CEO letter - Q2 2026

Dear shareholders,

I have now been CEO of Tele2 for two weeks, but my relationship with the company stretches back decades. Throughout my career in this industry, including the past eight months leading Tele2’s B2C operations, I have always admired Tele2 for its ability to challenge the market, transform and innovate.

The transformation initiated 1.5 years ago is a good example. We have made the company simpler, more focused and significantly more resilient in the face of external challenges. That work now gives us a strong foundation to build on.

The next phase is not about a new direction. My focus is clear: further improve customer loyalty, drive sustainable growth, and make Tele2 even leaner and faster while maintaining strict cost discipline. We will do this through better execution in every customer-facing channel, turning our network and brand strength into stronger commercial results, and continuing to challenge every cost and complexity that does not create customer or shareholder value. In a market defined by fierce competition, the details decide who wins.

Adding our solid Q2 numbers to the books and closing the first half of the year, we conclude that we are well on track to reach our full year guidance. In the quarter we delivered an organic EUSR growth of 2% and an EBITDAaL growth of 4%, in line with our expectations. Equity free cash flow was SEK 1.5 billion, taking last-twelve-month generation to SEK 6.2 billion, or SEK 8.94 per share. We continue with a strategic and disciplined approach to investments, making sure that every krona spent generates value, and our capex intensity remains low. I am particularly pleased seeing that the share of sales in our own channels continues to increase.

However, there is no time to rest. H2 brings tough comparables, and several uncertainties remain – including indications of significant price increases from both hardware and software providers, and consumer sentiment that is still unpredictable. We cannot control all external pressures, but we can control how we respond through disciplined pricing, sharper procurement, continued cost focus and strict prioritisation of the initiatives that move customer loyalty and cash flow.

Most importantly, we are refining every step of the customer journey. We are investing in our strongest brand assets through new campaigns for both Tele2 and Comviq, sharpening our value proposition. Our store footprint keeps expanding with three new stores opened this quarter and more planned later this year, which gives us greater control over distribution and stronger customer loyalty. In customer service, improved analytics, AI and automation are helping us better serve, support and retain customers.

At the heart of the customer experience are our products and the quality they deliver. During the quarter, an independent benchmark once again ranked Tele2’s 5G network as Sweden’s fastest. This time, we were also recognised for having the country’s best 5G network and best overall mobile network which is a strong testament to the quality and reliability we provide. That quality was put to the test in June, when Sweden’s highly anticipated World Cup matches generated record traffic across our network, and the performance was consistently stable throughout.

In Sweden Business, we entered into a strategic partnership with European sovereign public cloud provider Scaleway. Demand for sovereign cloud solutions continues to grow as organisations respond to an increasingly uncertain geopolitical environment. By combining Scaleway’s public cloud with Tele2’s established private cloud capabilities, we can offer customers a powerful hybrid solution that meets both performance and sovereignty requirements. This partnership is an important strategic step that strengthens Tele2’s position in the Swedish B2B market even further, with the offering already available, and our first customers signed.

Another major event in the end of the quarter and first week of Q3 is the successful outcome of the Lithuanian spectrum auction where Tele2 secured spectrum in several bands. We continue to strengthen the 5G network across the Baltics and this was an important milestone on that journey.

We are also proud to once again be named as one of the world’s most sustainable companies by Time Magazine, including being the most sustainable telco in the Nordics, and Sweden’s second most sustainable company. Our efforts to protect and empower children online remain a priority and continue to drive engagement among our family and household customers.

Tele2 is at its best when we challenge the market, our competitors and ourselves. That mindset will guide how we serve customers, how we execute and how we create value for our shareholders. Together with my colleagues across Tele2, I am very eager to seize the opportunities ahead.