A new organisation for stronger customer focus and value creation

27 May 2026 08:00 CEST

(Fornebu, 27 May 2026)
Telenor today announces a simplified and sharpened organisational structure to
accelerate execution and support the long term value creation strategy presented
at the Capital Markets Day. The changes form part of the operational excellence
initiatives and financial ambitions announced at the CMD.

Telenor ASA announces a simplified organisational structure, designed to
strengthen customer and market proximity, enabling accelerated execution and
long-term growth. The composition of the Group Management team will be updated
accordingly.

The changes support Telenor’s strategic priorities set out at the Capital
Markets Day in November. The four current Business Areas - Nordics, Asia, Amp,
and Infrastructure - will be replaced with a more country-centric structure.

New Group Management to bring decisions closer to the market

As part of the changes, the Nordic country CEOs will join Group Management
directly, removing the current Nordic Business Area layer. This will ensure that
customer, market and financial perspectives will be more closely reflected in
Group level decision-making.

Effective from 18 August 2026, the Group Management team, led by President and
Group CEO Benedicte Schilbred Fasmer, will comprise the following members:

• Torbjørn Wist, Group CFO. Remaining in his current role, Mr Wist will ensure
financial discipline, performance management and focused capital allocation. He
has spent 15 years at Telenor and has previously served as CFO and acting CEO of
Wallenius Wilhelmsen, as well as CFO of Scandinavian Airlines. He also has
extensive experience from investment banking, with primary focus on the
telecommunications industry.

• Jon Omund Revhaug, Chief Technology and Transformation Officer. This role will
drive technology-led transformation and simplification, delivering
cross-business unit efficiencies and synergies at scale across the Group. Mr
Revhaug brings extensive international and operational experience from his 25
years with the company. Currently Head of Asia, he has held several key
executive positions including acting Head of Nordics.

• Inger Gløersen Folkeson, Chief Corporate Development Officer. This role is key
in defining long term strategic direction and help building Telenor’s future
revenue streams. Ms Folkeson will manage a development portfolio with assets
across various industry life-cycle stages, including the current Telenor Amp
portfolio, AI Factory, Skygard and Sovereign Cloud. She has extensive experience
from the telco industry, as CFO in Digi (Malaysia) and Telenor Group Holdings,
she has experience from R&I and Group Strategy in Telenor, and most recently, as
Head of Customer and Commercial in Telenor Nordics. The development portfolio
will be led by Dan Ouchterlony, who will report to Ms Folkeson.

• Birgitte Engebretsen, CEO Telenor Norway. Before being appointed CEO in 2022,
she led the business market division at Telenor Norway. Ms Engebretsen joined
Telenor Norway in December 2018 as Head of Product & Market.

• Jonas Edén, CEO Telenor Sweden. Mr Edén has led the company since 2025. He
joined Telenor in 2012 and has since held several leadership roles, including
CTO and Head of B2B. Prior to joining Telenor, he worked at Accenture and
Deloitte.

• Jussi Tolvanen, CEO DNA. Appointed CEO of DNA in 2021, Mr Tolvanen previously
held several roles at Microsoft, most recently as Country General Manager for
Finland.

• Lars Thomsen, CEO Telenor Denmark. CEO since 2020, Mr Thomsen brings more than
20 years of international experience in IT and telecom, including leading
Telenor’s global IoT business and being CMO in Telenor Denmark and Telenor
Group.

• Head of Telenor Asia, recruitment in progress. Telenor Asia will operate as a
Business Unit alongside the Nordic telecom companies.

• Elisabeth Melander Stene, Acting Chief People & Organisation Officer. In this
role, she will build a future oriented, high performance workforce that
accelerates transformation and value creation across Telenor, including AI and
digital capabilities. Ms Stene has served as Head of People at both Telenor
Norway and Telenor Nordics.

• Thomas Midteide, Chief Corporate Affairs Officer. Mr Midteide currently holds
the position of Head of Group Communications and Brand in Telenor and has 15
years of experience from the financial services industry including 10 years in
Group Management at DNB. In his new role, he will lead the Communications,
Brand, and Corporate Affairs & Sustainability functions.

• Siri Birgitte Bang Berge, General Counsel (GC), will report directly to the
CEO as an advisor. Ms Berge has extensive experience in legal advisory work and
decision-making processes at executive management and board level, and has
served as Group General Counsel since 2018.

Supporting Telenor’s financial ambitions

As outlined at the CMD in November 2025, Telenor is pursuing top-line growth,
greater efficiency and operational improvement through customer excellence,
simplification, transformation and disciplined capital allocation.

The streamlining of Telenor’s organisational structure will substantially reduce
administrative costs as part of the operational excellence initiatives and
financial ambitions announced at CMD. The new structure will support the Group’s
financial ambitions of low-to-mid-single digit EBITDA growth, as well as
material improvement in free cash flow and return on capital towards 2028 and
2030.

An updated segment reporting structure will be presented in due course.

For additional information, please contact:
Frank Maaø, SVP Capital Markets and Investor Relations (+47 91674045)
David Fidjeland, Director Media Relations (+47 93467224)

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