Telia (TELIA) Q3 2026 earnings summary

Executive summary

• Q3 like-for-like service revenue grew 3.3% and adjusted EBITDA 2.9%; stronger performance and lower operating expenses supported upgraded FY26 guidance.

• After nine months, service revenue and EBITDA growth were 2.8% and 3.5%; FY26 adjusted EBITDA and free cash flow outlooks were raised.

• Customer satisfaction improved across markets; simplification measures target SEK 1bn in annual gross savings from 2028.

Financial highlights

• Q3 revenue was SEK 21.3bn, up 4.5% reported; service revenue was SEK 18.0bn, up 3.3% like for like.

• Q3 adjusted EBITDA reached SEK 8.9bn, up 2.9% like for like; 9M adjusted EBITDA was SEK 25.2bn, up 3.5%.

• Q3 free cash flow was SEK 3.7bn versus SEK 2.9bn a year earlier; 9M free cash flow reached SEK 7.8bn versus SEK 6.9bn.

• Operating expenses declined 2.6%; OpEx as a share of service revenue fell to 26.6% from 28.2% year over year.

• Q3 net income was SEK 2.9bn versus SEK 2.5bn; EPS was SEK 0.69 versus SEK 0.60.

Outlook and guidance

• FY26 like-for-like service revenue growth outlook remained ~2%; adjusted EBITDA growth guidance rose to 3–4% from ~3%.

• FY26 free cash flow outlook increased to at least SEK 9bn; CAPEX guidance remained below SEK 13bn, with normalized spectrum CAPEX of SEK 650m assumed.

• 2025–2027 ambitions include 2% service revenue CAGR, 4% adjusted EBITDA CAGR, annual CAPEX below SEK 14bn and 2027 free cash flow above SEK 10bn.

• Q4 service revenue growth is expected to be lower than 9M’s 2.8% due to pulled-forward non-connectivity deliveries and tougher comparisons; EBITDA growth is expected to re-accelerate.