#1Q4 Year-end Report January - December 2021 Telia Company#2Group highlights - - - - - - - Continued progress towards a better Telia Service revenue growth in all units, except Finland Group mobile subscription revenue grew 2.6% OPEX decline from lower resources, IT and pensions EBITDA flat, despite higher content costs High CAPEX quarter, fully in line with 2021 plan Strong OFCF generation for the year Tower transaction in Finland & Norway closed Tower transaction in Sweden announced after quarter end Leverage ended the year at 2.14x SEK billion * Service revenues OPEX change Adjusted EBITDA Cash CAPEX excl licenses & spectrum* OFCF YTD* Leverage Change is in reported SEK Q4 2021 19.4 -0.5 7.3 5.2 10.4 2.14x Change LFL vs Q4 2020 +2.9% -3.6% +0.0% +25.8% -14.0% -0.41x 2#3Sweden financials Service revenues Reported currency, in SEK millions, like for like growth 7,544 Q4 20 7,233 Q1 21 ■Consumer +1.5% 7,336 Q2 21 7,337 Q3 21 Enterprise 7,677 Q4 21 Other Service revenues increased 1.5% (SEK 115m), despite copper related pressure of (SEK 169m) Positive development in both the Consumer and Enterprise segments Service revenues split Reported currency, in SEK millions, like for like growth 6,650 Q4 20 +4.6% 6,441 6,580 LLLLL Q1 21 Q2 21 Roaming & EO items ■Underlying 6,589 6,975 702 Q3 21 Q4 21 ■Copper legacy* Underlying service revenues, ex copper and one offs, up 4.6% * © Copper legacy = Fixed telephony and xDSL Adj EBITDA Reported currency, in SEK millions, like for like growth 3,326 Q4 20 3,197 Q1 21 +6.5% 3,268 Q2 21 Adj EBITDA 3,353 Q3 21 3,541 Q4 21 EBITDA growth of 6.5% partly due to a SEK 160m pension refund (+2% excluding pension impact) 3#4Sweden KPIs Mobile postpaid subs and ARPU Subscriptions '000, ARPU in SEK 241 4,129 Q4 20 239 4,096 Q1 21 244 4,103 Q2 21 Postpaid ex M2M 244 4,112 Q3 21 248 4,071 Q4 21 ARPU ARPU growth accelerated to 3% A slight reduction in subscriptions partly due to a loss of a Public contract Broadband subs and ARPU Subscriptions '000, ARPU in SEK 315 282 960 Q4 20 314 259 977 Q1 21 Fiber and FWA 314 232 994 Q2 21 320 209 1,035 Q3 21 Copper 324 182 1,066 Q4 21 ARPU Broadband base increased by 6k as gain on fiber and FWA fully compensated for copper decline ARPU increased 2.9% supported by xDSL and fiber pricing TV subs and ARPU Subscriptions '000, ARPU in SEK 171 929 Q4 20 175 935 Q1 21 174 949 Q2 21 Subscriptions 176 975 Q3 21 ARPU 185 997 Q4 21 Continued solid development in IPTV subs base and APRU increased 8% 4#5Finland Service revenues Reported currency, in SEK millions, like for like growth 3,231 Q4 20 2,991 Q1 21 ■Consumer -2.8% 3,017 Q2 21 3,007 Q3 21 Enterprise Other 3,110 Q4 21 Service revenues declined 2.8% (SEK 92m) mainly due to legacy, fixed services Mobile revenues were stable Adj EBITDA Reported currency, in SEK millions, like for like growth 1,146 Q4 20 1,063 Q1 21 -7.5% 1,038 Q2 21 ■Adj EBITDA 1,179 Q3 21 1,042 Q4 21 Lower revenue and higher energy costs more than offset a reduction in OPEX as transformation benefits start to materialize Mobile postpaid subs and ARPU Subscriptions '000, ARPU in EUR 19.3 2,750 Q4 20 18.8 2,747 Q1 21 18.8 2,779 Q2 21 Postpaid ex M2M 18.5 2,786 Q3 21 18.7 2,798 Q4 21 ARPU Continued positive subscriber development ARPU declined due to continued migration of a Public contract 5G subscriber base now at around 180k LO 5#6Norway Service revenues Reported currency, in SEK millions, like for like growth 2,763 Q4 20 2,756 Q1 21 ■ Consumer +2.6% 2,827 Q2 21 2,913 Q3 21 Enterprise ■ Other 3,014 Consumer segment grew 3.4% and Enterprise segment grew 5.1% Q4 21 Service revenue increased 2.6% (SEK 75m) driven by mobile subscription revenues (+6.5%) and broadband (+10.7%) Wholesale revenues impacted negatively by the new ICE contract (SEK -55m) Adj EBITDA Reported currency, in SEK millions, like for like growth 1,502 Q4 20 1,524 Q1 21 -3.6% 1,507 Q2 21 Adj EBITDA 1,652 Q3 21 1,556 Q4 21 EBITDA -3.6% (SEK-56m), due to revenue mix and increased