Good morning everyone, welcome to this quarterly presentation of the Telia Company's Q2 results for 2021. We will do this exactly as we used to do. We will start with our CEO and President, Allison Kirkby, which will then hand over to our CFO, Per Christian Mørland, and then we open up for Q&A. As usual, please stick to 1 question each. Please be disciplined as we are with CapEx. By that, Allison, over to you. Good morning, everybody. Great to have Andreas on top form this morning. I am also happy to be reporting another quarter of progress towards reinventing a better Telia on this sunny Stockholm morning. As you will have seen this morning, as societies have opened up during the second quarter, we have also seen an improvement in our performance, with growth in both service revenues at 2.2% up and EBITDA at 1.9% up, both on a like-for-like basis. Nice to see, as this is the first quarter since Q4 2015 that we have delivered growth on both top and bottom-line metrics. On service revenues, we saw growth return to our mobile subscription service revenues, with six of our seven markets now showing growth. As a group, we are showing mobile growth in both the consumer and the enterprise segments. Service revenues also benefited from a strong recovery in our TV and media unit, where advertisers have returned with strong demand, and we are seeing strong demand for our pay TV services. EBITDA growth was mainly supported by the recovery in TV and media and further strong progress in the Baltics, but it was also a really solid quarter for Sweden, with great underlying momentum. OpEx remained flat during the quarter. Importantly, we see progress in structural cost reduction, both within resource costs and IT, in total amounting to roughly SEK 150 million this quarter. Compared to Q2 last year, there are, however, offsets from some temporary investments to support customer experience, that's in Sweden, and COVID-related impacts that reduced our cost base this time last year. Basically, COVID mitigants that were taken this time last year. Cash CapEx is in line with the levels that we saw last year despite continued network modernization and 5G rollout. Operational free cash flow reached SEK 2.1 billion, which is only slightly below the level seen last year. Year to date, we've now generated SEK 6.1 billion, and most importantly, we're well on track to more than cover our minimum dividend commitment for the year. Following this set of results, the completed sale of Telia Carrier, and the announced agreement to divest a minority stake in our Norwegian Telia Towers, we have an even stronger balance sheet with a pro forma leverage just shy of 2.1 times. It's now almost 6 months since we embarked on our multi-year and bold ambition to reinvent a better Telia. Here is a quick snapshot of some of the progress made in the quarter. Revenue development and NPS is how we assess progress when it comes to inspiring our customers. I'll get back to the revenue development in the country section. In NPS, we are seeing a positive development in Estonia, signs of improvement and stability in Norway, Lithuania, and even Denmark remains positive. It's only Sweden that continues its negative trend, especially in broadband. This is not surprising, and as we expected, as we have communicated a number of price increases during the quarter. Despite this, we see that customer satisfaction levels are stable relative to Q1. In all countries except one, we have an underlying churn reduction versus the corresponding period last year. Convergence, as you know, is our chosen route to improve customer experience, increase loyalty, and sustain a premium versus the market in both the consumer and enterprise segments. In the quarter, we made good progress on convergence. Sweden's converged customer base is growing 25,000, on top of that, we've seen a strong intake of C More customers throughout the Euros, leading to an even greater convergence potential ahead. Norway is also growing 7,000 with good progress on the expansion of our partner network. Finland is growing 32,000 including good progress on content with access, where we are seeing roughly two-thirds of all 5G subscribers adding a C More subscription to their mobile subscription. At a group level, the churn on our FMC customer base is being monitored, and they remain roughly five points lower than for a single-product customer, even for those customers buying a content with access product. In Sweden, we are one of only five operators globally to bundle Netflix seamlessly within an access product, certainly the first in Sweden. From launching on the 1st of June, we're off to a good start with the first drop of our consumer aggregator product with multi-order e-commerce and seamless bundling of connectivity, device, and value-added services. So far, 75% of customers are choosing the highest value tier, that's unlimited 5G+, which includes Netflix and C More. We're also seeing increased appetite for upgrades from existing lower data, lower ARPU tier customers, as more than 40% of sales of the new 5G+ bundles are coming from existing customers trading up. At the same time, we're now monetizing 5G by making the 5G+ feature available to all subscriptions for a higher ARPU worth SEK 29. We're also continuing to strengthen our business with Swedish landlords. On top of the deals we signed in the first quarter, we've continued to sign more during the second quarter. Far this year, we've secured more than 130,000 households, of which close to 30% are totally new to Telia. Unique to all these landlord arrangements is the combination of next-generation digital services, including secure access, Wi-Fi, smart home, IoT, and data and analytics that provide greater insights to the landlord about the utilization and efficiency of their building services. We believe that Telia has a true competitive edge in this area, hence the progress that we are making. This competitive edge and strength beyond connectivity is also evident in enterprise. On one day in June, we struck the biggest enterprise deals ever in both Sweden and Norway. In Sweden, we're honored to have our contract renewed with Region Skåne for another six plus six years, where we will be their turnkey supplier in its digitalization journey. On the same day, we signed an 8-year contract with the Norwegian Postal Service, which is a pan-Nordic contract where we will leverage our strong Nordic footprint as well as our market-leading digital services, including our market-leading IoT portfolio. TV and media continued to rebound with commercial share viewing on the rise in both Sweden and Finland, and C More gaining customers and posting revenue growth of 75% in the quarter, mainly related