Tele2 — Interim / Quarterly Report 2025

Apr 23, 2025

Interim Report First Quarter

Highlights

• End-user service revenue of SEK 5.4 billion increased by 1% organically compared to Q1 2024 driven by the Baltics. Total revenue of SEK 7.2 billion remained unchanged organically compared to Q1 2024.
• Underlying EBITDAaL of SEK 2.7 billion increased by 6% organically compared to Q1 2024 driven by sharp cost control across operations and end-user service revenue growth in the Baltics.
• Net profit from total operations of SEK 0.9 (0.8) billion and earnings per share of SEK 1.26 (1.20) in Q1 2025.
• Equity free cash flow of SEK 2.0 (1.3) billion in Q1 2025, supported by some temporary items. Over the last twelve months, SEK 5.1 billion has been generated, equivalent to SEK 7.37 per share.
• Cost and complexity reduction: improved cost governance, renegotiation of largest contracts, and workforce reduced by more than 450 positions by 15 April.
• Full year 2025 guidance reiterated. Refer to page 6.
• Tele2 recognised by CDP with 'A' score for climate change efforts for third year in a row.
• Tele2 among Equileap's global top 40 companies for corporate gender equality efforts, and once again top ranked in Sweden.

Key financial data

SEK million	Jan-Mar 2025	Jan-Mar 2024	Organic %	Full Year 2024
Continuing operations
End-user service revenue	5,404	5,340	1.3%	21,799
Revenue	7,152	7,152	0.1%	29,583
Operating profit	1,315	1,250		5,817
Profit after financial items	1,084	998		4,749
Underlying EBITDAaL	2,709	2,550	6.3%	10,612
Capex excluding spectrum and leases	823	1,015		4,073
Operating cash flow	1,886	1,535		6,540
Operating cash flow, rolling 12 months	6,891	6,574
Equity free cash flow	2,021	1,291		4,378
Equity free cash flow, rolling 12 months	5,107	4,892
Total operations
Net profit	875	833		3,870
Earnings per share (SEK)	1.26	1.20		5.59
Earnings per share, after dilution (SEK)	1.26	1.20		5.56
Equity free cash flow	2,021	1,291		4,378
Economic net debt to underlying EBITDAaL	2.2x	2.3x		2.5x

Reporting period and continuing operations

Figures presented in this report refer to the period January-March 2025 and continuing operations unless otherwise stated. Figures shown in parentheses refer to the comparable periods in 2024. For discontinued operations, refer to Note 8.

Non-IFRS measures

This report contains certain non-IFRS measures which are defined and reconciled to the closest reconcilable line items in the section Non-IFRS measures. Note that organic growth rates exclude translation effects from currency movements. For further definitions of industry terms and acronyms, please refer to the Investor section at www.tele2.com or see section Other financial metrics.

CEO letter

Since stepping into the role of CEO at Tele2, I have repeated a core mantra to the organisation – we need to become faster, more agile, remove unnecessary complexity and embrace a much stricter cost discipline. In short, we must return to our roots and the challenger culture that defined the original Tele2. This is the path to follow to deliver better value for money to our customers, become more resilient, and take control of our future.

We are executing our transformation plan at high speed, and have taken some major steps in the right direction. An employee survey conducted in February indicated strong internal support for our new way of working, reinforcing my belief that we will succeed in our transformation.

Financially, we start seeing impact of our transformation already in Q1. Thanks to topline growth in the Baltics and improved cost discipline across the group, we have managed to increase our Underlying EBITDAaL by 6% year on year. Due to a major cultural shift throughout the Tele2 organisation, we are evolving towards a much higher degree of cost-consciousness, systematically challenging all our purchases while also reviewing our 350 largest contracts.

We have also started delivering on our ambition to simplify our organisation, including a workforce reduction by 15% over 12 months. More than 450 colleagues left us during Q1 and up until mid-April when the new organisation took effect. While cost savings are a key driver, our primary ambition is to simplify our processes, prioritising the initiatives that matter most to our customers, while removing unnecessary complexity and intermediaries.

These have been difficult weeks for everyone in Tele2. My thoughts are especially with the individuals personally affected by the changes. We are doing everything we can to support and assist them through this transition. I am deeply impressed by, and grateful for, the professionalism and focus the entire organisation has shown during this challenging period.

Regardless of our transformation, our customers remain our first and primary focus. We consistently adapt to customers' new behaviours and anticipate the technology evolution. Our Swedish Consumer revenue in Q1 has been impacted negatively by the decommissioning of our obsolete terrestrial TV service in December. Nevertheless, we are convinced it was the right move for customer experience and future growth. In the meantime, we continue enhancing our digital TV offering: in Q1, we integrated the streaming service Max into our portfolio – a move that has been well received by our TV customers.

I am confident that our network quality and the superior value for money offered by Tele2 and Comviq will make the difference on the market. In the meantime, we continue improving our ability to interact directly with current and future customers. As part of this improvement, we are expanding our own retail footprint. During Q1, we opened four new stores in Sweden, including our flagship store in Stockholm's Gallerian. We also reached a major milestone in the development of our digital sales channels with a revamp of Tele2.se, where we now offer smoother and more intuitive sales flows. The new platform allows us to develop new features and offerings faster and provides a more dynamic customer experience.

Defending our customers' interests means standing by their side and addressing competition distortions in Sweden. We look forward to the Swedish Post and Telecom Authority's (PTS) decision to ensure effective competition in the single-family housing market. That would be a significant win for Swedish consumers.

Like many previous quarters, our three Baltic operations show impressive results in Q1, including a promising turnaround of our Estonian operation. This success is no coincidence. It is triggered by our Baltic colleagues' ability to deep dive into customer data, anticipate needs and reach out with the right offers at precisely the right moment. Over the course of this year, we will deepen collaboration between Sweden and the Baltics – learning from each other and identifying further synergies.

For the third consecutive year, Tele2 has been awarded an A rating in CDP's Climate category, and we were once again named as Sweden's most gender equal company by global ranking Equileap. These prestigious and rigorous ratings recognise Tele2's continuous efforts to maintain its leading position amongst the most sustainable companies in the world. Of the many sustainability initiatives we took over the quarter, I am proud to mention our campaigns to protect children online and proactively block child sexual abuse material.

"I have repeated a core mantra to the organisation – we need to become faster, more agile, remove unnecessary complexity and embrace a much stricter cost discipline. Financially, we start seeing impact of our transformation already in Q1."

Finally, I have also had the pleasure of welcoming four new members to the Group Leadership Team: Peter Landgren, Petr Cermak, Karin Wadström Sjöstedt and Ove Wik. Each of them will play an important role in driving our transformation and continued development. We are now well positioned to deliver on our ambitious goals.

Jean Marc Harion

President and Group CEO

Financial overview

Analysis of revenue

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Organic %	Full Year 2024
Mobile	1,524	1,502	1%	6,151
– Postpaid	1,331	1,295	3%	5,303
– Prepaid	193	206	-7%	848
Fixed	1,431	1,467	-2%	5,882
– Fixed broadband	818	782	5%	3,208
– Digital TV	592	656	-10%	2,568
– Fixed telephony & DSL	22	30	-28%	106
Landlord & Other	162	166	-3%	659
Sweden Consumer	3,117	3,135	-1%	12,693
Sweden Business	1,055	1,048	1%	4,226
Baltics	1,231	1,157	7%	4,880
End-user service revenue	5,404	5,340	1%	21,799
Operator revenue	534	536	0%	2,201
Equipment revenue	1,215	1,276	-5%	5,582
Revenue	7,152	7,152	0%	29,583

End-user service revenue increased by 1% organically driven by the Baltics.

• Sweden Consumer decreased by 1% as growth in Fixed broadband and Mobile postpaid was more than offset by the impact of migrating Boxer off the terrestrial network and continued decline in other legacy services.
• Sweden Business grew by 1% as growth in Mobile and Solutions exceeded continued decline in Fixed.
• Baltics grew by 7% in local currency driven by ASPU (Average Spend Per User) growth from price adjustments and upselling.

Total revenue remained unchanged organically as growth in end-user service revenue was offset by a decline in equipment revenue.

