Telenor Asa · OSL:TEL
Telenor Asa — Investor Day (November 2025)
84 slides from Telenor Asa's investor day presentation, Nov 11, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day 2025 Fornebu, Norway 11 November 2025
Slide 2: Disclaimer
Disclaimer This presentation, including any related webcast and Q&A session, is only Although Telenor believes that any forecasts, opinions and expectations being made to, and is only directed at, persons to whom such presentation implied in forward-looking statements are reasonable, no representati
Slide 3: Main presentation speakers
Main presentation speakers Main presentation (09:00 – 12:00) CMD 2025 Benedicte Torbjørn Sigvart Jon Omund Fredric Scott Jussi Schilbred Wist Eriksen Revhaug Brown Tolvanen Fasmer President and CEO EVP and CFO EVP and Head of EVP and Head of CMO Consumer CEO of DNA Telenor Group Telenor Group Teleno
Slide 4: Breakout sessions speakers
Breakout sessions speakers Breakout sessions (12:30 – 14:00) CMD 2025 June Torbjørn Ludwig Nakul Inger G. Erik Iselin Mikko Solbekk Larsen Ulmer Sehgal Folkeson Linde Vaarlund Kannisto CMO Consumer Chief IT Officer Chief Strategy & Co-CFO SVP Customer CMO Fixed Head of VP Broadband Telenor Sweden Te
Slide 5: Agenda
CMD 2025 09:00 – Part 1 10:50 – Part 2 12:00 – Lunch 1. Group presentation and strategy 6. Telenor Asia Analysts and investors only 2. Driving operational excellence 7. Telenor Infrastructure and Amp 3. Telenor Nordics 8. Financial review and ambitions 12:30 – 14:00 4. Case studies Finland and Norwa
Slide 6: Group presentation and strategy
CMD 2025 Group presentation and strategy Benedicte Schilbred Fasmer President and CEO Telenor Group 6
Slide 7: We connect ~210 million people through our total footprint
We connect ~210 million people through our total footprint Asia Bangladesh 85.6m mobile subscribers #1 in mobile market 55.8% ownership Norway 2.6m mobile subscribers Pakistan Thailand #1 in mobile market Finland 0.7m fixed subscriptions 42.1m mobile subscribers 46.9m mobile subscribers 2.8m mobile
Slide 8: We have a strong foothold in the highly attractive Nordic region
Group We have a strong foothold in the highly attractive Nordic region GDP per capita in Europe1 (USD) The Nordics is characterized by: 2024, N = 41 Advanced Strong digital World digital competitiveness index2 (0-100) economies with maturity 2024, N = 67 high ARPU Modest income Leading on Income equ
Slide 9: We serve customers across four Business Areas
Group We serve customers across four Business Areas Business Areas Telenor Telenor Telenor Telenor Nordics Asia Infrastructure Amp Leading Nordic telco, Active owner of both The largest provider of Portfolio of leading leveraging world -class majority -owned and tower infrastructure in adjacent busi
Slide 10: Since the 2022 CMD, we have delivered in line with financial targets
Group Since the 2022 CMD, we have delivered in line with financial targets CMD 2022 ambitions Score Comment YoY growth in ordinary +1.0% CAGR, 15 years of consistent growth dividend per share FCF before M&A to cover Outlook of around NOK 13 bn in FCF in line dividend by 2025 with dividend payout of
Slide 11: Facing forward – for a future-fit Telenor
Telenor Group Facing forward – for a future-fit Telenor 2025-2030 2022-2025 A future-fit Telenor A reshaped 1. Growth through 2020-2022 Telenor customer excellence Pandemic 2017-2020 2. Technology-led transformation headwinds and changes in Asia Modernisation, 3. Tapering opex and capex to sales eff
Slide 12: Facing forward – for a future-fit Telenor
Telenor Group Facing forward – for a future-fit Telenor Strategic Assets Key priorities towards 2030 1. Growth through • Streamlined and enhanced customer experience customer excellence • Frictionless customer journeys and AI-infused customer care Top talent & • Differentiated services and connectiv
Slide 13: Strategic priorities across the group
Group > Strategic priorities Strategic priorities across the group Business Areas Telenor Nordics Telenor Asia Telenor Infrastructure Telenor Amp A leading Nordic telco Active owner of financial Leading Nordic towerco Building leading near -core telco assets and sovereign AI and DC B2B businesses of
Slide 14: Our connectivity services are built on top of world-class networks
Group > Network leadership Our connectivity services are built on top of world-class networks Dense mobile networks in the sparsely populated Nordics providing excellent network performance… …as proved by multiple network awards1 Population Land Share of 5G coverage coverage ready sites • 5G Custome