to a great slate of sports content, and admittedly, relative to a period last year where a lot of sports were canceled. As we pursue an ambition to connect everyone, 5G rollout continued at pace. Across our whole footprint, we increased population coverage by more than a third. Population coverage is now at 47% in Finland, we're in 65 cities, 25% in Norway, 34 cities, but 95% coverage in the two key cities, 13% in Estonia, we're in 6 cities, and we're the sole provider of 5G in Estonia. We're now at 12% in Denmark in 4 cities, and we've expanded our 5G service in Sweden, now offering it in 22 Swedish cities. Encouragingly, we received several independent confirmations of both our 4G and 5G network leadership in Sweden during the quarter, of which umlaut, formerly P3, is one. In Finland, we achieved a performance milestone with an almost world record speed of 4 gigabits per second, and in Sweden, we just beat the Swedish 5G speed record. Alongside 4G modernization and 5G rollout, we're continuing to step-by-step close down legacy networks across our footprint with further good progress in Sweden in the quarter, leading to structural cost reductions within both COGS and OpEx worth around SEK 80 million. We're also increasingly migrating traffic from 3G, where traffic has come down by almost 50%, putting us well on track to have completely closed down 3G throughout our footprint by the end of 2023. Finally, as you know, I've been quite vocal about our infrastructure ambitions, so late in the quarter, we announced that we'll divest a minority share of our towers in Finland and Norway to Brookfield and Alecta. Brookfield, as you know, owns and operates the largest tower footprint in the world, is clearly an excellent long-term partner to help us operate and commercialize these towers better than if we were doing it ourselves. We're aiming to close the transaction in the fourth quarter. Based on the multiple, the MSA, and the quality of the partner, we have an appetite to do more now elsewhere in our footprint. Moving to transformation, which is continuing at pace. We made good progress in the quarter. Workforce reductions are progressing to plan with about 450 colleagues exited year to date. We've continued to expand and utilize our nearshoring operation, which now includes around 1,000 FTEs after adding another 100 in the second quarter. This initiative will strengthen critical digital competencies at a lower cost going forward. On IT transformation, we've started to deliver on a plan to drastically consolidate our supplier portfolio. We have closed agreements with four suppliers as strategic partners. We'll consolidate the first 29 suppliers into those four, which include Accenture, Capgemini, TCS, and Teleperformance. We're already benefiting from the improved commercial terms and new ways of working as of the month of June. Over the next five years, this project will reduce OpEx and CapEx combined by around SEK 750 million. Additionally to this, we closed a further 75 legacy IT systems in the quarter, contributing to IT cost savings of around SEK 45 million. On simplification, we reached a strategic innovation partnership with software provider ServiceNow, which will fuel simplification and automation of key parts of our operations and a key enabler for our orchestrator value proposition to B2B customers. Implementation activities have now commenced across all markets. In addition, we've removed over 20 products, and simplification plans are now in place in all markets to, in some cases, particularly in Finland, remove up to 80% of our existing products through 2025. We're also seeing a growing adoption of common products now at 12% across the group, which is critical to support the removal of legacy products and leverage scale benefits going forward. Finally, from a transformative digital perspective, TV media is clearly a standout in the quarter with digital ad revenues growing by 177%, giving us confidence that TV4 has the ingredients to be one of Europe's most profitable broadcasters, even as viewers and advertising shifts from linear to digital platforms. Finally, on delivering sustainably, we're on track with all of the financial ambitions we set out to achieve this year so far and are particularly pleased with the stability in free cash flow and the strength of our balance sheet. We are in good shape as we move into the second half of the year. In the markets where we're the market leader, we are responsibly taking action to restore market growth on the back of the significant investments we've made into our networks. 5G monetization is one of those actions that we've recently taken in Sweden alongside the multiple price increases that we've taken in Sweden recently as well. At the same time, our purpose ensures we also take responsibility for societal progress, and in the quarter, we made good progress and proudly received some high-quality recognition. For example, we were highlighted by the Financial Times as a European Climate Leader due to our emission reduction and the fact that we've set bold science-based climate targets. Together with a few of the largest European operators, we've launched a new circular initiative, the Eco Rating of mobile phones, to encourage customers to easily select phones with strong environmental credentials. We've launched a mobile driving license for Swedish children to provide a safe and secure start to their digital life. Finally, we received a gold-level award, the highest level possible in the Estonian Responsible Business Index Award. That's the strategic progress, but now to the markets, and let's start with Sweden. Despite the legacy drag continuing to impact revenues worth around SEK 135 million in the quarter, EBITDA was stable due to underlying growth in our future revenue streams and good cost takeout. Underlying, we're seeing solid momentum, most notably in B2B within the large segment and in Cygate, both showing growth on a year-on-year basis. Sweden B2B actually grew their mobile revenues by 2.5% in the quarter, which is the first time in a long time. In B2C, we are seeing strong growth in fiber up 11%, TV, that is IPTV, excluding C More, up 17%, and also in mobile, as I said, up 2.1% if you exclude last year's one-off. In totality, service revenues excluding legacy and the one-offs grew by a healthy 2%. OpEx was down 4% and COGS was stable as savings from copper dismantling and subcontracted fieldwork offset increased content and Open City Network access costs. Looking ahead, we have in the quarter implemented several price increases on legacy copper products, including PSTN and xDSL. We are seeing early indications of less legacy burden after having implemented these prices, which