more because of it. B2B delivers another strong quarter, with momentum in both operations and business despite fierce competition. Tele2 is the first in Sweden to offer RCS (Rich Communication Services) for both Android and iOS, which lets companies and public organisations send verified, rich and interactive messages directly in the phone’s standard messaging app. It is further proof that we are driving development in the market. Tele2 IoT deserves a special mention. The business remains a growth engine, expanding into more coun- tries and industries and strengthening its reputation every quarter. In parallel, our partnership with Scaleway continues to open doors to new conversations with customers about sovereignty , security and cloud strategies. The Baltics also delivered a strong quarter, once again showing a remarkable ability to grow and demonstrate the value of their services to customers. During the quarter, Ookla’s independent measurements showed that Tele2 has the fastest 5G network in Lithuania, which we are very proud of. In Estonia, our customer service was named the best in the market, fully in line with our ambition to show customers that they are number one. Shortly after the end of the quarter, on 2 October, we signed a frame- work agreement through Net4Mobility with the Swedish Agency for Civil Defence (MCF) to provide mobile network capacity for SWEN, Sweden’s new emergency network. Police, rescue services and healthcare will get access to 5G and be able to share video and data in real time. In the procurement, our network received the high- est quality score. That is a real feather in our cap and yet another testimony to our nationwide network’s reliability . There is a lot to be proud of this quarter, but now our full focus is on finishing the year strongly . Nicholas Högberg President and Group CEO “W e are turning strategy and ideas into action at an accelerating pace” Tele2 Third Quarter Report 2026 3 (32)
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Financial overview Third quarter End-user service revenue increased by 2% organically driven by growth across all operations. • Sweden Consumer grew marginally driven by digital TV and mobile. • Sweden Business grew by 5% driven by mobile and solutions. • Baltics grew by 6% in local currency driven by ASPU (Average Spend Per User) growth from price adjustments and upselling. Total revenue increased by 2% organically driven by growth in end-user service revenue and operator revenue. Refer to Note 2 and Overview by segment for a breakdown of the segments. Analysis of revenue Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Organic % Jan-Sep 2026 Jan-Sep 2025 Organic % Full Year 2025 Mobile 1,629 1,615 1% 4,762 4,715 1% 6,300 – Postpaid 1,444 1,409 3% 4,220 4,112 3% 5,502 – Prepaid 185 206 -10% 542 603 -10% 798 Fixed 1,430 1,439 -1% 4,340 4,315 1% 5,767 – Fixed broadband 803 830 -3% 2,445 2,479 -1% 3,302 – Digital TV 614 590 4% 1,849 1,775 4% 2,386 – Fixed telephony & DSL 14 19 -29% 45 62 -27% 79 Landlord & Other 153 156 -2% 465 476 -2% 634 Sweden Consumer 3,213 3,210 0% 9,566 9,506 1% 12,701 Sweden Business 1,146 1,096 5% 3,399 3,247 5% 4,399 Baltics 1,366 1,296 6% 3,933 3,771 6% 5,046 End-user service revenue 5,725 5,602 2% 16,897 16,525 3% 22,146 Operator revenue 620 580 6% 1,772 1,667 6% 2,245 Equipment revenue 1,258 1,260 0% 3,571 3,659 -2% 5,499 Revenue 7,603 7,442 2% 22,240 21,851 2% 29,890 First nine months End-user service revenue increased by 3% organically driven by growth across all operations. • Sweden Consumer grew by 1% driven by digital TV and mobile. • Sweden Business grew by 5% driven by mobile and solutions. • Baltics grew by 6% in local currency driven by ASPU (Average Spend Per User) growth from price adjustments and upselling. Total revenue increased by 2% organically driven by growth in end-user service revenue and operator revenue, partly offset by a decline in equipment revenue. Refer to Note 2 and Overview by segment for a breakdown of the segments. Tele2 Third Quarter Report 2026 4 (32)
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Analysis of income statement Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full Year 2025 Revenue 7,603 7,442 22,240 21,851 29,890 Underlying EBITDAaL 3,146 3,157 9,103 8,867 11,879 Underlying EBITDAaL, organic 3,146 3,059 9,103 8,599 Reversal lease expense 458 417 1,348 1,243 1,669 Underlying EBITDA 3,604 3,574 10,451 10,111 13,548 Items affecting comparability -24 -130 -162 -500 -607 Share-based compensation -47 -42 -154 -112 -151 Sale of Operations 2 0 5,086 0 7 EBITDA 3,535 3,402 15,221 9,500 12,797 Depreciation/amortisation -1,531 -1,563 -4,664 -4,640 -6,189 – of which amortisation of surplus values from acquisitions -372 -372 -1,115 -1,109 -1,480 – of which lease depreciation -407 -377 -1,209 -1,124 -1,509 – of which other depreciation/amortisation -752 -814 -2,340 -2,407 -3,200 Result from shares in associated companies and joint ventures -23 0 -37 2 7 Operating profit 1,981 1,839 10,520 4,861 6,615 Net interest and other financial items -202 -235 -554 -690 -937 Income tax -369 -315 -958 -810 -1,099 Net profit 1,410 1,290 9,007 3,360 4,579 Third quarter Underlying EBITDAaL increased by 3% organically driven by end-user service revenue growth and continued sharp cost control across oper- ations. Reported growth was flat due to the impact of the Baltic tower transaction. Items affecting comparability of SEK -24 (-130) million were mainly driven by restructuring costs. Refer to Note 3 for more details. Net interest and other financial items of SEK -202 (-235) million decreased mainly due to higher interest income. Income tax of SEK -369 (-315) million increased largely due to higher taxable profits. First nine months Underlying EBITDAaL increased by 6% organically driven by end-user service revenue growth and continued sharp cost control across oper- ations. Reported growth was 3%, burdened by the impact of the Baltic tower transaction. Items affecting comparability of SEK -162 (-500) million were mainly driven by workforce-related costs. Refer to Note 3 for more details. Gain from sale of operations of SEK 5,086 (0) million was driven by a capital gain in Q1 related to our Baltic tower company. Refer to Note 9 for more details. Net interest and other financial items of SEK -554 (-690) million decreased mainly due to higher interest income. Income tax of SEK -958 (-810) million increased largely due to higher taxable profits. Tele2 Third Quarter Report 2026 5 (32)
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Analysis of financial position Total operations SEK million 30 September 2026 30 September 2025 31 December 2025 Bonds 21,932 22,576 21,276 Commercial papers — 499 649 Financial institutions and other liabilities 1,955 2,773 2,700 Cash and cash equivalents -6,007 -2,753 -249 Other adjustments -369 -149 -92 Economic net debt 17,511 22,946 24,283 Lease liabilities 7,170 4,704 4,797 Net debt 24,681 27,650 29,080 Underlying EBITDAaL, rolling 12 months 12,115 11,414 11,728 Underlying EBITDAaL pro forma, rolling 12 months 11,9531) Economic net debt to Underlying EBITDAaL 1.5x1) 2.0x 2.0x Return on Capital Employed (ROCE), rolling 12 months 23%2) 12% 13% Unutilised overdraft facilities and credit lines 8,504 8,408 8,237 1) Underlying EBITDAaL, including pro forma adjustments related to the tower transaction in the Baltics, has been used as of 30 September 2026. 