Telenor Asa · OSL:TEL

Telenor Asa — Investor Day (November 2025)

84 slides from Telenor Asa's investor day presentation, Nov 11, 2025

  1. Slide 1: Capital Markets Day 2025

    Capital Markets Day 2025 Fornebu, Norway 11 November 2025

  2. Slide 2: Disclaimer

    Disclaimer This presentation, including any related webcast and Q&A session, is only Although Telenor believes that any forecasts, opinions and expectations being made to, and is only directed at, persons to whom such presentation implied in forward-looking statements are reasonable, no representati

  3. Slide 3: Main presentation speakers

    Main presentation speakers Main presentation (09:00 – 12:00) CMD 2025 Benedicte Torbjørn Sigvart Jon Omund Fredric Scott Jussi Schilbred Wist Eriksen Revhaug Brown Tolvanen Fasmer President and CEO EVP and CFO EVP and Head of EVP and Head of CMO Consumer CEO of DNA Telenor Group Telenor Group Teleno

  4. Slide 4: Breakout sessions speakers

    Breakout sessions speakers Breakout sessions (12:30 – 14:00) CMD 2025 June Torbjørn Ludwig Nakul Inger G. Erik Iselin Mikko Solbekk Larsen Ulmer Sehgal Folkeson Linde Vaarlund Kannisto CMO Consumer Chief IT Officer Chief Strategy & Co-CFO SVP Customer CMO Fixed Head of VP Broadband Telenor Sweden Te

  5. Slide 5: Agenda

    CMD 2025 09:00 – Part 1 10:50 – Part 2 12:00 – Lunch 1. Group presentation and strategy 6. Telenor Asia Analysts and investors only 2. Driving operational excellence 7. Telenor Infrastructure and Amp 3. Telenor Nordics 8. Financial review and ambitions 12:30 – 14:00 4. Case studies Finland and Norwa

  6. Slide 6: Group presentation and strategy

    CMD 2025 Group presentation and strategy Benedicte Schilbred Fasmer President and CEO Telenor Group 6

  7. Slide 7: We connect ~210 million people through our total footprint

    We connect ~210 million people through our total footprint Asia Bangladesh 85.6m mobile subscribers #1 in mobile market 55.8% ownership Norway 2.6m mobile subscribers Pakistan Thailand #1 in mobile market Finland 0.7m fixed subscriptions 42.1m mobile subscribers 46.9m mobile subscribers 2.8m mobile

  8. Slide 8: We have a strong foothold in the highly attractive Nordic region

    Group We have a strong foothold in the highly attractive Nordic region GDP per capita in Europe1 (USD) The Nordics is characterized by: 2024, N = 41 Advanced Strong digital World digital competitiveness index2 (0-100) economies with maturity 2024, N = 67 high ARPU Modest income Leading on Income equ

  9. Slide 9: We serve customers across four Business Areas

    Group We serve customers across four Business Areas Business Areas Telenor Telenor Telenor Telenor Nordics Asia Infrastructure Amp Leading Nordic telco, Active owner of both The largest provider of Portfolio of leading leveraging world -class majority -owned and tower infrastructure in adjacent busi

  10. Slide 10: Since the 2022 CMD, we have delivered in line with financial targets

    Group Since the 2022 CMD, we have delivered in line with financial targets CMD 2022 ambitions Score Comment YoY growth in ordinary +1.0% CAGR, 15 years of consistent growth dividend per share FCF before M&A to cover Outlook of around NOK 13 bn in FCF in line dividend by 2025 with dividend payout of

  11. Slide 11: Facing forward – for a future-fit Telenor

    Telenor Group Facing forward – for a future-fit Telenor 2025-2030 2022-2025 A future-fit Telenor A reshaped 1. Growth through 2020-2022 Telenor customer excellence Pandemic 2017-2020 2. Technology-led transformation headwinds and changes in Asia Modernisation, 3. Tapering opex and capex to sales eff

  12. Slide 12: Facing forward – for a future-fit Telenor

    Telenor Group Facing forward – for a future-fit Telenor Strategic Assets Key priorities towards 2030 1. Growth through • Streamlined and enhanced customer experience customer excellence • Frictionless customer journeys and AI-infused customer care Top talent & • Differentiated services and connectiv

  13. Slide 13: Strategic priorities across the group

    Group > Strategic priorities Strategic priorities across the group Business Areas Telenor Nordics Telenor Asia Telenor Infrastructure Telenor Amp A leading Nordic telco Active owner of financial Leading Nordic towerco Building leading near -core telco assets and sovereign AI and DC B2B businesses of

