Telia Company AB (TELIA) AI Stock Analysis

• Market Cap: kr179.95B
• Dividend Yield: 5.14%
• Average Volume (3M): 6.10M
• Price to Earnings (P/E): 30.6
• Beta (1Y): 0.13
• Revenue Growth: -5.76%
• EPS Growth: -10.05%
• Country: SE
• Employees: 15,040
• Sector: Communication Services
• Sector Strength: 97
• Industry: Telecommunications Services
• EPS (TTM): -0.33
• Shares Outstanding: 3,932,109,400
• 10 Day Avg. Volume: 4,937,340
• 30 Day Avg. Volume: 6,099,907
• PEG Ratio: -1.08
• Price to Book (P/B): 3.03
• Price to Sales (P/S): 1.91
• P/FCF Ratio: 12.27
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: kr43.79
• Price Target Upside: -4.73% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 2.2
• Revenue Forecast (FY): kr81.19B

• Rating: 54 Neutral
• Price Target: kr47.00 ▲(2.26% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is primarily driven by mixed financial performance: improving profitability and solid operating cash flow, but a steep 2025 revenue drop and still-elevated leverage. Technicals are supportive due to a strong uptrend, though overbought signals add near-term risk. Valuation further limits the score given the high P/E, despite the attractive dividend yield.

Positive Factors

Strong operating cash generation

Consistently strong operating cash flow (OCF) provides durable internal funding for network investment, dividends and debt servicing. Over a 2–6 month horizon this cash generation supports strategic flexibility, helps absorb cyclical revenue dips and enables prioritized capex without immediate external financing.

Diversified service revenue mix

A broad revenue base across mobile, fixed, broadband, TV and enterprise value-added services reduces dependency on any single market segment. This diversification supports more stable cash flows, cross-sell synergies and resilience to demand shifts across consumer and business customers over the medium term.

Recovered profitability with high EBITDA margins

High EBITDA margins relative to peers indicate structural operating efficiency and pricing power in core networks and services. Even with recent revenue headwinds, margin recovery shows cost discipline and scalable operations, supporting sustainable cash flow generation and investment capacity over coming quarters.

Negative Factors

Elevated leverage

A debt-to-equity ratio above historical comfort limits constrains financial flexibility and raises interest cost sensitivity. Elevated leverage reduces room for large strategic moves, increases refinancing risk and can pressure ratings or dividend policy if operating cash flow weakens over the next several quarters.

Sharp 2025 revenue decline

A sudden >20% revenue drop is a structural concern rather than transitory noise: it pressures margins, weakens pricing leverage and may reflect lost contracts, lower subscriber volumes or adverse mix. Recovery often takes multiple quarters, limiting near-term growth visibility and strategic optionality.

Volatile returns and income history

Inconsistent ROE and episodic negative earnings indicate earnings quality and execution variability. This volatility complicates capital allocation decisions and makes future cash conversion and shareholder returns less predictable, elevating execution risk over the medium term.

Telia Company AB Business Overview & Revenue Model

Company Description

Telia Company AB (publ) provides communication services in Sweden, Finland, Norway, Denmark, Lithuania, Estonia, and Latvia. The company offers mobile, broadband, television, and fixed-line services to businesses, individuals, families, and communities. It provides networking, cloud and security, mobility, enterprise mobile network, contact center, managed mobility services, collaboration solutions, enterprise telephony, Internet of Things (IoT), carrier ethernet, dedicated internet access, wavelengths, IP Transit, dark fiber, colocation, and IoT connectivity solutions, as well as broadcasting and content production services, and customer financing services. The company markets its products and services under the Telia, halebop, Fello, TV4, C More, MTV, MyCall, OneCall, Phonero, Call me, Mit tele, Diil, Lmt Okarte, Telia Latvija, Cloudy, Tet, and Ezys brands for logistics, public transport, manufacturing, retail, utilities, building, and public sector industries. It has 18.1 million mobile subscriptions, 1.0 million fixed telephony subscriptions, 2.9 fixed million broadband subscriptions, and 3.4 million TV subscriptions. The company was formerly known as TeliaSonera AB (publ) and changed its name to Telia Company AB (publ) in April 2016. Telia Company AB (publ) was founded in 1853 and is headquartered in Solna, Sweden.

How the Company Makes Money

Telia generates revenue through multiple key streams, primarily from mobile services, fixed-line telephony, broadband, and digital TV subscriptions. Mobile services, including voice and data plans, contribute significantly to its income, bolstered by a large customer base across its operating regions. Fixed-line services provide steady revenue from both residential and business customers, while broadband subscriptions capitalize on the growing demand for high-speed internet access. Additionally, Telia earns money from value-added services such as cloud computing, cybersecurity solutions, and IoT (Internet of Things) applications for businesses. Strategic partnerships with technology providers and content distributors further enhance its offerings, driving additional revenue through bundled services and promotional packages. Overall, Telia's diversified service portfolio and focus on innovation play a crucial role in its financial performance.

