Tele2 AB Class B

TEL2 B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tele2 Earnings: Sweden Risks Materialized; Valuation Still Looks Rich

Javier Correonero , Andrea Burigana

Jul 16, 2026

Tele2 second-quarter results were weak, and although management reaffirmed its low- to mid-single-digit 2026 EBITDAaL growth outlook, the Sweden risks we flagged in our previous quarterly note have begun materializing.

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Tele2 AB Class B

Tele2 Earnings: Sweden Risks Materialized; Valuation Still Looks Rich

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