market activities *Accounting regarding certain VAS services was changed (net to gross) in Q3 2021 with no EBITDA impact Mobile postpaid subs and ARPU Subscriptions '000, ARPU in NOK 273 1,846 Q4 20 267 1,864 Q1 21 269 1,879 Q2 21 Postpaid ex M2M 285 1,886 Q3 21 283 1,893 Q4 21 ARPU Solid ARPU growth partly due to VAS 6#7LED markets Lithuania Reported currency, in SEK millions, like for like growth 788 781 +7.0% 811 840 841 Q4 Q1 Q2 Q3 Q4 20 21 21 21 21 Service revenues +1.5% 370 368 368 404 370 Q4 Q1 Q2 Q3 Q4 20 21 21 21 21 EBITDA Broad based growth in both mobile (+7.2%) and fixed (+7.6%) EBITDA momentum affected by increased energy costs Estonia Reported currency, in SEK millions, like for like growth +8.4% 643 642 665 684 698 Q4 Q1 Q2 Q3 Q4 20 21 21 21 21 Service revenues +5.4% 281 292 299 313 292 Q4 Q1 Q2 Q3 Q4 20 21 21 21 21 EBITDA Growth of mobile (+7.1%) and fixed (+8.9%) Pricing supported mobile ARPU growth Denmark Reported currency, in SEK millions, like for like growth 965 +0.7% 921 937 981 968 Q4 Q1 Q2 Q3 Q4 20 21 21 21 21 Service revenues 265 -7.0% 212 217 235 242 Q4 Q1 Q2 Q3 Q4 20 21 21 21 21 EBITDA Service revenues increased slightly supported by mobile (+4.0%) EBITDA declined, impacted by energy and strong 2020 comparable 7#8TV and Media Service revenues Reported currency, in SEK millions, like for like growth 2,340 Q4 20 1,904 Q1 21 +11.3% 2,271 Q2 21 1,878 Q3 21 ITV Advertising Other 2,594 Q4 21 Service revenues increased 11.3% from both Advertising (11.6%, SEK 186m) and Pay TV (11.3%, SEK 80m) Digital and linear ad revenues growing strongly with digital up >20% in Sweden Highest-ever share of viewing in Sweden Adj EBITDA Reported currency, in SEK millions, like for like growth 200 Q4 20 120 Q1 21 n/a 575 Q2 20 ■Adj EBITDA 191 Q3 21 -7 Q4 21 EBITDA declined SEK 205m as revenue growth was offset by higher content costs from premium sport rights C More subs and ARPU Direct OTT subscriptions '000, ARPU in SEK 146 - 138 217 537 Q4 20 210 528 Q1 21 ISWE DEN ARPU Finland 202 564 Q2 21 275 540 169 130 277 566 Q4 21 Q3 21 FIN ARPU Sweden Subscription base up 10% for the year Sweden ARPU growth driven by sports 8#9Q4 Year-end Report January - December 2021#10Service revenues Service revenue development Reported currency in SEK billions, like for like growth - - 19.8 Q4 20 18.7 OUTLOOK Q1 21 ■Consumer +2.9% 18.9 Q2 21 Consumer grew 1.7% excl. TV and Media Enterprise grew 1.2% excl. TV and Media TV and Media grew 11.3% Full year service revenues grew 1.5% 18.1 Q3 21 Enterprise Other 19.4 Q4 21 Service revenue bridge Like for like growth Q4 20 - - SWE FIN +2.9% NOR DEN LIT EST TVM Other Q4 21 Growth in Sweden driven by both mobile and fixed services Pressure on mainly fixed revenues in Finland Norway growing despite lower wholesale revenues Solid TV & Media and Baltic development 2021: Flat to low single digit growth in stable fx excl. Telia Carrier (2020 base SEK 73.0bn) 2021-2023: Low single digit growth in stable fx excl. Telia Carrier#11OPEX and EBITDA OPEX development In SEK billions, like for like growth, R12 - 25.5 Q4 20 OUTLOOK Q1 21 Q2 21 OPEX Q3 21 25.2 Q4 21 OPEX reduced 3.6% in Q4 driven by efficiencies and pension refund Full year OPEX reduced by 1.2% equal to SEK 0.3bn Adj EBITDA bridge Like for like growth - Q4 20 - 0.0% SWE FIN NOR DEN LIT EST TVM Other Q4 21 Sweden benefited from strong underlying performance and pension refund TV & Media impacted by higher content costs Full year EBITDA grew 0.4% EBITDA: 2021: Flat to low single digit growth in stable fx excl. Telia Carrier (2020 base SEK 29.8bn) EBITDA: 2021-2023: Low to mid single digit growth in stable fx excl. Telia Carrier OPEX: To reduce OPEX by SEK 2bn until 2023 and by SEK 4bn until 2025#12Cash CAPEX Cash CAPEX development Reported currency in SEK billions, excluding licenses and spectrum fees, R12 - 15 14 13 12 Q4 20 Q1 21 OUTLOOK Q2 21 Q3 21 Cash CAPEX R12 of SEK 14.4bn or 16.3% of net sales Significant increase in Q4, fully