Tele2 has reported solid financial and operational performance for the second quarter of 2026, with total revenue increasing 2.0 percent organically to SEK 7.392 billion from SEK 7.256 billion a year earlier. End-user service revenue grew 2.4 percent to SEK 5.644 billion, while first-half revenue reached SEK 14.637 billion, representing 2.2 percent organic growth. Mobile revenue increased 1 percent to SEK 1.585 billion, fixed revenue remained stable at SEK 1.450 billion, operator revenue climbed 9 percent to SEK 600 million, and equipment revenue declined 3 percent to SEK 1.147 billion.
President and Group CEO Nicholas Hogberg said the company remains on track to achieve its full-year guidance despite tougher comparisons expected in the second half of the year and continuing macroeconomic uncertainties. He said Tele2 will focus on improving customer loyalty, delivering sustainable growth, operating a leaner organization and maintaining strict cost discipline in an increasingly competitive market.
Tele2 continued to improve customer spending across key markets. In Sweden Consumer, mobile ASPU increased 2 percent to SEK 193, fixed ASPU rose 2 percent to SEK 268, while digital TV ASPU grew 4 percent to SEK 267. Sweden Business recorded a 3 percent decline in mobile postpaid ASPU to SEK 137. In the Baltics, pricing initiatives and customer migration toward higher-value postpaid services lifted spending levels. Lithuania’s mobile ASPU increased 8 percent to EUR 11.8, with postpaid ASPU rising 5 percent to EUR 13.1, while Latvia reported mobile ASPU of EUR 11.1, up 7 percent, and postpaid ASPU of EUR 12.5, up 4 percent.
Subscriber trends remained mixed across markets. Sweden Consumer ended the quarter with 4.54 million RGUs, down 1 percent, including 2.737 million mobile RGUs. The company added 13,000 mobile postpaid subscribers, while fixed broadband recorded a net loss of 8,000 customers. Digital TV added 5,000 subscribers during the quarter. Sweden Business delivered 15,000 mobile postpaid net additions, increasing its mobile subscriber base to 1.153 million. In Lithuania, the mobile subscriber base reached 1.901 million, supported by 2,000 postpaid net additions, while Latvia maintained 1.051 million mobile subscribers and added 8,000 postpaid customers.
Tele2 maintained strong operational efficiency through disciplined cost management. Underlying EBITDAaL increased 3.9 percent organically to SEK 2.973 billion during the second quarter, while first-half underlying EBITDAaL reached SEK 5.957 billion, representing 7.5 percent organic growth. The improvement was driven by higher end-user service revenue, continued cost control, organizational simplification and ongoing optimization initiatives. Items affecting comparability totaled SEK -69 million, mainly related to workforce restructuring costs.
The operator also reduced capital expenditure while maintaining investment in strategic infrastructure. Capex excluding spectrum and leases declined 26 percent to SEK 665 million from SEK 899 million, while first-half capex fell to SEK 1.253 billion from SEK 1.722 billion. The capex-to-sales ratio improved to 9 percent from 12 percent as lower 5G rollout activity, delayed hardware deliveries and workforce reductions reduced spending. Spectrum payments amounted to SEK 25 million during the quarter and SEK 144 million in the first half, covering Swedish and Lithuanian spectrum investments.
Tele2 said it remains disciplined in capital allocation while investing in long-term growth. Key priorities include maintaining low capital intensity, expanding its retail footprint with three new stores opened in Sweden during the quarter, strengthening 5G network quality, acquiring additional spectrum in Lithuania and investing in sovereign cloud infrastructure through its partnership with Scaleway.
Digital services continued to support revenue growth. Digital TV revenue increased 4 percent in Sweden, while Tele2 expanded the availability of 2.5 Gbps broadband services. Sweden Business continued to grow its network solutions and cloud services portfolio. The company also launched a hybrid sovereign cloud platform combining Scaleway’s public cloud infrastructure with Tele2’s private cloud capabilities, securing its first major enterprise customer shortly after launch.
Artificial intelligence remained a key pillar of Tele2’s transformation strategy. The company is deploying AI, analytics and automation to improve customer service, support and retention while enhancing operational efficiency. Through its partnership with Scaleway, Tele2 is delivering sovereign cloud and AI solutions for Swedish enterprise customers, enabling secure AI workloads and cloud services designed to meet growing demand for European digital sovereignty.
BABURAJAN KIZHAKEDATH
