Chairman’s statement, Annual Report 2024

Dear Shareholders,

The year 2024 has been a pivotal step for our group, marked by major strategic developments and essential transformations to ensure our long-term success.

One of the most significant events this year was the arrival of Freya, a new reference shareholder linked to the Iliad group, which took over from Kinnevik. This transition took place smoothly and constructively, ensuring continuity and stability for the company. On behalf of the Board of Directors, I would like to thank Kinnevik for its commitment and key role in the creation and development of the group over the past years.

This change in shareholding was accompanied by an evolution in the composition of the Board of Directors, with the addition of new talents from diverse backgrounds. Our ambition has been, and will remain, to strengthen our governance by bringing together complementary expertise: experience in publicly listed companies, deep knowledge of the telecommunications sector, in-depth understanding of the Swedish and Baltic markets, as well as key skills in finance, cybersecurity, and IT.

As part of this transformation, we have undertaken extensive work to support these ongoing changes, including the appointment of a new CEO, Jean Marc Harion, who will implement an ambitious vision and lead our company into a new phase of development.

Additionally, 25 percent of the Board of Directors will be renewed in 2025. We would like to express our deep gratitude to Lars-Åke Norling and Eva Lindqvist, who have served as board members for over eight years, for their dedication and essential contributions to the group’s growth. At the same time, we are pleased to welcome new members who will bring fresh perspectives and strategic expertise to help us tackle the challenges of the future.

The year 2025 will be a decisive one. In an increasingly demanding environment, we will focus our efforts on cost control and setting ambitious guidance to enable the company to return to eFCF growth after the decline observed in 2024. These efforts have required difficult decisions, particularly in terms of job reductions, which we have approached with responsibility and pragmatism.

Aware of the impact of these measures, I have decided, as Chairman of the Board, to propose to the Nomination Committee to propose to the AGM a reduction of my remuneration by 25 percent. It seemed essential to me that the governance structure accompany these decisions with strong commitments, in line with the efforts required from the entire group. In the same spirit of alignment with our shareholders, board members will now commit to investing at least 25 percent of their remuneration in Tele2 shares, further strengthening their engagement and involvement in the company’s success.

Finally, we are proud to note that our stock performance in 2024 has reflected investor confidence in our strategy. With a 35 percent total shareholder return over the year, our share has significantly outperformed the broader Swedish stock market, underscoring the strength of our model and our ability to create value for our shareholders.