Telia Company AB (publ)

Thank you, Laura, and welcome everyone to the call.

We will do this in the usual manner, starting with a management presentation by our CEO, Patrick Hofbauer, and our CFO, Erik Hagerman. So I leave the floor to you, Patrick.

Thank you, Erik, and good morning and welcome, everyone. Let me start with a few overall reflections. The second quarter shows that we continue to trend well and in line with our expectations on service revenue and EBITDA, which is encouraging and shows that we have momentum to build from as we craft our value creation plan for 2025 to 2027. Like in previous quarters, we do better for consumer customers. We have strengthened our TV offerings with new content, including being the first among telecom operators with Amazon Prime. We have launched new mobile offerings in Norway and reduced customer service calls volumes in Sweden further. As a result, we see positive subscriber development, low mobile churn, increasing ARPU and higher empathy. And by the way, congratulations to Spain. And also saw strong development in digital revenue, which outpaced a continued drop in linear revenue. So all in all, we continue to perform well and much in line with our own plans. Looking at the financial highlights on the next page, momentum in our telecooperation remained with service revenue growing in line with last quarter at 2.6%, and again with growth in almost all markets, and growth in both mobile and fixed services. The quarter consumer was again the driving force with a 2.9% increase, but enterprise also grew 1.3%, an improvement from Q1 when it was neutral. Telco EBITDA grew 4.1%, driven both by higher service revenue and better cost development. TV and media continued to improve both on service revenue and EBITDA, resulting in a 2.5% increase of service revenue for the group and a 5.3% increase in EBITDA. Structural OFCF picked up materially and reached 1.7 billion on the back of profitable growth and 0.4 billion in tailwind from pension refund facing in Sweden, which you probably remember that we also called out after the first quarter. So in conclusion, we are on track on service revenue, EBITDA and Structural OFCF and also on CapEx. So we confirmed outlook for the full year across all metrics. Leverage was substantially reduced down to 2.21x from 2.43x at the start of the quarter due to EBITDA growth that proceeds from the Danish transaction and operational cash flow generation. Finally, as you know, we are planning to have a capital market update. The date will be September 26. I hope to see as many of you as possible here and tell you about the next chapter of Telia and our ambitions for 2025-2027. Let's now move into the markets, and like always, we start in Sweden. Overall, Telia Sweden continues to perform well with service revenue growth driven by consumer segment, and particularly by broadband and TV. They have together drawn uplift of about 200 million SEK. Enterprise, which had a strong year last year, was flat this quarter as growth in large customer projects did not fully compensate for the drop in fixed telephony. But we think that the underlying demand for connectivity, security, IoT and cloud services remains intact. Excluding the negative impact from legacy of 130 million, service revenue growth remained healthy at 4.3%. And as you will see on the next slide, the number of DSL customers is decreasing fast, resulting in a continued, gradually fading legacy pressure. EBITDA showed a material improvement in Q2, supported by service revenue growth and a positive 100 million impact from the refacing of the pension refund from Q1 to Q2, which again we told you about in the last quarter. Excluding this, EBITDA growth was at around 1%, in line with the underlying performance in recent quarters. Then moving on to the operational KPIs. Again, Sweden showed growth on mobile postpaid subs supported by consumer and predominantly by growth for Fellow, and with churn nearly at record low levels. RP continued to be flat, owing the mixed shift towards family SIMs and our Fellow brand, as well as lower sales of device insurances because of the continued drop in equipment sales. Broadband subscribers increased by 7,000 as growth in predominantly fiber but also fixed wireless access, more than compensated for the decline in copper. New fiber pricing last year continued to support ARPU, and in Q2 we did additional more-for-more pricing to support ARPU over the coming quarters. Finally, our TV business continued to outpace the competition with subscriber growth of 12,000 and ARP increase of 19%. To further add to the appeal of our TV service, we included, as mentioned, Amazon Prime to the distribution offering. Now, moving over to Finland. Finland has saw a neutral service revenue development this quarter as mobile growth of around 3%, offset by lower fixed revenues, driven by continued pressure on legacy revenue, regulatory changes and a ramp down of our non-profitable e-invoicing business. In the quarter, we also signed an agreement to sell our web hosting business, not a major transaction, but nevertheless important as we continue to simplify operations and focus on our core. Due to the softer service revenue development and only marginal tailwind from energy, EBITDA growth showed to just over 1%. The mobile subscriber base declined 16,000 following a continued focus on value and ARPU rather than volume, something that drove consumer ARPU up at 8%. A very strong level, albeit somewhat lower than the 12% we had in Q1. Our brand perception and customer satisfaction trends positively, and our churn is low, so we think Finland can do better, and to improve growth, we are selectively adding to our sales capabilities. This is starting to have some small positive effects already, but it will take some time to build up, so we expect the upcoming quarter also to be a bit softer like this one. Moving to Norway, where service revenue continued to grow, albeit at a slower rate, as continued good development in mobile was partly offset by a 3% reduction in fixed and the removal of paper invoicing and mobile bank ID fees. Wholesale growth remained strong, but we are starting to analyze the impact from the Fjordkraft contract, as you know. EBITDA increased by 3%, supported by the growth in service revenue and positive one-off items this quarter, leading mainly to an adjustment on the pension liability, totaling about SEC 50 million. A similar amount as to what we also had in positive one-off items in Q2 last year. On the KPIs, mobile ARPU remained flat as pricing effects were offset by somewhat higher share of large customers in the public segment with a lower ARPU. But our new mobile offering and summer campaigns have been well received, and it's encouraging to see that we have turned around the mobile subscriber trend, which has been negative for many quarters. We will continue to invest selectively in growth activities and we expect that Q3 EBITDA growth will temporarily dip into negative territory against a tough comp, but should pick up again in the coming quarters. We are also evaluating the needs to step up investments in the fixed network somewhat, now that the mobile network modernization has reached a population coverage of 95%. Moving over to Lithuania and Estonia. In both Lithuania and Estonia, we can see that service revenue growth picked up somewhat in the quarter. In Lithuania, that was driven by 10% growth for mobile, whereas in Estonia, growth was more driven by fixed services increasing by 2%. And for both countries, the slight sequential improvement to service revenue growth and cost discipline resulted in good operating leverage and EBITDA growth that outpaced the growth in service revenue. But like in the case for Norway, Lithuania also faces tougher comparison in Q3 due to strong energy tailwind and boost from the NATO summit in Q3 last year. Before I hand over to Erik, I'm happy to see that we continue the improvement in TV and media, where service revenue turned positive, supported by advertising revenue growth of 2%, and particularly good performance in digital advertising growing over 25%. Non-advertising grew 3% on the back of an expanding streaming subscriber base. It is very encouraging to see how well the transition to digital is going at the moment, with digital revenue streams in total more than compensating for the drop in traditional linear revenue. Despite an increased content cost level because of the Euros, EBITDA improved 90 million. This is driven by higher revenue in part, but mainly it's a result of good work on cost over the past year. As I'm sure you have noted, we have not renewed the UEFA Champions League and expect lower content cost from Q4 onwards, as the third quarter is also impacted by the cost for the Euros. Looking at the subscriber base, we saw an increase of 34,000 driven by non-sport packages and especially our HVOD service in Sweden. And seen over the last year, growth is even more impressive at more than 200,000. The increase of HVOD subscribers were also the reason why ARPA decreased year on year, but net impact from the subscriber base expansion is positive and a driver behind TV revenue growth in the quarter. And with that, I hand over to Eric that will take you through the Q2 financials.