2) Excluding gains from sale of operations (UAB, Baltic Tower Company) ROCE 30 September 2026 is 14%. Analysis of cash flow statement Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full Year 2025 Underlying EBITDAaL 3,146 3,157 9,103 8,867 11,879 Capex paid excl. spectrum -622 -745 -2,135 -2,400 -3,328 Underlying EBITDAaL - Capex paid excl. spectrum 2,524 2,412 6,968 6,467 8,551 Spectrum capex paid -25 — -169 -3 -365 Items affecting comparability -24 -130 -162 -500 -607 Changes in working capital 182 -42 638 491 287 Net financial items paid excl. leasing -56 -74 -262 -365 -725 Taxes paid -334 -420 -1,104 -725 -985 Other cash items 36 31 41 54 41 Equity free cash flow 2,302 1,777 5,951 5,418 6,196 Equity free cash flow, rolling 12 months1) 6,729 6,226 1) Reconciliation of equity free cash flow rolling 12 months is presented in an excel document (Q3-2026-financial-and-operational-data) on Tele2’s website www.tele2.com Third quarter Capex paid excluding spectrum of SEK -622 (-745) million decreased mainly due to lower 5G rollout pace and delayed hardware supply. Spectrum capex paid of SEK -25 (-) million comprised payments for the Lithuanian spectrum acquired in 2026. Changes in working capital of SEK 182 (-42) million were mainly impacted by increased accounts payable. Net financial items paid excluding leasing of SEK -56 (-74) million decreased mainly due to lower financing costs for outstanding debt and higher interest income. Taxes paid of SEK -334 (-420) million 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. Economic net debt of SEK 17.5 (24.3 by the end of 2025) billion declined 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 tranche of the dividend. Lease liabilities of SEK 7.2 (4.8 by the end of 2025) billion increased mainly due to the Baltic tower transaction. Economic net debt to underlying EBITDAaL1) (financial leverage) of 1.5x (2.0x by the end of 2025) reflects levels comfortably within an investment-grade range. First nine months Capex paid excluding spectrum of SEK -2,135 (-2,400) million decreased due to lower 5G rollout pace, reduced workforce and delayed hardware supply. Spectrum capex paid of SEK -169 (-3) million comprised payments for the first of two payments for the Swedish spectrum acquired in 2025 and for the Lithuanian spectrum acquired in 2026. Changes in working capital of SEK 638 (491) million were mainly impacted by reduced equipment receivable. Net financial items paid excluding leasing of SEK -262 (-365) million decreased mainly due to lower financing costs for outstanding debt and higher interest income. Taxes paid of SEK -1,104 (-725) million increased primarily as last year included a tax refund of approximately SEK 280 million and due to higher taxable profits. Tele2 Third Quarter Report 2026 6 (32)
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Dividend The Annual General Meeting on 18 May 2026 approved that a dividend of SEK 10.50 per share shall be paid out in two equal payments of SEK 5.25. The first tranche was paid on 25 May, and the second tranche was paid on 16 October 2026. Refer to Note 7 for more details. Financial policy T ele2 aims to provide attractive shareholder remuneration, while preserving a strong balance sheet and financial flexibility. • T ele2 intends to distribute capital to shareholders through dividends equivalent to at least 80% of equity free cash flow, reflecting the company’s financial position and outlook • T ele2 will seek to maintain the investment-grade credit rating Financial guidance Tele2 AB provides guidance for continuing operations at constant exchange rates. Organic growth rates also include the impact of the Baltic tower transaction on a pro forma basis. 2026 guidance (updated) • Low single-digit organic growth of end-user service revenue • 4–5% organic growth of underlying EBITDAaL [previously low to mid-single-digit] • Below 10% capex to sales (excluding spectrum and leases) [previously 10–11%] Financial guidance Tele2 Third Quarter Report 2026 7 (32)
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Group summary Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Organic % Jan-Sep 2026 Jan-Sep 2025 Organic % END-USER SERVICE REVENUE Sweden 4,359 4,306 1% 12,964 12,754 2% Lithuania 775 723 7% 2,220 2,112 7% Latvia 395 385 3% 1,151 1,108 6% Estonia 196 188 5% 562 551 4% Total 5,725 5,602 2% 16,897 16,525 3% REVENUE Sweden 5,678 5,639 1% 16,880 16,699 1% Lithuania 1,135 1,049 8% 3,160 3,010 7% Latvia 563 534 6% 1,564 1,508 6% Estonia 267 253 6% 753 732 5% Internal sales, elimination -40 -33 23% -118 -98 22% Total 7,603 7,442 2% 22,240 21,851 2% UNDERLYING EBITDAaL Sweden 2,326 2,307 1% 6,734 6,470 4% Lithuania 520 517 10% 1,493 1,477 11% Latvia 231 253 5% 685 713 10% Estonia 69 80 16% 190 208 21% Total 3,146 3,157 3% 9,103 8,867 6% CAPEX Sweden 410 483 -15% 1,363 1,914 -29% Lithuania 79 64 24% 205 177 18% Latvia 58 61 -5% 146 170 -13% Estonia 36 35 3% 122 105 19% Capex excl. spectrum and leases 583 643 -9% 1,836 2,365 -22% Spectrum 71 — 96 — Right-of-use assets (leases) 276 358 3,670 1,742 Total 930 1,001 5,602 4,107 Capex to sales (excl. spectrum and leases) 8% 9% 8% 11% Capex to sales (excl. spectrum and leases), rolling 12 months 9% 12% Tele2 Third Quarter Report 2026 8 (32)
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SEK million Jul-Sep 2026 Jul-Sep 2025 Organic % Jan-Sep 2026 Jan-Sep 2025 Organic % End-user service revenue 4,359 4,306 1% 12,964 12,754 2% Revenue 5,678 5,639 1% 16,880 16,699 1% Underlying EBITDA 2,679 2,652 7,793 7,501 Underlying EBITDAaL 2,326 2,307 1% 6,734 6,470 4% Underlying EBITDAaL margin 41% 41% 40% 39% Capex Capex excl. spectrum and leases 410 483 1,363 1,914 Spectrum — — — — Right-of-use assets (leases) 176 295 790 1,522 Capex 586 778 2,153 3,436 Capex to sales (excl. spectrum and leases) 7% 9% 8% 11% Overview by segment Sweden T ele2 Sweden end-user service revenue grew by 1% in the third quarter with 5% growth in Business, while Consumer remained stable. During the quarter, we continued to expand the availability of record speeds up to 2.5 Gbps across more areas. We also opened one new store and plan for additional store openings during the coming quarters. According to the Swedish Quality Index (SKI), most satisfied mobile consumer customers among the main brands. Moreover, T ele2’s net- work has been included in SWEN, the new emergency communications network that will replace Rakel and support critical communications across Sweden. Underlying EBITDAaL grew by 1% driven by end-user service revenue growth and continued efforts to simplify our organisational structure and to apply stricter priorities and cost control. Capex excluding spectrum and leases declined to SEK 410 (483) million, driven by lower 5G rollout speed, reduced workforce and delayed hardware supply. Tele2 Third Quarter Report 2026 9 (32)
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Jul-Sep 2026 Jul-Sep 2025 30 September 2026 30 September 2025 Organic % RGUs (thousands) Net intake RGU base Mobile 0 0 2,738 2,781 -2% – Postpaid 11 8 2,218 2,165 2% – Prepaid -10 -8 520 616 -16% Fixed -7 -6 1,795 1,818 -1% – Fixed broadband -6 1 937 958 -2% – Digital TV 2 -3 775 761 2% – Fixed telephony & DSL -3 -4 84 99 -15% Total RGUs -7 -6 4,533 4,599 -1% Jul-Sep 2026 Jul-Sep 2025 Organic % Jan-Sep 2026 Jan-Sep 2025 Organic % ASPU (SEK) Mobile 198 194 2% 192 188 2% – Postpaid 218 217 0% 213 212 0% – Prepaid 117 111 6% 110 106 4% Fixed 265 263 1% 267 260 3% – Fixed broadband 285 289 -1% 287 288 0% – Digital TV 264 258 3% 267 253 5% – Fixed telephony & DSL 54 63 -16% 57 65 -13% Revenue (SEK million) Mobile 1,629 1,615 1% 4,762 4,715 1% – Postpaid 1,444 1,409 3% 4,220 4,112 3% – Prepaid 185 206 -10% 542 603 -10% Fixed 1,430 1,439 -1% 4,340 4,315 1% – Fixed broadband 803 830 -3% 2,445 2,479 -1% – Digital TV 614 590 4% 1,849 1,775 4% – Fixed telephony & DSL 14 19 -29% 45 62 -27% Landlord & Other 153 156 -2% 465 476 -2% End-user service revenue 3,213 3,210 0% 9,566 9,506 1% Operator revenue 207 204 633 603 Equipment revenue 516 507 1,317 1,330 Internal sales 0 0 0 0 Revenue 3,936 3,922 0% 11,516 11,439 1% Sweden Consumer The third quarter saw continued growth in mobile postpaid and digital TV. Competitive intensity remained elevated, particularly across exter- nal channels, in the mobile no-frills segment and in fixed broadband, where price pressure remained very high. T otal end-user service revenue remained stable, with growth in mobile postpaid and digital TV offset by declines in broadband and legacy services. Mobile postpaid net intake was positive by 11,000 RGUs in the quarter, mainly driven by mobile broadband. Mobile end-user service revenue grew by 1% as 3% growth in postpaid more than offset a decline in prepaid. In fixed broadband, net intake was negative by 6,000 RGUs driven by competitive pricing dynamics and migration to mobile broadband, while end-user service revenue declined by 3%. Digital TV net intake was positive by 2,000 RGUs. Our modern TV service continued to develop well and grew end-user service revenue at a high single-digit rate. T otal digital TV end-user service revenue increased by 4%, partly burdened by Boxer. Tele2 Third Quarter Report 2026 10 (32)