in line with full year plan Q4 21 14.4 Cash CAPEX by type Reported currency in SEK billion, excluding licenses and spectrum fees - - - 4.2 Q4 20 2.8 Q1 21 ■Mobile NW 3.4 Q2 21 ■Fixed NW 3.2 2021: Around SEK 14.5-15.5bn (excl. Telia Carrier and license and spectrum fees) 2023: Return to around 15% of net sales by 2023 (excl. Telia Carrier and license and spectrum fees) Q3 21 Prod dev/IT 5.2 Q4 21 Other Increase in mobile network activities related to modernization and 5G Lower fixed investments due to less fiber related investments Increase in product development and IT due to transformation 12#13Operational free cash flow Operational free cash flow development Reported currency, in SEK billions, R12 14 12 10 8 6 4 2 0 Q4 19 Minimum dividend level AMBITION Q2 20 Q4 20 Operational free cash flow Q2 21 Ex NWC contr. Q4 21 10.4 7.4 Cash flow declined driven mainly by lower EBITDA and higher cash CAPEX Cash flow excl working capital was as expected slightly below the minimum dividend commitment of SEK 8.2bn Operational free cash flow for the full year was SEK 10.4bn Operational free cash flow bridge Reported currency, in SEK billions 2.9 Q4 20 - EBITDA Cash CAPEX -1.5 Intr./tax Other NWC 2021-2023: The operational free cash flow is expected to cover the minimum dividend commitment throughout the period From 2022: Operational free cash flow excl change in NWC is expected to cover the minimum dividend commitment 1.4 Q4 21 Lower EBITDA mainly from Carrier disposal and TV and Media Higher CAPEX from network upgrade and 5G roll-out Other driven by pension refund Reduced working capital contribution compared to last year 13#14Net debt and leverage Net debt and leverage development Reported currency, in SEK billions and leverage ratio 2.26x 66.4 -7.1 Q3 21 Opera- tions TARGET 5.5 Cash CAPEX -3.4 -7.9 4.1 2.2 Tower Dividend Other proceeds (FI/NO) = Leverage ratio (multiple, rolling 12 months) 2.14x 63.1 Q4 21 Net debt and leverage declined as Tower proceeds offset the second tranche of the dividend Given the strong balance sheet the Sweden Tower net proceeds of SEK 5.5 billion are proposed to be distributed to shareholders after closing Net debt/ adjusted EBITDA in the range of 2.0-2.5x#152021-2023 Strategy progress#16We reinvent better connected living Digital connectivity Accelerating the connected lives of everyone Inspiring customers With brands and experiences that go beyond connectivity Most loyal customers Digital experiences Accelerating customer loyalty and revenue growth beyond connectivity through our... o Connecting everyone Through the most trusted, reliable and efficient modern networks Most engaged employees by excelling at... S Transforming to digital To be simpler, faster, data driven and with lower cost so that we have the... Most satisfied shareholders Digital infrastructure Growing the digital infrastructure of the Nordic and Baltic region Delivering sustainably Through an accountable and empowered organization Most empowered societies#17Inspiring customers With brands and experiences that go beyond connectivity Strategy progress S Connecting everyone Through the most trusted, reliable and efficient modern networks S Transforming to digital To be simpler, faster, data driven and with lower cost P Delivering sustainably Through an accountable and empowered organization#18Our consumer strategy is strengthening CLV What we said - Single mobile -60% Convergence offerings* Reinvent customer experience Grow the number of convergent households Extend mobile leadership and monetize 5G Accelerate broadband leadership Increase brand consideration and preference * Mobile churn for customers on convergence offerings in Sweden Where we are now Sweden Impact on mobile churn Single mob - 16% - 9% Mob + -70% 5% Mob+BB BB +TV+VAS -8 Inspiring customers Finland ARPU uplift in Finland from 5G € +3.5 Connecting everyone Transforming to digital Norway Blended mobile churn 27% 24% 2019 2020 Customer satisfaction awards confirm