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Telenor interim report Third quarter 2026

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Q3/2026 Highlights, CEO comment and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 2 Highlights, CEO comment and outlook 3 Financial highlights 4 CEO comment 5 Strategy, ambitions and outlook

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Financial highlights Third quarter 2026 • Service revenues increased by 1.6% on an organic basis, mainly due to solid growth in Connexion and Denmark. • Adjusted EBITDA increased by 1.5% on an organic basis, driven by Sweden, and the Corporate development portfolio. • In September, Telenor sold Connexion as part of establishing an IoT partnership with Verdane, where both parties holds an equity stake of slightly less than 50%. • Free cash flow before M&A amounted to NOK 4,727 million. Total free cash flow amounted to NOK 8,471 million, including proceeds of NOK 3,689 million from the sale of Connexion. • Net income attributable to equity holders of Telenor ASA was NOK 9,845 million, which included a gain of NOK 6,907 million related to the sale of Connexion. • Adjusted net income was NOK 3,679 million and adjusted earnings per share was NOK 2.70, up 45.0% YoY, driven by favourable income tax effects, higher contribution from CelcomDigi and increased financial income. First three quarters 2026 • Organic service revenue growth was 0.8% while adjusted EBITDA remained stable on an organic basis. • Free cash flow before M&A was NOK 8,685 million. Total free cash flow amounted to NOK 42,369 million including proceeds from the sale of shares in True Corporation of NOK 29,761 million and Connexion of NOK 3,689 million. • Net income attributable to equity holders of Telenor ASA was NOK 20,575 million. This was an increase of NOK 11,628 million, driven by gains from the sale of shares in True Corporation and Connexion, partly offset by the impairment of CelcomDigi. • Return on capital employed (ROCE) was 9.6% as of September 2026, measured on a 12 months rolling basis. ROCE excluding associates and joint ventures was 19.9%. • The leverage ratio was 1.2x as of September. Key figures Telenor Group Third quarter YoY change First three quarters Year NOK in million 2026 2025 Reported 2026 2025 2025 Revenues 18,593 19,147 (2.9) % 54,926 56,704 76,548 Service revenues 14,809 15,351 (3.5) % 44,332 45,884 61,194 Operating expenses (5,554) (5,853) (5.1) % (17,832) (18,417) (24,842) Adjusted EBITDA 8,776 9,050 (3.0) % 24,809 25,900 34,462 EBITDA 15,394 8,977 71.5 % 30,861 26,168 34,292 Operating profit 11,593 4,884 137.4 % 19,272 13,947 17,978 Net income from associates and joint ventures 396 303 30.6 % 5,611 1,348 1,823 Net income attributable to equity holders of Telenor ASA 9,845 3,027 225.2 % 20,575 8,947 7,034 Adjusted net income attributable to equity holders of Telenor ASA 3,679 2,553 44.1 % 9,374 8,223 11,310 EPS 7.24 2.21 227.0 % 15.07 6.54 5.14 Adjusted EPS 2.70 1.87 45.0 % 6.86 6.01 8.27 Capex excl. leases 2,434 2,462 (1.1) % 7,345 7,460 10,535 Free cash flow before M&A 4,727 4,191 12.8 % 8,685 8,774 12,869 Total free cash flow 8,471 4,173 103.0 % 42,369 8,173 17,262 Leverage 1.2x 2.3x 1.2x 2.3x 2.2x Return on capital employed 9.6 % 7.8 % 9.0 % Return on capital employed excluding associates and joint ventures 19.9 % 12.2 % 13.1 % Q3/2026 Highlights, CEO comment and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 3 Please refer to page 47 for descriptions of Alternative performance measures and Other definitions Service revenues 1.6% organic growth (vs. Q3 2025) Adjusted EBITDA 1.5% organic growth (vs. Q3 2025) Free cash flow 4.7 bn before M&A (Q3 2026)

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Delivering through disciplined execution In the third quarter, Telenor improved its operational momentum, delivering group service revenue growth of 1.6% and EBITDA1 growth of 1.5%. Free cash flow before M&A was strong, coming in at NOK 4.7 billion supported by operating performance and working capital timing effects. Disciplined cost management helped offset softer revenue development as we progressed on key priorities. Across our Nordic telco business units, aggregate EBITDA growth was 0.2%. Sweden once again delivered solid results, recording its fifteenth consecutive quarter of EBITDA growth. Norway showed clear quarter-on-quarter improvement, supported by tight cost management despite an unusually promotional market. Finland and Denmark remained stable, although margins continued to reflect recent promotional activity. In Asia, Grameenphone returned to service revenue growth while maintaining profitability through disciplined cost management. In Malaysia, CelcomDigi made progress in restructuring its 5G joint venture, and secured key spectrum awards both in 4G and 5G. We are executing on our broadband strategy to build scale, strengthen market positions and support profitable growth. In July, we announced the acquisition of Bahnhof, which will significantly expand our position in Sweden. For our acquisition of GlobalConnect’s Norwegian consumer business, the remedies have now been approved, with closing expected in the first quarter of 2027. Together with the acquisition of Enivest in Western Norway, these transactions will significantly strengthen our fibre platform in the Nordics. An important step this quarter was reorganising Telenor, implementing a leaner organisation and the new group leadership team. This makes us better positioned for delivering on our strategy, with a simpler organisation, decisions closer to the customers, clearer accountability, and stronger ability to scale technology and capabilities across the Group. Simplifying our organisational structure will deliver around NOK 0.4 billion in total cost savings, whereof some is already realised in our Asian operations. The remaining NOK 0.3 billion will be phased in during the first half of 2027. I recognise that organisational change can be challenging, and I am sincerely grateful for the resilience, care and professionalism our colleagues have shown throughout the process. In the third quarter, Telenor became the subject of a police investigation and has been charged in connection with Myanmar. In addition, a court allowed a class action over the alleged disclosure of customer data to proceed, a decision we have appealed. We entered Myanmar in 2014 to expand connectivity in a country emerging from decades of military rule. After the 2021 coup, our employees faced grave personal risks if they resisted military orders, while complying raised profound legal, ethical and human- rights concerns. With no good options, Telenor decided to exit. We remain deeply mindful of the suffering endured by the people of Myanmar, and we maintain that Telenor committed no criminal offence. Our world-class Nordic networks remain the backbone of our business, strengthened by our recent fibre investments. LEO satellite services may intensify competition in fixed broadband and help extend mobile coverage. However, spectrum and capacity constraints mean they are more likely to complement than to replace high-performance terrestrial networks. In Norway, the addition of our 9,000th base station has further enhanced our already exceptional coverage, capacity and network quality. Our balance sheet is further strengthened by our cash flow and proceeds from the sale of 50% of Connexion. Given the solid progress of our buyback programme and modest leverage, we plan to accelerate the NOK 15 billion share buyback programme. Looking ahead, we will sharpen commercial execution, embed our new operating model and use technology and AI to deliver simpler, more valuable customer experiences. Our strategy provides a clear path to sustained improvements over the medium to long term. With it, we are building a simpler, stronger Telenor - ready to deliver greater value for our customers and shareholders. Benedicte Schilbred Fasmer, President & CEO Telenor Group Q3/2026 Highlights, CEO comment and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 4 1 All mentions of growth in this comment refers to organic growth, and all mentions of EBITDA here refer to adjusted EBITDA.

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Strategy, ambitions and outlook Our strategy Telenor is building a future-fit and more Nordic-centric company by leveraging strategic assets, simplifying the company and allocating capital effectively. We drive growth through customer excellence, accelerating technology-led transformation, tapering operating and capital expenditures, and expanding return on capital employed through disciplined portfolio management. The ambitions towards 2030 were presented at our 2025 capital markets day and are powered by a robust value creation strategy to drive return on capital employed. We leverage and invest in world- class networks and drive top-line growth through customer excellence. This is also enabled by the pursuit of simplification and transformation across the group which in turns generates operational and capital efficiencies. This enables us to grow cash flows and allocate capital to targeted investments, which in turn will result in even stronger networks, customer excellence, and shareholder returns. Responsible and sustainable business conduct remains an integral part of our strategy. Mid-to-long term financial ambitions The financial ambitions for 2028/30 communicated at our 2025 Capital Markets Day remain unchanged: Telenor Group • Free cash flow before M&A, excluding dividends from associates and potential new spectrum commitments2, of NOK 12-13 billion in 2028, increasing further to NOK 14-15 billion in 2030; • Return of capital employed above 11% in 2028, and above 12% in 2030; • Year-on-year growth in dividend per share; • Net leverage ratio of 1.8x – 2.3x. Telenor Nordics • Low single-digit organic growth in service revenues; • Low-to-mid single-digit organic growth in adjusted EBITDA; • Capex-to-sales ratio tapering off to below 13% in 2028, and further down to 11-12% in 2030. Outlook for 2026 Management's financial outlook for the full year is confirmed, with the previous Telenor Nordics' outlook now rolled into an aggregate of the four Nordic telco business units, given the new organisational structure. The difference in the growth rates between the old and the new perimeters is negligible. Telenor Group • Flat to slightly negative organic growth in adjusted EBITDA; • Free cash flow before M&A excluding dividends from associated companies and incremental spectrum of around NOK 10 billion. Nordic telcos • Flat to low-single-digit organic growth in service revenues; • Flat to low-single-digit organic growth in adjusted EBITDA; • Around 14% capex to sales (excluding leases). As usual, the outlook does not factor in potential items related to prior years’ activities, e.g. legacy claims, taxes, refunds, and similar. Note that Telenor Norway's TV VAT provision for 2020/2022 of NOK 0.2 billion is such a factor and has been excluded from the Outlook. We expect stronger-than-usual seasonal sales & marketing spending in the fourth quarter. We also expect the free cash flow in the fourth quarter to be negatively impacted by working capital timing effects which had a positive impact in Q3. A key sensitivity remains the inflationary macroeconomic environment and resulting competitive situation in Bangladesh, expected to affect EBITDA performance in Grameenphone in the fourth quarter. The 2026 EBITDA growth outlook for the Nordics includes a negative impact of more than NOK 0.2 billion from business transfers. NOK 0.1 billion of this amount has a corresponding positive impact in Telenor Connexion. The remainder relates to the pre-agreed transfer of coastal radio service to the Norwegian state. We continue to expect full-year 2026 revenues from the Lyse Tele roaming agreement in Norway to be slightly more than NOK 0.5 billion, broadly in line with 2025, but to taper off and disappear in 2027. The effective tax rate for 2026 is estimated to be around 14%. Q3/2026 Highlights, CEO comment and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 5 2 Incremental spectrum relates to payments on spectrum acquired after Capital Markets Day in November 2025.

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Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 6 Quarterly performance 7 Key financials 8 Group financial overview 13 Performance in our operations

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Key financials Service revenues (NOK billion) 15.4 15.3 14.8 14.7 14.8 45.9 44.3 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2025 YTD 2026 YTD Adjusted EPS (NOK) 1.87 2.26 2.22 1.94 2.70 6.01 6.86 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2025 YTD 2026 YTD Operating expenses (NOK billion) 5.9 6.4 6.1 6.1 5.6 18.4 17.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2025 YTD 2026 YTD Capex excl. lease (NOK billion) and capex/sales (%) 2.5 3.1 2.3 2.6 2.4 7.5 7.3 12.9% 15.5% 12.5% 14.5% 13.1% 13.2% 13.4% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2025 YTD 2026 YTD Adjusted EBITDA (NOK billion) 9.1 8.6 8.0 8.0 8.8 25.9 24.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2025 YTD 2026 YTD Free cash flow before M&A (NOK billion) 4.2 4.1 2.1 1.8 4.7 8.8 8.7 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2025 YTD 2026 YTD Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 7 (0.1)% 0.3% 1.1% 0.8%1.6% 1.5%

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Group financial overview3 Service revenues Service revenues declined by 3.5% year-on- year to NOK 14,809 million, impacted by strengthening of the NOK, while service revenues on an organic basis increased by 1.6%. Organic growth was mainly driven by continued strong growth in Connexion and higher mobile and broadband ARPU in Denmark. In Norway, continued competitive pressure reduced the mobile subscription base. Higher ARPU resulting from more-for-more pricing initiatives partly compensated for the impact of the lower subscription base. In Sweden, fixed service revenues declined mainly due to the fixed transformation programme, under which customers are migrated from lower-margin fibre products to fixed wireless access, with the associated revenues reported as mobile service revenues. In Finland, fixed service revenues decreased due to changes in the customer and product mix. In Bangladesh, Grameenphone's service revenues were stable, with growth in data revenues and a larger subscriber base offsetting lower voice usage. For the first three quarters of 2026, the group's service revenues declined by 3.4% year-on-year to NOK 44,332 million, while service revenues on an organic basis increased by 0.8%. Grameenphone's service revenues declined by 1.6%, as growth in data revenues did not fully offset continued pressure on voice revenues. Organic growth at group level was primarily driven by Connexion and Denmark, partly offset by the decline in Grameenphone. Revenues Revenues declined by 2.9% year-on-year to NOK 18,593 million, impacted by strengthening of the NOK, while revenues on an organic basis increased by 2.1%. The organic increase was mainly driven by service revenue growth in Connexion and Denmark, higher hardware revenues in DNA, and defence orders in KNL. Year to date, reported revenues decreased by 3.1%, impacted by strengthening of the NOK, while revenues on an organic basis increased by 0.9%. Lower revenues in Asia partly offset organic growth across all Nordic business segments and Connexion. 2026 2025 Financial figures in NOK million 2026 2025 2025 18,593 19,147 Revenues 54,926 56,704 76,548 14,809 15,351 of which service revenues 44,332 45,884 61,194 (4,263) (4,244) Cost of materials and traffic charges (12,285) (12,386) (17,244) (5,554) (5,853) Operating expenses (17,832) (18,417) (24,842) 8,776 9,050 Adjusted EBITDA 24,809 25,900 34,462 6,617 (74) Other income and expenses 6,052 268 (170) 15,394 8,977 EBITDA 30,861 26,168 34,292 (3,801) (4,093) Depreciation and amortisation (11,589) (12,220) (16,312) – – Impairment losses – – (2) 11,593 4,884 Operating profit (loss) 19,272 13,947 17,978 351 35 Share of net income from associates and joint ventures 1,384 1,084 1,618 45 269 Impairments and gain (loss) on disposal of associates and joint ventures 4,227 264 205 (815) (381) Net financial Items (257) (2,047) (3,147) 11,173 4,806 Profit (loss) before taxes 24,626 13,249 16,654 (917) (1,638) Income taxes (3,101) (3,785) (4,364) 10,256 3,168 Profit (loss) from continuing operations 21,525 9,464 12,290 (86) 211 Profit (loss) from discontinued operations 2 558 (3,927) 10,170 3,379 Net income 21,527 10,022 8,363 Net income attributable to: 325 351 Non-controlling interests 952 1,075 1,329 9,845 3,027 Equity holders of Telenor ASA 20,575 8,947 7,034 4,727 4,191 Free cash flow before M&A 8,685 8,774 12,869 8,471 4,173 Total free cash flow 42,369 8,173 17,262 Third quarter First three quarters Year Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 8 3 Compared to the same periods last year, several of the group's key operating currencies were materially weaker against the Norwegian krone both for the third quarter and the first three quarters of 2026. Consequently, reported figures in NOK may differ considerably from the underlying performance in local currency. Please refer to page 47 for descriptions of Alternative performance measures and Other definitions.

