Press release
April 24, 2026
A good start to the year
First quarter summary
- Revenue amounted to SEK 20.0 billion (20.0).
- Service revenue increased 2.1%, like for like, driven by continued strong development in Sweden and Lithuania.
- Adjusted EBITDA increased 4.0%, like for like, driven by service revenue growth across most markets and lower operational expenses.
- Operating income decreased to SEK 3.1 billion (3.6).
- Total net income increased to SEK 1.8 billion (0.7) and total EPS increased to SEK 0.42 (0.13).
- CAPEX excluding spectrum and leases decreased to SEK 2.6 billion (2.8).
- Free cash flow increased to SEK 1.9 billion (1.7) and cash flow from operating activities increased to SEK 6.5 billion (6.3).
- Leverage increased to 2.07x compared to 1.93x in the previous quarter.
- Dividend of SEK 0.50 per share was paid to shareholders.
- The acquisition of Bredband2 i Skandinavien AB was completed in the quarter, and the company was consolidated from February.
- On February 2, 2026, Telia Company announced that Telia Norway and Lyse have agreed on the principles to create a 50/50-owned entity that combines Telia's and ice's Norwegian mobile radio access networks.
- Outlook 2026 (reiterated): Service revenue growth, like for like, around 2%, adjusted EBITDA growth, like for like, around 3%, CAPEX excluding spectrum and leases below SEK 13 billion and free cash flow around SEK 9 billion.
CEO comment
"We have started this year as we finished the last - by executing according to plan. We grew service revenue and further improved profitability in the first quarter through discipline in cost and capital allocation. Demand for Telia's services is strong across our markets, with transformational technologies, such as AI, dependent on secure, reliable and high-quality connectivity. Our customers are increasingly satisfied with us, and we are committed to continuing to meet their evolving expectations, while becoming an even simpler, faster and more efficient company.
Commercial progress
Sweden delivered on plan, with particularly healthy momentum in the consumer business, where we grew both customer numbers and revenue across broadband, TV and mobile. The integration of Bredband2 is proceeding well and revenue synergies are already materializing. The enterprise market is competitive, but demand for Telia's security and mission-critical services remains robust. Customer satisfaction improved further, reflecting our focus on network quality and customer experience.
In Finland, service revenue stabilized as expected, supported mainly by improvements in the enterprise segment, and we see increased momentum in business- and mission-critical services. Competitive pressures continued in the mobile consumer business, although improved consistently during the quarter. As a result of cost control and organizational changes, profitability grew despite the challenging environment. In March, we agreed to increase our ownership in Finland's leading fiber operator Valokuitunen, in line with our strategy to offer converged services across the country.
In Norway, service revenue and profitability improved as we execute on our turnaround plan. Our fixed consumer business, with its new organization launched in June 2025, saw healthy service revenue growth and is on track to deliver the 2026 target volumes for fiber build-out. Pricing adjustments supported ARPU growth across mobile, broadband and TV. The market remains competitive, particularly in consumer, and we are working to reduce churn and improve profitability. In February, we announced a mobile RAN combination with ice that will substantially improve coverage, and we became Norway's first operator to launch commercial 5G standalone.
Lithuania grew across all key segments, with mobile service revenue growth particularly strong. Construction started on a new data center in Vilnius, addressing strong domestic demand for resilient and sustainable infrastructure. A nationwide consumer survey recognized Telia as Lithuania's leading telecom operator in customer service, confirming our strong customer satisfaction position.
Estonia delivered stable growth in the consumer business, with healthy uptake of our new Telia Shield security service. ICT deliveries in the enterprise and public sector business were affected by supply chain limitations, which are expected to improve in the coming quarters. We launched full 5G standalone with support for commercial handsets and Voice over New Radio (VoNR) in early April, allowing us to offer dedicated network capacity, ultra-low latency and enhanced reliability to consumers and businesses.
In our Technology unit, we continue to simplify our IT landscape, invest in resilient networks and enhance our cybersecurity capabilities. We are deploying AI across customer service, networks and internal processes to drive efficiency and growth, and we are collaborating with Nokia to test AI-RAN technology and advance 5G capabilities for multiple industries, including mission-critical applications. Our IT costs declined in the quarter, after consistent increases throughout 2025.
Sustainability progress
We have updated our sustainability strategy, which includes four new focus areas and related targets: Securing people and digital environments, Enabling customers' and our own climate transition, Digitally strengthening all generations and Empowering a winning culture. We will report on our progress in each area on a quarterly basis. Our work to reduce supply chain emissions continues, with 61% of suppliers having set science-based reduction targets. The ESG targets in Telia's EUR 1.2 billion sustainability-linked revolving credit facility, signed in 2022 with 12 relationship banks, have been updated accordingly.
Financial progress
We are on track to deliver on our full-year outlook and 2025-27 ambitions, including free cash flow of at least SEK 10 billion by 2027. Although the direct impact of the major change program in 2024 is now largely behind us, the organization is committed to continued efficiency gains and delivered a 5% reduction in headcount and 2% reduction in operational expenses. Free cash flow was higher than in Q1 last year, driven by factors including higher EBITDA, lower cash CAPEX and a better-than-expected contribution from working capital. Our balance sheet remains strong despite leverage increasing slightly to 2.07x following the Bredband2 acquisition. We redeemed a EUR 500 million hybrid bond and replaced it with a SEK 2.4 billion hybrid, lowering future interest payments.
Looking ahead
Our priorities are clear: customer satisfaction, profitable growth, and becoming even simpler, faster and more efficient. Over the past year, we have made necessary changes to take us into the future, and these will continue at pace. Our industry has never been so competitive. We are working every day to ensure we are well-positioned to execute on our plans and deliver on our targets. We have made significant progress, and we are ready to push for more."
Patrik Hofbauer
President & CEO
In the CEO comment, all growth rates disclosed are based on the "like for like" definition and EBITDA refers to adjusted EBITDA, unless otherwise stated. See definitions for more information.
This information is information that Telia Company AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out below, at 07:00 CET on April 24, 2026.
NOTES TO EDITORS
For more information, contact Tobias Gyhlénius, Head of Group Communications, on +46 (0)771 77 58 30, visit our newsroom and follow us on LinkedIn. To download our logo, high-resolution images of Telia leaders, offices and solutions, or B-roll footage for editorial use, visit our media bank.
ABOUT TELIA
Telia Company (STO: TELIA) is a leading telecommunications operator in the Nordic and Baltic regions. Every day, we deliver world-class connectivity and communications services to millions of customers through our sustainable and secure networks - enabling people, businesses and societies to thrive and grow. Our unique position at the center of digitalization shapes our ambition to be a trusted and progressive partner and gives us our purpose: to reinvent better connected living. Find out more at?www.teliacompany.com/en.
Forward-Looking Statements
Statements made in the press release relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of Telia Company.
