Recently appointed Tele2 Group CEO Kjell Johnsen (pictured) praised its performance in Q3, driven by operations in Sweden and the Baltics, but emphasised there was room for improvement in its business offerings.

In its earnings statement, Johnsen highlighted the success of its “more-for-more strategy” in broadband and mobile post-paid in Sweden, and continued mobile-centric convergence strategy in the Baltics.

However, Tele2’s head pointed to the need for optimisation of its business segment in Sweden for profitability, “by leveraging our potential as an innovative aggregator and distributor, while simultaneously strengthening our combined offerings”.

Building upon “a very strong foundation”, Johnsen said Tele2’s infrastructure position in Sweden will be enhanced with the rollout of 5G and next-generation fixed networks, “but we should also keep an open mindset and look for other opportunities to improve reliability and customer experience, as well as realising financial value”.

Revenue in Q3 of SEK6.6 billion ($748.7 million) was down 3 per cent year-on-year due to “headwinds” related to the Covid-19 (coronavirus) pandemic. End-user service revenue of SEK4.9 billion was also affected, falling 2 per cent.

Net profit was SEK1.2 million, up 17 per cent from SEK1 million in Q3 2019.

Tele2’s Sweden consumer revenue was SEK3 billion, down 2 per cent, while business operations revenue dropped 8 per cent to SEK940 million.

Revenue in the Baltics rose 7 per cent to SEK770 million, while in Germany it dropped 11 per cent to SEK95 million.