Telia reported revenue of SEK 21.3 billion in Q3 2026, up 7.3 percent, supported by growth in Sweden, Norway and the Baltic markets. The Nordic telecom operator also delivered stronger profitability, increased free cash flow and expanded its broadband customer base while accelerating investments in 5G, fiber, artificial intelligence and digital services.
Telia’s service revenue reached SEK 18.02 billion, increasing 3.3 percent, while adjusted EBITDA rose 2.9 percent to SEK 8.87 billion.
Operating income increased to SEK 4.38 billion from SEK 4.01 billion, while total net profit climbed 14.2 percent to SEK 2.91 billion.
The company upgraded its 2026 financial outlook, reflecting stronger operational performance and cost efficiency.
Telia Q3 2026 Financial Performance
| Financial indicator | Q3 2026 | Q3 2025 |
| Revenue | SEK 21.31 bn | SEK 19.86 bn |
| Service revenue | SEK 18.02 bn | SEK 16.94 bn |
| Adjusted EBITDA | SEK 8.87 bn | SEK 8.46 bn |
| Operating income | SEK 4.38 bn | SEK 4.01 bn |
| Net profit | SEK 2.91 bn | SEK 2.54 bn |
| Adjusted EBITDA margin | 41.6% | 42.6% |
| CAPEX* | SEK 2.87 bn | SEK 2.79 bn |
| Free cash flow | SEK 3.73 bn | SEK 2.87 bn |
CAPEX excludes spectrum, leases and non-organic assets.
For January–September 2026, Telia generated SEK 61.98 billion in revenue, compared with SEK 59.68 billion a year earlier.
Nine-month adjusted EBITDA increased to SEK 25.19 billion, while free cash flow improved to SEK 7.85 billion from SEK 6.89 billion.
Telia Sweden Revenue Reaches SEK 9.61 Billion
Sweden remained Telia’s largest market, generating SEK 9.61 billion in quarterly revenue, with growth of 5.8 percent.
Service revenue increased 4.7 percent to SEK 8.55 billion, driven by mobile services, television, broadband and enterprise solutions.
Adjusted EBITDA increased 2.1 percent to SEK 3.91 billion.
Sweden’s business solutions revenue reached SEK 1.08 billion, supported by 15.9 percent growth. TV revenue rose 16.3 percent to SEK 1.01 billion.
Telia’s Swedish mobile postpaid customer base reached 3.965 million, increasing by 85,000 year over year.
Broadband subscriptions rose 38.3 percent to 1.958 million, largely reflecting the consolidation of Bredband2, acquired earlier in 2026.
TV subscriptions increased 8.7 percent to 1.278 million.
The acquisition of Bredband2 strengthened Telia’s position in the Swedish fixed broadband market and created opportunities to cross-sell mobile, broadband and entertainment services.
Telia Revenue Performance Across Nordic and Baltic Markets
| Market | Q3 revenue | Service revenue growth* | Adjusted EBITDA |
| Sweden | SEK 9.61 bn | +4.7% | SEK 3.91 bn |
| Finland | SEK 3.74 bn | −0.2% | SEK 1.29 bn |
| Norway | SEK 3.63 bn | +1.8% | SEK 1.69 bn |
| Lithuania | SEK 1.52 bn | +6.4% | SEK 627 mn |
| Estonia | SEK 1.08 bn | +2.8% | SEK 464 mn |
growth.
Lithuania delivered strong service revenue growth of 6.4 percent, supported by higher mobile ARPU, business solutions and broadband demand.
Norway’s service revenue increased 1.8 percent, driven by fixed broadband and TV services.
Finland remained challenging, with mobile service revenue declining 3.9 percent, although broadband revenue increased 5.1 percent.
Estonia’s mobile service revenue increased 6.3 percent, supported by subscriber growth and higher ARPU.
Telia Mobile, Broadband and TV Subscriber Performance
Telia continued expanding its customer base in selected markets, although competition affected mobile subscriber growth in Finland and Norway.
| Market | Mobile postpaid subscribers | Broadband subscribers | TV subscribers |
| Sweden | 3.965 mn | 1.958 mn | 1.278 mn |
| Finland | 2.390 mn | 623,000 | 672,000 |
| Norway | 1.831 mn | 475,000 | 448,000 |
| Lithuania | 1.114 mn | 404,000 | 253,000 |
| Estonia | 680,000 | 261,000 | 172,000 |
Mobile postpaid subscriptions exclude machine-to-machine connections.
Across these five markets, Telia had approximately 9.98 million mobile postpaid subscribers, 3.72 million broadband subscriptions and 2.82 million TV subscriptions at the end of September 2026.
These figures exclude Latvia and other customer categories, including prepaid and M2M connections.
Telia ARPU: Norway and Baltic Markets Deliver Growth
Average revenue per user (ARPU) trends were mixed across Telia’s operations.
| Market | Mobile postpaid ARPU | YoY change |
| Sweden | SEK 237 | −1.2% |
| Finland | €19.4 | −1.1% |
| Norway | NOK 303 | +2.8% |
| Lithuania | €13.6 | +4.6% |
| Estonia | €13.3 | +5.0% |
| Latvia | €15.8 | +0.7% |
Norway recorded 9.4 percent growth in broadband ARPU to NOK 275, while TV ARPU increased 10.2 percent to NOK 317.
