Kvartalsrapport Q1 2025

===== SIDA 1 =====

2025
Interim Report
First Quarter

===== SIDA 2 =====

Key financial data
SEK million Jan-Mar
2025
Jan-Mar
2024
Organic 
%
Full Year
2024
Continuing operations
End-user service revenue 5,404 5,340 1.3% 21,799
Revenue 7,152 7,152 0.1% 29,583
Operating profit 1,315 1,250 5,817
Profit after financial items 1,084 998 4,749
Underlying EBITDAaL 2,709 2,550 6.3% 10,612
Capex excluding spectrum and leases 823 1,015 4,073
Operating cash flow 1,886 1,535 6,540
Operating cash flow, rolling 12 months 6,891 6,574
Equity free cash flow 2,021 1,291 4,378
Equity free cash flow, rolling 12 months 5,107 4,892
Total operations
Net profit 875 833 3,870
Earnings per share (SEK) 1.26 1.20 5.59
Earnings per share, after dilution (SEK) 1.26 1.20 5.56
Equity free cash flow 2,021 1,291 4,378
Economic net debt to underlying EBITDAaL 2.2x 2.3x 2.5x
Q1 2025 
Revenue
7,152
SEK million 
Q1 2025 
Underlying EBITDAaL
2,709
SEK million
Reporting period and continuing operations
Figures presented in this report refer to the period January-March 2025 and continuing 
operations unless otherwise stated. Figures shown in parentheses refer to the comparable 
periods in 2024. For discontinued operations, refer to Note 8.
Non-IFRS measures
This report contains certain non-IFRS measures which are defined and reconciled to 
the closest reconcilable line items in the section Non-IFRS measures. Note that organic 
growth rates exclude translation effects from currency movements. For further definitions 
of industry terms and acronyms, please refer to the Investor section at www.tele2.com or 
see section Other financial metrics. 
• End-user service revenue of SEK 5.4 billion increased 
by 1% organically compared to Q1 2024 driven by the 
Baltics. Total revenue of SEK 7.2 billion remained 
unchanged organically compared to Q1 2024.
• Underlying EBITDAaL of SEK 2.7 billion increased by 
6% organically compared to Q1 2024 driven by sharp 
cost control across operations and end-user service 
revenue growth in the Baltics.
• Net profit from total operations of SEK 0.9 (0.8) billion 
and earnings per share of SEK 1.26 (1.20) in Q1 2025.
• Equity free cash flow of SEK 2.0 (1.3) billion in Q1 2025, 
supported by some temporary items. Over the last 
twelve months, SEK 5.1 billion has been generated, 
equivalent to SEK 7.37 per share.
• Cost and complexity reduction: improved cost 
governance, renegotiation of largest contracts, and 
workforce reduced by more than 450 positions by  
15 April.
• Full year 2025 guidance reiterated. Refer to page 6.
• Tele2 recognised by CDP with ‘A’ score for climate 
change efforts for third year in a row.
•  Tele2 among Equileap’s global top 40 companies for 
corporate gender equality efforts, and once again top 
ranked  in Sweden.
Highlights
TELE2
INTERIM REPORT – FIRST QUARTER 2025
2 (29)

===== SIDA 3 =====

CEO letter
Since stepping into the role of CEO at T ele2, I have repeated a core mantra 
to the organisation – we need to become faster, more agile, remove unnec-
essary complexity and embrace a much stricter cost discipline. In short, we 
must return to our roots and the challenger culture that defined the original 
T ele2. This is the path to follow to deliver better value for money to our cus-
tomers, become more resilient, and take control of our future.
We are executing our transformation plan at high speed, and have taken 
some major steps in the right direction. An employee survey conducted 
in February indicated strong internal support for our new way of working, 
reinforcing my belief that we will succeed in our transformation.
Financially, we start seeing impact of our transformation already in Q1. 
Thanks to topline growth in the Baltics and improved cost discipline across 
the group, we have managed to increase our Underlying EBITDAaL by 6% 
year on year. Due to a major cultural shift throughout the T ele2 organisation, 
we are evolving towards a much higher degree of cost-consciousness, 
systematically challenging all our purchases while also reviewing our 350 
largest contracts.
We have also started delivering on our ambition to simplify our organisation, 
including a workforce reduction by 15% over 12 months. More than 450 col-
leagues left us during Q1 and up until mid-April when the new organisation 
took effect. While cost savings are a key driver, our primary ambition is to 
simplify our processes, prioritising the initiatives that matter most to our 
customers, while removing unnecessary complexity and intermediaries.
These have been difficult weeks for everyone in T ele2. My thoughts are 
especially with the individuals personally affected by the changes. We are 
doing everything we can to support and assist them through this transition. 
I am deeply impressed by, and grateful for, the professionalism and focus the 
entire organisation has shown during this challenging period.
Regardless of our transformation, our customers remain our first and 
primary focus. We consistently adapt to customers’ new behaviours and 
anticipate the technology evolution. Our Swedish Consumer revenue in 
Q1 has been impacted negatively by the decommissioning of our obsolete 
terrestrial TV service in December. Nevertheless, we are convinced it was 
the right move for customer experience and future growth. In the mean-
time, we continue enhancing our digital TV offering: in Q1, we integrated 
the streaming service Max into our portfolio – a move that has been well 
received by our TV customers.
I am confident that our network quality and the superior value for money 
offered by T ele2 and Comviq will make the difference on the market. In the 
meantime, we continue improving our ability to interact directly with cur-
rent and future customers. As part of this improvement, we are expanding 
our own retail footprint. During Q1, we opened four new stores in Sweden, 
including our flagship store in Stockholm’s Gallerian. We also reached a 
major milestone in the development of our digital sales channels with a 
revamp of T ele2.se, where we now offer smoother and more intuitive sales 
flows. The new platform allows us to develop new features and offerings 
faster and provides a more dynamic customer experience.
Defending our customers’ interests means standing by their side and 
addressing competition distortions in Sweden. We look forward to the 
Swedish Post and T elecom Authority’s (PTS) decision to ensure effective 
competition in the single-family housing market. That would be a significant 
win for Swedish consumers.
Like many previous quarters, our three Baltic operations show impressive 
results in Q1, including a promising turnaround of our Estonian operation. 
This success is no coincidence. It is triggered by our Baltic colleagues’ ability 
to deep dive into customer data, anticipate needs and reach out with the 
right offers at precisely the right moment. Over the course of this year, we 
will deepen collaboration between Sweden and the Baltics – learning from 
each other and identifying further synergies.
For the third consecutive year, T ele2 has been awarded an A rating in CDP’s 
Climate category, and we were once again named as Sweden’s most gender 
equal company by global ranking Equileap. These prestigious and rigorous 
ratings recognise T ele2’s continuous efforts to maintain its leading posi-
tion amongst the most sustainable companies in the world. Of the many 
sustainability initiatives we took over the quarter, I am proud to mention 
our campaigns to protect children online and proactively block child sexual 
abuse material.
Finally, I have also had the pleasure of welcoming four new members to 
the Group Leadership T eam: Peter Landgren, Petr Cermak, Karin Wadström 
Sjöstedt and Ove Wik. Each of them will play an important role in driving our 
transformation and continued development. We are now well positioned to 
deliver on our ambitious goals. 
Jean Marc Harion
President and Group CEO
“I have repeated a core mantra to  
the organisation – we need to become faster,  
more agile, remove unnecessary complexity  
and embrace a much stricter cost discipline.  
Financially, we start seeing impact of 
our transformation already in Q1.”
TELE2
INTERIM REPORT – FIRST QUARTER 2025
3 (29)

