Slides
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Telenor Results presentation Q3 2026 28 October 2026 President & CEO Benedicte Schilbred Fasmer CFO Torbjørn Wist
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Disclaimer The following presentation deck is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Telenor Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation contains statements regarding the future in connection with the Telenor Group’s growth initiatives, profit figures, outlook, strategies and objectives. In particular, the slides in the “Outlook” section of this presentation contains forward-looking statements regarding the Telenor Group’s expectations. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual results and developments deviating substantially from what has been expressed or implied in such statements. Unless otherwise stated, revenue and EBITDA growth metrics are expressed in ‘organic’ terms, i.e. on a like-for-like basis with regards to currency effects, acquisitions and divestments. 2
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Contents CFO CEO Q3 2026 3 Q3 2026 highlights New leadership team Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance Business unit deep-dives P&L, cash flow and leverage Outlook Concluding remarks CEO
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Contents Q3 2026 4 CEO CFO CEO Q3 2026 highlights New leadership team Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance Business unit deep-dives P&L, cash flow and leverage Outlook Concluding remarks
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Strong free cash flow and EPS growth Third quarter highlights Leaner organisation and new leadership team Full-year outlook reaffirmed 5 Disciplined execution in competitive markets Q3 2026
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Q3 2026 Q3 2025 YoY % Service revenues, mn 14,809 15,351 1.6% EBITDA adj., mn 8,776 9,050 1.5% Net income adj., mn 3,679 2,553 44.1% EPS adj. 2.70 1.87 45.0% FCF before M&A, mn 4,727 4,191 12.8% Key figures, NOK and % CAPEX to Sales 13.1% Leverage ratio 1.2x Key ratios, Group ROCE (LTM)** 9.6% YoY: +0.2 p.p. QoQ: -1.4 p.p YoY: -1.1x QoQ: -0.2x YoY: +1.9 p.p. QoQ: +6.0 p.p. * * 6*Organic growth Q3 2026 **ROCE excl. associates and joint ventures: 19.9%, with a major QoQ uplift from the gain related to Connexion. Q3 2026: Group financial highlights
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CEO Asia Fridtjof Rusten 7Q3 2026 Leaner organisational structure President & Chief Executive Officer Benedicte Schilbred Fasmer New Group Leadership Team from 18 August Chief Technology & Transformation Officer Jon Omund Revhaug Chief People & Organisation Officer (Acting)* Elisabeth Stene Chief Corporate Development Officer Inger Gløersen Folkeson General Counsel Siri B. Bang Berge Chief Corporate Affairs Officer Thomas Midteide Chief Financial Officer Torbjørn Wist CEO Telenor Norway Birgitte Engebretsen CEO Telenor Sweden Jonas Edén CEO Telenor Denmark Lars Thomsen CEO DNA (Finland) Jussi Tolvanen *Olav Hypher will become Telenor’s new Chief People Officer from 1 February 2027.
