Telenor Asa · OSL:TEL
Telenor Asa — Telenor Asa Ord — Q1 2026 Earnings Presentation
37 slides from Telenor Asa's earnings presentation, Apr 28, 2026
Slide 1: Telenor results presentation First quarter 2026
Telenor results presentation First quarter 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 Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q1 2026 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 Q1 2026 4
Slide 5: First quarter highlights
First quarter highlights Steady performance in Free cash flow before Closing of True stake Outlook: FCF reaffirmed, turbulent times M&A of NOK 2.1 billion sale, NOK 30bn received EBITDA moderated Q1 2026 5
Slide 6: Nordics: Lower churn, transformation on track
Nordics: Lower churn, transformation on track Softened service-revenue growth Transformation investments ongoing Commercial highlights Nordics service revenues, YoY organic change EBITDA Nordics, YoY% • Calmer market Nordics service revenues, NOK mn EBITDA Nordics excl. business transfers*, YoY% • L
Slide 7: Service-led growth in Norway, ARPU drag from Q4 in Finland
Service-led growth in Norway, ARPU drag from Q4 in Finland Business unit Telenor Norway Telenor Sweden Telenor Denmark DNA 7.4% 7.6% 3.2% 1.0% 1.2% YoY growth (0.2)% (1.4)% (13.2)% SR EBITDA SR EBITDA SR EBITDA SR EBITDA Comments • Service-led growth • +4.6% Mobile SR growth • Customer growth in FWA
Slide 8: Asia: simplification milestone completed
Asia: simplification milestone completed Sale of 25% completed • Portfolio simplification milestone • NOK 30bn net proceeds received • Exit of remaining 5% within two years Constrained by consumer affordability • SR and EBITDA decline of -2% and -1%, respectively • Weak macro and tough competition c
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 Q1 2026 9
Slide 10: Q1 2026: Group financial highlights
Q1 2026: Group financial highlights Key figures, NOK and % Key ratios, Group Q1 2026 Q1 2025 YoY % YoY: -0.8 p.p. CAPEX to Sales 12.5% QoQ: -3.0 p.p Service revenues, mn 14,844 15,040 1.6% * EBITDA adj., mn 8,046 8,069 3.1% * YoY: -1.1x Leverage ratio 1.2x QoQ: -1.0x Net income adj., mn 3,043 2,655
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 Q1 2026 11
Slide 12: Group service revenue growth muted by Asia
Group service revenue growth muted by Asia Group service revenues Q1 2026 YoY% Percentage-point contribution to YoY %-growth NOK mn 15,040 15,493 15,351 15,311 14,844 0.1 1.6% 0.5 1.4 -0.4 2.2% 2.6% 1.4% 1.9% 2.1 1.6% % Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Nordics Asia Amp Elim. Group Organic 1.8% -1.9% 14
Slide 13: Flat opex YoY despite increase in transformation costs and commissions
Flat opex YoY despite increase in transformation costs and commissions Opex, Group Opex YoY-change by category (NOK million* and YoY%) <blank (NOK million* and %) > 0.5% Salaries and Personnel 59 2.4% 6,116 86 30 6,150 Operation and -14 -9 -60 Maintenance -64 -5.6% Sales, Marketing, and Commission 5
Slide 14: Group EBITDA growth of 3.1%
Group EBITDA growth of 3.1% EBITDA adjusted, Group Q1 2026 YoY% Percentage-point contribution to YoY %-growth NOK mn 8,781 9,050 8,561 8,069 8,046 0.4 3.1% 3.1 0.1 11.7% -0.4 0.0 6.9% 4.5% 0.2% 3.1% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Nordics Asia Infrastructure Amp Other & EBITDA elim. Organic 3.8% -1.7%
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 Q1 2026 15
Slide 16: Solid EBITDA growth in Norway and Sweden; Denmark and Finland softer
Solid EBITDA growth in Norway and Sweden; Denmark and Finland softer EBITDA adjusted, Nordics Q1 2026 YoY% Percentage-point contribution to YoY %-growth YoY%, excl. business transfers NOK mn 7,088 1.5 6,782 6,589 6,264 6,491 12.5% 3.9 3.8% -1.0 -0.3 -0.2 8.7% 8.0% 4.9% 5.8% 3.8% Q1 25 Q2 25 Q3 25 Q4
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 Q1 2026 17
Slide 18: Challenging environment for Grameenphone
Challenging environment for Grameenphone Service revenues and adj. EBITDA, Organic growth, Grameenphone Continued pressure on usage and Grameenphone discretionary spend Service revenues, NOKm Service revenues, YoY% Adj. EBITDA, NOKm Adj. EBITDA, YoY% • Softer topline led by election period 3,315 3,3
Slide 19: Contents