combined with additional price adjustments already announced for the autumn, we are expecting to see improved trends in the second half of the year. These announced price increases include fiber broadband to be implemented in September and selected mobile services such as the family share plans, where we're adding extra SIM cards to the base subscription for a small fee. In terms of leading indicator KPI developments, I think this is where Sweden is showing some really good signs. In mobile, we're increasing our postpaid subscriber base with all brands either stable or growing their base. In Enterprise, we are still impacted by the loss of a low ARPU public sector customer, but stable excluding that loss. ARPU levels are moving up, driven by Enterprise, partly explained by the loss of that customer, but also by increased usage and value-added services. Overall, pricing levels remain competitive, but no worse than we've seen before, and our broad range of services and tools are proving to be supportive to customer retention and ARPU development for Telia. Churn is also healthy, with reducing churn in consumer and stable in Enterprise if you exclude the aforementioned customer. Within broadband, we're continuing to grow within high-speed tiers and especially within the Open City Network universe. This quarter, we saw a higher churn within our xDSL customer base, which is as expected given the price increases. ARPU is up on a year-on-year basis and flat sequentially, and overall trends are in line with what we've seen in prior quarters. The success we've had within MDUs is also visible in TV subscriber growth, and we also grew in SDUs in the quarter. This is now the fifth consecutive quarter with net additions. TV ARPUs show a dramatic growth year-on-year, as last year was impacted by the pandemic. Sequentially, we are flattish as increased uptake of high ARPU sports packages is mitigated by the dilutive effect of our MDU growth that is implying underneath. All in all, Sweden was a strong quarter with a growing customer base, growing ARPUs, and reduced churn. As you saw in our report this morning, Finland had another challenging quarter, even if the revenue trend did get sequentially better. We declined in both service revenues, down 1.6%, and EBITDA down 9, driven by the Enterprise segment, where especially the IT business lines were lower by 7% than a year ago. The Consumer segment was actually flat as the decline in mobile was offset by growth in TV. There were some signs that make us hopeful for the future. We saw positive momentum in the mobile customer base, a record 5G migration at an average EUR 3 higher ARPU. We're closing the gap to Elisa in terms of population coverage. We have lower churn in our access with content bundles, and we're seeing continued growth of C More, which is now the number 2 OTT player after Netflix in the Finnish market. That didn't help EBITDA materially. EBITDA was particularly weak due to certain pandemic cost reductions or mitigations that were taken last year, and they've now returned, and that includes a pension holiday and marketing, but also from a non-recurring software license cost that we took this quarter and increased energy costs. From a KPI perspective, the mobile subscriber base is growing, driven by Enterprise, where we add customers from a large public customer and ARPU is slightly down year-over-year due to the segment mix shifts. Churn remains at lower levels than the pre-pandemic levels. Several transformation initiatives are now underway, and headcount has already been reduced by 3% since the beginning of the year. In addition, our head of Strategy and Commercial, Markus Messerer, will on top of his group role, become the Finland Chief Commercial Officer to help the Finnish team fix commercial basics and enable a value-accretive commercial turnaround while Heli focuses on the overall transformation agenda. Moving to Norway. Service revenues declined as expected, but entirely related to lower revenues from our national roaming contract with ICE, which impacted us negatively by around NOK 67 million. Wholesale revenues aside, underlying momentum is actually quite solid with positive momentum in the enterprise segment, up 3.4%, and especially in SME, where we had our highest subscriber growth ever. We're also seeing positive growth in the consumer segment, with strong growth in broadband, up 3.8%. Churn remains relatively low in both segments, and ARPU development is positive across the board, with continued strong traction to our premium-tier mobile subscription. That's Telia X, which now represents 17% of our total postpaid base, and this is clearly supported by rapid 5G rollout, now at 25% pop coverage and ahead of the main competitor. Similar to Sweden, we are growing our customer base, we are growing ARPUs, and we are seeing churn declining. The highlight of the quarter was what we touched upon earlier, the deal signed with the Norwegian Postal Service, the largest deal ever signed in Norway. This, as well as the earlier contract signed with the Norwegian Police and the renewal of the contract with NRK, the Norwegian public service broadcaster. We have clearly proven that we are a reliable and trusted supplier of communication services to the entire Norwegian public sector. OpEx increased by 4.4%, mainly related to lower costs taken last year to mitigate pandemic impacts. Underlying, however, we are making good progress on transformation and structural cost takeout, such as proceeding with the outsourcing of our field services during the quarter. Moving to our lead markets, just as in the previous quarters, the trend remains very strong in our Baltic operations. Lithuanian service revenues grew 5.5%, EBITDA grew 3.7%. We saw more than 5% growth in both mobile and fixed services, with the consumer segment being the main driver at 11% growth, particularly from growth in mobile. Estonian service revenues grew 6.1%, EBITDA growth was excellent at 12%. There is progress on both mobile and fixed segments, with mobile turning to growth and fixed accelerating its pace from previous quarters. In Denmark, our service revenues declined, albeit at a lower rate than recent quarters. EBITDA declined quite significantly due to lower equipment margins relative to last year. We also had lower costs in Denmark last year taken to mitigate the early COVID impacts. Importantly, though, Danish mobile service revenues are now stabilizing and, in fact, flattish for the quarter, with a particularly strong end to the quarter during the month of June as Denmark truly reopened. Finally, TV and media had another strong quarter as it rebounds from the COVID lows, and it even accelerated during the quarter. EBITDA