Interim report
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Telenor interim report Third quarter 2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures
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- Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 2 Highlights, CEO letter and outlook 3 Financial highlights 4 CEO letter 5 Strategy and outlook
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Financial highlights • Telenor Group's performance in the third quarter was solid, mainly due to strong performance in the Nordics. • Service revenues increased by 2.7% and adjusted EBITDA increased by 5.4%, both on an organic basis. Free cash flow before M&A was NOK 4,191 million. • Nordic adjusted EBITDA growth was 8.0% on an organic basis, driven by solid service revenue growth, increased wholesale revenues in Norway, and opex reductions. • In the Nordics, the mobile subscriptions increased by 50,000 in the period, with a stable development in Norway. • Asia delivered an adjusted EBITDA growth of 4.1% on an organic basis, with positive contributions from both Pakistan and Grameenphone. • Net income attributable to equity holders of Telenor ASA was NOK 3,027 million, resulting in earnings per share of NOK 2.21. • Adjusted net income was NOK 2,533 million and adjusted earnings per share was NOK 1.85. This was a decrease of 2.7% compared to third quarter last year, as higher income tax and lower contribution from associates and joint ventures offset the increase in adjusted EBITDA. Net income as well as adjusted net income were negatively impacted this quarter by an adjustment of NOK 530 million related to CelcomDigi. • So far this year, the group's organic growth in service revenue stood at 2.6% while the organic growth in adjusted EBITDA was 5.3%. Total Free cash flow before M&A was NOK 8,774 million. • The leverage ratio was 2.3x at the end of the period. • Return on capital employed on 12 months rolling basis was 8.6%, and 13.8% excluding associates and joint ventures. • On 1 October, Telenor Group and Vodafone Group announced a new strategic partnership, which aims to leverage the companies’ combined scale and global capabilities across major areas of procurement. The partnership aims to create value for its customers and unlock savings through combined purchasing power and complementary geographies and expertise. Key figures Telenor Group Third quarter YoY change First three quarters Year NOK in million 2025 2024 Reported 2025 2024 2024 Revenues 20,304 20,038 1.3 % 60,324 59,430 79,928 Service revenues 16,345 16,162 1.1 % 48,992 48,254 64,520 Operating expenses (6,406) (6,438) (0.5) % (20,101) (20,022) (27,217) EBITDA 9,472 9,090 4.2 % 27,772 27,449 35,567 Adjusted EBITDA 9,544 9,206 3.7 % 27,503 26,502 34,980 Adjusted EBITDA margin (%) 47.0 % 45.9 % 45.6 % 44.6 % 43.8 % Operating profit 5,141 4,877 5.4 % 14,818 14,873 18,623 Net income from associates and joint ventures 303 190 59.2 % 1,348 7,679 6,812 Net income to equity holders of Telenor ASA 3,027 3,272 (7.5) % 8,947 17,372 18,336 EPS 2.21 2.39 (7.5) % 6.54 12.60 13.32 Adjusted EPS 1.85 1.90 (2.7) % 6.04 5.46 6.68 Capex excl. leases 2,713 2,825 (4.0) % 7,982 9,029 12,948 Free cash flow before M&A 4,191 2,801 49.6 % 8,774 8,292 11,366 Total Free cash flow 4,173 2,697 54.8 % 8,173 10,284 13,255 Leverage 2.3x 2.3x 2.3x 2.3x 2.4x Return on capital employed (12 months rolling) 8.6 % 8.0 % 8.6 % 8.0 % 13.1 % Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 3 Please refer to page 45 for descriptions of Alternative performance measures and Other definitions Service revenues +2.7% organic growth Adjusted EBITDA +5.4% organic growth Free cash flow 4.2 bn before M&A
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CEO letter: On track in the Nordics, headwinds in Asia In recent months we have seen a cts of hy brid warfare in the Nordics, extreme weather events affecting power and communication delivery, and a continued high level of cyberthreats towards our customers. Enhancing the robustness of digital communications in society is a crucial element against this backdrop. Telenor is well placed to contribute to this, given the strong network foundation we have in the Nordics. The high performance of our networks is also the basis for the value-added services we deliver to our customers, which enable us to present solid financial outcomes also for the third quarter . We continued to generate results in line with ambitions for Nordics and Infrastructure. In the Nordics, the commitment of our people to our commercial strategy and systematic transformation efforts continued to drive strong results. Norway remained our top-performing business unit in the quarter, with 2.3% service revenue growth1 and 9.2% growth in EBITDA 2 partly due to the continued boost from the national roaming contract with Lyse Tele. We also saw strong EBITDA progress in Sweden, with 7.5% growth. The top line in Sweden remained flat due to our ongoing fixed transformation, where we are unwinding unprofitable parts of the business. With continued progress in both revenues and opex, our Nordics business area grew EBITDA by 8.0%. In Asia, we were pleased to see EBITDA growth of 4.1%, partially helped by growth in Grameenphone. Still, consumers in Bangladesh continue to be highly prudent in the wake of last year's macro-economic setback. I visited the country earlier this quarter and personally sensed the growing optimism ahead of the election early next year. We also received the first regulatory approval needed to complete the divestment of Telenor Pakistan, and we look forward to the finalisation of this process. We recently celebrated 25 years of presence in Thailand, and expect True to announce an inaugural dividend in conjunction with its Q3 results. In our Asian portfolio, data growth is high, which may entail higher spectrum-and-data-related expenses affecting our cash flows from Asia in the short to medium term. During 2026 key parts of Grameenphone's spectrum portfolio are up for renewal, as a result of which spectrum payments for several bands are expected to resume. In Malaysia, 5G-related costs and headwinds are increasing. Based on the latest public information, we make a NOK 0.5 billion negative adjustment to our share of results from CelcomDigi this quarter related to its associated 5G network company in Malaysia. Procurement is an area which remains key to our capital efficiency. With the recent announcement of a strategic procurement partnership with Vodafone, we will take the impact of our procurement function to the next level. Over the next years, we will deepen and expand centralised procurement both across existing and new categories to the benefit of our customers and shareholders. Thanks to the dedication and contributions of our employees across the group, we delivered an EBITDA growth of 5.4% and a free cash flow before M&A of NOK 4.2 billion in the quarter. With the first three quarters of 2025 behind us, we are honing in on a steady financial outlook for the full year. For an updated view beyond this, we look forward to welcoming investors and analysts to our 2025 Capital Markets Day on 11 November at our headquarter at Fornebu. Benedicte Schilbred Fasmer, President & CEO Telenor Group Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 4 1 All mentions of growth in this letter refers to organic growth 2 All mentions of EBITDA here refer to adjusted EBITDA.
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Strategy and outlook: Reaffirmed and tightened 2025 view Telenor is a leading customer-focused and technology- driven communication services provider with presence in the Nordics and Asia. Our strategy Telenor has a differentiated value-creation logic across our four business areas: Nordics, Asia, Infrastructure and Amp, and a governance set-up providing flexibility to navigate an increasingly complex environment. Our strategy is to deliver increasing value to our customers over time, driving profitable growth in the Nordics. In Asia, we work as active owners together with partners to capture growth, efficiencies and merger synergies, maximising cash flows and values. In our Infrastructure unit we aim to extract, refine and develop our critical infrastructure capabilities in the Nordics , while we aim to grow IoT and cybersecurity assets in Amp. In doing so, we aim to support long-term dividend growth and drive return on capital employed. Medium-term financial ambitions The overall financial aim for the Telenor Group is to: • Maintain a year-on-year growth in dividend per share; • Keep the net leverage ratio within 1.8x – 2.3x; • Cover the dividend with free cash flow before M&A in 2025. These have been the financial ambitions for the period 2022-2025. Medium-term ambitions for the coming years will be communicated at our Capital Markets Day on 11 November 2025. Outlook for 2025 Based on the strong performance in the first nine months of the year and our expectations for the remainder of the year we have tightened our outlook. For Telenor Nordics in 2025 we expect: • 2-3% organic growth in service revenues (changed from low- single-digit); • 8-9% organic growth in adjusted EBITDA (changed from high- single-digit); • Around 14% capex to sales (excluding leases). In the Nordics we remain committed to our commercial strategy of enhancing service value to our customers, driving upselling on a more-for-more basis where commercially possible. The expected organic growth in adjusted EBITDA is supported by an ambition of a meaningful opex decline for the Nordics in 2025 enabled by our Nordic transformation efforts. It is also supported by the revenues from the three-year Lyse Tele national roaming agreement which we continue to expect to be above NOK 0.5 billion in 2025. In the fourth quarter of the year, we expect higher spending on sales, marketing, and further strengthening of business resilience. For Telenor Group in 2025, we expect: • 5-6% organic growth in adjusted EBITDA; (changed from mid- single-digit); • Free cash flow before M&A of around NOK 13 billion. We expect the group's adjusted EBITDA growth to be slightly higher for the second half of the year than in the first half due to easier comparables. For free cash flow, there may be sizeable variations between the quarters due to fluctuations in working capital, seasonality in interest payments, and impact of payments of dividend to non- controlling interests. Another key sensitivity will be the size of dividends from True, expected to be received in the fourth quarter of 2025. The effective tax rate for 2025 is estimated to be around 27%, changed from around 25%. Leverage at the end of the third quarter was 2.3x, within our target range of 1.8x-2.3x. This ratio may be outside the range in individual quarters depending on timing of dividend payments and currency movements. The first approval from authorities has been received in conjunction with the ongoing exit process in Pakistan. While we foresee a more expeditious process from this milestone on, the expected closing of the transaction may slip into 2026. As usual, this outlook does not factor in new spectrum and potential items related to prior years’ activities, e.g. claims-related payments, legacy taxes, tax refunds, and similar. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 5
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Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 6 Quarterly performance 7 Group financial overview 12 Performance in the business areas
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Group financial overview Service revenues NOK billion 16.2 16.3 16.1 16.5 16.3 48.3 49.0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 YTD 2025 YTD Adjusted EPS NOK billion 1.90 1.21 1.96 2.22 1.85 5.46 6.04 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 YTD 2025 YTD Operating expenses NOK billion 6.4 7.2 6.9 6.8 6.4 20.0 20.1 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 YTD 2025 YTD Capex excl. lease NOK billion 2.8 3.9 2.5 2.7 2.7 9.0 8.0 14.1% 19.1% 12.8% 13.5% 13.4% 15.2% 13.2% Capex excl. leases Capex excl. lease/Sales (%) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 YTD 2025 YTD Adjusted EBITDA NOK billion9.2 8.5 8.6 9.3 9.5 26.5 27.5 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 YTD 2025 YTD Free cash flow before M&A NOK billion 2.8 3.1 3.0 1.6 4.2 8.3 8.8 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2024 YTD 2025 YTD Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 7 1.3% 1.3% 2.7% 2.6% 5.4% 5.3% Organic growth
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Service revenues The service revenue growth in the third quarter was primarily driven by solid performance in the mobile segment in the Nordics. In addition, Pakistan continued its strong momentum, and Grameenphone contributed positively to growth for the first time since second quarter 2024. In total, this resulted in service revenues of NOK 16,345 million, which is an increase of 1.1%. On an organic basis, service revenues increased by 2.7%. In the Nordics, the organic service revenue growth was 2.1%. This was driven by a 3.2% increase in mobile service revenues from positive subscription development in Finland and Sweden, and continued positive reception of the more-for-more service offerings leading to ARPU growth in Norway, Denmark and Sweden. Fixed service revenues saw a slight decline as a consequence of lower sale of legacy and low margin products, more than offsetting fibre growth in Norway, Denmark and Finland. For the first three quarters of 2025, the group's service revenues amounted to 48,992 which is an increase of 1.5%. On an organic basis, service revenues increased by 2.6%, driven by the Nordics. Revenues Total revenues amounted to NOK 20,304 million this quarter, which is an increase of 1.3%, or 2.6% on an organic basis. The revenue growth was primarily driven by higher service revenues, but also higher wholesale revenues following the national roaming agreement with Lyse Tele in Norway contributed positively. Revenues from sale of handsets and devices were stable compared to the same period last year. For the first three quarters of 2025, the revenues increased by 1.5%, or 2.2% on an organic basis. Operating expenses (opex) Good progress on transformation programmes in the Nordics, such as increasing the scope for shared services across business units, and improving the operating model for customer service in Sweden, contributed to Nordics' 2.1% opex reduction, on an organic basis. This was more than offset by opex increases in Asia and Amp. For the group, this resulted in an opex increase of 1.3%, measured on an organic basis. On reported basis, opex decreased by 0.5%. For the first three quarters of 2025, opex increased by NOK 79 million, or 0.4%. On an organic basis, opex increased by 1.3%, as reductions in the Nordics were more than offset by increased opex in other business areas, in particular Asia and Amp. 2025 2024 Financial figures in NOK million 2025 2024 2024 20,304 20,038 Revenues 60,324 59,430 79,928 16,345 16,162 of which service revenues 48,992 48,254 64,520 (4,354) (4,393) Cost of materials and traffic charges (12,721) (12,907) (17,731) (6,406) (6,438) Operating expenses (20,101) (20,022) (27,217) (72) (116) Other income and expenses 269 947 587 9,472 9,090 EBITDA 27,772 27,449 35,567 (4,331) (4,212) Depreciation and amortisation (12,954) (12,572) (16,871) – (2) Impairment losses – (4) (73) 5,141 4,877 Operating profit (loss) 14,818 14,873 18,623 35 190 Share of net income from associates and joint ventures 1,084 664 206 269 – Impairments and gain (loss) on disposal of associates and joint ventures 264 7,015 6,606 (379) (322) Net financial Items (2,191) (791) (1,341) 5,065 4,745 Profit (loss) before taxes 13,975 21,761 24,094 (1,692) (1,257) Income taxes (3,923) (2,859) (3,725) 3,373 3,488 Profit (loss) from continuing operations 10,052 18,902 20,369 6 158 Profit (loss) from discontinued operations (30) (76) (260) 3,379 3,646 Net income 10,022 18,826 20,109 Net income attributable to: 351 374 Non-controlling interests 1,075 1,454 1,773 3,027 3,272 Equity holders of Telenor ASA 8,947 17,372 18,336 4,191 2,801 Free cash flow before M&A 8,774 8,292 11,366 4,173 2,697 Total Free cash flow 8,173 10,284 13,255 Third quarter First three quarters Year Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 8