===== SIDA 4 =====

Financial overview
Analysis of revenue
Continuing operations
SEK million
Jan-Mar
2025
Jan-Mar
2024
Organic
%
Full Year
2024
Mobile 1,524 1,502 1% 6,151
– Postpaid 1,331 1,295 3% 5,303
– Prepaid 193 206 -7% 848
Fixed 1,431 1,467 -2% 5,882
– Fixed broadband 818 782 5% 3,208
– Digital TV 592 656 -10% 2,568
– Fixed telephony & DSL 22 30 -28% 106
Landlord & Other 162 166 -3% 659
Sweden Consumer 3,117 3,135 -1% 12,693
Sweden Business 1,055 1,048 1% 4,226
Baltics 1,231 1,157 7% 4,880
End-user service revenue 5,404 5,340 1% 21,799
Operator revenue 534 536 0% 2,201
Equipment revenue 1,215 1,276 -5% 5,582
Revenue 7,152 7,152 0% 29,583
End-user service revenue increased by 1% organically driven by the Baltics.  
• Sweden Consumer  decreased by 1% as growth in Fixed broadband 
and Mobile postpaid was more than offset by the impact of migrating 
Boxer off the terrestrial network and continued decline in other legacy 
services.
• Sweden Business  grew by 1% as growth in Mobile and Solutions 
exceeded continued decline in Fixed.
• Baltics grew by 7% in local currency driven by ASPU (Average Spend Per 
User) growth from price adjustments and upselling.
Total revenue remained unchanged organically as growth in end-user  
service revenue was offset by a decline in equipment revenue.
Refer to Note 2 and Overview by segment for a breakdown of the segments.
Analysis of income statement
Continuing operations  
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Revenue 7,152 7,152 29,583
Underlying EBITDAaL 2,709 2,550 10,612
Reversal lease depreciation and interest 416 379 1,537
Underlying EBITDA 3,125 2,928 12,149
Items affecting comparability -287 -187 -394
EBITDA 2,838 2,742 11,756
Depreciation/amortisation -1,524 -1,492 -5,944
–  of which amortisation of surplus  
values from acquisitions -370 -373 -1,491
–  of which lease depreciation -378 -340 -1,386
–  of which other depreciation/ 
amortisation -776 -779 -3,067
Result from shares in associated  
companies and joint ventures 0 0 5
Operating profit 1,315 1,250 5,817
Net interest and other financial items -231 -252 -1,068
Income tax -209 -188 -915
Net profit 875 809 3,834
Underlying EBITDAaL increased by 6% organically driven by sharp cost 
control across operations and end-user service revenue growth in the 
Baltics.
Items affecting comparability of SEK -287 (-187) million were mainly driven 
by redundancy costs related to workforce reductions. Refer to Note 3 for 
more details. 
Net interest and other financial items of SEK -231 (-252) million decreased 
due to lower financing costs for outstanding debt.
TELE2
INTERIM REPORT – FIRST QUARTER 2025
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===== SIDA 5 =====

Analysis of financial position
Total operations  
SEK million
31 March
2025
31 March
2024
31 December
2024
Bonds 22,730 25,727 23,543
Commercial papers 1,199 — 1,498
Financial institutions and other  
liabilities 1,880 3,650 1,684
Cash and cash equivalents -1,693 -4,380 -317
Other adjustments -108 -551 -195
Economic net debt 24,008 24,446 26,213
Lease liabilities 4,333 4,039 4,121
Net debt 28,341 28,485 30,333
Underlying EBITDAaL,  
rolling 12 months 10,771 10,467 10,612
Economic net debt to  
Underlying EBITDAaL 2.2x 2.3x 2.5x
Return On Capital Employed (ROCE), 
rolling 12 months 11% 10% 11%
Unutilised overdraft facilities  
and credit lines 9,778 8,743 10,324
Economic net debt of SEK 24.0 (26.2 by the end of 2024) billion declined 
due to the cash generated in the business.
Economic net debt to underlying EBITDAaL  (financial leverage) of 2.2x 
(2.5x by the end of 2024) was below the lower end of the target range of  
2.5-3.0x.
Analysis of cash flow statement
Continuing operations
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Underlying EBITDA 3,125 2,928 12,149
Items affecting comparability -287 -187 -394
Amortisation of lease liabilities -353 -405 -1,430
Capex paid -835 -996 -3,972
Changes in working capital 525 297 76
Net financial items paid -159 -181 -1,040
Taxes paid and received 3 -195 -1,141
Other cash items 2 29 128
Equity free cash flow 2,021 1,291 4,378
Equity free cash flow,  
rolling 12 months1) 5,107 4,892 4,378
1)   Reconciliation of equity free cash flow rolling 12 months are presented in an excel document  
(Q1 2025-financials to the market) on Tele2’s website www.tele2.com 
Amortisation of lease liabilities of SEK -353 (-405) million decreased 
mainly due to SEK 90 million reclassification from working capital.
Capex paid of SEK -835 (-996) million decreased due to lower investments.
Changes in working capital of SEK 525 (297) million were mainly impacted 
by elevated redundancy provisions related to workforce reductions and a 
seasonal decrease in equipment receivables, partly offset by SEK 90 million 
reclassification to amortisation of lease liabilities.
Net financial items paid of SEK -159 (-181) million decreased due to lower 
financing costs for outstanding debt. 
Taxes paid and received of SEK 3 (-195) million decreased mainly due to a 
tax refund of approximately SEK 280 million. Last year included settlement of 
taxes paid of SEK 93 million relating to previous years.
TELE2
INTERIM REPORT – FIRST QUARTER 2025
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===== SIDA 6 =====

Financial guidance
Dividend
The Board of Directors of T ele2 are proposing an ordinary dividend of SEK 
6.35 (6.90) per A and B shares to be decided by the 2025 Annual General 
Meeting on 13 May 2025. The proposal means that in total SEK 4.4 billion 
will be distributed to T ele2’s shareholders, corresponding to 100% of Equity 
Free Cash Flow generated in 2024. These SEK 4.4 billion will be distributed 
in two tranches of SEK 3.20 and SEK 3.15. The proposed record dates are 15 
May 2025 for the first tranche of the dividend and 10 October 2025 for the 
second tranche of the dividend. If the Annual General Meeting accepts the 
Board’s proposal, the first tranche is expected to be paid on 20 May 2025 
and the second tranche is expected to be paid on 15 October 2025.
Guidance (unchanged)
T ele2 provides financial guidance for the inherent year.
The guidance for 2025 is low single-digit organic growth of end-user 
service revenue, mid- to high single-digit organic growth of underlying 
EBITDAaL, and around 13% capex to sales (excluding spectrum and leases) 
as our 5G network investments and intense customer-centric transforma-
tion continue at a high pace.
T ele2 confirms growth potential across all segments in 2025. The 
Swedish operations are expected to continue growing, with Sweden 
Consumer driven by new offers and propositions, offsetting expected 
headwind from Boxer’s discontinuation of terrestrial TV distribution, and 
with Sweden Business driven by IoT, SMEs and Large Enterprises. The Baltic 
operations are expected to continue growing driven by our strong market 
positions in Lithuania and Latvia alongside continued turnaround in Estonia.
T ele2 has initiated a deep transformation to improve profitability by address-
ing organisational complexity in Sweden and low profitability in Estonia and 
some parts of Sweden Business. Radical changes to improve efficiency are 
already in progress based on two key priorities: Simplify our operating model 
and organisation, and Rejuvenate T ele2’s smart, change and cost-savvy 
culture. In Q4 2024, T ele2 begun extensive group-wide cost-optimisations 
including an objective to reduce total workforce by around 15% (600-700 
full-time equivalents) within the coming 12 months from the release of the 
fourth quarter report, subject to union negotiations.
Financial policy (unchanged)
• T ele2 will seek to operate within a range for economic net debt to 
 underlying EBITDAaL of between 2.5-3.0x, and to maintain investment 
grade credit metrics. 
• T ele2’s policy will aim to maintain target leverage by distributing capital 
to shareholders through:
 –  An ordinary dividend of at least 80% of equity free cash flow, and,
 –  Extraordinary dividends and/or share repurchases, based on remain-
ing equity free cash flow, proceeds from asset sales and re-leveraging 
of underlying EBITDAaL growth.
Financial guidance
T ele2 AB provides the following guidance for continuing operations in constant currencies.
2025 guidance (unchanged)
• Low single-digit organic growth of end-user service revenue
• Mid- to high single-digit organic growth of underlying EBITDAaL
• Around 13% capex to sales (excluding spectrum and leases)
TELE2
INTERIM REPORT – FIRST QUARTER 2025
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===== SIDA 7 =====

Group summary
Continuing operations 
SEK million
Jan-Mar
2025
Jan-Mar
2024
Organic 
%
Full Year
2024
END-USER SERVICE REVENUE
Sweden 4,173 4,183 0% 16,919
Lithuania 688 647 7% 2,704
Latvia 360 342 6% 1,463
Estonia 182 168 9% 714
Total 5,404 5,340 1% 21,799
REVENUE
Sweden 5,487 5,505 0% 22,607
Lithuania 973 974 0% 4,086
Latvia 486 482 1% 2,053
Estonia 239 226 6% 979
Internal sales, elimination -32 -34 -6% -143
Total 7,152 7,152 0% 29,583
UNDERLYING EBITDAaL
Sweden 1,963 1,899 3% 7,837
Lithuania 467 404 16% 1,707
Latvia 217 199 10% 862
Estonia 62 49 27% 206
Total 2,709 2,550 6% 10,612
CAPEX
Sweden 698 844 -17% 3,327
Lithuania 53 87 -39% 337
Latvia 49 45 10% 239
Estonia 23 39 -40% 170
Capex excluding spectrum and leases 823 1,015 -19% 4,073
Spectrum — — —
Right-of-use assets (leases) 668 120 1,370
Total 1,491 1,135 5,442
Capex to sales (excluding spectrum and leases) 12% 14% 14%
Capex to sales (excluding spectrum and leases), rolling 12 months 13% 13%
TELE2
INTERIM REPORT – FIRST QUARTER 2025
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===== SIDA 8 =====