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Operating expenses (opex) Opex amounted to NOK 5,554 million, down 5.1% compared to the same period last year, but broadly stable on an organic basis. Higher sales, marketing and commission costs in Sweden and Denmark were offset by savings from transformation initiatives, lower marketing costs in Norway, and lower opex in Asia. The decline in Asia was driven by favourable one-off effects, with continued cost discipline and efficiency initiatives also contributing. Together, these factors more than offset higher energy costs in Grameenphone. For the first three quarters of 2026, opex increased by 1.1% on an organic basis, while reported opex decreased by NOK 585 million, or 3.2%. Higher commercial costs in Sweden and Denmark more than offset savings from transformation initiatives and disciplined cost management across the group. Adjusted EBITDA Adjusted EBITDA declined by NOK 274 million, or 3.0%, to NOK 8,776 million, while adjusted EBITDA on an organic basis increased by 1.5%. Organic growth was driven by service revenue growth combined with flat operating expenses. For the first three quarters of 2026, adjusted EBITDA declined by NOK 1,091 million, or 4.2%, to NOK 24,809 million, while adjusted EBITDA on an organic basis remained stable. Higher operating expenses offset muted service revenue growth on an organic basis. EBITDA EBITDA increased by NOK 6,417 million, or 71.5%, year-on-year to NOK 15,394 million. The increase was mainly driven by a NOK 6,907 million gain related to the sale of Connexion and subsequent creation of an IoT partnership with Verdane, recognised as other income. This gain exceeded the total increase in EBITDA, meaning that other movements, taken together, reduced EBITDA compared with the same quarter last year. Other expenses included NOK 323 million in costs related to restructuring initiatives and workforce reductions, mainly in Telenor Norway and Corporate Functions. The restructuring costs increased compared with the same quarter last year. For the first three quarters of 2026, EBITDA increased by NOK 4,693 million, or 17.9%, year-on-year to NOK 30,861 million. EBITDA included a NOK 6,907 million gain on the sale of shares in Connexion, compared with a NOK 535 million gain from the merger between Telenor Software Lab and Jottacloud in the same period last year. The NOK 6,372 million increase in these gains exceeded the total increase in EBITDA, meaning that other movements, taken together, reduced EBITDA year-on-year. These movements included higher costs related to restructuring initiatives and workforce reductions. Operating profit Operating profit increased by NOK 6,709 million year-on-year to NOK 11,593 million. Higher EBITDA was the main driver of the increase. Lower depreciation and amortisation provided a further positive contribution, mainly attributable to the strengthening of the NOK. For the first three quarters of 2026, operating profit increased by NOK 5,325 million year-on-year to NOK 19,272 million. Higher EBITDA was the main driver of the increase. Lower depreciation and amortisation provided a further positive contribution. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 9

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Associates and joint ventures On 13 March 2026, Telenor disposed of 24.95% of the shares in True Corporation, receiving NOK 29,761 million in cash proceeds. The remaining 5.35% ownership stake in True is classified as financial investment. As of 30 September, Telenor holds an ownership interest of 33.1% in CelcomDigi. On 10 September, Telenor sold its controlling stake in Telenor Connexion, establishing an associate with Verdane with an initial carrying amount for Telenor of NOK 2,471 million. Telenor and Verdane holds an equity stake of slightly less than 50% each. For the third quarter 2026, total share of net income from associates and joint ventures was NOK 396 million, including NOK 275 million from CelcomDigi. Contribution from associates increased by NOK 317 million. The increase reflected an adjustment of NOK 530 million related to the 5G network company in Malaysia, Digital Nasional Berhad, recognised by Telenor in the third quarter of 2025. For the first three quarters of 2026, total share of net income from associates and joint ventures was NOK 5,611 million. This included a NOK 12,196 million gain on the disposal of 24.95% of the shares in True Corporation, partly offset by a NOK 8.004 million impairment of CelcomDigi. As of 30 September 2026, the carrying amount of CelcomDigi was NOK 27,015 million, compared with a current market value of NOK 23,496 million. CelcomDigi's share price has fallen further 13% from the baseline established following the first quarter impairment. The main contributors to the share of net income of NOK 1,384 million in the first three quarters of 2026 were CelcomDigi with NOK 815 million and True Corporation with NOK 564 million. Contribution from associates increased by NOK 300 million compared with the same period last year, mainly due to the aforementioned adjustment to the reported results from CelcomDigi. For further information, please see the performance section for Asia on page 18 and note 4 Associates and joint ventures. Financial items Net financial expenses increased by NOK 435 million year-on-year to NOK 815 million, compared with NOK 381 million in the same quarter last year. The net financial expenses this quarter included a net fair value loss on financial instruments of NOK 645 million, driven by a decline in the share price of the remaining shares in True Corporation. Financial income increased by NOK 270 million year-on-year, primarily reflecting higher interest income from higher deposits and dividends from True Corporation. Financial expenses decreased by NOK 91 million year-on-year, mainly due to a lower debt position. A net currency gain of NOK 185 million was mainly attributable to the strengthening of the NOK. For the first three quarters of 2026, net financial expenses decreased by NOK 1,790 million to NOK 257 million, compared with NOK 2,047 million in the same period of 2025. The improvement was mainly driven by higher interest income from higher deposits and net positive fair value adjustments related to our investment in True. These fair value adjustments were positive for the nine-month period as a whole; see note 5. Income taxes The tax expense for the third quarter was NOK 917 million, corresponding to an effective tax rate of 8%, compared to 34% in the same period last year. The effective tax rate this quarter was low mainly due to the NOK 6,907 million gain following the disposal of Telenor Connexion as a subsidiary and a reversal of NOK 197 million in tax provision related to True Corporation. Income tax for the same period last year was mainly impacted by the recognition of NOK 312 million for withholding tax on dividends from True Corporation. For the first three quarters of 2026, the effective tax rate was 13%, compared with 29% for the same period last year. This year's rate was impacted by the NOK 12,196 gain on disposal of True Corporation, the NOK 6,907 million gain following the disposal of Telenor Connexion as a subsidiary, and by the share of net income from associates and joint ventures of NOK 1,094 million. The impact was partly offset by the impairment of CelcomDigi of NOK 8,004 million. For the first three quarters of 2025, the rate reflect the impact of the NOK 1,084 million share of net income from associates and joint ventures, and the NOK 545 million non-taxable gain from the merger between Telenor Software Lab and Jottacloud in Norway. Net income Net income attributable to equity holders of Telenor ASA amounted to NOK 9,845 million. This was an increase of NOK 6,817 million compared to the third quarter 2025. The increase was primarily driven by the gain of NOK 6,907 million following the disposal of Telenor Connexion as a subsidiary. This resulted in earnings per share from total operations of NOK 7.24, compared to NOK 2.21 for the same period last year. For the first three quarters of 2026, net income attributable to equity holders of Telenor ASA amounted to NOK 20,575 million, an increase of NOK 11,628 million compared to the same period last year. The increase in operating profit of NOK 5,325 million, which was driven by the gain from the disposal of Telenor Connexion as a subsidiary, was further supported by gain from disposal of shares in True Corporation of NOK 12,199 million, partially offset by NOK 8,004 million impairment of CelcomDigi. Furthermore, the NOK 1,790 million favourable development in net financial items of also contributed to the increase in net income. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 10

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Adjusted net income Adjusted net income attributable to equity holders of Telenor ASA amounted to NOK 3,679 million, an increase of NOK 1,127 million compared to the same period last year.The decrease in adjusted EBITDA was more than compensated for by favourable income tax effects stemming from provisions related to True Corporation. Adjusted net income also benefited from a higher contribution from CelcomDigi, and increased financial income from higher deposits as well as dividend from True Corporation. Adjusted earnings per share was NOK 2.70, compared to NOK 1.87 for the third quarter 2025. For the first three quarters of 2026, adjusted net income attributable to equity holders of Telenor ASA was at NOK 9,374 million, compared to NOK 8,223 million in 2025. This resulted in an adjusted earnings per share of NOK 6.86 for the first three quarters of 2026. For definitions and calculations of adjusted net income and adjusted earnings per share, see page 55. Capital expenditure excluding leases Capital expenditure (capex) excluding leases amounted to NOK 2,434 million, primarily driven by mobile network modernisation in Norway and IT investments. The group's capex-to-sales ratio was 13.1%, broadly unchanged from the third quarter last year, while the aggregated Nordic business units reported a capex-to-sales ratio of 12.9%. For the first three quarters of 2026, the capex excluding leases amounted to NOK 7,345 million. The capex-to-sales ratio was 13.4%, representing an increase of 0.2 percentage points compared to the same period last year. The capex-to-sales ratio in the aggregated Nordic business units was 12.9%. Cash flow Total free cash flow was NOK 8,471 million, comprising NOK 4,727 million before M&A and a contribution of NOK 3,744 million from M&A activities, mainly related to the sale of shares in Connexion. Free cash flow before M&A increased by NOK 536 million compared with the same quarter last year, primarily driven by favourable working capital effects. Lower EBITDA and lower dividends from associates, reflecting the divestment of Allente, partly offset this improvement. The prior-year quarter included a NOK 100 million contribution from Telenor Pakistan, which was divested on 31 December 2025. The main contributors to free cash flow before M&A this quarter were Telenor Norway, with NOK 2,231 million, and Asia, with NOK 1,205 million. Asia's contribution was supported by changed VAT payment timing in Bangladesh, resulting in a positive working capital impact of around NOK 0.8 billion, which will reverse in the fourth quarter, and dividends from CelcomDigi and True Corporation totalling NOK 389 million. Cash and cash equivalents increased by NOK 5,355 million during the quarter, driven by total free cash flow of NOK 8,471 million, partly offset by net repayment of borrowings of NOK 858 million, purchase of treasury shares of NOK 1,303 million, and NOK 330 million in withholding tax paid related to dividends of equity holders of Telenor ASA. For the first three quarters of 2026, total free cash flow was NOK 42,369 million. M&A activities contributed NOK 33,684 million, primarily related to the sale of shares in True Corporation and sale of Telenor Connexion. Free cash flow before M&A activities was NOK 8,685 million. The main contributors were Telenor Norway, with NOK 4,591 million, and Asia, with NOK 2,398 million. Asia's contribution was supported by dividends from CelcomDigi and True Corporation totalling NOK 1,189 million. Free cash flow before M&A, excluding dividends from associates, incremental spectrum and payments related to prior periods, which is consistent with the format for the external free cash flow outlook, was approximately NOK 8.0 billion for the first three quarters of 2026. Cash and cash equivalents increased by NOK 20,874 million during the first three quarters, as total free cash flow of NOK 42,369 million was only partially offset by net repayment of borrowings of NOK 11,501 million, dividend payments to equity holders of Telenor ASA of NOK 6,841 million and purchase of treasury shares of NOK 1,792 million. Share buyback programme On 20 May 2026, Telenor initiated the first year of a NOK 15 billion three-year share buyback programme. The first-year programme authorises repurchases of up to NOK 6 billion, or 54 million shares. Up to 24.9 million shares will be repurchased in the market, while up to 29.1 million shares will be redeemed from the Norwegian State on a pro rata basis. The cancellation and redemption of shares is expected to take place after approval by Telenor’s General Meeting in May 2027. As of 30 September, a total of 12.7 million shares had been repurchased for a total consideration of NOK 1,747 million, corresponding to approximately 63% of the authorised market repurchase programme. Given the good progress of the first-year programme to date, Telenor has decided to initiate a second share buyback tranche following completion of the ongoing tranche. The second tranche aims to utilise the remaining capacity under the 2026 AGM authorisation of 54 million shares. The objective is to complete the NOK 15 billion programme in two years, subject to market conditions.. For further information, please see note 9 Equity information. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 11