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Sweden Business Jul-Sep 2026 Jul-Sep 2025 30 September 2026 30 September 2025 Organic % RGUs (thousands) Net intake RGU base Mobile (excl. IoT) – Postpaid 10 10 1,163 1,135 3% Jul-Sep 2026 Jul-Sep 2025 Organic % Jan-Sep 2026 Jan-Sep 2025 Organic % ASPU (SEK) Mobile (excl. IoT) – Postpaid 137 139 -1% 137 141 -3% Revenue (SEK million) Mobile 664 618 7% 1,953 1,819 7% Fixed 168 174 -4% 515 526 -2% Solutions 314 303 4% 931 903 3% End-user service revenue 1,146 1,096 5% 3,399 3,247 5% Operator revenue 22 22 67 69 Equipment revenue 285 333 1,083 1,178 Internal sales 1 1 2 3 Revenue 1,454 1,452 0% 4,550 4,497 1% Sweden Wholesale SEK million Jul-Sep 2026 Jul-Sep 2025 Organic % Jan-Sep 2026 Jan-Sep 2025 Organic % Operator revenue 288 265 812 759 Equipment revenue 0 0 0 1 Internal sales 1 1 2 2 Revenue 288 266 8% 813 762 7% Sweden Business and Wholesale During the third quarter, end-user service revenue grew by 5% mainly driven by continued strong performance in IoT along with solid contri- bution from fixed broadband and network solutions. Across customer segments, growth dynamics remained consistent with trends observed earlier in 2026. Mobile net intake was positive by 10,000 RGUs in the quarter. Mobile end-user service revenue grew by 7%, mainly driven by IoT growth. Solutions end-user service revenue grew by 4% supported by con- tinued strong demand for network solutions and managed connectivity services. Fixed end-user service revenue declined by 4% mainly driven by lower IP-VPN revenues as a result of migration to new solutions. A key highlight of the quarter was T ele2 becoming the first operator in Sweden to launch RCS, enabling richer and more interactive business messaging while strengthening its position in enterprise communications. Equipment revenue declined as solid demand for network equip- ment was more than offset by lower handset sales. Sweden Wholesale revenue increased by 8% due to increasing sales within A2P (application to person). Tele2 Third Quarter Report 2026 11 (32)
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Baltics Lithuania Competition remained intense during the quarter, with operators focused on customer acquisition and retention through pricing initiatives and targeted campaigns. Network quality and 5G expansion continued to be key competitive factors, supported by recent spectrum investments and ongoing infrastructure development. Net intake in the quarter was positive in mobile postpaid by 9,000 RGUs, and negative in mobile prepaid by 7,000 RGUs. Mobile ASPU increased by 9% in local currency, driven by price adjust- ments, customer base mix shift toward more postpaid, and continued execution of our more-for-more strategy. End-user service revenue grew by 7% in local currency driven by ASPU growth. Underlying EBITDAaL grew by 10% organically, driven by end-user service revenue growth, improved equipment margins and cost optimisations. Jul-Sep 2026 Jul-Sep 2025 30 September 2026 30 September 2025 Organic % RGUs (thousands) Net intake RGU base Mobile 2 15 1,902 1,943 -2% – Postpaid 9 13 1,470 1,439 2% – Prepaid -7 2 432 504 -14% Jul-Sep 2026 Jul-Sep 2025 Organic % Jan-Sep 2026 Jan-Sep 2025 Organic % ASPU (EUR) Mobile 12.1 11.1 9% 11.8 10.5 12% – Postpaid 13.4 12.6 6% 13.1 12.3 6% – Prepaid 8.0 6.9 15% 7.4 5.9 26% Revenue (SEK million) Mobile 770 718 7% 2,203 2,097 7% – Postpaid 653 601 9% 1,873 1,755 9% – Prepaid 116 117 0% 330 341 -2% Fixed 6 5 9% 17 15 13% End-user service revenue 775 723 7% 2,220 2,112 7% Operator revenue 47 41 119 110 Equipment revenue 294 267 768 736 Internal sales 19 17 54 51 Revenue 1,135 1,049 8% 3,160 3,010 7% Underlying EBITDA 569 550 1,627 1,575 Underlying EBITDAaL 520 517 10% 1,493 1,477 11% Underlying EBITDAaL margin 46% 49% 47% 49% Capex 200 103 1,534 323 Capex excl. spectrum and leases 79 64 205 177 Capex to sales (excl. spectrum and leases) 7% 6% 6% 6% Tele2 Third Quarter Report 2026 12 (32)
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Latvia The economy remained resilient in the third quarter, supported by continued growth in private consumption and investment. However, growth for the full year is expected to moderate, reflecting weaker external demand and higher energy costs. The overall market remained competitive. Net intake in the quarter was positive both in mobile postpaid by 7,000 RGUs and in mobile prepaid by 8,000 RGUs. Mobile ASPU increased by 2% in local currency driven by customer base mix shift toward more postpaid customers, and continued focus on data monetisation. End-user service revenue grew by 3% in local currency driven by ASPU growth. Underlying EBITDAaL grew by 5% organically driven by end-user service revenue growth and cost optimisations. Jul-Sep 2026 Jul-Sep 2025 30 September 2026 30 September 2025 Organic % RGUs (thousands) Net intake RGU base Mobile 15 14 1,066 1,065 0% – Postpaid 7 9 891 861 4% – Prepaid 8 5 174 204 -15% Jul-Sep 2026 Jul-Sep 2025 Organic % Jan-Sep 2026 Jan-Sep 2025 Organic % ASPU (EUR) Mobile 11.1 10.8 2% 11.0 10.3 6% – Postpaid 12.5 12.5 0% 12.4 12.0 3% – Prepaid 4.0 3.7 8% 3.8 3.4 10% Revenue (SEK million) Mobile 391 382 2% 1,140 1,099 6% – Postpaid 369 357 3% 1,075 1,027 7% – Prepaid 23 25 -9% 65 72 -8% Fixed 4 3 20% 11 8 33% End-user service revenue 395 385 3% 1,151 1,108 6% Operator revenue 30 25 75 66 Equipment revenue 123 114 294 303 Internal sales 15 11 44 31 Revenue 563 534 6% 1,564 1,508 6% Underlying EBITDA 258 270 758 762 Underlying EBITDAaL 231 253 5% 685 713 10% Underlying EBITDAaL margin 41% 47% 44% 47% Capex 92 73 1,072 200 Capex excl. spectrum and leases 58 61 146 170 Capex to sales (excl. spectrum and leases) 10% 11% 9% 11% Tele2 Third Quarter Report 2026 13 (32)
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Estonia The economy continues to grow, supported by a strong manufacturing sector, while inflationary pressures have moderated. Uncertainty surrounding future price developments remains elevated amid fuel price volatility and geopolitical tensions. The telecom market remained highly competitive, with all operators preparing for the introduction of faster mobile number portability in November. Net intake in the quarter was negative in mobile postpaid by 2,000 RGUs, while positive in mobile prepaid by 1,000 RGUs. Mobile ASPU increased by 7% in local currency driven by price adjust- ments and customer base mix shift toward more postpaid. End-user service revenue increased by 5% in local currency driven by ASPU growth. Underlying EBITDAaL increased by 16% organically, mainly driven by end-user service revenue growth and operator margin improvements. Jul-Sep 2026 Jul-Sep 2025 30 September 2026 30 September 2025 Organic % RGUs (thousands) Net intake RGU base Mobile -1 1 462 468 -1% – Postpaid -2 0 426 423 1% – Prepaid 1 1 36 46 -21% Jul-Sep 2026 Jul-Sep 2025 Organic % Jan-Sep 2026 Jan-Sep 2025 Organic % ASPU (EUR) Mobile 11.8 11.0 7% 11.4 10.9 5% – Postpaid 12.4 11.8 5% 12.1 11.7 4% – Prepaid 3.5 3.4 5% 3.2 3.1 6% Revenue (SEK million) Mobile 181 172 5% 518 506 4% – Postpaid 177 167 6% 506 492 5% – Prepaid 4 5 -18% 12 14 -13% Fixed 15 16 -3% 45 46 0% End-user service revenue 196 188 5% 562 552 4% Operator revenue 26 22 66 61 Equipment revenue 41 39 109 109 Internal sales 5 3 15 10 Revenue 267 253 6% 753 732 5% Underlying EBITDA 99 102 274 273 Underlying EBITDAaL 69 80 16% 190 208 21% Underlying EBITDAaL margin 26% 32% 25% 28% Capex 51 48 842 148 Capex excl. spectrum and leases 36 35 122 105 Capex to sales (excl. spectrum and leases) 13% 14% 16% 14% Tele2 Third Quarter Report 2026 14 (32)
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Other items Risks and uncertainty factors The present challenging macroeconomic and geopolitical environment also affects T ele2 Group and T ele2 AB, primarily through inflationary pressure and a somewhat cautious customer sentiment. T ele2 has a resilient business model, offering services that are highly valued and prioritised by our customers. In addition, we have a solid balance sheet. We are convinced that we are able to navigate through these uncertain times. Please refer to the section Enterprise risk management in the Board of Directors’ report and Note 2 in T ele2’s Annual and Sustainability Report 2025 for more information about T ele2’s risk exposure and risk management. Events during the quarter 9 July . Tele2 secures new spectrum to strengthen connectivity throughout Lithuania T ele2 has secured new spectrum in Lithuania in the 700 MHz and 1500 MHz bands and renewed its existing spectrum in the 2100 MHz band in the spectrum auction organised by the Communications Regulatory Authority of the Republic of Lithuania (RRT), at a total investment of EUR 9.8 million, of which EUR 4.6 million is to be paid this year. 31 July . Change in the number of votes in Tele2 As of 31 July 2026, the total number of shares in T ele2 amounts to 697,721,597 of which 7,090,610 are class A shares with ten votes each, 688,030,987 are class B shares with one vote each and 2,600,000 are class C-shares with one vote each. The total number of votes in the Company amounts to 761,537,087. 15 September. Tele2 appoints V ahdat Zehtab as EVP Chief Commercial Officer T ele2 announced that Vahdat Zehtab has been appointed Executive Vice President and Chief Commercial Officer, joining the Group Leadership T eam. He will take up the role no later than 1 June 2027. 30 September. Change in the number of votes in Tele2 As of 30 September 2026, the total number of shares in T ele2 amounts to 697,721,597 of which 4,460,610 are class A shares with ten votes each, 690,660,987 are class B shares with one vote each and 2,600,000 are class C-shares with one vote each. The total number of votes in the Company amounts to 737,867,087. Events after the end of the third quarter 2026 No significant events expected to have a material impact on T ele2’s financial statements have occurred after the end of the third quarter 2026. Financial calendar T ele2 financial calendar for 2027 has been established. 27 January Full year report 2026 20 April Interim report Q1 2027 12 May Annual general meeting 2027 16 July Half year report 2027 19 October Interim report Q3 2027 Auditors’ review This report has not been subject to a review by T ele2’s auditors. Stockholm, 20 October 2026 T ele2 AB (publ) Nicholas Högberg President and Group CEO Tele2 Third Quarter Report 2026 15 (32)
