Interim report
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Q3 Interim report January - September 2026
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Q3 Telia Company Interim report January–September 2026 Page | 2 Service revenue +3.3% (Q3, like for like) Adjusted EBITDA +2.9% (Q3, like for like) Free cash flow 3.7 (Q3, SEK billion) Good progress in growth and simplification Third quarter summary – Revenue amounted to SEK 21.3 billion (19.9). – Service revenue increased 3.3%, like for like , driven mainly by strong development in Sweden, Norway and the Baltics. – Adjusted EBITDA increased 2.9%, like for like, driven by service rev- enue growth across most markets coupled with lower operational expenses. – Operating income increased to SEK 4.4 billion (4.0). – Total net income increased to SEK 2.9 billion (2.5) and total EPS increased to SEK 0.69 (0.60). – CAPEX excluding spectrum, leases and non -organic assets in- creased to SEK 2.9 billion (2.8). – Free cash flow increased to SEK 3.7 billion (2.9) and cash flow from operating activities increased to SEK 7.6 billion (7.1). – Leverage decreased to 2.00x compared with 2.06x in the previous quarter. – Dividend of SEK 0.51 per share was paid to shareholders. – Outlook 2026 (upgraded): Adjusted EBITDA growth, like for like, of 3-4% (previously around 3%), Free cash flow of at least SEK 9 bil- lion (previously around SEK 9 billion), see page 4. – Proposed further localization of operations and reduction of ~900 positions across Telia announced on October 12, targeting SEK 1 billion in annual gross savings with full effect from 2028. Nine months summary – Revenue amounted to SEK 62.0 billion (59.7). – Service revenue increased 2.8%, like for like, driven by growth in all markets, although mainly in Sweden. – Adjusted EBITDA increased 3.5%, like for like, driven by service rev- enue growth across all markets coupled with lower operational ex- penses. – Operating income increased to SEK 11.2 billion (11.0). – Free cash flow increased to SEK 7.8 billion (6.9) and cash flow from operating activities increased to SEK 20.3 billion (20.1). – The acquisition of Bredband2 i Skandinavien AB was completed, and the company was consolidated from February. Overview1 SEK in millions, except key ratios, per share data and changes Jul-Sep 2026 Jul-Sep 2025 Change LFL4 % Jan-Sep 2026 Jan-Sep 2025 Change LFL4 % Revenue 21,306 19,861 4.5 61,980 59,682 2.6 Service revenue2 18,016 16,936 3.3 52,993 50,776 2.8 Adjusted EBITDA 8,872 8,458 2.9 25,192 24,227 3.5 Adjusted EBITDA margin (%) 41.6 42.6 40.6 40.6 EBITDA 8,889 8,385 24,268 23,994 Operating income 4,381 4,010 11,173 10,964 Total net income3 2,905 2,544 7,161 5,413 Earnings per share (SEK)3 0.69 0.60 1.68 1.23 CAPEX excl. spectrum, leases and non-organic assets 2,871 2,786 8,362 8,590 Free cash flow 3,731 2,874 7,848 6,885 Free cash flow per share, rolling 12 months (SEK) 2.61 1.85 2.61 1.85 Dividend per share, paid (SEK) 0.51 0.50 1.52 1.50 Leverage (multiple, rolling 12 months) 3 2.00 1.93 2.00 1.93 1) Continuing operations if not otherwise stated. TV and Media was reclassified as discontinued operations in the first quarter of 2025, see Note 11. 2) Restated, see Note 1. 3) Refers to continu- ing and discontinued operations. 4) LFL is an abbreviation for like for like, see definitions.
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Q3 Telia Company Interim report January–September 2026 Page | 3 CEO comment “Our business momentum continues, with further improvements in customer satisfaction across our footprint. Financial results were somewhat better than anticipated, due to solid service revenue growth and lower operational expenses. As a result, we are raising our full-year EBITDA growth outlook from around 3% to 3-4%, and our full-year free cash flow outlook from around SEK 9 billion to at least SEK 9 billion. We are determined to become an even simpler, faster and more efficient company, and after the end of the quarter, we announced proposals to localize our operations further. This would strengthen the role of our country units in meeting fast-evolving customer needs and delivering profitable growth, while supporting annual gross savings of SEK 1 billion. Commercial progress In Sweden, the strong performance of our consumer business contin- ued, with service revenue growth driven by TV and mobile. The inte- gration of Bredband2 is progressing well, broadening our position in the value-driven fixed broadband sector and creating opportunities for cross-selling. Our Fello brand has Sweden’s most satisfied B2C cus- tomers according to SKI’s latest customer satisfaction survey, with Telia topping the B2B rankings for the 20 th time in 22 years. As expected, EBITDA growth was lower, partly due to delivery of B2B customer pro- jects with lower margins, with a rebound expected in Q4. Mission-crit- ical revenue grew well, and after the end of the quarter, Telia was cho- sen as the lead p artner and radio access network (RAN) supplier for Sweden’s new nationwide emergency communication network. In Finland, the consumer mobile sector remains competitive, nega- tively impacting customer intake. However, consumer fixed broadband is growing, supported by our co-owned fiber company Valokuitunen. Our healthy momentum in the enterprise sector continues, both with SMEs and large enterprise customers, with Telia rated number one for B2B customers in EPSI’s recent survey. We completed the transfer of our Finnish enterprise cloud and capacity services to CGI, along with approximately 250 employees, in line with our strengthened focus on the core connectivity business. In Norway, we continue our turnaround with positive EBITDA growth returning in the quarter, primarily driven by price adjustments in fixed services. Mobile customer intake strengthened, and EPSI’s survey rec- ognized Telia’s OneCall brand as having Norway’s most sati sfied B2C mobile customers. We have finalized all significant parts of our RAN partnership agreement with ice, which we expect to deliver clear cus- tomer and financial benefits, and we are now focused on concluding regulatory discussions ahead of the planned start of operations in early 2027. In Lithuania, mobile and fixed services again performed well, sup- ported by strong customer demand and price adjustments. Telia has been selected to provide critical communications, connectivity and cy- bersecurity infrastructure for Lithuania’s Presidency of the Council of the European Union in 2027, which represents a high -profile proof- point of our trusted capabilities to secure digital environments. Estonia continued to grow both service revenue and EBITDA, mainly due to solid performance in mobile. During the quarter, we launched an AI-powered customer service assistant that has been well received by customers and is already shortening query response times. Technology is an important enabler of secure and resilient services for our customers and our teams. During the quarter, we strengthened our customers’ digital security by launching Enhanced Caller ID and mobile DNS firewall services, and we are expanding commercial 5G standalone capabilities across our footprint. More than 70% of our workforce now use AI in their daily work, helping us identify new sales opportunities, deliver more relevant customer offerings, accelerate software development and network analysis, and pr ovide faster cus- tomer support. Satellite -based solutions are also becoming a part of our industry ecosystem, which has always been very competitive. Our priority is to provide the highest-quality and most reliable services. To this end, we are already complementing our terrestrial networks with satellite solutions to cater for emerging deman d from enterprise cus- tomers with specific use cases, while exploring opportunities to create additional value as demand develops. Sustainability progress Telia became the first telecom operator to score 10/10 in Global Child Forum’s annual benchmark of how well companies protect and support children’s rights. Suppliers representing 64% of spend in Telia’s supply chain have now set science-based targets for greenhouse gas emission reductions, up 1% in the quarter, and we are actively engaging to in- crease this proportion further. We also launched the latest Telia Trend Report, which shows how our solutions can enable sustainable busi- ness value for companies and organizations. Financial progress Service revenue accelerated further in Q3, albeit with some deals ex- pected in Q4 being brought forward by customers. With operational expenses down -2.6%, EBITDA growth increased to 2.9%, compared with the ~2% flagged last quarter. This reflects good progress on cost and capital discipline, as well as more temporary items including en- ergy and bad debt. Free cash flow was strong, and driven by growth in EBITDA, lower CAPEX and positive working capital contribution. Our balance sheet is healthy, with leverage at 2.00x, which is at the lowest end of our target range. Looking ahead We are confident in delivering on our mid-term plan and financial am- bitions. The progress Telia is making, combined with our upgraded full- year EBITDA growth and free cash flow outlook, and the proposals for further localization and savings presented this month, all reflect our commitment to constant improvement. Our strategy continues to de- liver results, and we are fully focused on execution and on meeting the evolving needs of consumers, businesses and societies.” Patrik Hofbauer President & CEO In the CEO comment, all growth rates disclosed are based on the “like for like” definition and EBITDA refers to adjusted EBITDA, unless otherwise stated. See definitions for more infor- mation.
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Q3 Telia Company Interim report January–September 2026 Page | 4 2% CAGR 2025-2027 (like for like) 4% CAGR 2025-2027 (like for like) <14bn Per year 2025-2027 (in SEK) >10bn By 2027 (in SEK) Outlook for 2026 (upgraded) – Service revenue growth, like for like, around 2% – Adjusted EBITDA growth, like for like, of 3-4% (previously: around 3%) – CAPEX, excluding spectrum, leases and non-organic assets below SEK 13 billion – Free cash flow of at least SEK 9 billion* (previously: around SEK 9 billion) * Based on the outlook principle with normalized spectrum CAPEX of SEK 650 million This is Telia We’re a leading telecommunications oper- ator in the Nordics and Baltics. Every day, we deliver world -class communications services through robust and resilient net- works to people, businesses and societies – enabling them to thrive and grow . Our unique position at the center of digitaliza- tion shapes our ambition to be a trusted and progressive partner and gives us our purpose: to reinvent better connected liv- ing. 2025 at a glance – Service revenue of SEK 68.2 billion – Adjusted EBITDA of SEK 31.9 billion – CAPEX excluding spectrum, leases and non-organic assets of SEK 12.8 billion – Free cash flow of SEK 9.3 billion – 25 million subscribers in mobile, broadband and TV – Leverage of 1.93x Why invest in Telia • Leading market positions in the highly digital- ized Nordic and Baltic region, with significant barriers to entry. • Operating trusted and secure digital infra- structure, critical to all parts of society, cater- ing to increasing data consumption for dec- ades to come. • Potential to increase efficiency through sim- plification, copper exit and evolution of tech- nology and AI. • Disciplined capital allocation combined with active asset portfolio management. • Robust financial position and a reliable divi- dend, with quarterly payouts and a policy to grow it from the current SEK 2.05 per share. • Ambitious sustainability agenda with high rate of progress and broad recognition in in- dustry ESGn ratings. Financial policies Leverage target Telia targets a leverage corresponding to net debt/adjusted EBITDA in the range of 2.0 - 2.5x. Dividend policy Telia intends to follow a progressive dividend policy, with a floor of SEK 2.00 per share and an ambition for low - to mid-single-digit per- centage growth. For information regarding the dividend, re- fer to the Other items section in this report. Dividend history Refers to dividend in SEK per share for each respective fiscal year Mid-term ambitions 2025-2027 Service revenue Adjusted EBITDA CAPEX* Free cash flow** * Excluding spectrum, leases and non-organic assets ** Based on the outlook principle with normalized spectrum CAPEX of SEK 650 million 2.05 2.00 2.00 2.00 2.05 2021 2022 2023 2024 2025
