Kvartalsrapport Q1 2026

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

Tele2 Interim 
Report
Tele2 Interim 
Report
Jean Marc 
Harion
, CEO Tele2
Financial 
Highlights
Solid start to 2026: 
uEBITDAaL
 
+11%
”We are investing in 
customer experience 
while keeping our strict 
discipline.”
Right product, right 
time and right channel
Combining advancements in AI and five new store 
openings to understand and serve our customers’ 
needs, as well as to improve their experiences. 
Growth across operations, with especially strong 
performance in Sweden Business driven by IoT 
and 
the Baltics.
First
Quarter
202
6
Wednesday
22 April
3
1
1
2
.
2 
%
growth
bn
SEK
Equity
free
cash
flow:
%
growth
Underlying
EBITDAaL:
End
-
user
service
revenue
:
First pan
-
Baltic 
tower company
The completion of the Baltic tower transaction 
generates cash proceeds of SEK 4.7 bn and paves the 
way for continued roll
-
out of 5G services.

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

Key financial data
SEK million Jan-Mar
2026
Jan-Mar
2025
Organic 
%
Full Year
2025
Continuing operations
End-user service revenue 5,527 5,404 3.4% 22,146
Revenue 7,246 7,152 2.5% 29,890
Operating profit 6,819 1,315 6,615
Profit after financial items 6,672 1,084 5,678
Underlying EBITDAaL 2,924 1) 2,709 10.7% 11,728
Capex excl. spectrum and leases 587 823 3,240
Operating cash flow 2,337 1,886 8,489
Operating cash flow, rolling 12 months 8,940 6,891
Equity free cash flow 2,171 2,021 6,196
Equity free cash flow, rolling 12 months 6,356 5,107
Total operations
Net profit 6,385 875 4,587
Earnings per share (SEK) 9.20 1.26 6.62
Earnings per share, after dilution (SEK) 9.16 1.26 6.58
Equity free cash flow 2,171 2,021 6,196
Economic net debt to underlying EBITDAaL 1.5x 2.2x 2.1x
1)  Effective 1 January 2026, the definition of underlying EBITDAaL has been subject to a minor refinement. For further details,  
refer to the section “Non-IFRS Measures”, page 29.
Q1 2026 Revenue  
SEK million
7, 246
Q1 2026 Underlying EBITDAaL  
SEK million
2,924
Reporting period and continuing operations
Figures presented in this report refer to the period January-March 2026 and 
continuing operations unless otherwise stated. Figures shown in parentheses 
refer to the comparable periods in 2025. For discontinued operations, refer to 
Note 9. 
 
Non-IFRS measures
This report contains certain non-IFRS measures which are defined and recon-
ciled to the closest reconcilable line items in the section Non-IFRS measures. 
Note that organic growth rates are calculated at constant currency , meaning 
that comparative figures have been recalculated using the currency rates for 
the current period, and including effects from divestments and acquisitions 
as if these occurred one year earlier. For further definitions of industry terms 
and acronyms, please refer to www .tele2.com/investors/ definitions/ or to the  
section Other financial metrics. 
 • End-user service revenue of SEK 5.5 billion increased 
by 3% organically compared to Q1 2025 driven by 
growth across all operations. Total revenue of SEK 
7.2 billion increased by 3% organically compared to 
Q1 2025.
 • Underlying EBITDAaL of SEK 2.9 billion increased 
by 11% organically compared to Q1 2025 driven by 
sharp cost control across all operations and end-user 
service revenue growth.
 • Net profit from total operations of SEK 6.4 billion 
increased by SEK 5.5 billion compared to Q1 2025, 
mainly due to a capital gain of SEK 5.1 billion related 
to the Baltic tower company . Earnings per share from 
total operations of  SEK 9.20 (1.26) in Q1 2026. 
 
 
 • Equity free cash flow of SEK 2.2 (2.0) billion in Q1 
2026. Over the last twelve months, SEK 6.4 billion 
has been generated, equivalent to SEK 9.15 (7.37)  
per share.
 • Tele2 and GCI finalised the transaction to create the 
first pan-Baltic tower company .  Cash proceeds to 
Tele2 amounted to SEK 4.7 billion.
 • Full year 2026 guidance reiterated. Refer to page 6.
Highlights
Tele2 First Quarter Report 2026 2 (31)

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

CEO letter
From a geopolitical perspective, the first quarter of 2026 has been 
both dramatic and turbulent. There is every reason to expect that 
the rest of the year will continue to be shaped by uncertainty , that 
may possibly impact customer sentiment and component prices.
Tele2 is relatively shielded from many of the more extreme swings 
caused by ongoing geopolitical tensions, and for many investors 
we represent a safe haven in uncertain times. When we initiated 
our transformation last year, we said that we wanted to strengthen 
our resilience and to remain in control of our own destiny . With a 
reduced cost base, increased flexibility and a simplified organisa-
tion and product portfolio, we are now much better equipped to 
handle external events without having to react out of urgency .
That is the foundation we are now building on in 2026, and it is 
reflected in our solid first-quarter results. W e continue to apply 
strict discipline and constant optimisation of our organisation 
– in terms of size, focus and capabilities – while investing in cus-
tomer experience. Compared to Q1 last year, we organically grow 
our end-user service revenue by 3%, our underlying EBITDAaL by 
11% and deliver an equity free cash flow of SEK 2.2 billion in the 
quarter.
During the first quarter, we made significant progress in our  
ability to offer the right product at the right time through the  
right channel. This has been driven by what might seem like  
two extremes: physical retail and AI.
While continuously improving the usability and the attractive-
ness of our online stores, we opened five new stores in Sweden 
during the quarter, enabling us to improve service, deepen 
relationships and address growth potential. As with last year’s 
store openings, the new stores have proven both commercially 
successful and highly appreciated by new and existing customers. 
W e plan to expand the network further with three additional 
stores in the second quarter.
While the expansion of our physical presence is visible to custom-
ers, many of the improvements in customer experience driven by 
AI and automation happen behind the scenes. During the quarter, 
we made substantial progress in automating processes and our 
ability to anticipate and resolve technical issues remotely – often 
before they are even noticed by the customer. This reduces frustra-
tion and eases pressure on customer service. At the same time, we 
have significantly strengthened our analytical capabilities and our 
understanding of customer needs. AI is evolving rapidly , and we 
are moving fast to capture the opportunities it creates for us.
Our B2B business has had a very strong start to the year, maintain-
ing the excellent momentum from last year. Thanks to the major 
transformation carried out last year, we manage to keep our focus 
in a highly competitive market. Tele2 IoT continues to deliver par-
ticularly strong growth and is increasingly establishing itself as a 
global player. Its focus on innovation and on enabling customers’ 
businesses is attracting growing interest from some of the world’s 
leading brands, including the automotive industry .
Our Baltic operations also started the year strongly with solid 
profitability growth, surpassing last year’s spectacular perfor-
mance. At the same time, a spectrum auction has already been 
announced and will take place in Lithuania in 2026. At the end of 
February , we concluded the sale of our Baltic tower assets, which 
translated into SEK 4.7 billion cash proceeds for Tele2. This is an 
important strategic transaction, and we are optimistic about the 
potential of this first pan-Baltic tower company , which started to 
impact our P&L as of March. 
Another key development during the quarter is the Swedish Post 
and Telecom Authority’s (PTS) proposal to regulate the villa 
fibre market. PTS has done thorough and commendable work in 
developing a framework aimed at increasing consumer choice and 
reducing the risk of local fibre monopolies limiting competition. 
W e are optimistic that the process will move faster from here, 
which would be very positive news for Swedish homeowners. 
In the meantime, we have upgraded our own coax network, now 
offering record speeds up to 2.5 Gbps in cities like Stockholm, 
Gothenburg, Malmö, Lund, Norrköping and Sundsvall.
Finally , I would like to highlight our proactive support for the 
government’s new proposal to block websites that facilitate 
sexual exploitation of children. Sustainability remains high 
on our agenda, and protecting children online is a cornerstone 
of our strategy . Last year alone, we blocked over seven million 
attempts to access child abuse material – a staggering number 
that attracted significant media attention in January and strong 
engagement from our customers and their families. Addressing 
this issue requires collaboration across many stakeholders, but  
we remain firmly committed to playing our part – and even more.
Jean Marc Harion
President and Group CEO
“That is the foundation we 
are now building on in 2026, 
and it is reflected in our solid 
first-quarter results. W e 
are investing in customer 
experience while keeping 
our strict discipline.
Tele2 First Quarter Report 2026 3 (31)