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Q3 2026 Presentation T ele2 will host a teleconference and webcast with presentation at 09:00 CEST (08:00 BST, 03:00 EDT) on Tuesday 20 October 2026. The presentation will be held in English. Registration for the webcast and a separate registration for the teleconference will be available at www.tele2.com/investors. This information is information that T ele2 AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 07:00 am CEST on Tuesday 20 October 2026. Contacts Joel Hedin Senior Communications Manager, Phone: +46 (0) 704 26 49 33 Stefan Billing Head of Investor Relations, Phone: +46 (0) 701 66 33 10 Tele2 AB Company registration nr: 556410-8917 P.O. Box 62 SE–164 94 Kista, Stockholms län Sweden Phone: + 46 (0) 8 5620 0060 www.tele2.com Visit our website: www.tele2.com Contents Consolidated income statement Consolidated comprehensive income Condensed consolidated balance sheet Condensed consolidated cash flow statement Consolidated statement of changes in equity Parent company Notes Non-IFRS measures Changes in financial definitions Other financial metrics Tele2 Third Quarter Report 2026 16 (32)
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Consolidated income statement SEK million Note Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue 2 7,603 7,442 22,240 21,851 Cost of services provided and equipment sold 3 -4,241 -4,132 -12,490 -12,185 Gross profit 3,362 3,311 9,750 9,666 Selling expenses 3 -1,034 -1,048 -3,118 -3,448 Administrative expenses 3 -367 -470 -1,289 -1,540 Result from shares in associated companies and joint ventures -23 0 -37 2 Other operating income 3, 9 68 62 5,295 236 Other operating expenses 3 -26 -16 -80 -54 Operating profit 3 1,981 1,839 10,520 4,861 Interest income 48 18 136 52 Interest expenses -255 -247 -746 -726 Other financial items 6 -6 56 -16 Profit after financial items 1,779 1,605 9,966 4,171 Income tax -369 -315 -958 -810 Net profit, continuing operations 1,410 1,290 9,007 3,360 Net profit, discontinued operations 9 — 0 — 0 Net profit, total operations 1,410 1,290 9,007 3,361 Continuing operations Attributable to: Equity holders of the parent company 1,410 1,290 9,007 3,360 Net profit, continuing operations 1,410 1,290 9,007 3,360 Earnings per share (SEK) 7 2.03 1.86 12.97 4.85 Earnings per share, after dilution (SEK) 7 2.02 1.85 12.91 4.82 Total operations Attributable to: Equity holders of the parent company 1,410 1,290 9,007 3,361 Net profit, total operations 1,410 1,290 9,007 3,361 Earnings per share (SEK) 7 2.03 1.86 12.97 4.85 Earnings per share, after dilution (SEK) 7 2.02 1.85 12.91 4.82 Tele2 Third Quarter Report 2026 17 (32)
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Consolidated comprehensive income SEK million Note Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 NET PROFIT 1,410 1,290 9,007 3,361 Components not to be reclassified to net profit Pensions, actuarial gains/losses 27 24 21 55 Pensions, actuarial gains/losses, tax effect -6 -5 -4 -11 Components not to be reclassified to net profit/loss 21 19 17 44 Components that may be reclassified to net profit Translation differences in foreign operations 109 -45 378 -260 Reversed cumulative translation differences from divested companies — — -105 0 Translation differences in associated companies 25 0 41 0 Translation differences 133 -45 314 -260 Hedge of net investments in foreign operations -85 37 -196 178 Tax effect on hedge of net investments in foreign operations 21 -8 44 -37 Hedge of net investments -64 30 -152 142 Profit/loss arising on changes in fair value of hedging instruments -6 -4 -23 -47 Reclassified cumulative profit/loss to income statement 9 7 22 26 Tax effect on cash flow hedges -1 -1 0 4 Cash flow hedges 2 2 -1 -17 Components that may be reclassified to net profit/loss 72 -14 161 -135 OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 93 5 178 -92 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1,503 1,295 9,185 3,269 Attributable to: Equity holders of the parent company 1,503 1,295 9,185 3,269 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1,503 1,295 9,185 3,269 Tele2 Third Quarter Report 2026 18 (32)
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Condensed consolidated balance sheet SEK million Note 30 September 2026 30 September 2025 31 December 2025 ASSETS Goodwill 29,314 29,264 29,223 Other intangible assets 8,542 9,872 9,656 Intangible assets 37,855 39,137 38,879 Propertiy, plant & equipment 9,709 9,898 10,008 Right-of-use assets 6,933 4,268 4,373 Tangible assets 16,642 14,166 14,381 Shares in associated companies and joint ventures 4 673 3 3 Other financial assets 5 1,526 973 1,123 Capitalised contract costs 830 877 856 Deferred tax assets 136 135 126 Non-current assets 57,662 55,290 55,368 Inventories 804 695 585 Trade receivables 1,974 1,975 2,083 Other current receivables 2,977 3,165 3,423 Current investments 96 81 56 Cash and cash equivalents 6 6,007 2,753 249 Current assets 11,858 8,669 6,395 Assets classified as held for sale 9 — 1,114 1,117 TOTAL ASSETS 69,519 65,072 62,880 EQUITY AND LIABILITIES Attributable to equity holders of the parent company 24,278 21,042 22,267 Equity 7 24,278 21,042 22,267 Liabilities to financial institutions and similar liabilities 5 19,849 22,242 19,790 Lease liabilities 5,886 3,286 3,210 Provisions 711 704 747 Other interest-bearing liabilities 195 182 172 Interest-bearing liabilities 26,640 26,414 23,919 Deferred tax liabilities 3,158 3,286 3,394 Other non-interest-bearing liabilities 112 — 110 Non-interest-bearing liabilities 3,271 3,286 3,504 Non-current liabilities 29,911 29,700 27,423 Liabilities to financial institutions and similar liabilities 5 3,599 3,114 4,264 Lease liabilities 1,284 1,139 1,282 Provisions 133 248 205 Other interest-bearing liabilities 244 311 399 Interest-bearing liabilities 5,260 4,812 6,149 Trade payables 1,886 1,723 1,968 Dividend payable 3,647 2,185 — Other current non-interest-bearing liabilities 4,539 5,101 4,574 Non-interest-bearing liabilities 10,071 9,009 6,542 Current liabilities 15,331 13,821 12,692 Liabilities directly associated with assets classified as held for sale 9 — 509 499 TOTAL EQUITY AND LIABILITIES 69,519 65,072 62,880 Tele2 Third Quarter Report 2026 19 (32)
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Condensed consolidated cash flow statement Total operations SEK million Note Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Operating activities Net profit 1,410 1,290 9,007 3,361 Adjustments for items in net profit – Depreciation/amortisation and impairment 1,542 1,562 4,662 4,639 – Gain on sale of operations -2 0 -5,086 0 – Financial items 195 235 548 690 – Tax expense 369 315 958 810 – Other adjustments in net profit 61 31 160 56 Adjustments 2,165 2,143 1,242 6,196 Interest paid -101 -111 -420 -485 Taxes paid -334 -420 -1,104 -725 Other financial items received 9 8 46 24 Total before changes in working capital 3,149 2,909 8,773 8,371 Changes in working capital 182 -42 638 491 Cash flow from operating activities 3,331 2,867 9,411 8,862 Investing activities Acquisitions and divestments of intangible and tangible assets -647 -745 -2,304 -2,403 Acquisitions and sales of shares and participations 8 0 0 4,651 2 Other financial assets, lending 2 — -40 -7 Cash flow from investing activities -646 -745 2,308 -2,407 Financing activities Proceeds from loans 153 1,306 1,234 2,937 Repayments of loans 42 -500 -2,437 -3,678 Amortisation of lease liabilities -377 -345 -1,155 -1,040 Dividends paid 7 0 — -3,646 -2,219 Cash flow from financing activities -181 460 -6,004 -4,001 Net change in cash and cash equivalents 2,504 2,583 5,714 2,453 Cash and cash equivalents at beginning of period 3,489 172 249 317 Exchange rate differences in cash and cash equivalents 15 -1 43 -18 Cash and cash equivalents at end of the period 6 6,007 2,753 6,007 2,753 Tele2 Third Quarter Report 2026 20 (32)