  14. Slide 14: Our connectivity services are built on top of world-class networks

    Group > Network leadership Our connectivity services are built on top of world-class networks Dense mobile networks in the sparsely populated Nordics providing excellent network performance… …as proved by multiple network awards1 Population Land Share of 5G coverage coverage ready sites • 5G Custome

  15. Slide 15: We leverage technology in everything we do, with four key priorities

    Group > Technology leadership We leverage technology in everything we do, with four key priorities Smarter networks for Driving simplification operational excellence through cloud Security & Resilience Foundation Driving customer experience Becoming an AI- through service innovation powered telco 15

  16. Slide 16: Telecom is an increasingly critical industry in driving safe and smart societies

    Group Telecom is an increasingly critical industry in driving safe and smart societies Geopolitical tensions Political developments Green EU competitiveness Resilient transition infrastructure Mission & Security business services Societal developments critical Extreme Digital weather Digital divide

  17. Slide 17: Sustainability remains an integral part of our strategy

    Group Sustainability remains an integral part of our strategy Sustainability targets to 2028/2030 Operating green and secure Driving digital inclusion and Doing business in a responsible network infrastructure wellbeing and inclusive way 69%1 +800,000 40% Reduction in Telenor’s GHG emissions by Peop

  18. Slide 18: Telenor is powered by a robust value creation engine

    Group nsion xpa Telenor is powered by a oC E e Top-line growth robust value creation engine R World -class networks, Customer talent & excellence We deliver outstanding connectivity and services, technology driving growth through customer excellence … … combined with continuous simplification & tran

  19. Slide 19: Financial ambitions

    Group Financial ambitions Today, we present our financial ambitions for the medium-to-long term Excerpts from financial review and ambitions section Our dividend policy stands firm; “Year-on-year growth in ordinary dividends per share” 19

  20. Slide 20: Driving operational excellence

    CMD 2025 Driving operational excellence Torbjørn Wist EVP and CFO Telenor Group 20

  21. Slide 21: Group-wide transformation to drive customer satisfaction and operational excellence

    Telenor Group > Operational excellence Group-wide transformation to drive customer satisfaction and operational excellence Telenor Nordics Telenor Asia Telenor Infrastructure Telenor Amp Business • NO: Broad legacy-out • Grameenphone: AI & OE • Automation • Business development and unit • SE: Fixed

  22. Slide 22: Simplify and transform to deliver outstanding customer experience, growth and efficiency

    Operational excellence > Technology Over the next years, we will simplify and transform to deliver outstanding customer experience, growth and efficiency We leverage technology in everything we do, with four key priorities Smarter networks for Driving simplification operational excellence through cl

  23. Slide 23: Taking the next steps towards self-driven operations enabled through AI

    Operational excellence > Technology > Smarter Networks Taking the next steps towards self-driven operations enabled through AI Drive resilience, efficiency and customer experience Aspiration: Gradually scaled up in all markets & operations Full Intelligence Level 5 & Self-correction One City: Level

  24. Slide 24: Cloud migration and simplification driving business impact

    Operational excellence > Technology > Simplification Cloud migration and simplification driving business impact Examples of aspirations towards 2028 > 80% ~20% ~15% > 60% Cloud Native Grameenphone IT O&M opex IT operations cost IT systems capex efficiencies reduction reduction …in Nordics and Asia …

  25. Slide 25: AI to elevate outcomes across customers, tech and people

    Operational excellence > Technology > AI-powered telco AI to elevate outcomes across customers, tech and people Examples from BUs Customer Network & IT Employees …to excel in sales and new …to speed up time to …to increase productivity value-added services market and lower costs and enhance quality

  26. Slide 26: Procurement is a core part of Telenor's operational efficiency agenda

    Operational excellence > Procurement Procurement is a core part of Telenor’s operational efficiency agenda Benefits of a centralised procurement function Strategic procurement partnership with Vodafone Capex and cost efficiencies Value creation through greater scale Optimise supplier contracts and l

  27. Slide 27: Long track record of opex efficiencies, long runway still ahead

    Operational excellence > Nordics Long track record of opex efficiencies, long runway still ahead Consistent workforce reductions Demonstrated strong opex discipline Going forward; continued focus on efficiencies across the Nordics since 2022 despite varying levels of inflation and consistent opex/sa

  28. Slide 28: Nordics' capex/sales to taper, potentially even beyond 2028

    Operational excellence > Nordics Nordics’ capex/sales to taper, potentially even beyond 2028 We have reduced by ~5% annually ... going forward, CAPEX reductions will continue as investments shift from peak investment levels in 2022… from rollout of Mobile 5G to transformation NOK million, % CAGR Dia