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Return on capital employed (ROCE) The 12 months' rolling return on capital employed (ROCE) was 9.6% as of September 2026, up from 9.0% for the full year 2025. ROCE remained fairly stable compared to the full year 2025, as lower 12 months' earnings were offset by a reduction in average capital employed. The decline in earnings was mainly due to the impairment of CelcomDigi of NOK 8,004 million recognised in the first quarter of 2026, which was only partly offset by the gain of NOK 6,907 million from the sale of Connexion recognised in the third quarter. Average capital employed decreased mainly following the impairment of CelcomDigi and the disposal of True Corporation (True). Both earnings and average capital employed related to True have been excluded from ROCE, following the disposal of shares in True. ROCE excluding associates and joint ventures was 19.9% as of September 2026, compared to 13.1% as of December 2025. The increase is mainly reflecting higher earnings following the gain from the sale of Connexion recognised in the third quarter. Financial position During the first three quarters of 2026, total assets decreased by NOK 13,759 million to NOK 207,891 million. The main reductions were the NOK 8,004 million impairment of CelcomDigi and negative currency translation effects of approximately NOK 10.8 billion. These reductions were partly offset by a net increase in assets arising from the disposals of True and the disposal of Telenor Connexion as a subsidiary, reflecting the consideration received and the derecognition of the disposed businesses. During the first three quarters of 2026, net debt decreased by NOK 39,242 million to NOK 42,489 million. Free cash flow of NOK 42,369 million, which included proceeds from the sale of True and Telenor Connexion, as well as a favourable currency effect of NOK 5,804 million reduced net debt. These effects were partly offset by dividend payments to equity holders of Telenor ASA of NOK 6,841 million and purchases of treasury shares of NOK 1,792 million. Interest-bearing liabilities excluding licence obligations decreased by NOK 18,531 million, while cash and cash equivalents increased by NOK 20,798 million. During the first three quarters of 2026, total equity increased by NOK 328 million to NOK 75,958 million. Net income from total operations of NOK 21,527 million was largely offset by dividends to equity holders of Telenor ASA and non-controlling interests of NOK 14,530 million, share buybacks of NOK 2,760 million and negative net translation differences of NOK 3,921 million. The translation differences were primarily due to the strengthening of the NOK against all currencies of Telenor's foreign operations. Currency exchange rates Telenor’s significant operations abroad expose its net assets to fluctuations in the NOK against the currencies of its foreign operations. In the third quarter of 2026, translating these net assets into NOK resulted in a loss of NOK 2,670 million recognised in other comprehensive income.This comprised approximately NOK 4.6 billion in losses on assets, partly offset by approximately NOK 1.9 billion in gains on liabilities. For the first three quarters of 2026, the corresponding translation loss was NOK 7,373 million, comprising approximately NOK 10.8 billion loss on assets, partly offset by approximately NOK 3.4 billion in gains on liabilities. Telenor also has significant foreign-currency debt. Part of these borrowings is designated as net investment hedges to partially hedge its foreign investments; the currency effects of these hedges are recognised in other comprehensive income. Net investment hedging instruments generated gains of NOK 1,402 million in the third quarter of 2026 and NOK 4,426 million in the first three quarters of 2026, recognised in other comprehensive income. Currency effects on foreign-currency borrowings, net of currency effects on cash and cash equivalents and including the effect of derivatives entered into to hedge the True transaction, resulted in income statement gains of NOK 185 million in the third quarter of 2026 and NOK 724 million in the first three quarters of 2026. Total currency effects before tax reduced total equity by NOK 1,083 million in the third quarter of 2026 and NOK 2,223 million in the first three quarters of 2026. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 12

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Performance in our operations From the third quarter of 2026, Telenor has introduced a new segment structure to reflect the new organisational structure. The new business segments are Telenor Norway, Telenor Sweden, Telenor Denmark, DNA and Telenor Asia. Telenor Towers and the Corporate development portfolio are included in Other units. Comparative figures have been restated to reflect the new segment structure. Basis for reporting The comments on the financial development in the business segments refer to third quarter of 2026 compared to the third quarter of 2025, and on an organic basis, unless otherwise stated. Please refer to page 47 for descriptions and calculations of alternative performance measures, and other definitions. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 13

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Telenor Norway The mobile subscription base decreased by 22,000 during the quarter, including 10,000 prepaid subscriptions, due to continued strong competition in the mobile consumer segment. Fibre subscriptions increased by 5,000, with growth remaining solid. Mobile service revenues decreased by 0.3%. While the mobile subscription base was lower than a year earlier, continued more-for- more pricing initiatives drove a 2.7% increase in ARPU, offsetting part of the impact of the lower subscription base. Excluding the impact of the transfer of parts of the IoT business to Telenor Connexion, mobile service revenues increased by 1.0%. Within the fixed segment, growth in fibre subscriptions was offset by reductions in cable and fixed wireless access. Higher fibre revenues and more-for-more pricing initiatives offset lower revenues from legacy products, resulting in 4.1% higher fixed broadband ARPU and growth in fixed service revenues by 0.2%. Adjusted for the IoT transfer, total service revenues increased by 0.7%. Opex decreased by 0.7%, as positive effects from transformation initiatives and lower marketing costs offset effects of transfer of sites from Towers Norway and higher cost from IT transformation and other strategic initiatives. Adjusted EBITDA decreased by 0.4% or increased by 0.9% excluding the effects of transfer of the IoT and Coastal Radio. Free cash flow in the quarter was in line with the same quarter last year. Improved working capital offset somewhat higher paid investments. On 16 October, the Norwegian Competition Authority approved the remedies related to the GlobalConnect acquisition, with closing planned for early 2027. The acquisition of Enivest which was announced in June remains subject to regulatory approval. Third quarter YoY change First three quarters YoY change Year NOK in million 2026 2025 Reported Organic 2026 2025 Reported Organic 2025 Mobile service revenues 3,324 3,336 (0.3) % (0.3) % 9,860 9,866 (0.1) % (0.1) % 13,198 Fixed service revenues 1,974 1,970 0.2 % 0.2 % 5,834 5,823 0.2 % 0.2 % 7,798 Total service revenue 5,298 5,306 (0.1) % (0.1) % 15,694 15,689 0.0 % 0.0 % 20,996 Total revenues 6,768 6,729 0.6 % 0.6 % 19,833 19,638 1.0 % 1.0 % 26,552 Opex (1,666) (1,678) (0.7) % (0.7) % (5,323) (5,196) 2.4 % 2.4 % (7,122) Adjusted EBITDA 3,756 3,769 (0.4) % (0.4) % 10,648 10,701 (0.5) % (0.5) % 14,178 Operating profit 1,998 1,983 0.8 % n.m. 5,169 6,019 (14.1) % n.m. 7,416 Capex excl. lease 1,054 1,091 (3.4) % n.m. 3,160 3,156 0.1 % n.m. 4,459 Free cash flow before M&A 2,231 2,124 5.0 % n.m. 4,591 4,463 2.9 % n.m. 5,828 ARPU (in NOK) Mobile 438 426 2.7 % 431 419 2.7 % 2.7 % 421 Broadband 574 551 4.1 % 568 545 4.2 % 4.2 % 545 TV 450 446 0.8 % 411 419 (1.8) % (1.8) % 425 Subscriptions (in thousands) Change in quarter Total Mobile (22) – 2,484 2,561 (77) 2,544 Broadband (3) – 694 701 (7) 702 TV (8) (5) 455 461 (6) 458 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 14

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Telenor Sweden Continued execution of the fixed transformation and solid mobile subscription growth resulted in another quarter with solid financial performance. Mobile subscriptions increased by 35,000 in the quarter, supported by continued strong momentum for 5G mobile broadband. At the end of the quarter, the mobile subscription base was 4% higher than at the same time last year. Combined with a stable ARPU, this resulted in 4.5% growth in mobile service revenues. Fixed service revenues decreased by 8.7%, reflecting fewer fibre subscriptions and lower fixed broadband ARPU. Fibre subscriptions decreased by 10,000 during the quarter as products with low profitability were phased out and customers migrated to more profitable 5G mobile broadband. The reduction in fixed broadband ARPU mainly reflected a higher share of multi-dwelling units in the subscription base. Operating expenses increased by 2.5%, as higher amortisation of commissions more than offset savings from the transformation of customer service and lower network operations costs. Adjusted EBITDA increased by 3.8%, reflecting the positive contribution to gross profit from the fixed transformation, partly offset by higher operating expenses. Free cash flow improved compared with last year. Higher EBITDA and a reduction in receivables were the main contributors to the improvement. Net4Mobility, the joint network company owned by Telenor and Tele2, has been awarded a framework agreement to provide radio access network services for SWEN, Sweden’s national resilience network initiative. The acquisition of a controlling stake in the Swedish broadband provider Bahnhof, announced in July, remains subject to regulatory approval. Third quarter YoY change First three quarters YoY change Year NOK in million 2026 2025 Reported Organic 2026 2025 Reported Organic 2025 Mobile service revenues 1,777 1,833 (3.0) % 4.5 % 5,418 5,394 0.4 % 4.1 % 7,282 Fixed service revenues 710 840 (15.5) % (8.7) % 2,274 2,548 (10.7) % (7.5) % 3,385 Total service revenue 2,487 2,672 (6.9) % 0.4 % 7,692 7,942 (3.1) % 0.4 % 10,667 Total revenues 3,149 3,336 (5.6) % 1.7 % 9,510 9,768 (2.6) % 0.9 % 13,280 Opex (805) (851) (5.4) % 2.5 % (2,695) (2,781) (3.1) % 0.4 % (3,759) Adjusted EBITDA 1,379 1,427 (3.4) % 3.8 % 3,972 3,905 1.7 % 5.4 % 5,303 Operating profit 723 740 (2.3) % n.m. 1,833 1,694 8.2 % n.m. 2,381 Capex excl. lease 301 448 (32.8) % n.m. 1,031 1,345 (23.4) % n.m. 1,835 Free cash flow before M&A 545 408 33.6 % n.m. 1,392 364 282.8 % n.m. 535 ARPU (in SEK) Mobile 191 190 0.2 % 189 188 0.6 % 189 Broadband 248 261 (5.2) % 251 262 (4.1) % 261 TV 159 155 3.0 % 161 155 3.4 % 156 Subscriptions (in thousands) Change in quarter Total Mobile 35 27 3,166 3,043 122 3,088 Broadband (10) (10) 581 631 (50) 614 TV (1) – 423 446 (23) 448 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 15

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Telenor Denmark Mobile subscriptions declined by 11,000 and fixed broadband subscriptions declined by 4,000, including 3,000 fibre subscriptions. This development reflects strong competition and aggressive promotional activity throughout the summer, which affected commercial performance. Mobile service revenues grew by 4.2%, reflecting a larger subscriber base and a 2.5% increase in mobile ARPU. ARPU growth was driven by pricing initiatives and favourable changes in the customer mix. Fixed service revenues increased by 3.0%, reflecting a larger subscription base and higher ARPU. Fixed broadband ARPU increased by 5.7%. The positive impact of fibre growth and price increases more than offset the loss of revenues from discontinued legacy services, including copper-based broadband. Opex increased by 6.3%, driven mainly by amortisation of commissions, partly offset by lower personnel expenses. Combined with adverse impact on gross profit from shifts towards lower- margin products, this resulted in adjusted EBITDA decreasing by 4.9%. Free cash flow was lower than last year, mainly due to higher paid investments and negative impact on working capital from timing of payments from customers. Third quarter YoY change First three quarters YoY change Year NOK in million 2026 2025 Reported Organic 2026 2025 Reported Organic 2025 Mobile service revenues 999 1,036 (3.6) % 4.2 % 3,004 3,061 (1.8) % 3.8 % 4,101 Fixed service revenues 152 160 (4.6) % 3.0 % 440 479 (8.1) % (2.8) % 629 Total service revenue 1,151 1,196 (3.8) % 4.0 % 3,444 3,539 (2.7) % 2.9 % 4,730 Total revenues 1,511 1,559 (3.1) % 4.7 % 4,505 4,587 (1.8) % 3.9 % 6,214 Opex (515) (524) (1.7) % 6.3 % (1,559) (1,567) (0.6) % 5.2 % (2,149) Adjusted EBITDA 448 509 (12.0) % (4.9) % 1,329 1,503 (11.6) % (6.5) % 1,955 Operating profit 200 201 (0.3) % n.m. 477 591 (19.2) % n.m. 699 Capex excl. lease 122 154 (20.6) % n.m. 420 498 (15.8) % n.m. 775 Free cash flow before M&A 239 329 (27.2) % n.m. 507 979 (48.2) % n.m. 998 ARPU (in DKK) Mobile 130 127 2.5 % 128 125 2.3 % 125 Broadband 283 268 5.7 % 260 264 (1.3) % 262 TV – – – – – Subscriptions (in thousands) Change in quarter Total Mobile (11) (6) 1,698 1,691 6 1,700 Broadband (4) (1) 105 104 1 108 TV – – – – – – Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 16

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DNA (Finland) The mobile subscription base increased by 36,000 during the quarter, including 25,000 postpaid subscriptions. The Finnish mobile market has stabilised, and both churn levels and ARPU for new customers have improved compared with last year. Mobile service revenues increased by 1.6%, but were stable excluding the prior-period adjustment recognised last year and the transfer of IoT to Telenor Connexion. Mobile ARPU increased by 1.7%. Fixed service revenues decreased by 2.8%, reflecting a 4.1% decline in fixed broadband ARPU as the subscription mix shifted from the single-dwelling unit segment towards the multi-dwelling unit segment. Fibre subscriptions increased by 4,000 during the quarter, partly offset by a reduction in legacy connections. Total service revenues increased by 0.6%. Excluding the prior- period adjustment recognised last year and the transfer of IoT to Telenor Connexion, total service revenues decreased by 0.8%. Opex remained stable compared to last year. Adjusted EBITDA remained stable but decreased by 4.0% excluding the aforementioned adjustments, mainly due to a negative impact on gross profit from lower service revenues and handset margins. Free cash flow is lower than last year mainly due higher paid investments. Third quarter YoY change First three quarters YoY change Year NOK in million 2026 2025 Reported Organic 2026 2025 Reported Organic 2025 Mobile service revenues 1,862 1,978 (5.9) % 1.6 % 5,630 5,928 (5.0) % 0.3 % 7,958 Fixed service revenues 530 589 (10.0) % (2.8) % 1,632 1,761 (7.3) % (2.1) % 2,358 Total service revenue 2,392 2,567 (6.8) % 0.6 % 7,263 7,689 (5.5) % (0.3) % 10,316 Total revenues 3,147 3,257 (3.4) % 4.2 % 9,303 9,700 (4.1) % 1.3 % 13,219 Opex (864) (930) (7.1) % 0.4 % (2,735) (2,923) (6.4) % (1.2) % (3,967) Adjusted EBITDA 1,255 1,356 (7.4) % (0.1) % 3,773 3,977 (5.1) % 0.2 % 5,252 Operating profit 606 575 5.4 % n.m. 1,783 1,661 7.4 % n.m. 2,179 Capex excl. lease 406 305 33.4 % n.m. 959 782 22.6 % n.m. 1,393 Free cash flow before M&A 513 792 (35.2) % n.m. 1,046 2,029 (48.5) % n.m. 3,396 ARPU (in EUR) Mobile 19.6 19.2 1.7 % 19.6 19.6 0.0 % 20 Broadband 16.4 17.1 (4.1) % 16.5 17.2 (3.8) % 17 TV 13.0 12.1 7.5 % 12.9 11.7 9.8 % 12 Subscriptions (in thousands) Change in quarter Total Mobile 36 28 2,849 2,840 9 2,808 Broadband 1 3 711 703 8 707 TV 1 3 168 176 (8) 174 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 17

