Q4 margin misses but earnings trajectory intact

Solid Q4 overall despite earnings miss

Strong, but heavy lifting ahead

Solid and as expected

Sales and EBIT in line adj for NOK 7.5m pos one-offs. Outlook: Gradually improvement, but Q1 will face higher cost

Q4 to reinforce earnings momentum

Telia (Buy, TP: SEK46, +12%) Telenor (Neutral, TP: NOK150, -6%) Telia...

Telia has announced a RAN sharing deal with ICE in Norway. We look at the impact of this deal (first derivative and second derivative effects to both Telia and Telenor) and provide some feedback from a management meeting we had this morning with Telia CEO and CFO – which also includes commentary on the outlook in Finland and Sweden M&A.

Telia Company AB: 2 directors

Two Directors at Telia Company AB bought 15,880 shares at between 39.500SEK and 40.490SEK. The significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over t...

Telia/ice RAN sharing: modest upside over time

Telia (Buy, TP: SEK 46, +15%) Post Q4 25 model update – The Buy case ...

In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback and compare our new estimates to guidance and consensus. We have lifted SR expectations for FY26, but EBITDA has come down a touch.

Solid execution, but valuation still caps upside

Telia (Buy, TP: SEK 48, +18%) Q4 25: Good FCF beat and DPS increase

Telia has reported a mixed set of Q4 results, with a modest EBITDA miss adjusting for Sweden Pension, but a good FCF beat (+9%, even after normalizing for NWC). Guidance is broadly in line with expectations for 2026, and the DPS has been lifted for the first time in four years, which consensus did not expect.

Solid but undramatic Q4, dividend raise

Q4 to mirror Q3, but expectations bite

Improving execution warrants a neutral stance

European Telecoms for 2026 Industry action required for further outpe...

Over the past 3 years, the EU telecoms sector has had a great run – up >50%, despite modest underlying revenue/ EBITDA growth. This has almost entirely come from a deserved upwards re-rating in the multiple as the risk profile across the sector diminishes – which has been a key theme of ours in the past few years given improved regulation. So, we feel this has now largely played out.

Takeaways from meeting with new CFO

Overreaction on Spotify news creates opportunity

Resilient growth, rising margins, re-rate ahead

Too much pump, then numbers slump

Q3: impressive profitability, raised guidance