Slides
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Telenor Q3 presentation Third quarter 2025 CEO Benedicte Schilbred Fasmer CFO Torbjørn Wist
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Disclaimer The following presentation deck is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Telenor Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation contains statements regarding the future in connection with the Telenor Group’s growth initiatives, profit figures, outlook, strategies and objectives. In particular, the slides in the “Outlook” section of this presentation contains forward-looking statements regarding the Telenor Group’s expectations. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual results and developments deviating substantially from what has been expressed or implied in such statements. The comments in the presentation are related to Telenor’s development in 2025 compared to the same quarter of 2024, unless otherwise stated. Unless otherwise stated, growth metrics are expressed in ‘organic’ terms, i.e. on a like-for-like basis with regards to currency effects, acquisitions and divestments. 2
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Contents 3 CEO CFO Group highlights Nordics Asia Financial highlights Group Nordics Asia P&L, cash flow and leverage Outlook Concluding remarksCEO Q3 2025 3
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Contents CEO CFO Group highlights Nordics Asia Financial highlights Group Nordics Asia P&L, cash flow and leverage Outlook Concluding remarksCEO Q3 2025 4
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Q3 2025 Third quarter highlights Free cash flow before M&A of NOK 4.2 bn Strong performance in the Nordics Growth amid headwinds in Asia Reaffirmed and tightened outlook 5
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Nordics service revenues, YoY organic change Nordics service revenues, NOK mn Organic growth 2.3% 0.1% 5.3% 2.0% Nordics organic SR growth of 2.1% 4.6% 6.0% 5.8% 12.5% 8.0% 3.5% 5.9% 4.2% 16.1% 9.2% 1.4% -0.8% -0.9% -1.6% -2.1% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1.0 0.0 0.5 0.4 0.1 2.1% NO SE DK DNA Elim. Total Percentage-point contribution to YoY % SR growth Norway largest growth contributor in Q3 Transformation programmes on track 11,391 11,166 11,348 11,756 11,729 3.2% 2.3% 2.1% 3.7% 2.1% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBITDA Nordics, YoY% EBITDA Norway, YoY% Opex, Nordics, YoY% 6Q3 2025 Solid performance in the Nordics
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(Telenor Pakistan) Continued headwinds in Asia Bangladesh #1 mobile player Malaysia #1 mobile player #1 mobile player Thailand Pakistan #3 mobile player • Q21 EBIT increased 12% YoY despite flat SR growth • Telenor adjustment of NOK 530m on CelcomDigi’s net income • Working to address 5G data costs and netco financial viability • Positive growth, but macro conditions still challenging • Ongoing transition from voice to data • Brisk price competition • 17% EBITDA YoY growth in Q3 • Approval of sale to PTCL granted by competition authority • Focus on expeditious closing process Associated companies Consolidated companies 71) Reported with one quarter lag; 2) 2026 estimate. Source: World Economic Outlook (IMF, 24 October 2025) Q3 2025 • YoY 2.6% EBITDA growth in Q21 driven by 8% cost decline • Lowered guidance for 2025, dividend confirmed for Q4 • Macro economic headwinds, GDP forecast lowered to 1.6%2
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Q3 2025 Strategic procurement partnership with Vodafone Increased attractiveness to vendors, improved risk management and supply chain resilience Combined procurement spend of around NOK 300bn Potential for significant cost savings in the medium term 8
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Contents CEO CFO CEO Group highlights Nordics Asia Financial highlights Group Nordics Asia P&L, cash flow and leverage Outlook Concluding remarks Q3 2025 9
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Q3 2024 Q3 2025 YoY % Service revenues, mn 16,162 16,345 2.7% EBITDA adj., mn 9,206 9,544 5.4% Net income adj., mn 2,603 2,533 (2.7)% EPS adj. 1.90 1.85 (2.7)% FCF before M&A, mn 2,801 4,191 50% Key figures, NOK and % CAPEX to Sales 13.4% Leverage ratio 2.3x Key ratios ROCE (LTM)** 8.6% YoY: -0.7 p.p. QoQ: -0.1 p.p Q3 2025: Group financial highlights YoY: +0.0x QoQ: -0.2x YoY: +0.6 p.p. QoQ: -0.2 p.p. * * 10*Organic growth Q3 2025 **ROCE excl. associates and joint ventures: 13.8%.