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Telenor Asia4 Despite a continued challenging operating environment, Grameenphone’s performance improved slightly in the third quarter. Increased data revenues compensated for lower voice usage, resulting in 0.3% increase in service revenues. Continued cost discipline, efficiency initiatives and a one-time item of NOK 20 million offset higher electricity prices. This resulted in stable EBITDA for Grameenphone. For Telenor Asia, adjusted EBITDA increased by 0.9%, as lower operating expenses and one-off reversals of provisions of NOK 31 million in the regional office positively impacted EBITDA. CelcomDigi reported first quarter service revenue growth of 1.4%, driven by the consumer mobile and home segments. A cost programme has been established and is starting to yield results. Free cash flow before M&A amounted to NOK 1,205 million and benefited from favourable working capital movements in Grameenphone, primarily related to the accumulation of accrued VAT following the temporary transition from monthly to quarterly VAT return submissions. VAT law has since revised back to monthly returns which would unwind the temporary working-capital benefit from accumulated VAT liabilities. Free cash flow was further supported by dividends of NOK 389 million in total from CelcomDigi and True, partly offset by NOK 395 million in dividend paid to non- controlling interests in Grameenphone. Compared with the same quarter last year, the increase in free cash flow was mainly driven by the aforementioned working capital effects. Third quarter YoY change First three quarters YoY change Year NOK in million 2026 2025 Reported Organic 2026 2025 Reported Organic 2025 Grameenphone 2,961 3,169 (6.5) % 0.3 % 8,718 9,799 (11.0) % (1.6) % 12,830 Total service revenues 2,961 3,169 (6.5) % 0.3 % 8,718 9,799 (11.0) % (1.6) % 12,830 Total revenues 3,141 3,383 (7.2) % (0.4) % 9,315 10,480 (11.1) % (1.8) % 13,724 Opex (1,116) (1,230) (9.3) % (2.6) % (3,425) (3,821) (10.4) % (1.0) % (5,105) Grameenphone 1,827 1,960 (6.8) % 0.0 % 5,328 6,048 (11.9) % (2.6) % 7,893 Other/eliminations 24 8 n.m. n.m. 31 13 n.m. n.m. (58) Adjusted EBITDA 1,851 1,968 (6.0) % 0.9 % 5,359 6,061 (11.6) % (2.3) % 7,835 Operating profit 1,137 1,196 (4.9) % n.m. 3,171 3,682 (13.9) % n.m. 4,708 Capex excl. lease 423 255 65.9 % n.m. 1,130 961 17.6 % n.m. 1,110 Net income from associates and JVs 360 287 72 n.m. 5,720 1,279 4,441 n.m. 1,760 Dividends from associates, JVs and financial investments 389 350 39 n.m. 1,189 1,036 153 n.m. 2,010 Free cash flow before M&A 1,205 579 108.1 % n.m. 2,398 2,075 15.6 % n.m. 3,247 ARPU (in BDT) Grameenphone (mobile) 151 152 (0.5) % 150 152 (1.7) % 151 Subscriptions (in thousands) Change in quarter Total Grameenphone (mobile) 552 (697) 86,816 85,559 1,257 83,856 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 18 4 Telenor Asia comprises the controlled entity Grameenphone in Bangladesh (55.8% ownership), the associated company CelcomDigi in Malaysia (33.1% ownership), the joint venture Easypaisa digital bank in Pakistan (55% ownership), the regional offices in Bangkok and Singapore, and a 5.35% ownership stake in True Corporation in Thailand, recognised as a financial instrument at fair value.

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Other units5 Telenor Towers continued its strong operational development, supported by higher colocation revenues, price adjustments and improved energy profitability. On 10 September, Telenor established an associate with Verdane, aiming to build a global IoT leader with Telenor Connexion as the platform. Each party hold an equity stake of slightly less than 50% each. Telenor received proceeds of NOK 3,689 million for Verdane's stake in Connexion. As previously announced, the parties have agreed to provide funding of up to SEK 2 billion each to support the company's growth strategy. Within the Corporate development portfolio, strong execution in Connexion prior to the deconsolidation and continued momentum in KNL from strong demand in the defence sector were partly offset by continued challenges in Telenor Linx, Telenor Maritime, and Telenor Cyberdefence. In Corporate functions, Telenor Procurement Company was impacted by lower external revenues following the termination of the procurement services agreement with True Corporation. Results in Telenor ASA reflected ongoing transformation and restructuring activities, including NOK 58 million in internal restructuring costs reflected in eliminations. Third quarter YoY change First three quarters YoY change Year NOK in million 2026 2025 Reported Organic 2026 2025 Reported Organic 2025 Total revenues 2,084 2,185 (4.6) % 0.6 % 6,182 6,315 (2.1) % 0.5 % 8,635 Of which Telenor Towers 815 840 (3.0) % (1.4) % 2,414 2,501 (3.5) % (2.4) % 3,315 Corp development portfolio 911 889 2.5 % 13.7 % 2,635 2,505 5.2 % 9.4 % 3,520 Corporate functions 397 493 (19.5) % (17.5) % 1,259 1,416 (11.1) % (8.5) % 1,950 Other/eliminations (39) (38) n.m. n.m. (126) (106) n.m. n.m. (150) Opex (996) (1,044) (4.6) % (0.1) % (3,336) (3,295) 1.3 % 3.5 % (4,422) Adjusted EBITDA 545 542 0.5 % 7.8 % 1,205 1,313 (8.2) % (4.1) % 1,916 Of which Telenor Towers 560 533 5.0 % 6.6 % 1,558 1,585 (1.7) % (0.6) % 2,078 Corp development portfolio 173 103 68.8 % 115.1 % 331 203 62.9 % 85.5 % 384 Corporate functions (186) (89) (110.0) % (99.6) % (673) (461) (46.1) % (41.6) % (527) Other/eliminations (2) (5) n.m. n.m. (11) (15) n.m. n.m. (19) Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 19 5 Other units comprises the fully owned tower operations in Norway, Sweden and Finland, the Corporate development portfolio, and Corporate functions. The latter includes Telenor ASA group functions, Telenor Procurement Company (TPC), and Telenor Shared Services (TSS).

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Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 20 Sustainability and risk 21 Sustainability 22 Risks and uncertainties

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Sustainability Telenor is committed to operating green and secure infrastructure, driving digital inclusion and wellbeing, and doing business in a responsible and inclusive way. Our sustainability targets for 2028/2030 were presented at the Capital Markets Day in November 2025 and are structured around three strategic priorities. A more comprehensive overview can be found in the Annual report for 2025. Environmental Reducing emissions across the value chain and scaling circularity initiatives are key actions to minimise the negative impact on the environment. Telenor's share of spend with suppliers that have science-based targets increased to 72% during the third quarter. So far this year, customers in the Nordics have returned 104,000 used mobile devices, resulting in a take-back rate of 12%. While returns increased by 30% compared to the same period last year, the take-back rate declined due to more than 50% growth in device distribution, mainly driven by 5G routers in Telenor Sweden. Social Digital inclusion and wellbeing is one of Telenor's sustainability pillars, with activities mainly driven in collaboration with partners such as Plan International, UNICEF, and the Red Cross. In the third quarter, Grameenphone reached 670,000 people, mainly through its partnership with Plan International. The programme provides marginalised communities with training in digital literacy and online safety. In July, the second phase of the programme was launched, with the ambition of equipping an additional 4.5 million people with digital skills by 2028. So far this year, 248,000 people have been trained in digital wellbeing in the Nordics. During the third quarter, DNA ran a nationwide campaign in Finland to raise awareness of online child sexual abuse and how to secure evidence. As a consequence of the reorganisation that took effect in August, the share of women in senior leadership positions decreased from 38% to 36% at the end of the third quarter. Timely resolution of sustainability non-conformities in the supply chain refers to the closure of audit findings within the prescribed deadline following an audit or inspection. At the end of the third quarter, 41% of non-conformities had been resolved on time. During the quarter, almost 500 supplier audits and inspections were conducted by Grameenphone in Bangladesh. Identified irregularities were addressed and the suppliers are implementing corrective measures. Governance Telenor aims to protect customers, partners, employees, assets, and societies against cyber security threats. In September, Telenor's subsidiary KNL in Finland secured a framework agreement with the Danish Armed Forces for secure high-frequency communication systems. This follows KNL's appointment as an approved supplier on the British Armed Forces defence framework in June, marking its second defence framework development so far this year. Year to date Year Sustainability 2026 2025 Environmental Scope 1&2: Reduction of absolute GHG emissions from global operations 1) N/A 35% Scope 3: Share of supplier spend covered by science-based targets 2) 72% 67% Take-back rate of mobile devices (Nordic telcos) 12% 14% Social Women in senior leadership positions 36% 38% Timely resolution of sustainability non- conformities in the supply chain 41% 44% People trained in digital wellbeing (Nordic telcos, in thousand) 248 337 People in Asia trained in digital inclusion (in thousand) 2,907 888 1) Scope 1&2 baseline year is 2019. Measured annually. 2) 2025 includes Telenor Pakistan. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 21 Targets 2028/2030 Operating green and secure infrastructure • 69% reduction in scope 1 & 2 emissions by 2030. • Ensure consistently improved security maturity across all Telenor companies. Driving digital inclusion and wellbeing • Train 800,000 people in the Nordics in digital wellbeing by 2028. • Provide 5 million people in Asia with digital training by 2028. Doing business in a responsible and inclusive way • 40% women in Telenor's top leadership by 2028. • 85% timely resolution of sustainability non-conformities in the supply chain by 2028. .

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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 in achieving its ambitions. Markets and competition The main market risk is more intensified competition in the mobile and fixed broadband markets in the Nordics, driven by price promotions and campaign offerings, the rise of new virtual network operators, change in market structure, and change in customer preferences. We currently see LEO satellites as largely complementary, with potential competitive pressure limited to niche segments. The market dynamics require ongoing adaptation and innovation to sustain performance, and several initiatives are in place to protect topline growth. Geopolitics and trade tensions Global geopolitical tensions remain elevated, driven by ongoing wars in the Middle East and between Russia and Ukraine, increasing strategic competition between major powers, and the growing use of sanctions and restrictions on trade and technology. Any further escalation in the Middle East region could amplify and disrupt international trade flows, and have broader spillover effects across the global economy, particularly through higher energy prices and increased energy market volatility. For Telenor, a deterioration in the geopolitical environment could indirectly affect supply chain, operating costs, and economic conditions, particularly in Bangladesh. Cyber threats and sabotage Cyber and hybrid threats continue to escalate, with AI acting as a amplifier by increasing the speed and scale of attacks, including deepfakes, ransomware and social engineering. Geopolitical tensions further increase the risk of disruption and sabotage targeting critical infrastructure, including telecom, transport and energy sector. Supply chain disruption Global supply chain risks remain elevated but broadly stable. Telenor continues to operate within a managed risk environment, although strong demand for semiconductors and memory chips, along with energy market volatility, continues to drive supply constraints and cost pressure in certain areas. Geopolitical developments and evolving EU regulations continue to generate early warning signals. Tariff-related risks remain but are secondary to export controls and regulatory developments. Management focuses on maintaining operational stability while strengthening geopolitical resilience in an increasingly fragmented global market over the medium to long term. Financial market The elevated geopolitical tensions may also increase financial market risk through renewed inflationary pressure and greater economic uncertainty. This could contribute to an upward trend in interest rates and increased financial market volatility. References The description of risks and uncertainties above is not exhaustive. For additional insight, please refer to the following sections in Telenor’s Annual Report 2025: 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. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 22 Risk overview Market and competition Risk of intensified competition and new operators Geopolitical risk Risk of more geopolitical uncertainty and trade tensions Business security Risk of disruption due to cyber and physical threat 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 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 market risks Currency risk, interest rate risk, credit risk and liquidity risk The risk exposure has increased since year-end 2025. The risk exposure has decreased since year-end 2025.

