Telenor Asa · OSL:TEL
Telenor Asa — Q3 2026 Earnings Presentation
42 slides from Telenor Asa's earnings presentation, Oct 28, 2026
Slide 1: Telenor Results presentation Q3 2026
Telenor Results presentation Q3 2026 28 October 2026 President & CEO Benedicte Schilbred Fasmer CFO Torbjørn Wist
Slide 2: Disclaimer
Disclaimer The following presentation deck is being made only to, and is only directed at, This presentation contains statements regarding the future in connection with persons to whom such presentation may lawfully be communicated (’relevant the Telenor Group’s growth initiatives, profit figures, o
Slide 3: Contents
Contents Q3 2026 highlights New leadership team CEO Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance CFO Business unit deep-dives P&L, cash flow and leverage Outlook CEO Concluding remarks Q3 2026 3
Slide 4: Contents
Contents Q3 2026 highlights New leadership team CEO Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance CFO Business unit deep-dives P&L, cash flow and leverage Outlook CEO Concluding remarks Q3 2026 4
Slide 5: Third quarter highlights
Third quarter highlights Disciplined execution in Leaner organisation and Strong free cash flow Full-year outlook competitive markets new leadership team and EPS growth reaffirmed Q3 2026 5
Slide 6: Q3 2026: Group financial highlights
Q3 2026: Group financial highlights Key figures, NOK and % Key ratios, Group Q3 2026 Q3 2025 YoY % YoY: +0.2 p.p. CAPEX to Sales 13.1% QoQ: -1.4 p.p Service revenues, mn 14,809 15,351 1.6% * EBITDA adj., mn 8,776 9,050 1.5% * YoY: -1.1x Leverage ratio 1.2x QoQ: -0.2x Net income adj., mn 3,679 2,553
Slide 7: Leaner organisational structure
Leaner organisational structure New Group Leadership Team from 18 August President & Chief Executive Officer Benedicte Schilbred Fasmer Chief Chief Corporate Chief People & Technology & Development Organisation Transformation Officer Officer (Acting)* Officer Inger Gløersen Elisabeth Stene Jon Omund
Slide 8: High transformation activity amid competitive Nordic markets
High transformation activity amid competitive Nordic markets Business unit Telenor Norway Telenor Sweden Telenor Denmark DNA Service revenues, -0.1% NOK mn 0.4% 0.6% -0.4% 4.0% Adj. EBITDA, 3.8% -0.1% 5,306 5,298 -4.9% NOK mn 3,769 3,756 2,672 2,487 2,567 2,392 YoY growth, 1,427 1,379 1,196 1,151 1,
Slide 9: Resilience in Grameenphone
Resilience in Grameenphone Asia 0.3% Service revenues, NOK mn 0.9% Adj. EBITDA, NOK mn 3,169 2,961 1,968 1,851 X% YoY growth, % Q3 25 Q3 26 • Bangladesh macro broadly stable, but under pressure • Increased data revenues and customer net adds of 0.6mn (GP) • New combo packages launched to manage voic
Slide 10: Update on Myanmar
Update on Myanmar Background • Telenor entered Myanmar to support the country’s democratization: Built new infrastructure across the nation offering 18 million customers connectivity for the first time. • When the brutal military coup took place in 2021 the company found itself in an impossible situ
Slide 11: Strong momentum in IoT
Strong momentum in IoT Corporate Development Portfolio (CDP) Q3 2026 highlights Portfolio composition and NAV as of Q3 2026, NOK bn1 • Deconsolidated following successful closing of divestment of 50% stake Partners IoT • Proceeds of SEK 3.9 bn3, of which up to SEK 2.0 1.2 bn committed to attractive
Slide 12: Contents
Contents Q3 2026 highlights New leadership team CEO Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance CFO Business unit deep-dives P&L, cash flow and leverage Outlook CEO Concluding remarks Q3 2026 12
Slide 13: Group service revenue of 1.6%
Group service revenue of 1.6% Group service revenues Q3 2026 YoY% Percentage-point contribution to YoY %-growth NOK mn 15,351 15,311 0.2 1.6% 14,844 14,679 14,809 0.8 2.6% 0.1 1.9% 0.3 0.1 1.6% 1.6% -0.7% 0.1 2.1 % -0.1 NO SE DK DNA Asia Other Elim. Total Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 units Organic
Slide 14: Transformation, sales and energy opex increases offset by structural opex cuts and discipline
