Slides
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Telenor results presentation Fourth quarter and full year 2025 CFO Torbjørn Wist
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Disclaimer The following presentation deck is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Telenor Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation contains statements regarding the future in connection with the Telenor Group’s growth initiatives, profit figures, outlook, strategies and objectives. In particular, the slides in the “Outlook” section of this presentation contains forward-looking statements regarding the Telenor Group’s expectations. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual results and developments deviating substantially from what has been expressed or implied in such statements. The comments in the presentation are related to Telenor’s development in 2025 compared to the same quarter of 2024, unless otherwise stated. Unless otherwise stated, growth metrics are expressed in ‘organic’ terms, i.e. on a like-for-like basis with regards to currency effects, acquisitions and divestments. 2
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Agenda 3 Q4 2025 3 Group highlights Period in review Financial highlights Group Nordics Asia Amp P&L, cash flow and leverage Dividends and capital allocation Outlook Concluding remarks CFO
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Q4 2025 Group portfolio simplification 4 Highlights Proposing strong shareholder returns Performance in line with outlook and ambitions
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2.1 % Proven commitment to simplification and value creation 5Q4 2025 * Capital Markets Day Post CMD … 11 November 2025 Nov–Dec 2025 22 January 2026 Closing two exits True divestment • End of a successful 25-year chapter in Thailand • NOK 39bn to be received in two tranches • Telenor Pakistan EV of NOK 5.7bn • Allente: Received final NOK 1.0 bn Initial priorities • Strengthen customer centricity • Sharpen RoCE focus • Reinforce people and execution culture • Deliver on 2025 ambitions January 2025 Pre CMD A refreshed strategy for a future-fit Telenor
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Full-year performance 6Q4 2025 Organic service revenues growth EBITDA adj. growth Capex/sales (excl. leases) Outlook EBITDA adj. growth FCF before M&A Actuals 2025 Nordics Group Around NOK 13 bn 5.8% NOK 12.9 bn 2.7% 8.7% 14.3%Around 14% 5-6%* 2-3% 8-9% 6 * Note: Telenor Pakistan is now reported as discontinued business, not contributing to sales and EBITDA. This divested business unit had a contribution of ~1 percentage point on the most recent 2025 group EBITDA outlook.
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Q4 2024 Q4 2025 YoY % Service revenues, mn 15,234 15,311 2.6% EBITDA adj., mn 7,918 8,561 11.7% Net income adj., mn 1,598 3,026 89% EPS adj. 1.17 2.21 89% FCF before M&A, mn 3,073 4,095 33% Key figures, NOK and % Capex to sales 15.5% Leverage ratio 2.2x Key ratios ROCE (LTM)2 9.2% YoY: -4.0 p.p. QoQ: 2.6 p.p Q4 2025: Group financial highlights YoY: -0.2x3 QoQ: -0.1x3 YoY: -3.8 p.p. QoQ: 1.0 p.p. 1 1 7Q4 2025 1) Organic growth ; 2) ROCE excl. associates and joint ventures: 13.6%, 3) Compared to previously reported figures prior to divestment of Telenor Pakistan
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2.2 0.7 -0.3 0.1 2.6% Nordics Asia Amp Elim. Group Percentage-point contribution to YoY %-growth Organic growth 2.8% 3.4% -8.6% 2.1 % YoY% NOK mn ** Nordics growth 2.5% YOY adjusted for reversals in Q4 2024 relating to VAT in Norway and Sweden. Asia growth 0.4% YOY adjusted for revenue correction in Grameenphone in Q4 2024 Note: Telenor Infrastructure does not book service revenues Service revenues 15,234 15,040 15,493 15,351 15,311 0.5% 1.4% 2.2% 1.9% 2.6% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 2025 Group service revenue growth of 2.6% 8 ** Q4 2025 * 1.8% adjusted for reversals and GP revenue correction in Q4 2024. ** *
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-1.8% Opex (NOK million* and YoY%) Organic growth -0.7% 6.6% -4.5% 7.6% <blank > Opex YoY change by category (NOK million* and %) 1.8% 2.9% -10.6% -13.0% * FX adjusted, see APM section of report 47 -22 40 -19 -161 -115 Salaries and Personnel Operation and Maintenance Sales, Marketing, and Commission Energy Other Opex Total 6,565 -33 82 -10 26 -180 6,449 Q4 24 Nordics AsiaInfrastructureAmp Other and elim Q4 25 -1.9% Group opex declined by 1.8% 9Q4 2025