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Q3 Telia Company Interim report January–September 2026 Page | 5 Sweden In the quarter, Telia signed an agreement to divest its ACE contact center software platform to LeadDesk . A s part of the transaction , a long-term strategic partnership was established, under which Telia will continue to offer ACE as part of its Enterprise portfolio. After the end of the quarter, it was announced that Telia was awarded the contract by the Swedish Civil Defence and Resilience Agency to deliver the ra- dio access network for the Swedish Emergency Network (SWEN). Fur- thermore, the latest SKI survey showed that Telia’s Enterprise business and Fello have the most satisfied mobile customers in Sweden. Mobile postpaid subscriptions, excluding M2M services, in- creased by ~6,000, driven by the Consumer segment. Broadband sub- scribers remained unchanged and demand for Telia’s TV service con- tinued to be strong, which resulted in the addition of ~20,000 subscrip- tions. Revenue increased 5.8%, like for like, driven mainly by strong ser- vice revenue growth and to some extent increased sales of equipment. Service revenue increased 4.7%, like for like, driven partly by in- creased mobile revenue, although mainly by increased fixed service revenue that benefited from continued strong revenue growth for TV and business solutions. In addition , Other service revenue increased, due to continued high demand for secure and robust mission - and business-critical services. Adjusted EBITDA margin decreased to 40.7% (43.2), related to increased revenues from lower-margin customer projects , and ad- justed EBITDA increased 2.1%, like for like, driven by service revenue growth. CAPEX excluding spectrum , leases and non -organic assets de- creased to SEK 967 million (1,031). Overview Subscriptions In thousands Jul-Sep 2026 Sep 30, 2026 Sep 30, 2025 Change y-o-y Change y-o-y % Change Base Base Mobile postpaid, excl. machine-to-machine (M2M) 6 3,965 3,880 85 2.2 Broadband 0 1,958 1,416 542 38.3 TV 20 1,278 1,176 103 8.7 ARPU In SEK Jul-Sep 2026 Jul-Sep 2025 Change % Mobile, postpaid 237 240 -1.2 Broadband 322 349 -7.8 TV 264 248 6.8 Financial data SEK in millions, change like for like (LFL), margin in % Jul-Sep 2026 Jul-Sep 2025 Change LFL % Jan-Sep 2026 Jan-Sep 2025 Change LFL % Revenue 9,612 8,689 5.8 28,362 26,626 2.5 Service revenue 8,546 7,772 4.7 25,354 23,491 3.4 - Mobile 3,300 3,262 0.9 9,802 9,770 0.2 - Broadband 1,986 1,568 -0.7 5,803 4,689 -0.2 - TV 1,007 863 16.3 2,947 2,537 15.9 - Business solutions 1,083 929 15.9 3,300 3,116 5.4 - Other 1,171 1,149 6.9 3,503 3,379 8.1 Adjusted EBITDA 3,912 3,758 2.1 11,434 10,737 4.5 Adjusted EBITDA margin % 40.7 43.2 40.3 40.3 CAPEX excl. spectrum, leases and non-organic assets 967 1,031 2,976 3,080 Service revenue +4.7% (Like for like growth) Adjusted EBITDA +2.1% (Like for like growth)
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Q3 Telia Company Interim report January–September 2026 Page | 6 Service revenue -0.2% (Like for like growth) Adjusted EBITDA +0.9% (Like for like growth) Finland In the quarter, Telia joined the 6G defense program led by the Uni- versity of Oulu. Furthermore, Telia and partners demonstrated the op- eration of a Patria AMV armored vehicle in Finland remotely from Ja- pan, by c ombining the vehicle's drive -by-wire technology and Telia's secure 5G connection into an integrated remote access concept. After the end of the quarter, EPSI announced that Telia had the most satis- fied Enterprise customers among mobile operators in Finland. Mobile postpaid subscriptions , excluding M2M services, de- creased by ~15,000, driven by both the Consumer and Enterprise seg- ments. Broadband subscriptions decreased by ~ 3,000 and TV sub- scriptions increased by ~10,000. Revenue increased 2.8%, like for like , as increased sales of equip- ment offset a somewhat negative service revenue development. Service revenue decreased 0.2%, like for like, as a decline of 3.9% for mobile service revenue was not fully compensated for by fixed ser- vice revenue growth of 5.4%, driven predominately by higher revenue from business solutions and broadband. Adjusted EBITDA margin decreased marginally to 34.5% (34.6) and adjusted EBITDA increased 0.9%, like for like , driven by a lower cost level mainly attributable to resources and marketing. CAPEX excluding spectrum, leases and non -organic assets de- creased to SEK 286 million (324). Overview Subscriptions In thousands Jul-Sep 2026 Sep 30, 2026 Sep 30, 2025 Change y-o-y Change y-o-y % Change Base Base Mobile postpaid, excl. machine-to-machine (M2M) -15 2,390 2,434 -44 -1.8 Broadband -3 623 625 -2 -0.3 TV 10 672 655 17 2.6 ARPU In EUR Jul-Sep 2026 Jul-Sep 2025 Change % Mobile, postpaid 19.4 19.6 -1.1 Broadband 12.3 11.7 5.1 TV 6.7 6.6 1.9 Financial data SEK in millions, change like for like (LFL), margin in % Jul-Sep 2026 Jul-Sep 2025 Change LFL % Jan-Sep 2026 Jan-Sep 2025 Change LFL % Revenue 3,743 3,709 2.8 10,887 11,106 1.1 Service revenue 3,138 3,207 -0.2 9,340 9,615 0.3 - Mobile 1,798 1,881 -3.9 5,293 5,607 -3.2 - Broadband 322 308 5.1 948 916 6.1 - TV 148 141 4.9 443 447 1.7 - Business solutions 706 709 7.1 2,189 2,148 8.4 - Other 164 167 0.8 467 499 -1.9 Adjusted EBITDA 1,290 1,285 0.9 3,588 3,637 1.5 Adjusted EBITDA margin % 34.5 34.6 33.0 32.7 CAPEX excl. spectrum, leases and non-organic assets 286 324 863 969
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Q3 Telia Company Interim report January–September 2026 Page | 7 Service revenue +1.8% (Like for like growth) Norway In the quarter, an agreement was signed for the acquisition of around 6,000 fiber customers from GlobalConnect. The transaction is expected to be completed in the fourth quarter of 2026. Furthermore, Telia Trygg Familie (Safe Family), a security service for consumers that combines preventive protection with insurance, was launched. A long- term agreement was signed with the real estate company Thon Grup- pen, under which Telia will deliver amongst other around 1,500 mobile subscriptions, solutions for energy optimization and elevator connec- tivity in commercial buildings, hotels and shopping centers across Nor- way. Ater the end of the quarter , OneCall came out on top in EPSI’s survey o f consumer mobile satisfaction , receiving the highest score ever in EPSI's history for the mobile industry. Mobile postpaid subscriptions, excluding M2M services, in- creased by ~10,000, driven mainly by the Consumer segment. Broad- band and TV subscriptions remained relatively stable, with broadband subscriptions decreasing by ~1,000 and TV subscriptions increasing by ~1,000. Revenue grew 1.3%, like for like, driven by increased service reve- nue, partly offset by somewhat lower sales of equipment. Service revenue increased 1.8%, like for like, as fixed service rev- enue increased 6.8%, driven by strong TV and broadband perfor- mance, which compensated for mobile service revenue declining 0.3% primarily due to lower interconnect revenues. Adjusted EBITDA margin decreased somewhat to 46.6% (46.9) and adjusted EBITDA increased 0.9%, like for like, driven by growth in service revenue. CAPEX excluding spectrum, leases and non -organic assets in- creased to SEK 374 million (364). Overview Subscriptions In thousands Jul-Sep 2026 Sep 30, 2026 Sep 30, 2025 Change y-o-y Change y-o-y % Change Base Base Mobile postpaid, excl. machine-to-machine (M2M) 10 1,831 1,856 -25 -1.3 Broadband -1 475 476 -1 -0.3 TV 1 448 449 -1 -0.3 ARPU In NOK Jul-Sep 2026 Jul-Sep 2025 Change % Mobile, postpaid 303 295 2.8 Broadband 275 251 9.4 TV 317 287 10.2 Financial data SEK in millions, change like for like (LFL), margin in % Jul-Sep 2026 Jul-Sep 2025 Change LFL % Jan-Sep 2026 Jan-Sep 2025 Change LFL % Revenue 3,631 3,373 1.3 10,387 10,037 0.9 Service revenue 3,179 2,939 1.8 9,162 8,770 1.9 - Mobile 2,204 2,081 -0.3 6,311 6,166 -0.2 - Broadband 419 370 6.4 1,208 1,118 5.4 - TV 428 365 10.5 1,255 1,109 10.5 - Business solutions 83 80 -3.0 248 236 2.7 - Other 46 44 -2.6 140 142 -3.7 Adjusted EBITDA 1,693 1,580 0.9 4,693 4,639 -1.3 Adjusted EBITDA margin % 46.6 46.9 45.2 46.2 CAPEX excl. spectrum, leases and non-organic assets 374 364 1,143 1,331 Adjusted EBITDA +0.9% (Like for like growth)
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Q3 Telia Company Interim report January–September 2026 Page | 8 Service revenue +6.4% (Like for like growth) Lithuania In the quarter , the first phase of the construction of Telia’s new data center was completed. Furthermore, Telia was once again ranked number 1 in Lithuania's Dive Customer Service Survey of telecommuni- cations companies, meaning that Telia has received the highest rating six times in the past seven years. Following the earlier integrations of Netflix and HBO Max into Telia Play, the Telia Play content offering was expanded further by another global content platform, Disney+. Mobile postpaid subscriptions, excluding M2M services , in- creased by ~ 11,000. Broadband subscriptions decreased by ~ 1,000 and TV subscriptions remained stable. Revenue increased 9.6%, like for like, driven by both increased sales of equipment and higher service revenue. Service revenue grew 6.4% on a like-for-like basis, driven nearly equally by mobile service revenue growth of 7.2%, supported by both higher ARPU and an expanding customer base, and fixed service rev- enue growth of 5.8%. The latter was mainly driven by growth in service revenue from business solutions, broadband and TV. Adjusted EBITDA margin declined to 41.3% (42.0) and adjusted EBITDA increased 7.9%, like for like, due to the service revenue growth. CAPEX excluding spectrum, leases and non -organic assets in- creased to SEK 207 million (166). Overview Subscriptions In thousands Jul-Sep 2026 Sep 30, 2026 Sep 30, 2025 Change y-o-y Change y-o-y % Change Base Base Mobile postpaid, excl. machine-to-machine (M2M) 11 1,114 1,090 24 2.2 Broadband -1 404 413 -9 -2.1 TV 0 253 257 -3 -1.3 ARPU In EUR Jul-Sep 2026 Jul-Sep 2025 Change % Mobile, postpaid 13.6 13.0 4.6 Broadband 17.1 16.1 5.8 TV 13.4 13.0 2.8 Financial data SEK in millions, change like for like (LFL), margin in % Jul-Sep 2026 Jul-Sep 2025 Change LFL % Jan-Sep 2026 Jan-Sep 2025 Change LFL % Revenue 1,519 1,392 9.6 4,315 4,092 7.9 Service revenue 1,212 1,145 6.4 3,512 3,372 6.6 - Mobile 585 549 7.2 1,677 1,592 7.7 - Broadband 239 232 3.5 697 687 4.0 - TV 113 111 1.5 333 332 2.7 - Business solutions 139 116 19.7 400 344 18.9 - Other 137 137 2.9 406 417 2.6 Adjusted EBITDA 627 584 7.9 1,808 1,723 7.5 Adjusted EBITDA margin % 41.3 42.0 41.9 42.1 CAPEX excl. spectrum, leases and non-organic assets 207 166 478 410 Adjusted EBITDA +7.9% (Like for like growth)
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Q3 Telia Company Interim report January–September 2026 Page | 9 Estonia In the quarter, Telia updated its convergence proposition Telia1 to provide an even better customer experience and expanded its cyber security offering by launching Küberkindlustus (cyber insurance), a product which combines the preventive protection of Security Network and insurance coverage into a single service. Furthermore, Telia’s 5G population coverage reached 99% . Telia took second place and achieved its best -ever result in this year's Dive telecommunications service quality survey, being the only operator whose result improved compared with the previous year. Mobile postpaid subscriptions , excluding M2M services in- creased by ~3,000, whereas broadband subscriptions decreased by ~2,000 and TV subscriptions decreased by ~3,000. Revenue increased 4.1%, like for like , driven by higher equipment sales as well as increased service revenue. Service revenue grew 2.8%, like for like, driven by mobile service revenue growth of 6.3%, due to growth in both the postpaid subscriber base and ARPU, as well as growth of 0.9% for fixed service revenue , driven by most services. Adjusted EBITDA margin increased to 43.1% (43.0) and adjusted EBITDA improved 4.3%, like for like, driven by service revenue growth. CAPEX excluding spectrum, leases and non -organic assets in- creased to SEK 128 million (114). Overview Subscriptions In thousands Jul-Sep 2026 Sep 30, 2026 Sep 30, 2025 Change y-o-y Change y-o-y % Change Base Base Mobile postpaid, excl. machine-to-machine (M2M) 3 680 677 3 0.4 Broadband -2 261 268 -7 -2.5 TV -3 172 183 -12 -6.4 ARPU In EUR Jul-Sep 2026 Jul-Sep 2025 Change % Mobile, postpaid 13.3 12.6 5.0 Broadband 24.1 23.1 4.2 TV 15.8 14.7 7.5 Financial data SEK in millions, change like for like (LFL), margin in % Jul-Sep 2026 Jul-Sep 2025 Change LFL % Jan-Sep 2026 Jan-Sep 2025 Change LFL % Revenue 1,078 1,040 4.1 3,088 3,049 3.1 Service revenue 914 893 2.8 2,655 2,638 2.4 - Mobile 341 322 6.3 974 951 4.8 - Broadband 210 207 1.9 616 615 2.6 - TV 91 90 1.1 268 269 1.9 - Business solutions 125 123 2.3 365 345 3.6 - Other 147 151 0.7 432 457 0.2 Adjusted EBITDA 464 448 4.3 1,302 1,287 3.5 Adjusted EBITDA margin % 43.1 43.0 42.2 42.2 CAPEX excl. spectrum, leases and non-organic assets 128 114 359 317 Service revenue +2.8% (Like for like growth) Adjusted EBITDA +4.3% (Like for like growth)