Slide 15: We leverage technology in everything we do, with four key priorities
Group > Technology leadership We leverage technology in everything we do, with four key priorities Smarter networks for Driving simplification operational excellence through cloud Security & Resilience Foundation Driving customer experience Becoming an AI- through service innovation powered telco 15
Slide 16: Telecom is an increasingly critical industry in driving safe and smart societies
Group Telecom is an increasingly critical industry in driving safe and smart societies Geopolitical tensions Political developments Green EU competitiveness Resilient transition infrastructure Mission & Security business services Societal developments critical Extreme Digital weather Digital divide
Slide 17: Sustainability remains an integral part of our strategy
Group Sustainability remains an integral part of our strategy Sustainability targets to 2028/2030 Operating green and secure Driving digital inclusion and Doing business in a responsible network infrastructure wellbeing and inclusive way 69%1 +800,000 40% Reduction in Telenor’s GHG emissions by Peop
Slide 18: Telenor is powered by a robust value creation engine
Group nsion xpa Telenor is powered by a oC E e Top-line growth robust value creation engine R World -class networks, Customer talent & excellence We deliver outstanding connectivity and services, technology driving growth through customer excellence … … combined with continuous simplification & tran
Slide 19: Financial ambitions
Group Financial ambitions Today, we present our financial ambitions for the medium-to-long term Excerpts from financial review and ambitions section Our dividend policy stands firm; “Year-on-year growth in ordinary dividends per share” 19
Slide 20: Driving operational excellence
CMD 2025 Driving operational excellence Torbjørn Wist EVP and CFO Telenor Group 20
Slide 21: Group-wide transformation to drive customer satisfaction and operational excellence
Telenor Group > Operational excellence Group-wide transformation to drive customer satisfaction and operational excellence Telenor Nordics Telenor Asia Telenor Infrastructure Telenor Amp Business • NO: Broad legacy-out • Grameenphone: AI & OE • Automation • Business development and unit • SE: Fixed
Slide 22: Simplify and transform to deliver outstanding customer experience, growth and efficiency
Operational excellence > Technology Over the next years, we will simplify and transform to deliver outstanding customer experience, growth and efficiency We leverage technology in everything we do, with four key priorities Smarter networks for Driving simplification operational excellence through cl
Slide 23: Taking the next steps towards self-driven operations enabled through AI
Operational excellence > Technology > Smarter Networks Taking the next steps towards self-driven operations enabled through AI Drive resilience, efficiency and customer experience Aspiration: Gradually scaled up in all markets & operations Full Intelligence Level 5 & Self-correction One City: Level
Slide 24: Cloud migration and simplification driving business impact
Operational excellence > Technology > Simplification Cloud migration and simplification driving business impact Examples of aspirations towards 2028 > 80% ~20% ~15% > 60% Cloud Native Grameenphone IT O&M opex IT operations cost IT systems capex efficiencies reduction reduction …in Nordics and Asia …
Slide 25: AI to elevate outcomes across customers, tech and people
Operational excellence > Technology > AI-powered telco AI to elevate outcomes across customers, tech and people Examples from BUs Customer Network & IT Employees …to excel in sales and new …to speed up time to …to increase productivity value-added services market and lower costs and enhance quality
Slide 26: Procurement is a core part of Telenor's operational efficiency agenda
Operational excellence > Procurement Procurement is a core part of Telenor’s operational efficiency agenda Benefits of a centralised procurement function Strategic procurement partnership with Vodafone Capex and cost efficiencies Value creation through greater scale Optimise supplier contracts and l
Slide 27: Long track record of opex efficiencies, long runway still ahead
Operational excellence > Nordics Long track record of opex efficiencies, long runway still ahead Consistent workforce reductions Demonstrated strong opex discipline Going forward; continued focus on efficiencies across the Nordics since 2022 despite varying levels of inflation and consistent opex/sa
