Tele2 B, SE0005190238

BNP Paribas downgrades Tele2 stock to Neutral at SEK 180

Published on 10/06/2026 at 14:42 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 service revenue grew 2 percent and underlying EBITDA 4 percent. Tele2 stock costs EUR 14.14 on October 6, 2026 versus EUR 14.31, down 1.19 percent.

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Tele2 (ISIN SE0005190238) was trading at EUR 14.14 at Lang & Schwarz on October 6, 2026 at 2:35 p.m. CEST, down 1.19 percent from the prior close of EUR 14.31. On September 10, 2026, BNP Paribas downgraded Tele2 from Outperform to Neutral and set a SEK 180 price target, as MarketScreener reported.

Q2 growth reaches 2 percent

Tele2's second-quarter operating picture was stronger than the share-price signal. In the second quarter of 2026, group end-user service revenue grew 2 percent year over year, while underlying EBITDA increased 4 percent.

According to the Yahoo Finance transcript of the July 16, 2026 earnings call, equity free cash flow reached SEK 1.5 billion in the second quarter, while the last-twelve-month figure stood at SEK 6.2 billion. The comparison matters because the company said the 4 percent underlying EBITDA growth came despite tougher comparisons than in the first quarter.

Cash flow cushions competition

Tele2 also described a divided operating trend. In the second quarter of 2026, Swedish business end-user service revenue grew 4 percent, while Baltic end-user service revenue increased 6 percent and Baltic underlying EBITDA rose 10 percent.

Fixed broadband end-user service revenue declined 2 percent year over year in the second quarter of 2026 as pricing competition intensified. Management kept its 2026 outlook for low single-digit organic growth in end-user service revenue, low to mid-single-digit organic underlying EBITDA growth and capital expenditure at 10 percent to 11 percent of sales, according to the same Yahoo Finance transcript.

Stock remains below yearly high

Tele2's market capitalization was SEK 108.8 billion as of October 6, 2026, while the 52-week range was SEK 143.05 to SEK 198.30. The Lang & Schwarz price of EUR 14.14 therefore sits below the Swedish quotation range in a different currency, so the two values are not combined into one distance calculation.

Tele2's investor page identifies the share as Tele2 B on XSTO and schedules the third-quarter 2026 presentation for October 20, 2026, at 9:00 a.m. CEST. The date is the next concrete test of whether the second-quarter growth rates can continue into the second half of the year, particularly while fixed broadband remains under pricing pressure.

October report sets next test

At Lang & Schwarz, Tele2 B was trading at EUR 14.14 on October 6, 2026 at 2:35 p.m. CEST, down 1.19 percent versus the prior close of EUR 14.31 on October 5, 2026. The next scheduled company presentation is October 20, 2026.

The further course of trading is shown by the continuously updated real-time quote of Tele2 stock.