Capital Markets Day 2025

11 Nov 2025 07:00 CET

Fornebu, 11 November 2025: Ahead of today’s Capital Markets Day, Telenor ASA is
pleased to provide a summary of the key messages and financial ambitions
presented in the CMD materials, which will be discussed in detail at the event
starting at 0900 CET at Telenor’s headquarter and streamed live on
www.telenor.com/investors. The CMD presentation and supporting materials are
available on Telenor’s website and investor portal, except breakout session
material which will be published at 14:00 today.

An even more future-fit and simplified Telenor towards 2030

Telenor’s evolved strategy builds on a position of strength, with the Group on
track to broadly achieve its financial ambitions for 2022-2025, including
delivering on its 2025 Outlook. Telenor’s focus is on delivering outstanding
connectivity and differentiated services for its customers, with the Nordic
region as the core growth and cash flow engine. In Asia, Telenor will continue
to manage its leading telco assets for long-term value, while aiming to further
simplify the Group portfolio over time.

Key strategic priorities for the 2025-2030 period:
• Growth through customer excellence and service innovation
• Accelerating technology-led transformation
• Tapering opex and capex to sales
• Driving shareholder value creation with a focus on RoCE and prudent,
consistent capital allocation

Telenor will drive shareholder value through three key focus areas:

First, Telenor is leveraging its world-class networks and talent base to drive
the top-line through customer excellence.

Second, the company is relentlessly pursuing efficiencies and operational
improvements through simplification and transformation through using technology
including AI.

Third, this entails operational cash flow growth and targeted but tapering
re-investments into networks and systems to drive further customer and
operational excellence.

As a result, Telenor expects expanding return on capital and free cash flows
over time. Based on this strategy and the strong execution culture of the
company, the Group’s leadership remains confident in delivering on its
commitments to shareholders.

Sustainability and resilience

Responsible business is central to Telenor’s strategy, and today we announce new
mid-term sustainability targets. The Group is investing in network resilience,
security, and digital inclusion, supporting the green transition and digital
wellbeing.

Financial ambitions

Telenor’s updated medium-term and long-term financial ambitions, as detailed in
the CMD presentation, are as follows:
• Nordics: Organic service revenue growth in the low single-digit range. Organic
EBITDA growth in the low-to-mid single-digit range, supported by operating
leverage enabled by stable-to-declining opex. Capex-to-sales expected to taper
below 13% by 2028 and further to 11–12% by 2030. While the Group’s full
Financial Outlook for 2026 will be communicated in the Q4 2025 results report,
Telenor’s preliminary expectation is for an organic EBITDA growth in the Nordics
in the mid-single digits for 2026.
• Group: Free cash flow before M&A (excluding associates) is expected at NOK
12–13 billion for 2028, reaching NOK 14–15 billion by 2030. This implies a
mid-to-high single digit CAGR from 2025. On top of this we expect solid dividend
potential from associated companies in the same period. However, dividends from
associates are excluded from our stated ambitions, since they are non-controlled
entities and separately listed companies. Return on Capital Employed (RoCE) for
the overall Group is projected to grow from 8.6% today to above 11% by 2028 and
above 12% by 2030.
• Unchanged financial policy: Telenor’s dividend policy of annually increasing
dividends per share is unchanged, and the Group also maintains its target
leverage ratio of 1.8x – 2.3x. The company has a strong commitment to covering
dividends covered by free cash flow before M&A over time.

Group portfolio and capital allocation

Telenor will continue to simplify its Group portfolio and grow in the Nordics,
with a medium- to long-term ambition to become an even more Nordic-centric
group. The Group will actively pursue value-accretive transactions and
partnerships in both Nordics and Asia, while maintaining a strong balance sheet.

Definition details

For reference, Telenor’s 2025 Outlook for free cash flows before M&A is around
NOK 13 billion, of which dividends from associated companies are expected at
around NOK 2.5 billion. In conjunction with the closing of the sale of Allente,
a dividend will be paid in Q4 prior to closing, contributing NOK 0.3 in Q4 and
totalling NOK 0.5bn for the year.

As per long-standing policy, Telenor does not provide forward-looking statements
on spectrum. As such, potential incremental spectrum commitments above the Q3
2025 level are not included in the FCF ambition figures.

Investor contacts:
Frank Maaø, SVP Capital Markets and Investor Relations (+47 91674045)
Sofie Traheim, IR Manager (+47 90263654)
Oscar Jacobsen Sperre, IR Manager (+47 91380079)

Media contact:
Thomas Midteide, SVP and Chief Communications Officer (+47 96232017)

More information:
Access the news on Oslo Bors NewsWeb site