Telia Company Results Presentation Deck

OPERATIONAL EXPENSES 13 ● ● -4.0% Q2 20 OPEX development Operational expenses, y-o-y, like for like growth -2.9% Q3 20 2.9% Q4 20 -3.0% Q1 21 0.0% Q2 21 OPEX increase in Finland and Norway compensated by Sweden Impact from transformation and resource reduction increasingly visible ahead. OPEX lower by 1.6% YTD ● Resources OPEX bridge Like for like growth Q2 20 Marketing Structural resource costs decline by SEK 100m offset by salary inflation, return of certain cost items and temporary investments in areas such as customer support +0.0% To reduce OPEX by SEK 2bn until 2023 and by SEK 4bn until 2025 Other Q2 21 • Other cost reduction from lower IT and bad debt, partly offset by higher energy costs

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