Telenor Asa · OSL:TEL
Telenor Asa — Telenor Asa Ord — Q2 2026 Earnings Presentation
41 slides from Telenor Asa's earnings presentation, Jul 16, 2026
Slide 1: Results presentation Q2 2026
Results presentation Q2 2026 16 July 2026 CEO Benedicte Schilbred Fasmer CFO Torbjørn Wist
Slide 2: Disclaimer
Disclaimer The following presentation deck is being made only to, and is only directed at, This presentation contains statements regarding the future in connection with persons to whom such presentation may lawfully be communicated (’relevant the Telenor Group’s growth initiatives, profit figures, o
Slide 3: Contents
Contents Group highlights CEO Nordics, transformation & M&A Defence Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2026 3
Slide 4: Contents
Contents Group highlights CEO Nordics, transformation & M&A Defence Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2026 4
Slide 5: Second quarter highlights
Second quarter highlights Mixed picture Peak transition year, Strengthening the Full-year outlook in the Nordics transformation Nordic footprint updated progressing well Q2 2026 5
Slide 6: Mixed Nordic quarter
Mixed Nordic quarter Business unit Telenor Norway Telenor Sweden Telenor Denmark DNA Growth (excl. TV VAT in Norway) TV VAT effect 5.2% 3.5% 2.1% -0.2% YoY growth -3.3% -0.3% -1.5% -1.2% -2.8% -7.7% SR EBITDA SR EBITDA SR EBITDA SR EBITDA Comments • Exceptionally tough • Continued mobile sub • Mobil
Slide 7: Transformation heavy-lifting in progress, providing increasing long-term benefits from year-end
Transformation heavy-lifting in progress, providing increasing long-term benefits from year-end Overview of key transformation programmes 2026 peak transition year, followed by opex reductions 2025 2026 2027 2028 (illustration from CMD 2025) 0% to -2% CAGR Clear cost benefits of group simplification
Slide 8: Transformation provides revenue and cost upside, while increasing resilience and flexibility
Transformation provides revenue and cost upside, while increasing resilience and flexibility Transformation programs in Telenor Norway Examples: Telenor Norway’s cloud journey Public cloud program spend potential* Enhance Telenor’s unique network NOK bn 1 Robustification security and robustness even
Slide 9: Expanding our fixed footprint and accelerating IoT, unlocking value and synergies
Expanding our fixed footprint and accelerating IoT, unlocking value and synergies Telenor Connexion • Providing a more capital-efficient growth model for long-term operational scale • Remaining long-term owner while supporting portfolio simplification agenda • Sale proceeds of SEK 3.8 bn2 • Retains
Slide 10: Becoming the second-largest fixed provider in Sweden by acquiring Bahnhof
Becoming the second-largest fixed provider in Sweden by acquiring Bahnhof Transaction benefits Strategic considerations • Agreement to acquire controlling stake, plan to launch MTO • Becoming #2 in Swedish fixed broadband market • Provides scale, breadth, and scope for cross-selling, as well as • St
Slide 11: Advancing position in defence markets
Advancing position in defence markets KNL • Qualified for UK defence frame agreement worth up to GBP ~5.4 billion over 8 years covering several product segments • Key validation of KNL's capabilities Telenor Norway • 4+3 years mobile contract for Norwegian Defense Material Agency and the National Se
Slide 12: Contents
Contents Group highlights CEO Nordics, transformation & M&A Defence Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2026 12
Slide 13: Q2 2026: Group financial highlights
Q2 2026: Group financial highlights Key figures, NOK and % Key ratios, Group Q2 2026 Q2 2025 YoY % YoY: 1.2 p.p. CAPEX to Sales 14.5% QoQ: +2.0 p.p Service revenues, mn 14,679 15,493 -0.7%* EBITDA adj., mn 7,987 8,781 -4.8%* YoY: -1.0x Leverage ratio 1.4x QoQ: +0.2x Net income adj., mn 2,651 3,015 -