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Q3 Telia Company Interim report January–September 2026 Page | 10 Other operations Other operations comprise Telia’s mobile business in Latvia (LMT), the Latvian fixed -line business (Tet), which is an associated company, Telia Towers, Telia Finance and Group functions. Revenue and related costs, from the transitional services and equipment sale to divested subsidiaries, are recognized within Other operations. On July 17, 2025, Telia Company announced a memorandum of under- standing (MoU) with the Republic of Latvia, Latvenergo and LVRTC to sell all of its shares in fixed network operator Tet and mobile network operator LMT. Work is ongoing to close the transaction ; however, the earlier agreed timetable targeting closing of the transaction in the sec- ond half of 2026 is unlikely to be achieved. See Note 11. Revenue increased 4.1%, like for like, driven by Latvia. Adjusted EBITDA margin increased to 51.4% (48.5) and adjusted EBITDA increased 10.0%, like for like, mainly due to Latvia, Telia Tow- ers and a continued positive cost development within central functions. In Latvia, service revenue increased 10.3%, like for like, driven by in- creased mobile service revenue. Adjusted EBITDA increased 10.4%, like for like, driven by growth in service revenue. Mobile postpaid sub- scriptions, excluding M2M services, increased by ~12,000. For Telia Towers, revenue (external and internal) increased 0.1%, like for like, and adjusted EBITDA increased 3.2%, like for like. Overview Other operations Financial data SEK in millions, change like for like (LFL), margin in % Jul-Sep 2026 Jul-Sep 2025 Change LFL % Jan-Sep 2026 Jan-Sep 2025 Change LFL % Revenue 1,723 1,656 4.1 4,941 4,773 5.0 Service revenue1 1,027 980 4.8 2,970 2,890 4.4 Adjusted EBITDA 886 804 10.0 2,366 2,203 8.7 Adjusted EBITDA margin % 51.4 48.5 47.9 46.2 CAPEX excl. spectrum, leases and non-organic assets 910 786 2,543 2,482 Of which Latvia mobile (LMT) Subscriptions In thousands Jul-Sep 2026 Sep 30, 2026 Sep 30, 2025 Change y-o-y Change y-o-y % Change Base Base Mobile postpaid, excl. machine-to-machine (M2M) 12 876 830 46 5.6 ARPU In EUR Jul-Sep 2026 Jul-Sep 2025 Change % Mobile, postpaid 15.8 15.7 0.7 Financial data SEK in millions, change like for like (LFL), margin in % Jul-Sep 2026 Jul-Sep 2025 Change LFL % Jan-Sep 2026 Jan-Sep 2025 Change LFL % Service revenue 601 547 10.3 1,705 1,633 6.8 Adjusted EBITDA 311 283 10.4 821 798 5.3 Adjusted EBITDA margin % 31.3 30.8 29.9 31.2 CAPEX excl. spectrum, leases and non-organic assets 155 157 427 443 Of which Telia Towers Operational data In thousands and multiple Jul-Sep 2026 Sep 30, 2026 Sep 30, 2025 Change y-o-y Change y-o-y % Change Base Base Number of sites 23 8,333 8,286 47 0.6 Tenancy ratio 0.00x 2.21x 2.29x -0.08x -3.6 Financial data SEK in millions, change like for like (LFL), margin in % Jul-Sep 2026 Jul-Sep 2025 Change LFL % Jan-Sep 2026 Jan-Sep 2025 Change LFL % Revenue, external and internal 572 558 0.1 1,694 1,700 0.2 Adjusted EBITDA 406 389 3.2 1,166 1,162 0.8 Adjusted EBITDA margin % 70.9 69.7 68.8 68.4 CAPEX excl. spectrum, leases and non-organic assets 108 68 260 220 1) Restated, see Note 1
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Q3 Telia Company Interim report January–September 2026 Page | 11 Discontinued operations (TV and Media) The TV and Media segment was classified as held for sale and discon- tinued operations as of February 25, 2025. On July 1, 2025, the divest- ment of the TV and Media business to Schibsted Media was com- pleted. Highlights for discontinued operations are presented in a con- densed format. For more information on disposal s and discontin- ued operations, see Note 11. Overview Financial data SEK in millions, change like for like (LFL), margin in % Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue - - - 4,092 Adjusted EBITDA - - - 621 Adjusted EBITDA margin % - - - 15.2 CAPEX excl. spectrum, leases and non-organic assets - - - 81
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Q3 Telia Company Interim report January–September 2026 Page | 12 Sustainability Overview Sep 30, 2026 Dec 31, 2025 Target 2026 Environment Climate: Share of supplier spend covered by science-based targets1 64% 62% 69% Circularity: Take-back of used mobile phones as % of total new phones sold 2 15% 13% 15% Social Privacy: Privacy perception position among own customers ( consumer) #1 or 2 in 4 markets #1 or 2 in 4 markets #1 or 2 in all 5 markets Digital inclusion: Individuals reached by digital skills initiatives 750,000, of which 85,000 directly 3.6 million since 20213 400,000, of which 40,000 directly Diversity, equity and inclusion: Gender ratio (female/male) for senior leaders4 43%/57% 43%/57% 45%/55% Governance Anti-bribery & corruption: Completion rate of Code of Conduct training among employees5 99% 99% 100% 1) Approved by SBTi or equivalent 2) Refers to buy-back and end-of-lease of mobile phones 3) Target for 2027 surpassed and new program started in 2026 4) Refers to Group Executive Management team and direct management reports 5) Refers to active employees, including resource consultants, who have completed their probationary period Driving a sustainable business creates value both for our customers and our company, while unlocking Telia’s potential to contribute to a safer, more resilient and more equal society. For this reason, Telia is executing on a sustainability strategy that in- cludes four focus areas and related targets: Securing people and digi- tal environments, Enabling customers’ and our own climate transi- tion, Digitally strengthening all generations and Empowering a win- ning culture. These focus areas are linked to Telia’s strengths and capabilities, and help us to drive positive impact, mitigate risks, build trust and create business value. They build on a foundation of ethical and responsible business practice. We report on our progress in each area on a quarterly basis. Nine months summary Securing people and digital environments. We work to protect our customers’ data through responsible processing, robust cybersecurity measures, and ongoing investment in technology and skills. At the end of the third quarter, Telia’s consumer customers ranked the company first or second for privacy in four of our five markets, according to Telia Brand Tracker. During the quarter, Telia Lithuania was selected to pro- vide critical communications, connectivity and cybersecurity infrastruc- ture for Lithuania’s Presidency of the Council of the European Union in 2027. Enabling customers’ and our own climate transition. We are reducing our emissions, while enabling our customers to do the same, through digital solutions, climate action and promoting a circular economy. In our latest Telia Trend Report, “The Enablement Effect – how Advanced Connectivity drives sustainable profitabilit y”, published in September, we showed how our solutions can enable sustainable business value for companies and organizations. By the end of the third quarter, suppliers representing 64% of spend in Telia’s supply chain had set science - based targets for emissions reductions. Active engagement to ensure more suppliers commit to reductions is a key component of Telia’s on- going work to lower emissions in our supply chain. Regarding the pro- motion of a circular economy, we maintained our take -back rate for used mobile phones at the equivalent of 15% of total new phones sold during the third quarter. Digitally strengthening all generations. Through reliable connectivity, digital skills initiatives and partnerships with children’s rights organiza- tions, Telia supports inclusion, resilience and safe participation in a con- nected society. We have already surpassed our 2026 targets for digital skills initiatives and continue to expand our impact, with ~750,000 indi- viduals now reached this year, of which approximately 11% directly. The increase was driven by expanded outreach activities targeting both seniors and children, including use of new communication channels and enhanced digital learning initiatives. After the quarter, Telia became the first telecom operator to achieve a 10/10 score in Global Child Forum’s annual benchmark of how well international companies protect and support children’s rights. This recognition reflects Telia’s broad efforts to promote children's rights, online safety, digital inclusion and respon- sible business practices. Empowering a winning culture. By investing in leadership, skills and simpler ways of working, we aim to strengthen engagement, attract top talents, and build a high-performing culture that supports both our peo- ple and business. Telia is dedicated to being an inclusive workplace, which is reflected in the 50/50 gender balance target for senior leaders by 2028.
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Q3 Telia Company Interim report January–September 2026 Page | 13 Financial review Revenue and earnings SEK in millions, except per share data Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue 21,306 19,861 61,980 59,682 Service revenue1 18,016 16,936 52,993 50,776 Adjusted EBITDA 8,872 8,458 25,192 24,227 Adjustment items within EBITDA (Note 2) 17 -74 -924 -233 EBITDA 8,889 8,385 24,268 23,994 Depreciation, amortization and impairment -4,464 -4,397 -13,102 -13,103 Income from associated companies and joint ventures -44 23 7 72 Operating income 4,381 4,010 11,173 10,964 Financial items, net -687 -736 -2,128 -2,255 Income taxes -789 -762 -1,884 -1,752 Net income from continuing operations 2,905 2,513 7,161 6,957 Total net income 2,905 2,544 7,161 5,413 Earnings per share (SEK) 0.69 0.60 1.68 1.23 1) Restated, see Note 1 Third quarter summary Revenue amounted to SEK 21,306 million (19,861) and increased 4.5% like for like driven by service revenue growth across most markets, coupled with also increased sales of equipment. Service revenue amounted to SEK 18,016 million (16,936) and in- creased 3.3% like for like driven mainly by strong development in Sweden, Norway and the Baltics. Adjusted EBITDA amounted to SEK 8,872 million (8,458) and in- creased 2.9% like for like primarily driven by service revenue growth across most markets coupled with lower operational ex- penses. Operating income increased to SEK 4,381 million (4,010) mainly due to strong adjusted EBITDA development. Financial items , net totaled SEK -687 million ( -736), of which SEK -624 million (-686) related to net interest expenses. The de- crease in net interest expenses was mainly due to lower debt. Income taxes amounted to SEK -789 million (-762). The effective tax rate decreased to 21.4% (23.3). The third quarter of 2025 was mainly impacted by increased deferred taxes in Lithuania. Net income from continuing operations amounted to SEK 2,905 million (2,513). Net income from discontinued operations amounted to SEK - million (31). Other comprehensive income increased to SEK 3,514 million (637) mainly impacted by positive foreign exchange rates. Nine months summary Revenue amounted to SEK 61,980 million (59,682) and increased 2.7% like for like driven mainly by Sweden, Lithuania and Latvia. Service revenue amounted to SEK 52,993 million (50,776) and in- creased 2.8% like for like driven by growth for all markets, although mainly for Sweden. Adjusted EBITDA amounted to SEK 25,192 million (24,227) and increased 3.5% like for like driven by service revenue growth across all markets coupled with lower operational expenses. Operating income increased to SEK 11,173 million (10,964) mainly due to the strong adjusted EBITDA development partly offset by increased restructuring costs, negative effects from discount rate change related to the ARO provision and impact from the reas- sessed provision related to the Norwegian VAT case. Financial items, net totaled SEK -2,128 million (-2,255), of which SEK -1,878 million (-2,101) related to net interest expenses. The de- crease in net interest expenses was mainly due to lower debt. Income taxes amounted to SEK -1,884 million (-1,752). The effec- tive tax rate was 20.8% (20.1). Net income from continuing operations amounted to SEK 7,161 million ( 6,957). Net income from discontinued operations amounted to SEK - million (-1,543). The first nine months of 2025 were impacted by an impairment loss. See Note 11. Other comprehensive income increased to SEK 6,687 million (166) mainly impacted by positive foreign exchange rates and increased positive remeasurements of defined benefit pension plans.
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Q3 Telia Company Interim report January–September 2026 Page | 14 Borrowings and liquidity SEK in millions Sep 30, 2026 Dec 31, 2025 Borrowings Bonds 45,952 44,157 Hybrid bonds 15,983 18,335 Bank loans 953 962 Lease liabilities 17,888 17,870 Other 10,074 6,134 Total borrowings 90,850 87,459 Available liquidity Cash and cash equivalents 11,034 11,527 Long-term unutilized credit facilities 16,997 16,197 Short-term unutilized credit facilities 1,067 1,040 Other 296 - Total available liquidity 29,394 28,764 External credit ratings Moody’s (outlook stable) Baa1 Baa1 S&P (outlook stable) BBB+ BBB+ Net debt 65,614 61,749 Adjusted EBITDA (rolling 12 months) 32,885 31,920 Leverage (multiple, rolling 12 months) 2.00x 1.93x Changes in financial position Nine months summary Goodwill and other intangible assets increased to SEK 63,204 million (56,890) following the acquisition of Bredband2. See Note 12. Investments in associates and joint ventures, pension obligation as- sets and other non -current assets increased to SEK 1 8,153 million (13,699) mainly due to remeasurements of defined benefit pension plans. Current borrowings increased to SEK 14,247 million (5,331) mainly due to issued certificates, partly related to the funding of the acquisition of Bredband2, and reclassification from non -current borrowings, partly offset by repaid debt. Nine months summary Total borrowings increased to SEK 90, 850 million (87,459) following the funding of the acquisition of Bredband2 and currency revaluation. Total available liquidity increased to SEK 29,394 million (28,764). Net debt increased to SEK 65,614 million compared to SEK 61,749 mil- lion at year end 2025 , following the funding of the acquisition of Bredband2 as well as a net reduction of outstanding hybrid capital. Leverage decreased to 2.00x compared with 2.06x in the previous quarter but increased compared to 1.93x at year end 2025.