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7,918 8,069 8,781 9,050 8,561 0.4% 0.2% 6.9% 4.5% 11.7% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Organic growth 8.7% -7.3%2.8%129.7% Group EBITDA growth of 11.7% supported by strong performance in all business areas 10 Percentage-point contribution to YoY %-growthYoY% NOK mn Q4 2025 Timing of internal charges EBITDA adjusted Q4 2025 * * 8.5% adjusted for reversals and GP revenue correction in Q4 2024. ** Nordics +7.3% adjusted for reversals in Q4 2024 relating to VAT in Norway and Sweden. ** 6.9 1.5 0.2 1.1 -3.0 3.1 1.3 0.7 11.7% NordicsAmp Infra GP Asia HQ ASA HQ OthersGroup elim Total Asia
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1.3 0.3 0.4 0.8 0.0 2.8% NO SE DK DNA Elim. Total Nordics service revenues, YoY organic change Nordics service revenues, NOK mn Organic growth 2.9% 1.4% 3.6% 3.9% Percentage-point contribution to YoY % SR growth 11,166 11,348 11,756 11,729 11,841 2.3% 2.3% 3.7% 2.1% 2.8% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 11Q4 2025 Nordics organic SR growth of 2.8% Norway top contributor to Q4 growth: • Mobile ARPU +5% in NO • Fixed ARPU +6% in NO, +3% in DNA *Net additions are measured on a QoQ basis • Strong sales performance in all BUs • Churn continued to increase • Front-book under pressure in Finland due to promotional pricing • Growing the mobile postpaid base ◦ SE & DK: +59K net adds ◦ NO & DNA: -24K net adds • 12K net fibre adds in Norway Steady SR growth in Nordics despite brisk competition 11
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EBITDA Norway, YoY% Norway largest growth contributor to EBITDA in Q4 4.9 2.3 0.4 1.3 -0.1 8.7% NO SE DK DNA Other Nordics adj. EBITDA. EBITDA growth in Nordics of 8.7% from continued gross margin expansion and opex reductions 5897981.13 6264402.8356781682.485 7088402.8 6588796.51 5,898 6,264 6,782 7,088 6,589 6.0% 5.8% 12.5% 8.0% 8.7%5.9% 4.2% 16.1% 9.2% 9.3% -0.8% -0.9% -1.6% -2.1% -0.7% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Percentage-point contribution to YoY adj. EBITDA % growth Organic growth EBITDA Nordics, NOK mn 9.3% 11.0% 5.8% 6.6% 12Q4 2025 EBITDA Nordics, YoY% Opex, Nordics, YoY% 5,898 6,264 6,782 7,088 6,589 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Transformation on track * * 7.3% adjusted for VAT-related reversals in Norway and Sweden in Q4 2024
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Asia: Stable business, more focused portfolio Grameenphone Other/Elim -7.3% Service revenues: EBITDA adjusted: (NOK mn and YoY %) +3.4% 3,622 3,031 Q4 24 Q4 25 2,345 1,775 161 -71 2,184 1,846 Q4 24 Q4 25 • CelcomDigi Q3: Turnaround to growth, EBITDA decline • Stable dividend received in Q4 • Work ongoing to address challenged 5G situation • 100MHz of 5G new spectrum expected for ‘DNB’ in Q2 • Telenor is a committed partner for long-term value creation • Received inaugural dividend of NOK 0.6 bn in Q4 • Selling ~25% of True to Arise, with mutual put/call option to sell the remaining ~5% stake after two years • Expected total proceeds of NOK 39 bn Consolidated: Grameenphone and Asia HQ Associated companies Q4 2025 (NOK mn and YoY %) * SR growth and EBITDA growth in Grameenphone were flat adjusted for Q4 2024 correction ** Asia result negatively affected by timing of internal charges in Q4 2024. ** ** 13
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Q4 2025 14 Q4 Full Year +14.5 % Q4 Full Year +153 % 2024 2025 Adj. EBITDA, NOK mnTotal revenues, NOK mn High volume growth in KNL • Strong revenue growth from order deliveries to the Finnish Defence and Swedish Armed forces • High operational leverage All time high growth in Connexion • Growing total SIM base to 26.3 million, a 24% increase year-over-year Continued valuation uplift • Updated NAV of NOK c. 14bn as of Q4 2025 (details on website) 11% 130% Amp ended 2025 with strong performance
