Slides
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October 22, 2026 T elia Q3 2026
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Good progress on growth and simplification Customer − Positive NPS trend − #1 mobile customer satisfaction according to SKI/EPSI − Awarded main supplier for the Swedish emergency communication network (SWEN) Technology − Enhanced Caller ID service launched in Finland and Norway and Mobile DNS Firewall service launched in 4 of 5 markets − Expanding commercial 5G SA capabilities across footprint − Simplifying and modernizing Technology environments and closing legacy systems Strategy & Sustainability − Further localization and efficiencies proposed in October with target yearly savings of SEK 1bn − First telco to score 10/10 in Global Child Forum benchmark Portfolio management − Investing to drive growth in our core business through bolt- on acquisitions in fixed broadband − Continuing to drive simplification by divesting ICT businesses in both Sweden and Finland 2
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CAPEX* In SEK billion, R12 2026 outlook: <13bn 3.3% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Financial highlights Q3 Service revenue Like for like growth 2026 outlook: ~2% Service revenue: +3.3% - Continued strong TV and Mission Critical growth - Solid growth in Sweden and Lithuania Adjusted EBITDA: +2.9% - Somewhat stronger than anticipated mainly due to lower costs - Temporary expected slowdown in Sweden, to re-accelerate in Q4 - Norway continued to gradually recover Free cash flow: SEK 3.7bn - FCF of SEK 7.8bn YTD Q3 Leverage: 2.00x - Declined further from 2.06x in the previous quarter Adjusted EBITDA Like for like growth 2026 outlook: ~3-4% 2.9% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Free cash flow In SEK billion, R12 2026 outlook: At least 9bn** 12.6 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 * CAPEX excl. spectrum, leases and non-organic assets (booked) ** Based on the outlook principle with normalized spectrum CAPEX of SEK 650m CAPEX: SEK 12.6bn (R12) - Comfortably below full-year outlook of less than SEK 13bn 3 10.2 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26Full-year outlook upgraded - Performance YTD enables upgrades to EBITDA growth and FCF
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Sweden 4.7% 5.7% 2.1% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Service revenue Excluding legacy Adjusted EBITDA Most satisfied mobile customers according to SKI Telia Sweden awarded main supplier in the Swedish emergency communication network (SWEN) Service revenue growth accelerated driven by elevated non-connectivity-based revenue As expected, EBITDA growth temporarily slowed but is expected to re-accelerate in Q4 10.6 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adjusted EBITDA less CAPEX Reported SEK in billions, R12, excl. spectrum Subscriber base change q-o-q in ´000 and postpaid excl. M2M Service revenue & adjusted EBITDA Like for like growth 4* Legacy = end customer revenue from telephony & xDSL 21 -4 22 23 6 30 8 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Mobile postpaid Broadband TV 27 32 20 27 20 3 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 25 14 14 14 0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ARPU -1.2% -7.8% +6.8% 499 = Contribution from Bredband2 = Contribution from Telness
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Convergence as share of base Telia Consumer customers with 2 or 3-play, in % 51 52 53 54 55 56 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2&3 play share Halebop and Telia Continuously increasing share of converged customers, now at 55% or nearly 60% excluding the recently added former Halebop customers Household churn reduced by ~50% for each additional service added Consistently positive ARPH trend Convergence remains a key priority in Sweden Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 +3.3% Halebop and Telia ARPH Average revenue per household (ARPH) Telia Consumer, growth in SEK Churn reduction per service added 1 play 2 play 3 play ~50% ~50% 5
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Finland Service revenue & adjusted EBITDA Like for like growth Adjusted EBITDA less CAPEX Reported SEK in billions, R12, excl. spectrum -0.2% 0.9% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Service revenue Adjusted EBITDA Focus is on retention and loyalty in a continued competitive mobile market Rated #1 in EPSI’s survey for B2B customers ICT divestment closed with transfer of ~250 employees, and work to further simplify operations continues Lower mobile revenue was partly compensated for by increased non-connectivity-based revenue Mobile postpaid Broadband -1.1% +5.1% +1.9% 3.4 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -6 -24 -14 10 -15 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 11 3 1 3 10 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 5 -6 8 -1 -3 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ARPU TV Subscriber base change q-o-q in ´000 and postpaid excl. M2M6