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Q3 Telia Company Interim report January–September 2026 Page | 15 Cash flow SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Free cash flow, continuing operations Adjusted EBITDA 8,872 8,458 25,192 24,227 Restructuring and other items -321 -348 -1,246 -1,278 Repayment and interest paid on lease liabilities -959 -900 -2,945 -2,806 Cash CAPEX excluding spectrum and non-organic assets1 -2,847 -3,201 -9,018 -10,336 Cash CAPEX for spectrum -118 -3 -391 -151 Intangible assets and property, plant and equipment divested 0 19 82 223 Interest paid net (excl. payments of interest on lease liabilities) -641 -627 -1,901 -2,198 Income taxes paid -473 -345 -1,386 -1,372 Change in Working Capital 320 156 1 1,051 Dividends from associated companies - 0 98 162 Dividends paid to non-controlling interests -102 -333 -639 -637 Free cash flow 3,731 2,874 7,848 6,885 Free cash flow, rolling 12 months 10,245 7,290 10,245 7,290 Free cash flow per share, rolling 12 months 2.61 1.85 2.61 1.85 Cash flow, continuing and discontinued operations Cash flow from operating activities 7,607 7,131 20,275 20,142 Cash flow from investing activities -3,764 1,809 -12,469 -4,307 Cash flow from financing activities -3,841 -3,590 -8,713 -10,328 Cash flow for the period 1 5,350 -907 5,507 1) See Note 13. Third quarter summary Free cash flow, continuing operations Free cash flow increased to SEK 3,731 million (2,874), mainly driven by increased adjusted EBITDA , lower Cash C APEX and higher contribution from change in working capital. Cash flow, continuing and discontinued operations Cash flow from operating activities increased to SEK 7,607 million (7,131) mainly driven by increased adjusted EBITD A and higher contribution from change in working capital. Cash flow from investing activities amounted to SEK -3,764 mil- lion (1,809) mainly impacted by the disposal of TV and Media in the third quarter 2025, see Note 11. Cash flow from financing activities amounted to SEK -3,841 mil- lion (-3,590). Nine months summary Free cash flow, continuing operations Free cash flow increased to SEK 7,848 million (6,885), mainly driven by increased adjusted EBITDA and lower Cash CAPEX partly offset by lower contribution from change in working capital. Cash flow, continuing and discontinued operations Cash flow from operating activities increased to SEK 20,275 million (20,142). Cash flow from investing activities amounted to SEK -12,469 million (-4,307). 2026 was impacted by the acquisition of Bredband2, see Note 12, partly offset by lower Cash CAPEX, while 2025 was impacted by the disposal of TV and Media. Cash flow from financing activities amounted to SEK -8,713 million (-10,328). 2026 was mainly impacted by higher net proceeds from bor- rowings.
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Q3 Telia Company Interim report January–September 2026 Page | 16 Condensed consolidated statements of comprehensive income SEK in millions, except per share data and number of shares Note Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue 3, 4 21,306 19,861 61,980 59,682 Goods and services purchased 1 -7,655 -6,574 -21,654 -20,098 Personnel expenses -2,549 -2,539 -8,809 -8,677 Other external expenses1 -2,301 -2,371 -6,968 -7,160 Other operating income and expenses, net 89 8 -280 247 EBITDA 8,889 8,385 24,268 23,994 Depreciation, amortization and impairment -4,464 -4,397 -13,102 -13,103 Income from associated companies and joint ventures -44 23 7 72 Operating income 3 4,381 4,010 11,173 10,964 Financial items, net -687 -736 -2,128 -2,255 Income after financial items 3,695 3,275 9,045 8,709 Income taxes -789 -762 -1,884 -1,752 Net income from continuing operations 2,905 2,513 7,161 6,957 Net income from discontinued operations 11 - 31 - -1,543 Total net income 2,905 2,544 7,161 5,413 Items that may be reclassified to net income: Foreign currency translation differences from continuing operations 2,010 -151 4,396 -936 Foreign currency translation differences from discontinued opera- tions - -25 - 103 Cash flow hedges 610 164 556 -185 Cost of hedging 41 66 7 65 Debt instruments at fair value through OCI -3 -3 -3 -1 Income taxes relating to items that may be reclassified -133 -65 -123 -186 Items that will not be reclassified to net income: Equity instruments at fair value through OCI - 0 - 696 Remeasurements of defined benefit pension plans 1,244 816 2,329 772 Income taxes relating to items that will not be reclassified -254 -166 -474 -161 Other comprehensive income (OCI) 3,514 637 6,687 166 Total comprehensive income 6,420 3,181 13,848 5,580 Net income attributable to: Owners of the parent 2,704 2,353 6,597 4,833 Non-controlling interests 202 191 564 580 Total comprehensive income attributable to: Owners of the parent 6,097 3,016 13,023 5,164 Non-controlling interests 323 165 825 416 Earnings per share (SEK), basic and diluted 0.69 0.60 1.68 1.23 of which from continuing operations, basic and diluted 0.69 0.59 1.68 1.62 Number of shares (thousands) Outstanding at period-end 6 3,932,109 3,932,109 3,932,109 3,932,109 Weighted average, basic and diluted 3,932,109 3,932,108 3,932,078 3,932,084 1) Restated, see Note 1
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Q3 Telia Company Interim report January–September 2026 Page | 17 Condensed consolidated statements of financial position SEK in millions Note Sep 30, 2026 Dec 31, 2025 Assets Goodwill and other intangible assets 5, 12 63,204 56,890 Property, plant and equipment 5 69,915 67,469 Right-of-use assets 5 16,814 16,926 Investments in associated companies and joint ventures, pension obligation assets and other non-current assets 7 18,153 13,699 Deferred tax assets 234 543 Non-current interest-bearing receivables 6, 7 3,555 2,869 Total non-current assets 171,876 158,396 Inventories 1,990 1,559 Trade and other receivables and current tax receivables 7 11,980 12,674 Current interest-bearing receivables 6, 7 4,820 5,095 Cash and cash equivalents 6, 7 11,034 11,527 Total current assets 29,824 30,855 Total assets 201,700 189,251 Equity and liabilities Equity attributable to owners of the parent 55,958 51,069 Equity attributable to non-controlling interests 3,963 3,751 Total equity 59,920 54,820 Non-current borrowings 6, 7 76,603 82,127 Deferred tax liabilities 9,968 8,615 Provisions for pensions and other non-current provisions 8,764 8,566 Other non-current liabilities 7 1,383 1,493 Total non-current liabilities 96,719 100,801 Current borrowings 6, 7 14,247 5,331 Trade payables and other current liabilities, current tax payables and current provisions 7, 10 30,814 28,299 Total current liabilities 45,061 33,630 Total equity and liabilities 201,700 189,251
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Q3 Telia Company Interim report January–September 2026 Page | 18 Condensed consolidated statements of cash flows SEK in millions Note Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Net income 2,905 2,544 7,161 5,413 Adjustments 4,384 4,535 13,121 16,546 Cash flow before change in working capital 7,289 7,079 20,282 21,960 Increase/decrease film and program right assets and liabilities 1 -3 29 -2 -45 Increase/decrease other operating receivables, liabilities, and inventories 323 115 4 833 Change in working capital 320 144 1 788 Amortization and impairment of film and program rights 1 -2 -92 -8 -2,606 Cash flow from operating activities 7,607 7,131 20,275 20,142 of which from discontinued operations - -12 - 47 Cash CAPEX (Intangible assets and property, plant and equip- ment acquired) -2,965 -3,201 -9,409 -10,565 Intangible assets and property, plant and equipment divested 0 19 82 223 Business combinations and other equity instruments acquired 12 -485 1 -3,477 -145 Operations and other equity instruments divested 11 33 5,105 380 5,697 Loans granted and other similar investments -407 -103 -607 -341 Repayment of loans granted and other similar investments 114 129 542 1,295 Cash flow from other investing activities -54 -140 18 -469 Total cash flow from investing activities -3,764 1,809 -12,469 -4,307 of which from discontinued operations - - - -79 Cash flow before financing activities 3,842 8,940 7,806 15,835 Dividends paid to owners of the parent -2,005 -1,966 -5,977 -5,898 Dividends paid to holders of non-controlling interests -102 -333 -639 -637 Proceeds from borrowings 1,996 -3 4,383 135 Repayment of borrowings -809 -923 -9,364 -3,431 Cash flow from other financing activities -2,920 -364 2,885 -498 Cash flow from financing activities -3,841 -3,590 -8,713 -10,328 of which from discontinued operations - - - -52 Cash flow for the period 1 5,350 -907 5,507 of which from discontinued operations - -12 - -84 Cash and cash equivalents, opening balance 10,958 9,781 11,527 9,813 Cash flow for the period 1 5,350 -907 5,507 Exchange rate differences in cash and cash equivalents 75 368 413 180 Cash and cash equivalents, closing balance 11,034 15,499 11,034 15,499 of which from continuing operations 11,034 15,499 11,034 15,499 See Note 13 section Free cash flow for further information. 1) Total cash outflow from acquired film and program rights is the total of Increase/decrease film and program right assets and liabilities and Amortization and impairment of film and program rights.
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Q3 Telia Company Interim report January–September 2026 Page | 19 Condensed consolidated statements of changes in equity SEK in millions Owners of the parent Non-controlling interests Total equity Opening balance, January 1, 2025 55,439 3,918 59,357 Dividends -7,864 -580 -8,444 Share-based payments 28 - 28 Repurchased treasury shares -31 - -31 Total transactions with owners -7,867 -580 -8,447 Total comprehensive income 5,164 416 5,580 Closing balance, September 30, 2025 52,736 3,753 56,489 Dividends - -75 -75 Share-based payments 29 - 29 Total transactions with owners 29 -75 -47 Total comprehensive income -1,695 73 -1,622 Closing balance, December 31, 2025 51,069 3,751 54,820 Dividends -8,061 -613 -8,674 Share-based payments 36 - 36 Repurchased treasury shares -110 - -110 Total transactions with owners -8,135 -613 -8,748 Total comprehensive income 13,023 825 13,848 Closing balance, September 30, 2026 55,958 3,963 59,920
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Q3 Telia Company Interim report January–September 2026 Page | 20 Notes Note 1. Basis of preparations General The Telia Company group applies IFRS Accounting Standards as adopted by the European Union. The parent company’s financial state- ments have been prepared in accordance with the Swedish Annual Ac- counts Act as well as standard RFR 2 Accounting for Legal Entities and other statements issued by the Swedish Corporate Reporting Board. For the group this Interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and for the parent company in ac- cordance with the Swedish Annual Accounts Ac t. The accounting poli- cies adopted, and computation methods used are consistent with those followed in the Annual report 2025. All amounts in this report are presented in SEK millions, unless other- wise stated. Rounding differences may occur. Comparable figures are provided in parentheses and refer to the same item in the correspond- ing period last year, unless otherwise stated. If prior periods have been restated for comparability to reflect changes in financial and opera- tional data, the changes are only described if material. References For more information regarding: – Financial review, see pages 13-15. – Risks and significant events, see page 38. Discontinued operations The TV and Media business, which was sold in July 2025, was classified as held for sale and discontinued operations from February 25, 2025 , see Note 11. Discontinued operations are not included in the segment information in Note 3. Reclassification of expenses To adjust the classification of certain cloud-related IT expenses, SEK 44 million for the third quarter of 2025 and SEK 137 million for the first nine months of 2025 have been reclassified from the line-item Goods and services purchased to Other external expenses. Restatement of financial data Disaggregation of revenue has been restated to better align with the product definitions. For 2025 Other service revenue of SEK 13 million for the third quarter of 2025 and SEK 44 million for the first nine months of 2025 have been reclassified to Equipment revenue within Other op- erations.
