Telia Company AB (publ)

Strong Q3 momentum & upgraded outlook (good/surprising): - Service revenue growth accelerated to 3.3% (from 2.8% in Q2). Strength mainly from Sweden plus TV, mission-critical and non-connectivity project revenues; Finland also benefited from lumpy non-connectivity deliveries arriving early. - EBITDA grew 2.9%; YTD EBITDA growth: 3.5%. Growth slightly slower than prior quarters, but came in stronger than expected, mainly due to lower costs. - Management upgraded full-year guidance: EBITDA growth from ~3% to 3–4%. Free cash flow outlook nudged up to ≥ SEK 9bn (from earlier levels), reflecting stronger profitability/cash generation.

Free cash flow and cash conversion remain very strong (good): - Free cash flow (Q3): SEK 3.7bn (vs SEK 2.9bn YoY), taking YTD FCF to SEK 7.8bn. - Key drivers cited for Q3 YoY increase (~SEK +0.9bn): +SEK 0.4bn EBITDA impact, ~+SEK 0.4bn CapEx cash effect (higher cash CapEx last year), plus minor positives from working capital and dividend/timing effects. - Rolling 12-month CapEx: SEK 12.6bn, below full-year outlook < SEK 13bn. - Leverage reduced to ~2.0x, bottom of target range (2.0–2.5x).

Sweden performance improving; convergence strategy deepening (good): - Sweden service revenue growth: 4.7%, supported by elevated project/non-connectivity revenues; excluding those, underlying indicated ~~4% in Q3 (timing also mentioned vs expectations). - Consumer momentum: added >100k mobile and >150k TV customers since start of last year; consumer ARPUs growing (broadband ARPU lower YoY but stabilizing/ticking up in absolute terms). - Convergence up: ~1.2m converged customers (~55%); management says each additional service reduces churn materially (stated ~50% churn reduction) and household ARPU rising ~3%.