increased almost 85%, driven by service revenue growth of 45%, with both ad up 43%, equally in linear and digital, and pay up 58%. Businesses are improving significantly post the pandemic, with increased share of viewing in both Sweden and Finland and premium price levels restored in pay. We continue to take market shares in linear TV, driven by a combination of well-established formats, new successful formats like the season finale of "Masked Singer" had an astonishing 76% share of viewing, as well as popular sports events such as the World Championships in ice hockey. Go Finland. The Euros. Mark my words, the Tartan Army and Scotland will be back again. More seriously, as demand from advertisers returned, we could leverage on our strength and market position, offering more inventory and being disciplined on pricing. Additionally, we see strong growth in digital, with viewing time on TV4 Play growing 25%, more than any other domestic broadcaster, including the public service broadcaster. As a consequence, our EBITDA grew significantly, though not to the same extent as revenues due to, as expected, higher content costs from the returning sports events. As a reminder, there will be an increase in content costs in the second half as we have some significant and exciting sports rights content in the coming quarters, such as the Champions League. Putting that aside, this quarter is another proof point that we're on our way to restore and reach our original ambitions from media ownership, driving convergence, increasing loyalty, and becoming the aggregator of digital experiences for the home, regardless if it's media, connectivity, or smart home services. Now I'll hand over to PC. Thank you, Allison. Let me quickly summarize the financials. First, service revenue. Actually, right on the slide, you can see the +3.2% growth broken down by the market and the unit. Sweden, as mentioned, is impacted by a legacy decline that is offsetting the underlying growth. Finland experienced pressure both on mobile and fixed revenues. Norway had underlying growth, but is impacted, as Allison said, by the wholesale agreement with ICE. Our Baltic markets continue the strong growth momentum. Lastly then, the solid strong recovery of our TV media business. If we move to the left side, the key driver of the 3.2% growth is, as mentioned, the recovery in the TV media unit, but we also see good development in our telco business. Total Telco consumer segments see a growth of 0.5%. This is driven by growth in mobile revenues in all markets except Finland and TV revenue growth across our footprint. This is more than offsetting the roughly SEK 200 million legacy pressure we have in the quarter, mainly coming from Sweden. We are also happy to see that total Telco enterprise revenues are flat versus last year, with great trend improvement in Sweden, a good growth momentum in Norway on the back of the Phonero and the TDC acquisition, and continued strong performance in our Baltic markets. Year to date, after six months of the year behind us, we have recorded a slight service revenue growth of 0.4% and are well on track to deliver on our outlook for the year of flat to single-digits growth. On operational expenses, total OpEx, was as mentioned, stable in the quarter. On the right, we can see the breakdown into the 3 main cost categories. On resource costs, in the quarter, we have SEK 100 million structural cost savings from 450 colleagues that have left us during this year. This is, however, more than offset by 3 key elements. One is, as usual, salary inflation. The second is, as Allison alluded to, return of certain costs items related to the pandemic. Examples include, but are not limited to temporary layoffs from closed shops last year, temporary lower use of consultants, lower social security charges, and also lower pension costs in some of our markets. The third component is specific and temporary investments we have done to strengthen customer support and customer experience in Sweden, and also some specific growth-related investments into our B2B operation. The more that we execute on our transformation journey, the more we will get efficiencies and net cost safeguards also in these areas. The increase in resource costs is offset by efficiencies and reduction in other costs from SEK 50 million lower IT costs related to the vendor and system consolidation that we are pursuing, and lower provisions for bad debt in the quarter. This is partly offset by somewhat higher energy costs in some of our markets. Year to date, we are down 1.6% in line with our plan. We are on track to reduce total resources by 1,000 during this year. This will both secure a good result for 2021, but more importantly, secure a strong run rate into 2022 and the years to come. Going forward, you should expect to see more impact from the transformation program. We are well on track versus our plan to reduce OpEx by SEK 2 billion by 2023 and SEK 4 billion by 2025. On EBITDA, at the right-hand side, you see total EBITDA growth of 1.9%, broken down by market and unit. Sweden is stable, despite pressure from legacy that is offset by cost reduction. Finland is down 9.1%, impacted by both service revenue declines and higher costs. Norway is down 2.9%, but has underlying EBITDA growth if we exclude for the wholesale agreement. We continue to see good growth momentum in the Baltic market. The strong recovery in our TV media unit has also generated a strong EBITDA growth in the quarter. With EBITDA growth year to date of 2% growth, we are well on track to deliver on the outlook for the year of flat to low single-digit growth. In the second half, TV media will contribute less on EBITDA than in the first half due to tougher comparables and also the mentioned increase in content costs. This is somewhat offset by expected improvements in the Telco business, both on the revenue side, but also effects from the cost initiatives. On CapEx, starting from the right, where we see total CapEx being stable versus last year. As expected, we see an increase in mobile network investment related to the ongoing 5G rollout and mobile network modernization currently ongoing in all our markets. This is offset by slightly lower investment in fiber in Sweden as planned. Investment into product development and IT is only slightly up versus last year, where CapEx efficiencies, also tough prioritization is to a large degree offsetting the increased activity level to transform our product and IT platforms. As we can see on the left side, total cash CapEx on a rolling 12-month basis is stable on SEK 13.4 billion or around 15% to net sales. As mentioned before, cash CapEx will gradually increase in the second half, both from higher