Contents Group highlights CEO Nordics Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q1 2026 19
Slide 20: P&L: Net positive impact from associates
P&L: Net positive impact from associates PROFIT AND LOSS HIGHLIGHTS (NOKm) Q1 2026 Q1 2025 Q1 2026 comments Total revenues 18,197 18,457 Service revenues 14,844 15,040 Adjusted EBITDA 8,046 8,069 Reported EBITDA 7,838 7,871 Depreciation and amortisation -3,931 -4,038 Impairment losses 2 0 Operating
Slide 21: Solid free cash flow generation
Solid free cash flow generation Q1 free cash flow, with drivers (NOK mn) EBITDA adj. 8,046 Income taxes paid -904 Mostly Grameenphone, DNA Net interest paid -253 NOK 0.25bn lower YoY Operating Working capital -313 Negative timing effects YoY Dividends from associates 342 CelcomDigi Capex paid -2,639
Slide 22: Leverage ratio temporarily reduced post True sale
Leverage ratio temporarily reduced post True sale NIBD (NOK bn) Leverage ratio (x)* Use of True sale proceeds • NOK 11.2 bn repayment of EUR bond 90.2 86.8 85.0 2.4 • NOK 6bn payment for GlobalConnect 83.2 83.5 81.5 81.7 2.4 2.4 79.0 2.3 2.3 2.2 2.3 Target Norway B2C 2.2 leverage 1.8x-2.3x • Flexibi
Slide 23: Contents
Contents Group highlights CEO Nordics Asia Financial highlights Group Nordics CFO Asia P&L, cash flow and leverage Outlook CEO Concluding remarks Q1 2026 23
Slide 24: Financial outlook
Financial outlook Actuals 2026 Outlook Q1 2026 Previous Updated Organic service revenues growth 1.8% Low single-digit Low single digit Nordics Organic EBITDA adj. growth 3.8% Mid single-digit Low-to-mid single digit Capex/sales (excl. leases) 12.6% Around 14% Around 14% Organic EBITDA adj. growth 3.
Slide 25: Concluding remarks
Concluding remarks Q1 2026 25
Slide 26: Q&A
Q&A Q1 2026 26
Slide 27: Appendix
Appendix Q1 2026
Slide 28: 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% 70% 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 29: Norway
Norway Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues -1.8% 5,079 5,303 5,306 5,307 5,240 3.2% 2,570 2,561 2,561 2,544 2,524 52.8% 55% 56% 54.1% 54% 52% 50% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Mobile ARPU (NOK/month) EBITD
Slide 30: Sweden
Sweden Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 3.1% 2,696 2,672 2,726 2,667 2,573 3,003 3,016 3,043 3,088 3,095 1.0% 52.8% 43% 54.1% 37% 40% 40% 40% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Mobile ARPU (SEK/month) EBITDA
Slide 31: Denmark
Denmark Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 0.5% 1,171 1,172 1,196 1,190 1,156 1.2% 54.1% 1,699 1,697 1,691 1,700 1,707 52.8% 32% 33% 33% 28% 28% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Mobile ARPU (DKK/month) EBITD
Slide 32: Finland
Finland Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues -0.1% 2,535 2,587 2,567 2,627 2,472 2,792 2,812 2,840 2,808 2,790 54.1% 52.8% (0.2)% 41% 40% 42% 41% 36% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Mobile ARPU (EUR/month) EB
Slide 33: Q1 2026: Nordics fixed broadband
Q1 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 561 16% 705 699 695 709 649 Denmark 156 132 601 142 4% 365 364 Norway 431 458 649 106 112 601 1,987 22 Sw
Slide 34: Bangladesh
Bangladesh Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin -0.3% EBITDA Margin Service revenues 3,315 3,315 3,169 3,031 84,817 86,256 85,559 83,856 84,566 2,847 57% 60% 59% 58% 58% -1.9% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Mobile ARPU (BDT/month) EBITDA
Slide 35: Debt information
Debt information Additional facts: Net debt reconciliation of the Net debt APM: 31 December NOK in million 31 March 2026 2025 31 March 2025 Non-current interest-bearing liabilities 70,786 74,187 70,608 Non-current lease liabilities 11,167 11,399 13,290 Bond maturity profile (NOK bn) Current interest
Slide 36: Return on capital employed (annual and Q1 LTM)
Return on capital employed (annual and Q1 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% 4.8% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Note: True divestment gain excluded from 2026 number. See APM section in quarterly report fo
Slide 37: First quarter 2026
First quarter 2026 Published by Telenor ASA Snarøyveien 30 N-1360 Fornebu, Norway Investor relations Email: ir@telenor.com www.telenor.com/investors