#1Q1 Interim report January - March 2022 Telia Company#2Group highlights - - - - - - A strong start to the year Service revenue growth accelerated, with mobile up 4.5% OPEX declined 3% from lower resource and IT costs EBITDA stable, with Core Telco growing 4.6% TV and Media EBITDA declined due to higher content costs OFCF impacted by lower working capital contribution Leverage at 2.09x Share buy-back program to be initiated after closing of the Swedish tower transaction Supporting Ukraine and their refugees across our footprint 2 SEK billion * Service revenues OPEX change Adjusted EBITDA (.. of which Core Telco) Cash CAPEX excl licenses & spectrum* OFCF YTD* Leverage ratio Change in reported SEK Q1 2022 18.8 -0.3 7.2 (7.4) 3.0 2.2 2.09x Change LFL vs Q1 2021 +3.2% -3.0% +0.1% (+4.6%) +9.5% -46.4% -0.45x#3Strategy highlights Strong revenue and ARPU development from pricing moves supported by value loading and trusted partner status Converged households growth of 3% Superior reach continued in TV4 and MTV, enabled by digital - Network leadership position confirmed via multiple awards - World's first deployment of 4G/5G virtual private network based on slicing and edge computing Network modernization on track - 5G coverage reached 36% of Nordic/Baltic population - 60% Sweden copper retired - 3G on track for 2023 shutdown in all markets Digital transformation on track - Improved customer experience and volumes in customer care - >20 legacy IT platforms removed in the qtr - - >25% of all legacy products now retired OPEX reduction target of SEK 2bn by 2023 on track Second green hybrid bond issued enabling energy efficient networks and green digital solutions - - - 3 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 ની Delivering sustainably Through an accountable and empowered organization#4Sweden financials * Service revenues Reported currency, in SEK millions, like for like growth 7,233 Q1 21 7,336 Q2 21 ■ Consumer +1.8% 7,337 Q3 21 7,677 Q4 21 7,380 Q1 22 ■ Enterprise ■ Other Service revenues increased 1.8% (SEK 127m), with positive growth in both mobile and fixed Copper legacy = fixed telephony and xDSL Mobile increased 3.0%, broadband 3.5% and TV 14.8% Service revenues split Reported currency, in SEK millions, like for like growth 6,441 Q1 21 +4.5% 6,580 6,589 LLLLL Q3 21 Q2 21 6,975 6,728 4 Q4 21 Q1 22 652 Roaming ■Copper legacy* ■Underlying Underlying service revenue growth, excl. copper of 4.5% Copper headwind remains largely unchanged Adj EBITDA Reported currency, in SEK millions, like for like growth 3,197 Q1 21 3,268 Q2 21 +4.4% 3,353 Q3 21 Adj EBITDA 3,541 Q4 21 3,337 Q1 22 EBITDA growth underpinned by positive service revenue and OPEX development#5Sweden KPIs Mobile postpaid subs and ARPU Subscriptions '000, ARPU in SEK 239 4,096 Q1 21 244 4,103 Q2 21 244 4,112 Q3 21 Postpaid ex M2M 248 4,071 Q4 21 Stable postpaid customer base ARPU growth accelerated to 4.0% 248 4,070 ARPU Q1 22 Broadband subs and ARPU Subscriptions '000, ARPU in SEK 314 259 977 Q1 21 314 232 994 Q2 21 Fiber and FWA 320 209 1,035 Q3 21 324 LO 182 5 1,066 Q4 21 Copper Subscriber growth on fiber and FWA compensated for copper decline 323 162 1,087 Q1 22 ARPU ARPU increased 2.7% supported by xDSL and fiber pricing last year TV subs and ARPU Subscriptions '000, ARPU in SEK - 175 935 Q1 21 174 949 Q2 21 176 975 Q3 21 Subscriptions 185 186 997 Q4 21 ARPU 1,015 Q1 22 Continued solid development in IPTV subs base, now exceeding 1 million APRU increased 6.3% supported by sports subscriber growth and pricing#6Finland Service revenues Reported currency, in SEK millions, like for like growth 2,991 Q1 21 3,017 Q2 21 -0.3% 3,007 Q3 21 3,110 Q4 21 Consumer Enterprise ■ Other 3,092 Q1 22 Service revenues stabilized Mobile revenues turned to growth (1%) despite interconnect revenue headwinds Adj EBITDA Reported currency, in SEK millions, like for like growth 1,063 Q1 21 1,038 Q2 21 +1.9% 1,179 Q3 21 ■Adj EBITDA 1,042 Q4 21 1,111 Q1 22 EBITDA increased, supported by mobile growth and lower OPEX Mobile postpaid subs and ARPU Subscriptions '000, ARPU in EUR 18.8 2,747 Q1 21 18.8 2,779 Q2 21 18.5 2,786 Q3 21 Postpaid ex M2M 18.7 2,798 Q4 21 18.4 ARPU 2,771 Q1 22 Subscription base impacted by the migration