Telenor Asa Ord (TELNF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Telenor's Q4 2025 results presentation. I'm Frank Mauer, Head of Investor Relations, and our Group CFO to Bernoullis today. As previously communicated, our CEO Benedicte Schillberg-Fossmyrd is not here due to a planned surgery. And as you can see, we have a date on dividends and capital allocation. Before we get started, a few quick notes. All service revenue and EBITDA growth rates are organic, as always. When we mention EBITDA, we're referring to adjusted EBITDA. Note that this time, Tenor Pakistan has been excluded from the P&L figures that we show you today. And with that, I'll hand you over to Torbjörn. Thank you, Frank. Now, let me start by saying that Benedicte is recovering well from her surgery and she sends her warm regards to all of you. We certainly look forward to welcoming Benedicte. I wouldn't be surprised if she has joined us online to follow this exciting results presentation. Now, what a year we have behind us. With strong operational momentum and disciplined execution across the Nordics and Asia. Our results underline some clear messages. First, we delivered a strong cue for financial performance in line with the outlook we communicated earlier in the year. Our customer-first approach and disciplined operation enabled us to deliver in the Nordics, despite the brisk competition, particularly in Finland. Our full-year free cash flow before M&A reached 12.9 billion kroners, around 13 billion outlook and financial ambitions since 2022. The free cash flow including M&A was 17.3 billion. Secondly, consistent with the strategy we outlined at our recent Capital Markets Day, we continue to simplify the Group Portfolio, reinforcing the Group's Nordic. We remain committed to long-term value creation in our remaining Asian assets. T...