Telenor Asa · OSL:TEL
Telenor Asa — Telenor Asa Ord — Q4 2025 Earnings Presentation
35 slides from Telenor Asa's earnings presentation, Feb 6, 2026
Slide 1: Telenor results presentation Fourth quarter and full year 2025
Telenor results presentation Fourth quarter and full year 2025 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: Agenda
Agenda Group highlights Period in review Financial highlights Group Nordics CFO Asia Amp P&L, cash flow and leverage Dividends and capital allocation Outlook Concluding remarks Q4 2025 33
Slide 4: Highlights
Highlights Performance in line with Group portfolio Proposing strong outlook and ambitions simplification shareholder returns Q4 2025 4
Slide 5: Proven commitment to simplification and value creation
Proven commitment to simplification and value creation Pre CMD Capital Markets Day Post CMD January 2025 11 November 2025 Nov–Dec 2025 22 January 2026 Initial priorities A refreshed strategy for Closing two exits True divestment a future-fit Telenor • Strengthen customer • Telenor Pakistan EV • End
Slide 6: Full-year performance 2025 vs outlook
Full-year performance 2025 Outlook Actuals Organic service 2.7% 2-3% revenues growth EBITDA adj. Nordics 8-9% 8.7% growth Capex/sales 14.3% Around 14% (excl. leases) EBITDA adj. 5.8% 5-6%* Group growth FCF before M&A Around NOK 13 bn NOK 12.9 bn * Note: Telenor Pakistan is now reported as discontinu
Slide 7: Q4 2025: Group financial highlights
Q4 2025: Group financial highlights Key figures, NOK and % Key ratios Q4 2024 Q4 2025 YoY % YoY: -4.0 p.p. Capex to sales 15.5% QoQ: 2.6 p.p Service revenues, mn 15,234 15,311 2.6% 1 1 EBITDA adj., mn 7,918 8,561 11.7% YoY: -0.2x3 Leverage ratio 2.2x QoQ: -0.1x3 Net income adj., mn 1,598 3,026 89% E
Slide 8: Group service revenue growth of 2.6%
Group service revenue growth of 2.6% Service revenues Q4 2025 YoY% Percentage-point contribution to YoY %-growth NOK mn 0.7 0.1 2.6% 15,234 15,040 15,493 15,351 15,311 2.2 -0.3 2.2% 2.6%* 1.4% 1.9% 2.1 0.5% % Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Nordics Asia Amp Elim. Group Organic 2.8%** 3.4%** -8.6% grow
Slide 9: Group opex declined by 1.8%
Group opex declined by 1.8% Opex Opex YoY change by category (NOK million* and YoY%) <blank (NOK million* and %) > -1.8% Salaries and 47 1.8% Personnel 6,565 82 26 6,449 Operation and -22 -1.9% -33 -10 Maintenance -180 Sales, Marketing, 40 2.9% and Commission Energy -19 -10.6% Other Opex -161 -13.0%
Slide 10: Group EBITDA growth of 11.7% supported by strong performance in all business areas
Group EBITDA growth of 11.7% supported by strong performance in all business areas EBITDA adjusted Q4 2025 YoY% Percentage-point contribution to YoY %-growth NOK mn Timing of internal charges 8,781 9,050 8,561 7,918 8,069 1.3 0.7 11.7% 11.7%* 1.1 3.1 1.5 0.2 6.9 6.9% 4.5% -3.0 0.4% 0.2% Q4 24 Q1 25
Slide 11: Steady SR growth in Nordics despite brisk competition
Steady SR growth in Nordics despite brisk competition • Mobile ARPU +5% in NO Nordics organic SR growth of 2.8% Norway top contributor to Q4 growth: • Fixed ARPU +6% in NO, +3% in DNA Nordics service revenues, YoY organic change Percentage-point contribution to YoY % SR growth Nordics service revenu
Slide 12: EBITDA growth in Nordics of 8.7% from continued gross margin expansion and opex reductions
EBITDA growth in Nordics of 8.7% from continued gross margin expansion and opex reductions Transformation on track Norway largest growth contributor to EBITDA in Q4 EBITDA Nordics, YoY% Opex, Nordics, YoY% Percentage-point contribution to YoY adj. EBITDA % growth EBITDA Norway, YoY% EBITDA Nordics,
Slide 13: Asia: Stable business, more focused portfolio
Asia: Stable business, more focused portfolio Consolidated: Grameenphone and Asia HQ Associated companies • Received inaugural dividend of NOK 0.6 bn in Q4 Service revenues: EBITDA adjusted: • Selling ~25% of True to Arise, with mutual put/call (NOK mn and YoY %) (NOK mn and YoY %) option to sell th
Slide 14: Amp ended 2025 with strong performance
Amp ended 2025 with strong performance Total revenues, NOK mn Adj. EBITDA, NOK mn High volume growth in KNL • Strong revenue growth from order 2024 2025 deliveries to the Finnish Defence and Swedish Armed forces • High operational leverage +14.5 11% All time high growth in Connexion % • Growing tota
Slide 15: P&L: EPS adj. up 89% in Q4 and 24% in FY'25
P&L: EPS adj. up 89% in Q4 and 24% in FY’25 PROFIT AND LOSS HIGHLIGHTS Q4 2025 Q4 2024 FY 2025 FY 2024 Q4 2025 comments Total revenues 19,844 19,285 76,548 75,487 Service revenues 15,311 15,234 61,194 60,707 Cost of materials and traffic charges -4,857 -4,713 -17,244 -17,313 Opex -6,426 -6,653 -24,8
Slide 16: FCF before M&A of NOK 4.1 bn; total FCF of 9.1 bn