planned activity level, also from the delayed effect of completed activities due to our long payment terms. It's worth noting that the ongoing global supply chain situation can potentially impact our business and delay some of the CapEx spend, so far, we've been able to mitigate this relatively well. All in all, we are on track with our investment agenda. Given the expected increase in cash CapEx in the second half, we are well on track to deliver cash CapEx in the range of SEK 14.5 billion-SEK 15.5 billion for the year. Total cash flow in the quarter was solid at SEK 2.1 billion, slightly lower than last year. EBITDA less CapEx is stable in the quarter, is expected to be impacted in the second half by the higher cash CapEx levels. Tax and interest payment is a drag this quarter. This is entirely due to spacing between the quarters versus last year. Net other payments is negative versus last year due to higher costs related to the mentioned M&A transaction and also the ongoing business transformation program. Also this quarter, we have a positive impact on working capital, driven by the positive contribution from our vendor financing initiative. Moving to the left, year-to-date, we have now generated a solid cash flow of SEK 6.1 billion or 75% of the minimum dividend commitment of SEK 8.2 billion. On a rolling 12-month basis, we see a total cash flow at a solid SEK 12.7 billion, continue to be supported by working capital contributions. On a rolling 12-month basis, excluding working capital, we are still in line with the minimum commitment of SEK 8.2 billion. To summarize, we are well on track to generate more than enough cash flow to cover our dividend commitments for this year, and we are well on track from 2022 onward to cover the dividend commitment with cash flow excluding contribution from working capital. On the tower transaction, there's not so much more to comment at this point. Other than to say is that we are very happy with both the valuation of 27 times, but also our strong and solid partners in Brookfield and Alecta. I really look forward to the journey that we have ahead of us. On net debt and leverage, as expected, our total net debt is reduced in the quarter to around SEK 17 billion. With net debt to EBITDA ratio reduced to 2.32 times. This improvement is driven by the received proceeds from the Telia Carrier transaction. Excluding the proceeds from the transaction, net debt is fairly stable, including payments on the first tranche of the dividend that was paid in the second quarter. If we add the proceeds that we expect from the tower transaction, we would see a further reduction on net debt to EBITDA, down to 2.07 times. This will put us in the lower end of our target range of 2.0-2.5 times. To summarize, after a solid first half with year-to-date results well in line with outlook and good visibility for the remaining 6 months, we are confident to reiterate our outlook for 2021, with service revenue and EBITDA, flat to low single-digit growth and CapEx around SEK 14.5 billion-SEK 15.5 billion. With that, plus the ramp-up of our transformation agenda, we are also well on track towards our midterm ambition. With that, I hand over to you, Allison, to summarize the presentation before we go into Q&A. Thanks, PC. Just in summary, we're clearly pleased to be back to growth on both top and bottom line, and importantly, delivering in line with the outlook that we set out for this year. Our core business is improving, driven by mobile, where we're seeing growth in 6 out of 7 markets. TV and media recovery is real, and we're closing in on the full potential imagined when Bonnier was acquired with an exciting autumn ahead of us. We're progressing well with our strategic priorities, that includes the transformation program. We've received the proceeds from the sale of Telia Carrier and announced our first tower deal. Cash generation remains very healthy, and our balance sheet is strong. Our full focus is now on creating a better Telia by delivering on the roadmap that we set out in January. A roadmap that aimed to reinvent a better Telia for our customers, our employees, and our shareholders, while contributing our part to enabling the development and digitalization of the societies of the Nordics and the Baltics. I think it's time for Q&A now. We've been talking for far too long. Thank you both. Operator, please, let's open up for Q&A. Thank you. We will now begin the question and answer session. To ask a question, please press star 1 on your telephone keypad. Your first question comes from the line of Peter Nielsen from ABG. Your line is now open. Thank you very much. Morning, Allison and Per Christian Mørland. Allison, I'd like to take a step back from the Q2 results, please. If we go six months back to the strategy update we had at the time, some of your new management team had barely settled in. I think some hadn't even arrived yet. You outlined sort of the transformation process as well as your plans for a strategy for regaining commercial momentum. Now it's been two quarters. How would you evaluate the progress and the size of the challenge the way management views it today? You're saying that the IT, oh sorry, the transformation process is going as planned, which is positive. It sounds a bit like the challenge in Finland perhaps is a bit greater than originally thought. How would you say about Sweden? Is your view on Sweden, what is required, the size of the challenge to turn Sweden around? Is that unchanged, Allison? Thank you. Thanks for the question, Peter, and thanks for rising above the Q2. Yeah, you're absolutely right. In January, a number of the team were new. I think reflecting back, I'd say we're actually slightly ahead of plan on commercial momentum if you exclude Finland and Denmark. I'm actually really quite happy at how momentum is building commercially. The transformation program, our leader to lead that came in the summer of last year, and that is very much ramping up in line with expectations. Where I think we're slightly ahead of plan is probably TV media. TV media has rebounded faster, and they are transitioning to digital faster than we expected as well. Clearly our TV position across the footprint, not just in the Bonnier asset, is really strong. That's where we're probably a little bit ahead of plan, Peter. You're right, it's Finland that we're behind plan. I think what we've realized is there's more work to be done on the commercial agenda there. The transformation and cost structure takeout is clear, and we're moving forward with that. It's more the commercial agenda and machinery that is weaker than we expected, and that's why I'm sending in Markus to help, because he brings great experience from