Refer to Note 2 and Overview by segment for a breakdown of the segments.

Analysis of income statement

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Revenue	7,152	7,152	29,583
Underlying EBITDAaL	2,709	2,550	10,612
Reversal lease depreciation and interest	416	379	1,537
Underlying EBITDA	3,125	2,928	12,149
Items affecting comparability	-287	-187	-394
EBITDA	2,838	2,742	11,756
Depreciation/amortisation	-1,524	-1,492	-5,944
– of which amortisation of surplus values from acquisitions	-370	-373	-1,491
– of which lease depreciation	-378	-340	-1,386
– of which other depreciation/ amortisation	-776	-779	-3,067
Result from shares in associated companies and joint ventures	0	0	5
Operating profit	1,315	1,250	5,817
Net interest and other financial items	-231	-252	-1,068
Income tax	-209	-188	-915
Net profit	875	809	3,834

Underlying EBITDAaL increased by 6% organically driven by sharp cost control across operations and end-user service revenue growth in the Baltics.

Items affecting comparability of SEK -287 (-187) million were mainly driven by redundancy costs related to workforce reductions. Refer to Note 3 for more details.

Net interest and other financial items of SEK -231 (-252) million decreased due to lower financing costs for outstanding debt.

Analysis of cash flow statement

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Underlying EBITDA	3,125	2,928	12,149
Items affecting comparability	-287	-187	-394
Amortisation of lease liabilities	-353	-405	-1,430
Capex paid	-835	-996	-3,972
Changes in working capital	525	297	76
Net financial items paid Taxes paid and received	-159 3	-181 -195	-1,040
			-1,141
Other cash items	2	29	128
Equity free cash flow	2,021	1,291	4,378
Equity free cash flow, rolling 12 months1)	5,107	4,892	4,378

1) Reconciliation of equity free cash flow rolling 12 months are presented in an excel document (Q1 2025-financials to the market) on Tele2's website www.tele2.com

Amortisation of lease liabilities of SEK -353 (-405) million decreased mainly due to SEK 90 million reclassification from working capital.

Capex paid of SEK -835 (-996) million decreased due to lower investments.

Changes in working capital of SEK 525 (297) million were mainly impacted by elevated redundancy provisions related to workforce reductions and a seasonal decrease in equipment receivables, partly offset by SEK 90 million reclassification to amortisation of lease liabilities.

Net financial items paid of SEK -159 (-181) million decreased due to lower financing costs for outstanding debt.

Taxes paid and received of SEK 3 (-195) million decreased mainly due to a tax refund of approximately SEK 280 million. Last year included settlement of taxes paid of SEK 93 million relating to previous years.

Analysis of financial position

Total operations SEK million	31 March 2025	31 March 2024	31 December 2024
Bonds	22,730	25,727	23,543
Commercial papers	1,199	—	1,498
Financial institutions and other liabilities	1,880	3,650	1,684
Cash and cash equivalents	-1,693	-4,380	-317
Other adjustments	-108	-551	-195
Economic net debt	24,008	24,446	26,213
Lease liabilities	4,333	4,039	4,121
Net debt	28,341	28,485	30,333
Underlying EBITDAaL, rolling 12 months	10,771	10,467	10,612
Economic net debt to Underlying EBITDAaL	2.2x	2.3x	2.5x
Return On Capital Employed (ROCE), rolling 12 months	11% 10%		11%
Unutilised overdraft facilities and credit lines	9,778	8,743 10,324

Economic net debt of SEK 24.0 (26.2 by the end of 2024) billion declined due to the cash generated in the business.

Economic net debt to underlying EBITDAaL (financial leverage) of 2.2x (2.5x by the end of 2024) was below the lower end of the target range of 2.5-3.0x.

Financial guidance

Financial guidance

Tele2 AB provides the following guidance for continuing operations in constant currencies.

2025 guidance (unchanged)

• Low single-digit organic growth of end-user service revenue
• Mid- to high single-digit organic growth of underlying EBITDAaL
• Around 13% capex to sales (excluding spectrum and leases)

Dividend

The Board of Directors of Tele2 are proposing an ordinary dividend of SEK 6.35 (6.90) per A and B shares to be decided by the 2025 Annual General Meeting on 13 May 2025. The proposal means that in total SEK 4.4 billion will be distributed to Tele2's shareholders, corresponding to 100% of Equity Free Cash Flow generated in 2024. These SEK 4.4 billion will be distributed in two tranches of SEK 3.20 and SEK 3.15. The proposed record dates are 15 May 2025 for the first tranche of the dividend and 10 October 2025 for the second tranche of the dividend. If the Annual General Meeting accepts the Board's proposal, the first tranche is expected to be paid on 20 May 2025 and the second tranche is expected to be paid on 15 October 2025.

Guidance (unchanged)

Tele2 provides financial guidance for the inherent year.

The guidance for 2025 is low single-digit organic growth of end-user service revenue, mid- to high single-digit organic growth of underlying EBITDAaL, and around 13% capex to sales (excluding spectrum and leases) as our 5G network investments and intense customer-centric transformation continue at a high pace.

Tele2 confirms growth potential across all segments in 2025. The Swedish operations are expected to continue growing, with Sweden Consumer driven by new offers and propositions, offsetting expected headwind from Boxer's discontinuation of terrestrial TV distribution, and with Sweden Business driven by IoT, SMEs and Large Enterprises. The Baltic operations are expected to continue growing driven by our strong market positions in Lithuania and Latvia alongside continued turnaround in Estonia.

Tele2 has initiated a deep transformation to improve profitability by addressing organisational complexity in Sweden and low profitability in Estonia and some parts of Sweden Business. Radical changes to improve efficiency are already in progress based on two key priorities: Simplify our operating model and organisation, and Rejuvenate Tele2's smart, change and cost-savvy culture. In Q4 2024, Tele2 begun extensive group-wide cost-optimisations including an objective to reduce total workforce by around 15% (600-700 full-time equivalents) within the coming 12 months from the release of the fourth quarter report, subject to union negotiations.

Financial policy (unchanged)

• Tele2 will seek to operate within a range for economic net debt to underlying EBITDAaL of between 2.5-3.0x, and to maintain investment grade credit metrics.
• Tele2's policy will aim to maintain target leverage by distributing capital to shareholders through:
  • An ordinary dividend of at least 80% of equity free cash flow, and,
  • Extraordinary dividends and/or share repurchases, based on remaining equity free cash flow, proceeds from asset sales and re-leveraging of underlying EBITDAaL growth.

Group summary

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Organic %	Full Year 2024
END-USER SERVICE REVENUE
Sweden	4,173	4,183	0%	16,919
Lithuania	688	647	7%	2,704
Latvia	360	342	6%	1,463
Estonia	182	168	9%	714
Total	5,404	5,340	1%	21,799
REVENUE
Sweden	5,487	5,505	0%	22,607
Lithuania	973	974	0%	4,086
Latvia	486	482	1%	2,053
Estonia	239	226	6%	979
Internal sales, elimination	-32	-34	-6%	-143
Total	7,152	7,152	0%	29,583
UNDERLYING EBITDAaL
Sweden	1,963	1,899	3%	7,837
Lithuania	467	404	16%	1,707
Latvia	217	199	10%	862
Estonia	62	49	27%	206
Total	2,709	2,550	6%	10,612
CAPEX
Sweden	698	844	-17%	3,327
Lithuania	53	87	-39%	337
Latvia	49	45	10%	239
Estonia	23	39	-40%	170
Capex excluding spectrum and leases	823	1,015	-19%	4,073
Spectrum	—	—		—
Right-of-use assets (leases)	668	120		1,370
Total	1,491	1,135		5,442
Capex to sales (excluding spectrum and leases)	12%	14%		14%
Capex to sales (excluding spectrum and leases), rolling 12 months	13%	13%

Overview by segment

Sweden

Tele2 Sweden end-user service revenue remained unchanged in the first quarter with 1% growth in Business and 1% decline in Consumer. Growth was negatively affected mainly by increased decline rate in the Boxer TV business following the discontinuation of terrestrial TV distribution in the beginning of Q1.

enhanced our TV and streaming propositions by the addition of the global streaming service Max. Our 5G population coverage currently stands above 90% with close to 75% population coverage with high-performance 5G+. In January, Opensignal named Tele2 the winner of the 5G Availability award, supporting customer experience and loyalty.