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Norway Service revenue & adjusted EBITDA Like for like growth Adjusted EBITDA less CAPEX Reported SEK in billions, R12, excl. spectrum Mobile customer trend continued to improve, OneCall awarded most satisfied mobile customers (EPSI) Continued strong momentum for fixed with double digit growth in Consumer broadband Service revenue remained in growth territory and EBITDA continued to trend positively Operational cash flow upward momentum regained Mobile postpaid Broadband +2.8% +9.4% +10.2% 4.4 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -11 -10 -27 2 10 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 4 -1 -3 2 1 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2 -2 2 0 -1 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ARPU TV 7 Subscriber base change q-o-q in ´000 and postpaid excl. M2M 0.9% 1.8% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Service revenue Adjusted EBITDA Excl. ice impact
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Norway radio access network sharing Building Norway’s most efficient and future proof network Joint Operation, with 50% of P&L and balance sheet consolidated Limited short-term impact on service revenue and EBITDA Significant cost and CAPEX synergies over time Total estimated annual benefits to Telia from 2029 onwards of NOK 300-400m Regulatory discussion still ongoing Operations planned to start at the beginning of 2027 Traffic migration planned to be completed within 2027 Network build-out during 2027-2030 Cash flow impacts for Telia Coverage Cabin coverage City-centre capacity Strong urban coverage Heavy-traffic roads & trains National & European roads Improved rural coverage 8 2027 2028 2029 2030 FCF Other CF effects
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Mobile postpaid Lithuania Service revenue & adjusted EBITDA Like for like growth Adjusted EBITDA less CAPEX Reported SEK in billions, R12, excl. spectrum 6.4% 7.9% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Service revenue Adjusted EBITDA Continued solid operational momentum with sustained mobile base expansion Positive ARPU trend across core services Selected as communication provider for Lithuania’s 2027 Presidency of the Council of the European Union Service revenue and EBITDA growth remained strong across both mobile and fixed 1.6 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Broadband +4.6% +5.8% +2.8% 0 0 -3 -1 0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -2 -3 -2 -2 -1 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ARPU 16 5 5 4 11 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 TV 9 Subscriber base change q-o-q in ´000 and postpaid excl. M2M
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6 0 1 -2 3 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Estonia Service revenue & adjusted EBITDA Like for like growth Adjusted EBITDA less CAPEX Reported SEK in billions, R12, excl. spectrum 2.8% 4.3% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Service revenue Adjusted EBITDA Mobile ARPU growth supported by pricing and reduced discount levels AI assistant launched to drive efficiencies in customer service Strong demand for security packages on mobile and broadband Fiber roll-out going to plan, fiber subscriber growth partly offsetting copper decline 1.1 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Mobile postpaid Broadband +5.0% +4.2% +7.5% -1 -3 -3 -3 -3 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 -2 -2 0 -2 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ARPU TV 10 Subscriber base change q-o-q in ´000 and postpaid excl. M2M
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Financials
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Service Revenue & EBITDA Adjusted EBITDA Like for like growth 4.4% 3.7% 4.0% 3.4% 2.9% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Slower growth in Q3 as expected, but ahead of plan To re-accelerate in Q4 as previously flagged EBITDA margin declined slightly due to the service revenue growth mix YTD growth of 3.5%, outlook upgraded to 3-4% Service revenue Like for like growth Strong growth momentum, predominately in Sweden Sweden and Finland boosted in Q3 by low-margin non-connectivity revenue YTD growth of 2.8% 1.0% 2.1% 2.1% 2.8% 3.3% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 12