Slide 28: Nordics' capex/sales to taper, potentially even beyond 2028
Operational excellence > Nordics Nordics’ capex/sales to taper, potentially even beyond 2028 We have reduced by ~5% annually ... going forward, CAPEX reductions will continue as investments shift from peak investment levels in 2022… from rollout of Mobile 5G to transformation NOK million, % CAGR Dia
Slide 29: Telenor Nordics
CMD 2025 Telenor Nordics Sigvart Eriksen EVP and Head of Telenor Nordics Fredric Scott Jussi Brown Tolvanen CMO Consumer CEO of DNA Telenor Norway (Telenor Finland) 29
Slide 30: The Nordics is a highly attractive region
Nordics The Nordics is a highly attractive region Highly digitalised society with large demand for high-quality infrastructure • Consistent growth built on world leading mobile networks • High fibre penetration and relatively affluent customers • Stable and predictable regulatory regimes Geopolitica
Slide 31: We have broadly delivered on our ambitions from CMD 2022
Nordics We have broadly delivered on our ambitions from CMD 2022 CMD 2022 ambitions Status Achievement Comment Financial Low to mid-single-digit service revenue growth +3.3% CAGR3 Successful ‘More-for-More’ strategy ambitions Mid-single-digit EBITDA growth +5.8% CAGR3 Transformation and OE programme
Slide 32: We have built momentum in service revenue and transformation across all business units
Nordics We have built momentum in service revenue and transformation across all business units Telenor Norway Telenor Sweden Telenor Denmark DNA (Finland) +2.2% 20.8 +3.0% +5.8% 10.4 +3.6% 10.1 48% 49% 50% 48% 49% 51% 53% 44% 43% 4.7 38% 38% 37% 34% 35% 36% 39% 32% 33% 36% 38% 36% 36% 38% 39% 25% 26
Slide 33: Since 2022, Nordics free cash flow has more than doubled
Nordics Since 2022, Nordics free cash flow has more than doubled Nordics free cash flow Year-on-year development FCF (NOK bn) Service revenues, YoY % OPEX, YoY % EBITDA, YoY % 8.1% +6.20 >2x 10.8 10.7 5.7% 3.6% 3.6% 2.6% 2.6% 3.4% 6.2 1.2% 2.9% 0.1% 4.5 -1.3% -2.0% 2022 2023 2024 LTM 25 Q3 20221 202
Slide 34: Ambition to deliver more than NOK 15 bn FCF by 2030
Nordics > Telenor Nordics 2030 Ambition to deliver more than NOK 15 bn FCF by 2030 Our ambition rests on three pillars Expected free cash flow contribution from Nordics NOK bn Drive sustainable growth >2x ~3x 1 • Services-led growth through up-sales and cross-sales >15 • Deliver excellent customer e
Slide 35: Continued growth to be fuelled by services and excellent customer experience
Nordics > Sustainable growth (pillar 1) Continued growth to be fuelled by services and excellent customer experience Solid growth as a strong starting point Top-line growth to continue through selected initiatives across B2C and B2B Service revenues (NOKbn) EBITDA adj. (NOKbn) 44.7 46.0 Services-led
Slide 36: Continued high focus on driving multi-year transformation programmes
Nordics > Transformation (pillar 2) Continued high focus on driving multi-year transformation programmes Pan- Nordic Shared Common Network AI Procurement programmes Services products & IT • Shift business services • Streaming-based TV • Customer service • Leverage • Cloud-native and into shared-serv
Slide 37: Legacy removal is a critical enabler in our technology transformation
Nordics > Transformation (pillar 2) Legacy removal is a critical enabler in our technology transformation New technology enables legacy clean-up Norway copper exit journey Cost in NOKmn1 750 Copper decommissioning Fibre / FWA 460 Sunsetting 2G and 3G 4G/5G 180 130 90 30 0 Sunsetting legacy IT 2022 2
Slide 38: Local programmes driving market-specific transformation
Nordics > Transformation (pillar 2) Local programmes driving market-specific transformation Examples of IT Transformation Customer Experience B2B Modularity Customer service local programmes and migration Transformation Shift from siloed IT to Building seamless digital Pursuing double-digit Move to
Slide 39: Building a secure, resilient and future-fit Nordic Telco
Nordics > Infrastructure & resilience (pillar 3) Building a secure, resilient and future-fit Nordic Telco Multi-cloud approach World-class networks Infrastructural resilience Portfolio of security products Preventing cyber threats ‘Norway’s safety net’ 39
Slide 40: Norway
Nordics – Business unit walkthrough Norway Expand and monetise strongly differentiated market position through simplification and transformation Where we are coming from Key facts Mobile Subs (’000) ARPU (NOK) 419 • #1 market position in mobile; #2 in fixed, fibre expansion via GC acquisition* • Uni
