Steady Q2; guidance reiterated

Research evidence excerpt

Steady Q2; guidance reiterated

Update

July 17, 2026 05:53 AM GMT

Morgan Stanley & Co. International plc+MTelia Company AB | Europe Terence Tsui

Equity Analyst

Steady Q2; guidance reiterated Terence.Tsui@morganstanley.comEmmet B Kelly +44 20 7425-3095

Emmet.Kelly@morganstanley.com +44 20 7425-6830

Reaction to earnings Harrison Williams, CFA

Unchanged Modest upside Largely unchanged Harrison.Williams@morganstanley.com +44 20 7425-6627

Impact to our thesis Financial results versus consensus Direction of next 12-month Lindsey C Zastawny

consensus EPS

Source: Company data, Morgan Stanley Research Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

Telia Company AB (TELIA.ST, TELIA SS)

Key Takeaways

Telecommunications Services | Sweden

Q2 was 1% ahead on service revenues and 0.5% ahead of expectations on Stock Rating Equal-weight

EBITDA. Industry View Attractive

Price target SKr 44.00

Trends in Sweden were mixed: Mobile service revenues declined by 1% (+1% in Shr price, close (Jul 16, 2026) SKr 45.32

52-Week Range SKr 51.68- 33.07

Q1) due to B2B, whilst EBITDA at +5% was solid. Mkt cap, curr (mn) SKr 180,860

Net debt (12/26e) (mn)* SKr 49,943

Norway and Finland showed similar EBITDA trends at -2% and +1% respectively. EV, curr (mn)* SKr 239,686

2026 guidance was reiterated with a stronger Q4 vs Q3 - a likely relief given * = GAAP or approximated based on GAAP

downgrades at peers.

We expect the shares to modestly outperform.

Further details

1. Q2 EBITDA modestly ahead: Service revenues were a 1% beat, whilst EBITDA was

0.5% ahead versus consensus estimates. The EBITDA beat came from the Baltics /

other, whilst Sweden was as anticipated. Meanwhile, FCF was ahead of expectations,

but due to a milder than expected working capital reversal, and also some cash