Telia Co. (TELIA.ST): Modest results beat and sustained superior growth to reassure following weaker reports from peers

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Telia Co. (TELIA.ST): Modest results beat and sustained superior growth to reassure following weaker reports from peers

Equity Research

17 July 2026 | 7:01AM BST

Telia Co. (TELIA.ST): Modest results beat and sustained superior growth

to reassure following weaker reports from peers

Telia’s 2Q26 results that modestly beat, sustained superior growth and reiterated Andrew Lee

+44(20)7774-1383 |

guidance are likely to be taken positively by investors. We expect the update to andrew.j.lee@gs.com

Goldman Sachs International

reassure following a relatively weak Nordic telecom results season in which both Elisa

Sofija Rakicevic

and Telenor lowered guidance, the latter for the second consecutive quarter. Telenor +44(20)7774-6556 |

had cited raised competition in Norway and Sweden but Telia’s results (and Tele2’s sofija.rakicevic@gs.comGoldman Sachs International

Swedish update yesterday) contradict that and Telia states that there has been no Mollie Witcombe

general shift towards tougher markets – particularly the strong Norway and Sweden +44(20)7051-6252mollie.witcombe@gs.com|

markets, while Finland is improving. We argue the Nordic markets remain above Goldman Sachs International

Elyasaverage structural quality and should continue to support superior growth over time. Halima | +44(20)7774-6503

The problems faced by some of Telia’s peers look more stock specific, either due to halima.elyas@gs.com Goldman Sachs International

poor execution or weaker visibility driving guidance.

Mridul Agrawal

+1(332)245-7969 |

Telia’s results provided a reassuring update with investor focus likely to be on: 1) mridul.y.agrawal@gs.com Goldman Sachs India SPL

Group overall growth strong: service revenues were +2.8% yoy, headline EBITDA