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Q3 Telia Company Interim report January–September 2026 Page | 21 Note 2. Adjustment items Adjustment items within EBITDA, continuing operations SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Sweden1 0 -37 -401 -87 Finland1 -14 -39 -159 -103 Norway2 -27 -5 -387 -150 Lithuania -2 0 -17 -8 Estonia -2 -1 -10 -4 Other operations 7 -10 -77 -94 Total within EBITDA excluding capital gains/losses -38 -92 -1,052 -446 of which personnel redundancy costs -10 -20 -404 -220 of which consultant costs including transformation and in- tegration -5 -11 -38 -35 of which IT costs including transformation -27 -28 -89 -71 of which other1, 2 3 -34 -521 -120 Capital gains/losses 56 19 128 214 Total within EBITDA 17 -74 -924 -233 Adjustment items within Depreciation, amortization and im- pairment losses and within Income from associated compa- nies and joint ventures - -5 -4 -9 Total within Operating income 17 -79 -928 -241 1) First nine months of 2026 included effects from discount rate change related to the ARO provision for network assets in Sweden and Finland. 2) First nine months of 2026 included impact from the reassessed provision related to the Norwegian VAT case, see Note 8. Adjustment items within EBITDA, discontinued operations SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Total adjustment items within EBITDA, discontinued operations - 31 - -256
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Q3 Telia Company Interim report January–September 2026 Page | 22 Note 3. Segment information SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue3 Sweden 9,612 8,689 28,362 26,626 Finland 3,743 3,709 10,887 11,106 Norway 3,631 3,373 10,387 10,037 Lithuania 1,519 1,392 4,315 4,092 Estonia 1,078 1,040 3,088 3,049 Other operations2 1,723 1,656 4,941 4,773 Continuing operations 21,306 19,861 61,980 59,682 Service revenue1,3 Sweden 8,546 7,772 25,354 23,491 Finland 3,138 3,207 9,340 9,615 Norway 3,179 2,939 9,162 8,770 Lithuania 1,212 1,145 3,512 3,372 Estonia 914 893 2,655 2,638 Other operations2 1,027 980 2,970 2,890 Continuing operations 18,016 16,936 52,993 50,776 Adjusted EBITDA Sweden 3,912 3,758 11,434 10,737 Finland 1,290 1,285 3,588 3,638 Norway 1,693 1,580 4,693 4,639 Lithuania 627 584 1,808 1,723 Estonia 464 448 1,302 1,287 Other operations2 886 804 2,366 2,203 Continuing operations 8,872 8,458 25,192 24,228 Operating income Sweden 2,198 2,091 5,972 5,918 Finland 524 441 1,102 1,105 Norway 682 587 1,527 1,522 Lithuania 395 367 1,124 1,068 Estonia 258 277 712 783 Other operations2 325 247 737 568 Continuing operations 4,381 4,010 11,173 10,964 Financial items, net -687 -736 -2,128 -2,255 Income after financial items 3,695 3,275 9,045 8,709 1) Restated, see Note 1. 2) Revenue, and related costs, from the transitional services and equipment sale, to divested subsidiaries are recognized within Other operations. 3) Only external seg- ment revenue. There is no reported internal segment revenue.
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Q3 Telia Company Interim report January–September 2026 Page | 23 SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 CAPEX excl. spectrum, leases and non-organic assets Sweden 967 1,031 2,976 3,080 Finland 286 324 863 969 Norway 374 364 1,143 1,331 Lithuania 207 166 478 410 Estonia 128 114 359 317 Other operations 910 786 2,543 2,482 Continuing operations 2,871 2,786 8,362 8,590 Employees in thousands Sep 30, 2026 Dec 31, 2025 Sweden 4,479 4,304 Finland 1,735 2,228 Norway 1,335 1,313 Lithuania 1,426 1,486 Estonia 1,238 1,273 Other operations 3,881 3,894 Continuing operations 14,094 14,498 SEK in millions Sep 30, 2026 Sep 30, 2026 Dec 31, 2025 Dec 31, 2025 Segment assets Segment liabilities Segment assets Segment liabilities Sweden 53,350 16,753 49,587 16,088 Finland 30,580 3,819 29,978 3,865 Norway 44,615 4,994 40,479 4,384 Lithuania 7,646 1,862 7,305 1,794 Estonia 6,993 1,116 6,562 1,105 Other operations 26,220 6,357 25,539 7,218 Total segments 169,404 34,902 159,451 34,454 Unallocated 32,296 106,878 29,800 99,976 Total assets/liabilities 201,700 141,779 189,251 134,431
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Q3 Telia Company Interim report January–September 2026 Page | 24 Note 4. Revenue SEK in millions Jul-Sep 2026 Sweden Finland Norway Lithuania Estonia Other operations Total Mobile end user revenue 3,071 1,599 1,935 563 322 518 8,007 Mobile interconnect 105 60 79 13 10 11 278 Other mobile service revenue 124 139 190 10 8 263 734 Mobile service revenue 3,300 1,798 2,204 585 341 792 9,019 Telephony 80 16 14 26 15 - 151 Broadband 1,986 322 419 239 210 - 3,175 TV 1,007 148 428 113 91 - 1,786 Business solutions 1,083 706 83 139 125 13 2,149 Other fixed service revenue 601 98 10 107 131 - 947 Fixed service revenue 4,756 1,290 954 623 572 13 8,208 Other service revenue2 490 50 21 4 1 221 789 Total service revenue1 8,546 3,138 3,179 1,212 914 1,027 18,016 Equipment revenue1,2 1,066 605 452 307 164 696 3,290 Total revenue 9,612 3,743 3,631 1,519 1,078 1,723 21,306 1) In all material aspects, equipment revenue is recognized at a point in time and service revenue over time. 2) Revenue from the transitional services and equipment sale, to divested subsidiaries are recognized as Other service revenue and Equipment revenue within Other operations. SEK in millions Jul-Sep 2025 Sweden Finland Norway Lithuania Estonia Other operations Total Mobile end user revenue 3,033 1,663 1,821 526 306 503 7,851 Mobile interconnect 109 63 79 12 10 10 283 Other mobile service revenue 120 156 181 11 6 251 724 Mobile service revenue 3,262 1,881 2,081 549 322 764 8,858 Telephony 126 23 15 29 17 - 210 Broadband 1,568 308 370 232 207 - 2,685 TV 863 141 365 111 90 - 1,571 Business solutions 929 709 80 116 123 14 1,972 Other fixed service revenue 771 98 11 103 132 - 1,115 Fixed service revenue 4,258 1,280 840 592 569 14 7,553 Other service revenue2,3 252 46 18 5 2 202 524 Total service revenue1,3 7,772 3,207 2,939 1,145 893 980 16,936 Equipment revenue1,2,3 918 502 434 247 147 677 2,925 Total revenue 8,689 3,709 3,373 1,392 1,040 1,656 19,861 1) In all material aspects, equipment revenue is recognized at a point in time and service revenue over time. 2) Revenue from the transitional services and equipment sale, to divested subsidiaries are recognized as Other service revenue and Equipment revenue within Other operations. 3) Restated, see Note 1.
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Q3 Telia Company Interim report January–September 2026 Page | 25 SEK in millions Jan-Sep 2026 Sweden Finland Norway Lithuania Estonia Other operations Total Mobile end user revenue 9,154 4,709 5,585 1,617 924 1,503 23,493 Mobile interconnect 319 180 233 37 30 32 831 Other mobile service revenue 329 404 493 23 20 763 2,031 Mobile service revenue 9,802 5,293 6,311 1,677 974 2,297 26,354 Telephony 273 56 43 79 45 - 495 Broadband 5,803 948 1,208 697 616 - 9,272 TV 2,947 443 1,255 333 268 - 5,245 Business solutions 3,300 2,189 248 400 365 44 6,546 Other fixed service revenue 1,985 271 31 315 382 - 2,984 Fixed service revenue 14,307 3,906 2,786 1,823 1,676 44 24,543 Other service revenue2 1,245 140 66 12 5 628 2,096 Total service revenue1 25,354 9,340 9,162 3,512 2,655 2,970 52,993 Equipment revenue1,2 3,008 1,547 1,224 803 433 1,971 8,987 Total revenue 28,362 10,887 10,387 4,315 3,088 4,941 61,980 1) In all material aspects, equipment revenue is recognized at a point in time and service revenue over time. 2) Revenue from the transitional services and equipment sale, to divested subsidiaries are recognized as Other service revenue and Equipment revenue within Other operations. SEK in millions Jan-Sep 2025 Sweden Finland Norway Lithuania Estonia Other operations Total Mobile end user revenue 9,112 4,959 5,360 1,532 906 1,447 23,317 Mobile interconnect 331 192 242 36 30 30 861 Other mobile service revenue 327 456 565 24 15 740 2,126 Mobile service revenue 9,770 5,607 6,166 1,592 951 2,217 26,304 Telephony 429 70 47 91 53 - 690 Broadband 4,689 916 1,118 687 615 - 8,024 TV 2,537 447 1,109 332 269 - 4,693 Business solutions 3,116 2,148 236 344 345 46 6,234 Other fixed service revenue 2,121 295 33 313 400 0 3,162 Fixed service revenue 12,892 3,876 2,542 1,766 1,681 46 22,803 Other service revenue2,3 829 133 62 13 5 626 1,669 Total service revenue1,3 23,491 9,615 8,770 3,372 2,638 2,890 50,776 Equipment revenue1,2,3 3,135 1,491 1,267 720 411 1,882 8,907 Total revenue 26,626 11,106 10,037 4,092 3,049 4,772 59,682 1) In all material aspects, equipment revenue is recognized at a point in time and service revenue over time. 2) Revenue from the transitional services and equipment sale, to divested subsidiaries are recognized as Other service revenue and Equipment revenue within Other operations. 3) Restated, see Note 1.
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Q3 Telia Company Interim report January–September 2026 Page | 26 Note 5. Investments SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 CAPEX 3,368 3,330 10,597 10,969 Intangible assets 513 536 1,561 1,771 Property, plant and equipment 2,358 2,250 6,794 6,822 Right-of-use assets 497 544 2,241 2,376 Acquisitions and other investments 60 - 4,269 207 Asset retirement obligations 4 - 119 140 Goodwill, intangible and tangible non-current assets and right- right-of-use assets acquired in business combinations 56 - 4,150 52 Equity instruments - - - 15 Total investments, continuing operations 3,427 3,330 14,866 11,176 Total investments, discontinued operations - - - 81 of which CAPEX - - - 81 Total investments 3,427 3,330 14,866 11,257 of which CAPEX 3,368 3,330 10,597 11,050 Note 6. Financing Net debt Net debt presented below is based on both continuing and discontinued operations. SEK in millions Sep 30, 2026 Dec 31, 2025 Non-current borrowings 76,603 82,127 of which lease liabilities, non-current 14,165 14,500 Less 50% of hybrid capital1 -7,991 -9,177 Current borrowings 14,247 5,331 of which lease liabilities, current 3,724 3,369 Less derivatives recognized as financial assets and hedging non -current and current borrowings and related credit support annex (CSA) -5,135 -4,052 Less non-current bonds and interest rates derivatives at fair value through income statement and OCI -580 -592 Less short-term investments -497 -362 Less cash and cash equivalents -11,034 -11,527 Net debt 65,614 61,749 1) 50% of hybrid capital is treated as equity, consistent with market practice for this type of instrument, and reduces net debt. Derivatives recognized as financial assets and hedging non-current and current borrowings and related credit support annex (CSA) are part of the balance sheet line -items Non-current interest-bearing receivables and Current interest-bearing receivables. Hybrid capital, calculated as nominal amount, is part of the balance sheet line -item Non -current borrowings. Non-current bonds at fair value through income statement and Other comprehensive income (OCI) are part of the balance sheet line-item Non -current interest-bearing receivables. Short -term invest- ments are part of the balance sheet line -item Current interest-bearing receivables.
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Q3 Telia Company Interim report January–September 2026 Page | 27 Loan financing and credit rating In the first quarter of 2026, Telia Company issued a hybrid bond with a nominal amount of SEK 2.4 billion in two tranches, with the first call date after 5.25 years. The first tranche has a nominal amount of SEK 0.65 billion, a fixed coupon of 3.75 percent and a yield of 3.79 percent, while the second tranche has a nominal amount of SEK 1.75 billion and a float- ing rate coupon. The new hybrid bond was issued as part of Telia Com- pany’s refinancing of the upcoming call dates in May 2026 for the out- standing hybrid bond. In September 2026, Telia Company issued a 3 - year bond of SEK 2.0 billion in two tranches maturing in September 2029. The first tranche has a nominal amount of SEK 1.1 billion, a fixed coupon of 3.21 percent and a yield of 3.21 percent, while the second tranche has a nominal amount of SEK 0.9 billion and a floating rate cou- pon. Commercial paper issuance amounted to a net SEK 3.0 billion dur- ing the first three quarters of 2026. In addition, drawings under the re- volving credit facilities amounted to SEK 2.9 billion (EUR 270 million) and were made to finance the acquisition of Bredband2. The drawdown was re-paid in the third quarter of 2026. Outstanding bonds with a nom- inal amount corresponding to SEK 7.0 billion have been repaid during the year, of which hybrid bonds with a nominal amount corresponding to SEK 5.3 billion (EUR 500 million). As a result, the total nominal value of Telia Company's hybrid notes was reduced by SEK 2.9 billion. Telia Company continues to have good access to capital via the Euro- pean debt capital markets and via the commercial paper market should any further funding need be identified. The credit rating of Telia Company remained unchanged. Moody’s long- term rating is Baa1 with a stable outlook. S&P Global Ratings’ long-term credit rating is BBB+, and the short-term rating is A-2, both with a stable outlook. Treasury shares During May 2026 Telia Company acquired treasury shares as part of the long-term incentive program at an average price of SEK 47.94 per share. The total amount of the acquired shares was SEK 110 million (31) and transaction costs, net of tax, amounted to SEK 0 million (0). As of September 30, 2026, Telia Company did not hold any treasury shares, and the total number of issued and outstanding shares was 3,932,109,286 (3,932,109,286).