Financials  
SEK million
Jan-Mar
2025
Jan-Mar
2024
Organic 
%
Full Year
2024
End-user service revenue 4,173 4,183 0% 16,919
Revenue 5,487 5,505 0% 22,607
Underlying EBITDA 2,308 2,219 9,123
Underlying EBITDAaL 1,963 1,899 3% 7,837
Underlying EBITDAaL margin 36% 34% 35%
Capex
Capex excluding spectrum and leases 698 844 3,327
Spectrum — — —
Right-of-use assets (leases) 600 185 1,129
Capex 1,297 1,029 4,456
Capex to sales (excluding spectrum and leases) 13% 15% 15%
Overview by segment
Sweden 
T ele2 Sweden end-user service revenue remained unchanged in the first 
quarter with 1% growth in Business and 1% decline in Consumer. Growth 
was negatively affected mainly by increased decline rate in the Boxer TV 
business following the discontinuation of terrestrial TV distribution in the 
beginning of Q1.
In Q1, and as part of efforts to supporting our digitalisation journey and 
creating even more focus on value and efficiency, we improved our mobile 
and fixed networks further by continued 5G and Remote-PHY rollouts, and 
enhanced our TV and streaming propositions by the addition of the global 
streaming service Max. Our 5G population coverage currently stands above 
90% with close to 75% population coverage with high-performance 5G+. 
In January, Opensignal named T ele2 the winner of the 5G Availability award, 
supporting customer experience and loyalty.
Underlying EBITDAaL grew by 3% driven by sharp cost control, whereas 
Capex excluding spectrum and leases amounted to SEK 698 (844) million.
TELE2
INTERIM REPORT – FIRST QUARTER 2025
8 (29)

===== SIDA 9 =====

Jan-Mar
2025
Jan-Mar
2024
31 March
2025
31 March
2024
Organic
%
31 December
2024
RGUs (thousands) Net intake RGU base
Mobile -26 -58 2,774 2,785 0% 2,800
– Postpaid -4 -7 2,147 2,076 3% 2,151
– Prepaid -22 -51 627 709 -12% 649
Fixed -29 -47 1,836 1,910 -4% 1,865
– Fixed broadband 1 -17 957 952 1% 957
– Digital TV -25 -26 772 832 -7% 796
– Fixed telephony & DSL -5 -5 108 127 -15% 112
Total RGUs -55 -106 4,610 4,695 -2% 4,665
Jan-Mar
2025
Jan-Mar
2024
Organic 
%
Full Year
2024
ASPU (SEK)
Mobile 182 178 2% 182
– Postpaid 207 208 -1% 209
– Prepaid 101 94 7% 100
Fixed 258 253 2% 256
– Fixed broadband 285 271 5% 278
– Digital TV 252 259 -3% 259
– Fixed telephony & DSL 66 78 -15% 72
Revenue (SEK million)
Mobile 1,524 1,502 1% 6,151
– Postpaid 1,331 1,295 3% 5,303
– Prepaid 193 206 -7% 848
Fixed 1,431 1,467 -2% 5,882
– Fixed broadband 818 782 5% 3,208
– Digital TV 592 656 -10% 2,568
– Fixed telephony & DSL 22 30 -28% 106
Landlord & Other 162 166 -3% 659
End-user service revenue 3,117 3,135 -1% 12,693
Operator revenue 195 191 772
Equipment revenue 406 421 2,062
Internal sales 0 0 0
Revenue 3,718 3,747 -1% 15,526
Sweden Consumer
The first quarter delivered solid revenue growth within fixed broadband and 
mobile postpaid. Commercial activity was most pronounced on the mobile 
side, partially driven by continued challenges on the handset market.
T otal end-user service revenue declined by 1% as growth in core con-
nectivity was more than offset by the impact of migrating Boxer off the 
terrestrial network and continued decline in other legacy services.
Mobile postpaid net intake was negative with 4,000 RGUs in this season-
ally slow quarter, and as both T ele2 and Comviq executed price adjustments.
Mobile  end-user service revenue grew by 1% as growth in postpaid RGUs 
more than offset a decline of 7% in prepaid end-user service revenue.
In Fixed broadband, net intake was positive with 1,000 RGUs while end-
user service revenue grew by 5% through ASPU growth.
Digital TV net intake was negative with 25,000 RGUs, entirely driven by 
Boxer.  Digital TV end-user service revenue declined by 10% largely due to 
Boxer.
TELE2
INTERIM REPORT – FIRST QUARTER 2025
9 (29)

===== SIDA 10 =====

Sweden Business
Jan-Mar
2025
Jan-Mar
2024
31 March
2025
31 March
2024
Organic
%
31 December
2024
RGUs (thousands) Net intake RGU base
Mobile (excluding IoT)
   – Postpaid 19 -10 1,108 1,046 6% 1,089
Jan-Mar
2025
Jan-Mar
2024
Organic 
%
Full Year
2024
ASPU (SEK)
Mobile (excluding IoT)
   – Postpaid 140 146 -4% 144
Revenue (SEK million)
Mobile 588 582 1% 2,359
Fixed 173 179 -3% 705
Solutions 294 287 2% 1,162
End-user service revenue 1,055 1,048 1% 4,226
Operator revenue 22 24 96
Equipment revenue 444 434 1,716
Internal sales 1 1 4
Revenue 1,523 1,507 1% 6,041
Sweden Wholesale
SEK million Jan-Mar
2025
Jan-Mar
2024
Organic 
%
Full Year
2024
Operator revenue 244 249 1,034
Equipment revenue 0 0 0
Internal sales 1 1 4
Revenue 245 250 -2% 1,039
Sweden Business and Wholesale
Sweden Business delivered a slightly positive end-user service revenue 
growth of 1% in the quarter, as growth across our IoT and Large segments 
was partly offset by the Micro segment due to continued economic head-
winds. Uncertainty about global geopolitics affects the corporate segment 
in general and also our business.
We were once again recognised in Gartner’s Magic Quadrant for 
Managed IoT Connectivity Services Worldwide, ranking among the top 15 in 
the world and the top 10 in Europe.
Mobile net intake was positive with 19,000 RGUs in the quarter. Mobile end-
user service revenue grew by 1% driven by IoT and RGU growth mainly in the 
SME and Public segments, partly offset by an IoT-related network outage.
Fixed end-user service revenue declined by 3%, confirming continued 
gradual stabilisation.
Equipment revenue increased slightly compared to Q1 last year due to a 
few larger handset deals.
Sweden Wholesale revenue decreased by 2% during the quarter due to 
declining sales within A2P (application to person).
TELE2
INTERIM REPORT – FIRST QUARTER 2025
10 (29)

===== SIDA 11 =====

Baltics
Lithuania
The market continued to remain competitive, with operators implementing 
price adjustments across segments. T ele2 announced changes early in the 
quarter, which took effect from March. The prepaid segment was signifi-
cantly affected by the introduction of the SIM registration requirement 
during the quarter. We continued expanding our 5G network and enhancing 
quality to strengthen our value proposition. 
Net intake in the quarter was positive in mobile postpaid with 3,000 
RGUs. Mobile prepaid was negative with 138,000 RGUs driven by a combi-
nation of churn of inactive users, prepaid to postpaid migration, and signifi-
cantly lower gross intake following the registration requirement.
Mobile ASPU increased by 8% in local currency driven by customer base mix 
shift towards more postpaid, successful execution of our more-for-more 
strategy, and price adjustments.
End-user service revenue grew by 7% in local currency driven by ASPU  
growth.
Underlying EBITDAaL grew by 16% in local currency driven by end-user 
service revenue growth, cost efficiency measures, and deferral of costs until 
later.
Jan-Mar
2025
Jan-Mar
2024
31 March
2025
31 March
2024
Organic
%
31 December
2024
RGUs (thousands) Net intake RGU base
Mobile -135 21 1,927 2,027 -5% 2,062
   – Postpaid 3 18 1,413 1,371 3% 1,410
   – Prepaid -138 3 514 656 -22% 653
Jan-Mar
2025
Jan-Mar
2024
Organic 
%
Full Year
2024
ASPU (EUR)
Mobile 10.2 9.4 8% 9.6
   – Postpaid 12.0 11.4 5% 11.7
   – Prepaid 5.7 5.2 8% 5.3
Revenue (SEK million)
Mobile 683 643 7% 2,687
   – Postpaid 572 527 9% 2,212
   – Prepaid 111 116 -4% 475
Fixed 5 4 26% 17
End-user service revenue 688 647 7% 2,704
Operator revenue 33 32 133
Equipment revenue 235 276 1,172
Internal sales 17 19 76
Revenue 973 974 0% 4,086
Underlying EBITDA 499 429 1,815
Underlying EBITDAaL 467 404 16% 1,707
Underlying EBITDAaL margin 48% 41% 42%
Capex 100 137 543
Capex excluding spectrum and leases 53 87 337
Capex to sales (excluding spectrum and leases) 5% 9% 8%
TELE2
INTERIM REPORT – FIRST QUARTER 2025
11 (29)