In Q1, and as part of efforts to supporting our digitalisation journey and creating even more focus on value and efficiency, we improved our mobile and fixed networks further by continued 5G and Remote-PHY rollouts, and

Underlying EBITDAaL grew by 3% driven by sharp cost control, whereas Capex excluding spectrum and leases amounted to SEK 698 (844) million.

Financials SEK million	Jan-Mar 2025	Jan-Mar 2024	Organic %	Full Year 2024
End-user service revenue	4,173	4,183	0%	16,919
Revenue	5,487	5,505	0%	22,607
Underlying EBITDA	2,308	2,219		9,123
Underlying EBITDAaL	1,963	1,899	3%	7,837
Underlying EBITDAaL margin	36%	34%		35%
Capex
Capex excluding spectrum and leases	698	844		3,327
Spectrum	—	—		—
Right-of-use assets (leases)	600	185		1,129
Capex	1,297	1,029		4,456
Capex to sales (excluding spectrum and leases)	13%	15%		15%

Sweden Consumer

The first quarter delivered solid revenue growth within fixed broadband and mobile postpaid. Commercial activity was most pronounced on the mobile side, partially driven by continued challenges on the handset market.

Total end-user service revenue declined by 1% as growth in core connectivity was more than offset by the impact of migrating Boxer off the terrestrial network and continued decline in other legacy services.

Mobile postpaid net intake was negative with 4,000 RGUs in this seasonally slow quarter, and as both Tele2 and Comviq executed price adjustments. Mobile end-user service revenue grew by 1% as growth in postpaid RGUs more than offset a decline of 7% in prepaid end-user service revenue.

In Fixed broadband, net intake was positive with 1,000 RGUs while enduser service revenue grew by 5% through ASPU growth.

Digital TV net intake was negative with 25,000 RGUs, entirely driven by Boxer. Digital TV end-user service revenue declined by 10% largely due to Boxer.

	Jan-Mar 2025	Jan-Mar 2024	31 March 2025	31 March 2024	Organic %	31 December 2024
RGUs (thousands)	Net intake				RGU base
Mobile	-26	-58	2,774	2,785	0%	2,800
– Postpaid	-4	-7	2,147	2,076	3%	2,151
– Prepaid	-22	-51	627	709	-12%	649
Fixed	-29	-47	1,836	1,910	-4%	1,865
– Fixed broadband	1	-17	957	952	1%	957
– Digital TV	-25	-26	772	832	-7%	796
– Fixed telephony & DSL	-5	-5	108	127	-15%	112
Total RGUs	-55	-106	4,610	4,695	-2%	4,665

	Jan-Mar 2025	Jan-Mar 2024	Organic %	Full Year 2024
ASPU (SEK)
Mobile	182	178	2%	182
– Postpaid	207	208	-1%	209
– Prepaid	101	94	7%	100
Fixed	258	253	2%	256
– Fixed broadband	285	271	5%	278
– Digital TV	252	259	-3%	259
– Fixed telephony & DSL	66	78	-15%	72
Revenue (SEK million)
Mobile	1,524	1,502	1%	6,151
– Postpaid	1,331	1,295	3%	5,303
– Prepaid	193	206	-7%	848
Fixed	1,431	1,467	-2%	5,882
– Fixed broadband	818	782	5%	3,208
– Digital TV	592	656	-10%	2,568
– Fixed telephony & DSL	22	30	-28%	106
Landlord & Other	162	166	-3%	659
End-user service revenue	3,117	3,135	-1%	12,693
Operator revenue	195	191		772
Equipment revenue	406	421		2,062
Internal sales	0	0		0
Revenue	3,718	3,747	-1%	15,526

Sweden Business and Wholesale

Sweden Business delivered a slightly positive end-user service revenue growth of 1% in the quarter, as growth across our IoT and Large segments was partly offset by the Micro segment due to continued economic headwinds. Uncertainty about global geopolitics affects the corporate segment in general and also our business.

We were once again recognised in Gartner's Magic Quadrant for Managed IoT Connectivity Services Worldwide, ranking among the top 15 in the world and the top 10 in Europe.

Mobile net intake was positive with 19,000 RGUs in the quarter. Mobile enduser service revenue grew by 1% driven by IoT and RGU growth mainly in the SME and Public segments, partly offset by an IoT-related network outage.

Fixed end-user service revenue declined by 3%, confirming continued gradual stabilisation.

Equipment revenue increased slightly compared to Q1 last year due to a few larger handset deals.

Sweden Wholesale revenue decreased by 2% during the quarter due to declining sales within A2P (application to person).

Sweden Business

	Jan-Mar 2025	Jan-Mar 2024	31 March 2025	31 March 2024	Organic %	31 December 2024
RGUs (thousands)	Net intake			RGU base
Mobile (excluding IoT)
– Postpaid	19	-10	1,108	1,046	6%	1,089

	Jan-Mar 2025	Jan-Mar 2024	Organic %	Full Year 2024
ASPU (SEK)
Mobile (excluding IoT)
– Postpaid	140	146	-4%	144
Revenue (SEK million)
Mobile	588	582	1%	2,359
Fixed	173	179	-3%	705
Solutions	294	287	2%	1,162
End-user service revenue	1,055	1,048	1%	4,226
Operator revenue	22	24		96
Equipment revenue	444	434		1,716
Internal sales	1	1		4
Revenue	1,523	1,507	1%	6,041

Sweden Wholesale

SEK million	Jan-Mar 2025	Jan-Mar 2024	Organic %	Full Year 2024
Operator revenue	244	249		1,034
Equipment revenue	0	0		0
Internal sales	1	1		4
Revenue	245	250	-2%	1,039

Baltics

Lithuania

The market continued to remain competitive, with operators implementing price adjustments across segments. Tele2 announced changes early in the quarter, which took effect from March. The prepaid segment was significantly affected by the introduction of the SIM registration requirement during the quarter. We continued expanding our 5G network and enhancing quality to strengthen our value proposition.

Net intake in the quarter was positive in mobile postpaid with 3,000 RGUs. Mobile prepaid was negative with 138,000 RGUs driven by a combination of churn of inactive users, prepaid to postpaid migration, and significantly lower gross intake following the registration requirement.

Mobile ASPU increased by 8% in local currency driven by customer base mix shift towards more postpaid, successful execution of our more-for-more strategy, and price adjustments.

End-user service revenue grew by 7% in local currency driven by ASPU growth.

Underlying EBITDAaL grew by 16% in local currency driven by end-user service revenue growth, cost efficiency measures, and deferral of costs until later.

	Jan-Mar 2025	Jan-Mar 2024	31 March 2025	31 March 2024	Organic %	31 December 2024
RGUs (thousands)	Net intake				RGU base
Mobile	-135	21	1,927	2,027	-5%	2,062
– Postpaid	3	18	1,413	1,371	3%	1,410
– Prepaid	-138	3	514	656	-22%	653

	Jan-Mar 2025	Jan-Mar 2024	Organic %	Full Year 2024
ASPU (EUR)
Mobile	10.2	9.4	8%	9.6
– Postpaid	12.0	11.4	5%	11.7
– Prepaid	5.7	5.2	8%	5.3
Revenue (SEK million)
Mobile	683	643	7%	2,687
– Postpaid	572	527	9%	2,212
– Prepaid	111	116	-4%	475
Fixed	5	4	26%	17
End-user service revenue	688	647	7%	2,704
Operator revenue	33	32		133
Equipment revenue	235	276		1,172
Internal sales	17	19		76
Revenue	973	974	0%	4,086
Underlying EBITDA	499	429		1,815
Underlying EBITDAaL	467	404	16%	1,707
Underlying EBITDAaL margin	48%	41%		42%
Capex	100	137		543
Capex excluding spectrum and leases	53	87		337
Capex to sales (excluding spectrum and leases)	5%	9%		8%

Latvia

The market continued to be competitive in the quarter, particularly in terms of customer acquisitions. Mobile operators were continuously seeking to protect and aggressively increase RGU market shares. Despite headwinds, Tele2 achieved good growth also in Q1 through increased focus on new sales and win-back activities. During the quarter, we also closed down 3G and reallocated the spectrum to 5G and 4G.