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Disclaimer This report contains statements regarding the future in connection with Telenor’s growth initiatives, financial 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 results and developments deviating substantially from what has been expressed or implied in such statements. Fornebu, 27 October 2026 The Board of Directors of Telenor ASA Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 23

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Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 24 Interim condensed consolidated financial statements 25 Consolidated income statement 26 Consolidated statement of other comprehensive income 27 Consolidated statement of financial position 28 Consolidated statement of cash flows 29 Consolidated statement of changes in equity 30 Notes

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Consolidated income statement Interim condensed consolidated income statement Third quarter First three quarters Year NOK in million Note 2026 2025 2026 2025 2025 Revenues 3 18,593 19,147 54,926 56,704 76,548 Cost of materials and traffic charges (4,263) (4,244) (12,285) (12,386) (17,244) Salaries and personnel costs (2,098) (2,165) (7,134) (7,220) (9,814) Other operating expenses (3,456) (3,688) (10,698) (11,197) (15,028) Other income 1 6,963 18 7,037 696 744 Other expenses (346) (92) (984) (428) (913) EBITDA 15,394 8,977 30,861 26,168 34,292 Depreciation and amortisation (3,801) (4,093) (11,589) (12,220) (16,312) Impairment losses – – – – (2) Operating profit (loss) 11,593 4,884 19,272 13,947 17,978 Share of net income from associates and joint ventures 4 351 35 1,384 1,084 1,618 Impairments and gain (loss) on disposal of associates and joint ventures 4 45 269 4,227 264 205 Net financial Items 5 (815) (381) (257) (2,047) (3,147) Profit (loss) before taxes 11,173 4,806 24,626 13,249 16,654 Income taxes (917) (1,638) (3,101) (3,785) (4,364) Profit (loss) from continuing operations 10,256 3,168 21,525 9,464 12,290 Profit (loss) from discontinued operations 6 (86) 211 2 558 (3,927) Net income 10,170 3,379 21,527 10,022 8,363 Net income attributable to: Non-controlling interests 325 351 952 1,075 1,329 Equity holders of Telenor ASA 9,845 3,027 20,575 8,947 7,034 Earnings per share in NOK Basic/diluted from continuing operations 7.30 2.06 15.07 6.13 8.01 Basic/diluted from discontinued operations (0.06) 0.15 0.00 0.41 (2.87) Basic/diluted from total operations 7.24 2.21 15.07 6.54 5.14 The interim financial information has not been subject to audit or review. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 25

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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 2026 2025 2026 2025 2025 Net income 10,170 3,379 21,527 10,022 8,363 Translation differences on net investment in foreign operations (2,670) (1,184) (7,373) (5,627) (2,196) Amount reclassified from other comprehensive income to income statement on disposal (112) – (350) – 3,022 Net gain (loss) on hedge of net investment 1,402 556 4,426 314 (705) Income taxes (309) (122) (974) (69) 155 Amount reclassified from other comprehensive income to income statement on disposal – – 67 – (82) Income taxes – – (15) – 19 Share of other comprehensive income (loss) of associates and joint ventures 1 (36) (26) (177) (183) Amount reclassified from other comprehensive income to income statement on disposal – – 246 – 25 Items that may be reclassified subsequently to income statement (1,688) (786) (3,999) (5,559) 55 Net gain (loss) on equity investment (14) (10) (29) (41) (37) Remeasurement of defined pension plans 44 236 144 879 528 Income taxes (10) (52) (32) (193) (101) Items that will not be reclassified to income statement 20 174 83 645 390 Other comprehensive income (loss), net of taxes (1,668) (612) (3,916) (4,915) 446 Total Comprehensive Income 8,502 2,767 17,611 5,107 8,809 Total comprehensive income attributable to: Non-controlling interest 272 361 843 713 958 Equity holders of Telenor ASA 8,230 2,406 16,768 4,394 7,851 The interim financial information has not been subject to audit or review. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 26

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Consolidated statement of financial position Interim condensed consolidated statement of financial position Deferred tax assets 1,100 3,067 4,507 Goodwill 24,506 26,822 26,439 Intangible assets 8,653 9,379 9,235 Right-of-use assets 19,816 20,326 24,114 Property, plant and equipment 49,197 51,552 53,000 Associates and joint ventures 4 32,972 66,514 64,022 Other non-current assets 13,082 12,057 12,143 Total non-current assets 149,326 189,717 193,459 Prepaid taxes 1 211 860 Inventories 821 862 904 Trade and other receivables 12,705 13,701 13,687 Other current financial assets 7,905 825 1,074 Assets classified as held for sale 6 – – 928 Cash and cash equivalents 37,133 16,335 10,542 Total current assets 58,565 31,934 27,995 Total assets 207,891 221,651 221,454 NOK in million Note 30 September 2026 31 December 2025 30 September 2025 Equity attributable to equity holders of Telenor ASA 71,282 70,479 66,996 Non-controlling interest 4,676 5,150 4,905 Total equity 75,958 75,629 71,901 Non-current lease liabilities 11,268 11,399 12,765 Non-current interest-bearing liabilities 7 63,129 74,187 69,441 Non-current non-interest-bearing liabilities 948 1,363 1,099 Deferred tax liabilities 4,008 4,453 4,130 Pension obligations 1,690 1,966 2,058 Provisions and obligations 6,622 6,369 6,618 Total non-current liabilities 87,666 99,737 96,111 Current lease liabilities 3,303 3,660 3,864 Current interest-bearing liabilities 7 5,907 12,607 13,444 Trade and other payables 20,161 21,243 21,613 Dividend payable 6,375 – 6,298 Current tax payables 1,647 1,846 2,769 Current non-interest bearing liabilities 1,680 1,004 886 Provisions and obligations 970 892 792 Liabilities classified as held for sale 6 4,225 5,033 3,777 Total current liabilities 44,268 46,285 53,442 Total equity and liabilities 207,891 221,651 221,454 NOK in million Note 30 September 2026 31 December 2025 30 September 2025 The interim financial information has not been subject to audit or review. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 27

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Consolidated statement of cash flows Interim condensed consolidated statement of cash flows Profit (loss) before taxes from continuing operations 11,173 4,806 24,626 13,249 16,654 Profit (loss) before taxes from discontinued operations (86) 265 2 696 (3,182) Profit before taxes from total operations 11,087 5,071 24,628 13,945 13,472 Net interest expense 384 694 1,295 2,195 3,026 Net interest paid (215) (385) (1,127) (1,831) (2,636) Income taxes paid (678) (981) (2,238) (2,882) (3,727) Net (gains) losses from disposals, impairments and change in fair value of financial assets (6,176) (133) (7,091) (296) 4,257 Depreciation, amortisation and impairment losses 3,801 4,331 11,589 12,954 17,304 Loss (profit) from associates and joint ventures (396) (303) (5,611) (1,348) (1,823) Dividends received from associates and joint ventures 330 561 993 1,247 2,547 Currency (gains) losses not related to operating activities (77) (201) (673) (421) (322) Changes in operating working capital 675 (313) (698) (536) 140 Other adjustments 123 48 (741) (486) (1,016) Net cash flow from operating activities 8,859 8,388 20,328 22,542 31,222 Purchases of property, plant and equipment and intangible assets (2,697) (2,587) (7,635) (8,475) (11,338) Prepayment of right-of-use assets including initial direct cost (24) (41) (413) (139) (590) Proceeds from disposals of property, plant and equipment and intangible assets 20 25 37 46 85 Purchases of businesses, net of cash acquired (19) (18) (19) (559) (794) Proceeds from disposal of businesses, net of cash disposed 3,763 – 33,524 (123) 2,949 Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 Income tax withheld from proceeds relating to disposal of businesses – – – – (179) Proceeds from forward contract relating to disposal of businesses – – 632 – – Proceeds from sale and purchases of other investments 9 (40) 249 71 29 Net cash flow from investing activities 1,052 (2,660) 26,375 (9,179) (9,838) Proceeds from and repayments of borrowings (858) 570 (11,501) (1,054) 4,585 Payments of lease liabilities related to spectrum licences (41) – (611) (575) (687) Payments of lease liabilities related to other lease contracts (799) (949) (2,491) (2,969) (4,037) Purchase of treasury shares (1,303) 4 (1,792) (195) (195) Dividends paid to non-controlling interest (601) (605) (1,232) (1,646) (1,732) Dividends paid to equity holders of Telenor ASA (330) (335) (6,841) (6,841) (13,135) Net cash flow from financing activities (3,932) (1,315) (24,470) (13,279) (15,202) Effects of exchange rate changes on cash and cash equivalents (623) (56) (1,359) 47 (27) Net change in cash and cash equivalents 1) 5,355 4,356 20,874 130 6,155 Cash and cash equivalents at the beginning of the period 2) 31,777 5,878 16,258 10,104 10,104 Cash and cash equivalents at the end of the period 2) 3)| 37,133 10,234 37,133 10,234 16,258 Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 1) For cash flow related to discontinued operations, see note 6. 2) Cash and cash equivalents include bank overdrafts. 3) As of 30 September 2026, restricted cash was NOK 8 million, while as of 30 September 2025, it was NOK 7 million. The interim financial information has not been subject to audit or review. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 28

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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 2025 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 Transactions 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 Equity as of 1 January 2025 8,278 (23,578) 89,426 1,723 75,855 5,917 81,772 Net income for the period – – 7,034 – 7,034 1,329 8,363 Other comprehensive income for the period – 258 – 558 817 (371) 446 Total comprehensive income for the period – 258 7,034 558 7,851 958 8,809 Dividends – – (13,135) – (13,135) (1,736) (14,871) Purchase of treasury shares (1) (4) – – (5) – (5) Share - based payment, exercise of share options and distribution of shares – (86) – – (86) – (86) Equity as of 31 December 2025 8,277 (23,410) 83,325 2,281 70,479 5,150 75,629 Net income for the period – – 20,575 – 20,575 952 21,527 Other comprehensive income for the period – 303 – (4,110) (3,807) (109) (3,916) Total comprehensive income for the period – 303 20,575 (4,110) 16,768 843 17,611 Dividends – – (13,213) – (13,213) (1,317) (14,530) Purchase of treasury shares (76) (2,682) – – (2,758) – (2,758) Share - based payment, exercise of share options and distribution of shares – 6 – – 6 – 6 Equity as of 30 September 2026 8,201 (25,783) 90,687 (1,829) 71,282 4,676 75,958 The interim financial information has not been subject to audit or review. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 29

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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 27 October 2026. 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 year ended 30 September 2026 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 2025. Key developments in risks and uncertainties are described in the section Risks and uncertainties on page 22 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 2025. For information about standards, amendments, and interpretations effective from 1 January 2026 that could affect the consolidated financial statements, please refer to note 1 in Telenor’s Annual Report 2025. None of the amendments effective from 1 January 2026 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. Group composition Announced acquisition of GlobalConnect in Norway On 8 July 2025, Telenor announced an agreement to acquire GlobalConnect’s consumer business in Norway in a transaction valued at NOK 6,000 million. The acquisition includes fibre infrastructure and about 140,000 fibre customers and is expected to increase Telenor’s market share of fibre subscriptions in Norway from about 22% to 29%. The Norwegian Competition Authority approved the transaction on 8 June 2026, subject to certain remedies. Telia Norway and NextGenTel were subsequently approved as remedy takers on 16 October 2026. Closing is expected in the first quarter of 2027. Announced acquisition of Enivest in Western Norway On 10 June 2026, Telenor announced an agreement to acquire Enivest in a transaction valued at NOK 2,500 million. The acquisition includes Enivest’s fibre network and approximately 28,000 customers, as well as a 34% stake in Årdalsnett. The transaction is subject to approval by the Norwegian Competition Authority, with closing expected in the first quarter 2027. Announced acquisition of controlling stake in Bahnhof in Sweden On 8 July 2026, Telenor announced an agreement to acquire a controlling stake (57.5% of the shares and 87.9% of the voting rights) in Bahnhof in a transaction valuing the company at SEK 6,100 million. Bahnhof is a Swedish fixed broadband provider with more than 500,000 consumer customers and 15,000 enterprise customers. The acquisition is expected to increase its consumer broadband market share from about 15% to 27%. Completion of the transaction is subject to customary regulatory approvals and is expected to close within the next six months. Following completion, Telenor intends to launch a mandatory cash offer to the remaining shareholders of Bahnhof. The above transactions had not been completed as of 30 September 2026 and therefore had no impact on the consolidated financial statements for the period. Divestment of Telenor Connexion On 10 September 2026, Telenor completed the transaction with Verdane and the remaining investment of approximately 50% in Telenor Connexion is accounted for as an associate going forward. Following completion, Telenor Connexion was deconsolidated as a subsidiary, resulting in a gain on disposal of NOK 6,907 million recognised as other income. See note 4 Associates and joint ventures for further information. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 30

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Note 2 Segments From the third quarter of 2026, Telenor has introduced a new segment structure to reflect the new organisational structure. Telenor now reports its telco business in five segments: Telenor Norway, Telenor Sweden, Telenor Denmark, DNA and Telenor Asia. Telenor Towers and the Corporate development portfolio are included in Other units. Comparative figures have been restated to reflect the new segment structure. Change in composition of operating and reportable segments In May 2026, Telenor announced changes to its organisational structure, replacing the previous Business Area structure with a more country-centric structure. As a result of these changes, Telenor has changed its segment structure from the third quarter of 2026. Telenor has seven operating segments, of which five are reportable segments: Telenor Norway, Telenor Sweden, Telenor Denmark, DNA and Telenor Asia. The two remaining operating segments, the Corporate Development portfolio and Telenor Towers, are not individually reportable due to their limited size and are presented as part of Other units, together with Corporate Functions. Comparative figures have been restated to reflect the new segment structure. 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. Telenor Norway Telenor Norway consists of mobile and fixed operations serving residential, business and wholesale customers in Norway. Offerings include mobile, telephony, broadband and TV services, as well as related hardware and services, e.g within security and entertainment. Telenor Sweden Telenor Sweden consists of mobile and fixed operations serving residential, business and wholesale customers in Sweden. Offerings include mobile, telephony, broadband and TV services, as well as related hardware and services, e.g. within security and entertainment. Telenor Denmark Telenor Denmark consists of mobile and fixed operations serving residential, business and wholesale customers in Denmark. Offerings include mobile, telephony and broadband services, as well as related hardware and services, e.g. within security and entertainment. DNA (Finland) DNA consists of mobile and fixed operations serving residential, business and wholesale customers in Finland. Offerings include mobile, telephony, broadband and TV services, as well as related hardware and services, e.g. within security and entertainment. Telenor Asia Telenor Asia consists of mobile operations in Bangladesh (Grameenphone), offering mobile subscriptions and wholesale services. It holds interests in the associate CelcomDigi and the joint venture Easypaisa digital bank, as well as an ownership stake in True Corporation, recognised as a financial instrument at fair value. Other units Other units comprise Telenor Towers, the Corporate development portfolio and Corporate functions. Telenor Towers comprises the Group’s tower operations in Norway, Sweden and Finland, providing passive telecom infrastructure to internal and external customers. The Corporate Development portfolio comprises businesses and companies near the core of Telenor’s business. Corporate functions include group management and central functions supporting the Group, such as strategy, finance, procurement, insurance and shared services. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 31

