Telia Company Results Presentation Deck

OPERATIONAL FREE CASH FLOW 16 4 12 1086 14 ● 4 2 0 Operational free cash flow development Reported currency, SEK billion, R12 Q3 19 Minimum dividend level Q1 20 Q3 20 Q1 21 Q3 21 Ex NWC contr. 11.9 Operational free cash flow • Lower R12 cash flow driven mainly by lower EBITDA and less working capital contribution 7.5 • Cash flow excl working capital R12 as expected slightly below the minimum dividend commitment of SEK 8.2bn Operational free cash flow YTD of SEK 9.0bn Operational free cash flow bridge Reported currency, SEK billion ● Q3 20 EBITDA -21.3% Cash Intr./tax Other NWC Q3 21 CAPEX • Lower EBITDA mainly from Carrier disposal and Finland Higher CAPEX from network upgrade and 5G roll-out • Net working capital was slightly negative in the quarter 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

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