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Q3 Telia Company Interim report January–September 2026 Page | 28 Note 7. Financial instruments – fair values Financial liabilities SEK in millions Sep 30, 2026 Dec 31, 2025 Carrying value Fair value Carrying value Fair value Non-current borrowings Euro Medium Term Notes Program (EMTN) 40,401 41,365 42,499 44,247 Hybrid bonds 15,983 16,430 18,335 18,846 Other bilateral 1,475 1,543 1,943 2,103 Bank loans 563 563 849 849 Lease liabilities 14,165 14,500 Interest rate swaps 3,721 3,721 2,969 2,969 Cross currency interest rate swaps 294 294 1,029 1,029 Other non-current borrowings 1 1 2 2 Total non-current borrowings 76,603 82,127 Current borrowings Euro Medium Term Notes Program (EMTN) 5,551 5,696 1,658 1,665 Bank loans 390 390 113 113 Commercial papers 2,989 2,989 - - Other bilateral 584 584 - - Lease liabilities 3,724 3,369 Interest rate swaps 119 119 189 189 Other current borrowings 891 891 - - Total current borrowings 14,247 5,331 Total borrowings 90,850 87,459 Other non-current financial liabilities License fee liabilities and other non-current financial liabilities 638 638 643 643 Total other non-current financial liabilities 638 638 643 643 Other current financial liabilities Derivatives 39 39 12 12 Accounts payable and other current financial liabilities 17,899 17,899 16,729 16,729 Total other current financial liabilities 17,938 17,938 16,741 16,741 Other non-current financial liabilities are part of the line-item Other non-current liabilities and Other current financial liabilities are part of the line-item Trade payables and other current liabili- ties, current tax payables and current provisions in the statement of financial position. For financial assets not measured at fair value in the statement of financial position, the carrying amounts are deemed reasonable approximations of their respective fair values. For information on fair value estimation, see the Annual report 2025, Note C3. Financial assets and liabilities by fair value hierarchy level SEK in millions Sep 30, 2026 Dec 31, 2025 Carrying value of which Carrying value of which Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets at fair value Equity instruments 526 - - 526 524 - - 524 Non-current and current bonds 1,077 781 296 - 955 955 - - Derivatives 1,944 - 1,944 - 790 - 790 - Other financial assets at fair value 489 - 489 - - - - - Total financial assets at fair value by level 4,036 781 2,729 526 2,268 955 790 524 Financial liabilities at fair value Derivatives 4,173 - 4,173 - 4,200 - 4,200 - Total financial liabilities at fair value by level 4,173 - 4,173 - 4,200 - 4,200 - There were no material transfers between Level 1, 2 or 3 in 2026 or 2025. For information on fair value hierarchy levels and fair value estimation, see the Annual report 2025 Note C3 and sec- tion below.
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Q3 Telia Company Interim report January–September 2026 Page | 29 Fair value measurement of Level 3 financial instruments Investments classified within Level 3 make use of significant unobserv- able inputs in deriving fair value, as they trade infrequently. As observ- able prices are not available for these equity instruments, Telia Com- pany has a market approach to derive the fai r value. Telia Company's primary valuation technique used for estimating the fair value of un- listed equity instruments in Level 3 is based on the most recent trans- action for the specific company if such transaction has been recently made. If there have been significant changes in circumstances between the transaction date and the balance sheet date, that in the assessment of Telia Company, would have a material impact on the fair value, the carrying value is adjusted to reflect the changes. The table below pre- sents the movement in Level 3 instruments during the year. The fair value change recognized in other comprehensive income in 2025 of SEK 6 64 million related to revaluation of Telia Company’s 9.56% holding in Marshall Group. The investment was revalued in 2025 to a fair value of SEK 1,0 91 million corresponding to the price received in the disposal in April 2025. The price per share of SEK 1,0 60 was based on the sales agreement signed on January 24, 2025, adjusted for the dividend received in March 2025. Movements within Level 3, fair value hierarchy SEK in millions Equity instruments Jan-Sep 2026 Equity instruments Jan-Dec 2025 Level 3, opening balance 524 942 Changes in fair value - 664 of which recognized in other comprehensive income - 664 Purchases/share issue - 15 Disposals - -1,091 Exchange rate differences 2 -6 Level 3, closing balance 526 524 Note 8. Contingent liabilities, collateral pledged and litigations SEK in millions Sep 30, 2026 Dec 31, 2025 Issued financial guarantees 349 353 of which referred to guarantees for pension obligations 349 353 Total contingent liabilities and collateral pledged 349 353 On March 4, 2026, Telia Norway announced it had been subjected to a data breach that has resulted in customer data being stolen. Investiga- tions show that this concerns names, addresses, email addresses, tele- phone numbers, dates of birth, and IP addresses, and in select cases personal identification numbers, of private customers who have TV or broadband services from Telia Norway. The stolen data also includes information about corporate customers to whom Telia Norway delivers data communication solutions. T his data includes information about contact forms with personal information such as name, address, email and telephone number of the contact person in the businesses. In addi- tion, certain information related to current and former employees has also been stolen. Telia Company is working closely with the authorities, and the incident is under police investigation. The Norwegian National Communications authority (Nkom) and the Norwegian Data Protection authority (Datatilsynet) have initiated reviews of Telia Norway related to the data breach. Nkom conducted its review during August 2026, but no final report has yet been received. Datatilsynet has not yet com- menced its review. A non-current provision of SEK 20 million for potential fines related to the data breach was recognized in March 2026. As the authorities’ reviews are still ongoing information remains limited and the estimated amount for potential fines is highly uncertain. The estimate has therefore been based on a comparison with the lim- ited number of other data breach cases in Norway. In 2023 the Norwegian Tax Administration (NTA) issued a decision re- garding VAT reported during 2016-2018, in relation to electronic news services provided to Norwegian customers by GET AS, which was ac- quired by Telia Company in 2018. Subsequently, the NTA opened an assessment for the years 2019-2022 concerning the same matter. New Norwegian VAT legislation was implemented as of January 1, 2023, which limited the exposure to the years 2016 – 2022. In 2024 Telia Company paid the amount of SEK 270 million requested by NTA for the years 2016-2018 in GET AS. The decision for 2016-2018 was appealed to the first level administrative court and a ruling was received late 2024. The ruling was appealed to the second level administrative court. The second level administrative court agreed with the first level
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Q3 Telia Company Interim report January–September 2026 Page | 30 administrative court. Consequently, Telia appealed the ruling to the Norwegian Supreme Administrative Court. In May 2026 it was con- firmed that that the Norwegian Supreme Administrative Court will not try the case, thus, the ruling from the second level co urt is final. Based on the final ruling Telia Company increased the provision to SEK 420 million and derecognized the related deposit (asset) of SEK 120 million, which resulted in increased other operating expenses of SEK 260 mil- lion in the second quarter 2026. The provision was reclassified to current. According to transaction warranties Telia Company has a right to reclaim approximately SEK 140 million for tax payments related to periods before the GET acquisition, but no receivable has been recog- nized yet. For other ongoing legal proceedings, see Note C30 in the Annual report 2025. Note 9. Contractual obligations and commitments SEK in millions Sep 30, 2026 Dec 31, 2025 Contractual obligations and commitments for Film and program rights 100 104 Contractual obligations and commitments for Property, plant and equipment 4,859 4,559 Contractual obligations and commitments for Intangible and Right -of-use assets 394 359 Total contractual obligations and commitments 5,353 5,023 Note 10. Accounts payable SEK in millions Sep 30, 2026 Dec 31, 2025 Accounts payable, continuing operations 12,533 12,610 of which accounts payable under vendor financing a rrangements1 5,847 5,642 1) The total vendor financing balance is divided between five (four) banks, where the bank with the largest balance represents 41% (40%). Note 11. Discontinued operations and other disposals Discontinued operations TV and Media The TV and Media business, including the TV4 brand in Sweden and the MTV brand in Finland, was classified as held for sale and discontin- ued operations since February 25, 2025 and the disposal of TV and Me- dia to Schibsted Media was closed on July 1, 2025. In the second quarter 2026 Telia Company received a payment of SEK 350 million from Schibsted Media related to the sales price, which was classified as cash flow from Operations and other equity instruments divested within investing activities related to continuing operations.
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Q3 Telia Company Interim report January–September 2026 Page | 31 Net income from discontinued operations (TV and Media) SEK in millions, except per share data TV and Media Jul-Sep 2026 TV and Media Jul-Sep 2025 TV and Media Jan-Sep 2026 TV and Media Jan-Sep 2025 Revenue - - - 4,092 Expenses and other operating income, net - - - -3,977 Reversal of depreciation and amortization 1 - - - 1,720 Operating income - - - 1,835 Financial items, net - - - -56 Income after financial items - - - 1,779 Income taxes - - - -441 Net income before capital gain and remeasurement - - - 1,338 Gain on disposal of TV and Media (including cumulative exchange gain in equity reclassified to net income of SEK 38 million) - 31 - 31 Impairment loss on remeasurement to fair value less costs to sell - - - -3,524 Income tax on impairment - - - 612 Net income from discontinued operations - 31 - -1,543 Adjusted EBITDA - - - 621 EPS from discontinued operations (SEK) - 0.01 - -0.39 1) Including also amortization of Film and program rights. Assets classified as held for sale There were no assets or liabilities classified as held for sale as of Sep- tember 30, 2026, or December 31, 2025. Other disposals Disposal of property in Sweden On May 4, 2026, Telia Company completed the sale of a property re- lated to the copper network in Sweden, which resulted in a capital gain from divestment of property, plant and equipment of SEK 73 million in the second quarter 2026 that was recognized within Other operating income and expenses, net (classified as an adjustment item). The posi- tive cash flow effect from the transaction of SEK 72 million, was recog- nized as Intangible assets and property, plant and equipment divested (positive impact on Free cash flow) in the second quarter 2026. Disposal of the Finnish Cloud, capacity and end-user IT support ser- vices business On September 1, 2026, Telia Company divested the Finnish Cloud, ca- pacity and end-user IT support services business to CGI Suomi Oy (CGI) and simultaneously entered into commercial agreements with CGI. The sales price amounted to SEK 151 million, whereof SEK 33 million was received in the third quarter 2026 and presented as cash flows from Operations and other equity instruments divested. The transaction resulted in a capital gain of SEK 56 million, which was recognized within Other operating income and expenses, net in the third quarter 2026. Signed MoU to divest Latvian operations On July 17, 2025, Telia Company announced that it had signed a mem- orandum of understanding (MoU) with the Republic of Latvia, Latven- ergo and LVRTC to sell all of its shares in fixed network operator Tet and mobile network operator LMT. Telia Company’s proportionate ownership in the two companies is 49% of the shares in Tet and 60.3% of the shares in LMT. Although earlier agreed timetable envisioned clos- ing of the transaction in the second half of 2026 , is unlikely to be achieved. As final and binding agreements have not yet been signed , manage- ment deems that the actions required to complete the transaction can- not ensure that significant changes to the plan are unlikely. Manage- ment’s assessment is therefore that as of September 30, 2026, the cri- teria for classification as held for sale and discontinued operations are not yet met for the Latvian operations.