Slide 41: Sweden
Nordics – Business unit walkthrough Sweden After successful financial turnaround - growth through continuous enhanced customer value and satisfaction Where we are coming from Key facts Mobile Subs (’000) ARPU (NOK) • #3 MNO in a 4-player mobile market, service-provider in fixed 199 • Consumer market
Slide 42: Denmark
Nordics – Business unit walkthrough Denmark Forward-looking telco business model: Radical simplification transforming customer experience and cost Where we are coming from Key facts Mobile Subs (’000) ARPU (NOK) • #2 position in mobile in a competitive market; 24% revenue market share 196 • Mobile m
Slide 43: DNA (Finland)
CMD 2025 DNA (Finland) Jussi Tolvanen CEO of DNA (Telenor Finland) 43
Slide 44: Finland
Nordics – Business unit walkthrough Finland Successfully on the journey from challenger to becoming one of the market leaders with the ‘most-loved brand’ Where we are coming from Key facts Mobile Subs (’000) ARPU (NOK) • #2 position in mobile and #1 in fixed by subscriber market share 230 • DNA; pro
Slide 45: Rising fibre demand in Finland – with multi-dwelling units key to unlocking future growth
Nordics > DNA Rising fibre demand in Finland – with multi-dwelling units key to unlocking future growth Finland is lagging in fibre maturity, Why are we investing in fixed in Finland? % of fixed users on fibre Protect fixed B2C revenue base of NOK +1.2bn of which ~25% based on coax Easy to cross-sel
Slide 46: Securing future growth and leadership in fixed
Nordics > DNA Securing future growth and leadership in fixed Internally estimated revenue impact from upgrading Coax customers in MDUs to Fibre (illustrative) Investment of EUR ~120mn over 2025-2028 • Protecting today, winning tomorrow – Upgrading from coax to fibre retains customers and attracts ne
Slide 47: 'Services First' growth, Telenor Norway
CMD 2025 ‘Services First’ growth, Telenor Norway Fredric Scott Brown CMO Consumer, Telenor Norway 47
Slide 48: Services First
Services First Taking larger share of ….whilst strengthening growth markets….. connectivity business Estimated services share of B2C revenue expected to grow from mid 30s% to low/mid 40s% 48
Slide 49: Hele Norges Sikkerhetsnett
Hele Norges Sikkerhetsnett The whole of Norway’s safety net We have the highest operator security brand Introducing …and from which we expect increased perception score in the Norwegian market.. - for peace of mind in your digital life sales of connectivity services ✓ Broad suite of cyber of mobile
Slide 50: Streamix
Streamix …and from which we expect increased sales of connectivity services * ✓ All of your favourite streaming content ✓ Full cost control ✓ Choose 3, change each month Intention to purchase ✓ Commercially bundled with connectivity products for a great deal * * * Stated interest Intention to purcha
Slide 51: Leveraging our brand, customer base and distribution strength
Leveraging our brand, customer base and distribution strength to delight customers Driving both ARPU and customer growth 51
Slide 52: Asia
CMD 2025 Asia Jon Omund Revhaug EVP and Head of Telenor Asia 52
Slide 53: Delivered well on strategic ambitions, while cash flows fell somewhat short
Asia Delivered well on strategic ambitions, while cash flows fell somewhat short CMD 2022 ambitions Achievement1 Status Comment Executed two large mergers → #1 subscriber-market Strategic Create three market leading telcos in Asia ✓ shares in Thailand, Malaysia and Bangladesh priorities Leveraging m
Slide 54: Key facts about our assets in Asia
Asia Key facts about our assets From operating control to a reshaped portfolio, with reduced direct risk exposure for Telenor ~200m customers in Asia1 NOK 113bn revenues in last 12 months2 NOK 90bn Controlled companies portfolio value3 Associated companies 1. Based on Q2 2025 numbers for associated
Slide 55: We remain optimistic about Asia's growth prospects
Asia We remain optimistic about Asia’s growth prospects and believe there is further potential to unlock value Middle class expansion Untapped potential Booming digital ecosystem, telcos are the backbone Telenor Asia markets 40% users not using data (Bangladesh, Malaysia, Thailand) in Grameenphone S
Slide 56: Driving sustainable growth through transformation (Grameenphone)
