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Tele2
Tele2 (TEL2) investor relations material
Tele2 Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved or exceeded all 2025 guidance KPIs, including 42% equity free cash flow growth and 11.4% underlying EBITDAaL growth, supported by disciplined cost control, revenue growth, and a 15% workforce reduction.
Completed 2G/3G network shutdown in Sweden, expanded spectrum, and led 5G rollout with 99% population coverage and fastest speeds recognized by Opensignal.
Recognized for sustainability leadership, including CDP 'A' score and top rankings in climate and child rights integration.
Board proposed a dividend of SEK 10.50 per share for 2025, up 65% and equivalent to 118% of equity free cash flow.
Transformation included renegotiation of 350 supplier contracts and appointment of new EVP Chief Commercial Officer B2C and Deputy CEO Sweden.
Financial highlights
Q4 end-user service revenue grew 4% year-over-year to SEK 5.6 billion, with underlying EBITDAaL up 13% to SEK 3.0 billion.
Full-year underlying EBITDAaL increased 11.4% to SEK 11.7 billion; net profit rose to SEK 4.6 billion.
Equity free cash flow reached SEK 6.2 billion, up 42% year-over-year.
CapEx to sales ratio at 11% for both Q4 and full year; CapEx paid (excluding spectrum) down SEK 630 million year-over-year.
Economic net debt reduced to SEK 24.3 billion, leverage at 2.1x underlying EBITDAaL, within investment grade.
Outlook and guidance
2026 guidance: low single-digit organic growth in end-user service revenue, low to mid-single-digit organic growth in underlying EBITDAaL, and CapEx to sales of 10-11%.
Guidance excludes impact of Baltic tower transaction, expected to close in Q1 2026, with EUR 430 million cash receipts and EUR 35 million negative EBITDA impact annually.
Dividend policy updated to distribute at least 80% of equity free cash flow, maintaining investment-grade credit rating.
Cautious outlook due to macroeconomic and geopolitical uncertainties, with continued focus on cost discipline and agility.
Detail capex prioritization strategy for 2026
How to mitigate intense open fiber competition?
Why 118% eFCF dividend vs 80% policy?
What drives conservative 2026 EBITDA outlook?
Is 10-11% CapEx to sales sustainable post-2026?
Leverage target post-Tower Co and dividend flexibility
Partial view of Summaries dataset, powered by Quartr API
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Next Tele2 earnings date
Q1 202622 Apr, 2026
Tele2
Next Tele2 earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Tele2 AB is a telecom operator in Sweden. The company offers services for residential and business customers, including mobile and fixed broadband and telephony. It also offers fixed-mobile converged services; dedicated channels, international and domestic calling cards; Internet services; TV distribution through IPTV and multi-channel networks; and conferencing systems. Tele2 provides its services under the Tele2 brand as well as using white label solutions for selected international markets. Tele2 AB was founded in 1993 and is based in Stockholm, Sweden.
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