Net intake in the quarter was positive in mobile postpaid with 4,000 RGUs, whereas mobile prepaid was negative with 9,000 RGUs.

End-user service revenue grew by 6% in local currency mainly driven by ASPU following price adjustments last year.

Underlying EBITDAaL grew by 10% in local currency driven by enduser service revenue growth and successful transformation focusing on efficiency.

	Jan-Mar 2025	Jan-Mar 2024	31 March 2025	31 March 2024	Organic %	31 December 2024
RGUs (thousands)	Net intake				RGU base
Mobile	-6	7	1,057	1,063	-1%	1,063
– Postpaid	4	6	851	827	3%	847
– Prepaid	-9	1	207	236	-13%	216

	Jan-Mar 2025	Jan-Mar 2024	Organic %	Full Year 2024
ASPU (EUR)
Mobile	10.0	9.5	6%	10.0
– Postpaid	11.7	11.3	4%	11.7
– Prepaid	3.3	3.2	2%	3.5
Revenue (SEK million)
Mobile	358	339	6%	1,452
– Postpaid	335	314	7%	1,343
– Prepaid	23	25	-8%	109
Fixed	3	3	-16%	11
End-user service revenue	360	342	6%	1,463
Operator revenue	20	22		91
Equipment revenue	95	107		457
Internal sales	10	10		43
Revenue	486	482	1%	2,053
Underlying EBITDA	234	214		927
Underlying EBITDAaL	217	199	10%	862
Underlying EBITDAaL margin	45%	41%		42%
Capex	56	60		305
Capex excluding spectrum and leases	49	45		239
Capex to sales (excluding spectrum and leases)	10%	9%		12%

Estonia

The market remained competitive driven by increasing demand for highspeed connectivity, digital services and customer expectations regarding reliability and innovation. In Q1, Tele2 delivered strong end-user service revenue growth and exceptional underlying EBITDAaL growth. We continue to remain the price leader with a strong brand, which has been instrumental in maintaining growth during this period of macroeconomic uncertainty and high inflation.

Net intake in the quarter was neutral in mobile postpaid and positive in mobile prepaid with 3,000 RGUs.

End-user service revenue increased by 9% in local currency mostly driven by ASPU.

Underlying EBITDAaL increased by 27% in local currency driven by end-user service revenue growth and successful cost efficiency measures including structural changes.

	Jan-Mar 2025	Jan-Mar 2024	31 March 2025	31 March 2024	Organic %	31 December 2024
RGUs (thousands)	Net intake				RGU base
Mobile	3	-1	464	454	2%	461
– Postpaid	0	3	419	415	1%	418
– Prepaid	3	-4	46	40	15%	43

	Jan-Mar 2025	Jan-Mar 2024	Organic %	Full Year 2024
ASPU (EUR)
Mobile	10.7	9.9	8%	10.4
– Postpaid	11.6	10.6	9%	11.1
– Prepaid	2.9	3.1	-6%	3.1
Revenue (SEK million)
Mobile	167	153	10%	652
– Postpaid	163	148	10%	634
– Prepaid	4	4	0%	18
Fixed	15	16	-3%	62
End-user service revenue	182	168	9%	714
Operator revenue	20	17	17%	77
Equipment revenue	33	38	-11%	173
Internal sales	4	4	-1%	16
Revenue	239	226	6%	979
Underlying EBITDA	84	67		285
Underlying EBITDAaL	62	49	27%	206
Underlying EBITDAaL margin	26%	21%		21%
Capex	38	-91		138
Capex excluding spectrum and leases	23	39		170
Capex to sales (excluding spectrum and leases)	10%	17%		17%

Other items

Risks and uncertainty factors

The present challenging macroeconomic and geopolitical environment also affects Tele2 Group and Tele2 AB, primarily through inflationary pressure and a somewhat cautious customer sentiment. Tele2 has a resilient business model, offering services that are highly valued and prioritised by our customers. In addition, we have a solid balance sheet. We are convinced that we are able to navigate through these uncertain times. Please refer to the section Enterprise risk management in the Board of Directors' report and Note 2 in Tele2's Annual and Sustainability Report 2024 for more information about Tele2's risk exposure and risk management.

Events during the quarter

8 January. Tele2 announced changes to the Group Leadership Team

Tele2 announced that Jenny Garneij, Executive Vice President People and Change, left her position effective from 8 January.

13 January. Tele2 announced changes to the Group Leadership Team

Tele2 announced that Kim Hagberg, Executive Vice President, Chief operations, left her position effective from 13 January.

5 February. Tele2 appoints Petr Cermak as new EVP Chief Commercial Officer and announced further changes to the leadership team

Tele2 announced that Petr Cermak assumes the role of EVP Chief Commercial Officer and joins Tele2's Group Leadership Team starting 10 February 2025. In addition, Charlotte Hansson, EVP Chief Financial Officer and Hendrik de Groot, EVP Chief Commercial Officer, left their positions effective from 5 February.

11 February. Tele2 recognised by CDP with 'A' score for climate change efforts for third year in a row

Tele2 announced that global environmental non-profit, CDP, has recognised Tele2 for its leadership in corporate transparency and performance on climate change by placing Tele2 on its annual 'A List' for the third year running. Based on data reported through CDP's 2024 Climate Change questionnaire, Tele2 is one of a limited number of companies that achieved an 'A' out of a ranking of more than 24,000 companies. CDP's annual environmental disclosure and scoring process is widely recognised as the gold standard in corporate environmental transparency.

28 February. Tele2 announced that the total number of votes in Tele2 has decreased

Owners of 16,666 class A shares in Tele2 have requested the conversion of these to class B shares in accordance with the reclassification provision set forth in § 5 of the Company's articles of association. As of 28 February 2025, the total number of shares in Tele2 amounts to 696,221,597 of which 9,817,997 are class A shares with ten votes each, 684,303,600 are class B shares with one vote each and 2,100,000 are class C-shares with one vote each. The total number of votes in the Company amounts to 784,583,570.

4 March. Tele2 number one in Sweden and Climbing in Global Gender Equality Ranking

Tele2 has once again been ranked as Sweden's top company for gender equality and has also secured a spot among the world's top 40 in Equileap's annual ranking. This marks the third consecutive year that Tele2 has been included in the global list, further strengthening its position this year. Equileap analyses nearly 4,000 publicly listed companies across 27 countries based on 19 criteria, including gender balance within the organisation, gender pay gaps, and policies to prevent harassment.

24 March. Tele2 Partners with Warner Bros. Discovery (WBD) to

Enhance Entertainment Offering with Global Streaming Service Max Tele2 and WBD have entered a partnership to strengthen Tele2's entertainment offerings by incorporating the renowned global streaming service Max into their service. Tele2's TV customers can enjoy an expanded selection of content through a seamless integration of Max, bringing acclaimed HBO Original series like "The White Lotus" and "The Last of Us" alongside popular local content such as "Wahlgrens World", and Tele2 content, all in one userfriendly location.

31 March. Tele2 appoints two new members to its Group Leadership Team

As of 1 April, Peter Landgren will be Executive Vice President, Group CFO and Karin Wadström Sjöstedt will be Executive Vice President, Chief People Officer.

31 March. 6 out of 10 parents worry about their children being groomed for sexual purposes online

At the same time, the number of reported cases of grooming has increased sharply. To raise awareness of the problem, ChildX and Tele2 are launching the Grooming Generator, a digital tool where the participant receives messages that resemble a real grooming conversation.

Events after the end of the first quarter 2025

14 April. Tele2 appoints new permanent member to its Group Leadership Team

As of 1 May, Ove Wik will be Executive Vice President, CTIO and a permanent member of the Group Leadership Team.

Financial calendar

Tele2 financial calendar for 2025 has been established.

