Telia Company Results Presentation Deck

CASH FLOW FROM EBITDA LESS CAPEX IS GROWING 20 OPERATIONAL FREE CASH FLOW DEVELOPMENT SEK billion, rolling twelve months 14 12 10 8 6 4 2 0 * Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 18 18 18 18 19 19 19 19 Repayment of lease liabilities SEK 11.5 BILLION Q1 20 OPERATIONAL FREE CASH FLOW Q1 SEK billion 4.4 Q1 2019 ● -0.2 ● 0.3 -1.1 -0.3 EBITDA CAPEX WC less leasing licenses ex. -0.4 -0.5 Tax Other 3.3 • EBITDA less CAPEX grew by 3 percent Still positive on WC although slightly less than LY • Tax negative due to tax refund LY ● Less support from pension refund vs. LY Q1 2020

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