Telenor Asa · OSL:TEL
Telenor Asa — Telenor Asa Ord — Q3 2025 Earnings Presentation
40 slides from Telenor Asa's earnings presentation, Oct 29, 2025
Slide 1: Telenor Q3 presentation Third quarter 2025
Telenor Q3 presentation Third 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 Q3 2025 33
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 Q3 2025 4
Slide 5: Third quarter highlights
Third quarter highlights Strong performance in Growth amid headwinds Free cash flow before Reaffirmed and the Nordics in Asia M&A of NOK 4.2 bn tightened outlook Q3 2025 5
Slide 6: Solid performance in the Nordics
Solid performance in the Nordics Nordics organic SR growth of 2.1% Norway largest growth contributor in Q3 Transformation programmes on track Nordics service revenues, YoY organic change Percentage-point contribution to YoY % SR growth EBITDA Nordics, YoY% Nordics service revenues, NOK mn EBITDA Nor
Slide 7: Continued headwinds in Asia
Continued headwinds in Asia Thailand • YoY 2.6% EBITDA growth in Q21 driven by 8% cost decline #1 mobile • Lowered guidance for 2025, dividend confirmed for Q4 player • Macro economic headwinds, GDP forecast lowered to 1.6%2 Malaysia • Q21 EBIT increased 12% YoY despite flat SR growth #1 • Telenor a
Slide 8: Strategic procurement partnership with Vodafone
Strategic procurement partnership with Vodafone Combined procurement spend of around NOK 300bn Increased attractiveness to vendors, improved risk management and supply chain resilience Potential for significant cost savings in the medium term Q3 2025 8
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 Q3 2025 9
Slide 10: Q3 2025: Group financial highlights
Q3 2025: Group financial highlights Key figures, NOK and % Key ratios Q3 2024 Q3 2025 YoY % YoY: -0.7 p.p. CAPEX to Sales 13.4% QoQ: -0.1 p.p Service revenues, mn 16,162 16,345 2.7% * EBITDA adj., mn 9,206 9,544 5.4% * YoY: +0.0x Leverage ratio 2.3x QoQ: -0.2x Net income adj., mn 2,603 2,533 (2.7)%
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 Q3 2025 11
Slide 12: Group service revenue growth of 2.7%
Group service revenue growth of 2.7% Group service revenues Q3 2025 YoY% Percentage-point contribution to YoY %-growth NOK mn 16,162 16,266 16,113 16,534 16,345 1.1 0.1 2.7% 0.0 1.5 2.9% 2.7% 2.1% 2.1% 2.1 1.1% % Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Nordics Asia Amp Elim. Group Organic 2.1%* 4.4% -1.4% gro
Slide 13: Modest opex growth, driven by increase in sales & marketing
Modest opex growth, driven by increase in sales & marketing Opex, Group Opex YoY-change by category (NOK million* and YoY%) <blank (NOK million* and %) > 1.3% Salaries and Personnel 3 0.1% 6,378 66 5 57 40 6,462 Operation and Maintenance 26 2.1% -84 Sales, Marketing, and Commission 68 4.9% Energy 12
Slide 14: Group EBITDA growth of 5.4% driven by Nordics
Group EBITDA growth of 5.4% driven by Nordics EBITDA adjusted, Group Q3 2025 YoY% Percentage-point contribution to YoY %-growth NOK mn 1.1 0.0 9,206 9,318 9,544 5.7 8,641 -0.3 5.4% 8,479 8.3% -1.1 5.4% 1.8% 2.0% 2.0% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Nordics Asia Infrastructure Amp Other & EBITDA elim.