Slide 14: Contents
Contents Group highlights CEO Nordics, transformation & M&A Defence Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2026 14
Slide 15: Group service revenue growth in a soft patch
Group service revenue growth in a soft patch Group service revenues Q2 2026 YoY% Percentage-point contribution to YoY %-growth NOK mn 15,493 15,351 15,311 14,844 14,679 0.2 0.7 -0.7% 2.2% 2.6% 1.9% 1.6% -1.0 -0.7% 2.1 % -0.7 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Nordics Asia Amp Elim. Group Organic -1.3% -3
Slide 16: Opex growth driven by increase in transformation cost, phasing and commission amortisation
Opex growth driven by increase in transformation cost, phasing and commission amortisation Opex, Group Opex YoY-change by category (NOK million* and YoY%) <blank (NOK million* and %) > 2.6% Salaries and Personnel 49 1.9% 6,054 65 8 13 32 38 6,209 Operation and Maintenance -7 -0.6% Sales, Marketing,
Slide 17: Group EBITDA reflecting temporary slowdown and challenging YoY comparison
Group EBITDA reflecting temporary slowdown , and challenging YoY comparison EBITDA adjusted, Group Q2 2026 YoY% Percentage-point contribution to YoY %-growth NOK mn 8,781 9,050 8,561 8,046 7,987 11.7% 6.9% -2.4 4.5% 0.5 3.1% -1.3 -0.4 -1.1 -4.8% Nordics Asia Infrastructure Amp Other & EBITDA -4.8% e
Slide 18: Contents
Contents Group highlights CEO Nordics, transformation & M&A Defence Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2026 18
Slide 19: EBITDA growth in Norway held back by exceptional performance in 2025, phasing and technical factors
EBITDA growth in Norway held back by exceptional performance in 2025, phasing and technical factors Adjusted EBITDA growth seen over two years, Norway Q2 ’24 EBITDA 3,163 Δ Mobile SR 149 Back-book price size and timing migration effects Δ Fixed SR Δ Other revenues 237 Incl. NOK 160 mn uplift from na
Slide 20: Underlying EBITDA growth in Nordics despite high transformation activity
Underlying EBITDA growth in Nordics despite high transformation activity EBITDA adjusted, Nordics Q2 2026 YoY% Percentage-point contribution to YoY %-growth NOK mn 0.4 0.6% 0.9 7,088 6,781 6,588 6,491 6,391 2.4 12.5% 8.0% 8.7% 0.4 3.8% 1.0 -0.1 -3.1% -0.1 -3.1% -4.2 Norway Sweden Denmark DNA Other N
Slide 21: Contents
Contents Group highlights CEO Nordics, transformation & M&A Defence Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2026 21
Slide 22: Grameenphone: Focus on low-band roll-out and efficiencies
Grameenphone: Focus on low-band roll-out and efficiencies Service revenues and adj. EBITDA, Organic growth, Grameenphone Improving commercial momentum, but Grameenphone revenue remains constrained Service revenues, NOKm Service revenues, YoY% Adj. EBITDA, NOKm Adj. EBITDA, YoY% • Direct and indirect
Slide 23: Contents
Contents Group highlights CEO Nordics, transformation & M&A Defence Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2026 23
Slide 24: P&L affected by provisions, restructuring and higher financial income
P&L affected by provisions, restructuring and higher financial income PROFIT AND LOSS HIGHLIGHTS (NOKm) Q2 2026 Q2 2025 Q2 2026 comments Total revenues 18,135 19,100 Service revenues 14,679 15,493 NOK 135 mn revenue effect of TV VAT provision (2020-2022) Adjusted EBITDA 7,987 8,781 NOK 27 mn opex ef
Slide 25: FCF before M&A of NOK 1.8 billion, up 0.2 billion YoY
FCF before M&A of NOK 1.8 billion, up 0.2 billion YoY Q2 free cash flow, with drivers (NOK mn) EBITDA adj. 7,987 Income taxes paid -656 Mostly Grameenphone Net interest paid -659 NOK 0.3 bn lower YoY Operating Working capital -1,059 Negative timing effects YoY Dividends from associates 320 CelcomDig
Slide 26: Strong financial position and shareholder returns