===== SIDA 12 =====

Latvia
The market continued to be competitive in the quarter, particularly in terms 
of customer acquisitions. Mobile operators were continuously seeking to 
protect and aggressively increase RGU market shares. Despite headwinds, 
T ele2 achieved good growth also in Q1 through increased focus on new sales 
and win-back activities. During the quarter, we also closed down 3G and 
reallocated the spectrum to 5G and 4G.
Net intake in the quarter was positive in mobile postpaid with 4,000 
RGUs, whereas mobile prepaid was negative with 9,000 RGUs.
End-user service revenue grew by 6% in local currency mainly driven by 
ASPU following price adjustments last year.
Underlying EBITDAaL grew by 10% in local currency driven by end-
user service revenue growth and successful transformation focusing on 
efficiency.
Jan-Mar
2025
Jan-Mar
2024
31 March
2025
31 March
2024
Organic
%
31 December
2024
RGUs (thousands) Net intake RGU base
Mobile -6 7 1,057 1,063 -1% 1,063
   – Postpaid 4 6 851 827 3% 847
   – Prepaid -9 1 207 236 -13% 216
Jan-Mar
2025
Jan-Mar
2024
Organic 
%
Full Year
2024
ASPU (EUR)
Mobile 10.0 9.5 6% 10.0
   – Postpaid 11.7 11.3 4% 11.7
   – Prepaid 3.3 3.2 2% 3.5
Revenue (SEK million)
Mobile 358 339 6% 1,452
   – Postpaid 335 314 7% 1,343
   – Prepaid 23 25 -8% 109
Fixed 3 3 -16% 11
End-user service revenue 360 342 6% 1,463
Operator revenue 20 22 91
Equipment revenue 95 107 457
Internal sales 10 10 43
Revenue 486 482 1% 2,053
Underlying EBITDA 234 214 927
Underlying EBITDAaL 217 199 10% 862
Underlying EBITDAaL margin 45% 41% 42%
Capex 56 60 305
Capex excluding spectrum and leases 49 45 239
Capex to sales (excluding spectrum and leases) 10% 9% 12%
TELE2
INTERIM REPORT – FIRST QUARTER 2025
12 (29)

===== SIDA 13 =====

Estonia
The market remained competitive driven by increasing demand for high-
speed connectivity, digital services and customer expectations regarding 
reliability and innovation. In Q1, T ele2 delivered strong end-user service 
revenue growth and exceptional underlying EBITDAaL growth. We continue 
to remain the price leader with a strong brand, which has been instrumental 
in maintaining growth during this period of macroeconomic uncertainty 
and high inflation.
 
Net intake in the quarter was neutral in mobile postpaid and positive in 
mobile prepaid with 3,000 RGUs.
End-user service revenue increased by 9% in local currency mostly 
driven by ASPU.
Underlying EBITDAaL increased by 27% in local currency driven by 
end-user service revenue growth and successful cost efficiency measures 
including structural changes.
Jan-Mar
2025
Jan-Mar
2024
31 March
2025
31 March
2024
Organic
%
31 December
2024
RGUs (thousands) Net intake RGU base
Mobile 3 -1 464 454 2% 461
   – Postpaid 0 3 419 415 1% 418
   – Prepaid 3 -4 46 40 15% 43
Jan-Mar
2025
Jan-Mar
2024
Organic 
%
Full Year
2024
ASPU (EUR)
Mobile 10.7 9.9 8% 10.4
   – Postpaid 11.6 10.6 9% 11.1
   – Prepaid 2.9 3.1 -6% 3.1
Revenue (SEK million)
Mobile 167 153 10% 652
   – Postpaid 163 148 10% 634
   – Prepaid 4 4 0% 18
Fixed 15 16 -3% 62
End-user service revenue 182 168 9% 714
Operator revenue 20 17 17% 77
Equipment revenue 33 38 -11% 173
Internal sales 4 4 -1% 16
Revenue 239 226 6% 979
Underlying EBITDA 84 67 285
Underlying EBITDAaL 62 49 27% 206
Underlying EBITDAaL margin 26% 21% 21%
Capex 38 -91 138
Capex excluding spectrum and leases 23 39 170
Capex to sales (excluding spectrum and leases) 10% 17% 17%
TELE2
INTERIM REPORT – FIRST QUARTER 2025
13 (29)

===== SIDA 14 =====

Other items
Risks and uncertainty factors 
The present challenging macroeconomic and geopolitical environment
also affects T ele2 Group and T ele2 AB, primarily through inflationary pres-
sure and a somewhat cautious customer sentiment. T ele2 has a resilient 
business model, offering services that are highly valued and prioritised by 
our customers. In addition, we have a solid balance sheet. We are convinced 
that we are able to navigate through these uncertain times. Please refer to 
the section Enterprise risk management in the Board of Directors’ report and
Note 2 in T ele2’s Annual and Sustainability Report 2024 for more informa-
tion about T ele2’s risk exposure and risk management.
Events during the quarter
8 January. Tele2 announced changes to the Group Leadership Team
T ele2 announced that Jenny Garneij, Executive Vice President People and 
Change, left her position effective from 8 January.
13 January. Tele2 announced changes to the Group Leadership Team
T ele2 announced that Kim Hagberg, Executive Vice President, Chief opera-
tions, left her position effective from 13 January.
5 February. Tele2 appoints Petr Cermak as new EVP Chief Commercial 
Officer and announced further changes to the leadership team
T ele2 announced that Petr Cermak assumes the role of EVP Chief 
Commercial Officer and joins T ele2’s Group Leadership T eam starting 10 
February 2025. In addition, Charlotte Hansson, EVP Chief Financial Officer 
and Hendrik de Groot, EVP Chief Commercial Officer, left their positions 
effective from 5 February.
11 February. Tele2 recognised by CDP with ‘A’ score for climate change 
efforts for third year in a row
T ele2 announced that global environmental non-profit, CDP, has recognised 
T ele2 for its leadership in corporate transparency and performance on cli-
mate change by placing T ele2 on its annual ‘A List’ for the third year running. 
Based on data reported through CDP’s 2024 Climate Change questionnaire,
T ele2 is one of a limited number of companies that achieved an ‘A’ out of 
a ranking of more than 24,000 companies. CDP’s annual environmental 
disclosure and scoring process is widely recognised as the gold standard in 
corporate environmental transparency.
28 February. Tele2 announced that the total number of votes in Tele2 
has decreased
Owners of 16,666 class A shares in T ele2 have requested the conversion 
of these to class B shares in accordance with the reclassification provision 
set forth in § 5 of the Company’s articles of association. As of 28 February 
2025, the total number of shares in T ele2 amounts to 696,221,597 of which 
9,817,997 are class A shares with ten votes each, 684,303,600 are class B 
shares with one vote each and 2,100,000 are class C-shares with one vote 
each. The total number of votes in the Company amounts to 784,583,570.
4 March. Tele2 number one in Sweden and Climbing in Global Gender 
Equality Ranking
T ele2 has once again been ranked as Sweden’s top company for gender 
equality and has also secured a spot among the world’s top 40 in Equileap’s 
annual ranking. This marks the third consecutive year that T ele2 has been 
included in the global list, further strengthening its position this year. 
Equileap analyses nearly 4,000 publicly listed companies across 27 coun-
tries based on 19 criteria, including gender balance within the organisation, 
gender pay gaps, and policies to prevent harassment.
24 March. Tele2 Partners with Warner Bros. Discovery (WBD) to 
Enhance Entertainment Offering with Global Streaming Service Max
T ele2 and WBD have entered a partnership to strengthen T ele2’s entertain-
ment offerings by incorporating the renowned global streaming service Max 
into their service. T ele2’s TV customers can enjoy an expanded selection of 
content through a seamless integration of Max, bringing acclaimed HBO 
Original series like “The White Lotus” and “The Last of Us” alongside popular 
local content such as “Wahlgrens World”, and T ele2 content, all in one user-
friendly location.
31 March. Tele2 appoints two new members to its Group Leadership 
Team
As of 1 April, Peter Landgren will be Executive Vice President, Group CFO 
and Karin Wadström Sjöstedt will be Executive Vice President, Chief People 
Officer.
31 March. 6 out of 10 parents worry about their children being groomed 
for sexual purposes online 
At the same time, the number of reported cases of grooming has increased 
sharply. T o raise awareness of the problem, ChildX and T ele2 are launching 
the Grooming Generator, a digital tool where the participant receives mes-
sages that resemble a real grooming conversation.
Events after the end of the first quarter 2025
14 April. Tele2 appoints new permanent member to its Group 
Leadership Team
As of 1 May, Ove Wik will be Executive Vice President, CTIO and a permanent 
member of the Group Leadership T eam.
Financial calendar
T ele2 financial calendar for 2025 has been established.
13 May  Annual General Meeting 2025
17 July  Half year report 2025
21 October Interim report Q3 2025
Auditors’ review
This report has not been subject to a review by T ele2’s auditors.
Stockholm, 23 April 2025
T ele2 AB (publ)
 Jean Marc Harion
President and Group CEO
TELE2
INTERIM REPORT – FIRST QUARTER 2025
14 (29)