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Q4 2025 15 P&L: EPS adj. up 89% in Q4 and 24% in FY’25 PROFIT AND LOSS HIGHLIGHTS Q4 2025 Q4 2024 FY 2025 FY 2024 Q4 2025 comments Total revenues 19,844 19,285 76,548 75,487 Service revenues 15,311 15,234 61,194 60,707 Cost of materials and traffic charges -4,857 -4,713 -17,244 -17,313 Opex -6,426 -6,653 -24,842 -25,002 EBITDA adjusted 8,561 7,918 34,462 33,173 Other income and expenses -437 -257 -170 690 Scrapping of IT equipment, workforce reductions EBITDA reported 8,124 7,661 34,292 33,863 Depreciation and amortisation -4,091 -4,039 -16,312 -15,878 Impairment losses -2 -68 -2 -73 Operating profit (loss) 4,031 3,554 17,978 17,912 Associates and JVs - share of net income 473 -459 1,557 206 Associates and JVs - Impairments and gains (loss) -58 -409 205 6,606 Net financial Items -1,100 -518 -3,147 -1,230 Fair value changes causing NOK 0.5bn YoY swing Profit (loss) before taxes 3,345 2,168 16,593 23,494 Profit (loss) from discontinued operations -3,274 99 -2,715 333 Telenor Pakistan: NOK 3.0 bn loss on disposal and NOK 0.4 bn due to tax expense Non-controlling interests 253 319 1,329 1,773 Net income to equity holders of Telenor ASA -761 964 8,186 18,336 EPS from total operations -0.56 0.70 5.98 13.32 EPS adjusted 2.21 1.17 8.22 6.65
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8,561 478 -845 -805 676 1,300 -2,855 -113 -1,068 -459 -689 -86 4,095 4,994 9,089 EBITDA adj. EBITDA adj. from disc. operations Income taxes paid Net interest paid Operating Working capital Dividends from associates Capex paid Spectrum lease payments Other lease payments Lease pre-payments Other cash items Dividends to NCI FCF before M&A M&A Total Free Cash Flow Seasonally high in Q2 and Q4 Grameenphone 0.4 bn; Telenor Pakistan 0.3 bn Q4 free cash flow, with drivers (NOK mn) Handset financing True 629 mn, CelcomDigi 346 mn, Allente 320 mn Nordics 2.2 bn, Grameenphone 0.2 bn Q4 2025 Mainly Nordics Grameenphone Commissions, pensions and workforce reductions* Sweden: 390 mn multiband spectrum pre-payment 16 4.6bn and 0.6 bn from Telenor Pakistan and Allente, respectively; Skygard -0.2 bn Telenor Pakistan *Cash commission payments incremental to amortised costs of NOK 0.3bn Q4 portion of Q3 payment to NCI in Grameenphone FCF before M&A of NOK 4.1 bn; total FCF of 9.1 bn
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79.8 79.0 83.2 83.5 86.8 81.5 90.2 85.0 81.7 2.2 2.2 2.3 2.3 2.4 2.2 2.4 2.3 2.2 NIBD ex licence obligations (NOK bn)Leverage ratio Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Leverage ratio = Net interest-bearing debt (ex license obligations)/[EBITDA adjusted + dividends from associated companies]. *Historical ratios as communicated to the market Target leverage 1.8x-2.3x Leverage ratio and NIBD Q4 2025 * 17 Leverage ratio within target range Macro and FX fluctuations in Bangladesh Seasonality of dividend payments Short-term factors End-of-quarter EUR/NOK FCF fluctuations and M&A effects
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Q4 2025 Shareholder remuneration (Payout year) Strong commitment to our dividend policy: “Year-on-year growth in ordinary dividends per share” The board has proposed a FY2025 dividend of NOK 9.70 per share, to be paid in two tranches: • NOK 5.00 per share (June 2026) • NOK 4.70 per share (October 2026) 2025 Dividends: 2010 2011 2012 2013 10.6 2014 2015 2016 2017 12.0 2018 12.2 2019 12.4 2020 12.6 2021 13.0 2022 2023 2024 2025 2026* 11.0 11.3 11.7 13.1 13.1 13.1 NOK/ shareNOK bn 6.2 4.4 7.9 4.9 13.3 4.5 6.5 3.6 2.0 9.2 Ordinary dividend per share (right axis) Total ordinary dividends Buybacks Special dividends * in NOK billion based on current share count 18 Consistent commitment to capital returns
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Q4 2025 19 True proceeds to be used for buybacks, debt repayment and potential value-accretive M&A Anticipated use of True divestment proceeds • NOK 15 bn buyback programme • NOK 11.5bn repayment of EUR bond • NOK 6 bn payment for GlobalConnect Norway B2C • Flexibility for value-accretive investments/M&A in the Nordics if available – Consider additional return of capital if not Our capital allocation priorities stay firm (CMD 2025) • Revenue growth • Cost efficiencies • Capital efficiencies • Capex & M&A discipline