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Contents CEO CFO CEO Group highlights Nordics Asia Financial highlights Group Nordics Asia P&L, cash flow and leverage Outlook Concluding remarks Q3 2025 11
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1.5 1.1 0.0 0.1 2.7% Nordics Asia Amp Elim. Group Percentage-point contribution to YoY %-growth Organic growth 2.1% 4.4% -1.4% 2.1 % YoY% NOK mn * Nordics growth of 2.6% adjusted for accounting correction in DNA. Note: Telenor Infrastructure does not book service revenues Group service revenues 16,162 16,266 16,113 16,534 16,345 2.1% 1.1% 2.1% 2.9% 2.7% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 2025 Group service revenue growth of 2.7% 12 * Q3 2025
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1.3% Opex, Group (NOK million* and YoY%) Organic growth -2.1% 3.7% 2.9% 21.4% <blank > Opex YoY-change by category (NOK million* and %) 0.1% 4.9% 3.0% -2.2% * FX adjusted, see APM section of report 3 26 68 12 -25 84 Salaries and Personnel Operation and Maintenance Sales, Marketing, and Commission Energy Other Opex Total 6,378 -84 66 5 57 40 6,462 Q3 24 Nordics AsiaInfrastructureAmp Other and elim Q3 25 2.1% Modest opex growth, driven by increase in sales & marketing 13Q3 2025
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5.7 1.1 0.0 -0.3 -1.1 5.4% Nordics Asia InfrastructureAmp Other & elim. EBITDA 9,206 8,479 8,641 9,318 9,544 1.8% 2.0% 2.0% 8.3% 5.4% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Organic growth 8.0% 4.1% 0.1% -21.9% Group EBITDA growth of 5.4% driven by Nordics 14 EBITDA adjusted, Group Percentage-point contribution to YoY %-growthYoY% NOK mn Q3 2025 Q3 2025
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Contents CEO CFO CEO Group highlights Nordics Asia Financial highlights Group Nordics Asia P&L, cash flow and leverage Outlook Concluding remarks Q3 2025 15
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4.9 1.5 0.3 1.0 0.3 8.0% NorwaySwedenDenmark DNA Other Nordics EBITDA adj. 6,515 5,898 6,264 6,782 7,088 4.6% 6.0% 5.8% 12.5% 8.0% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBITDA adjusted, Nordics Percentage-point contribution to YoY %-growth Organic growth YoY% NOK mn 9.2% 7.5% 3.9% 5.0% Nordics EBITDA growth of 8.0% driven by gross profit growth and opex reductions 16 Q3 2025 Q3 2025
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Contents CEO CFO CEO Group highlights Nordics Asia Financial highlights Group Nordics Asia P&L, cash flow and leverage Outlook Concluding remarks Q3 2025 17
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Profitability continued to improve in Asia Telenor Pakistan Grameenphone Other/Elim 4.1% Service revenues: EBITDA adjusted: (NOK mn and YoY %) 4.4% 4,333 4,163 3,400 3,169 933 994 Q3 24 Q3 25 2,592 2,488 19 8 2,093 1,960 480 520 Q3 24 Q3 25 • NOK 350 million dividend received from CelcomDigi • Growing post-paid base, pre-paid decline • Rising 5G traffic costs • Continued synergy execution • Q2 EBITDA +2.6% YoY, consistent decline in leverage • Lowered 2025 EBITDA Outlook to 7-8% YoY • Expected clarity on dividends at Q3 release on 4 Nov • A new phase of “growth focused transformation” • Grameenphone delivered topline and EBITDA growth • Telenor Pakistan continued strong performance with 17% EBITDA growth Consolidated business units Associated companies 18Q3 2025 (NOK mn and YoY %)
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Sensitivity: Internal 191) Source: Impact of Spectrum Pricing in Bangladesh, GSMA intelligence, 10 September 2025: 2) See DNB 2024 annual report: 3) Pakistan Telecommunications Company Ltd Q3 2025 → Payments for up to four renewed licenses to resume Short and mid-term risks and headwinds in Asia Bangladesh: 2026 Spectrum renewal Spectrum costs as a share of operators’ recurring revenue1 Bangladesh Asia Pacific median Global median >2x Malaysia: Challenging 5G landscape Pakistan: Key milestone passed • PTCL3 received approval to acquire Telenor Pakistan from the Competition Commission of Pakistan (CCP) • Approval from the Pakistan Telecom Authority expected • Focus on expeditious closing process • Around NOK 0.5bn FCF contribution from Telenor Pakistan in 2025 • Malaysia’s dual 5G network structure remains a challenge • Recent reporting from of CelcomDigi’s 5G netco suggests unsustainable financials • Long-term commercial and financial solution for 5G company needed → Upcoming 5G-company restructuring → Telenor adjustment to CelcomDigi result of NOK 530m → Loss of recurring cash flows from Telenor Pakistan post closing