Austria, from Switzerland, from e-commerce, and we do need to radically digitalize and change our channel focus in Finland. Moving to Sweden, I think I'm actually really happy with the underlying momentum in Sweden. If you look at everybody who's reported now, and if you put aside Hutch, we are ahead in consumer mobile, we're ahead on enterprise mobile, but we're doing that in a value-accretive way. We're sustaining, if not growing our ARPU, we're reducing churn, and we are proving that when you sell in a broader range of services, particularly in the enterprise or to landlords, and even to the consumer now with great content, we're starting to be able to sustain that premium ARPU position that we have. We've now, in the matter of the last quarter, taken a number of pricing moves to restore market growth. Excluding churn effects, they could be worth up to SEK 350 million on an annualized basis going forward. Some of them are on legacy products, I think SEK 200 million-300 million on an annualized basis from that pricing. Overall, good about Sweden. This is a major transformation, Peter. We said at the time it will take time. We're happy with the progress to date, and the team remains super excited about the potential. When we find such basics missing in our commercial operations in Finland, we know that actually just fixing the basics will create a lot of value too. That's great. Thank you for that, Lindsay. Thanks, Peter. Thanks, P.C. Can we have the next question, please? Thank you. Your next question comes from the line of Andrew Lee from Goldman Sachs. Your line is now open. Morning, everyone. Thanks for the presentation. Just had a couple of questions on Sweden. Firstly, just on the Swedish consumer service revenue trends. I know you had kind of relatively easy TV comps in the second quarter. Should we expect mobile and broadband trends to kick on and accelerate into the second half, given the price rises you announced in Q2? How should we view the scale and breadth of those price rises? The second question was just on B2B, which is always hard from an outsider's perspective to get a true understanding of. I know you lost a public sector contract. Do you think that the pricing pressure has abated somewhat in large corporate? Is this a trend? How are you holding up in SME, given Tele2's tariff changes? Kind of any help on what's going on on an underlying basis in B2B would be great. Thank you. Yeah, absolutely. Thanks, Andrew. On B2C, yes, as a result of the pricing moves we've taken, the stability and actually underlying growth in our customer base, and the churn reduction, and with Champions League coming uniquely to Telia Play and Outlook, C More, the outlook is actually really quite good for our consumer business. As I just said to Peter there, in totality, the pricing is worth up to SEK 350 million on an annualized basis. If you assume there's some churn there, we can look at SEK 200 million-SEK 300 million upside. Good outlook on B2C. On B2B, really strong. We grew in the large segment, as I said, always mid-single digits. Cygate is growing. And they are with all of the demand for digitalization support in our customers, but I think that growth will continue. We are seeing stability of ARPUs in public and key and seeing stability in SME as well. Both of them had similar trends to Q1, and that's in the low single-digit decline range. Not seeing any negative impacts and actually holding up really well. As I said, we are sustaining an ARPU premium because of the range and quality of services that we're able to take to the market. Thank you. It sounds like B2B is improved versus a pretty tough 2019 and 2020, and that's kind of sustainable. Yeah. As I said, we grew mobile and enterprise 2.5% in the quarter. Yeah. It's been a long time. You're positive in large. SME is low single-digit decline, there's no roaming in there now. A really solid Swedish quarter actually, in terms of underlying base, ARPU, churn reduction, initiatives ahead. No, very good. Thank you. Thanks, Andrew. Next question, please. Thank you. Your next question comes from the line of Maurice Patrick from Barclays. Please ask your question. Yeah, morning, guys. Thanks for taking the question. If I could move the conversation onto the towers. You've been pretty clear in the presentation, Allison, it's more than just getting a high multiple for it. Picking up on your comment around Brookfield, about helping you do it better than doing it yourselves, what is it specific you think Brookfield can bring to help you run that tower portfolio better than maybe if you're doing it just on your own? You also said, I noticed in the presentation, that this is our first tower deal. I guess the obvious question is what's the next one or what can we expect? Do you still take the view that Sweden is sacrosanct, or are you going to wait and see how the Brookfield deal lands before you start taking more strategic moves? Where are we in that perspective? Thank you. Thanks for the question, Maurice. Yeah, I've been very clear that we see the industrial logic in our digital infrastructure. We went into the first tower transaction with an ambition to sell a minority stake, but to bring in a partner that will help Telia be better. Not just crystallizing value, but giving us a competitive MSA agreement, allowing us to control that MSA agreement. In terms of Brookfield, they run a footprint of 185,000 towers today. We treat our towers as something on the side. We've not been running them efficiently. We don't proactively go out to find new tenants. A world of massive micro cell deployment, which will happen with 5G and 6G, with the likes of Brookfield operating in India, where they've got many towers, and pushing more and more kit onto those towers, we are going to learn so much. We saw that in the partner presentations. We really focus as a management team on what do the partners bring. Brookfield really stood out for us. They're in it for the long run. Really delighted with that, their ambition, actually all the other parties that we met, ambition was for us to build out a Nordic-Baltic tower portfolio. Norway, Finland, concrete and steel is first. We've still got the rooftops to go after. Considering the quality of the partner and that partnership between Brookfield and Alecta, we might be more willing to proceed on a faster basis with Sweden as well. That's very helpful. Thank you. Thanks, Maurice. Next question, please. Thank you. Your next question comes from the line of Nick Carlisle from Societe Generale. Your line is now open. Morning, everybody. It was just a quick one, Allison, please, on Finland. If you could talk about what costs have risen, if that's okay. I know it sounds