Asia – Grameenphone (Bangladesh) Driving sustainable growth through transformation Growth through a AI-powered Telenor Asia 55.8% NOK 33.2b carefully managed transformation ownership priorities Telenor Market cap voice to data transition ownership • Capture market • Cost savings from • Drive busines
Slide 57: Adopting AI to drive growth and operational efficiencies
Asia – Grameenphone (Bangladesh) Adopting AI to drive growth and operational efficiencies, while driving cultural shift AI for Growth AI for Efficiencies AI for People • Personalised Embedding AI offers on “myGP” across operations: app (22.6m • Network and monthly active energy optimisation users) t
Slide 58: From integration to the next phase of transformation for growth (True Corp)
Asia –True Corp (Thailand) From integration to the next phase of transformation for growth NOK 0.6 bn1 Telenor Asia ownership priorities First dividends to Telenor • Drive True Corp business performance for 9M25 net profits and the next phase of transformation (125% payout ratio) for growth Listed o
Slide 59: Strengthen market leadership and transformation while navigating 5G landscape
Asia – CelcomDigi (Malaysia) Strengthen market leadership and transformation while navigating challenging 5G landscape NOK 3.5 bn Telenor Asia ownership priorities Dividends to Telenor • Drive performance management, since merger including strengthen market leadership and structured OE agenda to dri
Slide 60: Active owners driving portfolio companies for the long-term
Asia Active owners driving portfolio companies for the long-term Driving strategy Deploying talent and Drive high standards of and performance capabilities in key positions responsible business • In associated companies, equal • 56% of CXO in associated companies • 50% Scope 1 and 2 emission reducti
Slide 61: Summary
Asia Summary • Restructured and de-risked portfolio (controlled business units and associated companies) • Higher mid-to-long-term dividend capacity • Short-term FCF considerations (‘26/’27): • Macro recovery in Bangladesh taking longer • Grameenphone capex tick-up due to voice to data transition; p
Slide 62: Infrastructure and Amp
CMD 2025 Infrastructure and Amp Torbjørn Wist EVP and CFO Telenor Group 62
Slide 63: Ambitions for Infrastructure and Amp have been met
Amp & Infrastructure Ambitions for Infrastructure and Amp have been met CMD 2022 ambitions Score1 Comment Infra- Financial 5% revenue CAGR in Towers ~5% CAGR (mobile revenues) structure ambitions 2025 EBITDAaL margin in high 40’s >50% Strategic Explore sale of minority stakes 30% of Telenor Norway’s
Slide 64: We manage and develop key digital infrastructure
Telenor Infrastructure We manage and develop key digital infrastructure Telenor Towers Telenor AI Factory Skygard Largest tower company Norway’s first sovereign, secure & sustainable Cutting-edge data centres for mission-critical in the Nordics AI factory use +9pp 1st PUE <= 1.2 EBITDA margin AI Fac
Slide 65: Telenor Towers operates the largest tower portfolio in the Nordics
Telenor Infrastructure Telenor Towers operates the largest tower portfolio in the Nordics, steadily increasing the share of external revenue Telenor has the largest tower footprint in the Nordics… … and demonstrated stable revenues despite decline in internal legacy revenues, driven by external 5G t
Slide 66: Telenor Towers is boosting profitability by streamlining operations
Telenor Infrastructure Telenor Towers is boosting profitability by streamlining operations and optimising its portfolio Decommissioning legacy non-mobile sites, Increasing profitability driven by Ambitions geared towards further while growing on mobile ongoing operational streamlining strengthening
Slide 67: Amp: Our spearhead into new areas focused on growth in IoT and security
Telenor Amp Amp: Our spearhead into new areas focused on growth in IoT and security We continue to nurture growth opportunities close to core …transform key assets and within IoT and security areas… make selective investments… …and crystallise values Assets IoT Security Selected assets Divested sinc
Slide 68: Amp builds growth in B2B services on behalf of Telenor Group
Telenor Amp Amp builds growth in B2B services on behalf of Telenor Group, and drives transformation by leveraging technology IoT Security Sovereign communications Cybersecurity services for defence for enterprise Global, secure and scaleable Select investments in vertical Managed IoT solutions: IoT
Slide 69: Financial review and ambitions
CMD 2025 Financial review and ambitions Torbjørn Wist EVP and CFO Telenor Group 69
Slide 70: Group top line driven by successful commercial strategy and execution in the Nordics