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Third quarter Total revenues of which internal Total operating expenses Adjusted EBITDA Capex excl. lease Free cash flow before M&A NOK in million 2026 2025 Growth 2026 2025 2026 2025 Growth 2026 Margin 2025 Margin 2026 2025 2026 2025 Telenor Norway 6,768 6,729 0.6 % 58 65 (1,666) (1,678) (0.7) % 3,756 55.5 % 3,769 56.0 % 1,054 1,091 2,231 2,124 Telenor Sweden 3,149 3,336 (5.6) % 31 44 (805) (851) (5.4) % 1,379 43.8 % 1,427 42.8 % 301 448 545 408 Telenor Denmark 1,511 1,559 (3.1) % 16 25 (515) (524) (1.7) % 448 29.7 % 509 32.7 % 122 154 239 329 DNA (Finland) 3,147 3,257 (3.4) % (5) 10 (864) (930) (7.1) % 1,255 39.9 % 1,356 41.6 % 406 305 513 792 Telenor Asia 3,141 3,383 (7.2) % 61 87 (1,116) (1,230) (9.3) % 1,851 58.9 % 1,968 58.2 % 423 255 1,205 579 Other units 2,084 2,185 (4.6) % 1,044 1,071 (996) (1,044) (4.6) % 545 26.1 % 542 24.8 % 128 209 (74) (141) Discontinued operations (Telenor Pakistan) – – n.m. – – – – n.m. – n.m. - n.m. – – – 100 Eliminations (1,205) (1,301) n.m. (1,205) (1,301) 408 403 n.m. (456) n.m. (520) n.m. – – 67 – Group 18,593 19,147 (2.9) % – – (5,554) (5,853) (5.1) % 8,776 47.2 % 9,050 47.3 % 2,434 2,462 4,727 4,191 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 2026 2025 Growth 2026 2025 2025 2024 Growth 2026 Margin 2025 Margin 2026 2025 2026 2025 Telenor Norway 19,833 19,638 1.0 % 174 190 (5,323) (5,196) 2.4 % 10,648 53.7 % 10,701 54.5 % 3,160 3,156 4,591 4,463 Telenor Sweden 9,510 9,768 (2.6) % 97 107 (2,695) (2,781) (3.1) % 3,972 41.8 % 3,905 40.0 % 1,031 1,345 1,392 364 Telenor Denmark 4,505 4,587 (1.8) % 65 75 (1,559) (1,567) (0.6) % 1,329 29.5 % 1,503 32.8 % 420 498 507 979 DNA (Finland) 9,303 9,700 (4.1) % 17 28 (2,735) (2,923) (6.4) % 3,773 40.6 % 3,977 41.0 % 959 782 1,046 2,029 Telenor Asia 9,315 10,480 (11.1) % 236 291 (3,425) (3,821) (10.4) % 5,359 57.5 % 6,061 57.8 % 1,130 961 2,398 2,075 Other units 6,182 6,315 (2.1) % 3,132 3,096 (3,336) (3,295) 1.3 % 1,205 19.5 % 1,313 20.8 % 646 718 (1,265) (1,362) Discontinued operations (Telenor Pakistan) – – n.m. – – – – n.m. – n.m. - n.m. – – – 329 Eliminations (3,722) (3,786) n.m. (3,722) (3,786) 1,240 1,167 n.m. (1,477) n.m. (1,560) n.m. – – 16 (102) Group 54,926 56,704 (3.1) % – – (17,832) (18,417) (3.2) % 24,809 45.2 % 25,900 45.7 % 7,345 7,460 8,685 8,774 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 32

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Year 2025 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 50. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 33 Total revenues of which internal Total operating expenses Adjusted EBITDA Capex excl. lease Free cash flow before M&A NOK in million 2025 2025 2025 2025 Margin 2025 2025 Telenor Norway 26,552 246 (7,122) 14,178 53.4 % 4,459 5,828 Telenor Sweden 13,280 143 (3,759) 5,303 39.9 % 1,835 535 Telenor Denmark 6,214 102 (2,149) 1,955 31.5 % 775 998 DNA (Finland) 13,219 36 (3,967) 5,252 39.7 % 1,393 3,396 Telenor Asia 13,724 375 (5,105) 7,835 57.1 % 1,110 3,247 Other units 8,635 4,174 (4,422) 1,916 22.2 % 962 (1,354) Discontinued operations (Telenor Pakistan) – – – – n.m. – 407 Eliminations (5,075) (5,075) 1,682 (1,978) 39.0 % – (188) Group 76,548 – (24,842) 34,462 45.0 % 10,535 12,869 Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 Profit (loss) before taxes 11,173 4,806 24,626 13,249 16,654 Share of net income from associate companies and joint ventures (396) (303) (5,611) (1,348) (1,823) Net financial items 815 381 257 2,047 3,147 Operating profit (loss) 11,593 4,884 19,272 13,947 17,978 Depreciation and amortisation 3,801 4,093 11,589 12,220 16,312 Impairment losses – – – – 2 EBITDA 15,394 8,977 30,861 26,168 34,292 Other income (6,963) (18) (7,037) (696) (744) Other expenses 346 92 984 428 913 Adjusted EBITDA 8,776 9,050 24,809 25,900 34,462

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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 the table below. See note 3 in the Annual Report 2025 for further information about the different types of revenues in Telenor. Third quarter 2026 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 3,865 2,304 10 6,180 586 6,766 1 6,767 Telenor Sweden 2,025 723 – 2,748 373 3,121 28 3,149 Telenor Denmark 1,144 152 – 1,296 203 1,499 11 1,511 DNA Finland 1,984 590 – 2,574 573 3,147 – 3,147 Asia 3,058 – 31 3,089 3 3,092 50 3,141 Other units – 256 952 1,207 – 1,207 877 2,084 Eliminations (71) (142) (367) (580) (1) (581) (624) (1,205) Group 12,005 3,883 626 16,515 1,736 18,251 342 18,593 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 48 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. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 34

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First three quarters 2026 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 11,350 6,826 1 18,176 1,652 19,828 4 19,833 Telenor Sweden 6,114 2,314 – 8,428 996 9,424 86 9,510 Telenor Denmark 3,425 440 – 3,865 606 4,471 34 4,505 DNA Finland 5,974 1,798 – 7,772 1,530 9,302 – 9,303 Asia 9,013 – 145 9,158 8 9,165 149 9,315 Other units – 780 2,803 3,583 – 3,583 2,599 6,182 Eliminations (318) (369) (1,146) (1,833) (6) (1,839) (1,883) (3,722) Group 35,558 11,788 1,803 49,149 4,785 53,935 991 54,926 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 48 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. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 35

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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 6,730 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 Asia 3,275 – 57 3,332 4 3,336 48 3,383 Other units – 271 1,014 1,285 – 1,285 900 2,185 Eliminations (133) (120) (391) (643) (1) (644) (658) (1,302) Group 12,345 4,164 685 17,194 1,606 18,799 348 19,147 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 48 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. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 36

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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) Total revenues 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 Asia 10,131 – 193 10,324 8 10,331 149 10,480 Other units – 958 2,680 3,638 – 3,638 2,677 6,315 Eliminations (357) (357) (1,103) (1,817) (3) (1,820) (1,965) (3,786) Group 36,746 12,588 1,776 51,110 4,555 55,665 1,040 56,704 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 48 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. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 37

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Full year 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) 4) Total revenues Telenor Norway 14,988 9,339 8 24,336 2,210 26,546 6 26,552 Telenor Sweden 8,148 3,437 1 11,586 1,538 13,123 156 13,280 Telenor Denmark 4,693 629 – 5,322 844 6,166 48 6,214 DNA Finland 8,389 2,584 – 10,973 2,211 13,185 34 13,219 Asia 13,265 – 250 13,515 12 13,527 197 13,724 Other units – 1,265 3,823 5,088 – 5,088 3,548 8,636 Eliminations (478) (470) (1,525) (2,473) (4) (2,476) (2,600) (5,076) Group 49,006 16,785 2,556 68,347 6,811 75,158 1,390 76,548 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 48 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. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 38

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Note 4 Associates and joint ventures On 13 March 2026, Telenor disposed of 24.95% of the shares in True Corporation, recognising a gain of NOK 12.2 billion. The remaining 5.35% and a mutual put/call option is recognised as financial items with fair value changes over profit and loss. In the first quarter, Telenor recognised an impairment of NOK 8.0 billion in CelcomDigi. The share of net income from CelcomDigi is reported with one quarter lag, with adjustment for significant events. Associates and joint ventures The tables below show how 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. Significant events On 22 January 2026, Telenor announced an agreement to sell 24.95% of the shares in True Corporation, together with a mutual put/call option for the sale of the remaining 5.35%. On 13 March 2026, Telenor disposed of 8,621 million shares in True Corporation, realising a net gain of NOK 12,196 million. The gain reflects the combined effect of several elements. The consideration for the sale was NOK 30,369 million of which NOK 607 million was deferred. The remaining 1,849 million shares in True Corporation were re- measured at fair value to NOK 7,403 million. This effect was partly offset by the mutual put/call option for the remaining shares, being at a loss of NOK 560 million. The carrying value of True Corporation derecognised from the associates line was NOK 24,963 million. Accumulated balance of currency translation losses of NOK 50 million previously recognised in other comprehensive income were reclassified to the income statement upon disposal, having no impact on Telenor's equity. The remaining shares and related put/call, which is exercisable from March 2028, are recognised at fair value over profit and loss under the heading "Other current financial assets". As of 30 September 2026 fair value of the retained 5.35% is NOK 6,711 million, while the put/call has a value of NOK 415 million. The remaining deferred consideration is NOK 392 million as of 30 September 2026, having received a pre- payment of NOK 185 million on 10 June 2026. Date of settlement has been extended from 13 September 2026 to 13 November 2026. Telenor controls 33.1% of the shares and voting rights in CelcomDigi. At the end of March 2026, the carrying amount was NOK 35,680, equivalent to an implicit share price of MYR 3.82. The share price as of 31 March 2026 was MYR 2.95, equivalent to a market value of NOK 27,675 million. Hence, the fair value of CelcomDigi was significantly below carrying amount, and an impairment of NOK 8,004 million was recognised in the first quarter 2026. According to Telenor's accounting principles, the further decline in share price by 13% to MYR 2.57 in the second and third quarter, is not considered a significant value decrease from the new baseline established after the aforementioned impairment. On 10 September 2026, Telenor established an associate with Verdane, aiming to build a global IoT leader with Telenor Connexion as the platform. Each party holds an equity stake of slightly less than 50% each. Telenor's initial carrying value as of 10 September 2026 is NOK 2,471 million, having injected NOK 38 million to cover certain setup costs. Telenor received as net consideration cash of NOK 3,709 million, net of NOK 19 million injected to cover initial financing costs, a vendor loan of NOK 819 million carrying 8% payment-in-kind interest until exit or after eight years, and an earn-out right contingent on specified events occurring before 30 June 2027. Telenor received NOK 330 million in dividends in the third quarter 2026 and NOK 993 million in the first three quarters of 2026, of which NOK 310 million and NOK 973 million from CelcomDigi respectively. Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 Share of net income (loss) 1) 351 35 1,384 1,084 1,618 Of which share from CelcomDigi 275 (217) 815 276 522 Of which share from True Corporation (direct interest) – 184 564 652 642 Of which share from Easypaisa bank 84 51 152 82 329 Of which share from Allente – 79 – 82 183 Of which share from Carousell (15) (20) (79) (27) 31 Of which share from others 7 (43) (68) (60) (88) 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. First three quarters Year NOK in million 2026 2025 2025 Opening balance as of 1 January 66,514 66,793 66,793 Additions 2,474 2,891 3,126 Held for sale and disposals (24,975) (963) (659) Impairment reversal (loss) (8,008) 265 265 Share of net income (loss) 1,384 1,084 1,618 Share of other comprehensive income (27) (176) (183) Dividends received (993) (1,247) (2,547) Translation differences (3,397) (4,625) (1,898) Closing balance as of period end 32,972 64,022 66,514 Of which investment in CelcomDigi 1) 27,015 35,357 36,904 Of which investment in True (direct interest) – 25,582 25,974 Of which investment in others 5,958 3,084 3,636 1) Of which, allocated to goodwill NOK 14,147 million as of 30 September 2026 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 39

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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 amount to NOK 23,496 million as of 30 September 2026, which is NOK 3,519 million less than the carrying amount of NOK 27,015 million. The carrying amount reflect an implicit share price of MYR 2.95. Telenor recognised an impairment of NOK 8,004 million in the first quarter of 2026 after a significant value decrease. CelcomDigi's share price has since fallen from MYR 2.96 as of 31 March 2026 to MYR 2.57 as of 30 September 2026. The following tables sets forth the summarised financial information of CelcomDigi, including the allocation of excess values and adjustments for difference in accounting policies. 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 2026 report. Statement of comprehensive income (CelcomDigi) 1) Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 Revenue 7,421 7,588 23,419 23,409 31,004 EBITDA 3,213 3,390 9,976 10,180 13,454 Depreciation and amortisation (1,654) (1,765) (5,511) (5,820) (7,658) Net financial items (395) (1,932) (1,124) (2,677) (3,033) Income tax expense (332) (348) (878) (849) (1,187) Net income 832 (654) 2,463 834 1,576 Other comprehensive income (loss) – – – – – Total comprehensive income (loss) 832 (654) 2,463 834 1,576 Telenor's ownership in % 33.1 % 33.1 % 33.1 % 33.1 % 33.1 % Share of net income (loss) 275 (217) 815 276 522 Impairment – – (8,004) – Share of other comprehensive income (loss) – – – – – Share of total comprehensive income (loss) 275 (217) (7,189) 276 522 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. 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. Statement of financial position (CelcomDigi) 1) NOK in million 30 September 2026 30 September 2025 31 December 2025 Non-current assets 75,757 77,185 80,466 Current assets excluding cash and cash equivalents 12,375 10,920 11,143 Cash and cash equivalents 1,964 1,443 1,647 Non-current non-interest bearing liabilities (5,374) (5,066) (5,214) Non-current interest bearing liabilities (24,223) (26,518) (25,905) Current non-interest bearing liabilities (21,314) (17,792) (20,365) Non-controlling interest (310) (270) (304) Total equity to shareholders of parent company 38,875 39,902 41,467 Telenor's share of equity 12,868 13,207 13,726 Goodwill related to the Telenor's investment 14,147 22,149 23,179 Carrying amount of investment 27,015 35,357 36,904 Dividends received 973 1,036 1,382 1) The second quarter results and financial position of CelcomDigi is included in Telenor’s third quarter report. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 40