Strong financial position and shareholder returns NIBD (NOK bn) Leverage ratio (x)* 3-year buyback programme in progress • 2026/27 buyback programme of NOK 6 90.2 bn well underway 86.8 83.2 83.5 81.5 85.0 81.7 2.4 2.4 2.4 Target • Repurchased shares for NOK 605 mn 2.3 2.3 2.3 2.2 leverage as of 10 J
Slide 27: Contents
Contents Group highlights CEO Nordics, transformation & M&A Defence Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2026 27
Slide 28: Financial outlook for 2026
Financial outlook for 2026 Actuals1 2026 Outlook2 H1 2026 Previous Updated Key drivers of change • NO: Slower growth outlook Organic service revenues growth 0.8% Low single-digit Flat to low single-digit • FI: Only modest recovery in Q2 Nordics • Reduced SR outlook Organic EBITDA adj. growth 1.5% Lo
Slide 29: Concluding remarks
Concluding remarks Q2 2026 29
Slide 30: Q&A
Q&A Q2 2026 30
Slide 31: Appendix
Appendix Q2 2026
Slide 32: Progress on ESG agenda
Progress on ESG agenda Scope 1&2 emissions Scope 3: Supplier spend Take-back rate for mobile reductions* covered by SBTs** devices (Nordics) 67% 71% 30% -35% Environmental 14% 13% -69% 2025 2030 2025 2026 Series 1 Target Series 1 2025 2026 2030 YTD YTD Target Women in senior leadership Timely resolu
Slide 33: Norway
Norway Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues -2.2% 5,303 5,306 5,307 5,240 5,157 (2.8) 55% 52.8% 56% % 54.1% 2,561 2,561 2,544 2,524 2,506 54% 52% 50% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Mobile ARPU (NOK/month) EB
Slide 34: Sweden
Sweden Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 3.8% 2,696 2,672 2,726 2,667 2,538 3,016 3,043 3,088 3,095 3,131 (0.3) 52.8% 43% % 54.1% 40% 40% 40% 41% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Mobile ARPU (SEK/month) EBI
Slide 35: Denmark
Denmark Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 0.7% 1,172 1,196 1,190 1,156 1,137 3.5% 54.1% 1,697 1,691 1,700 1,707 1,709 52.8% 33% 33% 31% 28% 28% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Mobile ARPU (DKK/month) EBITD
Slide 36: Finland
Finland Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 0.0% 2,587 2,567 2,627 2,472 2,399 2,812 2,840 2,808 2,790 2,813 54.1% 52.8% (1.2)% 40% 42% 41% 41% 36% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Mobile ARPU (EUR/month) EBI
Slide 37: Q2 2026: Nordics fixed broadband
Q2 2026: Nordics fixed broadband Total fixed broadband subscriptions (‘000) Nordic fixed service revenues, NOK mn and share of total (%) FWA Fibre Cable DSL Finland Norway Sweden* Denmark* Finland 541 16% 701 696 700 710 641 Denmark 150 126 591 145 4% 367 361 Norway 436 463 641 591 105 109 1,873 Swe
Slide 38: Bangladesh
Bangladesh Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin —% EBITDA Margin Service revenues 3,315 3,169 3,031 2,911 86,256 85,559 83,856 84,170 86,264 2,847 60% 59% 58% 58% 58% -3.2% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Mobile ARPU (BDT/month) EBITDA adj
Slide 39: Debt information
Debt information Additional facts: Net debt reconciliation of the Net debt APM: 31 December NOK in million 30 June 2026 2025 30 June 2025 Non-current interest-bearing liabilities 71,144 74,187 70,327 Non-current lease liabilities 11,678 11,399 12,807 Bond maturity profile (NOK bn) Current interest-b
Slide 40: Return on capital employed (annual and Q2 LTM)
Return on capital employed (annual and Q2 LTM) 17.0% 16.0% 14.0% 14.0% 13.0% 13.0% 12.0% 12.0% 11.0% 11.0% 10.0% 8.0% 8.0% 7.4% 3.6% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Note: See APM section in quarterly report for ROCE calculation and definition. True divestme
Slide 41: Second quarter 2026
Second quarter 2026 Published by Telenor ASA Snarøyveien 30 N-1360 Fornebu, Norway Investor relations Email: ir@telenor.com www.telenor.com/investors