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Adjusted EBITDA The combination of service revenue growth, higher wholesale revenues in Norway, and opex reductions in the Nordics, resulted in a solid operational performance this quarter. Adjusted EBITDA amounted to NOK 9,544 million, which was an increase of NOK 338 million, or 3.7%. On an organic basis, adjusted EBITDA increased by 5.4%. Nordics was once again the main contributor to the group's strong performance, with 8.0% organic growth in adjusted EBITDA. In addition, Asia contributed positively with its 4.1% organic growth in adjusted EBITDA, as the service revenue growth was only partly offset by increased opex. For the first three quarters of 2025, adjusted EBITDA amounted to NOK 27,503 million, which was an increase of NOK 1,002 million, or 3.8% compared to the same period last year. On an organic basis, adjusted EBITDA increased by 5.3%. Nordics was the main contributor, with 8.8% organic growth in adjusted EBITDA. EBITDA EBITDA for the third quarter amounted to NOK 9,472 million, which is an increase of NOK 382 million or 4.2% compared to the same period last year, driven by higher adjusted EBITDA. So far this year, EBITDA amounted to NOK 27,772 million, which was an increase of NOK 323 million, or 1.2% compared to the same period last year. The increase compared to last year was mainly due to the growth in adjusted EBITDA, partly offset by lower recognised gains. While EBITDA for the first three quarters of in 2025 included a gain from the merger between Telenor Software Lab and Jottacloud of NOK 535 million, EBITDA for the first three quarters of 2024 included a gain of NOK 1,359 million from the sale of the satellite business. Operating profit Operating profit for the third quarter amounted to NOK 5,141 million, which was NOK 264 million higher than for the same period last year, and represents a growth of 5.4%. The improvement was driven by increased EBITDA, slightly offset by higher depreciations and amortisations in the Nordics. For the first three quarters of 2025, operating profit was NOK 14,818 million. The decrease of NOK 55 million compared to the same period last year was mainly explained by lower recognised gains as well as higher depreciations and amortisations, more than offsetting the growth in adjusted EBITDA. Associates and joint ventures Telenor holds significant ownership interests in CelcomDigi and True Corporation. These two associates are listed companies and normally report their quarterly results to the external market after Telenor publishes its quarterly results. Consequently, Telenor reports its share of net income from CelcomDigi and True Corporation with a one quarter lag, with adjustments for significant transactions or events known to the market. For further information about the significant associates, please see the performance section for Asia on page 15 and note 4 Associates and joint ventures. For the third quarter 2025, total share of net income from associates and joint ventures was NOK 303 million. Telenor's share of net profit of NOK 453 million in True Corporation, included a reversal of the NOK 269 million remaining impairment from December 2023, as fair value was higher than carrying amount for a prolonged period. Telenor's share of net loss from CelcomDigi was of NOK 217 million. In accordance with Telenor’s accounting principles, the reported results from CelcomDigi’s second quarter have been adjusted in Telenor’s third quarter reporting, as the associated company of CelcomDigi, Digital Nasional Berhad (DNB), has revealed a distressed financial situation in its annual report released in the third quarter. The negative impact on Telenor’s reported share of net income from CelcomDigi was NOK 530 million. Total share of net income from associates and joint ventures for the first three quarters of 2025, was NOK 1,348 million, including the reversal of previous impairment in True. The share of net profit from True Corporation of NOK 652 million and share of net profit from CelcomDigi of NOK 276 million were the main contributors. Financial items Net financial items amounted to an expense of NOK 379 million for the third quarter, compared to an expense of NOK 322 million in the same period last year. Change in fair value of financial instruments of NOK 120 million was driven by foreign exchange and interest rate movements. Net currency gains amounted to NOK 241 million, primarily due to strengthening of Norwegian krone. Financial expenses decreased to NOK 899 million in the quarter compared to NOK 1,124 million in the same period last year, also primarily driven by lower interest rates. For the first three quarters of 2025, net financial items amounted to an expense of NOK 2,191 million compared to an expense of NOK 791 million in the same period of last year. The negative change in fair value of financial instruments last year was related to funding of the indirect investment in True Corporation. Net currency gains contributed positively in the first three quarters of 2025 compared to 2024, and lower interest rates impacted financial income and expenses. For further information, see note 5. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 9
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Income taxes The tax expense for the third quarter was NOK 1,692 million and the effective tax rate was 33% compared to 26% in the same period last year. The effective tax rate this quarter was impacted by a NOK 312 million provision for withholding tax on retained earnings in associated companies. The effective tax rate of 26% for the third quarter last year was impacted by a NOK 614 million non-taxable fair value adjustment gain related to the funding arrangement for the True investment. For the first three quarters of 2025 the tax expense was NOK 3,923 million, resulting in an effective tax rate of 28% compared to 13% in the same period last year. The effective tax rate was impacted by a NOK 535 million non-taxable gain from the merger between Telenor Software Lab and Jottacloud in Norway, a NOK 212 million loss related to the True funding arrangement and the aforementioned provision for withholding tax. For the first three quarters of 2024, the effective tax rate was impacted by the reversal of impairment of NOK 7,015 million related to True Corporation, a positive fair value adjustment of NOK 2,096 million related to the True Corporation funding arrangement and a gain of NOK 1,359 million related to the sale of Telenor Satellite. In addition, after receiving clarifications on certain tax provisions in the new Income Tax Act 2023, Grameenphone reversed provisions of NOK 487 million. Net income Net income to equity holders of Telenor ASA amounted to NOK 3,027 million, which was a decrease of NOK 245 million compared to third quarter last year. Higher operating profit and increased contribution from associates and joint ventures were more than offset by increased income taxes as well as higher currency gain in discontinued operations last year (see note 6). Earnings per share for total operations stood at NOK 2.21 this quarter, compared to NOK 2.39 for the same period last year. For the first three quarters of 2025, net income attributable to equity holders of Telenor ASA amounted to NOK 8,947 million. This was a decrease of NOK 8,426 million compared to the same period last year.The decline is mainly explained by the reversal of impairment of investment in True of NOK 7,015 million, as well as a gain of NOK 1,357 million related to the sale of the satellite business, both of which were included in the results for the first quarter 2024. Adjusted net income Adjusted net income attributable to equity holders of Telenor ASA amounted to NOK 2,533 million this quarter, which was a decrease of NOK 70 million compared to same quarter last year. The slight decline compared to the same period last year was primarily due to higher income tax related to associated companies and lower contribution from CelcomDigi offsetting the increase in adjusted EBITDA. This resulted in adjusted earnings per share of NOK 1.85 this quarter, compared to NOK 1.90 for the same period last year. For the first three quarters of 2025, adjusted net income attributable to equity holders of Telenor ASA amounted to NOK 8,256 million, compared to NOK 7,533 million last year. The increase of NOK 723 million was mainly driven by higher adjusted EBITDA and increased contribution from associates and joint ventures, partly offset by increased income taxes. This resulted in an adjusted earnings per share of NOK 6.04 for the first three quarters of 2025, compared to NOK 5.46 for the same period last year. For definitions and calculations of adjusted net income and adjusted earnings per share, see page 53. Capital expenditure excluding leases Capital expenditure (capex) excluding leases was NOK 2,713 million for the quarter, primarily related to mobile network modernisation, fibre rollout, and IT transformation in the Nordics. The capex to sales ratio was 13.4%, which is 0.7 percentage points lower than for the same period last year. The reduction was in line with plans, reflecting that the 5G rollout is approaching full population coverage in several of our Nordic markets. In the Nordics, capex excluding leases was NOK 1,998 million, corresponding to a capex to sales ratio of 13.4%. Modernisation of mobile networks was the main driver for capex excluding leases. For the first three quarters of 2025, capex excluding leases was NOK 7,982 million. The capex to sales ratio was 13.2%, which is 2.0 percentage points lower than the same period last year. In the Nordics, capex excluding leases was NOK 5,798 million, corresponding to a capex to sales ratio of 13.3%. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 10
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Cash flow Total free cash flow in the third quarter was NOK 4,173 million, including NOK 18 million cash outflow related to M&A activities. Free cash flow before M&A was NOK 4,191 million, which is an increase of NOK 1,390 million compared to the same period last year. The increase was driven by stronger adjusted EBITDA, higher dividend from associates and joint ventures, favourable working capital effects, as well as lower dividend paid to non-controlling interests in Grameenphone. The main contributor to the free cash flow in the third quarter was the Nordics with NOK 3,609 million. Cash flow from operating activities amounted to NOK 8,388 million, primarily as a result of strong contributions across the Nordics, with additional positive impact from Asia and Amp, including NOK 350 million in dividend from CelcomDigi and NOK 211 million in dividend from Allente. Cash flow from operating activities was partially offset by cash outflow related to investing activities of NOK 2,660 million, lease liability payments of NOK 949 million, and dividends to non-controlling interests of NOK 605 million, primarily related to Grameenphone. Cash and cash equivalents increased by NOK 4,356 million during the quarter. For the first three quarters of 2025, the total free cash flow amounted to NOK 8,173 million. Free cash flow before M&A activities was NOK 8,774 million, with the main contributions coming from the Nordics and Asia. Cash flow from operating activities for the first three quarters amounted to NOK 22,542 million, driven by the Nordics and Asia, including dividends from CelcomDigi of NOK 1,036 million. Cash flow from operating activities was partially offset by investing activities, lease payments and dividend to non- controlling interests. Cash and cash equivalents decreased by NOK 130 million during the first three quarters, primarily as a result of dividend payments to equity holders of Telenor ASA and net repayment of borrowings more than offsetting positive free cash flow. Financial position During the first three quarters of 2025, total assets decreased by NOK 7,354 million to NOK 221,454 million. The decrease was primarily due to currency effects on total assets of approximately NOK 7.6 billion as a result of strengthening of NOK against all relevant currencies except SEK. During the first three quarters of 2025, net debt decreased by NOK 1,777 million to NOK 85,011 million driven primarily by free cash flow of NOK 8,173 million and positive currency effect of NOK 952 million, partially offset by dividend payout of NOK 6,841 million to equity holders of Telenor ASA. Interest-bearing liabilities excluding license obligations decreased by NOK 1,652 million, and cash and cash equivalents increased by NOK 162 million. During the first three quarters of 2025, total equity decreased by NOK 9,871 million to NOK 71,901 million. Net income from total operations of NOK 10,022 million was more than offset by dividends to equity holders of Telenor ASA and non-controlling interests of NOK 14,871 million and negative net translation differences (including net investment hedge net of taxes) of NOK 5,382 million due to strengthening of NOK against all relevant currencies except SEK. Currency exchange rates Telenor has significant operations abroad and fluctuation of NOK against relevant Telenor currencies impacts net assets. For the third quarter, the impact on translating the net assets to NOK resulted in a loss of NOK 1,184 million recognised in other comprehensive income, as a result of approximately NOK 1.5 billion loss related to the assets and approximately NOK 0.3 billion gain related to the liabilities. For the first three quarters of 2025, the impact on translating the net assets to NOK resulted in a loss of NOK 5,627 million recognised in other comprehensive income, as a result of approximately NOK 7.6 billion loss related to the assets and approximately NOK 2.0 billion gain related to the liabilities. In addition, Telenor has significant debt in foreign currencies, which, to some extent, impacts the income statement when the currencies fluctuate. Telenor uses part of its borrowings in foreign currencies to hedge its foreign investments, called net investment hedges. Currency impact from these hedges are recognised in other comprehensive income. The currency effects of borrowings in foreign currencies was netted by currency effect on cash and cash equivalents, and impacted the income statement with a gain of NOK 241 million in the the third quarter and with a gain of NOK 435 million in the first three quarters of 2025. The hedge instruments in net investment hedges impacted other comprehensive Income with a gain of NOK 556 million in the third quarter and with a gain of NOK 314 million in the first three quarters of 2025. The overall net effect before tax related to currency on total equity was a loss of NOK 387 million for the third quarter and a loss of NOK 4,878 for the first three quarters of 2025. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 11
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Performance in the business areas Telenor Group has four business areas: Nordics, Asia, Infrastructure, and Amp, which also constitute the group’s operating and reportable segments. The mobile and fixed businesses are reported in the Nordics and Asia business areas. Infrastructure consists of certain passive infrastructure in the Nordic countries, while Amp includes the portfolio of adjacent businesses and companies. Basis for reporting The comments on the financial development in the business areas are made on an organic basis in the third quarter of 2025 compared to the third quarter of 2024, unless otherwise stated. Please refer to page 45 for descriptions and calculations of alternative performance measures. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 12
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Nordics Business area Nordics includes the fully owned business units Telenor Norway, Telenor Sweden, Telenor Denmark, and DNA in Finland, in addition to Telenor Shared Services. Nordics continued its solid performance, with good traction in all business units. The more-for-more strategy remained the key driver for revenue growth. Progress on the transformation agenda, such as increasing the scope for shared services across business units and improving the operating model for customer service in Sweden continued to have positive impact on operational efficiency. Total service revenues grew by 2.1% on organic basis. Mobile service revenues increased organically by 3.2% and subscriptions increased by 50,000 in the period, as stable subscription development in Norway and solid growth in DNA and Sweden offset the decline in Denmark. Fixed service revenues declined by 0.4% organically, as a consequence of reducing the sale of legacy and low-margin products. Fixed subscriptions decreased by 8,000 in the period, as growth within fibre was more than offset by decreases within hybrid- fibre cable in Norway and low-margin fibre connections in Sweden. Operating expenses decreased by 2.1% on an organic basis, as several transformation initiatives impacted personnel cost and other expenses positively, offsetting higher sales and marketing costs. Together with a 3 percentage points positive impact from higher wholesale revenues in Norway, predominately from the national roaming agreement with Lyse Tele, adjusted EBITDA increased by 8.0% on an organic basis. Capex in the period was 5.4% lower than same period last year, with capex to sales ratio at 13.4%. This was in line with plans and reflecting significant investments made in recent years. Free cash flow in the third quarter was NOK 3,609 million, which was a 25% increase compared to the same period last year, mainly driven by the strong EBITDA growth. Nordics Third quarter YoY change First three quarters YoY change Year NOK in million 2025 2024 Reported Organic 2025 2024 Reported Organic 2024 Norway 5,306 5,187 2.3 % 2.3 % 15,689 15,325 2.4 % 2.4 % 20,483 Sweden 2,672 2,585 3.4 % 0.1 % 7,942 7,593 4.6 % 0.7 % 10,052 Denmark 1,196 1,132 5.6 % 5.3 % 3,539 3,318 6.7 % 5.6 % 4,432 Finland 2,567 2,509 2.3 % 2.0 % 7,689 7,337 4.8 % 3.7 % 9,782 Other/eliminations (12) (22) n.m. n.m. (26) (68) n.m. n.m. (77) Service revenues 11,729 11,391 3.0 % 2.1 % 34,833 33,506 4.0 % 2.7 % 44,672 Total revenues 14,893 14,366 3.7 % 2.8 % 43,752 42,005 4.2 % 2.9 % 56,560 Opex (3,996) (4,048) (1.3) % (2.1) % (12,544) (12,581) (0.3) % (1.5) % (17,052) Norway 3,769 3,450 9.2 % 9.2 % 10,701 9,740 9.9 % 9.9 % 12,920 Sweden 1,427 1,283 11.2 % 7.5 % 3,905 3,491 11.9 % 7.7 % 4,644 Denmark 509 489 4.2 % 3.9 % 1,503 1,444 4.1 % 3.0 % 1,858 Finland 1,356 1,286 5.5 % 5.0 % 3,979 3,648 9.1 % 7.9 % 4,804 Other/eliminations 28 7 n.m. n.m. 46 1 n.m. n.m. (3) Adjusted EBITDA 7,088 6,515 8.8 % 8.0 % 20,134 18,325 9.9 % 8.8 % 24,223 Operating profit 3,526 3,064 15.1 % n.m. 10,010 7,980 25.4 % n.m. 10,359 Capex excl. lease 1,998 2,113 (5.4) % n.m. 5,798 6,495 (10.7) % n.m. 9,678 Free cash flow before M&A 3,609 2,876 n.m. n.m. 8,031 8,076 n.m. n.m. 10,781 Total free cash flow 3,609 2,876 n.m. n.m. 8,020 8,067 n.m. n.m. 10,761 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 13