Telia Company AB Financial Statement Overview

Summary

Profitability has recovered versus the 2020–2022 loss years and operating cash flow remains strong, but 2025 shows a sharp revenue decline (-21.6%), margin compression, and the balance sheet remains debt-heavy (debt-to-equity ~1.63x).

Income Statement

Profitability has improved materially versus the 2020–2022 loss years, with 2024–2025 returning to solid positive earnings and healthy EBITDA margins (about 39% in 2024 and 34% in 2025). However, the 2025 annual report shows a sharp revenue decline (-21.6%) alongside a notably lower gross profit margin versus 2024, pointing to pressure on pricing/mix and/or costs. Net margin remains positive in 2025 (~6.3%) but is below 2024 (~7.9%), and the multi-year track record includes significant volatility in net income.

Balance Sheet

Leverage is the key constraint: debt-to-equity remains elevated (about 1.70x in 2024 and 1.63x in 2025), even though it has improved from the 2023 peak (~2.11x). Equity is positive and sizeable, but returns on equity have been inconsistent—very weak in 2023 and negative in 2020–2022—before recovering to ~12.8% in 2024 and ~6.9% in 2025. Overall, the balance sheet looks serviceable but more debt-heavy than ideal for a stable-rated profile.

Cash Flow

Cash generation is a relative strength. Operating cash flow is consistently strong across the period and rose to ~27.6B in 2025, supporting free cash flow of ~12.6B (up sharply from 2024’s ~7.3B, though still below 2020’s peak). That said, free cash flow growth is negative in 2024 and 2025, and cash conversion versus earnings is not especially strong (free cash flow is well below net income in 2024–2025). This suggests some pressure from investment needs, working capital, or other cash uses despite solid operating inflows.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	80.98B	89.13B	88.78B	90.83B	88.34B
Gross Profit	13.85B	55.65B	40.22B	30.88B	30.03B
EBITDA	27.74B	35.11B	29.53B	14.02B	40.15B
Net Income	5.07B	7.08B	303.00M	-14.16B	11.68B
Balance Sheet
Total Assets	189.25B	204.27B	226.47B	222.79B	237.03B
Cash, Cash Equivalents and Short-Term Investments	11.53B	10.93B	19.85B	9.18B	20.45B
Total Debt	83.27B	94.38B	112.57B	53.72B	40.58B
Total Liabilities	134.43B	144.91B	169.47B	155.12B	153.48B
Stockholders Equity	51.07B	55.44B	53.47B	64.24B	80.73B
Cash Flow
Free Cash Flow	12.62B	7.31B	9.21B	8.09B	11.73B
Operating Cash Flow	27.60B	21.20B	24.67B	24.00B	27.38B
Investing Cash Flow	-7.15B	4.11B	-22.06B	-9.94B	-10.91B
Financing Cash Flow	-18.80B	-27.34B	2.65B	-21.78B	-10.60B

Telia Company AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 45.96
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:TELIA, the sentiment is Positive. The current price of 45.96 is above the 20-day moving average (MA) of 45.23, above the 50-day MA of 42.00, and above the 200-day MA of 36.81, indicating a bullish trend. The MACD of 1.22 indicates Positive momentum. The RSI at 64.27 is Neutral, neither overbought nor oversold. The STOCH value of 76.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:TELIA.

Telia Company AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IVSO	75 Outperform	kr14.06B	55.69	21.88%	0.87%	5.69%	4.82%
TEL2.B	66 Neutral	kr134.06B	23.36	21.35%	4.15%	0.51%	14.15%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
TELIA	54 Neutral	kr179.95B	30.55	10.93%	5.14%	-5.76%	-10.05%
SINCH	54 Neutral	kr17.36B	121.04	0.88%	―	-1.62%	94.01%
ACAST	52 Neutral	kr4.76B	-55.48	-3.84%	―	26.82%	76.68%

Telia Company AB Corporate Events

Telia Nears Full Control of Bredband2 Ahead of Delisting

Telia Company has closed its recommended public offer for Bredband2 i Skandinavien AB, securing 98.90 percent of the target’s share capital and votes after the extended acceptance period ended on 13 February 2026. The acquisition, which involved no prior or outside-the-offer holdings in Bredband2, strengthens Telia’s grip on the Swedish broadband market and paves the way for full integration.

Settlement for shares tendered in the extended period is expected around 20 February 2026, with Telia reserving the right to adjust the date within legal limits. Telia has initiated compulsory redemption of the remaining Bredband2 shares and, following a board application, Bredband2 will be delisted from Nasdaq First North Growth Market on 23 February 2026, effectively ending its life as a publicly traded company.

The most recent analyst rating on (SE:TELIA) stock is a Buy with a SEK49.00 price target. To see the full list of analyst forecasts on Telia Company AB stock, see the SE:TELIA Stock Forecast page.