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Q4 2025 20 Intent Execution Safeguards Preparing buyback programme of NOK 15 bn • Intention to initiate 3-year buyback programme • S u p p o r t p e r - s h a r e a c c r e t i o n and dividend coverage • Option to extend buybacks further in the absence of M&A • Size: NOK 15 billion • Annual AGM authorisations • Programme start following closing of True tranche 1 and AGM • Arms-length broker execution • Norwegian State expected to participate, as previously • MAR compliance • Time to completion may potentially depend on stock liquidity • Stay within target leverage band
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Organic service revenues growth Organic EBITDA adj. growth Capex/sales (excl. leases) Note: Outlook excludes potential items related to prior years’ activities. Nordic growth is adjusted for transfer and sale of business, see outlook section in report for details. *Excluding payments on spectrum commitments incremental to 2024 level as communicated on CMD. See note 29 in 2024 Annual report for reference on non-prepaid commitments. Q4 2025 2026 Return on capital employed Nordics Group Outlook 2028 2030 Organic EBITDA adj. growth Mid-and-long-term ambitions Around 14% Mid single-digit Low single-digit Low single-digit Low single-digit Low- to-mid single-digit Low- to-mid single-digit <13% 11-12% >11% >12% FCF before M&A, excl. associates* 10-11 bn 12-13 bn 14-15 bn Low-to-mid single-digit 21 Financial outlook and ambitions
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Contents Q4 2025 22 Group highlights Period in review Financial highlights Group Nordics Asia Amp P&L, cash flow and leverage Dividends and Outlook Concluding remarks CFO
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Concluding remarks Q4 2025 23
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Q&A Q4 2025 24
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Appendix Q4 2025
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26 Progress on ESG agenda Women in senior leadership positions Series 1 Series 1 Series 1 Series 1 Environmental Scope 1&2 emissions reductions* Series 1 Scope 3: Share of supplier spend covered by SBTs People trained in digital skills (mn) Social Governance Supply chain non-conformities resolved Series 1 *Baseline year 2019. The 2025 figure is an estimate and will undergo validation before 2025 figure will be included in the annual report. Updated 2030 target. Note: Our scope 3 target includes that the associates in Thailand and Malaysia set science-based targets. True Corporation in Thailand their targets were validated by SBTi in February 2025 and CelcomDigi in Malaysia submitted targets to SBTi for validation in December 2025. 50% 61% 88% 96% 90% 2022 2023 2024 2025 2025 Target 3.0 4.1 12.3 13.5 6.0 2022 2023 2024 2025 2025 Target -13% -17% -37% -32% -69% 2022 2023 2024 2025 2030 Target 34% 34% 36% 38% 40% 2022 2023 2024 2025 2025 Target 36% 51% 63% 67% 66% 2022 2023 2024 2025 2025 Target Q4 2025
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3,180 3,260 3,672 3,769 3,477 1,589 952 1,114 1,091 1,303 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Norway Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin Mobile ARPU (NOK/month) EBITDA adjusted and capex (NOK mn) Organic growth assuming fixed currency, adjusted for acquisitions and disposals. Organic growth, YoY 52.8% 54.1% EBITDA Margin Service revenues -2.2% +4.5% 2,600 2,570 2,561 2,561 2,544 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 407 408 424 426 426 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 9.3% EBITDA adj. CAPEX ex. Leases 5,158 5,079 5,303 5,306 5,307 49% 52% 55% 56% 50% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2.9% 27Q4 2025
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Sweden Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin Mobile ARPU (SEK/month) Organic growth assuming fixed currency, adjusted for acquisitions and disposals. Organic growth, YoY 52.8% 54.1% EBITDA Margin Service revenues +3.2% +1.9% 2,993 3,003 3,016 3,043 3,088 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 187 184 190 190 191 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1,153 1,179 1,300 1,427 1,397 767 394 504 448 490 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 11.0% 2,458 2,573 2,696 2,672 2,726 35% 37% 40% 43% 40% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1.4% 28 EBITDA adjusted and capex (NOK mn) EBITDA adjusted CAPEX ex. Leases Q4 2025