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Telenor Norway Telenor Norway continued to demonstrate strong financial performance. Continued positive reception of the more-for-more offerings resulted in higher service revenues. Together with lower opex from transformation activities and a five percentage point contribution from higher wholesale revenues, this resulted in 9.2% growth in adjusted EBITDA. Service revenues grew by 2.3%, driven by 3.0% increase within mobile and 1.1% within fixed. The more-for-more strategy remained the key driver for growth, leading to solid ARPU development in both mobile and fixed. The ARPU growth offset the impact of lower customer bases compared to last year, but the number of subscriptions in both mobile and fixed broadband remained stable in the third quarter. The number of fibre subscriptions increased by 6,000, offsetting a similar decline in other fixed subscriptions. Opex decreased by 0.6% from continued impact of transformation initiatives leading to lower personnel costs, partly offset by higher sales and marketing expenses. Capex remained prioritised to fibre rollout and mobile network modernisation. According to measurements from external network tests Telenor is consistently named as the clear winner, having the best and fastest mobile network in Norway. As Telenor is now allowed by the regulator to dismantle the copper network, all wholesale connections have been closed. This supports our sustainability goals, enabling recycling and reuse of cables and legacy equipment, and minimising environmental impact. The ambition is to remove 95% of the 140,000 kilometers of copper cables and 500,000 poles by the end of 2030. In July, Telenor announced the acquisition of GlobalConnect’s consumer business in Norway which will increase fibre market share from 22% to 29%. The transaction is subject to approval by the Norwegian Competition Authority, with a decision expected in 2026. In August, Telenor won a tender for mobile subscriptions for the Asker and Drammen municipalities for a 3 year period, with potential prolongation of another 10 years. Approximately 7,000 subscriptions are expected to be activated around year-end. Telenor Sweden A combination of growth in mobile ARPU and customer base, improved margins in fixed, and sustained momentum on cost efficiency led to solid financial results in Telenor Sweden, with 7.5% organic growth in adjusted EBITDA. Service revenues remained stable organically, driven by a 2.2% increase in mobile. The larger mobile customer base and pricing adjustments more than offset the effects of price pressure in the business segment. Mobile subscriptions increased by 27,000 in the period. Fixed service revenues decreased by 4.3% organically, primarily driven by lower customer base in broadband and TV, partly offset by price increases. The decline in fixed service revenues is a consequence of the fixed transformation in which less profitable products are being phased out. Fibre subscriptions decreased by 10,000 in the period. Opex decreased by 6.2% organically from transforming the customer service, lower personnel and network operation costs. Together with positive impact on gross profit from the fixed transformation, this contributed to the increase in adjusted EBITDA. Capex was at the same level as last year and remained focused on modernisation of the mobile network. Telenor and Tele2, through the jointly owned network company Net4Mobility, have now activated 5G across their entire mobile network, thereby increasing 5G coverage from 25% to 90% of Sweden's area and reaching 99.9% of the population. The quality of the mobile network was further proven through measurements made by Bredbandskollen in which Telenor had the fastest network both on 4G and 5G, as well as by Opensignal choosing Telenor as the winner in several 5G categories. Telenor Denmark Telenor Denmark continued to deliver strong financial results in the midst of an ongoing IT and business transformation. Adjusted EBITDA increased by 3.9% on organic basis, primarily from mobile ARPU growth and a larger fixed wireless subscriber base. Mobile service revenues increased by 7.3% organically, driven by pricing initiatives and portfolio mix effects, combined with a larger subscription base. Mobile subscriptions decreased by 6,000 during the quarter, mainly due to a clean-up of non-revenue generating subscriptions. Fixed service revenues decreased by 6.1% organically as the positive impact from fibre growth and price increases was more than offset by lower legacy revenues. Fibre broadband subscriptions increased by 2,000 in the period. Opex increased by 7.6% organically, due to transformation activities and increased investment in sales and marketing to support growth. DNA (Finland) DNA continued to see growth, despite signs of tougher market competition as exemplified through new mobile service providers entering the market. DNA reported 2.0% organic service revenue growth. This was driven by 1.8% organic increase in mobile from continued positive effects of upselling, pricing initiatives, and a larger mobile subscriber base. Fixed service revenues increased by 2.4% organically from higher ARPU and a larger fixed broadband subscription base. In the period, mobile subscriptions increased by 28,000 and fixed broadband subscriptions increased by 3,000, from growth within fibre. Firm cost management resulted in 4.2% opex reduction, mainly from lower personnel expenses. This resulted in 5.0% organic growth in adjusted EBITDA. An adjustment related to previous periods had negative impact of NOK 56 million on service revenues and NOK 70 million on adjusted EBITDA. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 14
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Asia Business area Asia consists of Grameenphone in Bangladesh (55.8% ownership), Telenor Pakistan in Pakistan (100% ownership), the associated companies CelcomDigi in Malaysia (33.1% ownership) and True Corporation (True) in Thailand (30.3% ownership), as well as the joint venture Easypaisa digital bank in Pakistan (55% ownership) and the regional offices in Bangkok and Singapore. Grameenphone saw topline growth this quarter, after four consecutive quarters of declining performance following the political turmoil that took place in Bangladesh last year. However, the broader economic environment in the country remains challenging, negatively impacting consumer spending. Pakistan continued to demonstrate strong momentum. Along with the positive contribution from Grameenphone, this resulted in 4.4% organic growth in service revenues and 4.1% organic growth in adjusted EBITDA for business area Asia. The share of net income from associates and joint ventures amounted to NOK 287 million in the third quarter. The contribution from CelcomDigi was negatively impacted by an adjustment of NOK 530 million related to their associated company Digital Nasional Berhad (DNB). For further information refer to note 4 Associates and joint ventures. Free cash flow before M&A was NOK 679 million, supported by the dividend received from CelcomDigi of NOK 350 million. The increase compared to the same period last year was mainly explained by lower dividend payouts to non-controlling interests, as well as less tax payments, in Grameenphone. The sale of Telenor Pakistan to Pakistan Telecommunications Company Ltd., which was announced in December 2023, recently received approval from the Competition Commission of Pakistan. Remaining regulatory approvals are expected over the coming months. For further remarks on the closing of the transaction please refer to the Outlook section on page 5. Asia Third quarter YoY change First three quarters YoY change Year NOK in million 2025 2024 Reported Organic 2025 2024 Reported Organic 2024 Bangladesh 3,169 3,400 (6.8) % 1.4 % 9,799 10,795 (9.2) % (1.4) % 14,417 Pakistan 994 933 6.6 % 15.1 % 3,109 2,781 11.8 % 14.7 % 3,813 Service revenues 4,163 4,333 (3.9) % 4.4 % 12,908 13,577 (4.9) % 2.1 % 18,230 Total revenues 4,593 4,811 (4.5) % 3.6 % 14,262 14,907 (4.3) % 2.5 % 20,227 Opex (1,797) (1,880) (4.4) % 3.7 % (5,569) (5,754) (3.2) % 3.0 % (7,776) Bangladesh 1,960 2,093 (6.3) % 1.8 % 6,048 6,796 (11.0) % (3.3) % 8,980 Pakistan 520 480 8.3 % 17.1 % 1,660 1,407 18.0 % 21.1 % 2,006 Other/eliminations 8 19 n.m. n.m. 13 (92) n.m. n.m. 69 Adjusted EBITDA 2,488 2,592 (4.0) % 4.1 % 7,721 8,112 (4.8) % 2.5 % 11,055 Operating profit 1,479 1,564 (5.4) % n.m. 4,610 4,960 (7.1) % n.m. 6,584 Capex excl. lease 506 424 19.5 % n.m. 1,483 1,720 (13.8) % n.m. 2,172 CelcomDigi (217) 286 (503) n.m. 276 871 (595) n.m. 1,046 True Corp 452 (154) 607 n.m. 921 6,754 (5,833) n.m. 6,041 Others 51 23 29 n.m. 82 58 24 n.m. 134 Net income from associates and JVs 287 155 133 n.m. 1,279 7,683 (6,404) n.m. 7,221 Dividends from associates and JVs 350 347 3 n.m. 1,036 964 72 n.m. 1,318 Free cash flow before M&A 679 359 n.m. n.m. 2,404 1,981 n.m. n.m. 2,965 Total free cash flow 679 326 n.m. n.m. 1,911 1,947 n.m. n.m. 2,873 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 15
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Grameenphone The macroeconomic situation in Bangladesh remains challenging and continues to weigh on consumer spending. Nevertheless, supported by favourable year-over-year comparisons, Grameenphone delivered topline growth in the third quarter. However, growth remained modest at 1.4% on an organic basis, reflecting a cautious recovery with continued uncertainty around the overall macroeconomic situation in Bangladesh. Full recovery is not expected until after the elections next year. Grameenphone kept focus on portfolio simplification this quarter, with a strategic emphasis on high value subscribers and ARPU growth, aiming to mitigate competitive pressures. Opex increased by 3.4% during the period, mainly driven by higher operation and maintenance costs. Controlled cost development, combined with higher revenues, resulted in 1.8% organic growth in adjusted EBITDA. Telenor Pakistan Telenor Pakistan delivered solid service revenue growth of 15.1%, mainly driven by continued monetisation efforts and overall rational market behaviour. Growth was primarily driven by data revenues, as voice revenues showed a decline. ARPU increased by 18% and the subscription base declined by 4% compared to the same period last year. Opex increased by 7.1% on an organic basis, driven by contractual increases in operation and maintenance costs, as well as topline driven marketing and commission costs. Organic growth in adjusted EBITDA ended at 17.1%, driven by the impressive topline growth. Associates CelcomDigi CelcomDigi reported a soft second quarter. Growth in the consumer postpaid and fibre segment were offset by notable declines in both the consumer prepaid and the enterprise mobile segment. As a result service revenues remained steady at a 0.1% decline. Disciplined cost management helped offset some of the revenue softness, resulting in a 0.9% decline in EBITDA. EBIT increased by 12.3%, as a result of fairly stable EBITDA combined with lower depreciations, amortisations and impairments. By the end of June, CelcomDigi had completed approximately 84% of its network integration and modernisation programme. The company's outlook for 2025 remained unchanged, with ambitions of low single-digit growth in service revenues and low-to-mid single-digit growth in EBIT. The Board of CelcomDigi declared a second interim dividend of MYR 0.038 per share, of which Telenor's share was NOK 350 million, paid in September. True True reported a decline in service revenues of 1.1%, explaining that a one-time network outage during the second quarter led to disruptions in voice and data services nationwide, which negatively impacted their topline performance. Opex fell by 8.0%, driven by synergy realisation, enhanced operational efficiencies and financial discipline. As a result, EBITDA increased by 2.6%. Furthermore, True reported its second consecutive quarter of reported net profit. In addition, True secured a new spectrum in June, the 2300 MHz band can be utilized for both 5G and 4G services. True revised its 2025 financial guidance downward, citing a combination of operational disruptions and macroeconomic challenges. The company now expects service revenue growth to be flat to 1% and EBITDA growth to be around 7–8%. Despite these changes, True reiterated its intention to allocate no less than 50% of consolidated net profit, to be paid in the fourth quarter of 2025. The dividend is expected to be announced in connection with the company's third quarter results release. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 16
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Infrastructure Business area Infrastructure comprises the wholly owned tower operations in Norway, Sweden, and Finland, as well as the AI Factory, launched in November 2024, which is an AI cloud service using NVIDIA’s full-stack AI computing platform. The Infrastructure portfolio also includes the data centre company Skygard, in which Telenor holds a 31.7% stake. Organic revenue growth in the third quarter was 2.2%, driven by increased colocation revenues following customers' 5G rollout in Norway. These more than compensated for the impact of the 3G sunset in Sweden. External revenues increased by 5.5%. The revenue growth was offset by higher energy costs, resulting in stable adjusted EBITDA. Free cash flow before M&A reached NOK 275 million for the quarter. The mobile tenancy ratio at quarter end was 1.7, up from 1.6 a year ago, reflecting the growth in external tenancies in Norway. AI Factory signed 3 new customers during the quarter, and has now a total of 10 customers, of which 8 external. The external customers are predominately start-ups running pilot AI use cases for larger organisations. Through its current customers, the AI Factory is leveraging valuable learnings to iterate and develop its offering to the market. Infrastructure Third quarter YoY change First three quarters YoY change Year NOK in million 2025 2024 Reported Organic 2025 2024 Reported Organic 2024 Towers 840 821 2.4 % 2.1 % 2,501 2,468 1.3 % 0.9 % 3,282 Other/eliminations 1 – n.m. n.m. 2 – n.m. n.m. – Total revenues 841 821 2.4 % 2.2 % 2,503 2,468 1.4 % 0.9 % 3,282 Opex (178) (172) 3.1 % 2.9 % (552) (531) 3.8 % 3.5 % (745) Towers 533 530 0.5 % 0.3 % 1,585 1,510 5.0 % 4.5 % 1,985 Other/eliminations (12) (11) n.m. n.m. (43) (14) n.m. n.m. (34) Adjusted EBITDA 521 519 0.4 % 0.1 % 1,542 1,496 3.1 % 2.6 % 1,952 Towers 445 437 1.6 % 1.4 % 1,323 1,243 6.5 % 6.0 % 1,630 Other/eliminations (15) (11) n.m. n.m. (45) (14) n.m. n.m. (34) Adjusted EBITDA after lease depreciation 430 426 0.9 % 0.7 % 1,278 1,228 4.1 % 3.6 % 1,596 Operating profit 268 247 8.5 % n.m. 773 736 5.1 % n.m. 940 Capex excl. lease 163 240 (32.1) % n.m. 570 654 (12.7) % n.m. 890 Free cash flow before M&A 275 224 n.m. n.m. 670 595 n.m. n.m. 946 Total free cash flow 257 209 n.m. n.m. 632 544 n.m. n.m. 866 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 17