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• Positive customer momentum, lower churn • Competitive B2B and fixed segments • Attractive data centre connectivity contract • Unusually promotional third quarter • Sound B2B ARPU growth • +5k fibre net adds • Disciplined opex amid high transformation activity 8Q3 2026 High transformation activity amid competitive Nordic markets Telenor Norway Business unit Telenor Sweden Telenor Denmark YoY growth DNA Comments • 4.5% Mobile SR growth • Gross profit +3.3% YoY • +35k mobile net adds • Transformation supporting profitability • EBITDA margin of 44% -0.1% -0.4% SR EBITDA • Supportive mobile ARPU development • Product mix and streaming weighing on gross margins • Transformation and sales costs driving opex 5,306 5,298 3,769 3,756 Q3 25 Q3 26 Service revenues, NOK mn Adj. EBITDA, NOK mn -0.1% -0.4% X% YoY growth, % 2,672 2,4871,427 1,379 Q3 25 Q3 26 0.4% 3.8% 1,196 1,151509 448 Q3 25 Q3 26 4.0% -4.9% 2,567 2,3921,356 1,255 Q3 25 Q3 26 0.6% -0.1%
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Q3 2026 Resilience in Grameenphone (0.1)% (0.4)% SR EBITDA YoY growth Asia 9 [dummy] [dummy] • Bangladesh macro broadly stable, but under pressure • Increased data revenues and customer net adds of 0.6mn (GP) • New combo packages launched to manage voice-to-data transition; phasing of some costs to Q4 (GP) • CelcomDigi awarded key 4G spectrum, DNB awarded 5G spectrum • Stable dividends from CelcomDigi 3,169 2,961 1,968 1,851 Q3 25 Q3 26 Service revenues, NOK mn Adj. EBITDA, NOK mn 0.3% 0.9% X% YoY growth, %
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Background • Telenor entered Myanmar to support the country’s democratization: Built new infrastructure across the nation offering 18 million customers connectivity for the first time. • When the brutal military coup took place in 2021 the company found itself in an impossible situation with no good options and decided to exit. • The lives of the Telenor Myanmar’s employees were at risk, leaving the company with no alternative but to act to protect them. • Additionally, the Justice and Accountability Initiative (JAI) has filed a class action lawsuit against Telenor for alleged liability linked to the disclosure of customer data. Q3 2026 events ◦ Telenor became the subject of a police investigation and has been charged on two counts: violations of sanctions regulations and complicity in crimes against humanity. In addition, a local district court in Norway allowed the JAI class action to proceed. • We are fully cooperating with the authorities, which have previously dismissed both matters after review. • We remain deeply mindful of the immense suffering endured by the people of Myanmar following the coup. At the same time, Telenor maintains that the company has not committed any criminal offence and disputes the class action lawsuit. Q3 2026 Update on Myanmar 10
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11Q3 2026 Strong momentum in IoT (0.1)% (0.4)% SR EBITDA Corporate Development Portfolio (CDP) Q3 2026 highlights • Deconsolidated following successful closing of divestment of 50% stake • Proceeds of SEK 3.9 bn3, of which up to SEK 2.0 bn committed to attractive M&A pipeline • 18% pro forma LTM revenue and EBITDA growth 1) Equity ownership, internal estimate. See appendix for more details. 2) Total exit proceeds + total dividends in the period, including dividends and group contribution from consolidated companies. 3) In addition, Telenor will receive a vendor note payment of SEK 852 million, plus accrued interest, upon Verdane’s exit. • Strategic momentum in defence industry • Secured framework agreement with Danish Armed Forces • Telenor Sovereign Cloud, Telenor AI Factory and Skygard Data Centre stake included in Corporate Development Portfolio 3.4 1.6 2.4 2.9 1.2 IoT Security Sovereignty Partners Other direct investments NOK >10 bn NOK 11.4 bn Portfolio composition and NAV as of Q3 2026, NOK bn1 Total proceeds since Q4 20222