13 May	Annual General Meeting 2025
17 July	Half year report 2025
21 October	Interim report Q3 2025

Auditors' review

This report has not been subject to a review by Tele2's auditors.

Stockholm, 23 April 2025 Tele2 AB (publ)

Jean Marc Harion President and Group CEO

Q1 2025 PRESENTATION

Tele2 will host a teleconference and webcast with presentation at 09:00 CEST (08:00 BST, 03:00 EDT) on Wednesday 23 April 2025. The presentation will be held in English.

Registration for the webcast and a separate registration for the teleconference will be available at www.tele2.com/investors.

This information is information that Tele2 AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 07:00 am CEST on Wednesday 23 April 2025.

Contacts Contents

Fredrik Hallstan

Head of External Communications, Phone: +46 (0) 761 15 38 30

Stefan Billing

Head of Investor Relations, Phone: +46 (0) 701 66 33 10

Tele2 AB

Company registration nr: 556410-8917 P.O. Box 62 SE–164 94 Kista, Stockholms län Sweden Tel + 46 (0) 8 5620 0060 www.tele2.com

Visit our website: www.tele2.com

Consolidated income statement Consolidated comprehensive income Condensed consolidated balance sheet Condensed consolidated cash flow statement Consolidated statement of changes in equity Parent company Notes Non-IFRS measures Other financial metrics

Consolidated income statement

SEK million	Note	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Revenue	2	7,152	7,152	29,583
Cost of services provided and equipment sold	3	-4,020	-4,137	-16,854
Gross profit		3,132	3,015	12,729
Selling expenses	3	-1,334	-1,184	-4,868
Administrative expenses	3	-561	-639	-2,280
Result from shares in associated companies and joint ventures		0	0	5
Other operating income	3	100	74	309
Other operating expenses	3	-23	-16	-78
Operating profit	3	1,315	1,250	5,817
Interest income		15	35	115
Interest expenses		-236	-298	-1,197
Other financial items		-10	11	15
Profit after financial items		1,084	998	4,749
Income tax		-209	-188	-915
Net profit, continuing operations		875	809	3,834
Net profit discontinued operations	8	0	24	36
Net profit, total operations		875	833	3,870
Continuing operations
Attributable to:
Equity holders of the parent company		875	809	3,834
Net profit, continuing operations		875	809	3,834
Earnings per share (SEK)	6	1.26	1.17	5.54
Earnings per share, after dilution (SEK)	6	1.26	1.16	5.50
Total operations
Attributable to:
Equity holders of the parent company		875	833	3,870
Net profit, total operations		875	833	3,870
Earnings per share (SEK)	6	1.26	1.20	5.59
Earnings per share, after dilution (SEK)	6	1.26	1.20	5.56

Consolidated comprehensive income

SEK million	Note	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
NET PROFIT		875	833	3,870
Components not to be reclassified to net profit
Pensions, actuarial gains/losses		70	77	43
Pensions, actuarial gains/losses, tax effect		-14	-16	-9
Components not to be reclassified to net profit/loss		56	61	34
Components that may be reclassified to net profit
Translation differences in foreign operations		-362	232	197
Translation differences in associated companies		0	1	1
Translation differences		-362	233	199
Hedge of net investments in foreign operations		265	-139	-120
Tax effect on hedge of net investments in foreign operations		-54	29	25
Hedge of net investments		210	-111	-95
Profit/loss arising on changes in fair value of hedging instruments		-13	-3	-77
Reclassified cumulative profit/loss to income statement		12	12	44
Tax effect on cash flow hedges		0	-2	7
Cash flow hedges		-1	7	-26
Components that may be reclassified to net profit/loss		-153	129	77
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX		-97	190	111
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		778	1,023	3,981
Attributable to:
Equity holders of the parent company		778	1,023	3,981
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		778	1,023	3,981

Condensed consolidated balance sheet

SEK million	Note	31 March 2025	31 March 2024	31 December 2024
ASSETS
Goodwill		29,840	29,997	29,988
Other intangible assets		10,717	12,321	11,135
Intangible assets		40,557	42,318	41,123
Property, plant & equipment		10,058	9,298	10,117
Right-of-use assets		4,255	4,012	4,071
Tangible assets		14,312	13,310	14,188
Shares in associated companies and joint ventures		3	6	4
Other financial assets	4	973	1,009	1,085
Capitalised contract costs		920	842	887
Deferred tax assets		124	93	128
Non-current assets		56,889	57,578	57,414
Inventories		876	971	838
Trade receivables		1,895	2,133	2,020
Other current receivables		3,178	3,686	3,778
Current investments		48	85	74
Cash and cash equivalents	5	1,693	4,380	317
Current assets		7,689	11,256	7,028
TOTAL ASSETS		64,579	68,833	64,442
EQUITY AND LIABILITIES
Attributable to equity holders of the parent company		22,900	23,830	22,097
Equity	6	22,900	23,830	22,097
Liabilities to financial institutions and similar liabilities	4	19,470	24,549	21,435
Lease liability		3,136	2,827	2,829
Provisions		912	947	958
Other interest-bearing liabilities		165	169	158
Interest-bearing liabilities		23,683	28,491	25,380
Deferred tax liability		3,486	3,579	3,531
Other non-interest-bearing liabilities		358	344	354
Non-interest-bearing liabilities		3,844	3,923	3,886
Non-current liabilities		27,527	32,414	29,266
Liabilities to financial institutions and similar liabilities	4	5,514	4,285	4,823
Lease liability		1,197	1,212	1,291
Provisions		339	253	96
Other interest-bearing liabilities		660	374	309
Interest-bearing liabilities		7,709	6,125	6,519
Trade payables		1,735	2,051	2,158
Other current non-interest-bearing liabilities		4,701	4,350	4,395
Non-interest-bearing liabilities		6,436	6,401	6,553
Current liabilities		14,145	12,526	13,073
Liabilities directly associated with assets classified as held for sale	8	7	62	7
TOTAL EQUITY AND LIABILITIES		64,579	68,833	64,442

Condensed consolidated cash flow statement

Total operations SEK million	Note	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Operating activities
Net profit		875	833	3,870
Adjustments for items in net profit
- Depreciation/amortisation and impairment		1,523	1,491	5,944
- Financial items		231	252	1,068
- Tax expense		209	188	915
- Other adjustments in net profit		1	6	87
Adjustments		1,964	1,938	8,013
Interest paid		-167	-206	-1,111
Taxes paid and received		3	-195	-1,141
Other financial items received		7	26	71
Total before changes in working capital		2,683	2,395	9,702
Changes in working capital		525	297	76
Cash flow from operating activities		3,208	2,692	9,778
Investing activities
Acquisitions and divestments of intangible and tangible assets		-835	-996	-3,972
Acquisitions and sales of shares and participations	7	1	-1	-38
Other financial assets, lending		25	-1	10
Cash flow from investing activities		-809	-998	-3,999
Financing activities
Proceeds from loans		47	2,034	3,650
Repayments of loans		-711	-587	-4,544
Amortisation of lease liabilities		-353	-405	-1,430
Dividend paid	6	—	—	-4,777
Cash flow from financing activities		-1,017	1,041	-7,100
Net change in cash and cash equivalents		1,382	2,736	-1,322
Cash and cash equivalents at beginning of period		317	1,634	1,634
Exchange rate differences in cash and cash equivalents		-6	10	5
Cash and cash equivalents at end of the period	5	1,693	4,380	317

Consolidated statements of changes in equity

Total operations SEK million	Note	31 March 2025
		Attributable to equity holders of the parent company
		Share capital	Other paid-in capital	Hedge reserve	Translation reserve	Retained earnings	Total equity
Equity at 1 January		870	27,378	-533	781	-6,400	22,097
Net profit		—	—	—	—	875	875
Other comprehensive income for the period, net of tax		—	—	209	-362	56	-97
Total comprehensive income for the period		—	—	209	-362	931	778
Other changes in equity
Share-based payments	6	—	—	—	—	18	18
Share-based payments, tax effect	6	—	—	—	—	7	7
Equity at end of the period		870	27,378	-323	419	-5,444	22,900