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Denmark Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin Mobile ARPU (DKK/month) Organic growth assuming fixed currency, adjusted for acquisitions and disposals. Organic growth, YoY 52.8% 54.1% EBITDA Margin Service revenues +0.2% +1.8% 1,696 1,699 1,697 1,691 1,700 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 123 124 124 127 125 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 414 491 503 509 452 333 203 140 154 276 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1,114 1,171 1,172 1,196 1,190 27% 32% 33% 33% 28% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 3.6% 29 EBITDA adjusted and capex (NOK mn) EBITDA adjusted CAPEX ex. Leases 5.8% Q4 2025
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Finland Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin Mobile ARPU (EUR/month) Organic growth assuming fixed currency, adjusted for acquisitions and disposals. Organic growth, YoY 52.8% 54.1% EBITDA Margin Service revenues +0.2% 2,803 2,792 2,812 2,840 2,808 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 19 20 20 19 20 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1,156 1,326 1,297 1,356 1,276 491 199 278 305 611 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 6.6% 2,445 2,535 2,587 2,567 2,627 35% 41% 40% 42% 36% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 3.9% 30 EBITDA adjusted and capex (NOK mn) EBITDA adjusted CAPEX ex. Leases +2.4% Q4 2025
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Norway 1,975 55% Sweden 838 24% Denmark 151 4% Finland 597 17% Finland 697 707 18 16 24 26 285 300 370 366 Q4 24 Q4 25 Denmark 108 108 13 0 66 86 29 23 Q4 24 Q4 25 Sweden 660 614 660 614 Q4 24 Q4 25 Norway 715 702 121 111 433 454 162 137 Q4 24 Q4 25 Q4 2025: Nordics fixed broadband Total fixed broadband subscriptions (‘000) FWA Fibre Cable DSL Nordic fixed service revenues, NOK mn and share of total (%) 31Q4 2025
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32 Mobile subscribers (‘000) Mobile ARPU (BDT/month) Service revenues (NOK mn) and EBITDA margin EBITDA adjusted CAPEX excl leases EBITDA adjusted and capex (NOK mn) Organic growth assuming fixed currency, adjusted for acquisitions and disposals. EBITDA Margin Service revenues Bangladesh 84,252 84,817 86,256 85,559 83,856 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -0.5% 3,622 3,315 3,315 3,169 3,031 57% 57% 60% 59% 58% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 3.4% 145 148 157 152 148 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 +2.4% 2,184 1,998 2,090 1,960 1,846 282 437 269 255 149 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 4.8% Organic growth, YoY Q4 2025
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33 Debt information 11.8 7.4 7.7 14.6 7.9 5.9 8.9 0.0 5.9 15.8 0.0 2026 2027 2028 20292030 2031 2032 2033 2034 20352036 -> 0.0 5.0 10.0 15.0 20.0 Additional facts: Bond maturity profile (NOK bn) FX impact on net debt (NOK bn): Q4 2024 Q4 2025 Grameenphone 4.0 3.6 Q3 2025 Q4 2025 ‘-1.1 (NIBD decrease) ‘+1.0 (NIBD increase) Net debt in partially-owned subsidiaries (NOK bn): NOK in million 31 December 2025 31 December 2024 Non-current interest-bearing liabilities 74,187 72,730 Non-current lease liabilities 11,399 13,697 Current interest-bearing liabilities 12,607 11,350 Current lease liabilities 3,660 3,844 Less: Cash and cash equivalents -16,335 -10,380 Hedging instruments 0 -36 Financial instruments -358 -319 Adjustments: Non-current licence obligations -2,676 -3,339 Current licence obligations -752 -760 Net interest-bearing debt excluding licence obligations 81,731 86,788 Net debt reconciliation of the Net debt APM: Q4 2025
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Return on capital employed, LTM Note: See APM section in quarterly report for ROCE calculation and definition. 2012-2019 numbers including Myanmar Results before 2019 is pre IFRS 16 and Digi and Dtac is included until the end of 2021. 10% 12% 12% 8% 8% 13% 16% 14% 13% 11% 17% 11% 14% 9% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 34 Q4 2025
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Fourth quarter and full year 2025 Published by Telenor ASA Snarøyveien 30 N-1360 Fornebu, Norway Investor relations Email: ir@telenor.com www.telenor.com/investors 35