  29. Slide 29: Telenor Nordics

    CMD 2025 Telenor Nordics Sigvart Eriksen EVP and Head of Telenor Nordics Fredric Scott Jussi Brown Tolvanen CMO Consumer CEO of DNA Telenor Norway (Telenor Finland) 29

  30. Slide 30: The Nordics is a highly attractive region

    Nordics The Nordics is a highly attractive region Highly digitalised society with large demand for high-quality infrastructure • Consistent growth built on world leading mobile networks • High fibre penetration and relatively affluent customers • Stable and predictable regulatory regimes Geopolitica

  31. Slide 31: We have broadly delivered on our ambitions from CMD 2022

    Nordics We have broadly delivered on our ambitions from CMD 2022 CMD 2022 ambitions Status Achievement Comment Financial Low to mid-single-digit service revenue growth +3.3% CAGR3 Successful ‘More-for-More’ strategy ambitions Mid-single-digit EBITDA growth +5.8% CAGR3 Transformation and OE programme

  32. Slide 32: We have built momentum in service revenue and transformation across all business units

    Nordics We have built momentum in service revenue and transformation across all business units Telenor Norway Telenor Sweden Telenor Denmark DNA (Finland) +2.2% 20.8 +3.0% +5.8% 10.4 +3.6% 10.1 48% 49% 50% 48% 49% 51% 53% 44% 43% 4.7 38% 38% 37% 34% 35% 36% 39% 32% 33% 36% 38% 36% 36% 38% 39% 25% 26

  33. Slide 33: Since 2022, Nordics free cash flow has more than doubled

    Nordics Since 2022, Nordics free cash flow has more than doubled Nordics free cash flow Year-on-year development FCF (NOK bn) Service revenues, YoY % OPEX, YoY % EBITDA, YoY % 8.1% +6.20 >2x 10.8 10.7 5.7% 3.6% 3.6% 2.6% 2.6% 3.4% 6.2 1.2% 2.9% 0.1% 4.5 -1.3% -2.0% 2022 2023 2024 LTM 25 Q3 20221 202

  34. Slide 34: Ambition to deliver more than NOK 15 bn FCF by 2030

    Nordics > Telenor Nordics 2030 Ambition to deliver more than NOK 15 bn FCF by 2030 Our ambition rests on three pillars Expected free cash flow contribution from Nordics NOK bn Drive sustainable growth >2x ~3x 1 • Services-led growth through up-sales and cross-sales >15 • Deliver excellent customer e

  35. Slide 35: Continued growth to be fuelled by services and excellent customer experience

    Nordics > Sustainable growth (pillar 1) Continued growth to be fuelled by services and excellent customer experience Solid growth as a strong starting point Top-line growth to continue through selected initiatives across B2C and B2B Service revenues (NOKbn) EBITDA adj. (NOKbn) 44.7 46.0 Services-led

  36. Slide 36: Continued high focus on driving multi-year transformation programmes

    Nordics > Transformation (pillar 2) Continued high focus on driving multi-year transformation programmes Pan- Nordic Shared Common Network AI Procurement programmes Services products & IT • Shift business services • Streaming-based TV • Customer service • Leverage • Cloud-native and into shared-serv

  37. Slide 37: Legacy removal is a critical enabler in our technology transformation

    Nordics > Transformation (pillar 2) Legacy removal is a critical enabler in our technology transformation New technology enables legacy clean-up Norway copper exit journey Cost in NOKmn1 750 Copper decommissioning Fibre / FWA 460 Sunsetting 2G and 3G 4G/5G 180 130 90 30 0 Sunsetting legacy IT 2022 2

  38. Slide 38: Local programmes driving market-specific transformation

    Nordics > Transformation (pillar 2) Local programmes driving market-specific transformation Examples of IT Transformation Customer Experience B2B Modularity Customer service local programmes and migration Transformation Shift from siloed IT to Building seamless digital Pursuing double-digit Move to

  39. Slide 39: Building a secure, resilient and future-fit Nordic Telco

    Nordics > Infrastructure & resilience (pillar 3) Building a secure, resilient and future-fit Nordic Telco Multi-cloud approach World-class networks Infrastructural resilience Portfolio of security products Preventing cyber threats ‘Norway’s safety net’ 39

  40. Slide 40: Norway

    Nordics – Business unit walkthrough Norway Expand and monetise strongly differentiated market position through simplification and transformation Where we are coming from Key facts Mobile Subs (’000) ARPU (NOK) 419 • #1 market position in mobile; #2 in fixed, fibre expansion via GC acquisition* • Uni