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

Financial 
overview
End-user service revenue increased by 3% organically driven by growth 
across all operations.  
• Sweden Consumer grew by 1% with growth across all main services.
• Sweden Business grew by 5% driven by growth in Mobile and 
Solutions.
• Baltics grew by 7% in local currency driven by ASPU (Average Spend 
Per User) growth from price adjustments and upselling.
Total revenue increased by 3% organically as growth in end-user  
service revenue and operator revenue was partly offset by a decline in 
equipment revenue.
Refer to Note 2 and Overview by segment for a breakdown of the 
segments.
Analysis of revenue
Continuing operations
SEK million
Jan-Mar
2026
Jan-Mar
2025
Organic
%
Full Year
2025
Mobile 1,547 1,524 2% 6,300
– Postpaid 1,374 1,331 3% 5,502
– Prepaid 173 193 -10% 798
Fixed 1,460 1,431 2% 5,767
– Fixed broadband 825 818 1% 3,302
– Digital TV 618 592 4% 2,386
– Fixed telephony & DSL 17 22 -24% 79
Landlord & Other 155 162 -4% 634
Sweden Consumer 3,162 3,117 1% 12,701
Sweden Business 1,113 1,055 5% 4,399
Baltics 1,253 1,231 7% 5,046
End-user service revenue 5,527 5,404 3% 22,146
Operator revenue 552 534 4% 2,245
Equipment revenue 1,167 1,215 -3% 5,499
Revenue 7,246 7,152 3% 29,890
Analysis of income statement
Continuing operations  
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Revenue 7,246 7,152 29,890
Underlying EBITDAaL 2,924 2,709 11,728
Reversal lease expense 438 416 1,669
Underlying EBITDA 3,362 3,125 13,397
Items affecting comparability -68 -287 -607
Sale of Operations 5,084 0 7
EBITDA 8,377 2,838 12,797
Depreciation/amortisation -1,555 -1,524 -6,189
–  of which amortisation of surplus  
values from acquisitions -372 -370 -1,480
–  of which lease depreciation -397 -378 -1,509
–  of which other  
depreciation/amortisation -785 -776 -3,200
Result from shares in associated  
companies and joint ventures -4 0 7
Operating profit 6,819 1,315 6,615
Net interest and other financial items -147 -231 -937
Income tax -287 -209 -1,099
Net profit 6,385 875 4,579
Underlying EBITDAaL increased by 11% organically driven by sharp cost 
control across operations and end-user service revenue growth.
Items affecting comparability of SEK -68 (-287) million were mainly 
driven by redundancy costs. Refer to Note 3 for more details.
Gain from sale of operations of SEK 5,084 (0) million was driven by a 
capital gain related to the Baltic tower company. Refer to Note 9 for 
more details. 
Net interest and other financial items of SEK -147 (-231) million 
decreased mainly due to higher interest income and positive currency 
effects.
Income tax of SEK -287 (-209) million increased largely due to higher 
taxable profits.
Tele2 First  Quarter Report 2026 4 (31)

===== SIDA 5 =====

Analysis of financial position
Total operations  
SEK million
31 March
2026
31 March
2025
31  December
2025
Bonds 20,422 22,730 21,276
Commercial papers 300 1,199 649
Financial institutions and  
other liabilities 2,392 1,880 2,700
Cash and cash equivalents -5,394 -1,693 -249
Other adjustments -295 -108 -92
Economic net debt 17,424 24,008 24,283
Lease liabilities 7,230 4,333 4,797
Net debt 24,654 28,341 29,080
Underlying EBITDAaL,  
rolling 12 months 11,944 10,771 11,728
Underlying EBITDAaL pro forma,  
rolling 12 months 11,587 1)
Economic net debt to  
Underlying EBITDAaL 1.5x 1) 2.2x 2.1x
Return on Capital Employed (ROCE),  
rolling 12 months 22% 2) 11% 13%
Unutilised overdraft facilities  
and credit lines 8,227 9,778 8,237
1)  Underlying EBITDAaL, including pro forma adjustments related to the tower transaction  
in the Baltics, has been used as of 31 March 2026.
2)  Excluding gains from sale of operations (UAB, Baltic Tower Company) ROCE  
31 March 2026 is 13%.
Analysis of cash flow statement
Continuing operations
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Underlying EBITDAaL 2,924 2,709 11,728
Capex paid excl. spectrum -724 -832 -3,328
Underlying EBITDAaL - Capex paid 
excl. spectrum 2,200 1,876 8,401
Spectrum capex paid -119 -3 -365
Items affecting comparability -68 -287 -607
Changes in working capital 455 525 287
Net financial items paid excl. leasing -76 -127 -725
Taxes paid and received -253 3 -985
Other cash items 33 33 192
Equity free cash flow 2,171 2,021 6,196
Capex paid excluding spectrum of SEK -724 (-832) million decreased 
due to lower 5G rollout speed, reduced workforce and  delayed hardware 
supply.
Spectrum capex paid of SEK -119 (-3) million increased due to the first 
of two payments for the Swedish spectrum acquired in 2025.
Changes in working capital of SEK 455 (525) million were mainly 
impacted by seasonal decrease in equipment receivables.
Net financial items paid excluding leasing of SEK -76 (-127) million 
decreased mainly due to lower financing costs for outstanding debt.
Taxes paid and received of SEK -253 (3) million increased mainly as last 
year included a tax refund of approximately SEK 280 million. This year 
included a tax refund of approximately SEK 50 million relating to 2025.
Economic net debt of SEK 17.4 (24.3 by the end of 2025) billion declined 
driven by cash proceeds from the closing of the Baltic tower transaction 
and the cash generated in the business.
Lease liabilities of SEK 7.2 (4.8 by the end of 2025) billion increased 
mainly due to the Baltic tower transaction.
Economic net debt to underlying EBITDAaL1) (financial leverage) of  
1.5x (2.1x by the end of 2025) reflects levels comfortably within an 
investment-grade range.
Tele2 First  Quarter Report 2026 5 (31)

===== SIDA 6 =====

Dividend
The Board of Directors of T ele2 are proposing a dividend of SEK 10.50 
(6.35) per A and B share to be resolved at the 2026 Annual General 
Meeting on 18 May 2026. The proposal means that in total SEK 7.3 billion 
will be distributed to T ele2’s shareholders. The dividend will be paid in 
two equal tranches of SEK 5.25. The proposed record dates are 20 May 
2026 for the first tranche and 13 October 2026 for the second tranche. 
If the Annual General Meeting accepts the Board’s proposal, the first 
tranche is expected to be paid on 25 May 2026 and the second tranche 
is expected to be paid on 16 October 2026.
Financial policy
T ele2 aims to provide attractive shareholder remuneration, while  
preserving a strong balance sheet and financial flexibility.
• T ele2 intends to distribute capital to shareholders through dividends 
equivalent to at least 80% of equity free cash flow, reflecting the 
company’s financial position and outlook
• T ele2 will seek to maintain the investment-grade credit rating
Financial guidance
Tele2 AB provides guidance for continuing operations at constant exchange rates.  
Organic growth rates also include the impact of the Baltic tower transaction on a pro forma basis.
 