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Amp Telenor Amp consists of a portfolio of service and software companies adjacent to Telenor’s core business. The portfolio includes the wholly owned companies Telenor Connexion, Telenor Maritime, Telenor Linx, Telenor Cyberdefence, and KNL, alongside several non-controlled investments, including a 29% stake in the online classifieds company Carousell. On 17 July 2025, Telenor announced the disposal of its 50% stake in Allente to Viaplay Group for a total cash consideration of SEK 1.1 billion adjusted for dividends. The transaction is subject to regulatory approvals. Amp’s total revenues were stable in the third quarter. Growth mainly in Connexion's IoT business could not compensate for decline in Maritime and the structural changes within international voice and messaging services hitting Linx. Lower revenues in Linx, margin pressure in Connexion and Maritime, and build-up of the business in Cyberdefence, resulted in a 21.9%, decrease in Amp's adjusted EBITDA. Free cash flow before M&A was NOK 311 million for the quarter, driven by NOK 211 million in dividends received from Allente. Connexion delivered another strong quarter in terms of volume growth, as the active IoT SIM card base increased by 1.0 million to a total of 24.6 million. This growth came mainly from China, EMEA, and the Americas. Adjusted EBITDA declined by 16.5%, mainly due to a lower gross profit margin resulting from changes in the revenue mix. Maritime remained affected by roaming restrictions imposed by other operators and falling rates, largely attributable to continued weakness in the cruise segment. This resulted in a 7.3% decline in revenues and an 8.2% decline in adjusted EBITDA. On 26 August 2025, Telenor announced that its Finnish subsidiary KNL received orders worth EUR 15 million from the Finnish and Swedish defence forces under its 10 year framework agreement with the Nordic Defence Cooperation (NORDEFCO). KNL specialises in advanced high-frequency (HF) communication solutions tailored for military and security operations. The CNHF (Cognitive Networked High Frequency) Manpack radio was the centrepiece of the recently signed orders. Amp Third quarter YoY change First three quarters YoY change Year NOK in million 2025 2024 Reported Organic 2025 2024 Reported Organic 2024 Connexion 296 281 5.3 % 1.9 % 874 828 5.5 % 1.5 % 1,108 Maritime 211 227 (7.3) % (7.3) % 520 551 (5.6) % (5.6) % 717 Other/eliminations 7 3 n.m. n.m. 38 1 n.m. n.m. 73 Services revenues 513 511 0.4 % (1.4) % 1,433 1,381 3.8 % 1.4 % 1,898 Connexion 301 281 7.3 % 3.8 % 895 828 8.0 % 3.9 % 1,108 Maritime 211 227 (7.3) % (7.3) % 520 551 (5.6) % (5.6) % 717 Linx 322 381 (15.5) % (15.5) % 980 1,231 (20.4) % (20.4) % 1,599 Other/eliminations 55 (1) n.m. n.m. 111 (1) n.m. n.m. 72 Total revenues 889 889 0.0 % (1.1) % 2,506 2,609 (4.0) % (5.1) % 3,495 Opex (324) (264) 22.9 % 21.4 % (968) (810) 19.4 % 17.7 % (1,142) Connexion 78 90 (13.8) % (16.5) % 231 269 (14.2) % (17.4) % 359 Maritime 48 52 (8.2) % (8.2) % 78 59 31.3 % 31.3 % 66 Linx (4) 23 (119.3) % (119.3) % 16 90 (82.0) % (82.0) % 96 Other/eliminations (12) (28) n.m. n.m. (82) (62) n.m. n.m. (73) Adjusted EBITDA 110 138 (20.2) % (21.9) % 243 355 (31.6) % (33.6) % 449 Operating profit 54 99 (45.7) % n.m. 62 1,611 (96.1) % n.m. 1,644 Capex excl. lease 40 32 25.2 % n.m. 119 124 (4.3) % n.m. 160 Allente 79 71 8 n.m. 161 159 2 n.m. 218 Others (35) (31) (3) n.m. (69) (159) 90 n.m. (621) Net income from associates and JVs 45 40 5 n.m. 93 – 93 n.m. (403) Dividends from associates and JVs 211 – 211 n.m. 211 107 104 n.m. 107 Free cash flow before M&A 311 80 n.m. n.m. 392 74 n.m. n.m. 82 Total free cash flow 311 23 n.m. n.m. 248 2,159 n.m. n.m. 2,163 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 18
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Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 19 Sustainability and risk 20 Sustainability 21 Risks and uncertainties
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Sustainability Telenor is committed to advancing the digital world, making it greener, safer, and accessible for all. Our sustainability targets for 2025 cover environmental, social and governance topics. In addition to the 2025 targets, Telenor aims to reach net-zero emissions by 2045 and to increase the take-back rate for mobile devices in the Nordics to 30% by 2030. A more comprehensive sustainability reporting can be found in the Annual report 2024. Environmental Reducing emissions across the value chain and increasing circularity of the operations are key actions to minimising negative impact on the environment. Long-term power purchase agreements (PPAs) are the main contributors to reduced emissions, combined with purchase of Guarantees of Origin for renewable electricity. The Norwegian and Finnish PPAs are already operational, while the PPA in Denmark is being phased in during the third quarter. As Telenor Norway is now allowed to completely decommission the copper network, this enables recycling and reuse of cables and legacy equipment, and minimising environmental impact from old infrastructure. The share of spend on suppliers with science-based targets was 64% at the end of third quarter. So far this year, the take-back rate for mobile devices is 14%. This is slightly higher than at year-end 2024, mainly driven by increased take-back rate in Norway which was 30% at the end of third quarter. So far this year 80,000 used mobile devices have been returned across the Nordics. Year to date Target Year Sustainability 2025 2025 2024 Environmental Scope 1&2: Reduction of absolute GHG emissions from global operations 1) N/A 64% (2030) 37% Scope 3: Share of supplier spend covered by science-based targets 64% 66% 63% Circularity: Take-back rate of mobile devices (Nordics) 14% 30% (2030) 13% Social Number of people trained in digital skills (in million) 2) 12.8 6 12.3 Mobile internet users (% active data users) 62% 68% 60% Women in senior leadership positions 36% 40% 36% Governance Share of supply chain sustainability non-conformities resolved 73% 90% 88% 1) Scope 1&2 baseline year is 2019 and measured on annual basis. 2) Accumulated from 2021. Social Digital skills, inclusion, and online safety are fundamental pillars of Telenor's responsible business approach. In the Nordics, more than 77,000 people, mainly kids and youth, were trained during the third quarter. Telenor Denmark launched this year's updated training material for children in 4th to 6th grade, with a record-high number of children enrolled in the programme. In Finland, DNA renewed its partnership with Plan International, aiming to upskill 120,000 children and youth by 2027. So far this year, more than 500,000 people, of which 280,000 in Bangladesh, have been trained in digital skills and online safety, adding up to a total of 12.8 million people trained since base year 2021. The share of women in senior leadership positions was 36% at the end of the third quarter, which is a slight increase compared to last quarter. The share of women in senior leadership positions is higher than the share of women in the total workforce, which is around 30%. Governance Telenor aims to protect customers, partners, employees, assets, and societies against cyber security threats. During the third quarter, Telenor Denmark launched 'Mobile Threat Defence' for the business segment, which is a service that analyses the customer's mobile device and responds to suspicious data traffic in real-time. The share of non-conformities resolved was 73% at the end of third quarter. During the quarter, 242 audits and inspections were conducted in Asia, and 12 in the Nordics. Addressing and closing findings from such audits and inspections will normally come with a time lag. The findings from the audits and inspections conducted in the third quarter are expected to be resolved during the fourth quarter. The updated MSCI ESG rating was released during the quarter, reiterating Telenor's AAA score. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 20
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Risks and uncertainties Telenor operates across multiple markets and is exposed to a range of risks and geopolitical events that may affect the business. Risks are prioritised based on materiality, and risk management is crucial to reduce exposure to acceptable levels in a way that supports Telenor to achieve its ambitions and goals. Trade wars and tariffs Rising trade tensions, particularly the reciprocal tariffs introduced by the US administration, continue to fuel global economic uncertainty. These actions are straining global supply chain, contributing to inflationary pressures, and dampening consumer and business spending. Telenor continuously monitors and assesses the risk exposure, enabling management to take necessary actions. Cyber threats and sabotage The risks of cyber threats and sabotage of critical infrastructure are rising. The subsea cable disruption and recent incidents involving unauthorized drone activity near airports and sensitive areas in the Nordics highlight growing hybrid threat. This requires Telenor to maintain a heightened level of preparedness to ensure digital resilience. Supply chain disruption The escalating geopolitical tensions including implications of the US tariff policies and tension between the super powers are contributing to an increasingly uncertain environment for global trade and technology collaboration. This could adversely impact the supply chains and affect Telenor. Bangladesh and Pakistan Bangladesh's macroeconomic environment remains strained but is showing some signs of stabilisation. Inflation is improving, with the Interim Government of Bangladesh securing significant support from international institutions to stabilise its economy, and to improve its foreign currency reserves. The near-term outlook remains cautious in the run-up to the national general elections scheduled for February 2026. In Pakistan, macro economic indicators have improved slightly but remain vulnerable to external shocks and political volatility. Telenor announced the sale of its Pakistan telco operations in December 2023. The sale recently received approval from the Competition Commission of Pakistan (CCP). We anticipate receiving the remaining approvals in the coming months. References The above description of risks and uncertainties is not exhaustive. For additional insight into risks and uncertainties, please refer to the following sections in Telenor’s Annual Report 2024: Risk management in the section "Strategy, performance and risk", note 10 Income taxes, note 18 Impairment of assets, note 23 Legal disputes and contingencies and note 31 Capital and financial risk management. Risk overview Business security Risks of cyber attacks and physical attacks on infrastructure Suppliers and supply chain Risk of supply volatility and breach of law and regulations Personal data Risk of data leakage of personal data Network quality and robustness Risk of interruptions in services Attract and retain employees Risk of being unable to attract, develop and retain employees People safety Risks to health and safety of own employees and value chain Climate and environment Risk of damage to vital infrastructure from climate changes Corruption risk Risk of corruption leading to fines and reputational damage Human rights Freedom of expression, labour rights and diversity Spectrum Regulations, prices and access to spectrum in the Asia markets Regulatory risk Laws, regulations and licences to operate, particularly in Asia Suppliers and partners of IT and networks Restrictions on use of suppliers/partners of IT and networks Financial risks Currency risk, interest rate risk, credit risk and liquidity risk Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 21 The risk has increased since year-end 2024
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Disclaimer This report contains statements regarding the future in connection with Telenor’s growth initiatives, profit figures, outlook, risks and opportunities, strategies and objectives. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. Fornebu, 28 October 2025 The Board of Directors of Telenor ASA Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 22
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Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 23 24 Consolidated income statement 25 Consolidated statement of other comprehensive income 26 Consolidated statement of financial position 27 Consolidated statement of cash flows 28 Consolidated statement of changes in equity 29 Notes Interim condensed consolidated financial statements
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Consolidated income statement Interim condensed consolidated income statement Third quarter First three quarters Year NOK in million Note 2025 2024 2025 2024 2024 Revenues 3 20,304 20,038 60,324 59,430 79,928 Cost of materials and traffic charges (4,354) (4,393) (12,721) (12,907) (17,731) Salaries and personnel costs (2,230) (2,242) (7,390) (7,399) (10,005) Other operating expenses (4,176) (4,197) (12,711) (12,623) (17,212) Other income 21 1 699 1,445 1,485 Other expenses (93) (117) (430) (498) (898) EBITDA 9,472 9,090 27,772 27,449 35,567 Depreciation and amortisation (4,331) (4,212) (12,954) (12,572) (16,871) Impairment losses – (2) – (4) (73) Operating profit (loss) 5,141 4,877 14,818 14,873 18,623 Share of net income from associates and joint ventures 4 35 190 1,084 664 206 Impairments and gain (loss) on disposal of associates and joint ventures 4 269 – 264 7,015 6,606 Net financial Items 5 (379) (322) (2,191) (791) (1,341) Profit (loss) before taxes 5,065 4,745 13,975 21,761 24,094 Income taxes (1,692) (1,257) (3,923) (2,859) (3,725) Profit (loss) from continuing operations 3,373 3,488 10,052 18,902 20,369 Profit (loss) from discontinued operations 6 6 158 (30) (76) (260) Net income 3,379 3,646 10,022 18,826 20,109 Net income attributable to: Non-controlling interests 351 374 1,075 1,454 1,773 Equity holders of Telenor ASA 3,027 3,272 8,947 17,372 18,336 Earnings per share in NOK Basic/diluted from continuing operations 2.21 2.28 6.56 12.65 13.51 Basic/diluted from discontinued operations 0.00 0.12 (0.02) (0.06) (0.19) Basic/diluted from total operations 2.21 2.39 6.54 12.60 13.32 The interim financial information has not been subject to audit or review. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 24
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Consolidated statement of other comprehensive income Interim condensed consolidated statement of other comprehensive income Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Net income 3,379 3,646 10,022 18,826 20,109 Translation differences on net investment in foreign operations (1,184) 8,137 (5,627) 9,123 9,881 Amount reclassified from other comprehensive income to income statement on disposal – – – (33) (33) Net gain (loss) on hedge of net investment 556 (2,035) 314 (2,490) (2,483) Income taxes (122) 448 (69) 548 546 Share of other comprehensive income (loss) of associates and joint ventures (36) (40) (177) (88) (85) Items that may be reclassified subsequently to income statement (786) 6,510 (5,559) 7,060 7,826 Net gain (loss) on equity investment (10) (1) (41) 8 52 Remeasurement of defined pension plans 236 (205) 879 716 265 Income taxes (52) 45 (193) (158) (62) Items that will not be reclassified to income statement 174 (161) 645 566 255 Other comprehensive income (loss), net of taxes (612) 6,349 (4,915) 7,626 8,081 Total Comprehensive Income 2,767 9,995 5,107 26,452 28,190 Total comprehensive income attributable to: Non-controlling interest 361 342 713 1,406 1,892 Equity holders of Telenor ASA 2,406 9,653 4,394 25,046 26,299 The interim financial information has not been subject to audit or review. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 25
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Consolidated statement of financial position Interim condensed consolidated statement of financial position Deferred tax assets 4,507 4,614 3,365 Goodwill 26,439 26,319 26,340 Intangible assets 9,235 9,542 9,389 Right-of-use assets 24,114 26,120 25,898 Property, plant and equipment 53,000 54,678 52,773 Associates and joint ventures 4 64,022 66,793 67,540 Other non-current assets 12,143 13,289 12,992 Total non-current assets 193,459 201,355 198,297 Prepaid taxes 860 770 536 Inventories 904 877 881 Trade and other receivables 13,687 13,812 14,146 Other current financial assets 1,074 1,614 1,832 Assets classified as held for sale 6 928 – – Cash and cash equivalents 10,542 10,380 16,668 Total current assets 27,995 27,453 34,063 Total assets 221,454 228,808 232,360 NOK in million Note 30 September 2025 31 December 2024 30 September 2024 Equity attributable to equity holders of Telenor ASA 66,996 75,855 74,572 Non-controlling interest 4,905 5,917 5,431 Total equity 71,901 81,772 80,003 Non-current lease liabilities 12,765 13,697 13,589 Non-current interest-bearing liabilities 7 69,441 72,730 68,863 Non-current non-interest-bearing liabilities 1,099 1,362 1,205 Deferred tax liabilities 4,130 3,874 3,145 Pension obligations 2,058 2,068 1,900 Provisions and obligations 6,618 6,923 6,413 Total non-current liabilities 96,111 100,652 95,115 Current lease liabilities 3,864 3,844 3,876 Current interest-bearing liabilities 7 13,444 11,350 18,433 Trade and other payables 21,613 22,774 21,327 Dividend payable 6,298 – 6,162 Current tax payables 2,769 1,711 1,098 Current non-interest bearing liabilities 886 1,577 1,583 Provisions and obligations 792 908 790 Liabilities classified as held for sale 6 3,777 4,220 3,974 Total current liabilities 53,442 46,384 57,242 Total equity and liabilities 221,454 228,808 232,360 NOK in million Note 30 September 2025 31 December 2024 30 September 2024 The interim financial information has not been subject to audit or review. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 26
