Telia: “2025 a year of significant progress”
January 29, 2026
Telia, the Swedish multinational telco, has reported that Q4 revenue amounted to SEK 21.3 billion (€2.02bn) and increased 1.6 per cent, like for like. Service revenue increased 2.1 per cent, like for like, driven by continued strong momentum in Sweden and the Baltics.
Full year revenue amounted to SEK 81 billion and increased 1.8 per cent like for like. Service revenue increased 1.5 per cent, like for like, driven by Sweden, the Baltics and Other operations.
Telia CEO, Patrik Hofbauer, commented: “2025 was a year of significant progress for Telia. Our customers are more satisfied, and our robust and resilient offerings are more relevant than ever in today’s hyper-digital societies and complex geopolitical situation. We delivered on our EBITDA growth and cash flow targets, with consistent cost and capital discipline, and took considerable steps forward in both CAPEX efficiency and portfolio management. This puts us firmly on track to achieve our goals for 2027, including at least SEK 10 billion in free cash flow. We have momentum, and we are committed to improving performance further and addressing challenges in Finland and Norway, creating an even simpler, faster and more efficient Telia.”
Commercial progress
In Sweden, Telia delivered a record quarter, with service revenue growth of 4.8 per cent, driven largely by the consumer business. Continued strong performance in TV was accompanied by healthy growth in broadband and mobile.
For Finland, Telia reported a weak quarter, with declines in service revenue and EBITDA. These are driven by the enterprise segment, where non-connectivity revenue was lower, mainly attributed to timing effects and the ongoing closure of non-core businesses. Meanwhile, enterprise and public sector customer wins were “satisfactory”. In the consumer business, service revenue was stable in a competitive market.
In Norway, the consumer and enterprise businesses grew service revenue by 3 per cent and 5 per cent respectively, which almost fully compensated for the continued effect of last year’s loss of a major mobile wholesale contract. As Telia flagged in the previous quarter, EBITDA continued to decline, in part due to a planned increase in marketing costs, but this trend is expected to improve. At the start of 2026, Bjørn Ivar Moen joined as Head of Telia Norway.
Lithuania continued to perform strongly across all main product areas. In November, Telia opened Lithuania’s first private 5G standalone network at the port of Klaipėda, before making the technology’s cutting-edge capabilities available to consumers the following month. Construction of a state-of-the-art data center near Vilnius has begun, which will support flexible sovereign cloud and communications services.
Estonia delivered modest growth, with positive contributions from all main product areas and with rising customer satisfaction among both consumers and businesses. The new Telia Shield security service was well-received in the market and took center stage in the quarter’s campaigns.
Looking ahead
One-and-a-half years into our mid-term plan, Telia said it is “executing well and delivering what we have said”. As a result, the Board of Directors has resolved to propose an increase in our dividend to SEK 2.05 per share (2.00), in line with the stated ambition in its dividend policy of a low- to mid-single-digit annual increase. For the coming year, Telia noted it is focused on continuing to meet expectations and the evolving needs of customers, while “improving constantly in everything we do”. The 2026 outlook is around 2 per cent growth in service revenue, around 3 per cent in EBITDA and free cash flow of around SEK 9 billion.
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