Telia (TELIA) Q4 2024 earnings summary

Executive summary

• Achieved all 2024 outlook metrics, including service revenue growth of 1.8% and adjusted EBITDA growth of 4.3%, with a margin of 35.2%.

• New country-led operating model implemented in December 2024, targeting SEK 2.6 billion in cost savings and faster decision-making.

• Board proposes an unchanged dividend of SEK 2.00 per share for 2024.

• Sale of Danish operations completed, generating a capital gain and supporting deleveraging; agreement to sell stake in Marshall Group.

• Net income rose to SEK 7,781 million, with EPS at 1.80 SEK.

Financial highlights

• Q4 service revenue grew 1.5% year-over-year, with full-year group service revenue up 1.8%.

• Q4 adjusted EBITDA up 5.8%, with full-year margin at 35.2%.

• Booked CAPEX for 2024 at SEK 13.5 billion, below guidance.

• Free cash flow for 2024 reached SEK 4.0 billion, or SEK 1.02 per share.

• Net debt at year-end was SEK 71,378 million; leverage ratio at 2.28x.

Outlook and guidance

• 2025 outlook: service revenue growth around 2%, adjusted EBITDA growth at least 5%, CAPEX below SEK 14 billion, and free cash flow around SEK 8 billion.

• Dividend policy maintains a floor of SEK 2 per share, with ambition to grow over time.

• Leverage target remains 2.0–2.5x net debt/adjusted EBITDA.