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Consolidated statement of cash flows Interim condensed consolidated statement of cash flows Profit before taxes from continuing operations 5,065 4,745 13,975 21,761 24,094 Profit before taxes from discontinued operations 6 158 (30) (76) (260) Profit before taxes from total operations 5,071 4,903 13,945 21,685 23,834 Net interest expense 694 856 2,195 2,375 3,288 Net interest paid (385) (531) (1,831) (1,954) (2,976) Income taxes paid (981) (1,192) (2,882) (2,862) (3,783) Net (gains) losses from disposals, impairments and change in fair value of financial assets (133) (901) (296) (3,475) (3,361) Depreciation, amortisation and impairment losses 4,331 4,213 12,954 12,576 16,944 Loss (profit) from associates and joint ventures (303) (190) (1,348) (7,679) (6,812) Dividends received from associates and joint ventures 561 347 1,247 1,071 1,425 Currency (gains) losses not related to operating activities (201) 251 (421) 775 716 Changes in operating working capital (313) (556) (536) 1,174 2,748 Other adjustments 48 25 (486) (300) (542) Net cash flow from operating activities 8,388 7,226 22,542 23,385 31,481 Purchases of property, plant and equipment and intangible assets (2,587) (2,667) (8,475) (9,464) (12,929) Prepayment of right-of-use assets including initial direct cost (41) (71) (139) (275) (454) Purchases of businesses , net of cash acquired (18) (105) (559) (157) (249) Proceeds from disposals of property, plant and equipment and intangible assets 25 20 46 28 45 Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Proceeds from disposal of businesses, net of cash disposed 1) – – (123) 2,148 2,138 Proceeds from sale and purchases of other investments (40) (32) 71 (74) (37) Net cash flow from investing activities (2,660) (2,855) (9,179) (7,795) (11,486) Proceeds from and repayments of borrowings 570 328 (1,054) (4,421) (7,599) Payments of lease liabilities related to spectrum licences – (10) (575) (1,050) (1,216) Payments of lease liabilities related to other lease contracts (949) (795) (2,969) (2,580) (3,652) Purchase of treasury shares 4 10 (195) (1,971) (1,971) Dividends paid to non-controlling interest (605) (869) (1,646) (1,677) (1,871) Dividends paid to equity holders of Telenor ASA (335) – (6,841) (6,925) (13,082) Net cash flow from financing activities (1,315) (1,336) (13,279) (18,624) (29,391) Effects of exchange rate changes on cash and cash equivalents (56) (94) 47 (117) (78) Net change in cash and cash equivalents 4,356 2,941 130 (3,151) (9,474) Cash and cash equivalents at the beginning of the period 2) 5,878 13,487 10,104 19,360 19,580 Cash and cash equivalents at the end of the period 2) 3) 10,234 16,428 10,234 16,428 10,104 Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 1) Includes NOK 197 million related to discontinued operations in the second quarter of 2025, see note 6 for more information. 2) Cash and cash equivalents include bank overdrafts. 3) As of 30 September 2025, restricted cash was NOK 7 million, while as of 30 September 2024, it was NOK 5 million. The interim financial information has not been subject to audit or review. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 27
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Consolidated statement of changes in equity Interim condensed consolidated statement of changes in equity Attributable to equity holders of the parent NOK in million Total paid in capital Other reserves Retained earnings Cumulative translation differences Total Non-controlling interests Total equity Equity as of 1 January 2024 8,379 (21,985) 84,172 (6,089) 64,483 5,951 70,434 Net income for the period – – 17,372 – 17,372 1,454 18,826 Other comprehensive income for the period – 478 – 7,196 7,674 (48) 7,626 Total comprehensive income for the period – 478 17,372 7,196 25,046 1,406 26,452 Disposal of subsidiaries with non-controlling interests – – – – – (50) (50) Dividends – – (13,082) – (13,082) (1,876) (14,958) Share buy back (101) (1,794) – – (1,895) – (1,895) Share - based payment, exercise of share options and distribution of shares – 20 – – 20 – 20 Equity as of 30 September 2024 8,278 (23,281) 88,462 1,107 74,572 5,431 80,003 Equity as of 1 January 2024 8,379 (21,985) 84,172 (6,089) 64,483 5,951 70,434 Net income for the period – – 18,336 – 18,336 1,773 20,109 Other comprehensive income for the period – 151 – 7,812 7,963 119 8,081 Total comprehensive income for the period – 151 18,336 7,812 26,299 1,892 28,190 Disposal of subsidiaries with non-controlling interests – – – – – (50) (50) Dividends – – (13,082) – (13,082) (1,876) (14,958) Share buy back (101) (1,794) – – (1,895) – (1,895) Share - based payment, exercise of share options and distribution of shares – 50 – – 50 – 50 Equity as of 31 December 2024 8,278 (23,578) 89,426 1,723 75,855 5,917 81,772 Net income for the period – – 8,947 – 8,947 1,075 10,022 Other comprehensive income for the period – 476 – (5,028) (4,552) (362) (4,915) Total comprehensive income for the period – 476 8,947 (5,028) 4,395 713 5,107 Acquisition of subsidiaries with non-controlling interests – – – – – 11 11 Dividends – – (13,135) – (13,135) (1,736) (14,871) Share buy back – (4) – – (4) – (4) Share - based payment, exercise of share options and distribution of shares – (114) – – (114) – (114) Equity as of 30 September 2025 8,278 (23,220) 85,238 (3,305) 66,996 4,905 71,901 The interim financial information has not been subject to audit or review. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 28
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Notes Note 1 Company information and basis of preparation Telenor is a Norwegian company offering telecommunications services in the Nordics and Asia. The parent company Telenor ASA is listed on the Oslo Stock exchange under the ticker TEL. The interim condensed consolidated financial statements are prepared in accordance with IAS 34 and were approved by the Board of Directors on 28 October 2025. Basis of preparation The consolidated financial statements of Telenor (referred to as “the group”) comprise the parent company and its subsidiaries in addition to its interests in associates and joint arrangements. As a result of rounding differences, numbers or percentages may not add up to the total. These interim condensed consolidated financial statements for the nine months ending 30 September 2025 have been prepared in accordance with IAS 34 Interim financial reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The interim condensed consolidated financial statements do not include all the information and disclosures required by IFRS®Accounting Standards for a complete set of financial statements and should be read together with Telenor’s consolidated financial statements for 2024. Key developments in risks and uncertainties are described in the section Risks and uncertainties on page 21 of this report. Accounting policies The accounting policies applied in the preparation of the interim consolidated financial statements are consistent with those used in the preparation of the annual financial statements for the year ended 31 December 2024. For information about standards, amendments, and interpretations effective from 1 January 2025 that could affect the consolidated financial statements, please refer to note 1 in Telenor’s Annual Report 2024. None of the amendments effective from 1 January 2025 has had a significant impact on the consolidated interim financial statements. Telenor has not early adopted any standards, interpretation or amendment that has been issued but is not yet effective. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 29
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Note 2 Segments Telenor has four operating and reportable segments. The mobile and fixed line businesses are reported in the Nordic and Asia segments. The Infrastructure segment consists of certain passive infrastructure in the Nordic countries, and the portfolio of adjacent businesses and companies are reported in the Amp segment. Operating and reportable segments The segment information is reported to the President and CEO, and group management team in Telenor. Telenor’s chief operating decision maker is the President and CEO. The financial segment information is used for assessing performance and allocating resources in the group. The accounting principles for the segment reporting are consistent with those for the consolidated financial statements. However, gains and losses arising from internal bad debt provisions are excluded from the segment results. Nordics The Nordic segment consists of mobile and fixed operations in Norway, Sweden, Denmark, and Finland. Offerings include mobile subscriptions and handsets, telephony, broadband, data security, communications services, and TV services to both residential and business customers. The segment also offers wholesale services. Asia The Asia segment consists of mobile operations in Telenor Pakistan and Grameenphone (Bangladesh). Offerings include mobile subscriptions, as well as wholesale services. The segment also has ownership in the associates CelcomDigi and True Corporation as well as the joint venture Easypaisa digital bank (previously Telenor Microfinance Bank). Infrastructure The Infrastructure segment provides passive telecom infrastructure in the Nordics such as towers, masts and buildings. The Infrastructure segment builds, develops and maintains passive telecom infrastructure and leases it to both internal and external customers. Amp Telenor Amp consists of a portfolio of businesses and companies that are near the core of Telenor’s business. Offerings include a wide variety of services, including Internet of Things (IoT), digital authentication and fraud prevention, and various communication services. The segment also has ownership in associates and joint ventures like Allente, which is being divested, and Carousell. Other Other includes various corporate functions like group leadership, strategy, finance, procurement and insurance. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 30
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Third quarter First three quarters Total revenues of which internal Total operating expenses Adjusted EBITDA Capex excl. lease Free cash flow before M&A NOK in million 2025 2024 Growth 2025 2024 2025 2024 Growth 2025 Margin 2024 Margin 2025 2024 2025 2024 Nordics 43,752 42,005 4.2 % 453 436 (12,544) (12,581) (0.3) % 20,134 46.0 % 18,325 43.6 % 5,798 6,495 8,031 8,076 Asia 14,262 14,907 (4.3) % 453 456 (5,569) (5,754) (3.2) % 7,721 54.1 % 8,112 54.4 % 1,483 1,720 2,404 1,981 Infrastructure 2,503 2,468 1.4 % 1,803 1,810 (552) (531) 3.8 % 1,542 61.6 % 1,496 60.6 % 570 654 670 595 Amp 2,506 2,609 (4.0) % 340 287 (968) (810) 19.4 % 243 9.7 % 355 13.6 % 119 124 392 74 Other 1,057 1,316 (19.6) % 708 886 (1,577) (1,541) 2.3 % (519) (49.1) % (226) (17.2) % 13 36 (2,617) (2,461) Eliminations (3,756) (3,875) n.m. (3,756) (3,875) 1,108 1,195 n.m. (1,618) n.m. (1,560) n.m. – – (105) 27 Group 60,324 59,430 1.5 % – – (20,101) (20,022) 0.4 % 27,503 45.6 % 26,502 44.6 % 7,982 9,029 8,774 8,292 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 31 Total revenues of which internal Total operating expenses Adjusted EBITDA Capex excl. lease Free cash flow before M&A NOK in million 2025 2024 Growth 2025 2024 2025 2024 Growth 2025 Margin 2024 Margin 2025 2024 2025 2024 Nordics 14,893 14,366 3.7 % 154 149 (3,996) (4,048) (1.3) % 7,088 47.6 % 6,515 45.4 % 1,998 2,113 3,609 2,876 Asia 4,593 4,811 (4.5) % 140 181 (1,797) (1,880) (4.4) % 2,488 54.2 % 2,592 53.9 % 506 424 679 359 Infrastructure 841 821 2.4 % 604 597 (178) (172) 3.1 % 521 61.9 % 519 63.2 % 163 240 275 224 Amp 889 889 — % 137 106 (324) (264) 22.9 % 110 12.4 % 138 15.5 % 40 32 311 80 Other 370 466 (20.6) % 247 282 (492) (497) (1.1) % (122) (33.1) % (32) (6.8) % 5 16 (684) (757) Eliminations (1,281) (1,315) n.m. (1,281) (1,315) 381 423 n.m. (540) n.m. (525) n.m. – – 1 19 Group 20,304 20,038 1.3 % – – (6,406) (6,438) (0.5) % 9,544 47.0 % 9,206 45.9 % 2,713 2,825 4,191 2,801
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Year 2024 Reconciliation of consolidated profit before tax and adjusted EBITDA For further detailing of other income and other expenses, see Alternative performance measures section on page 45. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 32 Total revenues of which internal Total operating expenses Adjusted EBITDA Capex excl. lease Free cash flow before M&A NOK in million 2024 2024 2024 2024 Margin 2024 2024 Nordics 56,560 571 (17,052) 24,223 42.8 % 9,678 10,781 Asia 20,227 788 (7,776) 11,055 54.7 % 2,172 2,965 Infrastructure 3,282 2,397 (745) 1,952 59.5 % 890 946 Amp 3,495 382 (1,142) 449 12.8 % 160 82 Other 1,705 1,203 (2,326) (621) (36.4) % 47 (3,474) Eliminations (5,341) (5,341) 1,823 (2,077) n.m. – 66 Group 79,928 – (27,217) 34,980 43.8 % 12,948 11,366 Third quarter First three quarters Year Nok in million 2025 2024 2025 2024 2024 Profit (loss) before taxes 5,065 4,745 13,975 21,761 24,094 Share of net income from associate companies and joint ventures (303) (190) (1,348) (7,679) (6,812) Net financial items 379 322 2,191 791 1,341 Operating profit (loss) 5,141 4,877 14,818 14,873 18,623 Depreciation and amortisation 4,331 4,212 12,954 12,572 16,871 Impairment losses – 2 – 4 73 EBITDA 9,472 9,090 27,772 27,449 35,567 Other income (21) (1) (699) (1,445) (1,485) Other expenses 93 117 430 498 898 Adjusted EBITDA 9,544 9,206 27,503 26,502 34,980
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Note 3 Revenues Service revenues include subscriptions and traffic revenues from mobile voice and data, in addition to various fixed revenues from telephony, broadband, TV connections and data security services. Devices like handsets are sold separately or as part of a bundled offering together with the subscription. Disaggregation of revenues Revenues are disaggregated by major revenue streams and by reportable segments as shown in Note 3 in the table below. See note 3 in the Annual Report 2024 for further information about the different types of revenues in Telenor. Third quarter 2025 NOK in million Mobile operations Fixed operations Other revenues from rendering of services 1) Total revenues from rendering of services 2) Sale of handset and other devices 3) Total revenues from contracts with customers (IFRS 15) Operating lease revenues (IFRS 16) Total revenues Telenor Norway 3,862 2,353 4 6,219 509 6,728 1 6,729 Telenor Sweden 2,064 853 – 2,917 382 3,299 37 3,336 Telenor Denmark 1,191 160 – 1,351 196 1,547 12 1,559 DNA Finland 2,086 646 – 2,732 516 3,249 8 3,257 Other/eliminations (13) (21) 47 13 – 13 – 13 Nordics 9,190 3,991 52 13,232 1,602 14,835 58 14,893 Grameenphone - Bangladesh 3,275 – – 3,275 4 3,279 48 3,326 Telenor Pakistan 1,174 – – 1,174 3 1,177 33 1,209 Other/eliminations – – 57 57 – 57 – 57 Asia 4,449 – 57 4,506 6 4,512 81 4,593 Infrastructure – – 6 6 – 6 835 841 Amp – 315 574 889 – 889 – 889 Other – – 296 296 – 296 74 370 Eliminations (173) (98) (343) (614) (1) (614) (667) (1,281) Group 13,466 4,207 641 18,315 1,608 19,923 381 20,304 1) Other revenues from rendering of services includes Internet of Things (IoT) in non-mobile operations and other non-core business revenues. 2) Service revenues as explained in Alternative performance measures on page 46 are not comparable with “total revenues from rendering of services” disclosed in this note. The reason is that revenues from rendering services to other operators and other wholesale activities are not part of service revenue definition in Alternative performance measures. 3) Revenues from handsets and other devices are recognised at point in time. Remaining revenue from contracts with customers are recognised over time. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 33
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First three quarters 2025 NOK in million Mobile operations Fixed operations Other revenues from rendering of services 1) Total revenues from rendering of services 2) Sale of handset and other devices 3) from contracts with customers (IFRS 15) Operating lease revenues (IFRS 16) Total revenues Telenor Norway 11,179 6,992 6 18,177 1,457 19,634 5 19,638 Telenor Sweden 6,044 2,586 – 8,631 1,025 9,656 113 9,769 Telenor Denmark 3,499 479 – 3,978 574 4,552 35 4,587 DNA Finland 6,248 1,931 – 8,179 1,495 9,674 26 9,700 Other/eliminations 4 (83) 137 59 (1) 58 – 58 Nordics 26,975 11,905 143 39,024 4,550 43,573 179 43,752 Grameenphone - Bangladesh 10,131 – – 10,131 8 10,138 149 10,287 Telenor Pakistan 3,681 – – 3,681 5 3,685 97 3,782 Other/eliminations – – 193 193 – 193 – 193 Asia 13,812 – 193 14,004 12 14,016 246 14,262 Infrastructure – – 17 17 – 17 2,486 2,503 Amp – 960 1,546 2,506 – 2,506 – 2,506 Other – – 838 838 – 838 219 1,057 Eliminations (522) (277) (962) (1,761) (3) (1,764) (1,992) (3,756) Group 40,265 12,588 1,775 54,628 4,559 59,187 1,137 60,324 1) Other revenues from rendering of services includes Internet of Things (IoT) in non-mobile operations and other non-core business revenues. 2) Service revenues as explained in Alternative performance measures on page 46 are not comparable with “total revenues from rendering of services” disclosed in this note. The reason is that revenues from rendering services to other operators and other wholesale activities are not part of service revenue definition in Alternative performance measures. 3) Revenues from handsets and other devices are recognised at point in time. Remaining revenue from contracts with customers are recognised over time. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 34