2026 guidance (unchanged)
 • Low single-digit organic growth of end-user service revenue
 • Low to mid-single-digit organic growth of underlying EBITDAaL
 • 10–11% capex to sales (excluding spectrum and leases)
Financial 
guidance
Tele2 First  Quarter Report 2026 6 (31)

===== SIDA 7 =====

Group 
summary
Continuing operations 
SEK million
Jan-Mar
2026
Jan-Mar
2025
Organic 
%
Full Year
2025
END-USER SERVICE REVENUE
Sweden 4,275 4,173 2% 17,100
Lithuania 703 688 7% 2,824
Latvia 372 360 8% 1,487
Estonia 178 182 3% 735
Total 5,527 5,404 3% 22,146
REVENUE
Sweden 5,581 5,487 2% 22,888
Lithuania 977 973 5% 4,095
Latvia 489 486 6% 2,054
Estonia 236 239 4% 991
Internal sales, elimination -37 -32 20% -139
Total 7,246 7,152 3% 29,890
UNDERLYING EBITDAaL
Sweden 2,145 1,963 9% 8,561
Lithuania 484 467 12% 1,940
Latvia 230 217 18% 950
Estonia 65 62 25% 277
Total 2,924 2,709 11% 11,728
CAPEX
Sweden 442 698 -37% 2,627
Lithuania 63 53 25% 253
Latvia 43 49 -7% 217
Estonia 40 23 78% 143
Capex excl. spectrum and leases 587 823 -28% 3,240
Spectrum — — 227
Right-of-use assets (leases) 3,063 668 2,293
Total 3,651 1,491 5,760
Capex to sales (excl. spectrum and leases) 8% 12% 11%
Capex to sales (excluding spectrum and leases), rolling 12 months 10% 13%
Tele2 First Quarter Report 2026 7 (31)

===== SIDA 8 =====

Financials  
SEK million
Jan-Mar
2026
Jan-Mar
2025
Organic 
%
Full Year
2025
End-user service revenue 4,275 4,173 2% 17,100
Revenue 5,581 5,487 2% 22,888
Underlying EBITDA 2,502 2,308 9,948
Underlying EBITDAaL 2,145 1,963 9% 8,561
Underlying EBITDAaL margin 38% 36% 37%
Capex
Capex excl. spectrum and leases 442 698 2,627
Spectrum — — 227
Right-of-use assets (leases) 345 600 1,973
Capex 786 1,297 4,827
Capex to sales (excl. spectrum and leases) 8% 13% 11%
Overview 
 by segment
Sweden 
T ele2 Sweden end-user service revenue grew by 2% in the first quarter 
with 5% growth in Business and 1% in Consumer.  
During the quarter, we upgraded our fixed network, now offering 
record speeds up to 2.5 Gbps in cities like Stockholm, Gothenburg, 
Malmö, Lund, Norrköping and Sundsvall. We also opened five new 
stores and plan to expand with three additional stores in the second 
quarter.
Underlying EBITDAaL grew by 9% driven by end-user service revenue 
growth and continued strong results from efforts to simplify our organi-
sational structure and to apply stricter priorities and cost control.
Capex excluding spectrum and leases declined to SEK 442 (698) 
million, driven by lower 5G rollout speed, reduced workforce and 
delayed hardware supply.
Tele2 First Quarter Report 2026 8 (31)

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

Jan-Mar
2026
Jan-Mar
2025
31 March
2026
31 March
2025
Organic
%
31 December
2025
RGUs (thousands) Net intake RGU base
Mobile -37 -26 2,730 2,774 -2% 2,767
– Postpaid 0 -4 2,194 2,147 2% 2,195
– Prepaid -37 -22 536 627 -15% 573
Fixed -8 -29 1,810 1,836 -1% 1,817
– Fixed broadband -7 1 951 957 -1% 958
– Digital TV 4 -25 768 772 0% 765
– Fixed telephony & DSL -4 -5 90 108 -16% 94
Total RGUs -45 -55 4,540 4,610 -2% 4,585
Jan-Mar
2026
Jan-Mar
2025
Organic 
%
Full Year
2025
ASPU (SEK)
Mobile 188 182 3% 189
– Postpaid 209 207 1% 211
– Prepaid 104 101 3% 109
Fixed 268 258 4% 261
– Fixed broadband 288 285 1% 287
– Digital TV 269 252 7% 255
– Fixed telephony & DSL 60 66 -9% 64
Revenue (SEK million)
Mobile 1,547 1,524 2% 6,300
– Postpaid 1,374 1,331 3% 5,502
– Prepaid 173 193 -10% 798
Fixed 1,460 1,431 2% 5,767
– Fixed broadband 825 818 1% 3,302
– Digital TV 618 592 4% 2,386
– Fixed telephony & DSL 17 22 -24% 79
Landlord & Other 155 162 -4% 634
End-user service revenue 3,162 3,117 1% 12,701
Operator revenue 210 195 814
Equipment revenue 408 406 2,216
Internal sales 0 0 0
Revenue 3,780 3,718 2% 15,731
Sweden Consumer
The first quarter saw topline growth across core services, led by strong 
performance in TV. Consumer sentiment remained subdued during 
the period, amid continued pressure on household spending power. 
Competitive intensity remained high, particularly in broadband, the 
no-frills mobile segment, and third-party retail.
T otal end-user service revenue grew by 1%, driven by all main ser-
vices partly offset by continued decline in fixed legacy services.
Mobile postpaid net intake remained unchanged in the quarter.
Mobile end-user service revenue grew by 2% as growth in both 
postpaid RGUs and ASPU more than offset a decline of 10% in prepaid 
end-user service revenue.
In Fixed broadband, net intake was negative with 7,000 RGUs while 
end-user service revenue grew by 1% through ASPU growth.
Digital TV net intake was positive with 4,000 RGUs. Our new TV 
service develops well and grew end-user service revenue at a high 
single-digit rate. T otal Digital TV end-user service revenue increased 
by 4%, partly burdened by Boxer.
Tele2 First Quarter Report 2026 9 (31)

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

Sweden Business
Jan-Mar
2026
Jan-Mar
2025
31 March
2026
31 March
2025
Organic
%
31 December
2025
RGUs (thousands) Net intake RGU base
Mobile (excl. IoT)
   – Postpaid 3 19 1,138 1,108 3% 1,135
Jan-Mar
2026
Jan-Mar
2025
Organic 
%
Full Year
2025
ASPU (SEK)
Mobile (excl. IoT)
   – Postpaid 136 140 -3% 141
Revenue (SEK million)
Mobile 636 588 8% 2,464
Fixed 172 173 0% 702
Solutions 304 294 3% 1,233
End-user service revenue 1,113 1,055 5% 4,399
Operator revenue 22 22 92
Equipment revenue 419 444 1,636
Internal sales 1 1 4
Revenue 1,554 1,523 2% 6,131
Sweden Wholesale
SEK million Jan-Mar
2026
Jan-Mar
2025
Organic 
%
Full Year
2025
Operator revenue 247 244 1,021
Equipment revenue -1 0 1
Internal sales 1 1 3
Revenue 247 245 1% 1,025
Sweden Business and Wholesale
During the first quarter, end-user service revenue grew by 5%, driven 
by continued strong performance in IoT along with solid performance 
in mobile regular services and Network Solutions. Growth trends across 
our business segments were similar to those observed during 2025.
Mobile net intake was positive with 3,000 RGUs in the quarter. 
Mobile end-user service revenue grew by 8% driven by IoT growth, 
partly supported by RGU growth in our larger segments.
Solutions end-user service revenue grew by 3% partly impacted by 
effects from a more focused service portfolio.
Fixed end-user service revenue remained unchanged.
A key highlight of the quarter was the significant strengthening of our 
global IoT leadership through two pioneering launches. In partnership 
with Idemia and Cisco, we launched one of the first commercially 
available end-to-end IoT solutions based on the new GSMA SGP.32 
eSIM standard. Additionally, with Acceleronix and Idemia, we launched 
the world’s first quantum-safe, in-factory profile provisioning, enabling 
devices to connect securely out of the box.
Equipment revenue declined compared to Q1 last year, driven by 
lower volumes of both handsets and network equipment.
Sweden Wholesale revenue increased by 1% during the quarter due 
to increasing sales within A2P (application to person).
Tele2 First Quarter Report 2026 10 (31)

