Telenor reports first quarter 2023 results

04 May 2023 07:00 CEST

“I’m pleased to see that we have been able to demonstrate solid execution across
all four business areas”, says Sigve Brekke, President and CEO of Telenor Group.


“Telenor supports the rapid digitalisation of the Nordic societies through
investing in 5G networks and services. The underlying mobile service revenue
growth was 5 percent, and the fixed business is turning positive after
completion of the copper decommissioning. This is a strong testimony to the
growth potential in the region, and I am proud to say that we are, perhaps, the
world’s first legacy-free incumbent. Going forward, we will continue with our
Nordic modernisation agenda to drive profitable growth.”, Brekke adds.

Service revenues were NOK 14.9 billion, which is an increase of NOK 0.4 billion
or 2 percent compared to the same period last year. On an organic basis, service
revenues increased by 3 percent.

Reported opex increased by NOK 0.3 billion. Organic opex increased by NOK 0.3
billion or 4 percent.

Reported EBITDA before other items was NOK 8.1 billion and was stable on
reported basis but increased by 2 percent on an organic basis. Excluding the
impact of a contractual dispute in Denmark, organic EBITDA before other items
increased by 3 percent.

Net income attributable to equity holders of Telenor ASA was NOK 18.1 billion
for the quarter. A gain of NOK 18.5 billion was recognised upon closure of the
merger between dtac and True Corporation in Thailand.

With the completion of merger between dtac and True in Thailand on 1 March 2023
and the merger between Digi and Celcom in Malaysia on 30 November 2022, dtac and
Digi as subsidiaries are de-consolidated and the historical income statement
figures are reclassified to discontinued operations, see note 4 in the quarterly
report. Telenor’s share of net income of the merged entities is recognised with
a one quarter lag. Accordingly, results of CelcomDigi are recognised this
quarter for December 2022, and True Corp’s results for the month of March 2023
will be recongnised in the second quarter.

Total free cash flow was NOK 5.7 billion for the quarter, including positive
contribution from M&A activities of NOK 5.3 billion mainly related to the
partial sale of the fibre infrastructure company in Norway, partly offset by the
merger transaction in Thailand and India guarantee payment. Free cash flow
before M&A activities was NOK 0.4 billion.

The leverage ratio at the end of the quarter was 2.1x, which is a decrease of
0.1x compared to the end of the previous quarter.


Telenor maintains the financial outlook for 2023:

Low to mid-single digit growth in Nordic service revenues
Low to mid-single digit growth in Nordic EBITDA
Nordic capex/sales of around 17 percent


Investor Relations:

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:
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589452_Telenor Group Q1 2023 presentation.pdf
589452_Telenor Group Q1 2023 report..pdf