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Q3 25 Resources Sales & marketing Other Q3 26 OPEX & CAPEX OPEX Like for like growth -2.6% Resource costs only up marginally Marketing and bad debt declined OPEX/service revenue declined to 26.6% vs. 28.2% LY CAPEX and Adjusted EBITDA less CAPEX Reported SEK in billions, R12, booked CAPEX excl. spectrum Return on capital employed Adjusted EBIT/average capital employed 20.3 12.6 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 R12 CAPEX remained stable at SEK 12.6bn EBITDA less booked CAPEX continued to improve, above SEK 20 bn R12 cash conversion at 62% Upwards trend from continued profitable growth and disciplined capital allocation 7.5% 8.2% 9.3% 10.3% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 13 = Adjusted EBITDA less CAPEX = CAPEX excl. spectrum
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Free Cash Flow Reported SEK in billions YTD 2026 Q3 2026 Q3 2025 Change Adjusted EBITDA 25.2 8.9 8.5 0.4 Restructuring and other -1.2 -0.3 -0.3 0.0 Leasing -2.9 -1.0 -0.9 -0.1 Cash CAPEX excl. spectrum, non-organic assets -9.0 -2.8 -3.2 0.4 Cash CAPEX for spectrum -0.4 -0.1 0.0 -0.1 PPE divested 0.1 0.0 0.0 0.0 Interest paid net -1.9 -0.6 -0.6 0.0 Taxes paid -1.4 -0.5 -0.3 -0.1 Working capital contribution 0.0 0.3 0.2 0.2 Dividends from associates and to minorities -0.5 -0.1 -0.3 0.2 Free cash flow 7.8 3.7 2.9 0.9 Free cash flow per share, R12 (SEK) 2.61 2.61 1.85 0.76 14 EBITDA increase continues to contribute Cash CAPEX was lower compared to elevated level LY Working capital contribution better than expected partly due to phasing Dividends from associates and to minorities lower than Q3 LY due to Latvia dividends timing difference Figures in the table are subject to rounding
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Net Debt & Leverage Net debt and leverage Continuing and discontinued operations, reported SEK in billions, leverage ratio 2.06x 2.00x 67.0 65.6 Leverage ratio Leverage decreased to 2.00x in Q3 2026, down from 2.06x in Q2 2026 − FCF of SEK 3.7bn more than covered the dividend paid of SEK 2.0bn Net debt and leverage trend Continuing and discontinued operations, reported SEK in billions, leverage ratio 71.4 61.7 65.6 2.28x 1.93x 2.00x Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -1.4 15 -3.7 2.0 0.4 Q2 26 FCF Dividend Other Q3 26
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Progress on value creation agenda Grow FCF per share to cover the dividend Active portfolio management Actively manage our balance sheet Grow DPS and return excess cash to shareholders ‒ R12m FCF per share at SEK 2.61, more than covering the DPS of SEK 2.05 ‒ Continued portfolio optimization o Agreement to divest contact center platform, ACE o ICT business in Finland divested o 6k fiber households in Norway acquired o Increased ownership in Valokuitunen finalized ‒ Leverage at the lower end of the range ‒ SEK bond of SEK 2bn issued at attractive terms ‒ Quarterly dividend of SEK 0.51 per share paid in Q3 16
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Summary & outlook
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T owards a simpler, faster and more efficient T elia Headcount development¹ In thousands Q4 23 Q2 24 Q4 24 Q2 25² Q4 25 Q2 26 Oct 26 Jan 27E ³ +250 1. Excluding Latvia 2. TV Media divestment Q2 2025 (1550 HC) 3. January 2027 estimation is subject to union negotiations 19.4k 14.1k 13.2k Common functions vs. country units % of headcount Q4 23 Q4 24 Q3 26 Jan 27E ³ Common functions Country units Focus on core connectivity business and adjacencies close to core, be #1 or #2 in Nordic/Baltic markets Ongoing effort to clarify responsibilities and accountability, increase speed of execution, and enabling growth through shifting more resources into customer facing units, while driving efficiency across the company Next proposed step, announced October 12, 2026, includes further localization of resources and targeting reduction of ~900 positions across Telia and SEK 1 billion in annual gross savings with full effect from 2028 18
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Outlook Performance remained strong and customer satisfaction increased further Additional localization announced to drive further simplification and efficiencies Tracking well in line with our mid-term plan Outlook for EBITDA and FCF upgraded to reflect performance momentum 2025-2027 mid-term ambitions Service revenue* 2025-2027, CAGR 2% Adjusted EBITDA* 2025-2027, CAGR 4% CAPEX** 2025-2027 SEK <14bn/year Free cash flow*** by 2027 SEK >10bn * Based on 2024 as starting point, like for like growth ** CAPEX excl. spectrum, leases and non-organic assets (booked) *** Based on the outlook principle with normalized spectrum CAPEX of SEK 650m Service revenue ~2% (LFL) Adjusted EBITDA ~3-4% (LFL) (previous: around 3%) CAPEX** SEK <13bn Free cash flow*** SEK >9bn (previous: around SEK 9bn) 2026 outlook (upgraded) 19
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Q&A
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Thank you!
