Telia Company today said its Capex (capital expenditure) increased to SEK 3,773 million or $438 million in Q2 2016 from SEK 3,693 million in Q2 2015.

Telia Company’s Capex-to-service revenue ratio increased to 20.9 percent from 20.2. Capex excluding license and spectrum fees increased 2.2 percent to SEK 3,773 million from SEK 3,693 million.

Announcing the financial outlook today, Telia Company has maintained its investment plans for 2016. Telia CEO Johan Dennelind said: “Capex excluding license and spectrum fees for the continuing operations is expected to be SEK 14-15 billion.”

In Sweden, Capex of Telia increased to SEK 1,728 million from SEK 1,577 million.

In Europe, Capex of Telia declined to SEK 1,278 million from SEK 1,410 million.

Telia said its Q2 sales declined 2 percent to SEK 21,130 million.

“While transforming the company we are focused on delivering solid results in our core operations. In the second quarter, organic service revenues were flat and EBITDA increased 5.1 percent year-on-year, propelled by higher earnings in 7 out of 8 markets,” Johan Dennelind said.