Tele2 issues interim report for the third quarter 2023

Stockholm – Tele2 AB ("Tele2") (Nasdaq Stockholm: TEL2 A and TEL2 B) today reports its consolidated results for the third quarter of 2023.

  • Service revenue from end customers of SEK 5.4 billion increased by 3% compared to Q3 2022 on an organic basis thanks to strong development in the Baltics and the Swedish corporate operations. Net sales of SEK 7.3 billion were unchanged compared to Q3 2022 on an organic basis.
  • Underlying EBITDAaL of SEK 2.8 billion increased by 3% compared to Q3 2022 on an organic basis as a result of higher service revenues from end customers and cost savings related to the transformation program. The increase was partly weighed down by inflationary pressure.
  • Profit after financial items (EBT) of SEK 1.3 (1.2) billion in Q3 2023.
  • The period's profit for the total business amounted to SEK 1.1 (1.0) billion, corresponding to a profit per share of SEK 1.54 (1.44).
  • Free cash flow to equity of SEK 1.9 (1.3) billion. During the past twelve months, SEK 4.6 billion has been generated, corresponding to approximately SEK 6.70 per share.
  • Important spectrum acquired in Sweden through the jointly owned network company Net4Mobility. Tele2's share of the purchase price amounts to SEK 0.7 billion.
  • The financial guidance for the full year 2023 and the medium-term ambition are repeated.

Comment from Kjell Johnsen, President and CEO at Tele2 “
As we entered Q3, Tele2 continued to focus on growth and I am pleased to be able to report another good quarter for our business. With a growth of 3%, we deliver growth in service revenue for the tenth quarter in a row. As we gradually leave previous technical limitations behind us, we see a positive development of customer loyalty and lower customer churn for Tele2's brand in Sweden."

"In September, a lot of attention was directed towards the important spectrum auctions in Sweden. Tele2 secured important spectrum in all offered bands and I am particularly pleased to see that Tele2's capital efficiency enables us to pro forma absorb the spectrum cost which will be paid in two installments in October 2023 and Q4 2025, while maintaining a low financial indebtedness.”

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