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Contents CEO CFO CEO Group highlights Nordics Asia Financial highlights Group Nordics Asia P&L, cash flow and leverage Outlook Concluding remarks Q3 2025 20
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PROFIT AND LOSS HIGHLIGHTS Q3 2024 Q3 2025 Q3 2024 Q3 2025 Total revenues 20,038 20,304 Service revenues 16,162 16,345 Cost of materials and traffic charges -4,393 -4,354 Opex -6,438 -6,406 EBITDA adjusted 9,206 9,544 Other income and expenses -116 -72 EBITDA reported 9,090 9,472 Depreciation and amortisation -4,212 -4,331 Impairment losses -2 0 Operating profit (loss) 4,877 5,141 Associates and JVs - share of net income 190 35 Associates and JVs - Impairments and gains (loss) 0 269 Net financial Items -322 -379 Profit (loss) before taxes 4,745 5,065 Profit (loss) from discontinued operations 158 6 Non-controlling interests -374 -351 Net income to equity holders of Telenor ASA 3,272 3,027 EPS from total operations 2.39 2.21 EPS adjusted 1.90 1.85 P&L: EPS lowered by adjustment of CelcomDigi results and WHT Q3 2025 Associates incl. NOK -530 adj. of CelcomDigi net income NOK +269 mn reversal of impairment in True Incl. NOK +615 mn fair value adjustment Income tax impacted by withholding tax in associated companies (NOK -312 mn) 21
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Mainly from Grameenphone 9,544 -981 -385 -313 561 -2,587 0 -949 -41 -53 -605 4,191 -18 4,173 EBITDA adj. Income taxes paid Net interest paid Operating Working capital Dividends from associates Capex paid Spectrum payments Other lease payments Lease pre-payments Other cash items Dividends to NCI FCF before M&A M&A Total Free Cash Flow FCF before M&A of NOK 4.2 bn supported by solid EBITDA Q3 free cash flow, with drivers (NOK mn) Seasonally low in Q1 and Q3 Mostly Norway Dividends from CelcomDigi, Allente Nordics NOK 1.9bn, in line with booked capex Grameenphone, Telenor Fiber Primarily workforce reduction payments Q3 2025 Somewhat lower than indicated year average level Seasonally low 22
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Macro and FX fluctuations in Bangladesh Leverage ratio = Net interest-bearing debt (ex license obligations)/[EBITDA adjusted + dividends from associated companies]. Target leverage 1.8x-2.3x Leverage ratio and NIBD Seasonality of dividend payments Short-term factors 80.4 79.8 79.0 83.2 85.0 86.8 81.5 90.2 85.0 2.2 2.2 2.2 2.3 2.3 2.2 2.4 2.4 2.3 NIBD ex licence obligations (NOK bn)Leverage ratio Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Leverage within the target range End-of-quarter EUR/NOK FCF fluctuations Q3 2025 23
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Contents CEO CFO CEO Group highlights Nordics Asia Financial highlights Group Nordics Asia P&L, cash flow and leverage Outlook Concluding remarks Q3 2025 24
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Organic service revenues growth Organic EBITDA adj. growth Capex/sales (excl. leases) TELENOR NORDICS Q3 2025 actuals 2025 previous outlook Reaffirmed and tightened outlook for 2025 Organic EBITDA adj. growth TELENOR GROUP FCF before M&A NOK 4.2 bn 13.4% 8.0% 5.4% 2.1% Low single-digit High single-digit Around 14% Mid single-digit Around NOK 13 bn Telenor Pakistan included in the 2025 outlook. New spectrum and potential items relating to prior years’ activities (e.g. claims, late payments in Bangladesh, tax refunds) are not included in the outlook YTD 2025 2-3% 8-9% Around 14% 5-6% Around NOK 13 bn 2025 updated outlook 2.7% 8.8% 13.3% 5.3% NOK 8.8 bn Q3 2025 25
