Telenor Asa Ord (TELNF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to Telenor's Q3 results call. I'm Frank Måø, Head of Investor Relations here at Telenor. I'm presenting today our CEO, Benedicte Schilbred-Fassmø, and our CFO, Torbjørn Vist. Before we get started, just a few quick notes. Unless we say otherwise, all growth rates are organic and made on a constant currency basis. When we mention EBITDA, we're referring to adjusted EBITDA. And for the Q&A, please just ask one question with a short follow-up if needed, so that everyone gets a chance. And with that, I'll hand it over to Bendicte. Thank you, Frank, and good morning, everyone. This quarter, we've seen a challenging external environment. Hybrid warfare, extreme weather and a high level of cyber threats have all impacted power and communications. And these events are a reminder of how crucial robust digital infrastructure is. And at the same time, they give us opportunities to help customers build resilience, thanks to our strong network and technology foundation. Today, we are reporting another solid quarter, mainly driven by strong results in the Nordics. Our commercial strategy and ongoing transformation efforts continue to pay off, with EBITDA in the Nordics up 8% and 50,000 new mobile customers added. In Asia, however, we do see a bit of a more mixed picture. On one hand, we grew service revenues and EBITDA by 4%, with positive contributions from both Pakistan and Grameenphone in Bangladesh. On the other hand, we continue to expect challenges in the region, as Torbjörn will get back to, including the macroeconomy and headwinds tied to the cost of supporting data growth, including Spectrum. Thanks to the dedication of our employees across the group, we have delivered an EBITDA growth of 5.4% and a free cash flow before M&A of 4.2 billion this q...