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Q3 Telia Company Interim report January–September 2026 Page | 32 Note 12. Business combinations and other acquisitions Bredband2 On July 18, 2025, Telia Company announced a recommended public offer to the shareholders of Bredband2 i Skandinavien AB (Bredband2) to tender all shares in Bredband2, listed on Nasdaq First North Growth Market, to Telia Company at a price of SEK 3.25 in cash per share, cor- responding to SEK 3.1 billion. On February 2, 2026, Telia Company an- nounced that all conditions for completion of the offer had been fulfilled and that the offer had been declared unconditional. Telia Company ob- tained control and consolidates 100% of Bredband2 from February 6, 2026. On February 16, 2026, Telia Company a nnounced the final out- come in the offer to the shareholders of Bredband2. The total number of shares tendered in the offer corresponded to approximately 98.90%. Telia Company thereafter commenced compulsory redemption pro- ceedings under the Swedish Companies Act to acquire all remaining shares in Bredband2, and Bredband2’s shares have been delisted from Nasdaq First North Growth Market. As of March 31, 2026, 1.1% of the shares remained subject to compulsory redemption, for which a current liability of SEK 34 million was recognized. Telia Company’s ownership increased to 99.9% during the second quarter of 2026 as a result of the compulsory redemption, leaving only a few shares remaining. The liabil- ity was paid in the third quarter of 2026. Bredband2 is an established provider in the Swedish broadband mar- ket, offering fixed internet services to private and business customers. The company focuses on delivering streamlined, efficient services at low cost. The acquisition of Bredband2 is in line with Telia Company's strategy to focus on connectivity and communication services in the Nordic and Baltic regions. Bredband2 will strengthen the group's posi- tion within fixed broadband through complementary customer seg- ments, improved operational efficiency, as well as enabling a broader and more competitive service offering. SEK in millions Bredband2 Cost of combination (cash consideration paid) 3,111 Fair value of net assets acquired Intangible assets 1,811 of which customer relationships 1,484 of which brand 264 of which software and other intangible assets 63 Right-of-use assets 239 Other non-current assets 77 Non-current assets 2,127 Other current assets 77 Cash and cash equivalents 127 Current assets 204 Total assets acquired 2,331 Deferred tax liabilities -395 Other non-current liabilities -162 Non-current liabilities -556 Current liabilities -584 Total liabilities assumed -1,141 Total fair value of net assets acquired 1,191 Goodwill 1,920 The net cash flow effect from the business combination was SEK -2,949 million in the first quarter 2026 (cash consideration paid SEK -3,076 million plus cash and cash equivalents acquired SEK 127 million) and SEK -34 million in the third quarter 2026. Fair values of acquired assets and assumed liabilities have been deter- mined provisionally, as they are based on preliminary appraisals and subject to confirmation of certain facts, mainly related to intangible assets. Goodwill primarily refers to the value of future new customers and to a limited extent the assembled workforce. No part of goodwill is expected to be deductible for tax purposes. Acquisition-related costs of SEK 70 million have been recognized as Other operating expenses, whereof SEK 39 million was recognized in 2026. The fair value of re- ceivables acquired amounted to SEK 56 million, mainly relating to cur- rent accounts receivable. The gross contractual amount was SEK 62 mil- lion, of which SEK 6 million is not expected to be collected. From the acquisition date February 6, 2026, revenue of SEK 1,260 mil- lion and net income of SEK 68 million are included in the consolidated statements of comprehensive income in the first nine months 2026. If Bredband2 had been acquired at the beginning of 2026, Telia Compa- ny's revenue had been SEK 62,135 million and net income had been SEK 7,175 million for the first nine months 2026. Other acquisitions Acquisition of Telness On May 4, 2026 , Telia Company acquired the Swedish virtual mobile operator Telness AB at a price of SEK 54 million, resulting in a cash out- flow effect of SEK 42 million in the second quarter 2026 . A purchase price adjustment of SEK 3 million was paid in the third quarter of 2026. Acquisition of SörpNet On July 1, 2026 , Telia Company acquired the Swedish fiber network company SörpNet AB at a price of SEK 42 million, resulting in a cash outflow effect of SEK 42 million in the third quarter 2026. Acquistion of 9% additional share in Valokuitunen On July 6, 202 6, Telia Company acquired an additional 9% interest in the Finnish fiber operator Valokuitunen, which increased Telia Com- pany’s share in the associated company from 40% to 49%. The price paid of SEK 363 million and transaction costs of SEK 43 million were recognized as Investments in associated companies and joint ventures. The transaction resulted in a cash outflow of SEK 406 million in the third quarter of 2026.
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Q3 Telia Company Interim report January–September 2026 Page | 33 Note 13. Alternative performance measures In addition to financial performance measures prepared in accordance with IFRS, Telia Company presents non -IFRS financial performance measures. These alternative measures are considered to be important performance indicators for investors and other users o f the Interim re- port. The alternative performance measures should be considered as a complement to, but not a substitute for, the information prepared in accordance with IFRS. Telia Company’s definitions and explanation of the use of these non-IFRS measures are described in the Annual report 2025. These terms may be defined differently by other companies and are therefore not always comparable to similar measures used by other companies. Service revenue SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue 21,306 19,861 61,980 59,682 Excluded: Equipment revenue -3,290 -2,925 -8,987 -8,907 Service revenue (external) 18,016 16,936 52,993 50,776 Excluded: Effects from changes in foreign exchange rates 1 -159 1 120 -82 Excluded: Effects from acquired and disposed operations -51 294 -127 842 Service revenue on a like-for-like basis2 17,805 17,231 52,987 51,536 Change (%) like for like 3.3 2.8 1) Changes in foreign exchange rates refer to full year average rates prior year. 2) Like for like excludes exchange rate effects and is based on the current group structure, i.e. including the impact of any acquired operations and excluding the impact of any disposed operations, both in the current and in the comparable period. See also section Definitions. Adjusted EBITDA SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 EBITDA 8,889 8,385 24,268 23,994 Adjustment items within EBITDA (Note 2) -17 74 924 233 Adjusted EBITDA 8,872 8,458 25,192 24,227 Excluded: Effects from changes in foreign exchange rates 1 -86 1 31 -42 Excluded: Effects from acquired and disposed operations -12 64 -27 166 Adjusted EBITDA on a like-for-like basis2 8,774 8,523 25,197 24,352 Change (%) like for like 2.9 3.5 1) Changes in foreign exchange rates refer to full year average rates prior year. 2) Like for like excludes exchange rate effects and is based on the current group structure, i.e. including the impact of any acquired operations and excluding the impact of any disposed operations, both in the current and in the comparable period. See also section Definitions. CAPEX and Cash CAPEX SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Investments in intangible assets 513 536 1,561 1,771 Investments in property, plant and equipment 2,358 2,250 6,794 6,822 CAPEX excluding leases 2,871 2,786 8,356 8,593 Investments in right-of-use assets 497 544 2,241 2,376 CAPEX 3,368 3,330 10,597 10,969 Excluded: Investments in spectrum and right-of-use assets -497 -544 -2,235 -2,379 Excluded: Investments in non-organic assets - - - - CAPEX excl. spectrum, leases and non-organic assets (new definition) 2,871 2,786 8,362 8,590
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Q3 Telia Company Interim report January–September 2026 Page | 34 SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 CAPEX 3,368 3,330 10,597 10,969 Excluded: investments in right-of-use assets -497 -544 -2,241 -2,376 Net of not paid investments and additional payments from previous periods 94 418 1,053 1,894 Cash CAPEX 2,965 3,204 9,409 10,487 Excluded: Cash CAPEX for spectrum -118 -3 -391 -151 Excluded: Cash CAPEX for non-organic assets - - - - Cash CAPEX excl. spectrum and non-organic assets (new definition) 2,847 3,201 9,018 10,336 Free cash flow (continuing operations) SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Cash flow from operating activities 7,607 7,144 20,275 20,095 Cash CAPEX (Intangible assets and property, plant and equipment acquired) -2,965 -3,204 -9,409 -10,487 Excluded: Cash CAPEX for non-organic assets - - - - Repayment of lease liabilities -809 -750 -2,462 -2,309 Intangible assets and property, plant and equipment divested 0 19 82 223 Dividends paid to holders of non-controlling interests -102 -333 -639 -637 Free cash flow (new definition) 3,731 2,874 7,848 6,885 Free cash flow, current year 7,848 6,885 7,848 6,885 Free cash flow, previous year 2,397 404 2,397 404 Free cash flow, rolling 12 months 10,245 7,290 10,245 7,290 Number of shares, weighted average, basic and diluted (thou- sands), rolling 12 months 3,932,109 3,932,108 3,932,077 3,932,084 Free cash flow per share, rolling 12 months (SEK) 2.61 1.85 2.61 1.85 From the third quarter of 2026 Telia Company has adjusted its defini- tions of CAPEX excluding spectrum and leases, Cash CAPEX excluding spectrum and Free cash flow to exclude investments and cash flows from acquisitions of non-organic assets (intangible assets and property, plant and equipment acquired in asset transactions with the character of not being part of the group´s normal organic investment cycle). By now excluding all acquisitions of intangible assets and property, plant and equipment that are outside the group´s normal organic in- vestment cycle (previously only excluding those acquired in business combinations) from the adjusted CAPEX excl. spectrum, leases and non-organic assets and Cash CAPEX excl. spectrum and non -organic assets the adjusted measures are considered to be more relevant as they give a better understanding of the group´s normal organic invest- ment cycle. In addition, the adjusted Free cash flow measure is considered to be more relevant as it gives a better understanding of the group´s under- lying ability to generate funds for future dividends to its parent com- pany shareholders, reduce net debt , buy back shares and make busi- ness acquisitions. Leverage (continuing and discontinued operations) SEK in millions, except for multiple Sep 30, 2026 Dec 31, 2025 Net debt (Note 6) 65,614 61,749 Adjusted EBITDA current year, continuing operations 25,192 31,920 Adjusted EBITDA previous year, continuing operations 7,693 - Adjusted EBITDA rolling 12 months 32,885 31,920 Leverage (Net debt/adjusted EBITDA) 2.00x 1.93x
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Q3 Telia Company Interim report January–September 2026 Page | 35 Adjusted EBITDA margin SEK in millions, margin in % Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue 21,306 19,861 61,980 59,682 Adjusted EBITDA 8,872 8,458 25,192 24,227 Adjusted EBITDA margin (%) 41.6 42.6 40.6 40.6 Return on capital employed (ROCE) SEK in millions, except for multiple Sep 30, 2026 Dec 31, 2025 Adjusted operating income, current year 12,102 14,641 Adjusted operating income, previous year 3,435 - Return, rolling 12 months 15,537 14,641 Capital employed, end of current period Total assets, continuing operations 201,700 189,251 Non-interest-bearing liabilities and provisions, continuing operations -49,622 -45,683 Total capital employed, end of current period 152,078 143,568 Capital employed, end of previous period Total assets, continuing operations 193,542 193,651 Non-interest-bearing liabilities and provisions, continuing operations -42,766 -42,428 Total capital employed, end of previous period 150,776 151,223 Average capital employed 151,427 147,395 Return on capital employed (%, rolling 12 months) 10.3 9.9 Telia Company considers Return on capital employed (ROCE) to be a relevant measure to be able to understand the group’s profit generation in the business, capital efficiency, investment performance and long - term value creation. From the first quarter of 2026 Telia Company changed its definition of ROCE. The new ROCE measure is considered more relevant as it is sim- pler and gives a better understanding of the underlying profit genera- tion in the continuing business. Previously ROCE covered both continuing and discontinued operations and was defined as operating income , including impairments and gains/losses on disposals, plus financial revenue excluding foreign ex- change gains expressed as a percentage of average capital employed. Capital employed was defined as total assets less non-interest-bearing liabilities and provisions, and (proposed) dividend. The new ROCE measure covers only continuing operations and is de- fined as adjusted operating income expressed as a percentage of aver- age capital employed. The adjustments to operating income follows Te- lia Company’s existing definition for adjustment items. Capital em- ployed is now defined as: For continuing operations: total assets less non-interest-bearing liabilities and provisions. ROCE includes only con- tinuing operations as Telia Company believes this better reflects the group’s future ability to generate profit in the business.
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Q3 Telia Company Interim report January–September 2026 Page | 36 Parent company Condensed income statements SEK in millions Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue 204 356 600 960 Goods and services purchased -2 -91 -7 -181 Personnel expenses -139 -127 -333 -465 Other external expenses -126 -169 -333 -499 Other operating income and expenses, net 14 -7 7 -144 EBITDA -49 -37 -66 -328 Operating income -49 -37 -66 -328 Financial items, net -39 222 2,989 -1,974 Income after financial items -87 184 2,923 -2,302 Appropriations 1,548 1,017 4,080 3,256 Income before taxes 1,460 1,201 7,003 954 Income taxes -288 -189 -774 -743 Net income 1,173 1,013 6,229 211 Revenue for the third quarter and the first nine months of 2026 de- creased to SEK 204 million (356) and SEK 600 million (960), respec- tively, mainly due to internal allocation recharges and film and program rights, partly offset by transitional services provided to former subsidi- aries. Goods and services purchased in the third quarter and the first nine months of 2026 decreased to SEK -2 million ( -91) and SEK -7 million (-181), respectively, mainly related to film and program rights. Personnel expenses in the first nine months of 2026 decreased to SEK -333 million (-465), mainly due to reimbursement from the Telia pension fund. Other external expenses in the third quarter and the first nine months of 2026 decreased to SEK -126 million ( -169) and SEK -333 million (-499), respectively, mainly driven by group internal costs. Other operating income and expenses, net in the first nine months of 2026 increased to SEK 7 million (-144), mainly due to lower transaction costs. Financial items, net in the third quarter 2026 decreased to SEK -39 million (222), mainly due to capital gain from divestment of shares in subsidiaries in 2025 and negative foreign exchange rate effects. Finan- cial items, net in in the first nine months of 2026 increased to SEK 2,989 million (-1,974), mainly because of an impairment of shares in subsidi- aries in 2025 and increased dividends from subsidiaries, partly offset by negative foreign exchange rate effects.