CX progress - SKI, EPSI FMC and Family bundles driving churn reduction Converged households grew +6%, Sweden Life grew +13% Fiber customer base grew +8% to 1.9m IPTV customer base grew +5% to 1.4m Launched Eco Rating labelling to enable sustainable device choices d Delivering sustainably 19% 2021 18#19Our enterprise strategy is delivering growth momentum What we said - - 80+ Nordic Municipalities using Telia Crowd Insight Strategic Partners Google Microsoft Teks 40 00 SD-WAN Networking at the speed of business Reinvent customer experience Grow connectivity business in fixed and mobile Accelerate horizontal solutions + managed services Address potential in selected vertical solutions Monetize 5G, ICT capabilities. Develop new revenue fields Where we are now -8. Inspiring customers Q1 20 Connecting everyone Service revenue development - Enterprise Like for like growth 1.2% Q4 21 Transforming to digital Awarded most satisfied B2B customers in both Sweden and Norway B2B revenue back to growth in H2 2021 for first time in many years Secured several key strategic contracts in Public and Large segments ~10 EMN networks operational and ~30 more signed A2P (App to Person) messaging revenue growth M2M subscriptions increased by >40% d Delivering sustainably 19#20TV and Media recovered and accelerating in digital What we said 2.5X Digital advertising revenues growth 2020 to 2025 C MORE 42% YoY increase in TV4 online time spent 2019- 2020 Grow TV and Media Market leading reach Accelerate transition from linear to digital Grow C MORE stand alone and in Telia customer base Leadership position enables cross-sell and customer lifetime value Where we are now Service revenue development Like for like growth 2019 ■Ad 2020 Pay and other 2021 -8. Inspiring customers Connecting everyone 1.4m Transforming to digital C More full subscription base Subscriptions in millions Q4 20 Q1 21 Q2 20 Q3 21 al Delivering sustainably 1.6m Q4 21 Extended the lead on linear market share in Sweden (CSOV +2p.p. to 54%) Trend in total reach stabilized owing to increase in digital (TV4 Play) TV4 Play time spent increased 35% 2021 vs. 2020 Digital Ad revenue increased by 20% and C More subscription base grew by 10% Strengthened offering with Champions League and original content to reinforce national champion status 20#21Multiple growth levers confirmed What we said REVENUE DEVELOPMENT 2021-2023 Low single digit growth 2021-23 Illustrative, excl. Telia Carrier 39 Service revenues 2020 Less burden ahead Legacy and regulation TV to recover faster than roaming and ad revenues COVID-19 recovery Improve ARPU Improve mobile experience incl. 5G monetization Reduce churn and increase upsell potential Convergence Increase share of wallet New revenue streams STRATEGY UPDATE 29 JANUARY 2021 Inspire Connect Transform D Service revenue ambition Less burden from legacy and regulation TV to recover after COVID-19 Mobile experience & 5G to drive ARPU Convergence to reduce churn and increase upsell New revenue streams Where we are now - -8. Inspiring customers Q120 Connecting everyone Service revenue development - Group Like for like growth 2.9% Q4 21 Transforming to digital d Delivering sustainably Revenues returned to growth despite continued legacy headwinds & delayed roaming recovery TV revenues recovered and advertising back at pre-pandemic levels Mobile postpaid ARPU growth in 6 of 7 markets in H2 Churn on converged HH's in line with plan but more work to be done Division X service revenue grew 16%, enabling convergence and sustainability benefits 21#22Inspiring customers With brands and experiences that go beyond connectivity Strategy progress Connecting everyone Through the most trusted, reliable and efficient modern networks S Transforming to digital To be simpler, faster, data driven and with lower cost P Delivering sustainably Through an accountable and empowered organization#23Leading the build-out of next generation networks What we said 95% 99% >90% 5G