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		Year
NOK in million	2023	2022	2023	2022	2022
Service revenues	15 775	15 227	46 467	44 775	59 760
Organic service revenue growth (%)	4%	6%	4%	5%	3%
Total Revenues	20 108	19 531	59 518	57 210	76 877
Organic revenue growth (%)	2%	6%	3%	4%	4%
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 (%)	1%	6%	2%	1%	1%
Operating profit	4 987	4 980	13 195	11 816	15 143
Net income from associated companies and joint ventures	23	(93)	(269)	(264)	(301)
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
Leverage	2.2	2.1	2.2	2.1	2.2

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

Investor Relations: 
Frank Maaø +47 91 67 40 45 

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