Telenor Asa · OSL:TEL
Telenor Asa — Telenor Asa Ord — Q2 2025 Earnings Presentation
38 slides from Telenor Asa's earnings presentation, Jul 18, 2025
Slide 1: Telenor Q2 presentation Second quarter 2025
Telenor Q2 presentation Second quarter 2025 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 Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2025 3
Slide 4: Contents
Contents Group highlights CEO Nordics Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2025 4
Slide 5: Second quarter highlights
Second quarter highlights Exceptional Nordic transformation Fibre expansion in Raised EBITDA growth performance in Nordics work paying off Norway and Finland outlook Q2 2025 5
Slide 6: Exceptional EBITDA growth in the Nordics
Exceptional EBITDA growth in the Nordics Rebound in Nordics SR growth Norway largest growth contributor in Q2 Norway key driver of EBITDA growth Nordics service revenues, YoY% Percentage-point contribution to YoY % SR growth EBITDA Nordics, YoY% Nordics service revenues, NOK mn EBITDA Norway, YoY% O
Slide 7: Strengthening fibre positions in Norway and Finland
Strengthening fibre positions in Norway and Finland Acquiring GlobalConnect’s consumer fibre Comprehensive fibre upgrades to Finnish business in Norway housing-association customers Adding 140,000 fibre customers, increasing Fibre to all DNA’s MDU customers by 2028 Telenor’s fibre market share to 29
Slide 8: Asia: Challenging macro and regulatory environment, encouraging spectrum award for True Thailand
Asia: Challenging macro and regulatory environment, encouraging spectrum award for True Thailand • Q1 EBITDA* grew by 7% #1 mobile • Reiterated guidance for 2025 interim dividend subject to BoD player • We see spectrum award as de-risking long-term outlook Malaysia • Q1 ‘normalised EBIT’ increased 6
Slide 9: Contents
Contents Group highlights CEO Nordics Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2025 9
Slide 10: Q2 2025: Group financial highlights
Q2 2025: Group financial highlights Key Group figures, NOK and % Key ratios Q2 2024 Q2 2025 YoY % YoY: -1.9 p.p. CAPEX to Sales 13.5% QoQ: +0.7 p.p Service revenues, mn 16,320 16,534 2.9% * EBITDA adj., mn 8,790 9,318 8.3% * YoY: +0.1 Leverage ratio 2.4x QoQ: +0.2 Net income adj., mn 2,317 3,044 31%
Slide 11: Contents
Contents Group highlights CEO Nordics Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2025 11
Slide 12: Group topline growth of 3% driven by Nordics
Group topline growth of 3% driven by Nordics Group service revenues Q2 YoY% Percentage-point contribution to YoY %-growth NOK mn 16,320 16,162 16,266 16,113 16,534 0.2 0.0 0.1 2.9% 2.6 4.5% 2.9% 2.1% 2.1% 2.1 1.1% % Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Nordics Asia Amp Elim. Group Organic 3.7% 0.7% 0.8% gr
Slide 13: Stable Group opex enabled by Nordics transformation
Stable Group opex enabled by Nordics transformation Opex, Group Opex YoY-change by category (NOK million* and YoY%) <blank (NOK million* and %) > 0.7% Salaries and Personnel 3 0.1% 6,836 11 2 47 54 6,882 Operation and -69 Maintenance -4 -0.3% Sales, Marketing, and Commission 39 2.8% Energy -5 -1.2%
Slide 14: Group EBITDA growth of 8.3% driven by excellent performance in Nordics
Group EBITDA growth of 8.3% driven by excellent performance in Nordics EBITDA adjusted, Group Q2 YoY% Percentage-point contribution to YoY %-growth NOK mn 9,206 9,318 8,790 8,479 8,641 1.2 0.3 8.7 -0.2 8.3% 8.3% -1.7 3.8% 1.8% 2.0% 2.0% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Nordics Asia Infrastructure Amp O
Slide 15: Contents
Contents Group highlights CEO Nordics Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2025 15
Slide 16: Nordics EBITDA growth of 12.5% driven by top-line growth and opex reductions
Nordics EBITDA growth of 12.5% driven by top-line growth and opex reductions EBITDA adjusted, Nordics Q2 YoY% Percentage-point contribution to YoY %-growth NOK mn 6,515 6,782 0.2 12.5% 6,264 1.9 5,948 5,898 12.5% 1.8 0.2 8.5 6.0% 5.8% 4.2% 4.6% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Norway Sweden Denmark DNA
Slide 17: Nordics EBITDA growth explained by higher revenues and opex reductions in Norway
Nordics EBITDA growth explained by higher revenues and opex reductions in Norway Adjusted EBITDA growth, Nordics YoY adj. EBITDA growth, Nordics Percentage-point change in contribution to YoY %-growth 12.5% 0.8 0.4 7.5% Mainly Lyse Tele (ICE) roaming -1.7 5.8% -0.1 0.0 agreement 0.6 Mostly B2C growt
Slide 18: Contents
Contents Group highlights CEO Nordics Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2025 18
Slide 19: Profitability continued to strengthen in Asia