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

Baltics
 
Lithuania
The Lithuanian economy remains solid, supported by liquidity from 
released pension savings, while rising geopolitical tensions and fuel 
prices are pushing inflation expectations higher. Competition remained 
intense, with operators relying on equipment subsidies, particularly 
in the mobile broadband segment, to drive customer acquisition and 
retention.
Net intake in the quarter was positive in mobile postpaid with  
9,000 RGUs, and negative in mobile prepaid with 21,000 RGUs.
Mobile ASPU increased by 12% in local currency, driven by price 
adjustments, customer base mix shift toward more postpaid, and 
continued execution of our more-for-more strategy.
End-user service revenue grew by 7% in local currency driven by ASPU  
growth.
Underlying EBITDAaL grew by 12% organically, driven by end-user 
service revenue growth, improved equipment margins and cost 
optimisations.
Capex of SEK 1,210 (100) million increased mainly due to higher 
lease-related investments, attributable to the Baltic tower transaction.
Jan-Mar
2026
Jan-Mar
2025
31 March
2026
31 March
2025
Organic
%
31 December
2025
RGUs (thousands) Net intake RGU base
Mobile -12 -135 1,909 1,927 -1% 1,920
   – Postpaid 9 3 1,460 1,413 3% 1,450
   – Prepaid -21 -138 449 514 -13% 470
Jan-Mar
2026
Jan-Mar
2025
Organic 
%
Full Year
2025
ASPU (EUR)
Mobile 11.4 10.2 12% 10.6
   – Postpaid 12.7 12.0 6% 12.4
   – Prepaid 7.0 5.7 23% 6.0
Revenue (SEK million)
Mobile 698 683 7% 2,803
   – Postpaid 595 572 9% 2,354
   – Prepaid 103 111 -3% 450
Fixed 5 5 14% 20
End-user service revenue 703 688 7% 2,824
Operator revenue 33 33 147
Equipment revenue 225 235 1,055
Internal sales 16 17 70
Revenue 977 973 5% 4,095
Underlying EBITDA 521 499 2,072
Underlying EBITDAaL 484 467 12% 1,940
Underlying EBITDAaL margin 50% 48% 47%
Capex 1,210 100 445
Capex excl. spectrum and leases 63 53 253
Capex to sales (excl. spectrum and leases) 6% 5% 6%
Tele2 First Quarter Report 2026 11 (31)

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

Latvia
The Latvian economic recovery in 2026 is expected to be supported 
by investments, improving private consumption and growing exports, 
whereas inflation is expected to ease but remain elevated. The overall 
market remained competitive. In Q1, overall store traffic declined, driven 
by unexpectedly cold weather and higher heating costs.
Net intake in the quarter was positive in mobile postpaid with  
6,000 RGUs, and negative in mobile prepaid with 12,000 RGUs.
Mobile ASPU increased by 9% in local currency driven by price 
adjustments, customer base mix shift toward more postpaid customers, 
and a focus on data monetisation.
End-user service revenue grew by 8% in local currency driven by ASPU.
Underlying EBITDAaL grew by 18% organically driven by end-user 
service revenue growth and cost optimisations. 
Capex of SEK 922 (56) million increased mainly due to higher 
lease-related investments, attributable to the Baltic tower transaction. 
Jan-Mar
2026
Jan-Mar
2025
31 March
2026
31 March
2025
Organic
%
31 December
2025
RGUs (thousands) Net intake RGU base
Mobile -6 -6 1,043 1,057 -1% 1,049
   – Postpaid 6 4 877 851 3% 871
   – Prepaid -12 -9 166 207 -20% 178
Jan-Mar
2026
Jan-Mar
2025
Organic 
%
Full Year
2025
ASPU (EUR)
Mobile 11.0 10.0 9% 10.5
   – Postpaid 12.4 11.7 6% 12.1
   – Prepaid 3.7 3.3 14% 3.6
Revenue (SEK million)
Mobile 368 358 8% 1,475
   – Postpaid 348 335 9% 1,381
   – Prepaid 20 23 -7% 94
Fixed 4 3 45% 12
End-user service revenue 372 360 8% 1,487
Operator revenue 21 20 88
Equipment revenue 82 95 433
Internal sales 15 10 46
Revenue 489 486 6% 2,054
Underlying EBITDA 249 234 1,016
Underlying EBITDAaL 230 217 18% 950
Underlying EBITDAaL margin 47% 45% 46%
Capex 922 56 266
Capex excl. spectrum and leases 43 49 217
Capex to sales (excl. spectrum and leases) 9% 10% 11%
Tele2 First Quarter Report 2026 12 (31)

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

Estonia
The Estonian economy is slowly recovering, and inflation is expected 
to ease from 2025 levels, however, this is subject to global energy 
price development. In Q1, elevated energy costs dampened in-store 
purchases, while market-wide price increases further shifted consumer 
interest toward win-back activities.
Net intake in the quarter was positive in mobile postpaid with  
2,000 RGUs, and negative in mobile prepaid with 3,000 RGUs.
Mobile ASPU increased by 3% in local currency driven by price 
adjustments and customer base mix shift toward more postpaid.
End-user service revenue increased by 3% in local currency driven by 
ASPU.
Underlying EBITDAaL increased by 25% organically driven by end-
user service revenue growth and continued successful cost efficiency 
measures.
Capex of SEK 732 (38) million increased mainly due to higher 
lease-related investments, attributable to the Baltic tower transaction. 
Jan-Mar
2026
Jan-Mar
2025
31 March
2026
31 March
2025
Organic
%
31 December
2025
RGUs (thousands) Net intake RGU base
Mobile -2 3 461 464 -1% 462
   – Postpaid 2 0 427 419 2% 425
   – Prepaid -3 3 34 46 -25% 37
Jan-Mar
2026
Jan-Mar
2025
Organic 
%
Full Year
2025
ASPU (EUR)
Mobile 11.1 10.7 3% 11.0
   – Postpaid 11.7 11.6 2% 11.7
   – Prepaid 3.1 2.9 7% 3.4
Revenue (SEK million)
Mobile 164 167 3% 673
   – Postpaid 160 163 3% 655
   – Prepaid 4 4 -14% 18
Fixed 15 15 3% 61
End-user service revenue 178 182 3% 735
Operator revenue 19 20 83
Equipment revenue 33 33 158
Internal sales 5 4 16
Revenue 236 239 4% 991
Underlying EBITDA 89 84 362
Underlying EBITDAaL 65 62 25% 277
Underlying EBITDAaL margin 28% 26% 28%
Capex 732 38 222
Capex excl. spectrum and leases 40 23 143
Capex to sales (excl. spectrum and leases) 17% 10% 14%
Tele2 First Quarter Report 2026 13 (31)

===== 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 
pressure 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 2025 for more information about T ele2’s risk 
exposure and risk management.
Events during the quarter
20 February . Tele2 IoT , Acceleronix and IDEMIA Secure 
Transactions launch the first in the world quantum-safe 
In-Factory Profile Provisioning Early Access Program at MWC26 
Barcelona
T ele2 IoT, one of the leading global managed IoT connectivity providers, 
together with Acceleronix, a global leader in IoT solutions and services, 
and IDEMIA Secure Transactions, a global leader in payment and 
connectivity solutions, today announced the launch of the first in the 
world quantum-safe In-Factory Profile Provisioning (IFPP) Early Access 
Program at MWC Barcelona in Spain.
27 February . Change in the number of votes in Tele2
Owners of 5,994 class A shares in T ele2 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 12 February 2026, the total number of shares in T ele2 amounts to 
696,221,597 of which 9,777,408 are class A shares with ten votes each, 
685,344,189 are class B shares with one vote each and 1,100,000 are 
class C-shares with one vote each. The total number of votes in the 
Company amounts to 784,218,269.
27 February . Tele2 and GCI finalise the transaction to create the  
first pan-Baltic tower company
Following customary regulatory approvals, T ele2 AB has finalised the 
transaction to carve out its telecom infrastructure assets and create the 
first pan-Baltic tower company together with Global Communications 
Infrastructure LLC which is backed by Manulife Investment 
Management.
2 March. Tele2 IoT , IDEMIA Secure Transactions and Cisco 
launch first commercial SGP .32 end-to-end IoT solution
T ele2 IoT, IDEMIA Secure Transactions and Cisco launch among the first 
commercially available end-to-end IoT solution based on the GSMA 
SGP.32 eSIM standard at Mobile World Congress in Barcelona, Spain. 
The connected offerings enable businesses to securely provision, 
coordinate and manage connected devices worldwide from a single 
platform and eSIM stock-keeping unit.
18 March. Issue and repurchase of class C shares for incentive 
program
T ele2 has issued and immediately repurchased 1,500,000 new class C 
shares. T ele2 previously holds 1,100,000 class C shares and will, follow-
ing the repurchase of the new 1,500,000 issued class C shares, hold all 
2,600,000 class C shares in the company.
31 March. Change in the number of shares and votes in Tele2 
As of 31st March 2026, the total number of shares in T ele2 amounts to 
697,721,597 of which 9,777,408 are class A shares with ten votes each, 
685,344,189 are class B shares with one vote each and 2,600,000 are 
class C shares with one vote each. The total number of votes in T ele2 
amounts to 785,718,269. The total number of votes in T ele2, excluding 
1,565,465 class B shares and 2,600,000 class C shares held in treasury, 
amounts to 781,552,804.
Events after the end of the first quarter 2026
2 April. Tele2 Nomination Committee’s proposed Board 
composition
In advance of the T ele2 AGM 2026, the Nomination Committee 
proposes the election of Linda Höglund and Thomas Kienzi as new 
Board members, and the re-election of Thomas Reynaud, Stina 
Bergfors, Aude Durand, Mathias Hermansson and Jean Marc Harion as 
members of the Board. Sam Kini and Maxime Lombardini have informed 
the Nomination Committee that they will not stand for re-election at 
T ele2’s AGM to be held on 18 May 2026. The Nomination Committee 
furthermore proposes the re-election of Thomas Reynaud as Chairman 
of the Board of Directors.
Financial calendar
18 May  Annual general meeting 2026
16 July  Half year report 2026
20 October Interim report Q3 2026
Auditors’ review
This report has not been subject to a review by T ele2’s auditors. 
 
