Annual Report 2025

26 Mar 2026 08:00 CET

On 25 March 2026, the Board of Directors of Telenor ASA approved the financial
statements for 2025 for issuance, subject to approval by the Annual General
meeting on 19 May 2026.

Telenor ASA’s Annual Report for 2025 and the related ESEF XBRL zip files are
attached. The 2025 Executive Compensation report is available on our webpage
(https://www.telenor.com/investors/reports-and-information/annual/).

The financial statements have been adjusted compared to the preliminary and
unaudited 2025 results reported by Telenor Group on 6 February 2026, as follows:

• A net increase in "share of net income (loss) from associates and joint
ventures" of NOK 61 million in the income statement for 2025. The change is a
result of one-off effects reported by True Corporation in the fourth quarter of
2025 (net NOK -153 million), and the re-evaluation and recognition of deferred
tax assets by the joint venture Easypaisa in its 2025 annual report (NOK +214
million). Reference is made to notes 35 and 40 in the consolidated financial
statements.

• “Profit (loss) from discontinued operations” decreased by NOK 1,221 million,
following a Supreme Court verdict in India February 2026 published on 20
February 2026, which impacted provisions related to a legal dispute in India.
Reference is made to notes 12, 23 and 40 in the consolidated financial
statements.

As a result, net income for 2025 was NOK 8,363 million, compared to NOK 9,514
million in the preliminary and unaudited results.

Investor contact:
Frank Maaø
SVP Capital Markets and Investor Relations
+4791674045

More information:
Access the news on Oslo Bors NewsWeb site

669362_tel-2025-12-31-1-en.zip
669362_Annual Report 2025 - English.pdf