Total operations SEK million	Note	31 March 2024 Attributable to equity holders of the parent company
		Share capital	Other paid-in capital	Hedge reserve	Translation reserve	Retained earnings	Total equity
Equity at 1 January		870	27,378	-411	582	-5,640	22,780
Net profit		—	—	—	—	833	833
Other comprehensive income for the period, net of tax		—	—	-104	233	61	190
Total comprehensive income for the period		—	—	-104	233	894	1,023
Other changes in equity
Share-based payments	6	—	—	—	—	28	28
Equity at end of the period		870	27,378	-515	815	-4,718	23,830

Parent company

Condensed income statement

SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Revenue	12	14	60
Administrative expenses	-24	-28	-129
Other operating income	0	0	0
Other operating expenses	0	0	0
Operating loss	-11	-14	-68
Dividend from group company	—	—	3,800
Interest income	38	96	310
Interest expense	-224	-302	-1,166
Other financial items	264	-142	-127
Profit/loss after financial items	67	-361	2,749
Appropriations	—	—	2,806
Tax on profit/loss	-22	73	-396
Net profit/loss	44	-288	5,158

Condensed balance sheet

SEK million	Note	31 March 2025	31 March 2024	31 December 2024
ASSETS
Financial assets		70,716	76,078	71,266
Non-current assets		70,716	76,078	71,266
Current receivables		1,445	170	3,582
Current investments		48	85	74
Cash and bank		0	0	0
Current assets		1,493	255	3,655
TOTAL ASSETS		72,209	76,333	74,921
EQUITY AND LIABILITIES
Restricted equity	6	5,856	5,856	5,856
Unrestricted equity	6	34,314	33,536	34,252
Equity		40,169	39,391	40,107
Untaxed reserves		1,510	915	1,510
Interest-bearing liabilities	4	24,585	29,661	26,552
Non-current liabilities		24,585	29,661	26,552
Interest-bearing liabilities	4	5,674	6,207	6,384
Non-interest-bearing liabilities		271	159	368
Current liabilities		5,945	6,366	6,752
TOTAL EQUITY AND LIABILITIES		72,209	76,333	74,921

Notes

NOTE 1 ACCOUNTING PRINCIPLES AND DEFINITIONS

The interim financial information for the Group for the three month period ended 31 March 2025 has been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and the Swedish Annual Accounts Act. The interim financial information for the parent company has also been prepared in accordance with the Swedish Annual Accounts Act and as well as RFR 2 Reporting for legal entities and other statements issued by the Swedish Corporate Reporting Board. In all respects other than those described below, Tele2 has presented the financial statements for the period ended 31 March 2025 in accordance with the accounting policies and principles applied in the Annual and Sustainability Report 2024. The description of these principles and definitions are found in Note 1 in the Annual and Sustainability Report 2024. Disclosures as required by IAS 34 p. 16 A are presented both in the financial statements and notes as well as in other parts of the interim report.

The amendments to IFRS Accounting Standards applicable from 1 January 2025 have no effects to Tele2's financial reports for the three month period ended 31 March 2025.

NOTE 2 REVENUE AND SEGMENTS

Revenue by segment

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Sweden	5,487	5,505	22,607
Lithuania	973	974	4,086
Latvia	486	482	2,053
Estonia	239	226	979
Total including internal sales	7,185	7,187	29,726
Internal sales, elimination	-32	-34	-143
TOTAL	7,152	7,152	29,583

Internal sales

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Sweden	2	2	8
Lithuania	17	19	76
Latvia	10	10	43
Estonia	4	4	16
TOTAL	32	34	143

Revenue split by category

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Sweden Consumer
End-user service revenue	3,117	3,135	12,693
Operator revenue	195	191	772
Equipment revenue	406	421	2,062
Internal sales	0	0	0
Total	3,718	3,747	15,526
Sweden Business
End-user service revenue	1,055	1,048	4,226
Operator revenue	22	24	96
Equipment revenue	444	434	1,716
Internal sales	1	1	4
Total	1,523	1,507	6,041
Sweden Wholesale
Operator revenue	244	249	1,034
Equipment revenue	0	0	0
Internal sales	1	1	4
Total	245	250	1,039
Lithuania
End-user service revenue	688	647	2,704
Operator revenue	33	32	133
Equipment revenue	235	276	1,172
Internal sales	17	19	76
Total	973	974	4,086
Latvia
End-user service revenue	360	342	1,463
Operator revenue	20	22	91
Equipment revenue	95	107	457
Internal sales	10	10	43
Total	486	482	2,053
Estonia
End-user service revenue	182	168	714
Operator revenue	20	17	77
Equipment revenue	33	38	173
Internal sales	4	4	16
Total	239	226	979
Internal sales, elimination	-32	-34	-143
CONTINUING OPERATIONS
End-user service revenue	5,404	5,340	21,799
Operator revenue	534	536	2,201
Equipment revenue	1,215	1,276	5,582
TOTAL	7,152	7,152	29,583

Underlying EBITDAaL

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Sweden	1,963	1,899	7,837
Lithuania	467	404	1,707
Latvia	217	199	862
Estonia	62	49	206
TOTAL	2,709	2,550	10,612

NOTE 3 PROFIT AFTER FINANCIAL ITEMS

Reconciling items to reported profit after financial items

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Underlying EBITDAaL	2,709	2,550	10,612
Reversal lease depreciation and interest	416	379	1,537
Underlying EBITDA	3,125	2,928	12,149
Restructuring costs	-288	-183	-323
Disposal of non-current assets	16	-1	-22
Other items affecting comparability	-15	-3	-48
Items affecting comparability	-287	-187	-394
EBITDA	2,838	2,742	11,756
Depreciation/amortisation	-1,524	-1,492	-5,944
Result from shares in associated companies and joint ventures	0	0	5
Operating profit	1,315	1,250	5,817
Net interest and other financial items	-231	-252	-1,068
Profit after financial items	1,084	998	4,749

Restructuring costs

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Redundancy costs	-278	-148	-168
Other employee and consultancy costs	1	-5	-7
Exit of contracts and other costs	-11	-30	-148
Restructuring costs	-288	-183	-323
Reported as:
– Cost of services provided	-4	-16	-40
– Selling expenses	-216	-52	-136
– Administrative expenses	-68	-115	-147

The restructuring costs in the first quarter 2025 are largely related to the ongoing workforce reduction, primarily in Sweden.

In 2024, the restructuring costs were connected to the Strategy Execution Program in Sweden.

Disposal of non-current assets

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Sale of network equipment	22	—	—
Network equipment scrapping	-6	-3	-25
Other	0	1	3
Disposal of non-current assets1)	16	-1	-22

1) Reported as other operating income and other operating expenses.

Other items affecting comparability

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Legal disputes and settlements	—	—	32
Legacy receivable reconciliation	8	—	-34
Inventory adjustment	-25	—	-28
Legacy insurance costs	—	-5	-5
Quality assurance	2	—	-21
Other	0	3	7
Total	-15	-3	-48
Reported as:
– Cost of services provided	4	2	3
– Selling expenses	-19	0	-41
– Administrative expenses	—	-5	-10

In Q1 2025, two positive non-recurring items were recognized, related to reconciliation of legacy receivables. This was more than offset by a negative adjustment of legacy inventories of SEK 25 million in the quarter.

NOTE 4 FINANCIAL ASSETS AND LIABILITIES

Financing

SEK million	31 March 2025	31 March 2024	31 December 2024
Bonds SEK	8,795	8,792	8,794
Bonds EUR	13,935	16,935	14,749
Commercial papers	1,199	—	1,498
Financial institutions	1,055	3,108	1,217
Total liabilities to financial institutions	24,984	28,834	26,258

Average maturity and average interest rate (including derivatives) for outstanding debt to financial institutions at 31 March 2025 amounted to 3.0 years and 2.9 percent, respectively.

As of the date of this report, Tele2 has an unutilised credit facility with a syndicate of eight banks maturing in December 2029.

In 2024, Tele2 secured a new loan from the European Investment Bank of EUR 140 million to support the roll-out of the 5G network and upgrade of the 4G network in Sweden. As of 31 March, the loan remains unutilised.