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Contents Q3 2026 12 CEO CFO CEO Q3 2026 highlights New leadership team Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance Business unit deep-dives P&L, cash flow and leverage Outlook Concluding remarks
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-0.1 0.1 0.3 0.1 0.1 0.8 0.2 1.6% NO SE DK DNA Asia Other units Elim. Total -0.1% 0.4% 4.0% 0.6% 0.3% 28.1% Percentage-point contribution to YoY %-growth Organic growth 2.1 % YoY% NOK mn Note: Telenor Towers does not book service revenues Group service revenues 15,351 15,311 14,844 14,679 14,809 1.9% 2.6% 1.6% -0.7% 1.6% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 2026 13 Group service revenue of 1.6% Q3 2026
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-0.1% 5,608 -12 21 31 4 -30 -1 1 5,623 Q3 25 NorwaySwedenDenmarkDNA Asia Other units Elim. Q3 26 0.3% Opex, Group NOK million* and YoY% Organic growth -0.7% 2.5% 6.3% -2.6% <blank > Opex YoY change by category NOK million* and % 1.6% 2.2% 10.6% -3.5% * Nominal NOK figures are FX and M&A adjusted, see APM section of report; ** Including NOK 51 mn one-off reduction in costs 33 -31 29 18 -34 14 Salaries and Personnel Operation and Maintenance Sales, Marketing, and Commission Energy Other Opex Total Transformation, sales and energy opex increases offset by structural opex cuts and discipline -2.8% 14Q3 2026 0.4% **
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-0.1% 0.9%-0.4% 3.8% -4.9% 7.8% -0.2 0.6 -0.3 0.0 0.2 0.6 0.5 1.5% NO SE DK DNA Asia Other units Elim. Group 9,050 8,561 8,046 7,987 8,776 4.5% 11.7% 3.1% -4.8% 1.5% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26Organic growth 15 Sequential improvement in Group EBITDA Percentage-point contribution to YoY %-growthYoY% NOK mn Q3 2026 EBITDA adjusted, Group Q3 2026
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Contents Q3 2026 16 CEO CFO CEO Q3 2026 highlights New leadership team Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance Business unit deep-dives P&L, cash flow and leverage Outlook Concluding remarks
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Aggregated Nordic service revenues, NOK mn 4.1% 4.7% 3.2% -1.3% 0.5% -2.1% -0.7% 1.9% 1.6% 1.1% 7.7% 8.9% 4.1% -3.0% 0.2% Gross profit Opex EBITDA Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Aggregated Nordic metrics, YoY % 11,742 11,851 11,535 11,230 11,328 2.0% 2.8% 1.8% -1.3% 0.5% Service revenue growth, YoY% Norway Sweden Denmark DNA Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 17Q3 2026 Stable EBITDA from Nordic business units • Solid gross profit growth in Sweden, lower gross margins in Finland and Denmark • Cost base becoming structurally more efficient • Peak transformation costs in Norway, but also significant benefits • Increased sales costs in Sweden, Denmark and Finland • Tight cost management and some time-shifted market spend Operational highlights * Transfer of IoT from Nordics to Connexion and Coastal Radio to the Norwegian State.
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6.4% 9.0% 7.5% 11.0% 7.6% 5.2% 3.8%4.2% 16.1% 9.2% 9.3% 7.4% -7.7% -0.4% Norway 5,079 5,303 5,306 5,307 5,240 5,157 5,298 52% 55% 56% 50% 54% 52% 55% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2,573 2,696 2,672 2,726 2,667 2,538 2,487 37% 40% 43% 40% 40% 41% 44% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Cost discipline in Norway and all-time high EBITDA margin in Sweden Q3 2026 Sweden 5,298 55% • Strong commercial trend sustained; 3.3% gross profit growth • Structural cost reductions supported by fixed transformation and organisational adjustments • Opex reduction of 2% excluding sales & marketing costs 18 Adj. EBITDA margin, % Service revenues, NOK mn • New Sikre subscription in August, front-book more-for-more hikes in September • Transformation savings, disciplined spending and some cost deferrals offset inflation and legacy-to-cloud implementation costs. X% Adj. EBITDA YoY growth, %
