A lot has happened at Tele2 (OMX Stockholm, Tel2 B) since the new major owner stepped in and all the changes could lead to a high dividend in 2026.
The dividend in Tele2 2026?
Ever since Kinnevik sold Tele2 to French billionaire Xavier Niel (Iliad company) last year, cost control has been clearly on the agenda.
The company has acquired offices in Sweden and we recently received information that they are going to dump sales partners. Customers will be tied closer, loyalty will be strengthened and dealers will be laid off.
At least, those were the words Xavier Niel mentioned when he visited the office in Kista some time ago. Tele2 has long been a high dividend payer, offering a fairly good total return if the dividend is reinvested. The outlook going forward is that Tele2 will be able to ship out even more money to its owners.
As you probably already know, cash flow is what largely determines the dividend in a telecom company. Last year, in 2024, Tele2 managed to generate 4.4 billion in cash flow for the full year. So far this year (with one quarter left), they have already scraped together 5.4 billion. That says something.
If we look at what analysts believe, they predict a minimum dividend of SEK 8.0 when the board presents its proposal next year. However, there are some who believe in SEK 9.0.
If the dividend lands at SEK 8, the share is currently trading at a 5.5% dividend yield. The company pays a semi-annual dividend.
I think that Tele2 is interesting to own long-term in a dividend portfolio, and I believe that we have a significantly better owner now compared to Kinnevik.
I have a small portion of the company and would slowly accumulate more.
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