Financial instruments – classification and fair values

Tele2's financial assets consist mainly of receivables from end customers, other operators and resellers as well as cash and cash equivalents. Tele2's financial liabilities consist mainly of loans, bonds, lease liabilities and trade payables. For the category "Liabilities to financial institutions" the reported value amounted on 31 March 2025 to SEK 24,984 (31 December 2024: 26,258) million and the fair value to SEK 24,879 (31 December 2024: 26,013) million.

Tele2 has derivative instruments included in assets of SEK 58 (31 December 2024: 119) million and in liabilities of SEK 523 (31 December 2024: 172) million measured at fair value (Level 2).

NOTE 5 RELATED PARTIES

Tele2's share of cash and cash equivalents in joint operations (Svenska UMTS-nät AB and Net4Mobility HB, Sweden, including subsidiaries) for which Tele2 has limited disposal rights was included in the Group's cash and cash equivalents and amounted at 31 March 2025 to SEK 70 (31 December 2024: 200) million. Other transactions with joint operations and other related parties mainly consists of the same items as prior year end and are presented in Note 33 of the Annual and Sustainability Report 2024.

NOTE 6 EQUITY, NUMBER OF SHARES AND INCENTIVE PROGRAMS

Number of shares

	31 March 2025	31 March 2024	31 December 2024
Total number of shares	696,221,597	696,221,597	696,221,597
Number of treasury shares	-3,831,770	-4,588,520	-3,831,770
Number of outstanding shares	692,389,827	691,633,077	692,389,827
Number of outstanding shares, weighted average	692,389,827	691,633,077	692,171,210
Number of shares after dilution	696,372,139	696,154,849	696,797,768
Number of shares after dilution, weighted average	696,584,953	696,199,677	696,552,645

In Q1 2025 there were no changes in shares. Changes in shares during previous year are stated in Note 23 in the Annual and Sustainability Report 2024.

Outstanding share right programs

	31 March 2025	31 March 2024	31 December 2024
LTI 2024	1,284,170	—	1,480,100
LTI 2023	1,193,769	1,590,709	1,409,183
LTI 2022	1,504,373	1,459,397	1,518,658
LTI 2021	—	1,471,666	—
Total outstanding share rights	3,982,312	4,521,772	4,407,941

The outstanding long-term incentive programs (LTI 2022, LTI 2023 and LTI 2024) are based on a similar structure, but with updated performance parameters for the LTI 2024 program, where the Tele2 Absolute TSR performance measurement was removed, and replaced with a Sustainability measurement (CDP Score). The performance measurements Cashflow and Relative TSR were kept. Additional information about the LTI programs regarding the purpose of the program, performance parameters, measurement periods, conditions and requirements are stated in Note 30 of the 2024 Annual and Sustainability Report. During the three months in 2025, the total cost including social security costs for all the programs amounted to SEK 38 (28) million.

LTI 2022

The exercise of the share rights in LTI 2022 was conditional upon the fulfilment of certain performance-based conditions. The TSR criterias (serie A and B in below table) were measured from 1 April 2022 until 31 March 2025, while operating cashflow (serie C in below table) was measured from 1 January 2022 to 31 December 2024. The outcome of these performance conditions was in accordance with below and 1,166,305 share rights are expected to be exchanged for shares in Tele2 during Q2 2025.

	Serie Performance based conditions	Minimum hurdle	Stretch hur dles (100%)	Vesting at minimum	Target fulfillment	Allotment
A	Total Shareholder Return (TSR) – Tele2	>=0%	—	100%	33.3%	100%
B	Tele2s Relative Total Shareholder Return (TSR) compared to a peer group	Median of peer group	>=10%	50%	3.8%	69%
C	Operating cash flow vs .target	>=90%	>=110%	30%	102.6%	74%

Dividend

To the Annual General Meeting (AGM) on 13 May 2025 Tele2's Board of Directors, based on the financial year 2024, proposes an ordinary dividend of SEK 6.35 per share (SEK 4.4 billion), to be paid in two tranches of SEK 3.20 in May and SEK 3.15 in October 2025. The proposed record dates are 15 May 2025 for the first tranche of the dividend and 10 October 2025 for the second tranche of the dividend. If the Annual General Meeting accepts the Board's proposal, the first tranche is expected to be paid on 20 May 2025 and the second tranche is expected to be paid on 15 October 2025.

NOTE 7 BUSINESS ACQUISITIONS AND DIVESTMENTS

Divestments of shares and participations affecting cash flow were as follows:

SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Divestments
Tele2 Croatia	—	-1	-43
T-Mobile Netherlands	—	—	5
Other minor divestments	1	—	—
Total sale of shares and participations	1	-1	-38
TOTAL CASH FLOW EFFECT	1	-1	-38

During the first quarter 2025 Tele2 sold shares in an associated company. During 2024 Tele2 paid SEK 43 million to settle a dispute related to the divested operations in Croatia. Tele2 also received an additional payment of SEK 5 million related to the divestment on T-Mobile Netherlands, that was completed in 2022.

See further information about Croatia in Note 8 discontinued operations. Information on divestments made in 2024 is provided in the Annual and Sustainability Report 2024, Note 14 and Note 32.

NOTE 8 DISCONTINUED OPERATIONS

Income statement

All discontinued operations are included below. Tele2 Croatia were divested in 2020, while Tele2 Netherlands was divested in 2019.

For Q1 2024, the positive impact of SEK 26 million was related to Tele2 Netherlands and a provision release referring to a resolved dispute.

Further information about effects in the income statement under discontinued operations in 2024 is provided in Note 32 of the Annual and Sustainability Report 2024.

Discontinued operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Profit/loss on disposal of operation including sales costs and cumulative
exchange rate gain	0	24	36
– of which Croatia	0	-2	10
– of which Netherlands	—	26	26
NET PROFIT	0	24	36
Attributable to:
Equity holders of the parent company	0	24	36
NET PROFIT	0	24	36
Earnings per share (SEK)	0.00	0.03	0.05
Earnings per share, after dilution (SEK)	0.00	0.03	0.05

Balance sheet

Liabilities associated with assets held for sale as of 31 March 2025 refer to provisions related to the divested operation in Croatia.

Discontinued operations SEK million	31 March 2025	31 March 2024	31 December 2024
LIABILITIES
Interest-bearing liabilities	3	58	3
Non-interest-bearing liabilities	4	4	4
Current liabilities	7	62	7
Liabilities directly associated with assets
classified as held for sale	7	62	7

Cash flow statement

Discontinued operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Cash flow from investing activities	—	-1	-43
Net change in cash and cash equivalents	—	-1	-43

Non-IFRS measures

This report contains certain financial measures that are not defined by IFRS but are used by Tele2 to assess the financial performance of the business. These measures are included in the report as they are considered important supplementary measures of operating performance and liquidity. They should not be considered a substitute to Tele2's financial statements prepared in accordance with IFRS. Tele2's definitions and explanations of these measures are described below, but other companies may calculate non-IFRS measures differently and these measures are therefore not always comparable to similar measures used by other companies.

EBITDA

Tele2 considers EBITDA to be a relevant measure to present profitability aligned with industry standard.

EBITDA: Operating profit/loss before depreciation/amortisation, impairment as well as results from shares in associated companies and joint ventures.

Underlying EBITDA

Tele2 considers underlying EBITDA to be a relevant measure to present in order to illustrate the profitability of the underlying business, and as these are used by management to assess the performance of the business.

Underlying EBITDA: EBITDA excluding items affecting comparability.

Items affecting comparability: Disposals of non-current assets and transactions from strategic decisions, such as capital gains and losses from sales of operations, acquisition costs, integration costs due to acquisition or merger, restructuring programs from reorganisations as well as other items that affect comparability.

Underlying EBITDAaL and underlying EBITDAaL margin

Tele2 considers underlying EBITDAaL and the related margin to be relevant measures of the business performance since underlying EBITDAaL includes the cost of leased assets (depreciation and interest), which is not included in underlying EBITDA according to IFRS 16.

Underlying EBITDAaL: Underlying EBITDA as well as lease depreciation and lease interest costs according to IFRS 16.

