Telenor reports third quarter 2022 results

26 Oct 2022 07:00 CEST

“We see positive trends for mobile service revenues in the Nordic region, with a
growth of 4 percent in the third quarter”, says Sigve Brekke, President and CEO
of Telenor Group.

For the Group, high energy prices, especially in Norway, Denmark, and Pakistan,
continue to be a headwind. However, the negative effects are, this quarter,
countered by a reversal of sim tax provision in Pakistan, leading to 2.5 percent
EBITDA growth. Free cash flow came in at NOK 5 billion, implying a cash
generation so far this year of NOK 10 billion.

In September, Telenor hosted a capital markets day where the strategy and
ambitions for the next three years were presented. The Group’s operations and
value creation will be focused around four business areas: Telenor Nordics,
Telenor Asia, Telenor Infrastructure and Telenor Amp. The sale of a 30 percent
stake in the newly established fibre infrastructure company in Norway, which is
expected to close in early 2023 confirms the company’s execution on this
strategy.

“In the Nordics, growth in value added services is contributing to mobile
revenue growth. We see a continued trend of customers’ high demand for secure
connectivity in a sharply increasing digital risk environment”, says Brekke.

Increased data usage was the main driver for Grameenphone’s 7 percent service
revenue growth this quarter, which also translated into solid EBITDA growth. In
Malaysia, the planned merger of Digi and Celcom received clearance from the
Securities Commission, and is expected to be completed before year-end,
following approval by the companies’ shareholder meetings.

With regards to the outlook for the year, Telenor maintains the expectation of
low single digit growth in service revenues. Although a significant increase in
energy prices is weighing on the EBITDA, a positive one-time effect in Pakistan
this quarter supports maintaining the outlook of organic EBITDA around last
year’s level. The capex to sales ratio is expected to be in the previously
indicated range of 16-17 percent.

Investor Relation contacts

Øystein Myrvold +47 99 23 04 60
Håkon Hatlevik +47 90 14 60 70

Media contact:

David Fidjeland +47 93 46 72 24

More information:
Access the news on Oslo Bors NewsWeb site

573898_Telenor Group Q3 2022 report.pdf
573898_Telenor Group Q3 2022 presentation.pdf