Telenor continues solid performance in the Nordics, while facing headwinds in Asia

Fornebu, Norway - October 29 2025 - Telenor delivered a solid third-quarter performance. Service revenues grew by 2.7 per cent year-over-year, adjusted EBITDA increased by 5.4 per cent, while free cash flow before M&A was up 50 per cent year-on-year. As a result, the outlook for 2025 has been tightened.

Third quarter highlights:

• Service revenues of NOK 16.3 billion in the quarter.
• Adjusted EBITDA of NOK 9.5 billion in the quarter.
• Free cash flow before M&A of NOK 4.2 billion in the quarter.

So far this year, Telenor Group has delivered an adjusted EBITDA of NOK 27.5 billion and free cash flow before M&A of NOK 8.8 billion.

Nordics as key growth engine
The Nordic business delivered robust results in the third quarter with 2.1 per cent organic growth in service revenues and 8.0 per cent increase in adjusted EBITDA. This growth was fuelled by solid service revenue gains, higher Lyse Tele roaming revenues in Norway and effective cost reductions.

Adjusted EBITDA in Asia rose by 4.1 per cent, but the company sees potential headwinds from spectrum-and-data-related expenses that may affect cash flows from the region in the short-to-medium term. Grameenphone returned to top-line growth this quarter, despite continued challenging market conditions. In Telenor Pakistan, strong service revenue growth contributed to a 17 per cent increase in EBITDA. Telenor received its first regulatory approval for the sale of Telenor Pakistan this quarter, representing a key milestone in the exit process.

Challenging backdrop in the Nordics
Geopolitical tensions, extreme weather, and increasingly sophisticated cyberattacks are putting the Nordics’ critical infrastructure under pressure. According to a recent survey, one in three Norwegians believe a major digital attack could disrupt essential societal functions.

“Telenor’s employees are at the forefront of defending our customers against evolving digital threats. We continuously invest in advanced and innovative security solutions to deliver greater value and enhanced protection for our customers,” says CEO Benedicte Schilbred Fasmer.

Telenor’s latest Nordic Security Report identifies six scenarios that could test the resilience of companies and societies, ranging from destructive cyberattacks and sabotage of infrastructure to insider threats, organized crime and sophisticated online scams. The report’s conclusion is clear: digital preparedness has never been more critical.

Key events during Q3
Telenor and Vodafone entered into a global strategic procurement partnership, leveraging a combined annual spend of more than EUR 26 billion to strengthen supply chain resilience, drive efficiencies and promote responsible business practices. Telenor’s Finnish subsidiary KNL secured EUR 15 million in Nordic defense contracts under a ten-year framework agreement, providing secure communication solutions to the Finnish and Swedish Armed Forces.

The acquisition of GlobalConnect’s consumer business in Norway for NOK 6.0 billion will increase Telenor’s subscriber market share from 22 per cent to 29 per cent with an addition of around 140,000 fibre customers. Telenor also signed an agreement to sell its 50 per cent stake in Allente to Viaplay for SEK 1.1 billion.

“These initiatives strengthen our core infrastructure, simplify our portfolio and leverage partnerships and technology to capture new growth opportunities,” says Fasmer.

Financial outlook for 2025:

• 2-3% organic growth in Nordic service revenues (changed from low single-digit).
• 8-9% organic growth in adjusted EBITDA in the Nordics (changed from high-single digit).
• For the Nordic business, capex excl. leases are expected to account for around 14 per cent of revenues (unchanged).
• 5-6% organic growth in adjusted EBITDA for Group (changed from mid-single digit).
• Free cash flow before M&A of around NOK 13 billion (unchanged).

For further information, please contact:
David Fidjeland, Director Media Relations, mobile +47 93 46 72 24
Frank Maaø, SVP Capital Markets and Investor Relations, mobile +47 91 67 40 45