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Q3 Telia Company Interim report January–September 2026 Page | 37 Condensed balance sheets SEK in millions Sep 30, 2026 Dec 31, 2025 Assets Non-current assets 137,318 134,278 Current assets 32,138 27,966 Total assets 169,456 162,244 Equity and liabilities Restricted shareholders’ equity 15,712 15,712 Non-restricted shareholders’ equity 37,440 38,928 Total shareholders’ equity 53,152 54,640 Untaxed reserves 5,306 5,188 Non-current provisions 317 330 Non-current liabilities 61,905 66,805 Current liabilities and current provisions 48,776 35,280 Total untaxed reserves, provisions and liabilities 116,304 107,604 Total equity and liabilities 169,456 162,244 Non-current assets increased to SEK 137,318 million (134,278) mainly impacted by the acquisition of shares in Bredband2 i Skandinavien AB. See Note 12. Additionally, non -current assets were affected by market value changes in derivatives, partly offset by decreased non-current in- ternal receivables. Current assets increased to SEK 32,138 million (27,966), mainly due to increased interest-bearing group receivables, increased group contri- bution receivables and increased cash and bank, partly offset by de- creased short-term investments. Non-current liabilities decreased to SEK 61,905 million (66,805), mainly due to reclassifications to current liabilities, market value changes in derivatives and net repaid bonds, partly offset by foreign exchange rates and interest rates. Current liabilities and current provisions increased to SEK 48,776 mil- lion (35,280), mainly due to increased liabilities to group companies, is- sued certificates (partly related to the funding of the acquisition of Bredband2 I Skandinavien AB), reclassifications from non-current liabil- ities and unpaid dividend liability, partly offset by repaid debt.
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Q3 Telia Company Interim report January–September 2026 Page | 38 Other items Risks Telia Company operates across six geographical markets, offering a broad range of products and services spanning telecomm unications and IT. These markets are competitive and highly regulated. Telia de- fines risk as anything that could have a material adverse effect on the achievement of the company's goals. Risks can be threats, uncertainties or lost opportunities relating to the company's current or future opera- tions or activities. Telia Company has an established Enterprise Risk Management Frame- work that it uses to regularly identify, analyze, assess and report strate- gic, operational, financial and compliance risks, and to manage such risks as appropriate. The Telia Company Risk Uni verse consists of a Principal Risk taxonomy, based on the Principal Risk areas and sub-risk areas identified and prioritized with Telia Company’s Group Executive Management as the most material risks related to the company's objec- tives and operations. The Principal Risks are assessed and aggregated across the whole company using the Enterprise Risk Management Framework. Risk management is an integrated part of Telia Company’s business planning process and monitoring of business performance. For further information regarding details on risk exposure and risk man- agement, see the Annual report 2025, Directors Report, section Risks. Significant events in the first quarter – On February 2, 2026, Telia announced that all conditions for com- pletion of the offer to the shareholders of Bredband2 i Skandina- vien AB had been fulfilled and that the offer had been declared unconditional. – On February 2, 2026 Telia Company announced that Telia Norway and Lyse have agreed on the principles to create a 50/50 -owned entity that combines Telia’s and ice’s Norwegian mobile radio ac- cess networks. – On February 16, 2026, Telia Company announced the final out - come in the offer to the shareholders of Bredband2 i Skandinavien AB. The total number of shares tendered in the offer corresponded to approximately 98.90%. See Note 12. – On March 2, 2026, Telia Company announced that it had entered into an agreement to increase its ownership in Finnish fiber oper- ator Valokuitunen from 40% to 49%. The transaction is expected to be completed during the second quarter of 2026, with an antic- ipated cash consideration of approximately EUR 30 million for Te- lia Company’s increase in ownership. – On March 4, 2026, Telia Norway announced it had been subjected to a data breach that has resulted in customer data being stolen. Telia Company is working closely with the authorities, and the in- cident is under police investigation. See Note 8. Significant events in the second quarter – On April 9, 2026, Telia Company announced the resolutions passed at the Annual General Meeting, including the implementa- tion of a long -term incentive plan 2026/2029 as well as an in- crease of the dividend to SEK 2.05 per share (2.00). – On May 4, 2026, Telia Company announced that the Board of Di- rectors ha s decided to exercise the mandate for buy -back of shares to cover commitments under Long Term Incentive Program 2023/2026. Significant events in the third quarter – On July 2, 2026, Telia Company announced the resolutions passed at the Extraordinary General Meeting, including the election of Su- sanne Blanke as a new member of Telia Company’s Board of Di- rectors. – On July 6, 2026, Telia Company completed the transaction regard- ing increased ownership in the Finnish fiber operator Valokui- tunen, from 40% to 49%, see Note 11. Significant events after the end of the third quarter – On October 12, 2026, Telia Company proposed further localiza- tion of operations with the intention to reduce approximately 900 positions across Telia and lower operating cost base with target of SEK 1 billion in annual gross savings . The proposed localization and reduction in positions is expected to be completed by Decem- ber 31, 2026, subject to customary union negotiations.
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Q3 Telia Company Interim report January–September 2026 Page | 39 Dividend to shareholders for 2025 For 2025, the Board of Directors proposed to the Annual General Meeting (AGM) on April 9, 2026, an increase of the dividend to SEK 2.05 per share (2.00), totaling SEK 8.1 billion (7.9). The dividend will be split and distributed in four tranches of SEK 0.51 per share for the first three tranches and SEK 0.52 per share for the fourth tranche. The AGM approved the proposed increase as well as the distribution into four tranches. First distribution The AGM decided that the first distribution of dividend was to be dis- tributed by Euroclear Sweden on April 16, 2026. Second distribution The AGM decided that the second distribution of dividend was to be distributed by Euroclear Sweden on July 28, 2026. Third distribution The AGM decided that the final day for trading in shares entitling share- holders to dividend be set for October 2 7, 2026, and that the first day of trading in shares excluding rights to dividend be set for October 28, 2026. The record date at Euroclear Sweden for the right to receive div- idend will be October 29, 2026. The dividend is expected to be distrib- uted by Euroclear Sweden on November 3, 2026. Fourth distribution The AGM decided that the final day for trading in shares entitling share- holders to dividend be set for February 3, 2027, and that the first day of trading in shares excluding rights to dividend be set for February 4, 2027. The record date at Euroclear Sweden for the right to receive div- idend will be February 5, 2027. The dividend is expected to be distrib- uted by Euroclear Sweden on February 10, 2027. Financial calendar Year-end report January-December 2026 January 28, 2027 Interim report January-March 2027 April 22, 2027 (updated) Interim report January-June 2027 July 16, 2027 Forward-looking statements This report contains statements concerning, among other things, Telia Company’s financial condition and results of operations that are for- ward-looking in nature. Such statements are not historical facts but, ra- ther, represent Telia Company’s future expectations. Telia Company be- lieves that the expectations reflected in these forward -looking state- ments are based on reasonable assumptions; however, forward-looking statements involve inherent risks and uncertainties, and a number of im- portant factors could cause actual results or outcomes to differ materi- ally from those expressed in any forward-looking statement. Such important factors include but may not be limited to: Telia Com- pany’s market position; growth in the telecommunications industry; and the effects of competition and other economic, business, competitive and/or regulatory factors affecting the business of Telia Company, its associated companies and joint ventures, and the telecommunications industry in general. Forward -looking statements speak only as of the date they were made, and, other than as required by applicable law, Telia Company undertakes no obligation to update any of them in the light of new information or future events.
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Q3 Telia Company Interim report January–September 2026 Page | 40 Stockholm, October 22, 2026 Patrik Hofbauer President and CEO
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Q3 Telia Company Interim report January–September 2026 Page | 41 Review report To the Board of Directors of Telia Company AB (publ) Corp. id. 556103-4249 Introduction We have reviewed the condensed interim financial information (interim report) of Telia Company AB (publ) as of 30 September 2026 and the nine month period then ended. The Board of Directors and the President and CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim r eport based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity . A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, October 22, 2026 KPMG AB Joakim Thilstedt Authorized Public Accountant
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Q3 Telia Company Interim report January–September 2026 Page | 42 Definitions Adjustment items: Comprise of capital gains and losses, impairment losses, restructuring programs (costs for phasing out operations and personnel redundancy costs and costs for major group wide business transformations) or other costs with the character of not being part o f normal daily operations. ARPU: Average revenue per user. Broadband revenue: External revenue related to fixed broadband ser- vices. Business solutions revenue: External revenue related to fixed business networking and communication solutions. CAGR: An abbreviation of ”Compound Annual Growth Rate”. CAPEX: An abbreviation of “Capital Expenditure”. Investments in intan- gible and tangible non -current assets and right -of-use assets, but ex- cluding goodwill, intangible and tangible non-current assets and right- of-use assets acquired in business combinations, film and program rights and asset retirement obligations. CAPEX excluding spectrum, leases and non-organic assets, new def- inition1: CAPEX excluding licenses to use frequency spectrum, right-of- use assets and non-organic assets. Capital employed, new definition1: For continuing operations: Total as- sets less non-interest-bearing liabilities and provisions. Cash CAPEX excluding spectrum and non-organic assets, new defi- nition1: Cash CAPEX excluding payments related to licenses to use fre- quency spectrum and non-organic assets. EBITDA: An abbreviation of “Earnings before Interest, Tax, Depreciation and Amortization.” Equals operating income before depreciation, amor- tization and impairment losses and before income from associated companies and joint ventures but including amortization an d impair- ment of film and program rights. Employees: Employees on permanent or temporary contracts (exclud- ing hourly paid employees). Equipment revenue: External equipment revenue. Free cash flow, new definition1: From continuing operations: cash flow from operating activities, intangible assets and property plant and equipment acquired (Cash CAPEX) and divested (but excluding non - organic assets acquired), dividends paid to holders of non -controlling interests and repayment of lease liabilities. Free cash flow per share, rolling twelve months: Free cash flow from continuing operations on a rolling twelve-month basis, divided by num- ber of shares, weighted average, basic and diluted. Internal revenue: Group internal revenue. Leverage: Net debt divided by adjusted EBITDA rolling 12 months. Like for like (%): The change in revenue, external service revenue and adjusted EBITDA, excluding exchange rate effects and based on the current group structure, i.e. including the impact of any acquired oper- ations and excluding the impact of any disposed operations, both in the current and in the comparable period. Mobile end user revenue: External revenue related to voice, messag- ing, data, value added services and content (including machine- to-ma- chine). Mobile Interconnect: External revenue related to mobile termination. Net debt: Interest-bearing liabilities (including derivatives that are lia- bilities and used to hedge risks in borrowings) plus liabilities for deriva- tives used to hedge risks in the bonds and short-term investments port- folio, less derivatives recognized as financial assets and used to hedge risks in borrowings, less collateral received under credit support annex (CSA), less 50% of hybrid capital calculated as 50% of nominal amount (which, consistent with market practice for the type of instrument, is treated as equity), less non-current bonds, less short-term investments, less derivatives that are assets and used to hedge risks in the bonds and short-term investments portfolio and less cash and cash equivalents. Non-organic assets, new definition 1: Intangible assets and property, plant and equipment acquired in asset transactions with the character of not being part of the group´s normal organic investment cycle. Number of sites: Total number of sites with masts or towers. OCI: An abbreviation of “Other Comprehensive Income”. Other fixed service revenue: External revenue of fixed services includ- ing fiber installation, wholesale and other infrastructure services. Other mobile service revenue: External revenue related to visitors' roaming, wholesale and other services. Return on capital employed (ROCE) , new definition1: Adjusted oper- ating income expressed as a percentage of average capital employed. Service revenue: External revenue excluding equipment sales. Telephony revenue: External revenue related to fixed telephony ser- vices. Tenancy ratio: Average number of customers per site. TV revenue: External revenue related to TV services. 1) See Note 13 for information on changed definitions. This information is information that Telia Company AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 07.00 CET on October 22, 2026.
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Q3 Telia Company Interim report January–September 2026 Page | 43 Telia Company AB (publ) Corporate Reg. No. 556103-4249 Registered office: Stockholm Tel. +46 771 990100 www.teliacompany.com