Telia Norway and ice to Merge Mobile Networks in Joint RAN Venture

Telia Norway and Lyse-owned mobile operator ice will combine their Norwegian mobile radio access networks in a 50/50 joint entity that will own all radio equipment, base stations and use the parties’ spectrum assets, while Telia Norway and ice each retain separate core networks and remain competitors. The combined RAN, expected to be operational in the second quarter of 2026 and to deliver markedly better coverage by 2027, particularly in rural areas, is intended to boost competition, expand consumer choice and strengthen Norway’s digital resilience, while generating material cost and capital expenditure synergies that Telia expects will translate into clear financial benefits.

The most recent analyst rating on (SE:TELIA) stock is a Buy with a SEK45.00 price target. To see the full list of analyst forecasts on Telia Company AB stock, see the SE:TELIA Stock Forecast page.

Telia Takes 96.7% of Bredband2, Moves to Full Takeover and Delisting

Telia Company AB has declared its public offer for Bredband2 i Skandinavien AB unconditional after securing approximately 96.70 percent of the target’s share capital and votes, paving the way for near-full control of the Swedish broadband provider. The company will settle accepted tenders around 6 February 2026 and has extended the acceptance period until 13 February 2026 to give remaining shareholders more time to tender, with settlement for late acceptances expected around 20 February. With its ownership surpassing 90 percent, Telia plans to initiate compulsory redemption of the remaining shares, seek changes to Bredband2’s board via an extraordinary general meeting, and drive a delisting from Nasdaq First North Growth Market, consolidating the subsidiary within the group and aiming to create long-term value by integrating Bredband2’s operations and customer base into Telia’s broader Nordic connectivity strategy.

The most recent analyst rating on (SE:TELIA) stock is a Buy with a SEK45.00 price target. To see the full list of analyst forecasts on Telia Company AB stock, see the SE:TELIA Stock Forecast page.

Telia Lifts Cash Flow and Dividend Despite Provision-Hit Earnings in 2025

Telia Company reported modest like-for-like revenue growth for the fourth quarter and full year 2025, with service revenue up 2.1% in Q4 and 1.5% for the year, driven primarily by Sweden and the Baltics. Adjusted EBITDA rose 3.7% in Q4 and 5.2% for the full year thanks to service revenue growth and lower operating expenses, but reported EBITDA and net income declined due to a SEK 3.7 billion non-cash increase in asset retirement obligation provisions, pushing Q4 into a net loss and reducing full-year earnings per share. Despite this accounting impact, cash generation strengthened markedly: free cash flow climbed to SEK 2.4 billion in Q4 and SEK 9.3 billion for 2025, supported by higher adjusted EBITDA, lower interest paid, and strong working capital, while leverage remained at 1.93x. Capital expenditure excluding spectrum and leases decreased to SEK 12.8 billion for the year, reflecting lower investment levels, even as Q4 capex ticked up, and the company maintained its dividend, with the board proposing a slightly higher payout of SEK 2.05 per share for 2025. Telia also obtained all regulatory approvals for its recommended cash offer for broadband provider Bredband2 i Skandinavien AB and issued a 2026 outlook targeting around 2% like-for-like service revenue growth, around 3% adjusted EBITDA growth, capex below SEK 13 billion, and free cash flow of about SEK 9 billion, signaling confidence in meeting its 2027 financial ambitions and offering continued returns to shareholders.

The most recent analyst rating on (SE:TELIA) stock is a Buy with a SEK45.00 price target. To see the full list of analyst forecasts on Telia Company AB stock, see the SE:TELIA Stock Forecast page.

Telia Company Sets January 29 Date for Q4 and Full-Year 2025 Results

Telia Company has scheduled the publication of its fourth-quarter and full-year 2025 financial results for January 29, 2026, with the release set for early morning Central European Time. President and CEO Patrik Hofbauer and CFO Eric Hageman will present and discuss the results in an English-language conference call and live webcast later that morning, underscoring the company’s efforts to maintain transparency with investors and other stakeholders as it reports on its latest financial and operational performance.

The most recent analyst rating on (SE:TELIA) stock is a Buy with a SEK44.00 price target. To see the full list of analyst forecasts on Telia Company AB stock, see the SE:TELIA Stock Forecast page.

Telia Clears Regulatory Hurdle for Cash Offer to Acquire Bredband2

Telia Company AB has secured all necessary regulatory approvals, including clearance from the Swedish Competition Authority, for its recommended cash offer to acquire all shares in Swedish broadband provider Bredband2 i Skandinavien AB. With the competition condition now fulfilled, the offer is no longer contingent on further governmental or regulatory decisions, although other terms set out in the offer document remain in effect. The acceptance period runs until January 30, 2026, with settlement expected to begin around February 6, 2026, assuming Telia confirms that all remaining conditions have been met or decides to complete the offer, and the company retains the option to adjust the timetable within legal limits.

The most recent analyst rating on (SE:TELIA) stock is a Sell with a SEK36.00 price target. To see the full list of analyst forecasts on Telia Company AB stock, see the SE:TELIA Stock Forecast page.