Telenor continues solid performance in the Nordics, while facing headwinds in Asia

29 Oct 2025 07:00 CET

Telenor delivered a solid third-quarter performance. Service revenues grew by
2.7 per cent year-over-year, adjusted EBITDA increased by 5.4 per cent, while
free cash flow before M&A was up 50 per cent year-on-year. As a result, the
outlook for 2025 has been tightened.

Third quarter highlights:
• Service revenues of NOK 16.3 billion in the quarter.
• Adjusted EBITDA of NOK 9.5 billion in the quarter.
• Free cash flow before M&A of NOK 4.2 billion in the quarter.

So far this year, Telenor Group has delivered an adjusted EBITDA of NOK 27.5
billion and free cash flow before M&A of NOK 8.8 billion.

Nordics as key growth engine
The Nordic business delivered robust results in the third quarter with 2.1 per
cent organic growth in service revenues and 8.0 per cent increase in adjusted
EBITDA. This growth was fuelled by solid service revenue gains, higher Lyse Tele
roaming revenues in Norway and effective cost reductions.

Adjusted EBITDA in Asia rose by 4.1 per cent, but the company sees potential
headwinds from spectrum-and-data-related expenses that may affect cash flows
from the region in the short-to-medium term. Grameenphone returned to top-line
growth this quarter, despite continued challenging market conditions. In Telenor
Pakistan, strong service revenue growth contributed to a 17 per cent increase in
EBITDA. Telenor received its first regulatory approval for the sale of Telenor
Pakistan this quarter, representing a key milestone in the exit process.

Challenging backdrop in the Nordics
Geopolitical tensions, extreme weather, and increasingly sophisticated
cyberattacks are putting the Nordics’ critical infrastructure under pressure.
According to a recent survey, one in three Norwegians believe a major digital
attack could disrupt essential societal functions.

“Telenor’s employees are at the forefront of defending our customers against
evolving digital threats. We continuously invest in advanced and innovative
security solutions to deliver greater value and enhanced protection for our
customers,” says CEO Benedicte Schilbred Fasmer.

Telenor’s latest Nordic Security Report identifies six scenarios that could test
the resilience of companies and societies, ranging from destructive cyberattacks
and sabotage of infrastructure to insider threats, organized crime and
sophisticated online scams. The report’s conclusion is clear: digital
preparedness has never been more critical.

Key events during Q3
Telenor and Vodafone entered into a global strategic procurement partnership,
leveraging a combined annual spend of more than EUR 26 billion to strengthen
supply chain resilience, drive efficiencies and promote responsible business
practices. Telenor’s Finnish subsidiary KNL secured EUR 15 million in Nordic
defense contracts under a ten-year framework agreement, providing secure
communication solutions to the Finnish and Swedish Armed Forces.

The acquisition of GlobalConnect’s consumer business in Norway for NOK 6.0
billion will increase Telenor’s subscriber market share from 22 per cent to 29
per cent with an addition of around 140,000 fibre customers. Telenor also signed
an agreement to sell its 50 per cent stake in Allente to Viaplay for SEK 1.1
billion.

“These initiatives strengthen our core infrastructure, simplify our portfolio
and leverage partnerships and technology to capture new growth opportunities,”
says Fasmer.

Financial outlook for 2025:
• 2-3% organic growth in Nordic service revenues (changed from low
single-digit).
• 8-9% organic growth in adjusted EBITDA in the Nordics (changed from
high-single digit).
• For the Nordic business, capex excl. leases are expected to account for around
14 per cent of revenues (unchanged).
• 5-6% organic growth in adjusted EBITDA for Group (changed from mid-single
digit).
• Free cash flow before M&A of around NOK 13 billion (unchanged).

For further information, please contact:
David Fidjeland, Communications Director, mobile +47 93 46 72 24
Frank Maaø, SVP Capital Markets and Investor Relations, mobile +47 91 67 40 45

More information:
Access the news on Oslo Bors NewsWeb site

658159_Report Q3 2025.pdf
658159_Presentation Q3 2025.pdf