Stockholm, 22 April 2026
T ele2 AB (publ)
 Jean Marc Harion
President and Group CEO
Tele2 First Quarter Report 2026 14 (31)

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

Q1 2026 Presentation 
T ele2 will host a teleconference and webcast with presentation at 
09:00 CEST (08:00 BT, 03:00 EST) on Wednesday 22 April 2026.  
The presentation will be held in English.
Registration for the webcast and a separate registration for the  
teleconference 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 submitted for publication, through the agency of the contact 
persons set out below, at 07:00 am CEST on Wednesday 22 April 2026.
Contacts 
Elsa Ankarcrona
Senior Communications Manager, Phone: +46 (0) 707 55 33 14
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
Contents 
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
Changes in financial definitions
Other financial metrics
Tele2 First Quarter Report 2026 15 (31)

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

Consolidated  
 income statement
SEK million Note Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Revenue 2 7,246 7,152 29,890
Cost of services provided and equipment sold 3 -4,065 -4,020 -16,890
Gross profit 3,181 3,132 13,000
Selling expenses 3 -1,039 -1,334 -4,567
Administrative expenses 3 -450 -561 -2,044
Result from shares in associated companies and joint ventures -4 0 7
Other operating income 3, 9 5,159 100 329
Other operating expenses 3 -26 -23 -109
Operating profit 3 6,819 1,315 6,615
Interest income 40 15 69
Interest expenses -236 -236 -985
Other financial items 47 -10 -21
Profit after financial items 6,672 1,084 5,678
Income tax -287 -209 -1,099
Net profit, continuing operations 6,385 875 4,579
Net profit discontinued operations 9 — 0 7
Net profit, total operations 6,385 875 4,587
Continuing operations
Attributable to:
Equity holders of the parent company 6,385 875 4,579
Net profit, continuing operations 6,385 875 4,579
Earnings per share (SEK) 7 9.20 1.26 6.61
Earnings per share, after dilution (SEK) 7 9.16 1.26 6.57
Total operations
Attributable to:
Equity holders of the parent company 6,385 875 4,587
Net profit, total operations 6,385 875 4,587
Earnings per share (SEK) 7 9.20 1.26 6.62
Earnings per share, after dilution (SEK) 7 9.16 1.26 6.58
Tele2 First Quarter Report 2026 16 (31)

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

Consolidated  
comprehensive 
 income
SEK million Note Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
NET PROFIT 6,385 875 4,587
Components not to be reclassified to net profit
Pensions, actuarial gains/losses 4 70 81
Pensions, actuarial gains/losses, tax effect -1 -14 -17
Components not to be reclassified to net profit/loss 3 56 64
Components that may be reclassified to net profit
Translation differences in foreign operations 213 -362 -391
Reversed cumulative translation differences from divested companies -105 — —
Translation differences in associated companies and joint ventures 17 0 —
Translation differences 125 -362 -391
Hedge of net investments in foreign operations -52 265 277
Tax effect on hedge of net investments in foreign operations 11 -54 -57
Hedge of net investments -41 210 220
Profit/loss arising on changes in fair value of hedging instruments 1 -13 -55
Reclassified cumulative profit/loss to income statement 6 12 33
Tax effect on cash flow hedges -1 0 4
Cash flow hedges 5 -1 -17
Components that may be reclassified to net profit/loss 89 -153 -188
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 92 -97 -124
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 6,477 778 4,463
Attributable to:
Equity holders of the parent company 6,477 778 4,463
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 6,477 778 4,463
Tele2 First Quarter Report 2026 17 (31)

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

Condensed  
 consolidated  
 balance sheet
SEK million Note 31 March
2026
31 March
2025
31 December
2025
ASSETS
Goodwill 29,245 29,997 29,223
Other intangible assets 9,261 12,321 9,656
Intangible assets 38,506 42,318 38,879
Property, plant & equipment 9,867 9,298 10,008
Right-of-use assets 7,105 4,012 4,373
Tangible assets 16,972 13,310 14,381
Shares in associated companies and joint ventures 4 666 6 3
Other financial assets 5 1,515 1,009 1,123
Capitalised contract costs 874 842 856
Deferred tax assets 140 93 126
Non-current assets 58,673 57,578 55,368
Inventories 724 971 585
Trade receivables 1,980 2,133 2,083
Other current receivables 3,112 3,686 3,423
Current investments 44 85 56
Cash and cash equivalents 6 5,394 4,380 249
Current assets 11,253 11,256 6,395
Assets classified as held for sale 9 — — 1,117
TOTAL ASSETS 69,926 68,833 62,880
EQUITY AND LIABILITIES
Attributable to equity holders of the parent company 28,783 23,830 22,267
Equity 7 28,783 23,830 22,267
Liabilities to financial institutions and similar liabilities 5 19,937 24,549 19,790
Lease liability 5,930 2,827 3,210
Provisions 740 947 747
Other interest-bearing liabilities 164 169 172
Interest-bearing liabilities 26,771 28,491 23,919
Deferred tax liability 3,360 3,579 3,394
Other non-interest-bearing liabilities 111 344 110
Non-interest-bearing liabilities 3,471 3,923 3,504
Non-current liabilities 30,242 32,414 27,423
Liabilities to financial institutions and similar liabilities 5 2,761 4,285 4,264
Lease liability 1,301 1,212 1,282
Provisions 252 253 205
Other interest-bearing liabilities 252 374 399
Interest-bearing liabilities 4,565 6,125 6,149
Trade payables 1,689 2,051 1,968
Other current non-interest-bearing liabilities 4,648 4,350 4,574
Non-interest-bearing liabilities 6,336 6,401 6,542
Current liabilities 10,901 12,526 12,692
Liabilities directly associated with assets classified as held for sale 9 — 62 499
TOTAL EQUITY AND LIABILITIES 69,926 68,833 62,880
Tele2 First Quarter Report 2026 18 (31)

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

Condensed 
 consolidated 
 cash flow 
 statement
Total operations 
SEK million
Note Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Operating activities
Net profit 6,385 875 4,587
Adjustments for items in net profit
– Depreciation/amortisation and impairment 1,545 1,523 6,189
– Gain on sale of operations -5,084 0 -7
– Financial items 149 231 937
– Tax expense 287 209 1,099
– Other adjustments in net profit 35 1 103
Adjustments -3,068 1,964 8,320
Interest paid -128 -167 -896
Taxes paid and received -253 3 -985
Other financial items received 14 7 31
Total before changes in working capital 2,950 2,683 11,056
Changes in working capital 457 525 287
Cash flow from operating activities 3,407 3,208 11,343
Investing activities
Acquisitions and divestments of intangible and tangible assets -843 -835 -3,693
Acquisitions and sales of shares and participations 8 4,681 1 2
Other financial assets, lending 12 25 18
Cash flow from investing activities 3,851 -809 -3,672
Financing activities
Proceeds from loans 38 47 2,997
Repayments of loans -1,782 -711 -4,858
Amortisation of lease liabilities -391 -353 -1,456
Dividend paid 7 — — -4,403
Cash flow from financing activities -2,136 -1,017 -7,720
Net change in cash and cash equivalents 5,122 1,382 -49
Cash and cash equivalents at beginning of period 249 317 317
Exchange rate differences in cash and cash equivalents 23 -6 -19
Cash and cash equivalents at end of the period 6 5,394 1,693 249
Tele2 First Quarter Report 2026 19 (31)

