TeliaTELIA
Telia Company sells mobile, broadband and TV to households and companies in Sweden, Finland, Norway, Denmark and the Baltic countries. The TV and media business has been reported as discontinued since 2025.
Telia had revenue of SEK 81.0bn in 2025. That is 2% less a year since 2020.
Subscriptions bring stable monthly income, but the networks need large investment every year. What decides the value is free cash flow after investment, and most of it is paid out to shareholders.
Latest report: January–September 2026, continuing operations
| Now | Year before | |
|---|---|---|
| Revenue | SEK 61,980m | SEK 59,682m |
| Service revenue | SEK 52,993m | SEK 50,776m |
| Adjusted EBITDA | SEK 25,192m, 40.6% | SEK 24,227m, 40.6% |
| Operating income | SEK 11,173m | SEK 10,964m |
| Earnings per share, total | SEK 1.68 | SEK 1.23 |
| Free cash flow | SEK 7,848m | SEK 6,885m |
| CAPEX excl. spectrum and leases | SEK 8,362m | SEK 8,590m |
Source: Telia Company, Interim report January–September 2026, p. 2. Interim reports are not filed in ESEF, so these figures are read by hand from the report.
Revenue from the group income statement in the annual report (ESEF). Growth is the average annual change.
Of every 100 in sales, 13 became operating profit in 2025. Over the period it has ranged from −20 to 17.
| Year | Revenue | Operating profit | Margin | Net profit | Operating cash flow | Cash conversion |
|---|---|---|---|---|---|---|
| 2020 | SEK 89.2bn | −SEK 17.9bn | −20.0% | −SEK 23.0bn | SEK 28.6bn | – |
| 2021 | SEK 88.3bn | SEK 15.2bn | 17.2% | SEK 11.7bn | SEK 27.4bn | 234% |
| 2022 | SEK 85.6bn | −SEK 9.2bn | −10.8% | −SEK 14.6bn | SEK 24.0bn | – |
| 2023 | SEK 88.6bn | SEK 5.0bn | 5.6% | SEK 303m | SEK 24.7bn | 8142% |
| 2024 | SEK 81.0bn | SEK 10.8bn | 13.4% | SEK 7.1bn | SEK 21.2bn | 299% |
| 2025 | SEK 81.0bn | SEK 10.4bn | 12.9% | SEK 3.5bn | SEK 27.6bn | 783% |
On average, 2365% of profit arrived as cash over the period.
Operating margin = operating profit divided by revenue. Cash conversion = cash flow from operations divided by net profit.
Earnings per share went from −SEK 5.62 in 2020 to SEK 0.90 in 2025. Dividends took 78% of owner earnings over the last 5 years.
| Year | Owner earnings | Dividends | EPS | DPS | Shares |
|---|---|---|---|---|---|
| 2020 | SEK 15.1bn | SEK 10.0bn | −SEK 5.62 | SEK 2.45 | 4,091m |
| 2021 | SEK 11.7bn | SEK 8.2bn | SEK 2.86 | SEK 2.00 | 4,084m |
| 2022 | SEK 8.1bn | SEK 8.3bn | −SEK 3.63 | SEK 2.05 | 4,033m |
| 2023 | SEK 9.2bn | SEK 5.9bn | SEK 0.08 | SEK 1.56 | 3,788m |
| 2024 | SEK 7.3bn | SEK 7.9bn | SEK 1.80 | SEK 2.00 | 3,933m |
| 2025 | SEK 12.6bn | SEK 7.9bn | SEK 0.90 | SEK 2.01 | 3,917m |
The share count has fallen 0.9% a year, so each share owns a little more of the company every year.
Owner earnings = cash flow from operations, minus investment in tangible and intangible assets, minus lease repayments. Share count is derived as net profit divided by earnings per share.
Return on capital employed was 7% after tax in 2025. Net debt is SEK 61.7bn, 2.2 times operating profit before depreciation.
Return on capital employed has ranged from 7% to 7% after tax over the period.
Net debt was SEK 61.7bn at the end of 2025, on Telia's own measure, which treats half of the hybrid capital as equity and includes lease liabilities.
Competitive advantages, our assessment
Return on capital employed = operating profit after 20.6% Swedish tax, divided by equity plus net debt at year end.
Today's price needs owner earnings to grow 9% a year for ten years. Revenue has grown −2% a year.
| Required return | Growth needed |
|---|---|
| 8% | 7% |
| 9% | 9% |
| 10% | 11% |
Market value SEK 189bn, enterprise value SEK 251bn. Base: owner earnings of SEK 9.7bn a year on average over the last three years, an owner earnings yield of 3.9%.
Reverse discounted cash flow. Enterprise value = market value plus net debt. The base is average owner earnings over the last three years. Required return 9%, 10 years, then 2.5% growth.
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Where every number comes from
| Item | Amount | Period | Source |
|---|---|---|---|
| Revenue | SEK 81.0bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:Revenue |
| Operating profit | SEK 10.4bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossFromOperatingActivities |
| Net profit, owners | SEK 3.5bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossAttributableToOwnersOfParent |
| Cash flow from operations | SEK 27.6bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashFlowsFromUsedInOperatingActivities |
| Equity | SEK 51.1bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:EquityAttributableToOwnersOfParent |
| Cash | SEK 11.5bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:CashAndCashEquivalents |
| Net debt | SEK 61,749m | 2025-12-31 | Interim report January–September 2026, p. 14 |
| Net debt | SEK 65,614m | 2026-09-30 | Interim report January–September 2026, p. 14 |
The figures come from the company's annual reports in the machine-readable ESEF format, via filings.xbrl.org and the Swedish financial regulator. The latest filing wins, so restated comparatives replace the originals. Anything not tagged in ESEF is given with its source and page.
General analysis and educational material, not personal investment advice and not a recommendation to buy or sell. The figures are mechanical and can be rebuilt from the company's public reports; the text is the author's judgement. Author's position in Telia: not disclosed. Data to 2025-12-31, price as of 2026-10-23.