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Appendix
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Our 2025-2027 financial ambitions Service revenue* 2025-2027, CAGR 2% Adjusted EBITDA* 2025-2027, CAGR 4% CAPEX** 2025-2027 SEK <14bn/year Free cash flow*** by 2027 SEK >10bn 23 * Based on 2024 as starting point, like for like growth ** CAPEX excl. spectrum and leases (booked) *** Based on the outlook principle with normalized spectrum CAPEX of SEK 650m
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Our sustainability focus and progress Q3 2026 Empower 1.2 million people (10% directly) through digital skills initiatives by 2028, including 60,000 children and parents Digitally strengthening all generations Achieve 50/50 gender balance among senior leaders and an employee growth score of 7.8/10 by 2028 Empowering a winning culture Net-zero emissions by 2040 and zero waste by 2030 Enabling customers’ and our own climate transition Top-tier position in customer privacy in all markets by 2028 Securing people and digital environments ✓ 64% of the supplier spend covered by science-based targets ✓ Share of take-back of mobile phones at 15% ✓ “The Enablement Effect” report launched in September ✓ ~750,000 individuals reached by digital skills building initiatives ✓ 85,000 reached directly ✓ First telecom operator to achieve a 10/10 score in Global Child Forum’s annual benchmark of how well companies protect and support children’s rights ✓ 43/57 gender ratio in the Telia Management Team* ✓ 99% of all employees have completed Telia’s Code of Conduct training ✓ Privacy perception target reached in 4 of 5 markets *Refers to the Group Executive Management team and the management level below 24
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Our climate value creation and commitments → Achieve net-zero: • Reduce value chain GHG emissions (scope 1, 2 and 3) by 90% in line with the SBTi Net-zero Corporate Standard* • Offset (neutralize) residual emissions 2040 → Reduce GHG emissions in the value chain (scope 3) by 42% → Reduce GHG emissions in own operations (scope 1 and 2) by 82% → Increase take-back of used mobile phones to 20% → Limit electricity consumption increase to 4% compared with 2024 → Reach a 75% share of supplier spend (purchased goods and services and capital goods), covered by science-based targets, approved by SBTi or equivalent 2028 → Reduce GHG emissions in the value chain (scope 3) by 50% * → Reduce GHG emissions in own operations (scope 1 and 2) by 90%* → Ensure 100% of waste from Telia’s own and network operations to be reused or recycled 2030 Drive and encourage supplier action • Collaborate with suppliers to drive the climate transition • Integrate climate transition into supplier selection criteria • Develop emission data and awareness • Drive climate action through industry collaboration Engage and enable customers • Enable customer emission reduction through smart services • Enable customer • energy savings through smart solutions Establish a circular business • Provide attractive circular offerings • Embed circular principles into core processes • Increase re-use and waste recycling • Transition fully to renewable energy and continue work on energy efficiency Develop and innovate in business and processes • Embed climate criteria into RFQ/RFI processes • Integrate climate impact into decision-making • Create low-carbon, energy-efficient and circular products and services Enabling customers’ and our own climate transition 25 *validated by the Science Based Target initiative
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Focus areas and strategic goals for sustainable value creation Empower 1.2 million people (10% directly) through digital skills initiatives by 2028, including 60,000 children and parents Digitally strengthening all generations Achieve 50/50 gender balance among senior leaders and an employee growth score of 7.8/10 by 2028 Empowering a winning culture Building on a strong foundation of ethical and responsible business practice Net-zero emissions by 2040 and zero waste by 2030 Enabling customers’ and our own climate transition Top-tier position in customer privacy in all markets by 2028 Securing people and digital environments 26
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Our key sustainability ratings CDP Climate Rating A MSCI ESG rating Rated ISS ESG rating -B (Prime status) Ecovadis “Gold supplier” rating FTSE4Good Included Sustainalytics Rated Global Child Forum Ranked No. 1 worldwide in the State of Children’s Rights & Business benchmark 2026 World Benchmark Alliance Ranked top 10 on digital inclusion of the 200 most influential digital technology companies 27