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Consolidated statements of changes in equity Total operations SEK million Note 30 September 2026 Attributable to equity holders of the parent company Share capital Other paid-in capital Hedge reserve Translation reserve Retained earnings Total equity Equity at 1 January 870 27,378 -330 390 -6,042 22,267 Net profit — — — — 9,007 9,007 Other comprehensive income for the period, net of tax — — -153 314 17 178 Total comprehensive income for the period — — -153 314 9,024 9,185 Other changes in equity Share-based payments 7 — — — — 102 102 Share-based payments, tax effect 7 — — — — 16 16 New share issues 7 2 — — — — 2 Repurchase of own shares 7 — — — — -2 -2 Dividends 7 — — — — -7,293 -7,293 Equity at end of the period 872 27,378 -482 704 -4,194 24,278 Total operations SEK million Note 30 September 2025 Attributable to equity holders of the parent company Share capital Other paid-in capital Hedge reserve Translation reserve Retained earnings Total equity Equity at 1 January 870 27,378 -533 781 -6,400 22,097 Net profit — — — — 3,361 3,361 Other comprehensive income for the period, net of tax — — 125 -260 44 -92 Total comprehensive income for the period — — 125 -260 3,404 3,269 Other changes in equity Share-based payments 7 — — — — 64 64 Share-based payments, tax effect 7 — — — — 16 16 Dividends 7 — — — — -4,404 -4,404 Equity at end of the period 870 27,378 -408 521 -7,319 21,042 Tele2 Third Quarter Report 2026 21 (32)
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Parent company Condensed income statement SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue 12 13 43 27 Administrative expenses -23 -25 -124 -93 Other operating income 0 0 0 0 Other operating expenses 0 0 0 0 Operating loss -11 -12 -82 -66 Dividend from group company 7,300 — 7,300 2,400 Net of financial items -265 -118 -705 -330 Profit/loss after financial items 7,024 -130 6,513 2,004 Tax on profit/loss 54 21 155 58 Net profit/loss 7,078 -109 6,668 2,063 Condensed balance sheet SEK million Note 30 September 2026 30 September 2025 31 December 2025 ASSETS Financial assets 71,137 70,880 70,684 Non-current assets 71,137 70,880 70,684 Current receivables 558 1,336 1,375 Current investments 96 81 56 Cash and bank 0 0 0 Current assets 654 1,416 1,431 TOTAL ASSETS 71,791 72,297 72,114 EQUITY AND LIABILITIES Restricted equity 7 5,857 5,856 5,856 Unrestricted equity 7 32,207 31,961 32,728 Equity 38,065 37,816 38,584 Untaxed reserves 1,690 1,510 1,690 Interest-bearing liabilities 5 19,985 27,372 24,926 Non-current liabilities 19,985 27,372 24,926 Interest-bearing liabilities 5 8,002 3,240 6,719 Non-interest-bearing liabilities 4,050 2,359 195 Current liabilities 12,052 5,599 6,915 TOTAL EQUITY AND LIABILITIES 71,791 72,297 72,114 Tele2 Third Quarter Report 2026 22 (32)
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Notes NOTE 1 ACCOUNTING PRINCIPLES AND DEFINITIONS The interim financial information for the Group for the nine month period ended 30 September 2026 has been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and the Swedish Annual Accounts Act. The interim financial information for the parent company has also been prepared in accordance with the Swedish Annual Accounts Act, RFR 2 Reporting for legal entities and other statements issued by the Swedish Corporate Reporting Board. In all respects other than those described below, T ele2 has pre- sented the financial statements for the period ended 30 September 2026 in accordance with the accounting policies and principles applied in the Annual and Sustainability Report 2025. The description of these principles and definitions are found in Note 1 in the Annual and Sustainability Report 2025. Disclosures as required by IAS 34 p. 16 A are presented both in the financial statements and notes as well as in other parts of the interim report. The amendments to IFRS Accounting Standards applicable from 1 January 2026 have no effect on T ele2’s financial reports for the nine month period ended 30 September 2026. NOTE 2 REVENUE AND SEGMENTS Revenue by segment Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Sweden 5,678 5,639 16,880 16,699 Lithuania 1,135 1,049 3,160 3,010 Latvia 563 534 1,564 1,508 Estonia 267 253 753 732 Total including internal sales 7,643 7,475 22,358 21,949 Internal sales, elimination -40 -33 -118 -98 Total 7,603 7,442 22,240 21,851 Internal sales Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Sweden 1 2 5 5 Lithuania 19 17 54 51 Latvia 15 11 44 31 Estonia 5 3 15 10 Total 40 33 118 98 Revenue split by category Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Sweden Consumer End-user service revenue 3,213 3,210 9,566 9,506 Operator revenue 207 204 633 603 Equipment revenue 516 507 1,317 1,330 Internal sales 0 0 0 0 Total 3,936 3,922 11,516 11,439 Sweden Business End-user service revenue 1,146 1,096 3,399 3,247 Operator revenue 22 22 67 69 Equipment revenue 285 333 1,083 1,178 Internal sales 1 1 2 3 Total 1,454 1,452 4,550 4,497 Sweden Wholesale Operator revenue 288 265 812 759 Equipment revenue 0 0 0 1 Internal sales 1 1 2 2 Total 288 266 813 762 Lithuania End-user service revenue 775 723 2,220 2,112 Operator revenue 47 41 119 110 Equipment revenue 294 267 768 736 Internal sales 19 17 54 51 Total 1,135 1,049 3,160 3,010 Latvia End-user service revenue 395 385 1,151 1,108 Operator revenue 30 25 75 66 Equipment revenue 123 114 294 303 Internal sales 15 11 44 31 Total 563 534 1,564 1,508 Estonia End-user service revenue 196 188 562 551 Operator revenue 26 22 66 61 Equipment revenue 41 39 109 109 Internal sales 5 3 15 10 Total 267 253 753 732 Internal sales, elimination -40 -33 -118 -98 CONTINUING OPERATIONS End-user service revenue 5,725 5,602 16,897 16,525 Operator revenue 620 580 1,772 1,667 Equipment revenue 1,258 1,260 3,571 3,659 Total 7,603 7,442 22,240 21,851 Underlying EBITDAaL Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Sweden 2,326 2,307 6,734 6,470 Lithuania 520 517 1,493 1,477 Latvia 231 253 685 713 Estonia 69 80 190 208 Total 3,146 3,157 9,103 8,867 Tele2 Third Quarter Report 2026 23 (32)
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NOTE 3 PROFIT AFTER FINANCIAL ITEMS Reconciling items to reported profit after financial items Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Underlying EBITDAaL 3,146 3,157 9,103 8,867 Reversal lease expense 458 417 1,348 1,243 Underlying EBITDA 3,604 3,574 10,451 10,111 Restructuring costs -26 -105 -14 5 -436 Disposal of non-current assets 0 -6 -14 6 Other items affecting comparability 2 -19 -3 -70 Items affecting comparability -24 -130 -162 -500 Share-based compensation -47 -42 -15 4 -112 Sale of Operations 2 0 5,086 0 EBITDA 3,535 3,402 15,221 9,500 Depreciation/amortisation -1,531 -1,563 -4,664 -4,640 Result from shares in associated companies and joint ventures -23 0 -37 2 Operating profit 1,981 1,839 10,520 4,861 Net interest and other financial items -202 -235 -554 -690 Profit after financial items 1,779 1,605 9,966 4,171 Restructuring costs Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Redundancy costs -10 -75 -65 -359 Other employee and consultancy costs — -15 -36 -31 Exit of contracts and other costs -16 -16 -44 -45 Restructuring costs -26 -105 -145 -436 Reported as: – Cost of services provided -4 -7 -28 -18 – Selling expenses -9 -68 -44 -294 – Administrative expenses -13 -30 -72 -124 The restructuring costs are largely related to the ongoing transforma- tion work, primarily in Sweden, as well as a CEO departure agreement recorded in Q2 2026. Disposal of non-current assets Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Sale of network equipment — — — 22 Network equipment scrapping 0 -6 -14 -16 Disposal of non-current assets1) 0 -6 -14 6 1) Reported as other operating income and other operating expenses. Other items affecting comparability Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Legal disputes and settlements 0 — -1 — Legacy receivable reconciliation — 3 -4 5 Inventory adjustment — -27 — -65 Legacy pension adjustment — — — -17 Quality assurance — — -3 2 Other 2 6 4 6 Total 2 -19 -3 -70 Reported as: – Cost of services provided — -16 -5 -12 – Selling expenses -7 — -7 -38 – Administrative expenses 9 -3 8 -20 Sale of Operations Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Sale of UAB Baltic Tower Company 1) 2 — 5,086 — Sale of Operations 2 — 5,086 — 1) Refer to Note 9 for more details. Share-based compensation Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Long-term incentive programs -47 -42 -15 4 -112 Share-based compensation -47 -42 -154 -112 NOTE 4 SHARES IN ASSOCIATED COMPANIES AND JOINT VENTURES On 27 February 2026, the Baltic tower transaction was finalised. T ele2’s retained