Telia has reported revenue of SEK 19.8 billion for Q2-2025 against SEK 20.2 billion in Q2-2024, driven by strong service growth in Sweden and the Baltics, offset partly by declines in Norway and Finland.
Adjusted EBITDA rose 6.2 percent to SEK 8.0 billion, supported by cost efficiencies stemming from the Change program launched in late 2024.
Telia CEO Patrik Hofbauer said: “Operational momentum is healthy in Sweden and the Baltics, customer satisfaction is improving, and cost efficiencies are materializing across the group as a result of last year’s change program. We are taking measures to improve revenue trends in Norway and Finland.”
Telia said capital expenditure (Capex) excluding spectrum and leases decreased to SEK 3.0 billion from SEK 3.5 billion in Q2 2024, with reductions across Finland, Norway, and Other operations.
Free cash flow improved to SEK 2.3 billion, up from SEK 1.9 billion, reflecting lower investment levels and better operating performance.
Telia added approximately 19,000 mobile postpaid, 8,000 broadband, and 11,000 TV customers in Sweden, while its Baltic markets also showed growth in mobile subscriptions. Conversely, postpaid mobile bases in Finland and Norway shrank by 35,000 and 2,000, respectively, due to contract losses and market pressure.
Strategically, Telia is focusing on strengthening core markets, improving operational efficiency, managing its asset portfolio through divestments and acquisitions, and positioning for convergence-led growth.
The company reiterated its 2025 outlook for around 2 percent service revenue growth, at least 5 percent EBITDA growth, capex under SEK 14 billion, and free cash flow near SEK 7.5 billion.
ARPU
Telia’s ARPU (Average Revenue Per User) trends in Q2 2025 showed a mixed picture across its markets. In Sweden, mobile postpaid ARPU remained flat at SEK 240, while broadband and TV ARPUs rose modestly by 1.1 percent and 5.3 percent respectively. Finland saw more positive ARPU developments with mobile postpaid ARPU up 4.0 percent to EUR 19.6, broadband up 1.9 percent, and TV slightly down by 1.2 percent. In Norway, ARPU trends were uneven: mobile postpaid ARPU grew 2.9 percent to NOK 285, but broadband and TV ARPUs declined by 4.5 percent and 6.9 percent respectively. Lithuania recorded solid growth with mobile ARPU up 2.5 percent, broadband up 6.5 percent, and TV up 6.8 percent. Estonia’s ARPU was stable for mobile, and grew by 2.1 percent and 2.7 percent for broadband and TV respectively. In Latvia, mobile postpaid ARPU rose by 4.5 percent to EUR 15.2, contributing to strong service revenue performance. These trends indicate that while Telia faced challenges in some markets, particularly in Norway’s fixed services, ARPU gains in the Baltics and Finland helped support revenue stability overall.
Capex
Telia’s CAPEX trends across its markets in Q2 2025 reflect a focused approach to investment efficiency and cost discipline. In Sweden, CAPEX excluding spectrum and leases declined by 2.9 percent to SEK 1,143 million, reflecting optimization efforts despite ongoing network and service enhancements. Finland recorded a significant 21.4 percent reduction in CAPEX to SEK 325 million, driven by a lower investment level amid ongoing cost controls. In Norway, CAPEX dropped 17.4 percent to SEK 478 million as the company restructured its fixed services and adjusted spending accordingly. Lithuania, in contrast, saw a CAPEX increase of 19.6 percent to SEK 145 million, reflecting investments in 5G standalone network trials and digital initiatives. Estonia reduced its CAPEX by 28.0 percent to SEK 111 million, continuing a trend of disciplined capital spending. In Latvia (part of Other operations), CAPEX declined 19.3 percent to SEK 142 million, while Telia Towers’ CAPEX also fell by 12.8 percent to SEK 82 million. Overall, Telia’s total CAPEX footprint shows a strategic shift toward selective investment, prioritizing efficiency and modernization in key growth areas while cutting back in markets facing commercial or structural headwinds.
Baburajan Kizhakedath