  41. Slide 41: Sweden

    Nordics – Business unit walkthrough Sweden After successful financial turnaround - growth through continuous enhanced customer value and satisfaction Where we are coming from Key facts Mobile Subs (’000) ARPU (NOK) • #3 MNO in a 4-player mobile market, service-provider in fixed 199 • Consumer market

  42. Slide 42: Denmark

    Nordics – Business unit walkthrough Denmark Forward-looking telco business model: Radical simplification transforming customer experience and cost Where we are coming from Key facts Mobile Subs (’000) ARPU (NOK) • #2 position in mobile in a competitive market; 24% revenue market share 196 • Mobile m

  43. Slide 43: DNA (Finland)

    CMD 2025 DNA (Finland) Jussi Tolvanen CEO of DNA (Telenor Finland) 43

  44. Slide 44: Finland

    Nordics – Business unit walkthrough Finland Successfully on the journey from challenger to becoming one of the market leaders with the ‘most-loved brand’ Where we are coming from Key facts Mobile Subs (’000) ARPU (NOK) • #2 position in mobile and #1 in fixed by subscriber market share 230 • DNA; pro

  45. Slide 45: Rising fibre demand in Finland – with multi-dwelling units key to unlocking future growth

    Nordics > DNA Rising fibre demand in Finland – with multi-dwelling units key to unlocking future growth Finland is lagging in fibre maturity, Why are we investing in fixed in Finland? % of fixed users on fibre Protect fixed B2C revenue base of NOK +1.2bn of which ~25% based on coax Easy to cross-sel

  46. Slide 46: Securing future growth and leadership in fixed

    Nordics > DNA Securing future growth and leadership in fixed Internally estimated revenue impact from upgrading Coax customers in MDUs to Fibre (illustrative) Investment of EUR ~120mn over 2025-2028 • Protecting today, winning tomorrow – Upgrading from coax to fibre retains customers and attracts ne

  47. Slide 47: 'Services First' growth, Telenor Norway

    CMD 2025 ‘Services First’ growth, Telenor Norway Fredric Scott Brown CMO Consumer, Telenor Norway 47

  48. Slide 48: Services First

    Services First Taking larger share of ….whilst strengthening growth markets….. connectivity business Estimated services share of B2C revenue expected to grow from mid 30s% to low/mid 40s% 48

  49. Slide 49: Hele Norges Sikkerhetsnett

    Hele Norges Sikkerhetsnett The whole of Norway’s safety net We have the highest operator security brand Introducing …and from which we expect increased perception score in the Norwegian market.. - for peace of mind in your digital life sales of connectivity services ✓ Broad suite of cyber of mobile

  50. Slide 50: Streamix

    Streamix …and from which we expect increased sales of connectivity services * ✓ All of your favourite streaming content ✓ Full cost control ✓ Choose 3, change each month Intention to purchase ✓ Commercially bundled with connectivity products for a great deal * * * Stated interest Intention to purcha

  51. Slide 51: Leveraging our brand, customer base and distribution strength

    Leveraging our brand, customer base and distribution strength to delight customers Driving both ARPU and customer growth 51

  52. Slide 52: Asia

    CMD 2025 Asia Jon Omund Revhaug EVP and Head of Telenor Asia 52

  53. Slide 53: Delivered well on strategic ambitions, while cash flows fell somewhat short

    Asia Delivered well on strategic ambitions, while cash flows fell somewhat short CMD 2022 ambitions Achievement1 Status Comment Executed two large mergers → #1 subscriber-market Strategic Create three market leading telcos in Asia ✓ shares in Thailand, Malaysia and Bangladesh priorities Leveraging m

  54. Slide 54: Key facts about our assets in Asia

    Asia Key facts about our assets From operating control to a reshaped portfolio, with reduced direct risk exposure for Telenor ~200m customers in Asia1 NOK 113bn revenues in last 12 months2 NOK 90bn Controlled companies portfolio value3 Associated companies 1. Based on Q2 2025 numbers for associated

  55. Slide 55: We remain optimistic about Asia's growth prospects

    Asia We remain optimistic about Asia’s growth prospects and believe there is further potential to unlock value Middle class expansion Untapped potential Booming digital ecosystem, telcos are the backbone Telenor Asia markets 40% users not using data (Bangladesh, Malaysia, Thailand) in Grameenphone S

  56. Slide 56: Driving sustainable growth through transformation (Grameenphone)

    Asia – Grameenphone (Bangladesh) Driving sustainable growth through transformation Growth through a AI-powered Telenor Asia 55.8% NOK 33.2b carefully managed transformation ownership priorities Telenor Market cap voice to data transition ownership • Capture market • Cost savings from • Drive busines