of a single Enterprise contract ARPU negatively impacted by interconnect rate change and Enterprise mix#7Norway Service revenues Reported currency, in SEK millions, like for like growth 2,756 Q1 21 2,827 Q2 21 Consumer +6.6% 2,913 Q3 21 3,014 Q4 21 Enterprise ■ Other 3,146 Q1 22 Service revenue increased 6.6% (SEK 183m) driven by mobile subscription revenue (+9.0%) and broadband (+8.2%) Strong development for both Consumer (+5.6%) and Enterprise (+8.6%) Adj EBITDA Reported currency, in SEK millions, like for like growth 1,524 Q1 21 1,507 Q2 21 +2.0% 1,652 Q3 21 Adj EBITDA 1,556 Q4 21 7 1,666 Q1 22 EBITDA +2.0% (SEK+31m) from strong YoY revenue development Excl. one-off items EBITDA developed faster than service revenues Mobile postpaid subs and ARPU Subscriptions '000, ARPU in NOK 267 1,864 Q1 21 269 1,879 Q2 21 285 1,886 Q3 21 Postpaid ex M2M 283 1,893 Q4 21 285 1,899 Q1 22 ARPU Subscription base stable Continued strong growth in ARPU mainly due to VAS#8LED markets Lithuania Reported currency, in SEK millions, like for like growth 781 811 +5.6% 840 841 862 368 368 +5.4% 404 370 401 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Service revenues EBITDA Broad based growth from mobile +8.7% and fixed +3.7% Solid EBITDA development despite energy cost headwinds Estonia Reported currency, in SEK millions, like for like growth +8.0% 642 665 684 698 729 292 299 +7.8% 313 292 8 326 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Service revenues EBITDA Strong service revenue development from mobile +6.1% and fixed +9.0% EBITDA growth of 7.8% from service revenue flow through Denmark Reported currency, in SEK millions, like for like growth 921 937 +3.0% 981 968 990 212 217 +5.4% 235 242 235 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Service revenues EBITDA Service revenue growth from strong mobile development +6.5% EBITDA turned positive as a result of revenue growth momentum#9TV and Media Service revenues Reported currency, in SEK millions, like for like growth - 1,904 Q1 21 2,271 Q2 21 TV +5.8% 1,878 Q3 21 2,594 Q4 21 Advertising ■ Other 2,031 Q1 22 Service revenues increased 5.8% driven by advertising growth of 9.7% (SEK 111m) Digital advertising revenue increased 26% Pay TV revenue flat with strong growth in Swedish sports, offset by a decline in mainly non-sports Adj EBITDA Reported currency, in SEK millions, like for like growth 120 Q1 21 575 Q2 20 n/a 191 Q3 21 -7 9 Q4 21 -191 Q1 22 EBITDA declined SEK 311m as revenue growth was offset by the heightened content investment C More direct OTT subs and ARPU Subscriptions '000, ARPU in SEK - 146 210 528 Q1 21 ISWE 163 202 564 168 FIN 198 540 Q2 21 Q3 21 177 183 566 Q4 21 DEN 163 167 551 Q1 22 ARPU Subscription base declined mainly due to non- sports in Sweden ARPU growth of 11% driven by sports in Sweden and non-sports in Finland#10Q1 Interim report January - March 2022#11Service revenues 11 Service revenue bridge Like for like growth Q1 21 +3.2% SWE FIN NOR DEN LIT EST TVM Other Growth in Sweden driven by mobile, broadband and TV Finland almost back to neutral supported by mobile Strong development in Norway due to mobile and broadband Solid LED and TV and Media development Q1 22 Service revenue development Like for like growth - -2.3% Q1 21 3.3% Q2 21 2.4% 2022: Service revenues, like for like, to grow by low single digit 2021-2023: Service revenues, like for like, to grow by low single digit Q3 21 Core Telco Consumer grew 2.5% Core Telco Enterprise grew 3.2% TV and Media grew 5.8% 2.9% Q4 21 3.2% Q1 22#12OPEX 12 OPEX bridge Like for like growth - - Q1 21 Resources -3.0% AMBITION Marketing Other Q1 22 Resource cost reduced by SEK 124m Marketing reduced by SEK 51m from efficiencies IT savings of SEK 81m offset by higher energy costs of SEK 80m OPEX development In SEK billion, based on 2020 average FX rates and excl Telia Carrier 25.6 24.4 Q4 20 Q1 21 Q2 21 OPEX R12 -0.5 Q3 21 Q4 21 OPEX R12 excl energy OPEX 2021-2025: OPEX to decline by SEK 2bn until 2023 and by SEK 4bn until 2025 12 25.1 23.7 Q1 22 OPEX reduction to date of SEK 0.5bn driven by lower resource and IT costs partly offset by higher energy expenses Excluding energy OPEX declined SEK 0.7bn#13EBITDA 13 Adj EBITDA bridge Like for like growth