population coverage by 2023 95% 75%* 99% Continued gigabit network buildout and modernization, for network quality leadership and cost efficiency Fully utilize our software-based networks, for time to market, quality, cost/GB and advanced apps * Increased 5G population ambition in Estonia from 55% to 75% by 2023 Where we are now IỆ umlaut omnitele Inspiring customers OOKLA Network softwarization on track L Connecting everyone Gigabit network build-out on track despite supply chain challenges Transforming to digital TUTELA RAN modernization on plan 2023 and will deliver 5x capacity increase Secured leading spectrum position in the region Network leadership in 3 markets; catching up in challenger markets Modernizing & monetizing fixed broadband; fixed wireless access (FWA) +23% Initiated pilots for energy storage systems in our network Delivering sustainably 80% traffic virtualized, improving reliability and efficiency Breaking the cost curve with our hyperscale transport architecture Innovation leader, e.g. first 5G SA launch in Nordic & Baltic region 23#24Legacy take out 4000 3000 2000 1000 2018 Legacy fixed (copper) # copper central offices, Sweden 2,091 2021 2024 100% 80% 60% 40% 20% 0% 2018 Legacy mobile % voice traffic, Sweden 3G 2G VOLTE / Wifi Calling 23% 2019 2020 2021 2022 2023 100% 80% 60% 40% 20% 0% 2019 Inspiring customers Connecting everyone 2020 Legacy network systems % service nodes 46% Transforming to digital 2021 2022 Delivering sustainably 2023 24#25Infrastructure value creation What we said Partner approach and implementing Value Based Investments and establish separate Infra Cos Where we are now I I - I I Telia Company Pan-Nordic tower platform created I I I Inspiring customers I L Connecting everyone Brookfield/Alecta EV of EUR 2.6bn >8,000 towers Transforming to digital Delivering sustainably Closed sale of Telia Carrier at an EV of SEK 9.5bn Created a pan-Nordic tower platform with Brookfield and Alecta through Closing the sale of 49% of towers in Norway and Finland for SEK 7.9bn Extending partnership to Sweden via sale of 49% of towers for SEK 5.5bn Seeking to add further assets both in current 3 markets and outside 25#26Inspiring customers With brands and experiences that go beyond connectivity Strategy progress S Connecting everyone Through the most trusted, reliable and efficient modern networks ~ Transforming to digital To be simpler, faster, data driven and with lower cost P Delivering sustainably Through an accountable and empowered organization#27Transforming to digital 2021 laid the foundation ... - Mobilized Telia wide transformation, embedded in all markets and our operating plan Decided on digital target blueprint - e.g. CX principles, IT architecture Re-defined the Telia Way of Working for execution excellence - SAFe/agile, transformation cockpit Delivered foundational digital building blocks and generated some immediate value already to re-invent a better Telia € Digital native omni-channel experiences for customer and market operations Products Processes Partner Inspiring customers 5P People Connecting everyone Plat- forms through building and scaling our 5Ps across the group for maximised re-use of common assets Transforming to digital Delivering sustainably 27#28Products and processes What we said 1. Products 2. Processes Simplify and scale - from bespoke solutions to common platforms Harmonize and improve - from fractured to journey focused Where we are now - Retired >20% of all legacy products Scaled common products to 46% across target portfolio Launched Operational excellence program; reduced severe incidents by 10% Realized first benefits of core processes re-engineering Deployed key IT enabler for process harmonization - Increased intelligent automation by 35% Inspiring customers Connecting everyone Transforming to digital Efficiency CX/Quality Speed Delivering sustainably 80 28#29Platforms, people and partners What we said 3. Platforms 4. People 5. Partners Simplify