equity share of 50% in UAB, BTC was initially recognised at fair value. It was subsequently accounted for as a joint venture under the equity method (IFRS 11 / IAS 28) in the consolidated accounts. SEK million 30 September 2026 30 September 2025 31 December 2025 Shares in UAB, Baltic Tower Company 668 — — Shares in Other associated companies and joint ventures 5 3 3 Total shares in associated companies and joint ventures 673 3 3 Below are extracts from income statement and balance sheet of UAB, BTC (100%). Extract from the income statement of joint venture SEK million UAB, Baltic Tower Company Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue 116 — 263 — Net Profit -45 — -88 — Extract from the balance sheet of joint venture SEK million UAB, Baltic Tower Company 30 September 2026 30 September 2025 31 December 2025 Non-current assets 8,300 — — Current assets 294 — — Total assets 8,594 — — Equity 1,337 — — Non-current liabilities 7,045 — — – of which liabilities to banks and other financial institutions 3,796 — — – of which shareholder loan (GCI & Tele2) 1,186 — — – of which leasing liabilities 250 — — – of which non-current contract liabilities 185 — — – of which deferred tax liabilities 1,628 — — Current liabilities 212 — — Total equity and liabilities 8,594 — — NOTE 5 FINANCIAL ASSETS AND LIABILITIES Financing SEK million 30 September 2026 30 September 2025 31 December 2025 Bonds SEK 7,347 8,344 7,345 Bonds EUR 14,583 14,232 13,931 Commercial papers — 499 649 Financial institutions 1,518 2,281 2,129 Total liabilities to financial institutions 23,448 25,356 24,053 At 30 September 2026, the average maturity of outstanding debt to financial institutions was 2.6 years, with an average interest rate of 2.8 percent (including derivatives). As of the date of this report, T ele2 has an unutilised credit facility with a syndicate of eight banks maturing in December 2029, providing strong liquidity support. In June 2026, T ele2 issued bonds of SEK 1,000 million. The issuance was divided into a floating rate tranche of SEK 500 million with a cou- pon of STIBOR 3m + 0.58 percentage points and a fixed rate tranche of SEK 500 million with a coupon of 3.0 percent. Both tranches carry Tele2 Third Quarter Report 2026 24 (32)
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a 4-year maturity. The bonds have been issued within T ele2’s EMTN program and are listed for trading on the Luxembourg Stock Exchange. Financial instruments – classification and fair values T ele2’s financial assets consist mainly of receivables from end custom- ers, other operators and resellers as well as cash and cash equivalents. In relation to the finalisation of the Baltic tower transaction, T ele2 has recognised a long-term financial receivable of SEK 558 million (refer to Note 9). T ele2’s financial liabilities consist mainly of loans, bonds, lease liabilities and trade payables. For the category “Liabilities to financial institutions” the reported value amounted at 30 September 2026 to SEK 23,448 (31 December 2025: 24,053) million and the fair value to SEK 23,688 (31 December 2025: 23,991) million. T ele2 has derivative instruments included in assets of SEK 273 (31 December 2025: 35) million and in liabilities of SEK 116 (31 December 2025: 242) million measured at fair value (Level 2). NOTE 6 RELATED PARTIES T ele2’s share of cash and cash equivalents in joint operations (Svenska UMTS-nät AB and Net4Mobility HB, Sweden, including subsidiaries) for which T ele2 has limited disposal rights was included in the Group’s cash and cash equivalents and amounted at 30 September 2026 to SEK 101 (102) million. Following the completion of the Baltic tower transaction on 27 Feb- ruary 2026, T ele2’s remaining 50 percent interest in UAB Baltic T ower Company (including subsidiaries) is accounted for as a joint venture and constitutes a related party as from the first quarter of 2026. In May 2026, T ele2 entered into a strategic partnership with Scale- way, a company within the iliad Group, regarding cloud and AI services. As a consequence of the new partnership, Scaleway is considered a related party and transactions will be reported as such going forward. Other transactions with joint operations and other related parties mainly consist of the same items as prior year end and are presented in Note 33 of the Annual and Sustainability Report 2025. NOTE 7 EQUITY, NUMBER OF SHARES AND INCENTIVE PROGRAMS Number of shares 30 September 2026 30 September 2025 31 December 2025 Total number of shares 697,721,597 696,221,597 696,221,597 Number of treasury shares -3,143,208 -2,665,465 -2,665,465 Number of outstanding shares 694,578,389 693,556,132 693,556,132 Number of outstanding shares, weighted average 694,230,430 693,103,281 693,217,424 Number of shares after dilution 698,454,008 697,254,681 697,220,052 Number of shares after dilution, weighted average 697,830,723 696,852,340 696,865,020 In Q2 2026, 1,022,257 share rights attached to L TI 2023 were exchanged for shares (see additional information below). Changes in shares during previous year are stated in Note 23 in the Annual and Sustainability Report 2025. Outstanding share right programs 30 September 2026 30 September 2025 31 December 2025 LTI 2026 1,461,225 — — LTI 2025 1,367,893 1,491,310 1,447,711 LTI 2024 1,046,501 1,138,898 1,144,787 LTI 2023 — 1,068,341 1,071,422 Total outstanding share rights 3,875,619 3,698,549 3,663,920 The outstanding long-term incentive programs (L TI 2024, L TI 2025 and L TI 2026) are based on the same structure and similar performance parameters, with the performance parameters being T ele2’s Relative TSR vs a defined peer group, Cash flow and a Sustainability measure- ment (CDP Score). Additional information about the L TI programs regarding the purpose of the program, performance parameters, measurement periods, condi- tions and requirements are stated in Note 30 of the Annual and Sustainability Report 2025. During the first nine months in 2026, the total cost including social security costs for all the programs amounted to SEK 154 (112) million. L TI 2026 At the Annual General Meeting held on 18 May 2026, the shareholders approved a performance-based incentive program (L TI 2026) for senior executives and other key employees in the T ele2 Group. In order to participate in the program, participants must own T ele2 Class B shares, which give the participants retention and performance rights. Subject to fulfillment of certain performance-based conditions during the periods 1 January 2026 – 31 December 2028 (the “Cash flow and CDP Score Measurement Period”) and 1 April 2026 – 31 March 2029 (the “TSR Measurement Period”) and the participant maintaining the invested shares and maintaining the employment (with certain exceptions) at the release of the interim report for January – March 2029, each right entitles the participant to receive one T ele2 share free of charge (subject to income taxation). T otal costs before tax for outstanding rights in the incentive program are expensed over the three-year vesting period. These costs are expected, at 50% performance fulfilment, to amount to SEK 153 million, of which social security costs amount to SEK 47 million. T o ensure the delivery of Class B shares under the program, the Annual General Meeting decided to authorise the Board of Directors to resolve on a directed share issue of a maximum of 1,200,000 Class C shares and subsequently to repurchase the Class C shares. The Board of Directors has not yet used its mandate. L TI 2023 The exercise of the share rights in L TI 2023 was conditional upon the fulfilment of certain performance-based conditions. The TSR criteria (series A and B in below table) were measured from 1 April 2023 until 31 March 2026, while Cashflow (series C in below table) was measured from 1 January 2023 to 31 December 2025. The outcome of these performance conditions were in accordance with below and 1,022,257 share rights was exchanged for shares in T ele2 during Q2 2026. Series Performance based conditions Minimum hurdle Stretch hurdles (100%) Vesting at minimum Target fulfillment Allot- ment A Total Shareholder Return (TSR) – Tele2 >=0% — 100% 131.8% 100% B Tele2’s Relative Total Shareholder Return (TSR) compared to a peer group Median of peer group >=10% 50% 63.2% 100% C Cash flow vs. target >=90% >=110% 30% 106.8% 88.9% Dividend The Annual General Meeting (AGM) held on 18 May 2026 resolved on a dividend of SEK 10.5 per share (SEK 7.3 billion), to be paid out in two equal payments of SEK 5.25 in May and October 2026. The first tranche of the dividend, amounting to SEK 3,647 million, was distributed to the shareholders on 25 May 2026. The second tranche of the dividend, amounting to SEK 3,647 million, was distributed to the shareholders on 16 October 2026. Tele2 Third Quarter Report 2026 25 (32)
