CEO letter - Q3 2026

Dear shareholders,

Three quarters into the year, we are delivering in line with our guidance for end-user service revenue, and we are comfortable with narrowing the full-year guidance for organic underlying EBITDAaL growth to 4-5%. Capex-to-sales is expected to land lower than we anticipated at the start of the year, below 10%. We remain disciplined with investments, prioritise what genuinely improves the customer experience and scrutinise every contract and every single cost. This has allowed us to keep growing while offsetting the cost impact of geopolitical developments. In the quarter, we generated record-strong equity-free cash flow, bringing the total to around SEK 9.70 per share over the last twelve months.

The Swedish market remains highly competitive. Reducing churn is a priority, yet we have improved our gross intake of new customers, thanks to operational improvements and a stronger sales culture. That is despite our deliberate choice not to follow the most aggressive pricing, for example in broadband. Our strong results over the past 18 months prove us right and give us the flexibility to act decisively when we think it’s right.

Our continuous transformation has simplified and focused Tele2, and reduced our cost base. It has given us the prerequisites to act like the challenger we are. Now it is time to execute and accelerate. There is still a lot of work ahead, and for an impatient person like me, it can be frustrating that some changes take time. But every day I see very strong momentum across the company, in engagement, innovation and performance. That gives me confidence that we are on the right track, doing the right things and turning strategy and ideas into action at an accelerating pace.

Our Swedish brands are a good example. With Frank for Tele2 and Karim for Comviq, they have been given a whole new energy. We haven’t seen brand sender-ID this strong in many years, and our brand communication is currently in a class of its own in the market. At the same time, we are expanding our own channels. During the quarter we opened yet another new store in Sweden, bringing the total to 9 since January 2026, with more openings to follow in Q4. With every opening we get better at optimising cost, traffic and conversion.

The share of sales through our own channels is moving in the right direction and so are conversion rates. This has likely contributed to us having the most satisfied mobile consumer customers among the main brands in the latest Swedish Quality Index (SKI) survey. Better data analytics make us more precise in how we engage with customers, which is essential if we are to sustain this trend and become more effective in areas such as cross-selling.

AI is creating significant value for us, in administration and network operations as well as customer relations. The vast majority of the customer queries we receive are simple questions that AI can resolve with no waiting time, much appreciated by our customers. NPS for our voice bot Anna is rising steadily, and she frees up time for our senior agents to handle the complex cases where customers want and need to talk to a person. We are also closely following the development of personal AI agents, which will change how customers compare and buy services. Whether the customer is a person or an AI agent, we need to be the best choice, giving customers more reasons to stay through a high-quality network, strong service and brands people love. Making it much easier to become and stay our customer has been a focus since the beginning of our transformation, and it will only become more important. We are not here to defend ourselves against AI. We are here to win more because of it.

B2B delivers another strong quarter, with momentum in both operations and business despite fierce competition. Tele2 is the first in Sweden to offer RCS (Rich Communication Services) for both Android and iOS, which lets companies and public organisations send verified, rich and interactive messages directly in the phone’s standard messaging app. It is further proof that we are driving development in the market. Tele2 IoT deserves a special mention. The business remains a growth engine, expanding into more countries and industries and strengthening its reputation every quarter. In parallel, our partnership with Scaleway continues to open doors to new conversations with customers about sovereignty, security and cloud strategies.

The Baltics also delivered a strong quarter, once again showing a remarkable ability to grow and demonstrate the value of their services to customers. During the quarter, Ookla’s independent measurements showed that Tele2 has the fastest 5G network in Lithuania, which we are very proud of. In Estonia, our customer service was named the best in the market, fully in line with our ambition to show customers that they are number one.

Shortly after the end of the quarter, on 2 October, we signed a framework agreement through Net4Mobility with the Swedish Agency for Civil Defence (MCF) to provide mobile network capacity for SWEN, Sweden’s new emergency network. Police, rescue services and healthcare will get access to 5G and be able to share video and data in real time. In the procurement, our network received the highest quality score. That is a real feather in our cap and yet another testimony to our nationwide network’s reliability.

There is a lot to be proud of this quarter, but now our full focus is on finishing the year strongly.