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 Q3 2025 15
Slide 16: Nordics EBITDA growth of 8.0% driven by gross profit growth and opex reductions
Nordics EBITDA growth of 8.0% driven by gross profit growth and opex reductions EBITDA adjusted, Nordics Q3 2025 YoY% Percentage-point contribution to YoY %-growth NOK mn 7,088 6,515 6,782 6,264 1.0 0.3 8.0% 5,898 12.5% 0.3 1.5 4.9 8.0% 6.0% 5.8% 4.6% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Norway Sweden Denm
Slide 17: Contents
Contents Group highlights CEO Nordics Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q3 2025 17
Slide 18: Profitability continued to improve in Asia
Profitability continued to improve in Asia Consolidated business units Associated companies • Grameenphone delivered topline and EBITDA growth • Telenor Pakistan continued strong performance with 17% • Q2 EBITDA +2.6% YoY, consistent decline in leverage EBITDA growth • Lowered 2025 EBITDA Outlook to
Slide 19: Short and mid-term risks and headwinds in Asia
Short and mid-term risks and headwinds in Asia Malaysia: Challenging 5G landscape Bangladesh: 2026 Spectrum renewal Pakistan: Key milestone passed Spectrum costs as a share of operators’ recurring revenue1 • Malaysia’s dual 5G network structure >2x • PTCL3 received approval to acquire remains a chal
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 Q3 2025 20
Slide 21: P&L: EPS lowered by adjustment of CelcomDigi results and WHT
P&L: EPS lowered by adjustment of CelcomDigi results and WHT PROFIT AND LOSS HIGHLIGHTS Q3 2024 Q3 2025 Q3 2024 Q3 2025 Total revenues 20,038 20,304 Service revenues 16,162 16,345 Cost of materials and traffic charges -4,393 -4,354 Opex -6,438 -6,406 EBITDA adjusted 9,206 9,544 Other income and expe
Slide 22: FCF before M&A of NOK 4.2 bn supported by solid EBITDA
FCF before M&A of NOK 4.2 bn supported by solid EBITDA Q3 free cash flow, with drivers (NOK mn) EBITDA adj. 9,544 Income taxes paid -981 Mainly from Grameenphone Net interest paid -385 Seasonally low in Q1 and Q3 Operating Working capital -313 Mostly Norway Dividends from associates 561 Dividends fr
Slide 23: Leverage within the target range
Leverage within the target range Leverage ratio and NIBD Short-term factors Seasonality of dividend payments 90.2 85.0 86.8 85.0 80.4 83.2 81.5 79.8 79.0 2.4 2.4 2.3 2.3 2.3 2.2 2.2 2.2 2.2 Macro and FX fluctuations in Bangladesh Target leverage 1.8x-2.3x End-of-quarter EUR/NOK Q3 23 Q4 23 Q1 24 Q2
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 Q3 2025 24
Slide 25: Reaffirmed and tightened outlook for 2025
Reaffirmed and tightened outlook for 2025 2025 previous 2025 updated TELENOR NORDICS Q3 2025 actuals YTD 2025 outlook outlook Organic service revenues growth 2.1% 2.7% Low single-digit 2-3% Organic EBITDA adj. growth 8.0% 8.8% High single-digit 8-9% Capex/sales (excl. leases) 13.4% 13.3% Around 14%
Slide 26: Concluding remarks
Concluding remarks Q3 2025 26
Slide 27: Capital Markets Day 2025
Capital Markets Day 2025 11 November 09:00-14.00 CET Telenor Expo, Snarøyveien 30, 1360 Fornebu (Oslo, Norway) or webcast Please sign up here Q3 2025 27
Slide 28: Q&A
Q&A Q3 2025 28
Slide 29: Appendix
Appendix Q3 2025
Slide 30: 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% 73% Series 1 12.3 12.8 61% -13% -17% 50% -37% 6.0 4.1 Series 1 -64% Series 1 3.0 2022 2023 2024 YTD 2025 2022 2023 2024 YTD 2025
Slide 31: Norway
Norway Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues -2.3% 5,187 5,158 5,079 5,303 5,306 2.3% 2,620 2,600 2,570 2,561 2,561 52.8% 54% 55% 54.1% 56% 52% 49% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Mobile ARPU (NOK/month) EBITD
Slide 32: Sweden
Sweden Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 2.3% 2,696 2,672 2,585 2,573 2,458 2,974 2,993 3,003 3,016 3,043 0.1% 52.8% 54.1% 43% 39% 37% 40% 35% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Mobile ARPU (SEK/month) EBITDA
Slide 33: Denmark
Denmark Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 0.6% 1,171 1,172 1,196 1,132 1,114 5.3% 54.1% 1,682 1,696 1,699 1,697 1,691 52.8% 33% 32% 33% 33% 27% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Mobile ARPU (DKK/month) EBITD
Slide 34: Finland
Finland Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 0.9% 2,509 2,445 2,535 2,587 2,567 2,814 2,803 2,792 2,812 2,840 54.1% 52.8% 2.0% 40% 41% 40% 42% 35% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Mobile ARPU (EUR/month) EBITD
Slide 35: Q3 2025: Nordics fixed broadband
Q3 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 589 17% 720 701 703 695 666 631 170 145 Denmark 160 4% 372 366 Norway 426 442 666 112 104 1,970 631 55% 3
Slide 36: Bangladesh
Bangladesh Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin 1.2% EBITDA Margin Service revenues 86,256 85,559 3,622 84,564 84,252 84,817 3,400 3,315 3,315 3,169 59% 57% 57% 60% 59% 1.4% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Mobile ARPU (BDT/month) EBITDA ad
Slide 37: Pakistan
Pakistan Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues -4.0% 1,031 1,074 1,041 994 933 43,857 43,155 43,496 42,814 42,113 15.1% 47% 45% 41% 43% 43% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Mobile ARPU (PKR/month) EBITDA adjust
Slide 38: Debt information
Debt information Additional facts: Net debt reconciliation of the Net debt APM: 30 September 31 December 30 September NOK in million 2025 2024 2024 Non-current interest-bearing liabilities 69,441 72,730 68,863 Non-current lease liabilities 12,765 13,697 13,589 Bond maturity profile (NOK bn) Current
Slide 39: 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 Note: See APM section in quarterly report for ROCE calculation and definition. 2012-2019 numbers including Myanmar Results before 2019 is pre IFR
Slide 40: Third quarter 2025 Published by Telenor ASA
Third quarter 2025 Published by Telenor ASA Snarøyveien 30 N-1360 Fornebu, Norway Investor relations Email: ir@telenor.com www.telenor.com/investors