Profitability continued to strengthen in Asia Consolidated business units Associated companies • Lack of macro recovery in Bangladesh • Q1: first time of positive reported net profit • Solid cost management • Synergy extraction • Exceptional performance in Pakistan supported by • New transformation
Slide 20: Contents
Contents Group highlights CEO Nordics Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2025 20
Slide 21: P&L: Solid increase in net income and EPS
P&L: Solid increase in net income and EPS PROFIT AND LOSS HIGHLIGHTS Q2 2024 Q2 2025 Q2 2024 Q2 2025 Total revenues 19,936 20,315 Service revenues 16,320 16,534 Cost of materials and traffic charges -4,265 -4,168 Opex -6,880 -6,829 EBITDA adjusted 8,790 9,318 Other income and expenses -219 540 NOK +
Slide 22: FCF before M&A of NOK 1.6 bn
FCF before M&A of NOK 1.6 bn Q2 free cash flow, with drivers (NOK mn) EBITDA adj. 9,318 Income taxes paid -1,030 Grameenphone (incl WHT), Pakistan legacy tax case Net interest paid -951 Seasonally high in Q2 and Q4 Operating Working capital -704 Mostly Nordics; Norway TV VAT case (0.2 bn) Dividends
Slide 23: Leverage ratio influenced by dividend payout and FX
Leverage ratio influenced by dividend payout and FX Leverage ratio and NIBD Short-term factors Seasonality of dividend payments 87.8 90.2 86.8 83 83.5 81.5 80.4 79.8 79 2.4 2.4 2.4 2.2 2.2 2.2 2.3 2.3 2.2 Macro and FX fluctuations in Bangladesh Target leverage 1.8x-2.3x End-of-quarter EUR/NOK Q2 23
Slide 24: Contents
Contents Group highlights CEO Nordics Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q2 2025 24
Slide 25: Updated outlook for 2025
Updated outlook for 2025 2025 Previous 2025 Updated TELENOR NORDICS Q2 2025 actuals YTD 2025 outlook outlook Organic service revenues 3.7% 3.0% Low single-digit Low single-digit growth Organic EBITDA adj. growth 12.5% 9.2% Mid single-digit High single-digit Capex/sales (excl. leases) 13.9% 13.2% Aro
Slide 26: Concluding remarks
Concluding remarks Q2 2025 26
Slide 27: Q&A
Q&A Q2 2025 27
Slide 28: Appendix
Appendix
Slide 29: Progress on ESG agenda
Progress on ESG agenda Environmental Social Governance Scope 1&2 emissions reductions* People trained in digital skills (mn) Supply chain non-conformities resolved 88% 90% 12.3 12.7 83% Series 1 61% -13% -17% 50% 6.0 -37% 4.1 3.0 Series 1 -64% Series 1 2022 2023 2024 YTD 2025 2022 2023 2024 YTD 2025
Slide 30: Norway
Norway Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues -2.1% 5,114 5,187 5,158 5,079 5,303 3.7% 2,615 2,620 2,600 2,570 2,561 52.8% 54% 54.1% 55% 51% 52% 49% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Mobile ARPU (NOK/month) EBITD
Slide 31: Sweden
Sweden Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 1.8% 2,696 2,518 2,585 2,573 2,458 2,963 2,974 2,993 3,003 3,016 1.1% 52.8% 54.1% 39% 37% 40% 36% 35% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Mobile ARPU (SEK/month) EBITDA
Slide 32: Denmark
Denmark Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 1.9% 1,132 1,114 1,171 1,172 1,099 5.8% 54.1% 1,666 1,682 1,696 1,699 1,697 52.8% 35% 33% 32% 33% 27% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Mobile ARPU (DKK/month) EBITD
Slide 33: Finland
Finland Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 0.9% 2,450 2,509 2,445 2,535 2,587 2,788 2,814 2,803 2,792 2,812 54.1% 52.8% 4.7% 40% 41% 40% 38% 35% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Mobile ARPU (EUR/month) EBITD
Slide 34: Q2 2025: Nordics fixed broadband
Q2 2025: 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 583 16% 724 701 688 700 671 641 Denmark 178 150 157 4% 369 367 Norway 420 436 671 641 113 105 1,996 55% 3
Slide 35: Bangladesh
Bangladesh Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin 1.1% EBITDA Margin Service revenues 3,823 3,622 85,276 84,564 84,252 84,817 86,256 3,400 3,315 3,315 60% 59% 57% 57% 60% -3.1% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Mobile ARPU (BDT/month) EBITDA a
Slide 36: Pakistan
Pakistan Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues -3.7% 1,031 1,074 1,041 955 933 44,438 43,857 43,155 43,496 42,814 15.0% 47% 45% 41% 43% 39% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Mobile ARPU (PKR/month) EBITDA adjust
Slide 37: Debt information
Debt information Additional facts: Net debt reconciliation of the Net debt APM: NOK in million 30 June 2025 31 December 2024 30 June 2024 Non-current interest-bearing liabilities 70,327 72,730 66,943 Non-current lease liabilities 12,807 13,697 13,086 Bond maturity profile (NOK bn) Current interest-b
Slide 38: Return on capital employed, LTM
Return on capital employed, LTM 17% 16% 14% 14% 13% 13% 12% 12% 11% 11% 10% 8% 8% 9% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 38 Q2 2025 Note: See APM section in quarterly report for ROCE calculation and definition. 2012-2019 numbers including Myanmar Results before 2019