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Tele2 Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved or exceeded all 2025 guidance KPIs, including a 42% increase in equity free cash flow and 11.4% underlying EBITDAaL growth, supported by disciplined cost control and revenue growth.
Completed 2G/3G network shutdown and expanded 1,800 MHz spectrum in Sweden, enabling 99% 5G coverage.
Reduced workforce by 650 positions (15%), renegotiated 350 supplier contracts, and transformed to a leaner operating model.
Recognized for sustainability leadership, including an 'A' score from CDP and top European rankings for climate and children's rights.
Board proposes a dividend of SEK 10.50 per share for 2025, up 65% and equivalent to 118% of equity free cash flow.
Financial highlights
Q4 end-user service revenue grew 4% year-over-year; underlying EBITDAaL up 13% organically.
Full-year underlying EBITDAaL increased 11.4% to SEK 11.7 billion; net profit rose to SEK 4.6 billion.
Equity free cash flow reached SEK 6.2 billion, up 42% year-over-year.
CapEx to sales ratio at 11% for Q4 and full year; capex paid decreased due to investment prioritization.
Economic net debt at year-end was SEK 24.3 billion, leverage at 2.1x underlying EBITDAaL.
Outlook and guidance
2026 guidance: low single-digit organic growth in end-user service revenue, low to mid-single-digit organic growth in underlying EBITDAaL, and capex to sales of 10-11%.
Guidance excludes impact of Baltic tower transaction, expected to close in Q1 2026.
Dividend policy updated to distribute at least 80% of equity free cash flow, maintaining investment-grade credit rating.
Cautious outlook due to macroeconomic and geopolitical uncertainties; cost discipline and prioritization to continue.
Detail capex prioritization strategy for 2026
How to mitigate intense open fiber competition?
Why 118% eFCF dividend vs 80% policy?
What drives conservative 2026 EBITDA outlook?
Is 10-11% CapEx to sales sustainable post-2026?
Leverage target post-Tower Co and dividend flexibility
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Next Tele2 earnings date
Q1 202622 Apr, 2026
Tele2
Next Tele2 earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Tele2 AB is a telecom operator in Sweden. The company offers services for residential and business customers, including mobile and fixed broadband and telephony. It also offers fixed-mobile converged services; dedicated channels, international and domestic calling cards; Internet services; TV distribution through IPTV and multi-channel networks; and conferencing systems. Tele2 provides its services under the Tele2 brand as well as using white label solutions for selected international markets. Tele2 AB was founded in 1993 and is based in Stockholm, Sweden.
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