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True Corporation (associate) True Corporation is a telecommunication company, listed on the Stock Exchange of Thailand. On 22 January 2026, Telenor announced an agreement to sell 24.95% of the shares in True Corporation, together with a mutual put/call option for the sale of the remaining 5.35%. Telenor no longer has significant influence over True Corporation and discontinued recognising True Corporation as an associate upon disposal of the 24.95% share on 13 March 2026. The following tables sets forth the summarised financial information of True Corporation, including the allocation of excess values and adjustments for difference in accounting policies. 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 2026 report. Statement of comprehensive income (True) 1) Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 Revenue – 15,560 14,585 48,762 64,371 EBITDA – 7,035 8,575 22,282 30,134 Depreciation and amortisation – (5,222) (5,399) (16,052) (23,166) Net financial items – (1,313) (1,317) (4,141) (5,438) Income tax expense – 121 4 170 713 Net income – 622 1,862 2,259 2,244 Other comprehensive income (loss) – (92) (66) (450) (530) Total comprehensive income (loss) – 530 1,796 1,810 1,714 Telenor's ownership in % 2) 5.4 % 30.3 % 5.4 % 30.3 % 30.3 % Share of net income (loss) – 184 564 652 644 Impairment reversal – 269 – 269 269 Share of other comprehensive income (loss) – (27) (20) (130) (152) Share of total comprehensive income (loss) – 425 544 791 760 As the financial quarterly results of the listed company True Corporation are normally not published at the time Telenor reports its quarterly results, Telenor included 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 2025, True reported four significant events, impacting Telenor's share of net income in the Annual Report 2025 negatively with NOK 153 million. Statement of financial position (True) 1) NOK in million 30 September 2025 31 December 2025 Non-current assets 179,402 198,880 Current assets excluding cash and cash equivalents 19,764 18,531 Cash and cash equivalents 4,255 4,322 Non-current non-interest bearing liabilities (9,657) (10,666) Non-current interest bearing liabilities (110,235) (130,858) Current non-interest bearing liabilities (53,777) (51,730) Non-controlling interest (91) 75 Total equity to shareholders of parent company 29,661 28,554 Telenor's share of equity 8,987 8,652 Goodwill related to the Telenor's investment 16,594 17,322 Carrying amount of investment 25,582 25,974 Dividends received – 629 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 41 1) The second quarter 2025 results and financial position is included in Telenor’s third quarter 2025 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 expenses as presented in the income statement consists of the following: Financial items Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 Interest income on cash and cash equivalents 294 111 856 369 465 Other financial income 135 47 389 148 211 Total financial income 429 158 1,245 517 676 Interest expenses on financial liabilities 1) (698) (779) (2,232) (2,485) (3,335) Other financial expenses (80) (90) (229) (280) (357) Total financial expenses (778) (869) (2,461) (2,764) (3,692) Net foreign currency gains (losses) 185 210 724 491 347 Net change in fair value of financial instruments at fair value through profit or loss (648) 91 173 (422) (616) Net change in fair value of hedging instruments and hedged items 4 29 65 131 139 Net gains (losses and impairment) on financial assets and liabilities (6) – (3) 1 – Change in fair value of financial instruments (650) 120 235 (290) (477) Net financial income (expenses) (815) (381) (257) (2,047) (3,147) 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 Telenor Pakistan which was disposed in 2025. 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. The profit (loss) of all disposal groups including Telenor Pakistan, India and Canal Digital is presented as discontinued operations until disposal, and subsequent adjustments are shown in the following table: Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 Revenue – 1,157 – 3,621 4,839 EBITDA – 495 – 1,604 2,082 EBIT – 257 – 871 1,092 Profit (loss) before tax – 259 – 726 917 Income taxes – (54) – (138) (547) Profit (loss) after tax – 205 – 589 370 Gain (loss) on disposal before tax (86) 6 2 (30) (4,099) Income tax – – – – (198) Gain (loss) on disposal after tax (86) 6 2 (30) (4,297) Profit (loss) from discontinued operations (86) 211 2 559 (3,927) Profit (loss) after tax for all periods represents Telenor Pakistan only. Loss on disposal after tax of NOK 86 million for the third quarter 2026 primarily relates to Telenor Pakistan sale in 2025, following finalisation of closing accounts in accordance with the Share Purchase Agreement ("SPA") with the buyer. Telenor India related accrual of interest (see Annual Report 2025 note 23 and further information below related to India) was more than offset by foreign currency gain following weakening of Indian Rupee. Gain on disposal after tax of NOK 2 million for the first three quarters 2026 is a result of foreign currency gain Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 42

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related to India liability more than offsetting incremental interest on the liability and Telenor Pakistan sale price adjustment. Loss on disposal for the first three quarters 2025 includes NOK 182 million based on a ruling from tax authorities in a VAT case related to the then Canal Digital business in Norway for the period 2016-2019. Loss on disposal after tax for the full year 2025 includes NOK 3,044 million loss (net of tax) related to Telenor Pakistan, the aforementioned NOK 182 million related to Canal Digital and Telenor India contributed with a loss of NOK 1,072 million. See Annual Report 2025 note 23 for further information. Cash flow related to discontinued operations presented below are from external transactions and hence, the cash flows for discontinued operations do not reflect these operations as if they were standalone entities. During the first three quarters of 2026, Telenor paid first instalment of NOK 638 million to the Department of Telecommunication (DoT) in India in line with government established payment moratorium for dispute concerning license fee based on adjusted gross revenue (AGR). For the third quarter, first three quarters and full year 2025 the below cash flows relate solely to Telenor Pakistan, except for NOK 197 million payment related to Canal Digital. Third quarter First half year Year NOK in million 2026 2025 2026 2025 2024 Net cash flow from operating activities – 451 (638) 1,039 1,193 Net cash flow from investing activities – (237) – (714) 1,294 Net cash flow from financing activities – (117) – (314) 1,865 Total cash flow from discontinued operations – 97 (638) 11 4,353 Effects of exchange rate changes on cash and cash equivalents – (5) – 25 17 Net cash flow from discontinued operations – 92 (638) 36 4,370 Assets and liabilities held for sale Assets classified as held for sale as of 30 September 2025 represent carrying amount of investment in joint venture, Allente, which was sold in the fourth quarter 2025. Liabilities classified as held for sale as of 30 September 2026 comprise Telenor India with NOK 4,106 million and a provision for a sale price adjustment related to Telenor Pakistan of NOK 119 million. Telenor India's liability of NOK 4,106 million includes NOK 1,354 million related to one time spectrum charge including related interest. During the second quarter 2026, Telenor received a demand note from DoT related to one time spectrum charge including interest with a payment due date in September 2026. During the third quarter 2026, the court issued a no coercive order which remains until next court hearing schedule in December 2026. The outstanding payment accrues interest on the principal amount at 14.75% per annum. The remaining liability of NOK 2,752 million predominantly stem from dispute on how to calculate adjusted gross revenue (AGR) which is the basis for determining licence fees in India culminated in 2019 in a ruling by the Supreme Court (the "AGR Judgement"). A government established payment moratorium provides that liabilities related to AGR Judgement shall, at the latest, be paid down in six annual instalments of which first instalment was paid in March 2026 of NOK 638 million. The remaining five annual instalments are subject to change, but the second instalment payable in the first quarter of 2027 is currently expected to be around the same level as the first instalment paid. The outstanding payments accrue interest. 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 2025 and as of 30 September 2025, Telenor India related liability amounted to NOK 5,033 million and NOK 3,777 million, respectively. NOK in million 30 September 2026 30 September 2025 31 December 2025 Assets Associates and joint ventures – 928 – Total assets held for sale – 928 – Liabilities Current liabilities 4,225 3,777 5,033 Total liabilities held for sale 4,225 3,777 5,033 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 43

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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 2026 NOK in million Carrying amount Fair value Interest-bearing liabilities 1) (69,035) (64,471) of which fair value level 1 – (63,971) of which fair value level 2 – (500) 31 December 2025 NOK in million Carrying amount Fair value Interest-bearing liabilities 1) (86,794) (83,468) of which fair value level 1 – (82,416) of which fair value level 2 – (1,052) 1) Excluding lease liabilities The following are the year-to-date changes in interest-bearing liabilities: • On 31 May 2026, a EUR 1 000 million bond under the EMTN programme matured and repaid. As of 30 September 2026, 71% 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 2025 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 2026 31 December 2025 Other non-current assets 554 233 Other current financial assets 440 375 Non-current non-interest bearing-financial liabilities (347) (707) Non-current interest-bearing financial liabilities (908) (1,023) Current non-interest-bearing liabilities (61) (350) Current interest-bearing liabilities (176) (75) Total (499) (1,545) Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 44

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Note 9 Equity information Share-based payment program for employees As of 30 September 2026, Telenor had repurchased a total of 1,037,551 shares for a total consideration of NOK 166 million in connection with the 2026 employee share programme, the 2026 executive compensation programme and the 2024 employee share programme (bonus shares). Of this, 145,957 shares were repurchased for NOK 19 million during third quarter 2026. Share buybacks are undertaken on a quarterly basis to facilitate share allocations under Telenor’s Employee Share Purchase plan and executive share plans. The shares purchased are dedicated exclusively to the company’s share programmes for employees in Telenor Group and executive compensation element in 2026. Share buyback programme On 20 May 2026, Telenor initiated the first year of its previously announced NOK 15 billion three-year share buyback programme. The first-year programme authorises repurchases of up to NOK 6 billion, or 54 million shares. Up to 24.9 million shares for a maximum amount of NOK 2,760 million will be repurchased in the market, while up to 29.1 million shares for a maximum amount of NOK 3,240 million will be redeemed from the Norwegian State on a pro rata basis. The cancellation and redemption of shares is expected to take place after approval by Telenor’s General Meeting in May 2027. Telenor has entered into a non-discretionary agreement with a third party to manage and carry out the share repurchases in the market. As of 30 September 2026, a total of 12.7 million shares had been repurchased for a total consideration of NOK 1,747 million, corresponding to approximately 63% of the authorised market repurchase programme. A non-interest-bearing liability of NOK 1,013 million has been recognised with a corresponding reduction in equity representing the remaining commitment under the third-party repurchase agreement. Following 30 September 2026, and up to 26 October 2026, the cumulative number of shares repurchased under the ongoing share buyback programme increased to 16 million shares, for a total consideration of NOK 2,155 million. These repurchases occurred after the reporting period do not affect the amounts recognised as of 30 September 2026, including the liability recognised in relation to the share buyback programme. On 27 October 2026, the Board of Directors of Telenor ASA approved the initiation of a second share buyback tranche following completion of the ongoing tranche. The second tranche aims to utilise the remaining capacity under the 2026 AGM authorisation. The first and second tranches may in total comprise up to 54 million shares. Dividend On 19 May 2026, the Annual General Meeting approved a dividend of NOK 9.70 per share to be paid out in two tranches of NOK 5.00 and NOK 4.70 in June and October 2026, respectively. The first tranche of NOK 5.00 was paid out on 2 June 2026, with ex-dividend date of 20 May 2026. The second tranche of NOK 4.70 was paid out on 27 October 2026, with ex-dividend date of 15 October 2026. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 45

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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 2025 are summarised in this note. One-time spectrum fees (India) Telenor has provided guarantees for certain claims related to previous operations in India to the current owner Bharti Airtel. One of these claims relate to one-time spectrum fees, where the Indian Supreme Court cancelled all 2G licences in 2012 and ordered payment of retroactive spectrum fees for such continued use of spectrum after the licences had been cancelled. On 14 February 2017, DoT issued a demand notice of NOK 806 million (including interest incurred as per February 2017). Telenor challenged such demand before the Telecom Disputes Settlement and Appellate Tribunal in India. In a Supreme Court judgement of 20 February 2026 in a similar case involving another operator, Mobile TeleSystems India (MTS), MTS was found liable to pay the specified reserve price for continuing its network operations from 2 February 2012. The MTS case is expected to have bearing on Telenor's matter although uncertainty remains with respect to calculation of charges for Telenor. On 25 June 2026, DoT updated its claim to NOK 1,376 million including 14,75 % interest calculated up to 15 June 2026. Refer to note 6 Discontinued operations and assets held for sale for further information. Workers profit participation fund (Grameenphone, Bangladesh) Mobile operators in Bangladesh have since 2013 been required by an amendment in the Bangladesh Labor Act to establish a Worker’s Profit Participation Fund (“WPPF”) for distribution of 5 % of the company’s annual net profit to their employees. Grameenphone has complied to such requirement since then. However, for the period between 2010-2012 Grameenphone resolved the issue amicably with the relevant employees. Some former employees have filed cases claiming interest amount disrespecting the earlier settlement. As the changed situation has necessitated the judicial interpretation on this issue, on 28 June 2026, GP has filed a Writ Petition before the High Court Division, which on 5 July 2026 was admitted for hearing. Note 11 Events after the reporting period On 27 October 2026, the Board of Directors of Telenor ASA approved the initiation of a second share buyback tranche following completion of the ongoing tranche. The second tranche aims to utilise the remaining capacity under the 2026 AGM authorisation. The first and second tranches may in total comprise up to 54 million shares. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 46

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Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 47 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, cybersecurity and AI Factory. 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 80% 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 2026 2025 2026 Change YoY Service revenues 44,332 45,884 (1,552) (3.4) % Impact using exchange rates for 2026 – (1,845) 1,845 M&A – (62) 62 Organic service revenues 44,332 43,977 355 0.8 % Third quarter Change third quarter NOK in million 2026 2025 2026 Change YoY Service revenues 14,809 15,351 (541) (3.5) % Impact using exchange rates for 2026 173 (541) 714 M&A – (62) 62 Organic service revenues 14,982 14,748 235 1.6 % Third quarter Change third quarter NOK in million 2025 2024 2025 Change YoY Service revenues 15,351 15,229 122 0.8 % Impact using exchange rates for 2025 76 (92) 168 M&A – – – Organic service revenues 15,427 15,137 290 1.9 % Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 48