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Income statement All discontinued operations are included below. Further information about effects in the income statement under discontinued operations in 2025 is provided in Note 32 of the Annual and Sustainability Report 2025. Discontinued operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Profit/loss on disposal of operation including sales costs and cumulative exchange rate gain — 0 — 0 – of which Croatia — 0 — 0 Net profit — 0 — 0 Attributable to: Equity holders of the parent company — 0 — 0 Net profit — 0 — 0 Balance sheet Assets and liabilities associated with assets held for sale as of 30 Sep- tember and 31 December 2025 relates to the carve-out of Baltic towers. Discontinued operations SEK million 30 September 2026 30 September 2025 31 December 2025 ASSETS Non-current assets — 1,110 1,115 Current assets — 3 2 Assets classified as held for sale — 1,114 1,117 LIABILITIES Interest-bearing liabilities — 409 422 Non-interest-bearing liabilities — 7 8 Non-current liabilities — 417 430 Interest-bearing liabilities — 82 65 Non-interest-bearing liabilities — 11 4 Current liabilities — 93 69 — Liabilities directly associated with assets classified as held for sale — 509 499 NOTE 8 BUSINESS ACQUISITIONS AND DIVESTMENTS Divestments of shares and participations affecting cash flow were as follows: SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Divestments Baltic Tower Company — — 4,650 — Other minor divestments — — 1 2 Total sale of shares and participations — — 4,651 2 Total cash flow effect — — 4,651 2 NOTE 9 DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE Baltic Tower Company On 27 February 2026, T ele2 completed the sale of 50% of UAB Baltic T ower Company (BTC) to Global Communications Infrastructure, LLC (GCI), following an internal restructuring through which the Baltic tower assets were demerged into BTC. The consideration received comprised cash proceeds from GCI, proceeds from a debt drawdown in BTC, and the fair value of the retained 50% equity interest and shareholder loan. The retained equity share was initially recognised at fair value and subsequently accounted for as a joint venture under the equity method (IFRS 11 / IAS 28). Transaction costs and other provisions include advisory and legal fees directly attributable to the transaction. The calculated capital gain is subject to post-transaction adjustments. SEK million Jan-Sep 2026 Sales price 5,951 – of which cash received 4,738 – of which shares in UAB, BTC, non-cash 655 – of which long-term shareholder loan, non-cash 558 Net assets at time of divestment Non-current assets -1,107 Current assets -14 4 Non-current liabilities 412 Current liabilities 111 Divested net assets -728 Transaction costs & other provisions -138 Capital gain 5,086 Reconciliation to cash flow from investing activities Cash received 4,738 Transaction costs paid in period -79 Cash disposed -9 Net cash flow from disposal of operations 4,650 Tele2 Third Quarter Report 2026 26 (32)
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Non-IFRS measures This report contains certain financial measures that are not defined by IFRS but are used by Tele2 to assess the financial performance of the business. These measures are included in the report as they are considered important supplementary measures of operating performance and liquidity . They should not be considered a substitute for Tele2’s financial statements prepared in accordance with IFRS. Tele2’s defini- tions and explanations of these measures are described below , but other companies may calculate non-IFRS mea- sures differently and these measures are therefore not always comparable to similar measures used by other companies. EBITDA T ele2 considers EBITDA to be a relevant measure to present profitability aligned with industry standards. EBITDA: Operating profit/loss before depreciation/amortisation, impairment as well as results from shares in associated companies and joint ventures. Underlying EBITDA T ele2 considers underlying EBITDA to be a relevant measure to present in order to illustrate the profitability of the underlying business, and as it is used by management to assess the performance of the business. Underlying EBITDA: EBITDA excluding items affecting comparability, share-based compensation and gains/losses from sale of operations. Items affecting comparability: Disposals of non-current assets and transactions arising from strategic decisions, acquisition costs, integra- tion costs due to acquisition or merger, restructuring programmes from reorganisations as well as other items that affect comparability. Underlying EBITDAaL (uEBITDAaL) and underlying EBITDAaL margin During 2026, T ele2 has updated its definition of the non-IFRS measure underlying EBITDAaL (please refer to page 30 for details). T ele2 considers underlying EBITDAaL and the related margin to be relevant measures of business performance since underlying EBITDAaL includes the cost of leased assets, which is not included in underlying EBITDA according to IFRS 16. Underlying EBITDAaL: Underlying EBITDA including lease expense. Underlying EBITDAaL margin: Underlying EBITDAaL in relation to revenue excluding items affecting comparability. Lease Expense The total rental cost for the period, recognised on a straight-line basis, as if all leases were operating leases. It is used as an adjustment to calculate underlying EBITDAaL, to better reflect the operational cost and cash effect of using leased assets. Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Operating profit 1,981 1,839 10,520 4,861 Reversal: Result from shares in associated companies and joint ventures 23 0 37 -2 Depreciation and amortisation 1,531 1,563 4,664 4,640 EBITDA 3,535 3,402 15,221 9,500 Reversal, items affecting comparability: Restructuring costs 26 105 145 436 Disposal of non-current assets 0 6 14 -6 Other items affecting comparability -2 19 3 70 Total items affecting comparability 24 130 162 500 Reversal: Share-based compensation 47 42 154 112 Sale of Operations -2 0 -5,086 0 Underlying EBITDA 3,604 3,574 10,451 10,111 Lease expense -458 -417 -1,348 -1,243 Underlying EBITDAaL 3,146 3,157 9,103 8,867 Revenue 7,603 7,442 22,240 21,851 Revenue excluding items affecting comparability 7,603 7,442 22,240 21,851 Underlying EBITDAaL margin 41% 42% 41% 41% Tele2 Third Quarter Report 2026 27 (32)
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Non-IFRS measures – Capex paid and capex T ele2 considers capex paid relevant to present as it provides an indication of how much the company invests organically in intangible and tangible assets to maintain and expand its business. T ele2 believes that it is relevant to present capex to provide a view on how much T ele2 invests organically in intangible and tangible assets as well as in right-of-use assets (lease) to maintain and grow its business that is not dependent on the timing of cash payments. Capex paid: Cash paid for the additions to intangible and tangible assets net of cash proceeds from sales of intangible and tangible assets. Capex: Additions to intangible assets, tangible assets and right-of-use assets (lease) that are capitalised on the balance sheet. SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Additions to intangible and tangible assets -647 -745 -2,305 -2,425 Sale of intangible and tangible assets — — 1 22 Capex paid including spectrum -647 -745 -2,304 -2,403 This period’s unpaid capex and reversal of paid capex from previous period -7 102 374 60 Reversal received payment of sold intangible and tangible assets — — -1 -22 Capex intangible and tangible assets -654 -643 -1,932 -2,365 Reversal spectrum 71 — 96 — Capex excluding spectrum & leases -583 -643 -1,836 -2,365 Spectrum -71 — -96 — Additions to right-of-use assets -276 -358 -3,670 -1,742 Capex -930 -1,001 -5,602 -4,107 Non-IFRS measures – Operating cash flow (OCF) T ele2 considers operating cash flow a relevant measure to present as it gives an indication of the profitability of the underlying business while also taking into account the investments needed to maintain and grow the business. Operating cash flow: Underlying EBITDAaL less capex excluding spectrum and leases. Continuing operations SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Underlying EBITDAaL 3,146 3,157 9,103 8,867 Capex excluding spectrum and leases -583 -643 -1,836 -2,365 Operating cash flow 2,563 2,514 7,267 6,502 Non-IFRS measures – Equity free cash flow (EFCF) T ele2 considers equity free cash flow to be relevant to present as it provides a view of funds generated from operating activities that also includes investments in intangible and tangible assets. Management believes that equity free cash flow is meaningful to investors because it is the measure of the Group’s funds available for acquisition related payments, dividends to shareholders, share repurchases and debt repayment. Equity free cash flow: Cash flow from operating activities less capex paid and amortisation of lease liabilities. Equity free cash flow per share: Equity free cash flow for the period in relation to the weighted average number of shares outstanding during the financial year. SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Cash flow from operating activities 3,331 2,867 9,411 8,862 Capex paid excl. Spectrum -622 -745 -2,135 -2,400 Spectrum capex paid -25 0 -169 -3 Amortisation of lease liabilities -377 -345 -1,155 -1,040 Other items -4 — 0 — EFCF 2,302 1,777 5,951 5,418 EFCF per share (SEK) 3.31 2.56 8.57 7.82 EFCF per share after dilution (SEK) 3.30 2.55 8.53 7.78 NUMBER OF SHARES Number of outstanding shares, weighted average 694,578,389 693,556,132 694,230,430 693,103,281 Number of shares after dilution, weighted average 698,466,008 697,317,651 697,830,723 696,852,340 Tele2 Third Quarter Report 2026 28 (32)