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Third quarter 2024 NOK in million Mobile operations Fixed operations Other revenues from rendering of services 1) Total revenues from rendering of services 2) Sale of handset and other devices 3) Total revenues from contracts with customers (IFRS 15) Operating lease revenues (IFRS 16) Total revenues Telenor Norway 3,565 2,373 (10) 5,928 452 6,381 2 6,383 Telenor Sweden 1,950 859 – 2,809 418 3,227 43 3,270 Telenor Denmark 1,108 170 – 1,278 193 1,471 12 1,483 DNA Finland 2,033 636 – 2,670 548 3,218 9 3,227 Other/eliminations (25) (20) 48 3 – 3 – 3 Nordics 8,631 4,018 38 12,688 1,612 14,300 66 14,366 Grameenphone - Bangladesh 3,516 – – 3,516 1 3,517 51 3,568 Telenor Pakistan 1,124 – – 1,124 1 1,124 34 1,159 Other/eliminations – – 84 84 – 84 – 84 Asia 4,639 – 84 4,723 2 4,725 86 4,811 Infrastructure – – 16 16 – 16 805 821 Amp – 372 517 889 – 889 – 889 Other – – 392 392 – 392 73 466 Eliminations (182) (95) (389) (666) (1) (667) (648) (1,315) Group 13,088 4,295 659 18,042 1,613 19,655 382 20,038 1) Other revenues from rendering of services includes Internet of Things (IoT) in non-mobile operations and other non-core business revenues. 2) Service revenues as explained in Alternative performance measures on page 46 are not comparable with “total revenues from rendering of services” disclosed in this note. The reason is that revenue from rendering of services to other operators and other wholesale activities are not part of service revenue definition in Alternative performance measures. 3) Revenues from handsets and other devices are recognised at point in time. Remaining revenue from contracts with customers are recognised over time. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 35
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First three quarters 2024 NOK in million Mobile operations Fixed operations Other revenues from rendering of services 1) Total revenues from rendering of services 2) Sale of handset and other devices 3) Total revenues from contracts with customers (IFRS 15) Operating lease revenues (IFRS 16) Total revenues Telenor Norway 10,450 6,973 1 17,424 1,353 18,777 6 18,783 Telenor Sweden 5,685 2,553 – 8,238 1,150 9,388 131 9,520 Telenor Denmark 3,237 503 – 3,739 560 4,300 32 4,331 DNA Finland 5,908 1,897 – 7,804 1,528 9,333 26 9,359 Other/eliminations (40) (82) 135 13 (1) 12 – 12 Nordics 25,240 11,843 136 37,219 4,591 41,810 195 42,005 Grameenphone 11,166 – – 11,166 7 11,173 157 11,330 Telenor Pakistan 3,364 – – 3,364 3 3,367 105 3,472 Other/eliminations – – 106 106 – 106 – 106 Asia 14,530 – 106 14,636 10 14,646 262 14,907 Infrastructure – – 57 57 – 57 2,411 2,468 Amp – 1,214 1,395 2,609 – 2,609 – 2,609 Other – – 1,100 1,100 – 1,100 215 1,316 Eliminations (591) (283) (1,042) (1,917) (4) (1,921) (1,954) (3,875) Group 39,179 12,773 1,752 53,704 4,597 58,301 1,129 59,430 1) Other revenues from rendering of services includes Internet of Things (IoT) in non-mobile operations and other non-core business revenues. 2) Service revenues as explained in Alternative performance measures on page 46 are not comparable with “total revenues from rendering of services” disclosed in this note. The reason is that revenue from rendering of services to other operators and other wholesale activities are not part of service revenue definition in Alternative performance measures. 3) Revenues from handsets and other devices are recognised at point in time. Remaining revenue from contracts with customers are recognised over time. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 36
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Full year 2024 NOK in million Mobile operations Fixed operations Other revenues from rendering of services 1) Total revenues from rendering of services 2) Sale of handset and other devices 3) Total revenues from contracts with customers (IFRS 15) Operating lease revenues (IFRS 16) Total revenues Telenor Norway 13,993 9,291 3 23,287 1,926 25,213 8 25,221 Telenor Sweden 7,494 3,378 – 10,872 1,737 12,609 171 12,780 Telenor Denmark 4,333 663 – 4,996 818 5,814 43 5,856 DNA Finland 7,890 2,517 – 10,407 2,239 12,646 35 12,681 Other/eliminations (47) (101) 171 23 (1) 22 – 22 Nordics 33,663 15,748 174 49,584 6,719 56,304 256 56,560 Grameenphone - Bangladesh 14,915 – – 14,915 9 14,924 214 15,138 Telenor Pakistan 4,606 – – 4,606 4 4,610 141 4,750 Other/eliminations – – 339 339 – 339 – 339 Asia 19,520 – 339 19,859 13 19,872 355 20,227 Infrastructure – – 238 238 – 238 3,044 3,282 Amp – 1,576 1,919 3,495 – 3,495 – 3,495 Other – – 1,428 1,428 – 1,428 276 1,704 Eliminations (760) (368) (1,709) (2,837) (4) (2,842) (2,499) (5,340) Group 52,423 16,956 2,389 71,768 6,728 78,496 1,433 79,928 1) Other revenues from rendering of services includes Internet of Things (IoT) in non-mobile operations and other non-core business revenues. 2) Service revenues as explained in Alternative performance measures page 46 are not comparable with “total revenues from rendering of services” disclosed in this note. The reason is that revenue from rendering of services to other operators and other wholesale activities are not part of service revenue definition in Alternative performance measures. 3) Revenues from handsets and other devices are recognised at point in time. Remaining revenue from contracts with customers are recognised over time. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 37
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Note 4 Associates and joint ventures Telenor has two major associates in Malaysia (CelcomDigi) and Thailand (True), with a combined carrying amount of NOK 60.9 billion. The market value as of 30 September 2025 for these two listed entities was NOK 67.6 billion. The share of net income from the forementioned companies are reported with one quarter lag, with adjustment for significant events. Associates and joint ventures The tables below show how the investments in associates and joint ventures have performed and developed during the period. All associates and joint ventures are accounted for using the equity method. Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Share of net income (loss) 1) 35 190 1,084 664 206 Of which share from CelcomDigi (217) 286 276 871 1,046 Of which share from True (direct interest) 184 (154) 652 (261) (973) Of which share from Carousell (20) (19) (27) (125) (164) Of which share from Allente 79 71 161 159 218 Of which share from Easypaisa digital bank 51 23 82 58 135 Of which share from others (43) (16) (60) (38) (56) 1) Share of net income (loss) represents Telenor’s share of net income (loss) after taxes, amortisation of excess values, and adjustment for difference in accounting policies, before impairments and gain or loss on disposals. NOK in million 30 September 2025 30 September 2024 31 December 2024 Opening balance as of 1 January 66,793 50,942 50,942 Additions 2,858 2,231 2,323 Held for sale and disposals 1) (930) – (4) Impairment reversal (loss) 265 7,015 6,604 Share of net income (loss) 1,084 664 206 Share of other comprehensive income (176) (88) (85) Dividends received (1,247) (1,071) (1,425) Translation differences (4,625) 7,848 8,232 Closing balance as of period end 64,022 67,540 66,793 Of which investment in CelcomDigi 2) 35,357 39,087 38,710 Of which investment in True (direct interest) 3) 25,582 24,643 24,303 Of which investment in others 3,084 3,811 3,780 1) Allente classified as held for sale upon Telenor signing sales agreement with Viaplay in July 2025. 2) Of which, allocated to goodwill NOK 22,149 million as of 30 September 2025 3) Of which, allocated to goodwill NOK 16,594 million as of 30 September 2025 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 38
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Significant events Telenor received NOK 561 million in dividends in the third quarter 2025, of which NOK 350 million from CelcomDigi and NOK 211 million from Allente. During the first three quarters of 2025, Telenor received NOK 1,036 million in dividends from CelcomDigi and NOK 211 million from Allente, totalling NOK 1,247 million. In the third quarter 2024 Telenor received NOK 347 million in dividends from CelcomDigi. During the first three quarters of 2024, Telenor received NOK 1,071 million in dividends, of which NOK 964 million from CelcomDigi and NOK 102 million from Allente. In accordance with Telenor’s accounting principles, the reported results from CelcomDigi’s second quarter have been adjusted in Telenor’s third quarter reporting, taking into account the publication of the annual report 2024 for Digital Nasional Berhad (DNB), an associated company of CelcomDigi. The annual report for DNB reveals a distressed situation for the company and strongly indicate that the fair value of the company is impaired. Telenor has assessed the consequences of this situation on its pro-rata share of CelcomDigi’s results. The negative impact on Telenor’s reported share of net income from CelcomDigi is NOK 530 million. In the third quarter of 2025, Telenor reversed the remaining impairment of NOK 269 million in True Corporation, as fair value of the investment has exceeded carrying value for a prolonged period. In June 2025, as part of the agreement with Charoen Pokphand Group, Telenor acquired the remaining 1.7% indirect ownership of True Corporation, held through the joint ownership structure. The shares were transferred at fair value THB 12.5 per share, equal to NOK 2,243 million, against the outstanding receivables related to the joint ownership structure, and a net cash outflow of NOK 493 million. In the first quarter of 2024, Telenor reassessed the carrying amount in True Corporation based on the share price as of 31 March 2024. An impairment reversal of NOK 7,015 million for the investment was recognised due to the significant increase in market value since impairment 31 December 2023. CelcomDigi (associate) CelcomDigi is an associate where Telenor controls 33.1% of the shares and voting rights. CelcomDigi is a telecommunication company, listed on Bursa Malaysia Berhad. Telenor's share of CelcomDigi’s market value amounted to NOK 34,097 million as of 30 September 2025. CelcomDigi's share price as of 30 September 2025 was MYR 3.70, and the carrying amount reflect an implicit share price of MYR 3.84. Telenor is not aware of significant restrictions limiting the ability of CelcomDigi to transfer funds to its shareholders. For example, under the form of dividends, repayment of advances or loans made. The following tables sets forth the summarised financial information of CelcomDigi, including the allocation of the excess values recognised as part of the merger, adjustments for difference in accounting policies, and reconciliation with the carrying amount of the investment for the group. Due to the one-quarter lag, the second quarter results of CelcomDigi, together with the statement of financial position, is included in Telenor’s third quarter 2025 report. Statement of comprehensive income (CelcomDigi) 1) Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Revenue 7,588 7,516 23,409 21,987 29,626 EBITDA 3,390 3,398 10,180 9,991 13,120 Depreciation and amortisation (1,765) (1,937) (5,820) (5,525) (7,479) Net financial items (1,932) (381) (2,677) (969) (1,376) Income tax expense (348) (216) (849) (864) (1,106) Net income (654) 864 834 2,632 3,159 Other comprehensive income (loss) – (2) – – – Total comprehensive income (loss) (654) 862 834 2,632 3,159 Telenor's ownership in % 33.1 % 33.1 % 33.1 % 33.1 % 33.1 % Share of net income (loss) (217) 286 276 871 1,046 Share of other comprehensive income (loss) – (1) – – – Share of total comprehensive income (loss) (217) 285 276 871 1,046 Statement of financial position (CelcomDigi) 1) NOK in million 30 September 2025 30 September 2024 31 December 2024 Non-current assets 77,185 85,698 85,540 Current assets excluding cash and cash equivalents 10,920 9,848 9,875 Cash and cash equivalents 1,443 698 1,205 Non-current non-interest bearing liabilities (5,066) (4,218) (5,449) Non-current interest bearing liabilities (26,518) (28,724) (27,456) Current non-interest bearing liabilities (17,792) (17,018) (18,178) Non-controlling interest (270) (279) (285) Total equity to shareholders of parent company 39,902 46,006 45,252 Telenor's share of equity 13,207 15,228 14,979 Goodwill related to the Telenor's investment 22,149 23,859 23,731 Carrying amount of investment 35,357 39,087 38,710 Dividends received 1,036 964 1,318 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 39 1) The second quarter results and financial position of CelcomDigi is included in Telenor’s third quarter report.
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As the financial quarterly results of the listed company CelcomDigi are not published at the time Telenor reports its quarterly results, Telenor include the share of profits from CelcomDigi with a one quarter lag. Significant events reported by CelcomDigi in their fourth quarter is in accordance with the equity method adjusted for in the annual report of the respective year, thereby altering the original numbers reported in Telenor's fourth quarter report. In the fourth quarter 2024, CelcomDigi reported one significant event, impacting Telenor's share of net income in the Annual Report 2024 negatively with NOK 139 million. True (associate) Telenor increased its direct ownership in the associate True Corporation to 30.30% in second quarter 2025 after acquiring the remaining 1.7% shares owned indirectly through a joint venture. True is a telecommunication company, listed on the Stock Exchange of Thailand. Telenor’s share of True’s market value amounted to NOK 33,475 million as of 30 September 2025. True Corporation's share price as of 30 September 2025 was THB 10.40, and the carrying amount reflect an implicit share price of THB 7.95. Telenor is not aware of significant restrictions limiting the ability of True to transfer funds to its shareholders. For example, under the form of dividends, repayment of advances or loans made. As the financial quarterly results of the listed company True are normally not published at the time Telenor reports its quarterly results, Telenor include the share of net income from True with a one quarter lag. Significant events reported by True in their fourth quarter is in accordance with the equity method adjusted for in the annual report of the respective year, thereby altering the original numbers reported in Telenor's fourth quarter report. In the fourth quarter 2024, True reported four significant events, impacting Telenor's share of net income in the Annual Report 2024 negatively with NOK 633 million. In the fourth quarter 2023, True reported three significant events, reducing Telenor's share of net income in the Annual Report 2023 with NOK 838 million. However, the latter impact was fully offset with a corresponding reduction in the impairment of the investment made in the same quarter. The following tables sets forth the summarised financial information of True, including the allocation of the excess values recognised as part of the merger, adjustments for difference in accounting policies, and reconciliation with the carrying amount of the investment for the group. Due to the one-quarter lag, the second quarter results of True Corporation, together with the statement of financial position, is included in Telenor’s third quarter 2025 report. Statement of comprehensive income (True) 1) Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Revenue 15,560 15,750 48,762 46,250 60,164 EBITDA 7,035 6,261 22,282 18,275 22,694 Depreciation and amortisation (5,222) (5,294) (16,052) (14,852) (19,788) Net financial items (1,313) (1,542) (4,141) (4,461) (6,433) Income tax expense 121 (11) 170 46 39 Net income 622 (585) 2,259 (992) (3,488) Other comprehensive income (loss) (92) (7) (450) (233) (318) Total comprehensive income (loss) 530 (593) 1,810 (1,226) (3,806) Telenor's ownership in % 30.3 % 28.6 % 28.9 % 26.3 % 28.6 % Share of net income (loss) 1) 184 (154) 652 (261) (973) Impairment reversal (loss) 269 – 269 7,015 7,015 Share of other comprehensive income (loss) (27) (2) (130) (61) (89) Share of total comprehensive income (loss) 425 (156) 791 6,692 5,953 Statement of financial position (True) 1) NOK in million 30 September 2025 30 September 2024 31 December 2024 Non-current assets 179,402 206,425 203,094 Current assets excluding cash and cash equivalents 19,764 23,358 22,434 Cash and cash equivalents 4,255 6,752 5,609 Non-current non-interest bearing liabilities (9,657) (9,634) (10,336) Non-current interest bearing liabilities (110,235) (118,258) (119,924) Current non-interest bearing liabilities (53,777) (74,948) (70,636) Non-controlling interest (91) (103) (98) Total equity to shareholders of parent company 29,661 33,593 30,143 Telenor's share of equity 8,987 9,608 8,621 Goodwill related to the Telenor's investment 16,594 15,035 15,682 Carrying amount of investment 25,582 24,643 24,303 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 40 1) The second quarter results and financial position of True Corporation is included in Telenor’s third quarter report. 2) Share of net income and share of comprehensive income is based on weighted ownership during the reporting period.
