Tele2 Group president and CEO Kjell Johnsen (pictured) pointed to important strategic moves including a sale of its stake in T-Mobile Netherlands and success advancing its commercial 5G play as factors contributing to a successful Q3, when revenue rose 2 per cent.
The Nordics-based operator reported revenue of SEK6.6 billion ($767.7 million), although there was a SEK100 million year-on-year decline in net profit to SEK1.1 billion related to amortisation on the Com Hem brand and a separate legal settlement.
During Q3, Tele2 offloaded its 25 per cent stake in T-Mobile in the Netherlands as part of a €5.1 billion deal struck by Deutsche Telekom to sell the unit to a private equity consortium.
In other major moves, the company launched 5G on the Comviq brand in Sweden and a pilot fibre project in Lithuania.
Johnsen stated the market was “more active” in Q3 than Q2, with a merger of the Tele2 and Com Hem brands the most significant development in the recent period.
He explained the decision to sell the T-Mobile Netherlands stake was part of its mid-term ambitions to be a leader in the Nordics and Baltics, while it was preparing to take the next steps in investing into 5G as soon as the spectrum situation in each area was clarified.
During Q3 home market Sweden contributed the most revenue, SEK5.3 billion which was flat versus Q3 2020, while Lithuania and Latvia made the greatest gains, up 13 per cent and 9 per cent respectively.
Johnsen added the company expects activity to “pick up” in the current quarter, and it was well on track to deliver its targets.Subscribe to our daily newsletter Back