Q1 21 SWE FIN NOR - +0.1% OUTLOOK DEN LIT EST TVM Other Q1 22 Solid revenue and cost development in Sweden Strong EBITDA development in Norway masked by a tough comparison TV and Media EBITDA down due to higher content costs Adj EBITDA development Like for like growth - 2.7% Q1 21 1.3% Q2 21 -1.9% Q3 21 0.0% EBITDA: 2022: Adjusted EBITDA, like for like, to grow by low single digit EBITDA: 2021-2023: Adjusted EBITDA, like for like, to grow by low to mid-single digit Q4 21 0.1% Q1 22 Core Telco grew EBITDA 4.6% Increased content cost in TV and Media key reason for flat EBITDA#14Cash CAPEX 14 Cash CAPEX by type Reported currency, in SEK billions, excl. licenses and spectrum fees - - 2.8 Q1 21 3.3 Q2 21 Mobile NW OUTLOOK 3.1 Q3 21 ■Fixed NW 5.2 Q4 21 ■Prod dev/IT 3.0 Q1 22 Other Mobile network and 5G activities down from elevated Q4 level Investments into fixed remained stable vs. LY Product development/IT increased slightly due to the transformation Cash CAPEX development Reported currency, in SEK billions, excl. licenses and spectrum fees, R12 15 14 13 12 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Cash CAPEX R12 of SEK 14.6bn or 16.6% of net sales 2022: Cash CAPEX, excluding fees for licenses and spectrum, to be in the range of SEK 14.0-15.0 billion. 2023: Cash CAPEX, excluding fees for licenses and spectrum, to return to around 15% of net sales 14.6#15Operational free cash flow Operational free cash flow bridge Reported currency, in SEK billions 15 4.0 Q1 21 EBITDA Cash CAPEX AMBITION -1.9 Intr./tax Other NWC Lower cash flow due to tough working capital comparison 2.2 Q1 22 Operational free cash flow development Reported currency, in SEK billions, R12 1208 14 6 4 2 0 Q1 20 Minimum dividend level Q3 20 Q1 21 Operational free cash flow Q3 21 Structural part Q1 22 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 8.5 7.0 Cash flow declined mainly driven by lower NWC contribution Structural cash flow to improve YTG supported by EBITDA growth#16Net debt and leverage Net debt and leverage development Reported currency, in SEK billions and leverage ratio 16 2.14x 63.1 Q4 21 -6.0 TARGET Opera- tions -0.9 3.2 Cash CAPEX 1.9 Other = Leverage ratio (multiple, rolling 12 months) 2.09x 62.2 Q1 22 - - Balance sheet remains strong Net debt slightly lower driven by operations Other items negative from mainly exchange rate effects and leasing First dividend tranche (SEK 4.1bn) paid in April Swedish Tower proceeds of SEK 5.4bn net, to be distributed via a buy-back program Net debt/ adjusted EBITDA in the range of 2.0-2.5x#17Outlook 17 2021-2023 (unchanged) Service revenues Low single digit growth* Adjusted EBITDA Low to mid single digit growth* Cash CAPEX excl. licenses and spectrum Return to around 15% of net sales by 2023 2022 (unchanged) 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#18To conclude...#19Q1 2022 in summary - - - - - A strong start to the year Growth momentum accelerated, especially in Core Telco Sweden growth sustained and accelerated Finland stabilized and on track for H2 turnaround TV and Media delivering to plan with excellent growth in advertising Transformation enabling solid OPEX reduction despite inflationary pressures Balance sheet remains strong Enhanced shareholder remuneration profile with share buy- back added to strong ordinary dividend 2022 outlook confirmed 19 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 ની Delivering sustainably Through an accountable and empowered organization#20Q&A#21Sustainability fully integrated into our strategy Three impact areas in focus Our ambitions 2021 selected highlights 2022 Q1 YTD selected highlights - ☆ 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 Telia was recognized as Sweden's most sustainable telecoms brand for the 12th year in a row 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 Digital Parent Portal launched in Sweden to enable adults to guide children in the online world Privacy and security Earning trust through strong privacy protection measures and secure networks - 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 ISO27001: external audit against international information security standard, covering selected processes, successfully completed#22Telia Company