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

Consolidated 
 statements of 
 changes in equity
Total operations 
SEK million
Note 31 March 2026 
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 -330 390 -6,042 22,267
Net profit — — — — 6,385 6,385
Other comprehensive income for the period, net of tax — — -36 125 3 92
Total comprehensive income for the period — — -36 125 6,388 6,477
Other changes in equity
Share-based payments 7 — — — — 23 23
Share-based payments, tax effect 7 — — — — 18 18
New share issues 7 2 — — — — 2
Repurchase of own shares 7 — — — — -2 -2
Equity at end of the period 872 27,378 -366 514 385 28,783
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 7 — — — — 18 18
Share-based payments, tax effect 7 — — — — 7 7
Equity at end of the period 870 27,378 -323 419 -5,444 22,900
Tele2 First Quarter Report 2026 20 (31)

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

Parent 
company
Condensed income statement
SEK million Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Revenue 15 12 39
Administrative expenses -32 -24 -136
Other operating income 0 0 0
Other operating expenses 0 0 0
Operating loss -18 -11 -97
Dividend from group company — — 2,400
Net of financial items -207 78 -376
Profit/loss after financial items -225 67 1,927
Appropriations — — 997
Tax on profit/loss 44 -22 -122
Net profit/loss -181 44 2,802
Condensed balance sheet
SEK million Note 31 March 
2026
31 March 
2025
31 December
2025
ASSETS
Financial assets 70,816 70,716 70,684
Non-current assets 70,816 70,716 70,684
Current receivables 187 1,445 1,375
Current investments 44 48 56
Cash and bank 0 0 0
Current assets 231 1,493 1,431
TOTAL ASSETS 71,047 72,209 72,114
EQUITY AND LIABILITIES
Restricted equity 7 5,857 5,856 5,856
Unrestricted equity 7 32,577 34,314 32,728
Equity 38,435 40,169 38,584
Untaxed reserves 1,690 1,510 1,690
Interest-bearing liabilities 5 25,074 24,585 24,926
Non-current liabilities 25,074 24,585 24,926
Interest-bearing liabilities 5 5,567 5,674 6,719
Non-interest-bearing liabilities 282 271 195
Current liabilities 5,849 5,945 6,915
TOTAL EQUITY AND LIABILITIES 71,047 72,209 72,114
Tele2 First Quarter Report 2026 21 (31)

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

Notes
NOTE 1 ACCOUNTING PRINCIPLES AND DEFINITIONS
The interim financial information for the Group for the three month 
period ended 31 March 2026 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, 
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 pre-
sented the financial statements for the period ended 31 March 2026 in 
accordance with the accounting policies and principles applied in the 
Annual and Sustainability Report 2025. The description of these princi-
ples and definitions are found in Note 1 in the Annual and Sustainability 
Report 2025. 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 2026 have no effect on T ele2’s financial reports for the three 
-month period ended 31 March 2026.
NOTE 2 REVENUE AND SEGMENTS
Revenue by segment
Continuing operations 
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Sweden 5,581 5,487 22,888
Lithuania 977 973 4,095
Latvia 489 486 2,054
Estonia 236 239 991
Total including internal sales 7,283 7,185 30,029
Internal sales, elimination -37 -32 -139
TOTAL 7,246 7,152 29,890
Internal sales
Continuing operations 
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Sweden 1 2 7
Lithuania 16 17 70
Latvia 15 10 46
Estonia 5 4 16
TOTAL 37 32 139
Revenue split by category
Continuing operations 
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Sweden Consumer
End-user service revenue 3,162 3,117 12,701
Operator revenue 210 195 814
Equipment revenue 408 406 2,216
Internal sales 0 0 0
Total 3,780 3,718 15,731
Sweden Business
End-user service revenue 1,113 1,055 4,399
Operator revenue 22 22 92
Equipment revenue 419 444 1,636
Internal sales 1 1 4
Total 1,554 1,523 6,131
Sweden Wholesale
Operator revenue 247 244 1,021
Equipment revenue -1 0 1
Internal sales 1 1 3
Total 247 245 1,025
Lithuania
End-user service revenue 703 688 2,824
Operator revenue 33 33 147
Equipment revenue 225 235 1,055
Internal sales 16 17 70
Total 977 973 4,095
Latvia
End-user service revenue 372 360 1,487
Operator revenue 21 20 88
Equipment revenue 82 95 433
Internal sales 15 10 46
Total 489 486 2,054
Estonia
End-user service revenue 178 182 735
Operator revenue 19 20 83
Equipment revenue 33 33 158
Internal sales 5 4 16
Total 236 239 991
Internal sales, elimination -37 -32 -139
CONTINUING OPERATIONS
End-user service revenue 5,527 5,404 22,146
Operator revenue 552 534 2,245
Equipment revenue 1,167 1,215 5,499
TOTAL 7,246 7,152 29,890
Underlying EBITDAaL
Continuing operations 
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Sweden 2,145 1,963 8,561
Lithuania 484 467 1,940
Latvia 230 217 950
Estonia 65 62 277
TOTAL 2,924 2,709 11,728
Tele2 First Quarter Report 2026 22 (31)

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

NOTE 3 PROFIT AFTER FINANCIAL ITEMS
Reconciling items to reported profit after financial 
items
Continuing operations 
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Underlying EBITDAaL 2,924 2,709 11,728
Reversal lease expense 438 416 1,669
Underlying EBITDA 3,362 3,125 13,397
Restructuring costs -68 -288 -500
Disposal of non-current assets -3 16 -25
Other items affecting comparability 2 -15 -82
Items affecting comparability -68 -287 -607
Sale of Operations 5,084 0 7
EBITDA 8,377 2,838 12,797
Depreciation/amortisation -1,555 -1,524 -6,189
Result from shares in associated 
companies and joint ventures -4 0 7
Operating profit 6,819 1,315 6,615
Net interest and other financial items -147 -231 -937
Profit after financial items 6,672 1,084 5,678
Restructuring costs
Continuing operations 
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Redundancy costs -46 -278 -392
Other employee and consultancy costs -1 1 -34
Exit of contracts and other costs -21 -11 -74
Restructuring costs -68 -288 -500
Reported as:
   – Cost of services provided -7 -4 -27
   – Selling expenses -30 -216 -324
   – Administrative expenses -30 -68 -149
The restructuring costs in 2025 and Q1 2026 are largely related to the 
ongoing transformation work, primarily in Sweden. 
Disposal of non-current assets
Continuing operations
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Closure of projects & systems 0 — -21
Sale of network equipment 0 22 23
Network equipment scrapping -3 -6 -27
Other — 0 —
Disposal of non-current assets1) -3 16 -25
1)  Reported as other operating income and other operating expenses.
Other items affecting comparability
Continuing operations 
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Legal disputes and settlements -1 — -2
Legacy receivable reconciliation — 8 12
Inventory adjustment — -25 -77
Legacy pension adjustment — — -17
Quality assurance — 2 2
Other 3 0 —
Total 2 -15 -82
Reported as:
   – Cost of services provided -2 4 -10
   – Selling expenses 4 -19 -46
   –  Administrative expenses -1 — -39
   – Other Operating Income — — 13
Sale of Operations
Continuing operations
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Sale of UAB Baltic Tower Company 1) 5,084 — —
Other — 0 7
Sale of Operations 5,084 0 7
1) Refer to Note 9 for more details.
NOTE 4  SHARES IN ASSOCIATED COMPANIES AND 
JOINT VENTURES
At 27 February 2026, the Baltic tower transaction was finalised. T ele2’s 
retained equity share of 50% in UAB, BTC was initially recognised at 
fair value and subsequently accounted for as a joint venture under the 
equity method (IFRS 11 / IAS 28) in the consolidated accounts. 
SEK million 31 March
2026
31 March
2025
31 December 
2025
Shares in UAB, Baltic T ower Company 661 — —
Shares in Other associated companies and  
joint ventures 5 6 3
Total shares in associated companies and 
joint ventures 666 6 3
NOTE 5 FINANCIAL ASSETS AND LIABILITIES
Financing
SEK million 31 March
2026
31 March
2025
31 December 
2025
Bonds SEK 6,346 8,795 7,345
Bonds EUR 14,076 13,935 13,931
Commercial papers 300 1,199 649
Financial institutions 1,976 1,055 2,129
Total liabilities to financial institutions 22,698 24,984 24,053
At 31 March 2026 the average maturity of outstanding debt to financial 
institutions was 2.9 years, with an average interest rate of 2.7 percent 
(including derivatives). 
As of the date of this report, T ele2 has an unutilised credit facility 
with a syndicate of eight banks maturing in December 2029, providing 
strong liquidity support. 
During 2024, T ele2 secured a new EUR 140 million equivalent loan 
from the European Investment Bank to support the rollout of the 5G 
network and upgrade of the 4G network in Sweden. The loan was 
utilised in May 2025 and amounts to SEK 1,530 million. The loan carries 
a maturity of 6 years.
Financial instruments – classification and fair values
T ele2’s financial assets consist mainly of receivables from end custom-
ers, other operators and resellers as well as cash and cash equivalents. 
In relation to the finalisation of the Baltic tower transaction, T ele2 has 
recognised a long-term financial receivable of SEK 558 million (refer to 
note 9). 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 2026 to SEK 
22,698 (31 December 2025: 24,053) million and the fair value to SEK 
22,509 (31 December 2025: 23,991) million. 
T ele2 has derivative instruments included in assets of SEK 251 
(31 December 2025: 35) million and in liabilities of SEK 116 (31 December 
2025: 242) million measured at fair value (Level 2).  
NOTE 6 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 2026 to SEK 70 
(70) 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 2025.
Tele2 First Quarter Report 2026 23 (31)