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Non-IFRS measures – Net debt and economic net debt T ele2 believes that net debt is relevant to present as it is useful to illustrate the indebtedness, financial flexibility, and capital structure. Furthermore, economic net debt is considered relevant as it excludes lease liabilities, and thereby consistently can be put in relation to underlying EBITDAaL when measuring financial leverage. Net debt: Interest-bearing non-current and current liabilities excluding provisions, less cash and cash equivalents, current investments, restricted cash and derivative assets. Economic net debt: Net debt excluding lease liabilities. Total operations SEK million 30 September 2026 30 September 2025 31 December 2025 Interest-bearing non-current liabilities 26,640 26,614 24,158 Interest-bearing current liabilities 5,260 4,890 6,215 Reversal provisions -843 -952 -951 Cash & cash equivalents, current investments and restricted funds -6,103 -2,835 -306 Derivative assets -273 -67 -35 Net debt 24,681 27,650 29,080 Reversal: Lease liabilities -7,170 -4,704 -4,797 Economic net debt 17,511 22,946 24,283 Non-IFRS measures – Return on Capital Employed (ROCE), rolling 12 months ROCE is presented as it illustrates the return regardless of how invest- ments have been financed (equity or debt). Annualised 12 month rolling EBIT and financial revenue in relation to capital employed, defined as net of average total assets, non-interest-bearing liabilities and provi- sion for asset dismantling. Total operations SEK million 30 September 2026 30 September 2025 31 December 2025 Operating profit 12,274 6,341 6,615 Operating profit, discontinued operations 7 0 7 Financial income 153 68 69 Annualised return 12,434 6,409 6,691 in relation to T otal assets 69,519 65,072 62,880 Non-interest-bearing liabilities -13,342 -12,295 -10,046 Non-interest-bearing liabilities, discontinued operations and assets held for sale — -428 -434 Provision for asset dismantling -445 -398 -469 Provision for asset dismantling, discontinued operations and assets held for sale — -209 -184 Capital employed, closing balance 55,732 51,743 51,746 Capital employed, average 53,737 51,869 52,552 1) ROCE 23% 2) 12% 13% 1) Capital employed, closing balance as of 31 December 2024 was SEK 53,358 million. 2) Excluding gain from sale of operations (UAB, Baltic Tower Company) ROCE 30 September 2026 is 14%. Organic growth numbers T ele2 believes that organic growth rates are relevant to present as they exclude translation effects from currency movements but include effects from divestments and acquisitions as if these occurred one year earlier and are therefore providing an indication of the underlying performance. Organic growth rates: Calculated at constant currency, meaning that comparative figures have been recalculated using the currency rates for the current period, and including effects from divestments and acquisitions as if these occurred one year earlier. Reconciliation of figures is presented in an Excel document (Q3-2026- financial-and-operational-data) on T ele2’s website www.tele2.com. Tele2 Third Quarter Report 2026 29 (32)
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Changes in financial definitions Underlying EBITDAaL Lease-related costs (effective 1 January 2026) Under the previous definition, lease depreciation and lease interest recognised under IFRS 16 were deducted from EBITDA to arrive at Underlying EBITDAaL. Under the updated definition, a lease expense is instead deducted, corresponding to the total rental cost for the period recognised on a straight-line basis, as if all leases were classified as operating leases. The updated measure thereby reflects the periodic rental cost of the lease portfolio rather than the depreciation and interest components recognised under IFRS 16. T ele2 believes the updated definition provides a more relevant view of the operating cost of leased assets and a closer proxy for the cash impact of leases on the underlying business, before financing activities and capital investments. The impact of this change is estimated at approximately SEK 20–25 million positive on Underlying EBITDAaL on an annual basis. As the effect is not material in the context of T ele2’s total results, comparative figures have not been restated for this change. Supplementary information will be provided where relevant to assist in the analysis of performance during the transition period. Long-term incentive programs (restated Q2 2026) During Q2 2026, costs related to long-term incentive programs (“L TIP”) have been restated to be excluded from Underlying EBITDAaL and Underlying EBITDA. L TIP costs comprise (i) a non-cash charge recognised in accordance with IFRS 2 Share-based Payment, and (ii) associated social security charges, which are cash-settled and vary with the development of the T ele2 share price. Management considers these costs distinct from underlying opera- tional performance, as both components are driven primarily by factors outside operational control — the IFRS 2 charge is non-cash, and the social security charges fluctuate with share price movements rather than business activity in the period. Excluding L TIP costs provides a more consistent basis for assessing operational performance over time. Comparative figures have been restated for this change. Tele2 Third Quarter Report 2026 30 (32)
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Other financial metrics Certain other financial metrics that are presented in this report are defined below . It is the view of Tele2 that these metrics provide valuable additional information to investors and other readers of this report. ASPU Average monthly spending per user for the referenced period. ASPU is calculated by dividing the monthly end-user service revenue by the average number of RGUs for the same period. The average number of RGUs is calculated as the number of RGUs on the first day in the period plus the number of RGUs on the last day of the respective period, divided by two. Average interest rate Annualised interest expense on loans (excluding penalty interest etc.) in relation to average interest-bearing liabilities excluding provisions, lease liabilities, debt related to equipment financing, balanced bank fees as well as adjusted for borrowings and amortisations during the period. Capex to sales Capex excluding spectrum and leases divided by revenue. Earnings per share (EPS) Profit/loss for the period attributable to the parent company sharehold- ers in relation to the weighted average number of shares outstanding during the fiscal year. Economic net debt / Underlying EBITDAaL (financial leverage) Economic net debt divided by underlying EBITDAaL (rolling 12 months) for all operations owned and controlled by T ele2 at the end of each reporting period. End-user service revenue (EUSR) Revenue from end-users excluding equipment revenue. End-user service revenue is presented to provide a view of revenue attached to the customers’ usage of services provided by the company. Operating profit/loss (EBIT) Revenue less operating expenses. RGU Revenue generating units, which refer to each service subscribed to by a unique customer. A unique customer who has several services is counted as several RGUs but one unique customer. TSR T otal shareholder return including change in the share price and reinvested dividends. Tele2 Third Quarter Report 2026 31 (32)
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Yo u a r e number 1. W e are Tele2.