Telenor (TEL) Investor Presentation summary

Market position and footprint

• Connects over 200 million people across the Nordics and Asia, holding leading or top-three market shares in all core markets.

• Only pan-Nordic operator with strong networks and advanced digital customer base.

• Maintains stable regulatory environments and well-managed spectrum resources in the Nordics.

Strategic priorities and growth drivers

• Focuses on profitable growth in the Nordics through core connectivity, enhanced services, and technology-driven margin expansion.

• Pursues multi-year benefits from large-scale merger integrations in Asia, especially in Thailand and Malaysia.

• Consistent growth in dividends and commitment to shareholder remuneration.

• Maintains a strong balance sheet and transparent investor communication.

Financial performance and outlook

• Nordic service revenues grew 4.1% YoY in 2024, with mid-term ambition of 3-4% organic growth and mid-single-digit EBITDA growth.

• Demonstrated steady opex reductions in the Nordics, with a 4% annual FTE reduction from 2016-2023.

• Free cash flow outlook remains on track, supported by EBITDA growth, opex reduction, and lower capex.