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Telia (TELIA) investor relations material
Telia Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EBITDA grew 6.2% year-over-year, led by Sweden and Finland, while Norway underperformed due to market headwinds and contract losses.
Strategic actions included closing the TV and media transaction, signing an MoU to exit Latvia by 2026, and launching a public offer for Bredband2 to strengthen the Swedish consumer business.
Innovation focus continued, notably expanding the North Star program with the Swedish Armed Forces and advancing 5G and secure communications.
Free cash flow improved to SEK 2.3 billion, and leverage decreased to 2.09x.
Net income declined to SEK 2.2 billion from SEK 4.9 billion due to a prior-year capital gain from Denmark divestment.
Financial highlights
Service revenue grew by 1.0% year-over-year, supported by Sweden and the Baltics, but pressured in Norway.
Adjusted EBITDA margin improved to 40.3% from 38.3% year-over-year.
CapEx remained disciplined at SEK 12.6 billion on a rolling twelve-month basis, below the SEK 14 billion annual target.
Free cash flow per share, rolling 12 months, at SEK 1.47.
Leverage reduced to 2.09x, with net debt decreasing by SEK 1.5 billion in the quarter.
Outlook and guidance
2025 outlook reiterated: service revenue growth around 2% like for like, adjusted EBITDA growth at least 5%, CapEx below SEK 14 billion, and free cash flow around SEK 7.5 billion.
Growth expected to improve in H2, mainly supported by pricing and enterprise/public sector services.
Leverage target: Net debt/adjusted EBITDA in the range of 2.0–2.5x.
Progressive dividend policy with a floor of SEK 2.00 per share and ambition for low to mid-single digit growth.
2025–2027 ambitions: service revenue CAGR 2%, adjusted EBITDA CAGR 4%, CapEx <SEK 14bn/year, FCF >SEK 10bn by 2027.
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