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

NOTE 7  EQUITY, NUMBER OF SHARES AND 
INCENTIVE PROGRAMS
Number of shares
31 March
2026
31 March
2025
31 December 
2025
Total number of shares 697 721 597 696,221,597 696,221,597
Number of treasury shares -4 165 465 -3,831,770 -2,665,465
Number of outstanding shares 693,556,132 692,389,827 693,556,132
Number of outstanding shares,  
weighted average 693,772,799 692,389,827 693,217,424
Number of shares after dilution 697,150,207 696,372,139 697,220,052
Number of shares after dilution,  
weighted average 697,401,797 696,584,954 696,865,020
In Q1 2026, T ele2 issued and immediately repurchased 1,500,000 new 
C shares to be used for future exercises of L TIs, resulting in an increase 
in share capital of SEK 1.9 million. In addition, 5,994 class A shares were 
reclassified into class B shares and 1,000,000 class C shares were 
reclassified into class B shares. Changes in shares during previous year 
are stated in Note 23 in the Annual and Sustainability Report 2025.
Outstanding share right programs
31 March
2026
31 March
2025
31 December 
2025
LTI 2025 1,419,151 — 1,447,711
LTI 2024 1,108,148 1,284,170 1,144,787
LTI 2023 1,066,776 1,193,769 1,071,422
LTI 2022 — 1,504,373 —
Total outstanding share rights 3,594,075 3,982,312 3,663,920
The outstanding long-term incentive programs (L TI 2023, L TI 2024 
and L TI 2025) are based on a similar structure, but with updated per-
formance parameters for the L TI 2024 and L TI 2025 programs, where 
the T ele2 Absolute TSR performance measurement was removed, and 
replaced with a Sustainability measurement (CDP Score). The perfor-
mance measurements Cashflow and Relative TSR were kept. Additional 
information about the L TI programs regarding the purpose of the 
program, performance parameters, measurement periods, conditions 
and requirements are stated in Note 30 of the 2025 Annual and  
Sustainability Report. During the three months in 2026, the total cost 
including social security costs for all the programs amounted to  
SEK 60 (38) million.
L TI 2023
The exercise of the share rights in L TI 2023 was conditional upon the 
fulfilment of certain performance-based conditions. The TSR criteria 
(series A and B in below table) were measured from 1 April 2023 until  
31 March 2026, while Cashflow (series C in below table) was measured 
from 1 January 2023 to 31 December 2025. The outcome of these  
performance conditions was in accordance with below and 1,022,257 
share rights are expected to be exchanged for shares in T ele2 during  
Q2 2026. 
Series
 
Performance  
based conditions
Minimum 
hurdle
Stretch 
hurdles 
(100%)
Vesting at 
minimum
Target  
fulfillment
Allot-
ment 
A Total Shareholder Return 
(TSR) – Tele2
>=0% — 100% 131.8% 100%
B Tele2’s Relative Total 
Shareholder Return (TSR) 
compared to a peer group
Median 
of peer 
group
>=10% 50% 63.2% 100%
C Cash flow vs. target >=90% >=110% 30% 106.8% 88.9%
Dividend
T o the Annual General Meeting (AGM) on 18 May 2026 T ele2’s Board  
of Directors proposes based on the financial year 2025 a dividend of 
SEK 10.5 per share (SEK 7.3 billion), to be paid in two tranches in May  
and October 2026. The proposed record dates are 20 May 2026 for 
the first tranche of the dividend and 13 October 2026 for the second 
tranche of the dividend. If the Annual General Meeting  accepts the 
Board’s proposal, the first tranche of the dividend is expected to be paid 
on 25 May 2026 and the second tranche is expected to be paid on 16 
October 2026.
NOTE 8 BUSINESS ACQUISITIONS AND DIVESTMENTS
Divestments of shares and participations affecting cash flow were as 
follows:
SEK million Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Acquisitions
Other minor acquisitions — — 0
Total acquisition of shares and 
participations — — 0
Divestments
UAB, Baltic Tower Company 4,681 — 0
Other minor divestments — 1 2
Total sale of shares and participations 4,681 1 2
TOTAL CASH FLOW EFFECT 4,681 1 2
Tele2 First Quarter Report 2026 24 (31)

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

Income statement
All discontinued operations are included below. 
In 2025, the positive impact of SEK 7 million refers to provision 
releases related to T ele2 Croatia, that was divested in 2020.
Further information about effects in the income statement under 
discontinued operations in 2025 is provided in Note 32 of the Annual 
and Sustainability Report 2025.
Discontinued operations  
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Profit/loss on disposal of operation 
including sales costs and cumulative 
exchange rate gain — 0 7
– of which Croatia — 0 7
NET PROFIT — 0 7
Attributable to:
Equity holders of the parent company — 0 7
NET PROFIT — 0 7
Balance sheet
Assets and liabilities associated with assets held for sale as of 31 
December 2025 refer to the carve out of Baltic towers.
Discontinued operations 
SEK million
31 March
2026
31 March
2025
31 December 
2025
ASSETS
Non-current assets — — 1,115
Current assets — — 2
Assets classified as held for sale — — 1,117
LIABILITIES
Interest-bearing liabilities — — 422
Non-interest-bearing liabilities — — 8
Non-current liabilities — — 430
Interest-bearing liabilities — 3 65
Non-interest-bearing liabilities — 4 4
Current liabilities — 7 69
Liabilities directly associated with  
assets classified as held for sale — 7 499
NOTE 9  DISCONTINUED OPERATIONS AND ASSETS 
HELD FOR SALE
Baltic Tower Company
On 27 February 2026, T ele2 completed the sale of 50% of UAB Baltic 
T ower Company (BTC) to Global Communications Infrastructure, LLC 
(GCI), following an internal restructuring through which the Baltic tower 
assets were demerged into BTC.
The consideration received comprises cash proceeds from GCI, 
proceeds from a debt drawdown in BTC, and the fair value of the 
retained 50% equity interest and shareholder loan. The retained equity 
share is initially recognised at fair value and subsequently accounted 
for as a joint venture under the equity method (IFRS 11 / IAS 28). 
Transaction costs and other provisions include advisory and legal 
fees directly attributable to the transaction. The calculated capital gain 
is subject to post-transaction adjustments.
SEK million 27 February 
2026
Sales price 5,951
of which cash received 4,738
of which shares in UAB, BTC, non-cash 655
of which long-term shareholder loan, non-cash 558
Net assets at time of divestment
Non-current assets -1,107
Current assets -144
Non-current liabilities 412
Current liabilities 111
Divested net assets -727
Transaction costs & other provisions -140
Capital gain 5,084
Reconciliation to cash flow from investing activities
Cash received 4,738
Transaction costs paid -48
Cash disposed -9
Net cash flow from disposal of operations 4,681
Tele2 First Quarter Report 2026 25 (31)