Transformation, sales and energy opex increases offset by structural opex cuts and discipline Opex, Group Opex YoY change by category NOK million* and YoY% <blank NOK million* and % > 0.3% Salaries and Personnel 33 1.6% 5,608 21 31 4 1 5,623 -12 -30 -1 Operation and -2.8% Maintenance -31 Sales, Mark
Slide 15: Sequential improvement in Group EBITDA
Sequential improvement in Group EBITDA EBITDA adjusted, Group Q3 2026 YoY% Percentage-point contribution to YoY %-growth NOK mn 9,050 8,776 8,561 0.5 1.5% 8,046 7,987 11.7% 0.6 4.5% 3.1% 0.6 0.2 1.5% -4.8% -0.3 0.0 -0.2 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 NO SE DK DNA Asia Other Elim. Group units Organic
Slide 16: Contents
Contents Q3 2026 highlights New leadership team CEO Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance CFO Business unit deep-dives P&L, cash flow and leverage Outlook CEO Concluding remarks Q3 2026 16
Slide 17: Stable EBITDA from Nordic business units
Stable EBITDA from Nordic business units Aggregated Nordic service revenues, NOK mn Aggregated Nordic metrics, YoY % Operational highlights Service revenue growth, YoY% Gross profit Opex EBITDA Norway • Solid gross profit growth in Sweden Sweden, lower gross margins Denmark in Finland and Denmark DN
Slide 18: Cost discipline in Norway and all-time high EBITDA margin in Sweden
Cost discipline in Norway and all-time high EBITDA margin in Sweden Service revenues, NOK mn Adj. EBITDA margin, % X% Adj. EBITDA YoY growth, % Norway Sweden 5,079 5,303 5,306 5,307 5,240 5,157 5,298 52% 55% 56% 54% 52% 55% 2,573 2,696 2,672 2,726 2,667 2,538 2,487 50% 40% 43% 40% 40% 41% 44% 37% Q1
Slide 19: Campaigns weighed on profitability in Denmark; Finland remained competitive
Campaigns weighed on profitability in Denmark; Finland remained competitive Service revenues, NOK mn Adj. EBITDA margin, % X% Adj. EBITDA YoY growth, % Denmark DNA (Finland) 2,535 2,587 2,567 2,627 2,472 2,399 2,392 1,171 1,172 1,196 1,190 1,156 1,137 1,151 41% 40% 42% 36% 41% 41% 40% 32% 33% 33% 31
Slide 20: Asia resilient, improved performance in Other Units
Asia resilient, improved performance in Other Units Service/total rev.2, NOK mn Adj. EBITDA margin, % X% Adj. EBITDA YoY growth, % Asia (Grameenphone and Asia HQ) Other units 1 3,315 3,315 3,169 3,031 2,847 2,911 2,961 2,118 2,185 2,319 2,013 2,023 2,075 2,084 56% 59% 58% 55% 56% 57% 59% 21% 25% 26%
Slide 21: Contents
Contents Q3 2026 highlights New leadership team CEO Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance CFO Business unit deep-dives P&L, cash flow and leverage Outlook CEO Concluding remarks Q3 2026 21
Slide 22: 45% growth in adjusted EPS partially explained by effects related to CelcomDigi and True
45% growth in adjusted EPS partially explained by effects related to CelcomDigi and True last year PROFIT AND LOSS HIGHLIGHTS, NOK mn Q3 2026 Q3 2025 Q3 2026 comments Total revenues 18,593 19,147 Service revenues 14,809 15,351 Adjusted EBITDA 8,776 9,050 Reported EBITDA 15,394 8,977 Gain of 6.9 bn f
Slide 23: Strong FCF before M&A of NOK 4.7 billion
Strong FCF before M&A of NOK 4.7 billion which benefited from a temporary VAT cycle change Q3 2026 free cash flow, with drivers, NOK mn EBITDA adj. 8,776 Income taxes paid -678 0.5 bn paid by Grameenphone Net interest paid -215 Operating Working capital 675 0.8 bn uplift from temporary VAT cycle cha
Slide 24: Aiming to complete current buyback programme within two years
Aiming to complete current buyback programme within two years NIBD, NOK bn Leverage ratio, x* Buyback programme • Current AGM authorisation of 54 mn 90.2 shares has remaining headroom 86.8 85.0 2.4 83.5 2.4 2.4 • Aim: Complete NOK 15 bn programme 81.5 81.7 2.3 2.3 2.2 Target leverage in two years ra
Slide 25: Contents
Contents Q3 2026 highlights New leadership team CEO Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance CFO Business unit deep-dives P&L, cash flow and leverage Outlook CEO Concluding remarks Q3 2026 25
Slide 26: Reaffirmed financial outlook
Reaffirmed financial outlook Actuals YTD Q3 26 (Post exclusion items1) 2026 Outlook2 Organic service revenues growth 0.7% Flat to low single-digit Nordic telcos Organic EBITDA adj. growth 1.1% Flat to low single-digit Capex/sales (excl. leases) 12.9% Around 14% Organic EBITDA adj. growth 0.6% Flat t