and re-use - from complex legacy to modular, scalable and future proof Transform and empower - from silo to agile and digitally enabled Focus and embed from transactional to being part of Telia's success — Where we are now Retired 20% of all legacy systems Scaled target systems from 6% to 15%, public cloud from 10% to 15%, tmforum APIs Deployed digital native platforms - AWS analytics, intelligent NBA/NBO Inspiring customers Scaled Execution Excellence - 70% SAFe/agile Executed strategic workforce management - critical skills in-sourcing; +20% near-shoring Enabled Digital workforce - data users +30% Connecting everyone Consolidated suppliers - e.g. system integrators (Sls) from 28 to 11; target 4 by end of 2022 Changed from tactical to few strategic partners, with shared vision and outcomes Transforming to digital Efficiency CX/Quality Speed Delivering sustainably 29#30Inspiring customers With brands and experiences that go beyond connectivity Strategy progress S Connecting everyone Through the most trusted, reliable and efficient modern networks S Transforming to digital To be simpler, faster, data driven and with lower cost Delivering sustainably Through an accountable and empowered organization#31Efficiency realization to accelerate What we said TRANSFORMING OUR COST BASE Main cost reduction drivers MANUAL WORK MANY PRODUCTS COMPLEX IT ANALOGUE CUST. INTERACT. MASS COMMUNICATION EXPANDING OVER HEAD NON-DATA DRIVEN R = Resource costs s Sales & Marketing O Other OPEX AUTOMATED WORK FEW PRODUCTS MODERN AND SIMPLIFIED IT DIGITAL CUST. INTERACT TARGETED COMM. REDUCED OVER HEAD DATA DRIVEN Ⓡ30 ✓ ✓ ✓ ✓ Transformation driven OPEX reduction to 2023 SEK in billions Resources Sales & Marketing Inspire Connect Transform Deliver Other OPEX STRATEGY UPDATE 29 JANUARY 2021 2BN Total OPEX reduction by 2023 Target reduction in resources of which 1k in 2021 Restructuring costs to increase by around SEK 0.5 billion per year *OPEX is defined indirect costs, enduding COGS (such as network, equipment and content) OPEX to be reduced by SEK 2bn by 2023 and SEK 4bn by 2025 Target reduction in resources of which 1k in 2021 Restructuring costs to increase by around SEK 0.5 billion per year Where we are now 2020 Resources IT Energy Cloud OPEX development In SEK billions, like for like growth Effici- Head- encies winds 2021 Inspiring customers -2.0 Connecting everyone 2022 Transforming to digital 2023 2023 and 2025 OPEX reduction targets reconfirmed Reduction of SEK 0.3bn realized despite significant headwinds Workforce reduced by >1k in 2021, targets of similar reductions 2022-23 IT savings of SEK 0.3bn in 2021 from IT and vendor consolidation Savings to gradually increase, headwinds expected to reduce Delivering sustainably 31#32Cash CAPEX to come down in 2023 What we said CAPEX DEVELOPMENT 2021-2023 Transform Main components and benefits 56 MOBILE . 5G roll-out NETWORK FIXED NETWORK Network modemization PRODUCT DEV/ IT • Partly replacing coverage/capacity Investments Copper legacy shut down . Continued footprint growth • Selective fiber deployment with partners Modernize and simplify IT . Convergence capabilities Digitalize customer Journeys • New and common product platforms . Strengthen analytics capabilities Coverage ARPU uplift Reduced chum Footprint Customer base OPEX reduction Products Cust. experience OPEX reduction Increased CAPEX 2021 - not above past levels Excl. Telia Carrier 17% 2019 16% Inspire Connect Transform Deliver 2020 2021 Mobile NW Fixed NW 17% STRATEGY UPDATE 29 JANUARY 2021 Investment program subject to rigorous benchmarking and focus on returns 15% 2023 Prod dev/T Other CAPEX/Net sales Elevated CAPEX 2021-2022 due to network modernization and 5G rollout Target SEK 1bn in CAPEX savings by 2023 Capex to decline in 2023 * Where we are now 2020 Excl. spectrum and licenses ■Mobile Cash CAPEX* development In SEK billions, as % of net sales 16% Inspiring customers 2021 ■Fixed Connecting everyone 2022 Prod