Telia Company AB (TELIA.ST): Q2 Service Revenue and EBITDA Beat, 2026 Guidance Maintained

Research evidence excerpt

Telia Company AB (TELIA.ST): Q2 Service Revenue and EBITDA Beat, 2026 Guidance Maintained

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17 Jul 2026 02:19:49 ET │ 12 pages

Telia Company AB (TELIA.ST)

Q2 Service Revenue and EBITDA Beat, 20026 Guidance Maintained

CITI'S TAKE

Neutral Telia reported Q2 results with a 1% beat in service revenues and a slight

beat in EBITDA, which was mainly driven by better-than-expected trends Price (16 Jul 26 17:30) SKr45.32

in Baltics, while the Nordics were more mixed. FCF also came in Target price SKr49.00

meaningfully ahead. Telia re-iterated its 2026 guidance, which is broadly Expected share price return 8.1%

in-line with consensus. Overall, we see the beat as positive following the Expected dividend yield 4.5%

softer peer results, and expect investor focus to be on: 1) Market Expected total return 12.6%

competition; 2) Finland/Norway trends; 3) Opex and cost cutting.

Market Cap SKr178,203M Conference call at 9am UKT / 10am CET (link).

US$18,381M

Q2 Results — Group service revenue of SEK 17,838m was 1% ahead of consensus of

SEK 17,662m, with LFL growth of +2.8% (Consensus +2.1%). This drove net sales of

SEK 20,705m (Consensus SEK 20,593m). Adjusted EBITDA came in at SEK 8,378m Pavan Daswani, CFAAC

(Consensus SEK 8,339), with LFL growth of +3.4% (Consensus +3.1%) and EBITDA +44-20-7986-6889

margin of 40.5%. FCF came in meaningfully ahead at SEK 2.200m, compared to pavan.daswani@citi.com

consensus of SEK 1,264m due to better capex and NWC. Sweden service revenue

grew 2.6% LFL driven by increased revenue from TV as well as Other service revenue, Carl Murdock-Smith, CFA

while EBITDA grew 5.2%. Finland service revenues were flat yoy driven by better +44-20-7986-5747

fixed which was offset by a decline in mobile service revenue. Finland EBITDA grew carl.murdocksmith@citi.com