like early days as your team go in to look at the costs, but how long do you think, if at all, it's going to take you to get the costs down? Is the SEK 2 billion target for full cost savings dependent on getting these Finnish costs down, or would this be additional on top? How does that play along with the big group targets, please? Thanks. Yeah. Thanks for the question. Clearly short term, there was a bit of a bump up in costs. Some one-off license costs, some increase in energy costs, and we were coming off of a period last year where there were some short-term interventions like no pensions and no marketing. Our cost agenda that we're planning on is a part of that SEK 2 billion. It's not going to add to the SEK 2 billion, it's included. We're just a bit slower to get our share of that, and it's phasing a little bit later than we were expecting. Where does the cost come from? We have, over the years, really proliferated all of the B2B products and services through acquisitions. We've already in the quarter sold two small businesses, alert and alarm business and a remote monitoring business. A lot of the cost benefit comes from radical portfolio simplification. I think our group ambition is to reduce products by about 50%. In Finland, we're going to go much harder and we will go faster, particularly in the B2B area. Then it's about automation, driving productivity and efficiency, having a smarter channel, go-to-market channel strategy. We're very reliant on third-party retail that's very costly. We aim to go much more digital, and really by building the network perception, the brand perception, and bringing some of the digital capabilities from elsewhere in the footprint and what Markus brings from his e-commerce experience, we hope to go harder and faster there. Then really driving convergence to reduce churn, and we've got a big churn machine in Finland, unfortunately, that drives a lot of subscriber acquisition costs. That clearly is part of the transformation agenda as well. A lot to do. It's all part of the SEK 2 billion. It's just coming a little bit slower than we expected, but now we will go harder and faster and catch up as soon as we can. Is it fair to say because of that? I get the point about the 2 billion, but is it fair to say there might be a few more rocky quarters in Finland on the way? It doesn't sound like a straightforward exercise, this. I think even the previous management and the one before that struggled with the Finnish cost base. Is it something you've got to beat a few things up before they come right? Yeah. Well, this management is going to fix it once and for all. Yes, it's going to take a few quarters, certainly. It's not going to be solved overnight. I'd hope to be on a better run rate by Q1 next year. That's great. Thanks, Allison. Thanks, Nick. Thank you, Nick. Next question, please. Thank you. The next question comes from the line of Terence Tsui from Morgan Stanley. Your line is now open. Thank you. Good morning, everyone. I had a question around the TV and media unit, please. Basically, it's just great news that you've got the Champions League rights from next season after such an exciting summer for England and some of the Nordic countries as well. You mentioned that the costs should increase in the second half of 2021. I'm just thinking about whether you can steer us a bit more around the evolution of revenues and cash flow as well. How do you expect to eventually be paying off the increased content costs, and how should we think about the evolution of revenues over time? Thank you. We've not really disclosed that because a lot of the revenue will actually flow through in our Swedish business unit. It won't necessarily all flow through in the TV media unit. We've now announced the packages will be split between C More, offered to all, and some unique experiences on Telia Play. They both contribute to our overall outlook for the year of flat to low single-digit growth, and clearly, trying to maintain the momentum that we've seen in Q2. In terms of, again, the cost impact, as you know, these contracts don't allow us to disclose the absolute cost impact, but the rumors in the media is a good estimate of what it will cost over the three-year period. Clearly, you should be planning on that cost hitting us two quarters of that cost or half a year of that cost in the second half. I don't think I can really say any more than that. No, you can. both the revenue development will be positive for TV media and Sweden in the coming quarters. The cost will be booked as the games are broadcasted, so it will be fairly even along the period. On cash, part of it has already been paid. There will be other installments in certain quarters, but let's get back to you on that. If you look at consensus for the TV media unit at the moment for the year, I wouldn't take that up any further as a result of the Q2 results. That is a good estimate. Don't go further is my guidance to you. Great. Thanks for the clarifications. Thanks, Terence. Also, good to see that Denmark actually was in the Euro, which I missed last time. Apparently they were. Next question, please. Thank you. The next question comes from the line of Ulrich Rathe from Jefferies. Your line is now open. Yeah, thanks very much. I wanted to get back to the Swedish price increases. I think the way you've positioned it, right, is that you're sort of putting the price umbrella over the market, as the market leader. Tele2 sort of communicates in a similar way, that they're taking responsibility. Question is, if you look at the price levels that you will be at in the second half after the price increases you've now announced, and Tele2 being where they are you essentially exposed to the price levels of the rest of the market and you're watching what they're going to do, and if they don't move, then you have to rethink it? Do you feel you're in an entirely comfortable position with the situation that you will be in in the second half, also given where Tele2 will be at that point? I'm just trying to figure out what the pull forward and then sort of the ratchet situation is, and how you look at that commercially. Thank you. Yeah, I think clearly we're always cautious when we take pricing, and that's why I said you've got to think about reducing the absolute amount by a bit of churn before you assume you can get the full value. If you look at the pricing we're taking, we're not doing anything dramatically ahead of inflation. Where we can, we are implementing them alongside some value-added services. If you look at how we're nudging up price, we're pushing a 5G+. That's an extra service for our customers. We're adding an extra SIM for the family. That's an extra service for our