dev. & IT Other Transforming to digital 15% 2023 Cash CAPEX increased 2021 to SEK 14.4bn or 16.3% of net sales Slightly below plan partly due to cloud accounting change of SEK -0.3bn CAPEX efficiency initiatives on track to deliver SEK 1bn savings by 2023 Estimated to be stable in 2022 before coming back down to 15% of net sales in 2023 Delivering sustainably 32#33Cash flow to cover dividend Adjusted EBITDA Cash CAPEX* Other Structural part Working capital 2020 30.5 * Excl. spectrum and licenses -13.3 -8.2 8.9 3.2 Operational free cash flow 12.1 2021 29.9 -14.4 -8.1 7.4 3.0 10.4 = Increased y-o-y cash flow contribution = = Decreased y-o-y cash flow contribution 2022 2023 Comments || = - Inspiring customers Connecting everyone Service revenues and efficiencies to drive EBITDA Transforming to digital CAPEX to be fairly flat 2022 and come down in 2023 Other expected to remain fairly unchanged Structural part to cover minimum dividends in 2022- 2023 Contribution from WC gradually to come down Delivering sustainably 33#34Sustainability fully integrated into our strategy Three impact areas in focus Our ambitions 2021 achievements हरे Climate and circularity Leading the way through a bold environmental agenda Zero CO2 and Zero Waste by 2030 Climate neutral in own operations 27% of supply chain emissions covered by science-based targets Guiding consumers with Eco Rating and supporting municipalities with Travel Emission Insights Digital inclusion Driving digital inclusion through reliable access and the right skills 1 million individuals reached through digital inclusion initiatives by 2025 Significant investments in the network of the future ~600,000 individuals reached during the year to build digital skills Telia Gaming Center service available with customized tools for people with disabilities Inspiring customers - Connecting everyone Transforming to digital Privacy and security Earning trust through strong privacy protection measures and secure networks Delivering sustainably Top tier positions/preferred supplier in all markets Ranked No 1 or 2 on privacy in 5 out of 6 markets (some shared positions) Several contract-wins with elevated security requirements Expansion of ISO27001 to cover key processes 34#35Conclusions & outlook#36Outlook 2021-2023 (unchanged) Service revenues Low single digit growth* * Like for like Adjusted EBITDA Low to mid single digit growth* Cash CAPEX excl. licenses and spectrum Return to around 15% of net sales by 2023 2022 Service revenues Low single digit growth* Adjusted EBITDA Low single digit growth* Cash CAPEX excl. licenses and spectrum Around SEK 14.0-15.0bn Core Telco business expected to grow adjusted EBITDA at low to mid-single digits in 2022 TV & Media adjusted EBITDA contribution expected to decline in 2022 36#37Dividend proposal for 2021 Dividend policy (unchanged) Dividend policy Telia Company intends to follow a progressive dividend policy, with a floor of SEK 2.00 per share and an ambition for low to mid-single digit percentage growth. Proposal to AGM 2.05 SEK per share 37#382021 in summary... - - - - Return to growth on both service revenue and EBITDA Mobile growth accelerated Sweden now at an inflection point for sustained growth TV & Media growth enhanced by digital and DTC Network leadership strengthened and secured Foundation laid for a sustainable digital transformation Pan-Nordic Tower platform being created with EV EUR 2.6bn ESG now firmly integrated into our business strategy with strong progress towards goals Balance sheet de-levered Proposed ordinary dividend to grow 2.5%, and extra remuneration planned to coincide with Sweden Tower transaction Inspiring customers With brands and experiences that go beyond connectivity L Connecting everyone Through the most trusted, reliable and efficient modern networks Transforming to digital To be simpler, faster, data driven and with lower cost તી. Delivering sustainably Through an accountable and empowered organization 38#39Q&A