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

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 defini-
tions and explanations of these measures are described 
below , but other companies may calculate non-IFRS mea-
sures 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, 
impairment 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 
and gains/losses from sale of operations.
Items affecting comparability: Disposals of non-current assets, 
acquisition costs, integration costs due to acquisition or merger, 
restructuring programs from reorganisations as well as other items that 
affect comparability.
Underlying EBITDAaL (uEBITDAaL) and underlying 
EBITDAaL margin
Starting from 1 January 2026, T ele2 has updated its definition of the 
non-IFRS measure underlying EBITDAaL (please refer to page 29 for 
details). 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, which is not included in 
underlying EBITDA according to IFRS 16. 
Underlying EBITDAaL: Underlying EBITDA including lease expense. 
Underlying EBITDAaL margin: Underlying EBITDAaL in relation to 
revenue excluding items affecting comparability.
Lease Expense 
The total rental cost for the period, recognized on a straight-line basis, 
as if all leases were operating leases. It is used as an adjustment to 
calculate underlying EBITDAaL, to better reflect the operational cost 
and cash effect of using leased assets.
Continuing operations  
SEK million
Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Operating profit 6,819 1,315 6,615
Reversal:
Result from shares in associated companies and joint ventures 4 0 -7
Depreciation and amortisation 1,555 1,524 6,189
EBITDA 8,377 2,838 12,797
Reversal, items affecting comparability:
Restructuring costs 68 288 500
Disposal of non-current assets 3 -16 25
Other items affecting comparability -2 15 82
Total items affecting comparability 68 287 607
Reversal:
Sale of Operations -5,084 0 -7
Underlying EBITDA 3,362 3,125 13,397
Lease expense -438 -416 -1,669
Underlying EBITDAaL 2,924 2,709 11,728
Revenue 7,246 7,152 29,890
Revenue excluding items affecting comparability 7,246 7,152 29,890
Underlying EBITDAaL margin 40% 38% 39%
Tele2 First Quarter Report 2026 26 (31)

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

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 (lease) that are capitalised on the balance sheet. 
SEK million Jan-Mar
2026
Jan-Mar
2025
Full Year
2025
Additions to intangible and tangible assets -843 -857 -3,718
Sale of intangible and tangible assets 0 22 25
Capex paid including spectrum -843 -835 -3,693
This period’s unpaid capex and reversal of paid capex from previous period 256 34 251
Reversal received payment of sold intangible and tangible assets 0 -22 -25
Capex intangible and tangible assets -587 -823 -3,467
Reversal spectrum — — 227
Capex excluding spectrum & leases -587 -823 -3,240
Spectrum — — -227
Additions to right-of-use assets -3,063 -668 -2,293
Capex -3,651 -1,491 -5,760
Non-IFRS measures – Operating cash flow (OCF)
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
2026
Jan-Mar
2025
Full Year
2025
Underlying EBITDAaL 2,924 2,709 11,728
Capex excluding spectrum and leases -587 -823 -3,240
Operating cash flow  2,337 1,886 8,489
Non-IFRS measures – Equity free cash flow (EFCF)
T ele2 considers equity free cash flow to be relevant to present as it 
provides 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
2026
Jan-Mar
2025
Full Year
2025
Cash flow from operating activities 3,407 3,208 11,343
Capex paid excl. Spectrum -724 -832 -3,328
Spectrum capex paid -119 -3 -365
Amortisation of lease liabilities -391 -353 -1,456
EFCF 2,171 2,021 6,196
EFCF per share (SEK) 3.13 2.92 8.94
EFCF per share after dilution (SEK) 3.11 2.90 8.89
NUMBER OF SHARES
Number of outstanding shares, weighted average  693,772,799  692,389,827  693,217,424 
Number of shares after dilution, weighted average  697,401,797  696,584,954  696,865,020 
Tele2 First Quarter Report 2026 27 (31)

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

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
2026
31 March
2025
31 December
2025
Interest-bearing non-current liabilities 26,771 23,683 24,158
Interest-bearing current liabilities 4,565 7,709 6,215
Reversal provisions -992 -1,251 -951
Cash & cash equivalents, current investments and restricted funds -5,439 -1,743 -306
Derivative assets -251 -58 -35
Net debt 24,654 28,341 29,080
Reversal:
Lease liabilities -7,230 -4,333 -4,797
Economic net debt 17,424 24,008 24,283
Non-IFRS measures – Return on Capital Employed (ROCE),  
rolling 12 months
ROCE is presented as it illustrates the return regardless of how invest-
ments 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
2026
31 March
2025
31 December
2025
Operating profit 12,119 5,882 6,615
Operating profit, discontinued operations 7 13 7
Financial income 94 95 69
Annualised return 12,220 5,989 6,691
 in relation to
T otal assets 69,926 64,579 62,880
Non-interestbearing liabilities -9,807 -10,280 -10,046
Non-interestbearing liabilities, discontinued operations and assets held for sale — -4 -434
Provision for asset dismantling -465 -627 -469
Provision for asset dismantling, discontinued operations and assets held for sale -1 — -184
Capital employed, closing balance 59,653 53,668 51,746
Capital employed, average 56,660 55,773 52,552 1)
ROCE 22% 2) 11% 13%
1) Capital employed, closing balance as of 31 December 2024 was SEK 53,358 million. 
2) Excluding gain from sale of operations (UAB, Baltic T ower Company) ROCE 31 March 2026 is 13% 
Organic
T ele2 believes that organic growth rates are relevant to present as 
they exclude translation effects from currency movements but include 
effects from divestments and acquisitions as if these occurred one 
year earlier and are therefore providing an indication of the underlying 
performance.
Organic growth rates: Calculated at constant currency, meaning that 
comparative figures have been recalculated using the currency rates 
for the current period, and including effects from divestments and 
acquisitions as if these occurred one year earlier.
Reconciliation of figures is presented in an Excel document 
(Q1-2026-financial-and-operational-data) on T ele2’s website  
www.tele2.com.
Tele2 First Quarter Report 2026 28 (31)

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

Changes in financial 
definitions
Underlying EBITDAaL 
Starting from 1 Janaury 2026, T ele2 has updated its definition of the 
non-IFRS measure underlying EBITDAaL. Instead of adding lease 
depreciation and lease interest to EBITDA, the updated measure will 
instead add lease expense. Lease expense equals total rental cost for 
the period, recognized on a straight-line basis, as if all leases were 
operating leases. This metric excludes the non-cash depreciation 
and interest components recognized under IFRS 16. We believe this 
updated definition will provide our stakeholders with a clearer and more 
relevant understanding of T ele2’s underlying performance. 
The updated definition of underlying EBITDAaL provides a more accu-
rate and intuitive measure of our operational performance and cash 
generation. Standard EBITDA under IFRS 16 is artificially inflated as it 
excludes the significant cash outlay for rent. Our updated underlying 
EBITDAaL is a stronger proxy for the cash-generating capability of our 
core business before financing activities and capital investments.
The effect of this redefinition on our reported figures is considered 
non-material in the context of our total results. Based on our lease 
portfolio, the annual positive impact on underlying EBITDAaL from this 
change is estimated to be approximately SEK 20-25 million. Given the 
non-material nature of the impact, a formal reclassification of historical 
periods will not be undertaken. However, to ensure full transparency 
and to assist in the analysis of our performance during the transition, 
supplementary information will be provided where relevant.
Tele2 First Quarter Report 2026 29 (31)

===== SIDA 30 =====

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 calculated by dividing the monthly end-user service revenue by the 
average number of RGUs for the same period. The average number of 
RGUs is calculated 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 (EPS)
Profit/loss for the period attributable to the parent company sharehold-
ers 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 12 months) 
for all operations owned and controlled by T ele2 at the end of each 
reporting period.
End-user service revenue (EUSR)
Revenue from end-users excluding equipment revenue. End-user 
service revenue is presented to provide a view of revenue attached  
to the customers 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 First Quarter Report 2026 30 (31)

===== SIDA 31 =====

Yo u  a r e  
number 1.
W e are Tele2.