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Note 5 Financial income and expenses The net financial income and expense as presented in the income statement consists of the following: Financial items Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Interest income on cash and cash equivalents 111 181 369 658 831 Other financial income 47 41 148 161 210 Total financial income 158 222 517 818 1,041 Interest expenses on financial liabilities 1) (808) (980) (2,573) (2,961) (3,994) Other financial expenses (90) (144) (280) (384) (423) Total financial expenses (899) (1,124) (2,854) (3,345) (4,416) Net foreign currency gains (losses) 241 (187) 435 (502) (484) Net change in fair value of financial instruments at fair value through profit or loss 91 621 (422) 163 2,398 Net change in fair value of hedging instruments and hedged items 29 145 131 163 93 Net gains (losses and impairment) on financial assets and liabilities – – 1 1 27 Change in fair value of financial instruments 120 766 (290) 2,238 2,518 Net financial income (expenses) (379) (322) (2,191) (791) (1,341) 1) Includes interest expenses on lease liabilities Note 6 Discontinued operations and assets held for sale Operations presented as discontinued operations and held for sale includes Telenor India which was disposed in 2018, Canal Digital which was disposed in 2020 and the investment in the joint venture Allente which is highly probable to be sold in the next three to six months. Discontinued operations Discontinued operations represent a separate major line of business that has been disposed. Discontinued operations are excluded from the results of continuing operations and are presented on a single line after tax in the income statement. Discontinued operations are also excluded from the segment reporting. On 17 July 2025, Telenor announced to sell its 50% ownership in Allente to Viaplay and is subject to regulatory approvals in Norway, Sweden and Denmark, of which received in Norway and Denmark. The transaction is considered highly probable to be closed in the next three to six months. Allente is accounted for as a joint venture under equity method of accounting and is a not a separate major line of business of the group; accordingly, Telenor's share of net income from Allente is not presented as discontinued operations. However, the investment is classified as held for sale as of 30 September 2025. The transaction was announced to be sold for a consideration of SEK 1.1 billion (NOK 1.2 billion) adjusted for dividends. Telenor received dividend of NOK 211 million during the third quarter 2025 which reduces the sale consideration. The transaction is estimated to generate a gain of approximately NOK 0.3 billion including currency translation effects. The profit (loss) of all disposal groups including India and Canal Digital presented as discontinued operations until disposal, and subsequent adjustments are shown in the following table: Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Gain (loss) on disposal after tax 6 158 (30) (76) (260) Profit (loss) from discontinued operations 6 158 (30) (76) (260) The gain on disposal in the third quarter 2025 and 2024 is primarily due to currency gain on liability related to Telenor India as a result of weakening of India Rupee during the quarter offset by the accrual of incremental interest. Loss on disposal recognised in the first three quarters 2025 includes a provision of NOK 182 million recognised in the first quarter 2025 based on a ruling from tax authorities in a VAT case Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 41
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related to the then Canal Digital business in Norway for the period 2016-2019. A total amount of NOK 197 million related to Canal Digital business was paid during the second quarter 2025 and was classified as part of net cash flow from investing activities. Loss on disposal in the first three quarters of 2024 and full year 2024 is primarily related to Telenor India accrual of incremental interest for the demand from Department of Telecommunication (DoT) in India and related currency effect (see Annual Report note 23 for further information). Assets and liabilities held for sale Assets of the disposal groups classified as held for sale represent the carrying amount of investment in Allente. Liabilities of the disposal groups classified as held for sale as of 30 September 2025 of NOK 3,777 million represent Telenor India. The dominant part of liabilities related to Telenor India stems from fees that relate to the basis for calculating licence fees and spectrum usage charges from the time before Telenor exited the business in 2018 (see Annual Report 2024 note 23 for further information). A government-established payment moratorium provides that such liabilities shall, at the latest, be paid down in six annual instalments starting from first quarter 2026. The outstanding payments accrue interest. Final instalment amounts payable are subject to change, but the payment in the first year is currently expected to be approximately NOK 0.7 billion. It follows from Telenor’s indemnity undertaking to Bharti Airtel that Telenor’s payment obligation can be accelerated by Bharti Airtel, as well as by Telenor itself. As of 31 December 2024 and as of 30 September 2024, Telenor India related liability amounted to NOK 4,220 million and NOK 3,924 million, respectively. NOK in million 30 September 2025 30 September 2024 31 December 2024 Assets Associates and joint ventures 928 – – Total assets held for sale 928 – – Liabilities Current liabilities 3,777 3,974 4,220 Total liabilities held for sale 3,777 3,974 4,220 Amounts included in OCI The accumulated amounts for discontinued operations recognised in other comprehensive income (OCI) within equity are as follows: NOK in million 30 September 2025 30 September 2024 31 December 2024 Telenor India (888) (1,118) (1,180) Competition authority approval in Pakistan Telenor signed an agreement to sell 100% of its Pakistan telco operations to Pakistan Telecommunications Company Ltd (PTCL) in December 2023. On 30 September 2025, the Competition Commission of Pakistan (CCP) has approved the transaction. With this milestone reached, Telenor is seeking approval from the Pakistan Telecommunication Authority (PTA) to complete the transaction. Telenor Pakistan is not presented as discontinued operation as there are uncertainties related to remaining regulatory approvals and other customary terms and conditions attached to the agreement. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 42
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Note 7 Interest-bearing liabilities The interest-bearing liabilities in Telenor mainly consist of bonds issued under the EMTN program (Euro Medium Term Note). Interest-bearing liabilities Fair value of interest-bearing liabilities (excluding lease liabilities) recognised at amortised cost: 30 September 2025 NOK in million Carrying amount Fair value Interest-bearing liabilities 1) (82,885) (79,986) of which fair value level 1 – (77,967) of which fair value level 2 – (2,019) 31 December 2024 NOK in million Carrying amount Fair value Interest-bearing liabilities 1) (84,080) (80,245) of which fair value level 1 – (79,198) of which fair value level 2 – (1,047) 30 September 2024 NOK in million Carrying amount Fair value Interest-bearing liabilities 1) (87,296) (83,607) of which fair value level 1 – (82,264) of which fair value level 2 – (1,343) 1)Excluding lease liabilities The following are the year-to-date changes in interest-bearing liabilities: • On 27 March 2025, a EUR 250 million bond issued by DNA Plc matured and was repaid. • On 1 April 2025 Telenor ASA issued a EUR 750 million bond under its EMTN programme, with a 3.375% fixed coupon and maturity on 1 April 2032. • On 22 May 2025, a EUR 650 million bond under the EMTN programme matured and was repaid. As of 30 September 2025, 63% of Telenor's debt was fixed-rate debt. Note 8 Fair value of financial instruments Telenor uses various types of derivatives to hedge exposure for financial risks such as foreign exchange risks and interest rate risks. Financial derivatives Financial derivatives are recognised at fair value based on observable market data (level 2). See note 32 in the Annual Report 2024 for valuation methodologies. The financial derivatives are classified in the consolidated statement of financial position as disclosed in the table: NOK in million 30 September 2025 31 December 2024 30 September 2024 Other non-current assets 393 1,241 1,103 Other current financial assets 668 158 403 Non-current non-interest bearing-financial liabilities (448) (804) (697) Non-current interest-bearing financial liabilities (1,099) (1,647) (2,083) Current non-interest-bearing liabilities (242) (839) (924) Current interest-bearing liabilities (229) — (23) Total (957) (1,891) (2,221) Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 43
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Note 9 Equity information Share buyback Between 11 and 14 February 2025, the share purchase related to employee share programme 2023 bonus shares was executed, a buyback of 744,130 shares with a total of NOK 103 million. Between 4 and 7 March 2025, 275,225 shares with a total amount of NOK 40 million were bought back related to employee share programme 2025. Between 27 and 30 May 2025, 304,062 shares with a total amount of NOK 47 million were bought back related to employee share programme 2025 and executive compensation element in 2025. Between 12 and 13 August 2025, 76,767 shares with a total amount of NOK 12 million were bought back related to employee share programme 2025 and executive compensation element in 2025. Dividend On 21 May 2025, the Annual General Meeting approved a dividend of NOK 9.60 per share to be paid out in two tranches of NOK 5.00 and NOK 4.60 in June and October 2025, respectively. The first tranche of NOK 5.00 was paid out on 3 June 2025, with ex-dividend date of 22 May 2025. The second tranche of NOK 4.60 was paid out on 28 October 2025, with ex-dividend date of 16 October 2025. Note 10 Legal disputes Telenor is subject to various legal proceedings, disputes and claims including regulatory discussions related to its business, licences and investments. Legal disputes with significant developments since year-end are summarised in this note. India – amalgamation Unitech Wireless Telenor’s previous operations in India are subject to a number of disputes with the Indian Department of Telecommunications (DoT), which remain to be concluded. Telenor has provided guarantees for certain claims to the current owner Bharti Airtel. In one of the disputes, DoT had issued a notice to eight entities of Unitech Wireless relating to a financial penalty of INR 10.5 billion (approximately NOK 1,237 million), due to an alleged violation of a merger approval for the Unitech Wireless entities in 2010. Telenor had contested the basis for the claim since it was received in 2016. DoT confirmed in second quarter 2025 that the show cause notices received have been closed without any financial penalty for Telenor. Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 44
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Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 45 Alternative performance measures
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Alternative performance measures Telenor’s consolidated financial information is prepared in accordance with IFRS® Accounting Standards. In addition, management provides alternative performance measures that are regularly reviewed by management with the intent to enhance the understanding of Telenor’s performance. The alternative performance measures presented may be determined or calculated differently by other companies. Service revenues and organic service revenue growth Service revenues include revenues from Telenor’s own mobile and fixed subscriptions and other services. Mobile service revenues consist of revenues from subscription fees, outgoing traffic and value- added services from own subscriptions, revenues from Internet of Things (IoT), and other mobile services. Fixed service revenues consist of revenues from telephony, broadband and TV, and other fixed services such as leased lines and managed services. Other service revenues include revenues from maritime communications, IoT and cybersecurity. Revenues from sale of devices and other customer equipment, interconnect, broadcasting, wholesale services and various services offered to operators or services providers are not included in service revenues. We believe service revenues is a measure that provides useful and necessary information to investors and other stakeholders as it refers to the core revenue streams of the business making up more than 75% of total revenues and almost the entire gross profit for the group, and is used for internal performance analysis. Furthermore, organic service revenue growth measures the service revenue growth adjusted for significant effects of acquisitions and disposals of operations (M&A), and currency effects. This is a measure that is used for internal performance analysis and that provides additional information on underlying growth of the business within these core revenue streams, without the effect of certain factors unrelated to its operating performance. First three quarters Change YTD NOK in million 2025 2024 2025 Change YoY Service revenues 48,992 48,254 738 1.5 % Impact using exchange rates for 2025 – (492) 492 M&A – – – Organic service revenues 48,992 47,762 1,230 2.6 % Third quarter Change third quarter NOK in million 2025 2024 2025 Change YoY Service revenues 16,345 16,162 183 1.1 % Impact using exchange rates for 2025 122 (121) 243 M&A – – – Organic service revenues 16,466 16,041 426 2.7 % Third quarter Change third quarter NOK in million 2024 2023 2024 Change YoY Service revenues 16,162 15,796 366 2.3 % Impact using exchange rates for 2024 36 64 (29) M&A – – – Organic service revenues 16,197 15,860 337 2.1 % Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 46
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Service revenues Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Total revenues 20,304 20,038 60,324 59,430 79,928 Less: Handsets and other devices (1,608) (1,613) (4,559) (4,597) (6,728) Less: Lease revenues (381) (382) (1,137) (1,129) (1,433) Revenue from rendering of services 18,315 18,042 54,628 53,704 71,768 Less: Revenue from other operators (1,588) (1,433) (4,493) (4,252) (5,679) Less: Other revenues (382) (448) (1,143) (1,198) (1,570) Service revenues 16,345 16,162 48,992 48,254 64,520 Operating expenses (opex) and organic growth in opex Operating expenses (opex) is a key financial parameter for Telenor and consists of salaries and personnel cost, sales, marketing and commission cost, operation and maintenance cost, and other operating expenses. Telenor’s continuous effort to improve efficiency makes opex a key financial parameter to follow. It is also used for internal performance analysis. Organic growth in opex measures the growth in opex adjusted for significant effects of acquisitions and disposals of operations (M&A), and currency effects. The organic growth in opex is a useful metric as it provides a better understanding of the underlying development in opex. Operating expenses Third quarter First three quarters Full year NOK in million 2025 2024 2025 2024 2024 Salaries and personnel 2,230 2,242 7,390 7,399 10,005 Operations and maintenance 1,260 1,247 3,805 3,811 5,105 Sales, marketing and commission 1,430 1,387 4,274 4,096 5,605 Energy 393 412 1,246 1,293 1,730 Other opex 1,094 1,150 3,386 3,424 4,772 Total opex 6,406 6,438 20,101 20,022 27,217 Organic change 1.3 % 2.0 % 1.3 % 3.3 % 2.4 % Reconciliation First three quarters Change YTD NOK in million 2025 2024 2025 Change YoY Operating expenses 20,101 20,022 79 0.4 % Impact using exchange rates for 2025 – (174) 174 M&A – – – Organic operating expenses 20,101 19,848 252 1.3 % Third quarter Change third quarter NOK in million 2025 2024 2025 Change YoY Operating expenses 6,406 6,438 (32) (0.5) % Impact using exchange rates for 2025 56 (61) 116 M&A – – – Organic operating expenses 6,462 6,378 84 1.3 % Third quarter Change third quarter NOK in million 2024 2023 2024 Change YoY Operating expenses 6,438 6,331 107 1.7 % Impact using exchange rates for 2024 1 32 (31) M&A – (48) 48 Organic operating expenses 6,439 6,315 124 2.0 % Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 47