Slide 27: Contents
Contents Q3 2026 highlights New leadership team CEO Nordic and Asian markets Myanmar update Corporate development portfolio Group financials Nordics business units performance CFO Business unit deep-dives P&L, cash flow and leverage Outlook CEO Concluding remarks Q3 2026 27
Slide 28: Concluding remarks
Concluding remarks Q3 2026 28
Slide 29: Q&A
Q&A Q3 2026 29
Slide 30: Appendix
Appendix Q3 2026
Slide 31: Key outlook data points
Key outlook data points Exclusion items: • Service revenues 2020-2022 TV VAT: NOK -135mn (Q2 26) • EBITDA 2020-2022 TV VAT: NOK -160mn (Q2 26) • FCF Incremental spectrum NOK -300mn (Q1 26) • FCF Outlook: Potential incremental spectrum payments in Grameenphone in Q4 not included • FCF Outlook: Potent
Slide 32: Progress on ESG agenda
Progress on ESG agenda Scope 1&2 emissions Scope 3: Supplier spend Take-back rate for mobile reductions* covered by SBTs** devices (Nordic telcos) 67% 72% 30% -35% Environmental 14% 12% -69% 2025 2030 2025 2026 Series 1 Target Series 1 2025 2026 2030 YTD YTD Target Women in senior leadership Timely
Slide 33: Norway
Norway Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues -3.0% 5,306 5,307 5,240 5,157 5,298 2,561 2,544 2,524 2,506 2,484 56% 52.8% 54% 54.1% 55% 50% 52% -0.1% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Mobile ARPU (NOK/month) EBIT
Slide 34: Sweden
Sweden Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 4.0% 2,672 2,726 2,667 2,538 2,487 3,043 3,088 3,095 3,131 3,166 0.4% 52.8% 43% 54.1% 44% 40% 40% 41% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Mobile ARPU (SEK/month) EBITDA
Slide 35: Denmark
Denmark Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 0.4% 1,196 1,190 1,156 1,137 1,151 4.0% 54.1% 1,691 1,700 1,707 1,709 1,698 52.8% 33% 31% 30% 28% 28% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Mobile ARPU (DKK/month) EBITD
Slide 36: Finland
Finland Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin EBITDA Margin Service revenues 0.3% 2,567 2,627 2,472 2,399 2,392 2,840 2,808 2,790 2,813 2,849 52.8% 54.1% 0.6% 42% 41% 41% 40% 36% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Mobile ARPU (EUR/month) EBITD
Slide 37: Nordic fixed broadband
Nordic fixed broadband Total fixed broadband subscriptions, ‘000 Nordic fixed service revenues, NOK mn and share of total, % FWA Fibre Cable DSL Finland Norway Sweden* Denmark* Finland 530 16% 701 709 719 703 711 694 Denmark 145 119 152 219 5% 192 20 366 359 581 23 631 85 442 468 74 Norway Sweden 1,
Slide 38: Bangladesh
Bangladesh Mobile subscribers (‘000) Service revenues (NOK mn) and EBITDA margin 1.5% EBITDA Margin Service revenues 3,169 3,031 86,264 86,816 2,847 2,911 2,961 85,559 83,856 84,170 59% 58% 58% 58% 59% 0.3% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Mobile ARPU (BDT/month) EBITDA ad
Slide 39: Telenor Corporate Development Portfolio: Asset overview
Telenor Corporate Development Portfolio: Asset overview Telenor (NOK million) Ownership NAV* LTM Growth LTM Margin Company Activity (%) Q3-26 Revenue (%) EBITDA (%) KNL Defence radio and communications 100% 266 131% 108 41% Telenor Linx Telecom technology and software 100% 1,114 -17% 64 6% Telenor M
Slide 40: Debt information
Debt information Additional facts: Net debt reconciliation of the Net debt APM: 30 September 31 December 30 September NOK in million 2026 2025 2025 Non-current interest-bearing liabilities 63,129 74,187 69,441 Non-current lease liabilities 11,268 11,399 12,765 Bond maturity profile (NOK bn) Current
Slide 41: Return on capital employed (annual and Q3 LTM)
Return on capital employed (annual and Q3 LTM) ROCE ROCE ex. associates 19.9% 17.0% 16.0% 14.0% 13.9% 13.6% 13.0% 13.0% 12.0% 12.0% 11.0% 11.0% 10.0% 13.0% 9.6% 9.0% 8.0% 8.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Note: See APM section in quarterly report for ROC
Slide 42: Third quarter 2026
Third quarter 2026 Published by Telenor ASA Snarøyveien 30 N-1360 Fornebu, Norway Investor relations Email: [email protected] www.telenor.com/investors