FCF before M&A of NOK 4.1 bn; total FCF of 9.1 bn Q4 free cash flow, with drivers (NOK mn) EBITDA adj. 8,561 EBITDA adj. from disc. operations 478 Telenor Pakistan Income taxes paid -845 Grameenphone 0.4 bn; Telenor Pakistan 0.3 bn Net interest paid -805 Seasonally high in Q2 and Q4 Operating Workin
Slide 17: Leverage ratio within target range
Leverage ratio within target range Leverage ratio and NIBD Short-term factors Seasonality of dividend payments 90.2 86.8 85.0 83.2 83.5 81.5 81.7 79.8 79.0 2.4 2.4 2.3 2.3 2.2 2.3 2.2 2.2 2.2 Macro and FX fluctuations in Bangladesh Target leverage 1.8x-2.3x End-of-quarter EUR/NOK Q4 23 Q1 24 Q2 24 Q
Slide 18: Consistent commitment to capital returns
Consistent commitment to capital returns Strong commitment to our dividend Shareholder remuneration (Payout year) policy: Ordinary dividend per share (right axis) Buybacks NOK/ NOK Total ordinary dividends Special dividends bn share “Year-on-year growth in ordinary dividends per share” 6.5 4.5 3.6 2
Slide 19: True proceeds to be used for buybacks, debt repayment and potential value-accretive M&A
True proceeds to be used for buybacks, debt repayment and potential value-accretive M&A Our capital allocation priorities stay firm (CMD 2025) • Revenue growth • Cost efficiencies • Capital efficiencies • Capex & M&A discipline Anticipated use of True divestment proceeds • NOK 15 bn buyback programm
Slide 20: Preparing buyback programme of NOK 15 bn
Preparing buyback programme of NOK 15 bn Intent Execution Safeguards • Intention to initiate 3-year • Size: NOK 15 billion • MAR compliance buyback programme • Annual AGM authorisations • Time to completion may potentially • Support per-share accretion depend on stock liquidity • Programme start fol
Slide 21: Financial outlook and ambitions
Financial outlook and ambitions 2026 2028 2030 Outlook Mid-and-long-term ambitions Organic service revenues growth Low single-digit Low single-digit Low single-digit Nordics Organic EBITDA adj. growth Mid single-digit Low- to-mid single-digit Low- to-mid single-digit Capex/sales (excl. leases) Aroun
Slide 22: Contents
Contents Group highlights Period in review Financial highlights Group Nordics CFO Asia Amp P&L, cash flow and leverage Dividends and Outlook Concluding remarks Q4 2025 22
Slide 23: Concluding remarks
Concluding remarks Q4 2025 23
Slide 24: Q&A
Q&A Q4 2025 24
Slide 25: Appendix
Appendix Q4 2025
Slide 26: 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 Series 1 12.3 13.5 88% 96% 90% -13% -17% -37% -32% 61% 6.0 50% 4.1 Series 1 -69% Series 1 3.0 2022 2023 2024 2025 2030 2022 2023 2024 20
Slide 27: Norway
Norway Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues -2.2% 5,158 5,079 5,303 5,306 5,307 2.9% 2,600 2,570 2,561 2,561 2,544 52.8% 55% 56% 54.1% 52% 50% 49% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Mobile ARPU (NOK/month) EBITD
Slide 28: Sweden
Sweden Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues +3.2% 2,696 2,672 2,726 2,458 2,573 2,993 3,003 3,016 3,043 3,088 1.4% 52.8% 43% 54.1% 37% 40% 40% 35% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Mobile ARPU (SEK/month) EBITD
Slide 29: Denmark
Denmark Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues +0.2% 1,171 1,172 1,196 1,190 1,114 1,696 1,699 1,697 1,691 1,700 52.8% 3.6% 54.1% 32% 33% 33% 27% 28% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Mobile ARPU (DKK/month) EBIT
Slide 30: Finland
Finland Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues +0.2% 2,535 2,587 2,567 2,627 2,445 2,803 2,792 2,812 2,840 2,808 54.1% 52.8% 3.9% 41% 40% 42% 35% 36% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Mobile ARPU (EUR/month) EBIT
Slide 31: Q4 2025: Nordics fixed broadband
Q4 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 597 17% 715 702 697 707 660 614 Denmark 162 137 151 4% 370 366 Norway 433 454 660 108 108 1,975 614 55% 2
Slide 32: Bangladesh
Bangladesh Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin -0.5% EBITDA Margin Service revenues 86,256 85,559 3,622 84,252 84,817 83,856 3,315 3,315 3,169 3,031 57% 57% 60% 59% 58% 3.4% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Mobile ARPU (BDT/month) EBITDA a
Slide 33: Debt information
Debt information Additional facts: Net debt reconciliation of the Net debt APM: 31 December 31 December NOK in million 2025 2024 Non-current interest-bearing liabilities 74,187 72,730 Non-current lease liabilities 11,399 13,697 Bond maturity profile (NOK bn) Current interest-bearing liabilities 12,6
Slide 34: Return on capital employed, LTM
Return on capital employed, LTM 17% 16% 14% 14% 13% 13% 12% 12% 11% 11% 10% 9% 8% 8% 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 35: Fourth quarter and full year 2025
Fourth quarter and full year 2025 Published by Telenor ASA Snarøyveien 30 N-1360 Fornebu, Norway Investor relations Email: ir@telenor.com www.telenor.com/investors