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EBITDA, adjusted EBITDA, and organic growth in adjusted EBITDA EBITDA is a profitability measure defined as earnings before interest, taxes, depreciations and amortisations. Adjusted EBITDA measures EBITDA before other income and other expenses. Organic growth in adjusted EBITDA measures the growth in adjusted EBITDA excluding significant effects of acquisitions and disposals of operations (M&A) and currency effects. We believe that adjusted EBITDA (also referred to as EBITDA adjusted or EBITDA adj.) and organic growth in adjusted EBITDA provide useful and necessary information to investors, and other stakeholders for the following reasons: • the measures provide additional information on underlying growth of the business without the effect of certain factors unrelated to its operating performance; and • the measures are used for internal performance analysis. Reconciliation First three quarters Change YTD NOK in million 2025 2024 2025 Change YoY Adjusted EBITDA 27,503 26,502 1,002 3.8 % Impact using exchange rates for 2025 – (375) 375 M&A – – – Organic adjusted EBITDA 27,503 26,126 1,377 5.3 % Third quarter Change third quarter NOK in million 2025 2024 2025 Change YoY Adjusted EBITDA 9,544 9,206 338 3.7 % Impact using exchange rates for 2025 79 (75) 153 M&A – — — Organic adjusted EBITDA 9,623 9,131 491 5.4 % Third quarter Change third quarter NOK in million 2024 2023 2024 Change YoY Adjusted EBITDA 9,206 9,251 (45) (0.5) % Impact using exchange rates for 2024 38 11 27 M&A – (180) 180 Organic adjusted EBITDA 9,244 9,083 161 1.8 % Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 48 Other income and other expenses Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 EBITDA 9,472 9,090 27,772 27,449 35,567 Adjustments: Other income – – (3) – – Gains on disposals of property, plant and equipment (PPE) and operations (21) (1) (696) (1,445) (1,485) Total other income (21) (1) (699) (1,445) (1,485) Losses on disposals of property, plant and equipment (PPE) and operations 14 23 82 132 385 Workforce reductions, onerous (loss) contracts and other 79 94 347 366 513 Total other expenses 93 117 430 498 898 Total adjustments 72 116 (269) (947) (587) Adjusted EBITDA 9,544 9,206 27,503 26,502 34,980
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Capital expenditures (Capex) Capital expenditures (capex) are derived from the balance sheet and consist of investments in property, plant, and equipment (PPE), intangible assets and right-of-use-assets, including license and spectrum. Capex excludes business combinations and asset retirement obligations. Capex is a measure of investments made in the operations in the relevant period and is useful to investors and other stakeholders in evaluating the capital intensity of the operations. Capex excl. lease and capex/revenues is deemed to better gauge the actual capital expenditures incurred in the period than the payment for purchases of PPE, intangible assets and right-of-use assets in the cash flow statement. Capex excl. lease is relevant to users to measure the level of underlying investments. Historically, leases have varied significantly between reporting periods. Reconciliation Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Purchases of property, plant and equipment and intangible assets 2,587 2,667 8,475 9,464 12,929 Prepayment of right-of-use assets including initial direct cost 41 71 139 275 454 Capex related working capital and other changes 186 152 (320) (372) (9) Deferred lease obligations including licences 1,107 1,427 3,633 3,907 4,821 Total Capex incl. leases 3,921 4,318 11,927 13,274 18,196 Licence and spectrum acquisition (369) (3) (445) (74) (80) Other leases (840) (1,490) (3,500) (4,172) (5,168) Capex excl. lease 2,713 2,825 7,982 9,029 12,948 Total revenues 20,304 20,038 60,324 59,430 79,928 Capex excl. lease/Revenues (%) 13.4 % 14.1 % 13.2 % 15.2 % 16.2 % Total Capex/Revenues (%) 19.3 % 21.5 % 19.8 % 22.3 % 22.8 % Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 49
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Net interest-bearing debt excluding license obligations (Net debt) Net debt consists of both current and non-current interest-bearing liabilities, current and non-current lease liabilities less related current and non-current hedging instruments, financial instruments, such as debt instruments and derivatives, and cash and cash equivalents. Net debt is adjusted for license obligations. Net debt is a measure of the group’s net indebtedness that provides an indicator of the overall balance sheet strength. It is also a single measure that can be used to assess both the group’s cash position and its indebtedness. The use of the term ‘net debt’ does not necessarily mean that the cash included in the net debt calculation is available to settle the liabilities included in this measure. Net debt is considered to be an alternative performance measure as it is not defined in Accounting Standards. The most directly comparable Accounting Standards measure is the aggregate interest- bearing liabilities (both current and non-current) and cash and cash equivalents. A reconciliation from these to net debt is provided below. Reconciliation 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 – (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 Leverage ratio Telenor measures leverage as the ratio of net debt to adjusted EBITDA and dividends from associates and joint ventures. The usage of adjusted EBITDA prevents temporary spikes in leverage due to other income and expenses and thus ensures transparency and a better understanding of Telenor’s ability to cover debt with profits from its operations. While the numerator (net debt) is measured at the end of the period, the denominator (adjusted EBITDA and dividends from associates and joint ventures) is measured over the last 12 months period. The measure provides useful information about the strength of our financial position and our debt capacity, and is regularly reported internally and communicated to stakeholders in the financial market. First three quarters Year NOK in million 2025 2024 2024 A - Net debt 85,011 83,546 86,788 B - Adjusted EBITDA 35,982 34,968 34,980 C - Dividends from associates and joint ventures 1,601 1,354 1,425 D - Leverage ratio D=A/(B+C) 2.26 2.30 2.38 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 50
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Free cash flow Telenor makes use of free cash flow and free cash flow before M&A activities as important performance measures when presenting and discussing the reported results. We believe it is both useful and necessary to communicate these metrics for the following reasons: • Free cash flow and Free cash flow before M&A activities allow management and investors to evaluate Telenor’s liquidity and cash generated by the operations. • Free cash flow excludes items that are deemed discretionary, such as financing activities. In addition, Free cash flow before M&A activities excludes cash flows relating to acquisitions and disposals of businesses. • Free cash flow facilitates comparability with other companies, although Telenor’s measure of free cash flow may not be directly comparable to similar titled measures used by other companies. • These measures are used for planning, reporting and incentive purposes. Free cash flow before M&A – segment reporting Free cash flow before M&A in the segments (see note 2) deviates from the group definition on the following: • Internal interest paid and received are excluded, including interest on lease liabilities • Payments for internal transfers of non-current assets are excluded • Placements of excess liquidity into financial instruments with duration of 3-12 months are excluded Reconciliation A reconciliation of net cash flow from operating activities, net cash flow from investing activities and certain line items of financing activities to Free cash flow and Free cash flow before M&A activities is provided in the table below. Payments for acquisitions and proceeds from disposal of businesses include acquisitions and disposals where Telenor acquire or lose control, acquisition, or disposal of investments in associates and joint ventures that are classified in investing activities as well as transactions with non- controlling interests that does not result in change of control for Telenor that are classified in financing activities. Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Net cash flows from operating activities 8,388 7,226 22,542 23,385 31,481 Net cash flows from investing activities (2,660) (2,855) (9,179) (7,795) (11,486) Payments of lease liabilities related to spectrum licences – (10) (575) (1,050) (1,216) Payments of lease liabilities related to other lease contracts (949) (795) (2,969) (2,580) (3,652) Dividends paid to non-controlling interest (605) (869) (1,646) (1,677) (1,871) Free cash flow 4,173 2,697 8,173 10,284 13,255 M&A activities (18) (105) (601) 1,991 1,889 Free cash flow before M&A activities 4,191 2,801 8,774 8,292 11,366 M&A activities reconciliation to cash flow statement Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Classification in cash flow statement M&A transaction Proceeds from disposal of businesses, net of cash disposed Satellite – – – 2,122 2,122 Canal Digital – – (197) – – Otrum – – 84 – – Other disposals – – (10) 26 16 Purchases of businesses, net of cash acquired True Corporation – (34) (493) (34) (34) Investments in other associates (18) (45) (76) (98) (190) Other acquisitions – (25) 9 (25) (25) Proceeds from sale and purchase of other investments Other disposals – – 82 – – Total (18) (105) (601) 1,991 1,889 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 51
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Return on capital employed (ROCE) Return on capital employed is a metric which is used to evaluate profitability and development of profitability in Telenor's existing business. The measure is calculated by dividing the earnings of last twelve months by the average balance of capital employed for the same twelve-month period. Earnings are defined as operating profit including share of profits from associates and joint ventures, less income taxes. Acquisitions and disposal effects that do not exhibit 12 months returns in actual figures are excluded from the calculation for the respective period. Capital employed is defined as the sum of total equity and net interest-bearing debt including licence obligations and net pension obligations. The average of capital employed during the period is calculated as average of opening and closing balance for the given twelve-month period. The calculated return on capital employed is based on the actual generated return, and hence it may be impacted by unusual returns or losses at a particular point of time. Return on capital employed is provided both including and excluding associates and joint ventures. ROCE excluding non-controlled entities provides additional information on Telenor’s operational efficiency and profitability, as it isolates returns generated from capital employed in areas where Telenor exercises control. As such, this metric is also more aligned with internal capital allocation and performance follow- up. Last twelve months Year NOK in million 30 September 2025 30 September 2024 2024 Operating profit 18,568 18,642 18,623 Share of net income (loss) including gains/losses from associates and joint ventures 481 (519) 6,812 Income taxes (4,789) (4,630) (3,725) A - Earnings 14,261 13,493 21,710 Total equity as of beginning of the period 80,003 80,068 70,434 Net interest bearing debt including licence obligations as of beginning of the period 87,742 85,949 84,956 Net pension obligations as of beginning of the period 1,900 1,758 1,821 B - Total capital employed as of beginning of the period 169,645 167,775 157,212 Total equity as of end of the period 71,901 80,003 81,772 Net interest-bearing debt including licence obligations as of end of the period 88,654 87,742 90,886 Net pension obligations as of end of the period 2,058 1,900 2,068 C - Total capital employed as of end of the period 162,613 169,645 174,727 D - Average capital employed (D=(B+C)/2) 166,129 168,710 165,969 E - Return on capital employed (E=A/D) 8.6 % 8.0 % 13.1 % Share of net income (loss) including gains/losses from associates and joint ventures 481 (519) 6,812 F - Earnings (A) excluding associates and joint ventures 13,780 14,012 14,898 Carrying amount of associates and joint ventures as of beginning of period 67,540 61,050 50,942 Carrying amount of associates and joint ventures as of end of period 64,022 67,540 66,793 Associates and joint ventures classified as held for sale 1) 928 – – Average capital employed of associates and joint ventures 66,245 64,295 58,867 G - Average capital employed (D) excluding associates and joint ventures 99,884 104,415 107,102 H - Return on capital employed (E) excluding associates and joint ventures (H=F/G) 13.8 % 13.4 % 13.9 % Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 52 1) Allente classified as held for sale upon Telenor signing sales agreement with Viaplay in July 2025.
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Adjusted net income and adjusted EPS Adjusted net income is defined as net income (attributable to equity holders of Telenor ASA) adjusted for items affecting comparability between periods. These line items in the income statement are listed in the reconciliation table to the right and is the complete list of line items adjusted for including relevant effect on income tax and non-controlling interests. Adjusted earnings per share (Adjusted EPS) is calculated as adjusted net income attributable to equity holders of Telenor ASA, divided by average number of shares outstanding. The definition does not adjust for write-downs, gains/losses or other above-mentioned items affecting comparability within associated companies. We believe adjusted net income and adjusted EPS provide useful and necessary information to investors, and other stakeholders for the following reasons: • they provide additional information on the underlying earnings performance of the business without the effect of factors of non-recurring nature; and • they increase the transparency and increases the usefulness of tracking the development the group’s operational and financial performance over time in a single measure. Reconciliation Third quarter First three quarters Year NOK in million 2025 2024 2025 2024 2024 Net income attributable to equity holders of Telenor ASA 3,027 3,272 8,947 17,372 18,336 Adjustments: Other income (21) (1) 699 1,445 (1,485) Other expenses 93 117 (430) (498) 898 Impairment losses – 2 – (4) 73 Impairment and gain/loss on disposal of associates and joint ventures (269) – 264 7,015 (6,606) Net currency gain/loss (241) 187 435 (502) 484 Net change in fair value of financial instruments (120) (766) (290) 2,237 (2,491) Net gains, losses and impairment of financial assets and liabilities – – 1 1 (27) Gain/loss on disposal in discontinued operations (6) (158) 30 76 260 Income tax effect of above items 70 (37) (13) (184) (217) Non-controlling interest share of above items (1) (13) (30) (37) (33) Total adjustments (494) (670) (690) (9,839) (9,144) Adjusted net income attributable to equity holders of Telenor ASA 2,533 2,603 8,256 7,533 9,191 Average numbers of shares outstanding 1) 1,368 1,368 1,368 1,379 1,376 Earnings per share 2) 2.21 2.39 6.54 12.60 13.32 Adjusted earnings per share 2) 1.85 1.90 6.04 5.46 6.68 Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 53 1) in million 2) in NOK
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Other definitions Subscriptions Mobile subscriptions include contract (postpaid) and prepaid subscriptions to Telenor customers. Wholesale subscriptions and SIM cards used for IoT applications and twin/multi-SIM cards are not included. Fixed broadband, TV and telephony subscriptions include access over fibre, hybrid fibre cable, copper (xDSL), and fixed wireless access. Average revenue per user (ARPU) Mobile ARPU is calculated based on revenues from subscription fees, outgoing traffic and value-added services from own subscriptions, and interconnect revenues, divided by the average number of subscriptions for the relevant period. For fixed operations, ARPU is calculated based on revenues from own subscriptions, divided by the average number of subscriptions for the relevant period. Workforce Workforce or number of employees is measured in terms of the number of full-time equivalents (FTEs) at the end of the period. Organic change Organic change in a financial metric, typically when compared to the same period last year, is calculated by adjusting for significant effects of acquisitions and disposals of operations (M&A) and currency effects .The term is mainly used for describing the year-on- year development in services revenues and adjusted EBITDA. Scope 1, 2 and 3 greenhouse gas (GHG) emissions Scope 1 emissions are the emissions Telenor makes directly, mainly from diesel generators. Scope 2 emissions are indirect emissions from purchased energy. Scope 3 cover all other indirect emissions both up and down the value chain and covers areas such as purchased goods and services, capital goods, employee commuting, use of sold products and investments. Telenor follows the corporate standard from GHG Protocol for calculating the GHG emissions. Take-back rate for mobile devices The take-back rate for mobile devices is defined as the number of used mobile devices collected through operator take-back schemes, divided by the number of new mobile devices distributed to customers. Number of people trained in digital skills Measures the number of people receiving meaningful training within digital skills and online safety. Every person counted must complete a training session (virtual, in-person or hybrid). Mobile internet users Measures the share of active mobile data users out of Telenor’s total mobile subscription base. Users with at least 150kb of data during the last three months are defined as active data users. Financial calendar Q3/2025 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 54 Capital Markets Day 11 November 2025 Fourth quarter 2025 6 February 2026 Annual report 2025 26 March 2026 First quarter 2026 28 April 2026 Annual General Meeting 19 May 2026 Second quarter & half year 2026 16 July 2026 Third quarter 2026 28 October 2026
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Third quarter 2025 Published by Telenor ASA N-1360 Fornebu, Norway Phone +47 67 89 00 00 Investor relations Email: ir@telenor.com www.telenor.com