Steady Q1 performance

Despite a challenging external backdrop, Telenor delivered steady operational performance in the first quarter, while continuing to strengthen its role as a provider of secure and reliable digital infrastructure and building a stronger company for the long term.

“The geopolitical situation underlines how vital secure and resilient digital infrastructure is in today’s world. I am proud of how our teams responded, with agility, responsibility and a strong customer focus, while continuing to execute on our long-term strategy,” says CEO Benedicte Schilbred Fasmer.

First quarter highlights:

• Service revenues of NOK 14.8 billion.
• Adjusted EBITDA of NOK 8.0 billion.
• Free cash flow before M&A of NOK 2.1 billion.
• Total free cash flow of 31.9 bn NOK.

Service revenues increased by 1.6 per cent compared to the same period last year, while adjusted EBITDA grew by 3.1 per cent, both organically. The results reflect slower growth in the Nordics compared to 2025, especially in Finland, combined with a challenging situation in Bangladesh.

Nordics top-line growth remains robust

The Nordic business delivered a 3.8 per cent organic increase in adjusted EBITDA in the quarter, driven by service revenue growth and wholesale revenues in Norway.

Organic growth in Asian service revenues declined 1.9 per cent in the quarter, reflecting challenging market conditions for Grameenphone in Bangladesh. This was further affected by broader macroeconomic headwinds and energy supply chain constraints due to the war in Iran.

Telenor passed an important milestone in its simplification journey by completing the first tranche of the disposal of the company’s 30 per cent stake in True in Thailand. The sale of the first 25 per cent resulted in a net consideration of approximately NOK 30 billion of which NOK 607 million is deferred six months. The residual 5 per cent stake will be sold within two years. Telenor aims to commence the proposed NOK 15 billion three-year share buyback programme before the summer.

"Our financial position is strong following our recent divestments, leaving room for both incremental shareholder returns and disciplined value-enhancing investments in our core Nordic markets," says Schilbred Fasmer.

Increasing threat to customers and critical infrastructure

"The level of activity of digital crime that affects Norwegians is consistently high. We see the methods are changing, becoming more advanced and requiring increasingly sophisticated technology to detect and prevent," says Schilbred Fasmer.

In the first quarter of 2026, Telenor's security solutions stopped around 666 million unsafe websites and attempts at digital crime in Norway alone, including 5.5 million fraudulent calls and 5.5 million fraudulent text messages.

"The total volume underlines how central Telenor’s security solutions and digital infrastructure are to protect customers, businesses and critical societal functions," Schilbred Fasmer said.

Financial outlook for 2026:

• Low single-digit organic growth in Nordic service revenues.
• Low-to-mid single-digit organic growth in adjusted EBITDA in the Nordics (adjusted from mid-single digit).
• Around 14 per cent capex to sales, excluding leases, for the Nordic business.
• Flat-to-low single-digit organic growth in adjusted EBITDA for Group (adjusted from low-to-mid single-digit).
• Free cash flow before M&A, excluding dividends from associated companies and incremental spectrum, of NOK 10-11 billion.

For further information, please contact:

• David Fidjeland, Communications Director, mobile +47 93 46 72 24
• Frank Maaø, SVP Capital Markets and Investor Relations, mobile +47 91 67 40 45

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