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9.2% 9.7% 5.0% 6.6% -1.4% 2.1% -0.1%3.1% 2.1% 3.9% 5.8% -13.2% -1.5% -4.9% Denmark 1,171 1,172 1,196 1,190 1,156 1,137 1,151 32% 33% 33% 28% 28% 31% 30% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2,535 2,587 2,567 2,627 2,472 2,399 2,392 41% 40% 42% 36% 41% 41% 40% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Campaigns weighed on profitability in Denmark; Finland remained competitive Q3 2026 DNA (Finland) 5,298 55% • Strong sub growth, improved churn • Mobile ARPU flat excluding accounting adjustment in Q3 2025, supported by B2C pricing, offset by gift voucher deductions • Intensified competition in Fixed B2C and Mobile B2B continued 19 Adj. EBITDA margin, % Service revenues, NOK mn • Solid revenue growth, but the campaign-driven market and product mix effects weighed on gross margin • Opex increase driven by commissions from previous periods • Commercial actions taken to improve performance in Q4; IT transformation to yield benefits from mid 2027 X% Adj. EBITDA YoY growth, %
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-28.5% -19.0% -15.9% 306.9% 3.6% -23.8% 7.8%-5.1% -1.1% 1.1% -7.3% -1.7% -5.8% 0.9% Asia (Grameenphone and Asia HQ) 3,315 3,315 3,169 3,031 2,847 2,911 2,961 56% 59% 58% 55% 56% 57% 59% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2,013 2,118 2,185 2,319 2,023 2,075 2,084 16% 21% 25% 26% 17% 16% 26% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Asia resilient, improved performance in Other Units Q3 2026 Other units1 • Telenor Towers: Colocation growth and price increases in Norway • Strong service revenue growth (37%) YoY and EBITDA margin expansion in Connexion3 (on a pro forma basis) • Corporate functions revenues and EBITDA down, driven by NOK ~75mn impact from True procurement contract termination 20 Adj. EBITDA margin, % Service/total rev.2, NOK mn • Grameenphone’s top line returned to growth YoY supported by a NOK 20mn one-time settlement • Asia EBITDA growth was further supported by downsizing of the regional HQ since Q2 2026 and a NOK 31mn reversal • NOK 0.4 bn dividends received from CelcomDigi and True X% Adj. EBITDA YoY growth, % 1) Other units consists of Towers, Corporate Development Portfolio and Corporate Functions. 2) Service revenues shown for Asia, Total revenues shown for Other units. 3) Connexion was deconsolidated from 10 September and the remaining 50% stake is accounted for as an associated company.
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Contents Q3 2026 21 CEO CFO CEO Q3 2026 highlights New leadership team Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance Business unit deep-dives P&L, cash flow and leverage Outlook Concluding remarks
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45% growth in adjusted EPS partially explained by effects related to CelcomDigi and True last year PROFIT AND LOSS HIGHLIGHTS, NOK mn Q3 2026 Q3 2025 Q3 2026 comments Total revenues 18,593 19,147 Service revenues 14,809 15,351 Adjusted EBITDA 8,776 9,050 Reported EBITDA 15,394 8,977 Gain of 6.9 bn from sale of 50% of Connexion, 0.3 bn WFR costs Depreciation and amortisation -3,801 -4,093 0.2 bn lower due to FX impact Impairment losses 0 0 Operating profit (loss) 11,593 4,884 Associates and JVs - share of net income 351 35 Q3 ‘25: CelcomDigi 5G JV accounting adjustment of NOK 0.5bn Associates and JVs - Impairments and gains (loss) 45 269 Net financial Items -815 -381 Includes negative 0.5bn fair value adj. of True shares and put/call option Profit (loss) before taxes 11,173 4,806 Income taxes -917 -1,638 0.2 bn reversal of Q3 ‘25 provision for WHT related to True Profit (loss) from discontinued operations -86 211 Non-controlling interests 325 351 Net income to equity holders of Telenor ASA 9,845 3,027 EPS from total operations 7.24 2.21 EPS adjusted 2.70 1.87 Q3 2026 22
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8,776 -678 -215 675 330 78 -2,697 -24 -41 -799 -77 -601 4,727 3,744 8,471 EBITDA adj. Income taxes paid Net interest paid Operating Working capital Dividends from associates Dividend from financial inv. Capex paid Lease pre-payments Spectrum lease payments Other lease payments Other cash items Dividends to NCI FCF before M&A M&A Total Free Cash Flow Strong FCF before M&A of NOK 4.7 billion which benefited from a temporary VAT cycle change Q3 2026 23 Proceeds from sale of 50% of Telenor Connexion Q3 2026 free cash flow, with drivers, NOK mn Booked capex 2.4 bn Grameenphone minorities, Telenor Fiber 0.8 bn uplift from temporary VAT cycle change in Bangladesh 0.5 bn paid by Grameenphone CelcomDigi Dividend from remaining True shares (5.35%)
