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Telia
Telia (TELIA) investor relations material
Telia Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved first full dividend coverage by free cash flow in five years, with no vendor financing, and delivered on EBITDA and free cash flow targets despite challenges in Norway and Finland.
Service revenue grew 1.5% like for like for the full year, with strong momentum in Sweden and the Baltics, offset by declines in Finland and Norway.
Adjusted EBITDA grew 5.2% like for like, driven by service revenue growth and cost discipline.
Portfolio management advanced with the sale of TV and Media, agreement to divest Latvian operations, and acquisition of Bredband2.
Customer satisfaction (NPS) improved across most markets.
Financial highlights
Service revenue grew 2.1% in Q4 and 1.5% for FY 2025, slightly below outlook due to headwinds in Norway and Finland.
Adjusted EBITDA increased 3.7% in Q4 and 5.2% for FY 2025, with margin improving to 39.4%.
Free cash flow reached SEK 9.6 billion (normalized), exceeding the outlook and comfortably covering dividends.
CAPEX for 2025 was SEK 12.8 billion, below the outlook of SEK 13 billion.
Leverage reduced to 1.93x from 2.28x a year ago; net debt decreased by SEK 9.8 billion.
Outlook and guidance
2026 guidance: service revenue growth around 2% like for like, adjusted EBITDA growth around 3%, CAPEX below SEK 13 billion, free cash flow around SEK 9 billion.
Free cash flow in 2026 expected to be back-end loaded, with a soft Q1 due to working capital reversal and high interest payments.
Dividend proposed to increase from SEK 2.00 to SEK 2.05 per share, to be paid in four tranches.
Mid-term ambitions (2025-2027): service revenue CAGR 2%, adjusted EBITDA CAGR 4%, annual CAPEX below SEK 14 billion, free cash flow above SEK 10 billion by 2027.
Finland/Norway turnaround strategy details
Future ARO provision cash flow implications?
Capital allocation strategy given low leverage?
FCF growth to SEK 10B: How to offset 2025 tailwinds?
Finland turnaround: Specific actions for sustained growth?
Dividend policy: How to align with FCF growth?
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Next Telia earnings date
Q1 202624 Apr, 2026
Telia
Next Telia earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Telia Company AB, formerly TeliaSonera AB, is a Sweden-based telecommunications company. The Company's core business is to provide network services, Internet, TV and fixed and mobile telephony. The Company's segments comprise Networks Business Area, which provides fixed and mobile communication services to customers in the Nordic and Baltic regions; Other Business Area, which provides consumer electronics and household appliances retail stores, interactive digital television solutions. Telia Company AB was founded in 1853 and is headquartered in Solna, Sweden.
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