Swedish Telecoms: Telia and Tele2 remain preferred names across Nordics. TSR upside should drive re-rating.

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Swedish Telecoms: Telia and Tele2 remain preferred names across Nordics. TSR upside should drive re-rating.

J P M O R G A N Europe Equity Research

08 July 2026

Swedish Telecoms

Telia and Tele2 remain preferred names across Nordics.

TSR upside should drive re-rating.

Investors have rotated away from the telecoms sector in recent weeks and this has European Telecommunication

pulled shares in Telia and Tele2 lower; down 7% and 11% since beginning of May, Services

respectively. We think the recent pullback provides an attractive entry point into Ajay Soni AC

either operator and they remain our preferred names across Nordic telecoms; we (44-20) 3493-8462

see a more challenging outlook for both Telenor (Q2 preview here) and Elisa (post ajay.soni@jpmorgan.com

Q1 note here). Investors often ask our preferred name from the Swedish telcos, J.P. Morgan Securities plc

heading into Q2 results, we think Telia is the cleaner story with earnings likely Akhil Dattani

another “tick in the box”; we are slightly above consensus on EBITDA growth and (44-20) 7134-4725

akhil.dattani@jpmorgan.com

FCF. For Tele2, tougher comps will deliver softer Swedish EBITDAaL growth J.P. Morgan Securities plc

where we are 1% below consensus. Looking further ahead, we like both names due Ankur Baheti, CFA

to: (1) Upside risk on shareholder returns - we estimate 2027e TSR yields of 8% (91-86) 5796-8820

for Telia and 10% for Tele2 - both screen cheap (2026e sector avg: 5.4%) and ankur.baheti@jpmchase.com

should drive a re-rating, and (2) Passive beneficiaries of Swedish consolidation, J.P. Morgan India Private Limited

with the likely combination being Telenor-Three.

Specialist Sales contact details:

• Telia - clean Q2 likely drives upgrades: Telia +16% YTD (sector:+14%), but Scott Silver - Specialist Sales -