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Concluding remarks Q3 2025 26
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Q3 2025 27 Telenor Expo, Snarøyveien 30, 1360 Fornebu (Oslo, Norway) or webcast Capital Markets Day 2025 Please sign up here 11 November 09:00-14.00 CET
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Q&A Q3 2025 28
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Appendix Q3 2025
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30 Progress on ESG agenda Women in senior leadership positions Series 1 Series 1 Series 1 Series 1 Environmental Scope 1&2 emissions reductions* Series 1 Scope 3: Share of supplier spend covered by SBTs People trained in digital skills (mn) Social Governance Supply chain non-conformities resolved Series 1 *Baseline year 2019 and measured on annual basis. Note: Our scope 3 target includes that our associates in Thailand and Malaysia set science-based targets, and for True Corporation in Thailand their net-zero target by 2050 was validated by SBTi in February. 50% 61% 88% 73% 90% 2022 2023 2024 YTD 2025 2025 Target 3.0 4.1 12.3 12.8 6.0 2022 2023 2024 YTD 2025 2025 Target -13% -17% -37% -64% 2022 2023 2024 2030 Target 34% 34% 36% 36% 40% 2022 2023 2024 YTD 2025 2025 Target 36% 51% 63% 64% 66% 2022 2023 2024 YTD 2025 2025 Target Q3 2025
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3,450 3,180 3,260 3,672 3,769 1,135 1,589 952 1,114 1,091 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Norway Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin Mobile ARPU (NOK/month) EBITDA adjusted and capex (NOK mn) Organic growth assuming fixed currency, adjusted for acquisitions and disposals. Organic growth, YoY 52.8% 54.1% EBITDA Margin Service revenues -2.3% 5.0% 2,620 2,600 2,570 2,561 2,561 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 406 407 408 424 426 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 9.2% EBITDA adj. CAPEX ex. Leases 5,187 5,158 5,079 5,303 5,306 54% 49% 52% 55% 56% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2.3% 31Q3 2025
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Sweden Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin Mobile ARPU (SEK/month) Organic growth assuming fixed currency, adjusted for acquisitions and disposals. Organic growth, YoY 52.8% 54.1% EBITDA Margin Service revenues 2.3% 1.0% 2,974 2,993 3,003 3,016 3,043 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 188 187 184 190 190 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1,283 1,153 1,179 1,300 1,427 447 767 394 504 448 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 7.5% 2,585 2,458 2,573 2,696 2,672 39% 35% 37% 40% 43% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 0.1% 32 EBITDA adjusted and capex (NOK mn) EBITDA adjusted CAPEX ex. Leases Q3 2025
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Denmark Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin Mobile ARPU (DKK/month) Organic growth assuming fixed currency, adjusted for acquisitions and disposals. Organic growth, YoY 52.8% 54.1% EBITDA Margin Service revenues 0.6% 5.4% 1,682 1,696 1,699 1,697 1,691 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 120 123 124 124 127 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 489 414 491 503 509 216 333 203 140 154 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1,132 1,114 1,171 1,172 1,196 33% 27% 32% 33% 33% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 5.3% 33 EBITDA adjusted and capex (NOK mn) EBITDA adjusted CAPEX ex. Leases 3.9% Q3 2025
