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Strong third quarter for Telenor


"Third quarter was a strong quarter for Telenor. We delivered solid growth and earnings momentum in the Nordics and saw firm traction for synergy realisation in Asia," says Sigve Brekke, CEO of Telenor Group. 

Service revenues were NOK 15.8 billion, which is an increase of NOK 0.5 billion or 4% compared to the same period last year. EBITDA grew by a 7% year on year, adjusted for a positive one-time effect in Pakistan last year. Organic EBITDA increased by 1%. 

"Our success depends on our ability to create value for our customers and that is our key driver. We continue to see strong customer validation and receive top customer experience ratings for our consumer mobile services in Denmark, Finland and Sweden," says Sigve Brekke, CEO of Telenor Group. 

Telenor Nordics delivered 4% service revenue growth and 8% EBITDA growth in the third quarter, supported by strong operational performance and lower energy prices. Growth in mobile remained steady at around 5%.  

In Asia, Telenor Group has number one positions in three out of four markets, with a total customer base of 200 million people. Telenor’s businesses in Asia delivered underlying growth despite of challenging macro conditions.  Telenor Asia’s service revenues adjusted for the Pakistan one-time effect last year, improved by 6% and EBITDA increased by 4%. This was driven by mobile revenue growth in both Bangladesh and Pakistan, more than offsetting the negative impact of inflationary pressure, including higher energy prices. 

"Customer excellence, free cash flow generation and long-term value creation will remain top priorities for us going forward," says Sigve Brekke, CEO of Telenor Group. 

Updated Financial Outlook for 2023:

  • Above 3% organic growth in Nordic service revenues (updated from “low-to-mid-single digit growth”). 
  • 3-4% organic growth in Nordic EBITDA (updated from “low-to-mid-single digit growth”).  
  • Nordic capex to sales ratio of around 17% (unchanged). 

Key figures Telenor Group*

Third quarter

First three quarters


NOK in million






Service revenues 

15 775 

15 227 

46 467 

44 775 

59 760 

Organic service revenue growth (%) 






Total Revenues 

20 108 

19 531 

59 518 

57 210 

76 877 

Organic revenue growth (%) 






Operating expenses 

(6 331) 

(5 946) 

(19 550) 

(18 474) 

(25 229) 

EBITDA before other income and other expenses 

9 251 

9 287 

26 097 

25 790 

33 830 

Organic EBITDA growth (%) 






Operating profit 

4 987 

4 980 

13 195 

11 816 

15 143 

Net income from associated companies and joint ventures 






Net income attributable to equity holders of Telenor ASA 

2 451 

1 549 

21 417 

7 006 

44 913 

Capex excl. lease 

2 666 

3 172 

9 637 

9 540 

13 560 

Free cash flow before M&A 

4 330 

3 955 

4 572 

7 319 

9 866 

Total Free cash flow 

4 331 

5 211 

9 479 

9 657 

10 604 







Media contact
Ingibjörg Meyer-Myklestad +47 90 60 55 05 

Investor Relations
Frank Maaø +47 91 67 40 45 

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