===== SIDA 15 =====

Q1 2025 PRESENTATION
Contacts Contents
T ele2 will host a teleconference and webcast with presentation at 09:00 
CEST (08:00 BST, 03:00 EDT) on Wednesday 23 April 2025. The presenta-
tion will be held in English.
Registration for the webcast and a separate registration for the tele-  
conference will be available at www.tele2.com/investors.
This information is information that T ele2 AB (publ) is obliged to make public 
pursuant to the EU Market Abuse Regulation. The information was sub -
mitted for publication, through the agency of the contact persons set out 
below, at 07:00 am CEST on Wednesday 23 April 2025.
Fredrik Hallstan
Head of External Communications, Phone: +46 (0) 761 15 38 30
Stefan Billing
Head of Investor Relations, Phone: +46 (0) 701 66 33 10
Tele2 AB
Company registration nr: 556410-8917
P.O. Box 62
SE–164 94 Kista, Stockholms län
Sweden
T el + 46 (0) 8 5620 0060
www.tele2.com
Visit our website: www.tele2.com
Consolidated income statement
Consolidated comprehensive income
Condensed consolidated balance sheet
Condensed consolidated cash flow statement
Consolidated statement of changes in equity
Parent company
Notes
Non-IFRS measures
Other financial metrics
TELE2
INTERIM REPORT – FIRST QUARTER 2025
15 (29)

===== SIDA 16 =====

Consolidated  
income statement
SEK million Note Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Revenue 2 7,152 7,152 29,583
Cost of services provided and equipment sold 3 -4,020 -4,137 -16,854
Gross profit 3,132 3,015 12,729
Selling expenses 3 -1,334 -1,184 -4,868
Administrative expenses 3 -561 -639 -2,280
Result from shares in associated companies and joint ventures 0 0 5
Other operating income 3 100 74 309
Other operating expenses 3 -23 -16 -78
Operating profit 3 1,315 1,250 5,817
Interest income 15 35 115
Interest expenses -236 -298 -1,197
Other financial items -10 11 15
Profit after financial items 1,084 998 4,749
Income tax -209 -188 -915
Net profit, continuing operations 875 809 3,834
Net profit discontinued operations 8 0 24 36
Net profit, total operations 875 833 3,870
Continuing operations
Attributable to:
Equity holders of the parent company 875 809 3,834
Net profit, continuing operations 875 809 3,834
Earnings per share (SEK) 6 1.26 1.17 5.54
Earnings per share, after dilution (SEK) 6 1.26 1.16 5.50
Total operations
Attributable to:
Equity holders of the parent company 875 833 3,870
Net profit, total operations 875 833 3,870
Earnings per share (SEK) 6 1.26 1.20 5.59
Earnings per share, after dilution (SEK) 6 1.26 1.20 5.56
TELE2
INTERIM REPORT – FIRST QUARTER 2025
16 (29)

===== SIDA 17 =====

Consolidated  
comprehensive income
SEK million Note Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
NET PROFIT 875 833 3,870
Components not to be reclassified to net profit
Pensions, actuarial gains/losses 70 77 43
Pensions, actuarial gains/losses, tax effect -14 -16 -9
Components not to be reclassified to net profit/loss 56 61 34
Components that may be reclassified to net profit
Translation differences in foreign operations -362 232 197
Translation differences in associated companies 0 1 1
Translation differences -362 233 199
Hedge of net investments in foreign operations 265 -139 -120
Tax effect on hedge of net investments in foreign operations -54 29 25
Hedge of net investments 210 -111 -95
Profit/loss arising on changes in fair value of hedging instruments -13 -3 -77
Reclassified cumulative profit/loss to income statement 12 12 44
Tax effect on cash flow hedges 0 -2 7
Cash flow hedges -1 7 -26
Components that may be reclassified to net profit/loss -153 129 77
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX -97 190 111
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 778 1,023 3,981
Attributable to:
Equity holders of the parent company 778 1,023 3,981
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 778 1,023 3,981
TELE2
INTERIM REPORT – FIRST QUARTER 2025
17 (29)

===== SIDA 18 =====

Condensed consolidated  
balance sheet
SEK million Note 31 March
2025
31 March
2024
31 December
2024
ASSETS
Goodwill 29,840 29,997 29,988
Other intangible assets 10,717 12,321 11,135
Intangible assets 40,557 42,318 41,123
Property, plant & equipment 10,058 9,298 10,117
Right-of-use assets 4,255 4,012 4,071
Tangible assets 14,312 13,310 14,188
Shares in associated companies and joint ventures 3 6 4
Other financial assets 4 973 1,009 1,085
Capitalised contract costs 920 842 887
Deferred tax assets 124 93 128
Non-current assets 56,889 57,578 57,414
Inventories 876 971 838
Trade receivables 1,895 2,133 2,020
Other current receivables 3,178 3,686 3,778
Current investments 48 85 74
Cash and cash equivalents 5 1,693 4,380 317
Current assets 7,689 11,256 7,028
TOTAL ASSETS 64,579 68,833 64,442
EQUITY AND LIABILITIES
Attributable to equity holders of the parent company 22,900 23,830 22,097
Equity 6 22,900 23,830 22,097
Liabilities to financial institutions and similar liabilities 4 19,470 24,549 21,435
Lease liability 3,136 2,827 2,829
Provisions 912 947 958
Other interest-bearing liabilities 165 169 158
Interest-bearing liabilities 23,683 28,491 25,380
Deferred tax liability 3,486 3,579 3,531
Other non-interest-bearing liabilities 358 344 354
Non-interest-bearing liabilities 3,844 3,923 3,886
Non-current liabilities 27,527 32,414 29,266
Liabilities to financial institutions and similar liabilities 4 5,514 4,285 4,823
Lease liability 1,197 1,212 1,291
Provisions 339 253 96
Other interest-bearing liabilities 660 374 309
Interest-bearing liabilities 7,709 6,125 6,519
Trade payables 1,735 2,051 2,158
Other current non-interest-bearing liabilities 4,701 4,350 4,395
Non-interest-bearing liabilities 6,436 6,401 6,553
Current liabilities 14,145 12,526 13,073
Liabilities directly associated with assets classified as held for sale 8 7 62 7
TOTAL EQUITY AND LIABILITIES 64,579 68,833 64,442
TELE2
INTERIM REPORT – FIRST QUARTER 2025
18 (29)

===== SIDA 19 =====

Condensed consolidated  
cash flow statement
Total operations 
SEK million
Note Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Operating activities
Net profit 875 833 3,870
Adjustments for items in net profit
- Depreciation/amortisation and impairment 1,523 1,491 5,944
- Financial items 231 252 1,068
- Tax expense 209 188 915
- Other adjustments in net profit 1 6 87
Adjustments 1,964 1,938 8,013
Interest paid -167 -206 -1,111
Taxes paid and received 3 -195 -1,141
Other financial items received 7 26 71
Total before changes in working capital 2,683 2,395 9,702
Changes in working capital 525 297 76
Cash flow from operating activities 3,208 2,692 9,778
Investing activities
Acquisitions and divestments of intangible and tangible assets -835 -996 -3,972
Acquisitions and sales of shares and participations 7 1 -1 -38
Other financial assets, lending 25 -1 10
Cash flow from investing activities -809 -998 -3,999
Financing activities
Proceeds from loans 47 2,034 3,650
Repayments of loans -711 -587 -4,544
Amortisation of lease liabilities -353 -405 -1,430
Dividend paid 6 — — -4,777
Cash flow from financing activities -1,017 1,041 -7,100
Net change in cash and cash equivalents 1,382 2,736 -1,322
Cash and cash equivalents at beginning of period 317 1,634 1,634
Exchange rate differences in cash and cash equivalents -6 10 5
Cash and cash equivalents at end of the period 5 1,693 4,380 317
TELE2
INTERIM REPORT – FIRST QUARTER 2025
19 (29)