In Sweden, broadband ARPU declined 7.8 percent to SEK 322, reflecting changes in the customer mix following the Bredband2 acquisition.
Higher ARPU in Lithuania and Estonia supported mobile service revenue growth, demonstrating the importance of pricing and premium services in mature telecom markets.
Telia CAPEX Reaches SEK 2.87 Billion: Focus on 5G, Fiber and Network Reliability
Telia invested SEK 2.87 billion in capital expenditure during Q3 2026, compared with SEK 2.79 billion a year earlier.
For the first nine months, CAPEX declined to SEK 8.36 billion from SEK 8.59 billion, reflecting capital discipline and investment prioritization.
Telia continues expanding its 5G mobile network capabilities while improving network resilience, coverage and capacity.
In Estonia, Telia achieved 99 percent 5G population coverage, highlighting progress in next-generation mobile connectivity.
In Finland, Telia participated in a 6G defense research program led by the University of Oulu. It also demonstrated remote operation of a Patria armored vehicle from Japan using a secure 5G connection.
These developments illustrate emerging opportunities for telecom operators in defense communications, remote operations and mission-critical connectivity.
Telia Fiber and Broadband Strategy
Fiber broadband remains an important component of Telia’s growth strategy, particularly in Sweden, Finland and Norway.
The Bredband2 acquisition expanded Telia’s Swedish broadband customer base and strengthened its position in the value-oriented broadband segment.
In Finland, Telia’s co-owned fiber company Valokuitunen supported fixed broadband customer acquisition despite intense competition in mobile services.
In Norway, Telia signed an agreement to acquire approximately 6,000 fiber customers from GlobalConnect, with completion expected in Q4 2026.
Telia also finalized significant elements of its radio access network partnership with Norwegian telecom operator ice, targeting operational benefits and improved network efficiency. Operations are expected to begin in early 2027, subject to regulatory discussions.
These initiatives are part of Telia’s strategy to strengthen fixed-mobile convergence and increase customer retention.
Telia AI Adoption Reaches More Than 70% of Workforce
Artificial intelligence is becoming an important component of Telia’s operational efficiency strategy.
More than 70 percent of Telia’s workforce uses AI in daily activities, supporting sales, customer engagement, software development, network analysis and customer service.
Telia is deploying AI to identify new sales opportunities, develop more relevant customer offerings and accelerate software engineering.
In Estonia, Telia introduced an AI-powered customer service assistant that has already reduced customer query response times.
The company is also expanding commercial 5G standalone capabilities across its markets, supporting future digital services and enterprise connectivity opportunities.
Telia has not disclosed separate AI revenue, AI-related cost savings or the total financial investment in its AI initiatives.
Telia Enterprise and Digital Services Contracts
Telia secured several important enterprise and government contracts during the quarter and immediately afterward.
In Sweden, Telia was selected as the lead partner and radio access network supplier for the country’s new nationwide emergency communication network.
In Lithuania, Telia secured a contract to provide critical communications, connectivity and cybersecurity infrastructure for the country’s Presidency of the Council of the European Union in 2027.
In Norway, Telia signed an agreement with Thon Gruppen to provide approximately 1,500 mobile subscriptions, energy optimization solutions and elevator connectivity across commercial properties.
Telia strengthened its digital security portfolio through Enhanced Caller ID, mobile DNS firewall services and consumer cybersecurity offerings.
In Sweden, Telia agreed to divest its ACE contact center software platform to LeadDesk while maintaining a strategic partnership to offer the service to enterprise customers.
In Finland, Telia transferred enterprise cloud and capacity services to CGI, together with approximately 250 employees, supporting its focus on core connectivity operations.
These developments highlight Telia’s growing emphasis on enterprise connectivity and digital security services.
Telia Restructuring Targets SEK 1 Billion in Annual Savings
Telia announced plans in October 2026 to reduce approximately 900 positions across the organization as part of a broader strategy to simplify operations.
The restructuring aims to generate SEK 1 billion in annual gross savings, with full financial benefits expected from 2028.
The strategy involves giving country operations greater responsibility, reducing organizational complexity and improving efficiency.
Telia is also continuing to evaluate its asset portfolio, including the proposed divestment of its interests in Latvian operators Tet and LMT.
The company expects operational simplification, AI adoption and network modernization to support future profitability.
Telia Upgrades 2026 EBITDA and Cash Flow Outlook
Following its Q3 performance, Telia upgraded its full-year financial guidance.
The company now expects adjusted EBITDA growth of 3–4 percent, compared with its previous forecast of approximately 3 percent.
Free cash flow is expected to reach at least SEK 9 billion, compared with the previous outlook of around SEK 9 billion.
Telia maintained its full-year CAPEX guidance below SEK 13 billion, excluding spectrum, leases and non-organic assets.
Its medium-term financial ambitions include 2 percent annual service revenue growth and 4 percent annual adjusted EBITDA growth during 2025–2027.
Telia is targeting free cash flow above SEK 10 billion by 2027.
The operator’s stronger financial performance, growing broadband business, AI adoption and planned cost savings provide a foundation for improving profitability despite competitive pressure in mature Nordic telecom markets.
BABURAJAN KIZHAKEDATH
