Tele2 AB Class B

TEL2 B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tele2 Earnings: Valuation Leaves No Room for Error; Sweden Remains the Key Watch

Javier Correonero

Apr 22, 2026

Tele2 began 2026 on a strong note, delivering 10.7% year-on-year EBITDAaL growth in the first quarter. We believe management’s decision to maintain the conservative “low- to mid-single-digit EBITDAaL growth in 2026” guidance stems from the competitive Swedish mobile market.

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Tele2 AB Class B

Tele2 Earnings: Valuation Leaves No Room for Error; Sweden Remains the Key Watch

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