Telia bosses believe the company now has a solid foundation for future growth after launching a change initiative late in Q3, a period when consumer operations in its principle Nordic markets continued to be its main driver as enterprise plays stuttered.

CEO Patrik Hofbauer presented a composed picture of Telia’s operations, explaining numbers met the company’s expectations and taking heart from some mild service revenue gains, a figure he noted faced tough comparisons because of a successful Q3 2023.

“Mobile service revenue growth in all markets outpaced the decline in fixed legacy revenue,” Hofbauer stated.

The CEO also highlighted continued improvement in customer satisfaction alongside the launch of Telia’s “change programme”, a scheme which involves 3,000 job cuts by the year-end, along with goals around operational efficiency and infrastructure monetisation.

Headshot of newly appointed Telia CEO Patrik Hofbauer

Hofbauer (pictured, left) highlighted a customer service award won in Sweden as edifying and explained a drop in enterprise service revenue was due to “a weaker macro environment” and the loss of one customer’s licensing revenue. The executive is optimistic a new mobile portfolio for small businesses will contribute to gains.

The same trend in Finland resulted in stable service revenue, with Hofbauer pointing to “the macro environment, regulatory headwinds and legacy pressures” as the limitations on its enterprise sales.

An anticipated drop in Norwegian service revenue came to pass, with Hofbauer pointing to stable growth for its consumer unit and another enterprise hit relating to a single contract.

There was “modest” growth in service revenue in Lithuania, where Hofbauer noted the comparable period was exceptional, and slight gains in Estonia.

Telia’s TV and Media unit registered gains in digital advertising along with direct-to-consumer revenue, though Hofbauer noted content costs were up.

The mixed bag was reflected in Telia’s headline figures, with net income up from SEK1.9 billion ($179.8 million) to SEK2.5 billion and revenue flat at SEK21.7 billion.