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Finland Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin Mobile ARPU (EUR/month) Organic growth assuming fixed currency, adjusted for acquisitions and disposals. Organic growth, YoY 52.8% 54.1% EBITDA Margin Service revenues 0.9% 2,814 2,803 2,792 2,812 2,840 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 19 19 20 20 19 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1,286 1,156 1,326 1,297 1,356 315 491 199 278 305 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 5.0% 2,509 2,445 2,535 2,587 2,567 40% 35% 41% 40% 42% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2.0% 34 EBITDA adjusted and capex (NOK mn) EBITDA adjusted CAPEX ex. Leases -0.2% Q3 2025
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Norway 1,970 55% Sweden 840 24% Denmark 160 4% Finland 589 17% Finland 695 703 19 17 23 26 281 295 372 366 Q3 24 Q3 25 Denmark 112 104 15 7 64 74 32 23 Q3 24 Q3 25 Sweden 666 631 666 631 Q3 24 Q3 25 Norway 720 701 125 114 426 442 170 145 Q3 24 Q3 25 Q3 2025: Nordics fixed broadband Total fixed broadband subscriptions (‘000) FWA Fibre Cable DSL Nordic fixed service revenues, NOK mn and share of total (%) 35Q3 2025
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36 Mobile subscribers (‘000) Mobile ARPU (BDT/month) Service revenues (NOK mn) and EBITDA margin EBITDA adjusted CAPEX excl leases EBITDA adjusted and capex (NOK mn) Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA Margin Service revenues Bangladesh 84,564 84,252 84,817 86,256 85,559 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1.2% 3,400 3,622 3,315 3,315 3,169 59% 57% 57% 60% 59% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1.4% 153 145 148 157 152 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 -0.4% 2,093 2,184 1,998 2,090 1,960 346 282 437 269 255 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1.8% Organic growth, YoY Q3 2025
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480 598 592 547 520 78 163 68 203 251 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Pakistan Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA adjusted and capex (NOK mn) EBITDA adjusted CAPEX excl leases EBITDA Margin Service revenues Organic growth assuming fixed currency, adjusted for acquisitions and disposals. Organic growth, YoY 43,857 43,155 43,496 42,814 42,113 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 -4.0% 933 1,031 1,074 1,041 994 41% 47% 45% 43% 43% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 15.1% 217 236 243 255 256 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 17.8% 17.1% Mobile ARPU (PKR/month) 37Q3 2025
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38 Debt information 11.7 7.3 7.6 14.4 7.9 5.9 8.8 0.0 5.9 11.7 0.0 2026 2027 2028 20292030 2031 2032 2033 2034 20352036 -> 0.0 5.0 10.0 15.0 20.0 Additional facts: Bond maturity profile (NOK bn) FX impact on net debt (NOK bn): Q3 2024 Q3 2025 Grameenphone 3.6 bn 3.9 bn Q2 2025 Q3 2025 ‘3.1 (NIBD increase) ‘-1.1 (NIBD decrease) Net debt in partially-owned subsidiaries (NOK bn): NOK in million 30 September 2025 31 December 2024 30 September 2024 Non-current interest-bearing liabilities 69,441 72,730 68,863 Non-current lease liabilities 12,765 13,697 13,589 Current interest-bearing liabilities 13,444 11,350 18,433 Current lease liabilities 3,864 3,844 3,876 Less: Cash and cash equivalents -10,542 -10,380 -16,668 Hedging instruments 0 -36 -36 Financial instruments -318 -319 -315 Adjustments: Non-current licence obligations -2,922 -3,339 -3,434 Current licence obligations -721 -760 -762 Net interest-bearing debt excluding licence obligations 85,011 86,788 83,546 Net debt reconciliation of the Net debt APM: Q3 2025
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Return on capital employed, LTM Note: See APM section in quarterly report for ROCE calculation and definition. 2012-2019 numbers including Myanmar Results before 2019 is pre IFRS 16 and Digi and Dtac is included until the end of 2021. 10% 12% 12% 8% 8% 13% 16% 14% 13% 11% 17% 11% 14% 9% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 39 Q3 2025
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Third quarter 2025 Published by Telenor ASA Snarøyveien 30 N-1360 Fornebu, Norway Investor relations Email: ir@telenor.com www.telenor.com/investors 40