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Aiming to complete current buyback programme within two years 83.586.881.5 90.2 85.081.7 46.2 51.5 42.5 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 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 NIBD, NOK bn Q3 2026 * 24 Leverage ratio, x* 2.3 2.4 2.4 2.4 2.3 2.2 1.2 1.4 1.2 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 • Current AGM authorisation of 54 mn shares has remaining headroom • Aim: Complete NOK 15 bn programme in two years rather than three, subject to guardrails and market conditions • Total buybacks of NOK 2.1 bn, 77% of year 1 market purchases (as per 23 Oct) Buyback programme Other considerations • Broad-based NOK strengthening against relevant currencies • Connexion sale and strong FCF generation during Q3 • Payment of H2 2026 dividend tranche paid out by end October • Upcoming payments for announced acquisitions
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Contents Q3 2026 25 CEO CFO CEO Q3 2026 highlights New leadership team Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance Business unit deep-dives P&L, cash flow and leverage Outlook Concluding remarks
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Actuals YTD Q3 26 (Post exclusion items1) Organic service revenues growth Organic EBITDA adj. growth Capex/sales (excl. leases) Notes: See outlook section in report and appendix to this presentation for details. 1) Outlook continues to exclude potential items related to prior years’ activities, incl. the provision for the 2020-2022 TV VAT dispute. Actuals for first three quarters 2026 shown excl. TV VAT provision. 2) Excluding payments on spectrum acquired after Capital Markets Day in November 2025. Such payments amounted to NOK 0.3 bn in H1 2026 relating to 1800MHz in Sweden and 700MHz in Bangladesh (pre-paid). See note 29 in Annual report for reference on non-prepaid spectrum commitments. Q3 2026 Nordic telcosGroup 2026 Outlook2 Organic EBITDA adj. growth FCF before M&A, excl. associates2 26 Reaffirmed financial outlook Around 14% Flat to low single-digit Around NOK 10 bn Flat to slightly negative Q3 2026 12.9% 0.2% 1.5% 0.6% NOK 4.4 bn 12.9% 1.1% 0.6% 0.7% NOK 8.0 bn Flat to low single-digit 12.9% 0.3% (0.1)% 0.3% NOK 8.0 bn H1 2026
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Contents Q3 2026 27 CEO CFO CEO Q3 2026 highlights New leadership team Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance Business unit deep-dives P&L, cash flow and leverage Outlook Concluding remarks
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Concluding remarks Q3 2026 28
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Q&A Q3 2026 29
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Appendix Q3 2026
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Q3 2026 Key outlook data points YoY growth 31 Exclusion items: • Service revenues 2020-2022 TV VAT: NOK -135mn (Q2 26) • EBITDA 2020-2022 TV VAT: NOK -160mn (Q2 26) • FCF Incremental spectrum NOK -300mn (Q1 26) • FCF Outlook: Potential incremental spectrum payments in Grameenphone in Q4 not included • FCF Outlook: Potential payment of 2020-2022 TV VAT claim of NOK 0.2 bn not included Q4 YOY comparison items (EBITDA): • Other Units Q4 26: NOK 120 mn YoY headwind in Corporate Functions from reduced EBITDA YoY due to True procurement contract cancellation and two positive one-offs in Q4 25. • Eliminations, EBITDA NOK 75mn in one-off provision reversal (Q4 25) Other elements: • Corp. Dev’t Portfolio: Connexion deconsolidated from September 10
