CEO letter, annual report 2025

Dear Shareholders,

Tele2 was founded as a challenger more than 30 years ago, building its position through focus, simplicity and a will- ingness to act differently. Over time, however, complexity increased, focus blurred and speed was lost.

In 2025, we made a clear decision to return to those original principles – to reaffirm that Tele2 will never become a company comfortable with the status quo.

We simplified the company to increase speed and accountability. We strengthened cost discipline to improve resilience and profitability. And we reestablished a culture where action and courage matter more than process and comfort.

This was not about returning to the past. It was about applying proven principles to today’s challenges, and using our true identity as a competitive advantage. After all, Tele2 is the natural born challenger.

Although we returned to something familiar, it was a dramatic change for the organisation. We reduced layers – and consequently the number of people – in the organisation. We narrowed the number of initiatives and priorities we pursue in parallel. We exited business models that no longer created sufficient value and reduced our reliance on external distribution partners. We even reduced the number of mobile networks we operate, decommissioning the 2G and 3G networks in Sweden, and began the year by leaving the terrestrial TV network.

And yet, more than anything else, 2025 was a year of building.

We built Sweden’s fastest 5G network¹⁾. We built a new operating model designed for speed, accountability and agility. We strengthened customer relationships by investing in our own channels and taking greater ownership of the customer experience. We sharpened our sustainability strategy, created the first pan-Baltic TowerCo, a future-proof TV offering, and a renewed voice for Tele2 by welcoming back Frank the black sheep. Ultimately, we rebuilt our challenger culture and created a platform for sustainable growth.

As a consequence of all that, we also established a new profitability standard for Tele2, which translated into a 42% equity free cashflow growth and a proposed 65% increase of dividend compared to last year. At the same time we strengthened our position as a globally recognised sustainability frontrunner.

The foundations are now in place, and 2026 will demand a different kind of execution. Less restructuring. More growth. Same discipline. But the standard we set in 2025 is the one we will be measured against going forward, and that is a challenge that my colleagues and I are more than willing to accept.

To customers, colleagues and shareholders – thank you for your engagement and trust in Tele2 throughout this year, we could not have done without you.