Tele2 Latvia generated 143,5 miljonu eiro in revenue during the first nine months of this year, marking a 5.7 percent increase compared to the same period in 2023. The company channeled 13,4 miljonus eiro into capital investments, focusing primarily on the modernization and expansion of its mobile network infrastructure across the country.
Revenue Growth Driven by Core Services and Smartphone Sales
The firm’s financial expansion stems from steady income growth across core telecom services alongside rising customer trust, demonstrated by an expanding subscriber base. The third quarter proved especially lucrative for hardware turnover, with device sales climbing 9 percent. Arnis Priedītis, chairman of the board at Tele2, attributed this spike to strong consumer demand for newly released smartphone models hitting the domestic market.
Tele2 Maintains Fastest Upload Speeds in Latvia
Recent quality measurements published by the Public Utilities Commission confirmed that Tele2 maintains the broadest 5G footprint in Latvia, alongside the fastest upload speeds in the nation. Mobile internet download speeds reached excellent performance in 66 percent of tests, establishing the top benchmark across the domestic telecommunications industry. Concurrently, the firm adjusted its corporate structure by spinning off passive telecom infrastructure assets in the Baltics into a newly formed entity called Baltic Tower Company. This venture operates as a 50-50 partnership between Tele2 Group and Global Communications Infrastructure LLC, backed financially by Canadian investment firm Manulife Investment Management. Baltic Tower Company will execute a ten-year capital expenditure program to construct new cell sites and widen regional network reach.
Storm Disruptions Prompt National Roaming Implementation
Severe autumn storms during the third quarter caused widespread disruptions to mobile networks throughout Latvia. These weather events forced a reevaluation of crisis management protocols and successfully revived discussions regarding national roaming, a concept Tele2 advocated for in 2023. Company representatives are currently collaborating with state authorities to establish supplementary safeguards aimed at fortifying overall network resilience against future extreme weather events.
Organic EBITDAaL Growth Reaches 10 Percent
Organic growth for EBITDAaL—earnings before interest, taxes, depreciation, amortization, and post-lease costs—reached 10 percent during the opening three quarters of the year. This underlying expansion was propelled by higher end-user service revenues combined with ongoing internal cost optimization. Actual reported EBITDAaL stood at 62,9 miljonus eiro, representing a 2 percent decrease year-over-year. This slight contraction reflects the accounting and structural impact of establishing Baltic Tower Company for the 2025 operational cycle.