Underlying EBITDAaL margin: Underlying EBITDAaL in relation to revenue excluding items affecting comparability.

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Operating profit	1,315	1,250	5,817
Reversal:
Result from shares in associated companies and joint ventures	0	0	-5
Depreciation and amortisation	1,524	1,492	5,944
EBITDA	2,838	2,742	11,756
Reversal, items affecting comparability:
Restructuring costs	288	183	323
Disposal of non-current assets	-16	1	22
Other items affecting comparability	15	3	48
Total items affecting comparability	287	187	394
Underlying EBITDA	3,125	2,928	12,149
Lease depreciation	-378	-340	-1,386
Lease interest costs	-38	-39	-151
Underlying EBITDAaL	2,709	2,550	10,612
Revenue	7,152	7,152	29,583
Revenue excluding items affecting comparability	7,152	7,152	29,583
Underlying EBITDAaL margin	38%	36%	36%

Non-IFRS measures – Capex paid and capex

Tele2 considers capex paid relevant to present as it provides an indication of how much the company invests organically in intangible and tangible assets to maintain and expand its business. Tele2 believes that it is relevant to present capex to provide a view on how much Tele2 invests organically in intangible and tangible assets as well as in right-of-use assets (lease) to maintain and grow its business that is not dependent on the timing of cash payments.

Capex paid: Cash paid for the additions to intangible and tangible assets net of cash proceeds from sales of intangible and tangible assets.

Capex: Additions to intangible assets, tangible assets and right-of-use assets that are capitalised on the balance sheet.

SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Additions to intangible and tangible assets	-857	-997	-3,975
Sale of intangible and tangible assets	22	1	3
Capex paid	-835	-996	-3,972
This period's unpaid capex and reversal of paid capex from previous period	34	-18	-98
Reversal received payment of sold intangible and tangible assets	-22	-1	-3
Capex intangible and tangible assets	-823	-1,015	-4,073
Reversal spectrum	—	—	—
Capex excluding spectrum & leases	-823	-1,015	-4,073
Spectrum	—	—	—
Additions to right-of-use assets	-668	-120	-1,370
Capex	-1,491	-1,135	-5,442

Non-IFRS measures – Operating cash flow

Tele2 considers operating cash flow a relevant measure to present as it gives an indication of the profitability of the underlying business while also taking into account the investments needed to maintain and grow the business.

Operating cash flow: Underlying EBITDAaL less capex excluding spectrum and leases.

Continuing operations SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Underlying EBITDAaL	2,709	2,550	10,612
Capex excluding spectrum and leases	-823	-1,015	-4,073
Operating cash flow	1,886	1,535	6,540

Non-IFRS measures – Equity free cash flow

Tele2 considers equity free cash flow to be relevant to present as it provides a view of funds generated from operating activities that also includes investments in intangible and tangible assets. Management believes that equity free cash flow is meaningful to investors because it is the measure of the Group's funds available for acquisition related payments, dividends to shareholders, share repurchases and debt repayment.

Equity free cash flow: Cash flow from operating activities less capex paid and amortisation of lease liabilities.

Equity free cash flow per share: Equity free cash flow for the period in relation to the weighted average number of shares outstanding during the financial year

SEK million	Jan-Mar 2025	Jan-Mar 2024	Full Year 2024
Cash flow from operating activities	3,208	2,692	9,778
Capex paid	-835	-996	-3,972
Amortisation of lease liabilities	-353	-405	-1,430
Equity free cash flow (eFCF)	2,021	1,291	4,378
eFCF per share (SEK)	2.92	1.87	6.32
eFCF per share after dilution (SEK)	2.90	1.85	6.28
NUMBER OF SHARES
Number of outstanding shares, weighted average	692,389,827	691,633,077	692,171,210
Number of shares after dilution, weighted average	696,584,953	696,199,677	696,552,645

TELE2 INTERIM REPORT – FIRST QUARTER 2025

Non-IFRS measures – Net debt and economic net debt

Tele2 believes that net debt is relevant to present as it is useful to illustrate the indebtedness, financial flexibility, and capital structure. Furthermore, economic net debt is considered relevant as it excludes lease liabilities, and thereby consistently can be put in relation to underlying EBITDAaL when measuring financial leverage.

Net debt: Interest-bearing non-current and current liabilities excluding provisions, less cash and cash equivalents, current investments, restricted cash and derivative assets.

Economic net debt: Net debt excluding lease liabilities.

Total operations SEK million	31 March 2025	31 March 2024	31 December 2024
Interest-bearing non-current liabilities	23,683	28,491	25,380
Interest-bearing current liabilities	7,709	6,125	6,519
Reversal provisions	-1,251	-1,200	-1,054
Cash & cash equivalents, current investments and restricted funds	-1,743	-4,466	-392
Derivative assets	-58	-465	-119
Net debt	28,341	28,485	30,333
Reversal:
Lease liabilities	-4,333	-4,039	-4,121
Economic net debt	24,008	24,446	26,213

Non-IFRS measures – Return On Capital Employed (ROCE), rolling 12 months

ROCE is presented as it illustrates the return regardless of how investments have been financed (equity or debt). Annualised 12 month rolling EBIT and financial revenue in relation to capital employed, defined as net of average total assets, non-interest bearing liabilities and provision for asset dismantling.

Total operations SEK million	31 March 2025	31 March 2024	31 December 2024
Operating profit	5,882	5,454	5,817
Operating profit, discontinued operations	13	25	36
Financial income	95	117	115
Annualised return	5,989	5,596	5,968
in relation to
Total assets	64,579	68,833	64,442
Non-interestbearing liabilities	-10,280	-10,324	-10,439
Non-interestbearing liabilities, discontinued operation	-4	-4	-4
Provision for asset dismantling	-627	-627	-641
Capital employed, closing balance	53,668	57,878	53,358
Capital employed, average	55,773	56,9452)	54,2351)
ROCE, %	11%	10%	11%

1) Capital employed, closing balance as of 31 December 2023 was SEK 55,111 million

2) Capital employed, closing balance as of 31 March 2023 was SEK 56,012 million.

Organic

Tele2 believes that organic growth rates are relevant to present as they exclude effects from currency movements but include effects from divestments and acquisitions as if these occurred on the first day of each reporting period and are therefore providing an indication of the underlying performance.

Organic growth rates: Calculated at constant currency, meaning that comparative figures have been recalculated using the currency rates for the current period, but including effects from divestments and acquisitions as if these occurred on the first day of each reporting period.

Reconciliation of figures is presented in an Excel document (Q1-2025 financial-and-operational-data) on Tele2's website www.tele2.com.

Other financial metrics

Certain other financial metrics that are presented in this report are defined below. It is the view of Tele2 that these metrics provide valuable additional information to investors and other readers of this report.

ASPU

Average monthly spending per user for the referenced period. ASPU is calculated by dividing the monthly end-user service revenue by the average number of RGUs for the same period. The average number of RGUs is calculated as the number of RGUs on the first day in the period plus the number of RGUs on the last day of the respective period, divided by two.

Average interest rate

Annualised interest expense on loans (excluding penalty interest etc.) in relation to average interest-bearing liabilities excluding provisions, lease liabilities, debt related to equipment financing, balanced bank fees as well as adjusted for borrowings and amortisations during the period.

Capex to sales

Capex excluding spectrum and leases divided by revenue.

Earnings per share

Profit/loss for the period attributable to the parent company shareholders in relation to the weighted average number of shares outstanding during the fiscal year.

Economic net debt / Underlying EBITDAaL (financial leverage)

Economic net debt divided by underlying EBITDAaL (rolling twelve months) for all operations owned and controlled by Tele2 at the end of each reporting period.

End-user service revenue

Revenue from end-users excluding equipment revenue. End-user service revenue is presented to provide a view of revenue attached to the customers usage of services provided by the company.

Operating profit/loss (EBIT)

Revenue less operating expenses.

RGU

Revenue generating units, which refer to each service subscribed to by a unique customer. A unique customer who has several services is counted as several RGUs but one unique customer.

TSR

Total shareholder return including change in the share price and reinvested dividends.

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