Telia Company

In the big picture, confidence in earnings growth and particularly in cash flow has improved over a little more than the past year. However, the slope of earnings growth is insufficient to turn the valuation positive, as the valuation picture is very tight.

Our estimates particularly emphasize the strong momentum in the Swedish and Baltic businesses, and we are looking for signs of a gradual turnaround in the Finnish and Norwegian markets.

Telia's Q4 figures were slightly softer than our expectations, but the guidance for 2026 was somewhat more optimistic than our estimates. Broadly, confidence in earnings growth and particularly in cash flow has improved over the past year.

Telia's Q3 figures were in line with our expectations. However, the slight increase in cash flow guidance was a positive surprise.