Telia: Q2‘26: Revs 1% ahead, EBITDA in line, FCF ahead on WC and capex phasing. Sweden mobile ARPU softer.

Research evidence excerpt

Telia: Q2‘26: Revs 1% ahead, EBITDA in line, FCF ahead on WC and capex phasing. Sweden mobile ARPU softer.

J P M O R G A N Europe Equity Research

17 July 2026

Telia Overweight

TELIA.ST, TELIA SS

Q2’26: Revs 1% ahead, EBITDA in line, FCF ahead on Price (16 Jul 26):Skr45.14

WC and capex phasing. Sweden mobile ARPU softer. Price Target (Dec-27):Skr54.00

Our take: Telia reported a solid quarter with group service revenues 1% above European Telecommunication

cons and EBITDA in line; organic growth trends were relatively stable vs Q1. Q2 Services

FCF beat driven by WC and cash capex timing. 2026 guidance was reiterated, but Ajay Soni AC

looks prudent. Following other Nordic peers having reported earlier this week, we (44-20) 3493-8462

find Sweden ARPU trends have been softer across all operators - this aligns with ajay.soni@jpmorgan.com

Tele2 commentary yesterday. Today, Telia reported Sweden Q2 mobile -1.2% y/y J.P. Morgan Securities plc

(Q1: +0.7%) and mobile postpaid ARPUs -0.8% y/y (Q1: +0.5%). Conversely, Akhil Dattani

looking at Norway, Telenor stated a competitive B2C mobile environment and (44-20) 7134-4725

akhil.dattani@jpmorgan.com

reported softer trends, however Telia have delivered accelerating Q2 mobile J.P. Morgan Securities plc

revenues and ARPUs. Key takeaways: (1) Q2 group organic service revenue Ankur Baheti, CFA

growth at +2.8% y/y (Q1:+2.1%). Q2 organic EBITDA growth +3.4% y/y (Q1: (91-86) 5796-8820

+4.0%). (2) Q2 group service revenues were 1% above cons. In the mix, Sweden ankur.baheti@jpmchase.com

in line, Finland in line, Norway 3% above. Q2 group EBITDA was in line with J.P. Morgan India Private Limited

Sweden in line, Finland 1% behind, Norway 1% behind and Other Ops 4% ahead.

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