Stockholm, Sweden – Tele2 AB (“Tele2”) (Nasdaq Stockholm: TEL2 A and TEL2 B) today announces its consolidated results for the first quarter 2023.

Highlights

• End-user service revenue of SEK 5.1 billion increased by 4% organically compared to Q1 2022 due to strong performance in the Baltics and Sweden B2B. Total revenue of SEK 7.0 billion increased by 3% organically compared to Q1 2022.
• Underlying EBITDAaL of SEK 2.5 billion remained unchanged organically compared to Q1 2022 as end-user service revenue growth and cost savings related to the Business Transformation Program were offset by inflation pressures.
• Profit after financial items (EBT) of SEK 1.1 (2.7) billion in Q1 2023. The decline is mainly related to the capital gain of SEK 1.6 billion from the T-Mobile Netherlands divestment in Q1 2022.
• Net profit from total operations of SEK 0.8 (2.5) billion and earnings per share of SEK 1.23 (3.59).
• Equity free cash flow of SEK 1.1 (0.9) billion. Over the last twelve months, SEK 3.7 billion was generated, equivalent to approximately SEK 5.30 per share.
• Full-year 2023 and mid-term financial guidance is reiterated.

Comment from Kjell Johnsen, President and Group CEO of Tele2

“This year is an important one for Tele2. We aim to build Sweden’s best 5G network, while also executing on an IT transformation that will improve every step of the digital customer journey and experience.

 While building for the future, it is of essence to keep our growth momentum here and now. Hence, I’m pleased to see Tele2’s overall growth in Q1, mainly driven by Sweden B2B and the Baltics. On the consumer side we have taken actions in Q1 to address the inflationary pressure and consequences of higher interest rates, and it will contribute to the revenues as the year progresses.”