Telia Company Results Presentation Deck

Operational 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

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