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32 Progress on ESG agenda Women in senior leadership positions Series 1 Series 1 Series 1 Series 1 Environmental Scope 1&2 emissions reductions* Scope 3: Supplier spend covered by SBTs** Take-back rate for mobile devices (Nordic telcos) Social Timely resolution of non- conformities in the supply chain *Baseline year 2019 and measured on annual basis. **2025 including Telenor Pakistan. ***Target accumulated for the period 2026-2028. 44% 41% 85% 2025 2026 YTD 2028 Target 888 2,907 5,000 2025 2026 YTD 2028 Target -35% -69% 2025 2030 Target 38% 36% 40% 2025 2026 YTD 2028 Target 67% 72% 2025 2026 YTD Q3 2026 14% 12% 30% 2025 2026 YTD 2030 Target People trained in digital wellbeing (Nordic telcos)*** 337 248 800 2025 2026 YTD 2028 Target People in Asia trained in digital inclusion*** (In thousand) (In thousand)
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3,769 3,477 3,502 3,390 3,756 1,091 1,303 1,044 1,062 1,054 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 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 -3.0% 2.7% 2,561 2,544 2,524 2,506 2,484 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 426 426 424 431 438 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -0.4% EBITDA adj. CAPEX ex. Leases 5,306 5,307 5,240 5,157 5,298 56% 50% 54% 52% 55% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -0.1% 33Q3 2026
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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 4.0% 0.2% 3,043 3,088 3,095 3,131 3,166 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 190 191 188 190 191 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 1,427 1,397 1,301 1,293 1,379 448 490 402 328 301 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 3.8% 2,672 2,726 2,667 2,538 2,487 43% 40% 40% 41% 44% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0.4% 34 EBITDA adjusted and capex (NOK mn) EBITDA adjusted CAPEX ex. Leases Q3 2026
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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 0.4% 2.5% 1,691 1,700 1,707 1,709 1,698 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 127 125 126 127 130 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 509 452 416 466 448 154 276 172 125 122 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 1,196 1,190 1,156 1,137 1,151 33% 28% 28% 31% 30% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 4.0% 35 EBITDA adjusted and capex (NOK mn) EBITDA adjusted CAPEX ex. Leases Q3 2026 -4.9%
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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 0.3% 2,840 2,808 2,790 2,813 2,849 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 19.2 19.9 19.6 19.6 19.6 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 1,356 1,275 1,277 1,242 1,255 305 611 196 357 406 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -0.1% 2,567 2,627 2,472 2,399 2,392 42% 36% 41% 41% 40% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0.6% 36 EBITDA adjusted and capex (NOK mn) EBITDA adjusted CAPEX ex. Leases 1.7% Q3 2026
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Norway 1,974 59% Sweden 710 21% Denmark 152 5% Finland 530 16% Finland 703 711 17 13 26 24 295 315 366 359 Q3 25 Q3 26 Denmark* 192 219 7 0 88 114 74 85 23 20 Q3 25 Q3 26 Sweden* 709 719 78 138 631 581 Q3 25 Q3 26 Norway 701 694 114 106 442 468 145 119 Q3 25 Q3 26 Total fixed broadband subscriptions, ‘000 FWA Fibre Cable DSL Nordic fixed service revenues, NOK mn and share of total, % 37Q3 2026 *FWA subscribers are reported under Mobile in Sweden and Denmark, but are not included in the revenues shown in the right side chart. Nordic fixed broadband
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38 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 85,559 83,856 84,170 86,264 86,816 Q3 25 Q4 25 Q1 26 Q2 26 Q3 261.5% 3,169 3,031 2,847 2,911 2,961 59% 58% 58% 58% 59% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0.3% 152 148 145 152 151 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -0.5% 1,960 1,846 1,724 1,777 1,827 255 149 285 421 423 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0.0% Organic growth, YoY Q3 2026 Bangladesh