customers. In the fiber area, we're pushing higher speeds all of the time as well. None of them are particularly dramatically going to move us away from the market. There are multiple levers of small pricing that overall is worth a lot that I don't believe will make us disadvantaged from a competitive point of view, Ulrich. It's very helpful. Thank you. Thank you, Ulrich. Next question, please. Thank you. The next question comes from the line of Keval Khiroya from Deutsche Bank. Your line is now open. Thank you very much. I've just got a question on Finland. You helped elaborate some of the issues related to OpEx, but just when we think about the service revenue performance, can you talk a bit more about just what you think is going wrong? You did mention, I think, distribution, but just to understand exactly why you think the brand is really underperforming versus DNA and Elisa would be helpful. Also, as you try to fix the service revenues, is there a risk that actually you need to spend more OpEx just to also get the revenues in the right way? Thank you. Thank you. Well, we're still living from a period where network perception was a problem for Telia, and our sales teams, they were too focused on going after growth adds at a discount rather than retaining the current customer and working with that customer through added value services. We're going to shift more to a customer value management approach, really upselling 5G now. Now that we've got to 47% population coverage, we're seeing an acceleration of 5G take-up. We're now over 100,000 subs, so that will help as well. We're going to do a lot more work on churn prevention, which was not the case during the last six months in the way that we'd expect. We've also got some pricing moves to take advantage of, particularly in the all-pay area, and some of the lower value tiers as well coming. I don't expect to see a dramatic impact in OpEx to drive this. In fact, as we move away from third-party channels and move more to digital, that should actually reduce our OpEx over time. That's very clear. Thank you. Thank you, Keval. We have a couple of questions left, so let's try to move quickly. Next question, please. Thank you. Your next question comes from the line of Steve Malcolm from Redburn. Your line is now open. Yeah, morning, guys. Thanks for taking the question. Could I just come back to Ulrich's question on pricing? Maybe I've got it wrong, I thought your fiber prices were going up double-digit in the second half without any noticeable increase in speeds. Can you just clarify that if that is the case? If it is it plausible to get NPS up against those sorts of price rises? What would be success in terms of the movement in churn and net adds against those sorts of price rises? When your broadband subs are already declining, do you expect that to continue? Just an understanding of the overall movement on price for broadband and the sort of expected subscriber evolution would be great. Thanks. Okay. Yeah, the pricing. We're going from 439- 479 on 100 MB. We're going from 509- 529 on the 250 MB. I don't really see those as being particularly aggressive. We're always trying to trade customers up to higher speeds as well. The bigger, more ahead of inflationary pricing is on XDSL and PSTN, which we've got a history of driving those price increases ahead of inflation. Yes, accelerates a bit of churn, but it still contributes to the bottom line positively. Did I answer that question fully, Steve? Yeah. Well, I guess it's usual to see more for more. We're seeing the same for more, which is more for more has got a check with history. The same for more doesn't have much history at all. It's kind of an odd move in this particular time, I guess, in the market we're in? Yeah. No, we were also selling in great TV packages as well. We've got the best TV packages in the market at really great value for money. That is where we're driving real more for more benefit for our customers, as well as nudging up the pricing of fiber, which is fundamental to the sustainability of the value of fixed connectivity in Sweden going forward, because fiber is cheaper than some copper products. Offering more for more on the TV and driving up fiber pricing, I actually think is a good strategy. Because of the bundling we have, not just of our own content, but also with Viaplay, and with C More, we've got all of the sports that anybody could want at a very good price. Now with Netflix ingested as well, we're in a strong position. Maybe you can give us an idea when you expect NPS scores to improve? Obviously, they're going to be a bit of a lag with the price rises coming through. Well, I think it'll be tough this year with all the pricing we're taking, but maybe they'll be delighted by Champions League, and that might nudge us up. Will the 100 meg customers get Champions League in that price rise, or do they pay extra for that? No, they pay extra for that. That's a pure fiber. Yeah. Okay. It's pure fiber, and they still get 100 meg for the same price, basically. Sorry, for the extra price. Yeah. It depends what their TV package is at the moment, for clearly, yes. Okay. Okay. Thanks. Thanks, Steve. Thanks, Steve. We have time for one more question, the final one. Maybe something for PC. Thank you very much. Your next question comes from the line of Stefan Gauffin from DNB Markets. Your line is now open. Good morning. Well, most of my questions are answered, but perhaps could dig in a little bit deeper on the cost increase in Finland. You reported very solid postpaid subscriber intake in Finland. I think you mentioned at the call that it was a large B2B contract behind that number. Can you clarify that? If you also had good solid subscriber intake on your 5G plans. The reason why I am asking is, I wonder if higher subscriber acquisition costs explain part of the cost increase this quarter. You go ahead and talk about the cost increase, Jens. Yeah. We don't see that. It was more related to, let's say, the artificial low marketing costs that we had last year. That is part of explaining the cost increase that we have reported this year. The cost increase in Finland is not just driven by marketing. It's also other cost items that affect the comparability versus last year. All the subscriber base increase was in the B2B segment driven by that new public customer. Yeah. Yeah. Okay. That's very clear. Thank you. Good progress on 5G subs, one of the many things that make me hopeful for the future, Stefan. Yeah. Thank you. Okay. Thank you. Thanks, Stefan Gauffin, for letting PC in as well. Very good. By that, we conclude the Q2 and wish you all a great summer, and let's get back in touch when we are all back from vacation. Take care.