===== SIDA 20 =====

Consolidated  
statements of changes in equity
Total operations 
SEK million
Note 31 March 2025 
Attributable to equity holders of the parent company
Share  
capital 
Other 
paid-in  
capital
Hedge  
reserve 
Translation 
reserve 
Retained 
 earnings 
Total 
equity 
Equity at 1 January 870 27,378 -533 781 -6,400 22,097
Net profit — — — — 875 875
Other comprehensive income for the period, net of tax — — 209 -362 56 -97
Total comprehensive income for the period — — 209 -362 931 778
Other changes in equity
Share-based payments 6 — — — — 18 18
Share-based payments, tax effect 6 — — — — 7 7
Equity at end of the period 870 27,378 -323 419 -5,444 22,900
Total operations 
SEK million
Note 31 March 2024 
Attributable to equity holders of the parent company
Share  
capital 
Other 
paid-in  
capital
Hedge  
reserve 
Translation 
reserve 
Retained 
 earnings 
Total 
equity 
Equity at 1 January 870 27,378 -411 582 -5,640 22,780
Net profit — — — — 833 833
Other comprehensive income for the period, net of tax — — -104 233 61 190
Total comprehensive income for the period — — -104 233 894 1,023
Other changes in equity
Share-based payments 6 — — — — 28 28
Equity at end of the period 870 27,378 -515 815 -4,718 23,830
TELE2
INTERIM REPORT – FIRST QUARTER 2025
20 (29)

===== SIDA 21 =====

Parent company
Condensed income statement
SEK million Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Revenue 12 14 60
Administrative expenses -24 -28 -129
Other operating income 0 0 0
Other operating expenses 0 0 0
Operating loss -11 -14 -68
Dividend from group company — — 3,800
Interest income 38 96 310
Interest expense -224 -302 -1,166
Other financial items 264 -142 -127
Profit/loss after financial items 67 -361 2,749
Appropriations — — 2,806
Tax on profit/loss -22 73 -396
Net profit/loss 44 -288 5,158
Condensed balance sheet
SEK million Note 31 March
2025
31 March
2024
31 December
2024
ASSETS
Financial assets 70,716 76,078 71,266
Non-current assets 70,716 76,078 71,266
Current receivables 1,445 170 3,582
Current investments 48 85 74
Cash and bank 0 0 0
Current assets 1,493 255 3,655
TOTAL ASSETS 72,209 76,333 74,921
EQUITY AND LIABILITIES
Restricted equity 6 5,856 5,856 5,856
Unrestricted equity 6 34,314 33,536 34,252
Equity 40,169 39,391 40,107
Untaxed reserves 1,510 915 1,510
Interest-bearing liabilities 4 24,585 29,661 26,552
Non-current liabilities 24,585 29,661 26,552
Interest-bearing liabilities 4 5,674 6,207 6,384
Non-interest-bearing liabilities 271 159 368
Current liabilities 5,945 6,366 6,752
TOTAL EQUITY AND LIABILITIES 72,209 76,333 74,921
TELE2
INTERIM REPORT – FIRST QUARTER 2025
21 (29)

===== SIDA 22 =====

Notes
NOTE 1 ACCOUNTING PRINCIPLES AND DEFINITIONS
The interim financial information for the Group for the three month period 
ended 31 March 2025 has been prepared in accordance with International 
Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the 
International Accounting Standards Board (IASB) and the Swedish Annual 
Accounts Act. The interim financial information for the parent company 
has also been prepared in accordance with the Swedish Annual Accounts 
Act and as well as RFR 2 Reporting for legal entities and other statements 
issued by the Swedish Corporate Reporting Board. In all respects other than 
those described below, T ele2 has presented the financial statements for the 
period ended 31 March 2025 in accordance with the accounting policies 
and principles applied in the Annual and Sustainability Report 2024. The 
description of these principles and definitions are found in Note 1 in the 
Annual and Sustainability Report 2024. Disclosures as required by IAS 34 p. 
16 A are presented both in the financial statements and notes as well as in 
other parts of the interim report.
The amendments to IFRS Accounting Standards applicable from 1 
January 2025 have no effects to T ele2’s financial reports for the three month 
period ended 31 March 2025.
NOTE 2 REVENUE AND SEGMENTS
Revenue by segment
Continuing operations 
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Sweden 5,487 5,505 22,607
Lithuania 973 974 4,086
Latvia 486 482 2,053
Estonia 239 226 979
Total including internal sales 7,185 7,187 29,726
Internal sales, elimination -32 -34 -14 3
TOTAL 7,152 7,152 29,583
Internal sales
Continuing operations 
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Sweden 2 2 8
Lithuania 17 19 76
Latvia 10 10 43
Estonia 4 4 16
TOTAL 32 34 143
Revenue split by category
Continuing operations 
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Sweden Consumer
End-user service revenue 3,117 3,135 12,693
Operator revenue 195 191 772
Equipment revenue 406 421 2,062
Internal sales 0 0 0
Total 3,718 3,747 15,526
Sweden Business
End-user service revenue 1,055 1,048 4,226
Operator revenue 22 24 96
Equipment revenue 444 434 1,716
Internal sales 1 1 4
Total 1,523 1,507 6,041
Sweden Wholesale
Operator revenue 244 249 1,034
Equipment revenue 0 0 0
Internal sales 1 1 4
Total 245 250 1,039
Lithuania
End-user service revenue 688 647 2,704
Operator revenue 33 32 133
Equipment revenue 235 276 1,172
Internal sales 17 19 76
Total 973 974 4,086
Latvia
End-user service revenue 360 342 1,463
Operator revenue 20 22 91
Equipment revenue 95 107 457
Internal sales 10 10 43
Total 486 482 2,053
Estonia
End-user service revenue 182 168 714
Operator revenue 20 17 77
Equipment revenue 33 38 173
Internal sales 4 4 16
Total 239 226 979
Internal sales, elimination -32 -34 -14 3
CONTINUING OPERATIONS
End-user service revenue 5,404 5,340 21,799
Operator revenue 534 536 2,201
Equipment revenue 1,215 1,276 5,582
TOTAL 7,152 7,152 29,583
Underlying EBITDAaL
Continuing operations 
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Sweden 1,963 1,899 7,837
Lithuania 467 404 1,707
Latvia 217 199 862
Estonia 62 49 206
TOTAL 2,709 2,550 10,612
TELE2
INTERIM REPORT – FIRST QUARTER 2025
22 (29)

===== SIDA 23 =====

NOTE 3 PROFIT AFTER FINANCIAL ITEMS
Reconciling items to reported profit after financial items
Continuing operations 
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Underlying EBITDAaL 2,709 2,550 10,612
Reversal lease depreciation and interest 416 379 1,537
Underlying EBITDA 3,125 2,928 12,149
Restructuring costs -288 -183 -323
Disposal of non-current assets 16 -1 -22
Other items affecting comparability -15 -3 -48
Items affecting comparability -287 -187 -394
EBITDA 2,838 2,742 11,756
Depreciation/amortisation -1,524 -1,492 -5,944
Result from shares in associated companies 
and joint ventures 0 0 5
Operating profit 1,315 1,250 5,817
Net interest and other financial items -231 -252 -1,068
Profit after financial items 1,084 998 4,749
Restructuring costs
Continuing operations 
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Redundancy costs -278 -14 8 -168
Other employee and consultancy costs 1 -5 -7
Exit of contracts and other costs -11 -30 -14 8
Restructuring costs -288 -183 -323
Reported as:
   – Cost of services provided -4 -16 -40
   – Selling expenses -216 -52 -136
   – Administrative expenses -68 -115 -147
The restructuring costs in the first quarter 2025 are largely related to the 
ongoing workforce reduction, primarily in Sweden. 
In 2024, the restructuring costs were connected to the Strategy 
Execution Program in Sweden.
Disposal of non-current assets
Continuing operations
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Sale of network equipment 22 — —
Network equipment scrapping -6 -3 -25
Other 0 1 3
Disposal of non-current assets1) 16 -1 -22
1)  Reported as other operating income and other operating expenses.
Other items affecting comparability
Continuing operations 
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Legal disputes and settlements — — 32
Legacy receivable reconciliation 8 — -34
Inventory adjustment -25 — -28
Legacy insurance costs — -5 -5
Quality assurance 2 — -21
Other 0 3 7
Total -15 -3 -48
Reported as:
   – Cost of services provided 4 2 3
   – Selling expenses -19 0 -41
   – Administrative expenses — -5 -10
In Q1 2025, two positive non-recurring items were recognized, related to 
reconciliation of legacy receivables. This was more than offset by a negative 
adjustment of legacy inventories of SEK 25 million in the quarter.
NOTE 4 FINANCIAL ASSETS AND LIABILITIES
Financing
SEK million 31 March
2025
31 March  
2024
31 December 
2024
Bonds SEK 8,795 8,792 8,794
Bonds EUR 13,935 16,935 14,749
Commercial papers 1,199 — 1,498
Financial institutions 1,055 3,108 1,217
Total liabilities to financial institutions 24,984 28,834 26,258
Average maturity and average interest rate (including derivatives) for out-
standing debt to financial institutions at 31 March 2025 amounted to 3.0 
years and 2.9 percent, respectively. 
As of the date of this report, T ele2 has an unutilised credit facility with a 
syndicate of eight banks maturing in December 2029. 
In 2024, T ele2 secured a new loan from the European Investment Bank of 
EUR 140 million to support the roll-out of the 5G network and upgrade of the 
4G network in Sweden. As of 31 March, the loan remains unutilised.
Financial instruments – classification and fair values
T ele2’s financial assets consist mainly of receivables from end customers, 
other operators and resellers as well as cash and cash equivalents. T ele2’s 
financial liabilities consist mainly of loans, bonds, lease liabilities and trade 
payables. For the category “Liabilities to financial institutions” the reported 
value amounted on 31 March 2025 to SEK 24,984 (31 December 2024: 
26,258) million and the fair value to SEK 24,879 (31 December 2024: 26,013) 
million. 
T ele2 has derivative instruments included in assets of SEK 58 (31 
December 2024: 119) million and in liabilities of SEK 523 (31 December 2024: 
172) million measured at fair value (Level 2).  
NOTE 5 RELATED PARTIES
T ele2’s share of cash and cash equivalents in joint operations (Svenska 
UMTS-nät AB and Net4Mobility HB, Sweden, including subsidiaries) for 
which T ele2 has limited disposal rights was included in the Group’s cash and 
cash equivalents and amounted at 31 March 2025 to SEK 70 (31 December 
2024: 200) million.  Other transactions with joint operations and other 
related parties mainly consists of the same items as prior year end and are 
presented in Note 33 of the Annual and Sustainability Report 2024.
TELE2
INTERIM REPORT – FIRST QUARTER 2025
23 (29)