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39Q3 2026 Telenor Corporate Development Portfolio: Asset overview *NAV valuation methodology is grounded in IFRS 13 and IPEV guidelines, primarily estimated based on trading multiples per asset, backed up by DCF and observable transactions **Pro-forma NAV, including Telenor AI Factory, Telenor Sovereign Cloud and Skygard. ***Proceeds include exit proceeds from Connexion, Whereby and BLDNG.AI, and dividends from Connexion (pre-transaction) and Jotta Group. ****LTM financials are unaudited (NOK million) Ownership Telenor NAV* LTM Growth LTM Margin Company Activity (%) Q3-26 Revenue (%) EBITDA (%) KNL Defence radio and communications 100% 266 131% 108 41% Telenor Linx Telecom technology and software 100% 1,114 -17% 64 6% Telenor Maritime Maritime and offshore connectivity 100% 647 -6% 52 8% Telenor Cyberdefence Managed cyber security and consulting 90% 72 6% -79 -109% Telenor AI Factory AI infrastructure 100% 6 200% -48 -798% Telenor Sovereign Cloud Sovereign cloud services 100% 0 n.a -4 n.a Gintel Mobile PBX unified communications 70% 103 10% 16 16% Consolidated portfolio 3,743 2,208 -4% 109 5% Telenor Connexion IOT services 50% Carousell Online classifieds 27% Skygard Data center 32% Jotta Group Cloud storage 50% Tellu Health technology 41% Omny Cyber platform 47% Plaato Food IoT 16% Shapemaker Tower engineering SaaS 19% Telgea Global mobile plans 12% Lastbot AI SaaS/PaaS 20% Sensorita Waste IoT 6% FJ Labs Venture Capital fund n.a. Alliance Spring Venture Capital fund n.a. Startuplab FF V Venture Capital fund n.a. Alliance Nordic III Venture Capital fund n.a. Non-consolidated portfolio 7,667 3,430 10% 446 13% Total portfolio 11,410 5,638 4% 555 10%
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40 Debt information 0.0 6.7 7.2 13.3 7.4 5.4 8.2 0.0 5.4 14.9 0.0 20262027202820292030203120322033203420352036 -> 0.0 5.0 10.0 15.0 20.0 Additional facts: Bond maturity profile (NOK bn) FX impact on net debt (NOK bn): Q3 2025 Q3 2026 Grameenphone 3.9 bn 2.8 bn Q2 2026 Q3 2026 +0.5 (NIBD increase) +2.1 (NIBD decrease) Net debt in partially-owned subsidiaries (NOK bn): NOK in million 30 September 2026 31 December 2025 30 September 2025 Non-current interest-bearing liabilities 63,129 74,187 69,441 Non-current lease liabilities 11,268 11,399 12,765 Current interest-bearing liabilities 5,907 12,607 13,444 Current lease liabilities 3,303 3,660 3,864 Less: Cash and cash equivalents -37,133 -16,335 -10,542 Hedging instruments 0 0 0 Financial instruments -271 -358 -318 Adjustments: Non-current licence obligations -3,252 -2,676 -2,922 Current licence obligations -461 -752 -721 Net interest-bearing debt excluding licence obligations 42,489 81,731 85,011 Net debt reconciliation of the Net debt APM: Q3 2026
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Return on capital employed (annual and Q3 LTM) Note: See APM section in quarterly report for ROCE calculation and definition. True divestment gain excluded from 2026 number. Results before 2019 is pre IFRS 16. Digi and Dtac is included until 2021. 2012-2019 numbers includes Myanmar. 10.0% 12.0% 12.0% 8.0% 8.0% 13.0% 16.0% 14.0% 13.0% 11.0% 17.0% 11.0% 13.0% 9.0% 9.6% 13.9% 13.6% 19.9% ROCE ROCE ex. associates 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 41 Q3 2026
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Colour palette Only a selection of the Telenor colours are available in this template, if you need additional supporting colours, eyedrop them from this panel. Core colours Our blue colours are a key ingredient for establishing brand recognition. Supporting colours Background colours Text colours Change colours To change background colour, do the following: Right click on your slide, select ‘format background’ to open the ‘format pane’. In the format pane select ‘Solid fill’ and change ’fill colour’. Use one of the theme colours or select ‘more colors’ and use the pipette to eyedrop one of the background colours from this panel. Always ensure sufficient contrast between background, text and logo. Third quarter 2026 Published by Telenor ASA Snarøyveien 30 N-1360 Fornebu, Norway Investor relations Email: ir@telenor.com www.telenor.com/investors 42