Service revenues Group top line driven by successful commercial strategy and execution in the Nordics Group service revenues1 Key points NOK bn Nordics Amp • More-for-more paradigm shift in Nordics Asia, current portfolio2 Historical assets in Asia3 • Macro, FX and political headwinds in Asia +2.5%
Slide 71: Our main performance driver has been Telenor Nordics
Current portfolio Our main performance driver has been Telenor Nordics Service revenues1 Adj. EBITDA1 Free cash flow before M&A2 Return on capital employed +3.3% +3.8% NOK 11.8 bn 12.3% CAGR 2022 – LTM Q3 2025 CAGR 2022 – LTM Q3 2025 LTM Q3 2025 Average RoCE since 2020 Nordics Group ex. Nordics3 Nor
Slide 72: All business areas contributing to free cash flow outlook of around NOK 13 billion
Free cash flow All business areas are contributing to our free cash flow outlook of around NOK 13 billion in 2025 Group free cash flow before M&A Comments Quarterly, NOK bn Annual, NOK bn • All BAs contributing positively to recent growth • FCF +50% YoY in Q3 2025 ~13 • Note that interest payments,
Slide 73: Key focus on RoCE expansion
Capital allocation nsion xpa Key focus on RoCE expansion oC E e Top-line growth R Return mindset across RoCE levers World -class networks, Customer • Revenue growth talent & excellence technology • Cost efficiencies • Capital efficiencies • Capex & M&A discipline • Portfolio optimisation C ap s c ie
Slide 74: Adapting capital allocation to business area strategies
Capital allocation > Business areas Adapting capital allocation to business area strategies Business area Organic value creation focus Capital allocation focus Structural optionalities Telenor Sustainable growth, • From access rollout to Potential for M&A including Nordics with RoCE and FCF expansio
Slide 75: Strong commitment to shareholder remuneration; our dividend policy stands firm
Capital allocation > Cash returns Strong commitment to shareholder remuneration; our dividend policy stands firm Shareholder remuneration Our dividend policy (dividend payout year) remains unchanged: Ordinary dividend per share Dividends Buybacks Special dividends NOK bn 16 “Year-on- 20 14 6.5 year
Slide 76: Sound credit fundamentals
Debt and leverage Sound credit fundamentals Debt financing highlights Leverage ratio and net interest-bearing debt • Solid capital structure: target leverage ratio 1.8x-2.3x NIBD ex licence obligations Leverage ratio • Good access to debt capital markets, supported by strong 2.4x credit ratings from
Slide 77: Substantial improvements in group free cash flows over the medium-to-long term
Financial ambitions Substantial improvements in group free cash flows over the medium-to-long term FCF before M&A excl. associates1 Mid-to-long-term drivers NOKbn – Illustrative profile • Continued topline growth + Nordics: sustained growth • More-for-more upselling and ‘Services First’ FCF before M
Slide 78: Financial ambitions for the mid- and long-term
Financial ambitions Financial ambitions for the mid- and long-term 2028 2030 Organic service revenues, growth CAGR Low -single -digit Low-single-digit 3-Y 5-Y Nordics Organic EBITDA, growth CAGR Low-to-mid-single-digit Low-to-mid-single-digit 3-Y 5-Y Capex/sales¹ <13% 11 – 12% FCF ex. associates² NO
Slide 79: Concluding remarks
CMD 2025 Concluding remarks Benedicte Schilbred Fasmer President and CEO Telenor Group 79
Slide 80: Strong commitment to dividends and sound leverage
Ambitions Strong commitment to dividends and sound leverage Dividend policy YoY growth in dividend per share (DPS) Leverage ratio 1.8 – 2.3x target¹ Dividend coverage Strong commitment to coverage of dividends by FCF before M&A 1) Net interest-bearing debt including other leases / (LTM EBITDA + Divi
Slide 81: We drive values - from customer to shareholder
Telenor towards 2030 nsion a xp We drive values - from oC E e Top-line growth customer to shareholder R World -class networks, Customer talent & excellence Top - line growth through customer excellence … technology … efficiencies from s implification & transformation … C ap s c ie ital … reinvestmen
Slide 82: Appendix
Appendix telenor
Slide 83: Telenor's Group Management
Telenor’s Group Management Group Management team President & CEO Chief Financial Officer Chief Technology Officer Benedicte Torbjørn Wist Cathal Kennedy Schilbred Fasmer EVP People, Sustainability and Chief Communications Officer Group Councel, advisor to External Relations Officer Group Management
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