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Service revenues Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 Total revenues 18,593 19,147 54,926 56,704 76,548 Less: Handsets and other devices (1,736) (1,606) (4,786) (4,555) (6,811) Less: Lease revenues (342) (348) (991) (1,040) (1,390) Revenue from rendering of services 16,515 17,194 49,150 51,109 68,347 Less: Revenue from other operators (1,397) (1,461) (4,024) (4,098) (5,497) Less: Other revenues (308) (382) (793) (1,127) (1,656) Service revenues 14,809 15,351 44,332 45,884 61,194 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 2026 2025 2026 2025 2025 Salaries and personnel 2,098 2,165 7,134 7,220 9,814 Operations and maintenance 1,056 1,143 3,224 3,455 4,612 Sales, marketing and commission 1,305 1,349 4,010 4,021 5,466 Energy 184 178 495 549 703 Other opex 911 1,018 2,970 3,173 4,246 Total opex 5,554 5,853 17,832 18,417 24,842 Organic change 0.3 % 0.8 % 1.1 % 1.1 % 0.3 % First three quarters Change YTD NOK in million 2026 2025 2026 Change YoY Operating expenses 17,832 18,417 (585) (3.2) % Impact using exchange rates for 2026 – (758) 758 M&A – (28) 28 Organic operating expenses 17,832 17,630 202 1.1 % Third quarter Change third quarter NOK in million 2026 2025 2026 Change YoY Operating expenses 5,554 5,853 (298) (5.1) % Impact using exchange rates for 2026 68 (216) 285 M&A – (28) 28 Organic operating expenses 5,623 5,608 14 0.3 % Third quarter Change third quarter NOK in million 2025 2024 2025 Change YoY Operating expenses 5,853 5,879 (26) (0.4) % Impact using exchange rates for 2025 31 (43) 74 M&A – – – Organic operating expenses 5,884 5,836 48 0.8 % Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 49

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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 2026 2025 2026 Change YoY Adjusted EBITDA 24,809 25,900 (1,091) (4.2) % Impact using exchange rates for 2026 – (1,041) 1,041 M&A – (17) 17 Organic adjusted EBITDA 24,809 24,842 (33) (0.1) % Third quarter Change third quarter NOK in million 2026 2025 2026 Change YoY Adjusted EBITDA 8,776 9,050 (274) (3.0) % Impact using exchange rates for 2026 85 (301) 386 M&A – (17) 17 Organic adjusted EBITDA 8,862 8,732 129 1.5 % Third quarter Change third quarter NOK in million 2025 2024 2025 Change YoY Adjusted EBITDA 9,050 8,776 274 3.1 % Impact using exchange rates for 2025 55 (61) 116 M&A – – – Organic adjusted EBITDA 9,105 8,715 390 4.5 % Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 50 Other income and other expenses Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 EBITDA 15,394 8,977 30,861 26,168 34,292 Adjustments: Other income – – (9) (3) (3) Gains on disposals of property, plant and equipment (PPE) and operations (6,963) (18) (7,027) (693) (741) Total other income (6,963) (18) (7,037) (696) (744) Losses on disposals of property, plant and equipment (PPE) and operations 51 13 175 81 429 Workforce reductions, onerous (loss) contracts and other 295 79 809 347 484 Total other expenses 346 92 984 428 913 Total adjustments (6,617) 74 (6,052) (268) 170 Adjusted EBITDA 8,776 9,050 24,809 25,900 34,462

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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 licence and spectrum. Capex excludes business combinations and asset retirement obligations, as well as discontinued operations. 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 2026 2025 2026 2025 2025 Purchases of property, plant and equipment and intangible assets 2,697 2,587 7,635 8,475 11,338 Prepayment of right-of-use assets including initial direct cost 24 41 413 139 590 Capex related working capital and other changes (276) 186 328 (320) (267) Deferred lease obligations including licences 797 1,107 3,514 3,633 4,369 Less: Discontinued operations – (419) – (820) (1,256) Total Capex incl. leases 3,242 3,502 11,891 11,107 14,773 Licence and spectrum acquisition (37) (369) (1,930) (445) (441) Other leases (771) (672) (2,616) (3,201) (3,797) Capex excl. lease 2,434 2,462 7,345 7,460 10,535 Total revenues 18,593 19,147 54,926 56,704 76,548 Capex excl. lease/Revenues (%) 13.1 % 12.9 % 13.4 % 13.2 % 13.8 % Total Capex/Revenues (%) 17.4 % 18.3 % 21.6 % 19.6 % 19.3 % Net interest-bearing debt excluding licence 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 licence 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 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 – – – 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 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 51

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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 2026 2025 2025 A - Net debt 42,489 85,011 81,731 B - Adjusted EBITDA 33,370 35,982 34,462 C - Dividends from associates and joint ventures 2,293 1,601 2,547 D - Leverage ratio D=A/(B+C) 1.19 2.26 2.21 Last 12 months adjusted EBITDA as of the period 30 September 2025 includes adjusted EBITDA contribution of NOK 2,164 million from Telenor Pakistan. 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 (M&A activities) include: • Acquisitions and disposals where Telenor acquire or lose control and the cash effects are classified in investing activities • Acquisition including capital injections and disposal of investments in associates and joint ventures that are classified in investing activities • Transactions with non-controlling interests that does not result in change of control for Telenor that are classified in financing activities • Proceeds from borrowings in the disposed business that are classified in financing activities but are connected to sale transaction and the related debt is deconsolidated together with business disposed. Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 Net cash flows from operating activities 8,859 8,388 20,328 22,542 31,222 Net cash flows from investing activities 1,052 (2,660) 26,375 (9,179) (9,838) Payments of lease liabilities related to spectrum licences (41) – (611) (575) (687) Payments of lease liabilities related to other lease contracts (799) (949) (2,491) (2,969) (4,037) Dividends paid to non-controlling interest (601) (605) (1,232) (1,646) (1,732) Proceeds from borrowings by Telenor Pakistan as part of sale transaction – – – – 2,335 Free cash flow 8,471 4,173 42,369 8,173 17,262 M&A activities 3,744 (18) 33,684 (601) 4,393 Free cash flow before M&A activities 4,727 4,191 8,685 8,774 12,869 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 52

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M&A activities reconciliation to cash flow statement Third quarter First three quarters Year NOK in million 2026 2025 2026 2025 2025 Classification in cash flow statement M&A transaction Purchases of businesses, net of cash acquired True Corporation – – – (493) (493) Investments in other associates (19) (18) (19) (76) (310) Other acquisitions – – – 9 9 Proceeds from disposal of businesses, net of cash disposed Pakistan – – – – 2,432 True Corporation – – 29,761 – – Connexion 3,689 – 3,689 – – Allente – – – – 640 Canal Digital – – – (197) (197) Otrum – – – 84 84 Other disposals 75 – 75 (10) (10) Proceeds from forward contract relating to disposal of businesses True Corporation – – 632 – – Income tax withheld from proceeds relating to disposal of businesses Pakistan – – – – (179) Proceeds from sale and purchase of other investments True Corporation – – 185 – – Other disposals – – – 82 82 Proceeds from and repayments of borrowings Pakistan 1) – – – – 2,335 Other adjustments India 2) – – (638) – – Total 3,744 (18) 33,684 (601) 4,393 1) The group received NOK 2,335 million in Telenor Pakistan just before the disposal from the buyer in shareholder loan for settling Telenor Pakistan's internal debt towards Telenor ASA. Telenor Pakistan was disposed together with debt towards its new shareholder. 2) First instalment paid to the Department of Telecommunication (DoT) in India inline with government established payment moratorium for dispute concerning license fee based on adjusted gross revenue (AGR). See note 6. Free cash flow before M&A activities adjusted for outlook exclusions To facilitate comparison with the group’s external free cash flow outlook, a reconciliation of free cash flow before M&A, adjusted for items excluded from the outlook, is provided below. Items excluded from the outlook include dividends from associated companies, incremental spectrum payments related to spectrum acquired after Capital Markets Day in November 2025, as well as items related to prior years’ activities, such as legacy claims, taxes and refunds. First three quarters NOK in billion 2026 2025 Free cash flow before M&A activities 8.7 8.8 Adjustments: Dividends received from associates and joint ventures -1.0 -1.2 Incremental spectrum 0.3 0.0 Other items related to prior years’ activities 0.0 0.1 Total adjustments -0.7 -1.1 Free cash flow before M&A activities adjusted for outlook exclusions 8.0 7.6 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 53

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Return on capital employed (ROCE) Return on capital employed (ROCE) is a metric which is used to evaluate profitability and development of profitability in Telenor's existing business. As of the first quarter of 2026, the calculation of ROCE has been updated to improve the relevance and transparency of the measure, as well as its alignment with internal performance assessment. The update reflects a change in the calculation of capital employed f r o m a c a p i t a l s t r u c t u r e ‑ b a s e d a p p r o a c h t o a n a s s e t ‑ b a s e d a p p r o a c h . T h e u p d a t e d m e t h o d o l o g y provides a more direct link between the operating asset base and the earnings generated, making it more relevant in institutionalising the internal ROCE focus with a clearer link to operational performance. Comparative figures have been recalculated to reflect the updated methodology. ROCE is calculated by dividing the earnings of last twelve months by the average balance of capital employed at the beginning and end of the same twelve-month period. Earnings are defined as operating profit including share of profits from associates and joint ventures, less income taxes. Acquisitions effects that do not exhibit twelve-months returns in actual figures are excluded from the calculation for the respective period. Similarly, earnings from disposals are excluded when the disposal effects capital employed. Capital employed is defined as the assets and liabilities employed in the business and is d e r i v e d f r o m s e l e c t e d n o n ‑ c u r r e n t a n d c u r r e n t a s s e t s a n d l i a b i l i t i e s f r o m t h e s t a t e m e n t o f f i n a n c i a l position. ROCE 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 NOK in million 30 September 2026 30 September 2025 31 December 2025 Operating profit 23,303 17,501 17,978 Share of net income (loss) including gains/losses from associates and joint ventures 6,086 481 1,823 Income taxes (3,680) (4,769) (4,364) A - Earnings 25,709 13,213 15,437 Adjustment for True (12,747) – – B - Adjusted earnings 12,962 13,213 15,437 Average of beginning and end of period: Non-current assets 1) 164,346 188,599 188,444 Non-current liabilities 2) (5,092) (4,789) (5,526) Current assets 3) 14,489 15,506 15,075 Current liabilities 4) (23,976) (24,194) (24,687) C - Average capital employed 149,767 175,121 173,307 Adjustments for Pakistan (2,423) (4,920) (2,600) Adjustment for True (12,791) – – D - Adjusted average capital employed 134,553 170,201 170,707 Return on capital employed (B/D) 9.6 % 7.8 % 9.0 % Earnings (A) excluding associates and joint ventures 19,623 12,732 13,614 Average capital employed of associates and joint ventures 48,497 65,781 66,653 Average capital employed excluding associates and joint ventures 98,846 104,419 104,053 Return on capital employed excluding associates and joint ventures 19.9 % 12.2 % 13.1 % 1) N o n ‑ c u r r e n t a s s e t s i n c l u d e T o t a l n o n ‑ c u r r e n t a s s e t s , e x c l u d i n g O t h e r n o n ‑ c u r r e n t f i n a n c i a l a s s e t s a n d n o n ‑ c u r r e n t prepaid costs. 2) Non-current liabilities include Non-current non-interest-bearing liabilities and Deferred tax liabilities. 3) Current assets include Prepaid taxes, Inventories and Trade and other receivables. 4) Current liabilities include Trade and other payables, Current tax payables and Provisions and obligations. Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 54

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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 2026 2025 2026 2025 2025 Net income attributable to equity holders of Telenor ASA 9,845 3,027 20,575 8,947 7,034 Adjustments: Other income (6,963) (18) (7,037) (696) (744) Other expenses 346 92 984 428 913 Impairment losses – – – – 2 Impairment and gain/loss on disposal of associates and joint ventures (45) (269) (4,227) (264) (205) Net currency gain/loss (185) (210) (724) (491) (347) Net change in fair value of financial instruments 645 (120) (237) 290 477 Net gains, losses and impairment of financial assets and liabilities 6 – 3 (1) – Gain/loss on disposal in discontinued operations 86 (6) (2) 30 4,297 Income tax effect of above items (53) 57 35 8 (91) Non-controlling interest share of above items (3) (1) 4 (30) (27) Total adjustments (6,166) (475) (11,201) (724) 4,276 Adjusted net income attributable to equity holders of Telenor ASA 3,679 2,553 9,374 8,223 11,310 Average numbers of shares outstanding 1) 1,361 1,368 1,365 1,368 1,368 Earnings per share 2) 7.24 2.21 15.07 6.54 5.14 Adjusted earnings per share 2) 2.70 1.87 6.86 6.01 8.27 Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 55 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 in Norway and DNA. 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. 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. Workforce Workforce or number of employees is measured in terms of the number of full-time equivalents (FTEs) at the end of the period. 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 covers 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. Digital inclusion and wellbeing These metrics capture the number of individuals who receive training that builds both hard and soft skills related to digital wellbeing, digital inclusion, digital literacy, and digital safety and security. The training is delivered to defined target groups and is tailored to their specific needs, as well as to broader societal needs and Telenor's business needs across its markets. Timely resolution of sustainability non- conformities in the supply chain T h i s m e t r i c m e a s u r e s t h e e x t e n t t o w h i c h s u s t a i n a b i l i t y ‑ r e l a t e d a u d i t findings are closed within the agreed timeframe following an audit or i n s p e c t i o n . A n o n ‑ c o n f o r m i t y i s d e f i n e d a s a d e v i a t i o n f r o m t h e Supplier Conduct Principles or other applicable requirements, standards, or commitments identified during an audit or inspection. T h e m e t r i c i s c a l c u l a t e d o n a r o l l i n g 1 2 ‑ m o n t h b a s i s . Financial calendar Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 56 Fourth quarter 2026 2 February 2027 Annual report 2026 18 March 2027 First quarter 2027 4 May 2027 Annual General Meeting 19 May 2027 Second quarter & half year 2027 16 July 2027 Third quarter 2027 27 October 2027

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Third quarter 2026 Published by Telenor ASA N-1360 Fornebu, Norway Phone +47 67 89 00 00 Investor relations Email: ir@telenor.com www.telenor.com

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Telenor interim report Third quarter 2026

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Q3/2026 Highlights, CEO letter and outlook Quarterly performance Sustainability and risk Interim financial statements Alternative performance measures 47 Alternative performance measures

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Third quarter 2026 Published by Telenor ASA N-1360 Fornebu, Norway Phone +47 67 89 00 00 Investor relations Email: ir@telenor.com www.telenor.com

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