===== SIDA 24 =====

NOTE 6  EQUITY, NUMBER OF SHARES AND 
INCENTIVE PROGRAMS
Number of shares
31 March
2025
31 March  
2024
31 December 
2024
Total number of shares 696,221,597 696,221,597 696,221,597
Number of treasury shares -3,831,770 -4,588,520 -3,831,770
Number of outstanding shares 692,389,827 691,633,077 692,389,827
Number of outstanding shares,  
weighted average 692,389,827 691,633,077 692,171,210
Number of shares after dilution 696,372,139 696,154,849 696,797,768
Number of shares after dilution,  
weighted average 696,584,953 696,199,677 696,552,645
In Q1 2025 there were no changes in shares. Changes in shares during previ-
ous year are stated in Note 23 in the Annual and Sustainability Report 2024.
Outstanding share right programs
31 March
2025
31 March  
2024
31 December 
2024
LTI 2024 1,284,170 — 1,480,100
LTI 2023 1,193,769 1,590,709 1,409,183
LTI 2022 1,504,373 1,459,397 1,518,658
LTI 2021 — 1,471,666 —
Total outstanding share rights 3,982,312 4,521,772 4,407,941
The outstanding long-term incentive programs (L TI 2022, L TI 2023 and 
L TI 2024) are based on a similar structure, but with updated performance 
parameters for the L TI 2024 program, where the T ele2 Absolute TSR per-
formance measurement was removed, and replaced with a Sustainability 
measurement (CDP Score). The performance measurements Cashflow 
and Relative TSR were kept. Additional information about the L TI programs 
regarding the purpose of the program, performance parameters, measure-
ment periods, conditions and requirements are stated in Note 30 of the 
2024 Annual and Sustainability Report. During the three months in 2025, 
the total cost including social security costs for all the programs amounted 
to SEK 38 (28) million.
L TI 2022
The exercise of the share rights in L TI 2022 was conditional upon the ful-
filment of certain performance-based conditions. The TSR criterias (serie 
A and B in below table) were measured from 1 April 2022 until 31 March 
2025, while operating cashflow (serie C in below table) was measured from 
1 January 2022 to 31 December 2024. The outcome of these performance 
conditions was in accordance with below and 1,166,305 share rights are 
expected to be exchanged for shares in T ele2 during Q2 2025. 
Serie Performance  
based conditions
Minimum 
hurdle
Stretch hur-
dles (100%)
Vesting at 
minimum
Target  
fulfillment
Allotment 
A Total Shareholder Return (TSR) 
– Tele2
>=0% — 100% 33.3% 100%
B Tele2s Relative Total Shareholder 
Return (TSR) compared to a peer 
group
Median 
of peer 
group
>=10% 50% 3.8% 69%
C Operating cash flow vs .target >=90% >=110% 30% 102.6% 74%
Dividend
T o the Annual General Meeting (AGM) on 13 May 2025 T ele2’s Board of 
Directors, based on the financial year 2024, proposes an ordinary dividend 
of SEK 6.35 per share (SEK 4.4 billion), to be paid in two tranches of SEK 3.20 
in May and SEK 3.15 in October 2025. The proposed record dates are 15 
May 2025 for the first tranche of the dividend and 10 October 2025 for the 
second tranche of the dividend. If the Annual General Meeting accepts the 
Board’s proposal, the first tranche is expected to be paid on 20 May 2025 
and the second tranche is expected to be paid on 15 October 2025.
NOTE 7 BUSINESS ACQUISITIONS AND DIVESTMENTS
Divestments of shares and participations affecting cash flow were as 
follows:
SEK million Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Divestments
Tele2 Croatia — -1 -43
T-Mobile Netherlands — — 5
Other minor divestments 1 — —
Total sale of shares and participations 1 -1 -38
TOTAL CASH FLOW EFFECT 1 -1 -38
During the first quarter 2025 T ele2 sold shares in an associated company. 
During 2024 T ele2 paid SEK 43 million to settle a dispute related to the 
divested operations in Croatia. T ele2 also received an additional payment of 
SEK 5 million related to the divestment on T-Mobile Netherlands, that was 
completed in 2022. 
See further information about Croatia in Note 8 discontinued operations.
Information on divestments made in 2024 is provided in the Annual and 
Sustainability Report 2024, Note 14 and Note 32.
NOTE 8 DISCONTINUED OPERATIONS
Income statement
All discontinued operations are included below. T ele2 Croatia were divested 
in 2020, while T ele2 Netherlands was divested in 2019. 
For Q1 2024, the positive impact of SEK 26 million was related to T ele2 
Netherlands and a provision release referring to a resolved dispute.
Further information about effects in the income statement under dis-
continued operations in 2024 is provided in Note 32 of the Annual and 
Sustainability Report 2024.
Discontinued operations  
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Profit/loss on disposal of operation 
including sales costs and cumulative 
exchange rate gain 0 24 36
– of which Croatia 0 -2 10
– of which Netherlands — 26 26
NET PROFIT 0 24 36
Attributable to:
Equity holders of the parent company 0 24 36
NET PROFIT 0 24 36
Earnings per share (SEK) 0.00 0.03 0.05
Earnings per share, after dilution (SEK) 0.00 0.03 0.05
Balance sheet
Liabilities associated with assets held for sale as of 31 March 2025 refer to 
provisions related to the divested operation in Croatia.   
Discontinued operations  
SEK million
31 March
2025
31 March
2024
31 December
2024
LIABILITIES
Interest-bearing liabilities 3 58 3
Non-interest-bearing liabilities 4 4 4
Current liabilities 7 62 7
Liabilities directly associated with assets  
classified as held for sale 7 62 7
Cash flow statement
Discontinued operations  
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Cash flow from investing activities — -1 -43
Net change in cash and cash equivalents — -1 -43
TELE2
INTERIM REPORT – FIRST QUARTER 2025
24 (29)

===== SIDA 25 =====

Non-IFRS measures
This report contains certain financial measures that are not defined by 
IFRS but are used by Tele2 to assess the financial performance of the 
business. These measures are included in the report as they are considered 
important supplementary measures of operating performance and 
liquidity. They should not be considered a substitute to Tele2’s financial 
statements prepared in accordance with IFRS. Tele2’s definitions and 
explanations of these measures are described below, but other companies 
may calculate non-IFRS measures differently and these measures are 
therefore not always comparable to similar measures used by other 
companies.
EBITDA
T ele2 considers EBITDA to be a relevant measure to present profitability 
aligned with industry standard.
EBITDA: Operating profit/loss before depreciation/amortisation, impair-
ment as well as results from shares in associated companies and joint 
ventures.
Underlying EBITDA
T ele2 considers underlying EBITDA to be a relevant measure to present in 
order to illustrate the profitability of the underlying business, and as these 
are used by management to assess the performance of the business. 
Underlying EBITDA: EBITDA excluding items affecting comparability.
Items affecting comparability: Disposals of non-current assets and trans-
actions from strategic decisions, such as capital gains and losses from sales 
of operations, acquisition costs, integration costs due to acquisition or 
merger, restructuring programs from reorganisations as well as other items 
that affect comparability.
Underlying EBITDAaL and underlying EBITDAaL margin
T ele2 considers underlying EBITDAaL and the related margin to be relevant 
measures of the business performance since underlying EBITDAaL includes 
the cost of leased assets (depreciation and interest), which is not included in 
underlying EBITDA according to IFRS 16.
Underlying EBITDAaL: Underlying EBITDA as well as lease depreciation and 
lease interest costs according to IFRS 16.
Underlying EBITDAaL margin: Underlying EBITDAaL in relation to revenue 
excluding items affecting comparability.
Continuing operations  
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Operating profit 1,315 1,250 5,817
Reversal:
Result from shares in associated companies and joint ventures 0 0 -5
Depreciation and amortisation 1,524 1,492 5,944
EBITDA 2,838 2,742 11,756
Reversal, items affecting comparability:
Restructuring costs 288 183 323
Disposal of non-current assets -16 1 22
Other items affecting comparability 15 3 48
Total items affecting comparability 287 187 394
Underlying EBITDA 3,125 2,928 12,149
Lease depreciation -378 -340 -1,386
Lease interest costs -38 -39 -151
Underlying EBITDAaL 2,709 2,550 10,612
Revenue 7,152 7,152 29,583
Revenue excluding items affecting comparability 7,152 7,152 29,583
Underlying EBITDAaL margin 38% 36% 36%
TELE2
INTERIM REPORT – FIRST QUARTER 2025
25 (29)

