Tele2 stock holds steady as 2025 results frame the outlook

Tele2 stock keeps attention on the 2025 report, where revenue reached SEK 28.9 billion and adjusted EBITDAaL totaled SEK 11.1 billion.

Tele2 B (SE0005190238) closed 2025 with revenue of SEK 28.9 billion and adjusted EBITDAaL of SEK 11.1 billion, while the company also reported free cash flow from operations of SEK 8.1 billion for the year. Those figures frame the current Tele2 stock debate more clearly than any short-term headline, because they show how much cash the Swedish telecom group generated across a full reporting cycle.

SEK 28.9 billion revenue

Tele2 reported net sales of SEK 28.9 billion for 2025, compared with SEK 30.4 billion in 2024, which means the top line declined by SEK 1.5 billion year on year. Adjusted EBITDAaL came in at SEK 11.1 billion in 2025 versus SEK 10.9 billion a year earlier, so operating profitability improved even as revenue slipped.

The company also said free cash flow from operations reached SEK 8.1 billion in 2025, up from SEK 7.4 billion in 2024. For investors, that combination matters because it shows Tele2 turning a lower revenue base into more cash generation, a useful offset when the top line softens.

Cash flow improves

Tele2's 2025 report also showed net income of SEK 5.0 billion, up from SEK 3.3 billion in 2024. Net debt-to-EBITDAaL stood at 2.0 times at year-end 2025, versus 2.2 times at the end of 2024, which gives the balance sheet a cleaner profile than a year earlier.

That debt ratio is the kind of metric equity markets tend to watch closely in a mature telecom name, because it shapes how much room remains for dividends, network spending and buybacks. The improved leverage ratio gives the stock a more defensive valuation anchor than a simple revenue trend would suggest.

Margins still matter

Adjusted EBITDAaL of SEK 11.1 billion in 2025 translated into an adjusted EBITDAaL margin of 38.4%, slightly ahead of the 37.9% margin in 2024. The margin expansion was modest, but it was enough to show that Tele2 preserved pricing and cost discipline through the year.

Tele2 also reported that its total customer base and segment mix continued to shift across consumer and business services during 2025, a detail that matters because telecom growth now comes more from mix and efficiency than from broad subscription expansion. The margin line remains the clearest sign of whether that mix is working.

Consumer services drive volume

One of Tele2's most visible product areas is mobile connectivity and bundled household services, where the company sells subscriptions, broadband and TV packages across its Nordic markets. In 2025, that mix supported a full-year cash flow profile of SEK 8.1 billion and kept the group's operating result firmly positive.

The same product base also explains why the 2025 comparison is important: a telecom operator with SEK 28.9 billion in revenue, SEK 11.1 billion in adjusted EBITDAaL and SEK 5.0 billion in net income is being judged less on hyper-growth and more on consistency. That is the core investment case in one line.

Tele2 stock and valuation

Tele2 stock is best read through the full-year numbers from 2025, especially the move from SEK 10.9 billion to SEK 11.1 billion in adjusted EBITDAaL and the fall in net debt-to-EBITDAaL from 2.2 times to 2.0 times. Those changes suggest the company ended the year with firmer operating leverage and slightly lower financial risk.

As a Nordic telecom name listed in Stockholm, Tele2 remains a cash-flow and balance-sheet story first. The 2025 figures show why the market keeps those metrics at the center of the debate.

Tele2 B fact box

• Company: Tele2 AB (publ)
• ISIN: SE0005190238
• Ticker: STO: TEL2 B
• Trading venue: Nasdaq Stockholm
• Sector / Industry: Communication Services / Wireless Telecommunication Services
• Index membership: OMXS30