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Russell Waller
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Telia (Buy, TP: SEK 40, +15%) Q3 25: All-in FCF guidance lifted

Telia has reported a good set of Q3 results, with numbers in-line, and has lifted FY25 FCF guidance to SEKc8bn from SEKc7.5bn, driven by lower capex.
Underlying
Telia Company AB

Telia Company provides telecommunication services in the Nordic and Baltic countries, the markets of Eurasia, including Russia, Turkey and Spain. Co. has three business segments: Mobility Services, which comprises operations in Sweden, Finland, Norway, Denmark, Lithuania, Latvia, Estonia and Spain; Broadband Services, which comprises operations in Sweden, Finland, Denmark, Lithuania, Latvia (49.0%), Estonia and international carrier operations; and Eurasia, which comprises mobile operations in Kazakhstan, Azerbaijan, Uzbekistan, Tajikistan, Georgia, Moldova and Nepal. The business area also includes Co.'s shareholdings in OAO MegaFon, Russia and Turkcell Iletisim Hizmetleri A.S., Turkey.

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New Street Research
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Analysts
Russell Waller

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