===== SIDA 26 =====

Non-IFRS measures – Capex paid and capex
T ele2 considers capex paid relevant to present as it provides an indication 
of how much the company invests organically in intangible and tangible 
assets to maintain and expand its business. T ele2 believes that it is relevant 
to present capex to provide a view on how much T ele2 invests organically 
in intangible and tangible assets as well as in right-of-use assets (lease) to 
maintain and grow its business that is not dependent on the timing of cash 
payments.
Capex paid: Cash paid for the additions to intangible and tangible assets net 
of cash proceeds from sales of intangible and tangible assets.
Capex: Additions to intangible assets, tangible assets and right-of-use 
assets that are capitalised on the balance sheet.
SEK million Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Additions to intangible and tangible assets -857 -997 -3,975
Sale of intangible and tangible assets 22 1 3
Capex paid -835 -996 -3,972
This period’s unpaid capex and reversal of paid capex from previous period 34 -18 -98
Reversal received payment of sold intangible and tangible assets -22 -1 -3
Capex intangible and tangible assets -823 -1,015 -4,073
Reversal spectrum — — —
Capex excluding spectrum & leases -823 -1,015 -4,073
Spectrum — — —
Additions to right-of-use assets -668 -120 -1,370
Capex -1,491 -1,135 -5,442
Non-IFRS measures – Operating cash flow 
T ele2 considers operating cash flow a relevant measure to present as it gives 
an indication of the profitability of the underlying business while also taking 
into account the investments needed to maintain and grow the business.
Operating cash flow: Underlying EBITDAaL less capex excluding spectrum 
and leases.
Continuing operations 
SEK million
Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Underlying EBITDAaL 2,709 2,550 10,612
Capex excluding spectrum and leases -823 -1,015 -4,073
Operating cash flow 1,886 1,535 6,540
Non-IFRS measures – Equity free cash flow 
T ele2 considers equity free cash flow to be relevant to present as it pro-
vides a view of funds generated from operating activities that also includes 
investments in intangible and tangible assets. Management believes that 
equity free cash flow is meaningful to investors because it is the measure of 
the Group’s funds available for acquisition related payments, dividends to 
shareholders, share repurchases and debt repayment.
Equity free cash flow: Cash flow from operating activities less capex paid 
and amortisation of lease liabilities.
Equity free cash flow per share:  Equity free cash flow for the period in 
relation to the weighted average number of shares outstanding during the 
financial year
SEK million Jan-Mar
2025
Jan-Mar
2024
Full Year
2024
Cash flow from operating activities 3,208 2,692 9,778
Capex paid -835 -996 -3,972
Amortisation of lease liabilities -353 -405 -1,430
Equity free cash flow (eFCF) 2,021 1,291 4,378
eFCF per share (SEK) 2.92 1.87 6.32
eFCF per share after dilution (SEK) 2.90 1.85 6.28
NUMBER OF SHARES
Number of outstanding shares, weighted average  692,389,827  691,633,077  692,171,210 
Number of shares after dilution, weighted average  696,584,953  696,199,677  696,552,645 
TELE2
INTERIM REPORT – FIRST QUARTER 2025
26 (29)

===== SIDA 27 =====

Non-IFRS measures – Net debt and economic net debt
T ele2 believes that net debt is relevant to present as it is useful to illustrate 
the indebtedness, financial flexibility, and capital structure. Furthermore, 
economic net debt is considered relevant as it excludes lease liabilities, and 
thereby consistently can be put in relation to underlying EBITDAaL when 
measuring financial leverage.
Net debt: Interest-bearing non-current and current liabilities excluding 
provisions, less cash and cash equivalents, current investments, restricted 
cash and derivative assets.
Economic net debt: Net debt excluding lease liabilities.
Total operations 
SEK million
31 March
2025
31 March
2024
31 December
2024
Interest-bearing non-current liabilities 23,683 28,491 25,380
Interest-bearing current liabilities 7,709 6,125 6,519
Reversal provisions -1,251 -1,200 -1,054
Cash & cash equivalents, current investments and restricted funds -1,743 -4,466 -392
Derivative assets -58 -465 -119
Net debt 28,341 28,485 30,333
Reversal:
Lease liabilities -4,333 -4,039 -4,121
Economic net debt 24,008 24,446 26,213
Non-IFRS measures – Return On Capital Employed (ROCE), rolling 12 months
ROCE is presented as it illustrates the return regardless of how investments 
have been financed (equity or debt). Annualised 12 month rolling EBIT 
and financial revenue in relation to capital employed, defined as net of 
average total assets, non-interest bearing liabilities and provision for asset 
dismantling.
Total operations 
SEK million
31 March
2025
31 March
2024
31 December
2024
Operating profit 5,882 5,454 5,817
Operating profit, discontinued operations 13 25 36
Financial income 95 117 115
Annualised return 5,989 5,596 5,968
 in relation to
T otal assets 64,579 68,833 64,442
Non-interestbearing liabilities -10,280 -10,324 -10,439
Non-interestbearing liabilities, discontinued operation -4 -4 -4
Provision for asset dismantling -627 -627 -641
Capital employed, closing balance 53,668 57,878 53,358
Capital employed, average 55,773 56,9452) 54,2351) 
ROCE, % 11% 10% 11%
1) Capital employed, closing balance as of 31 December 2023 was SEK 55,111 million 
2) Capital employed, closing balance as of 31 March 2023 was SEK 56,012 million. 
Organic
T ele2 believes that organic growth rates are relevant to present as they 
exclude effects from currency movements but include effects from 
divestments and acquisitions as if these occurred on the first day of each 
reporting period and are therefore providing an indication of the underlying 
performance.
Organic growth rates: Calculated at constant currency, meaning that com-
parative figures have been recalculated using the currency rates for the 
current period, but including effects from divestments and acquisitions as if 
these occurred on the first day of each reporting period.
Reconciliation of figures is presented in an Excel document (Q1-2025-
financial-and-operational-data) on T ele2’s website www.tele2.com.
TELE2
INTERIM REPORT – FIRST QUARTER 2025
27 (29)

===== SIDA 28 =====

Other financial metrics
Certain other financial metrics that are presented in this report are 
defined below. It is the view of Tele2 that these metrics provide valuable 
additional information to investors and other readers of this report.
ASPU 
Average monthly spending per user for the referenced period. ASPU is cal-
culated by dividing the monthly end-user service revenue by the average 
number of RGUs for the same period. The average number of RGUs is calcu-
lated as the number of RGUs on the first day in the period plus the number of 
RGUs on the last day of the respective period, divided by two. 
Average interest rate
Annualised interest expense on loans (excluding penalty interest etc.) in 
relation to average interest-bearing liabilities excluding provisions, lease 
liabilities, debt related to equipment financing, balanced bank fees as well as 
adjusted for borrowings and amortisations during the period. 
Capex to sales
Capex excluding spectrum and leases divided by revenue.
Earnings per share
Profit/loss for the period attributable to the parent company shareholders 
in relation to the weighted average number of shares outstanding during 
the fiscal year.
Economic net debt / Underlying EBITDAaL (financial leverage)
Economic net debt divided by underlying EBITDAaL (rolling twelve months) 
for all operations owned and controlled by T ele2 at the end of each reporting 
period.
End-user service revenue
Revenue from end-users excluding equipment revenue. End-user service 
revenue is presented to provide a view of revenue attached to the custom-
ers usage of services provided by the company.
Operating profit/loss (EBIT)
Revenue less operating expenses.
RGU
Revenue generating units, which refer to each service subscribed to by a 
unique customer. A unique customer who has several services is counted as 
several RGUs but one unique customer. 
TSR
T otal shareholder return including change in the share price and reinvested 
dividends. 
TELE2
INTERIM REPORT – FIRST QUARTER 2025
28 (29)

===== SIDA 29 =====

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