  57. Slide 57: Adopting AI to drive growth and operational efficiencies

    Asia – Grameenphone (Bangladesh) Adopting AI to drive growth and operational efficiencies, while driving cultural shift AI for Growth AI for Efficiencies AI for People • Personalised Embedding AI offers on “myGP” across operations: app (22.6m • Network and monthly active energy optimisation users) t

  58. Slide 58: From integration to the next phase of transformation for growth (True Corp)

    Asia –True Corp (Thailand) From integration to the next phase of transformation for growth NOK 0.6 bn1 Telenor Asia ownership priorities First dividends to Telenor • Drive True Corp business performance for 9M25 net profits and the next phase of transformation (125% payout ratio) for growth Listed o

  59. Slide 59: Strengthen market leadership and transformation while navigating 5G landscape

    Asia – CelcomDigi (Malaysia) Strengthen market leadership and transformation while navigating challenging 5G landscape NOK 3.5 bn Telenor Asia ownership priorities Dividends to Telenor • Drive performance management, since merger including strengthen market leadership and structured OE agenda to dri

  60. Slide 60: Active owners driving portfolio companies for the long-term

    Asia Active owners driving portfolio companies for the long-term Driving strategy Deploying talent and Drive high standards of and performance capabilities in key positions responsible business • In associated companies, equal • 56% of CXO in associated companies • 50% Scope 1 and 2 emission reducti

  61. Slide 61: Summary

    Asia Summary • Restructured and de-risked portfolio (controlled business units and associated companies) • Higher mid-to-long-term dividend capacity • Short-term FCF considerations (‘26/’27): • Macro recovery in Bangladesh taking longer • Grameenphone capex tick-up due to voice to data transition; p

  62. Slide 62: Infrastructure and Amp

    CMD 2025 Infrastructure and Amp Torbjørn Wist EVP and CFO Telenor Group 62

  63. Slide 63: Ambitions for Infrastructure and Amp have been met

    Amp & Infrastructure Ambitions for Infrastructure and Amp have been met CMD 2022 ambitions Score1 Comment Infra- Financial 5% revenue CAGR in Towers ~5% CAGR (mobile revenues) structure ambitions 2025 EBITDAaL margin in high 40’s >50% Strategic Explore sale of minority stakes 30% of Telenor Norway’s

  64. Slide 64: We manage and develop key digital infrastructure

    Telenor Infrastructure We manage and develop key digital infrastructure Telenor Towers Telenor AI Factory Skygard Largest tower company Norway’s first sovereign, secure & sustainable Cutting-edge data centres for mission-critical in the Nordics AI factory use +9pp 1st PUE <= 1.2 EBITDA margin AI Fac

  65. Slide 65: Telenor Towers operates the largest tower portfolio in the Nordics

    Telenor Infrastructure Telenor Towers operates the largest tower portfolio in the Nordics, steadily increasing the share of external revenue Telenor has the largest tower footprint in the Nordics… … and demonstrated stable revenues despite decline in internal legacy revenues, driven by external 5G t

  66. Slide 66: Telenor Towers is boosting profitability by streamlining operations

    Telenor Infrastructure Telenor Towers is boosting profitability by streamlining operations and optimising its portfolio Decommissioning legacy non-mobile sites, Increasing profitability driven by Ambitions geared towards further while growing on mobile ongoing operational streamlining strengthening

  67. Slide 67: Amp: Our spearhead into new areas focused on growth in IoT and security

    Telenor Amp Amp: Our spearhead into new areas focused on growth in IoT and security We continue to nurture growth opportunities close to core …transform key assets and within IoT and security areas… make selective investments… …and crystallise values Assets IoT Security Selected assets Divested sinc

  68. Slide 68: Amp builds growth in B2B services on behalf of Telenor Group

    Telenor Amp Amp builds growth in B2B services on behalf of Telenor Group, and drives transformation by leveraging technology IoT Security Sovereign communications Cybersecurity services for defence for enterprise Global, secure and scaleable Select investments in vertical Managed IoT solutions: IoT

  69. Slide 69: Financial review and ambitions

    CMD 2025 Financial review and ambitions Torbjørn Wist EVP and CFO Telenor Group 69

  70. Slide 70: Group top line driven by successful commercial strategy and execution in the Nordics

    Service revenues Group top line driven by successful commercial strategy and execution in the Nordics Group service revenues1 Key points NOK bn Nordics Amp • More-for-more paradigm shift in Nordics Asia, current portfolio2 Historical assets in Asia3 • Macro, FX and political headwinds in Asia +2.5%

  71. Slide 71: Our main performance driver has been Telenor Nordics

    Current portfolio Our main performance driver has been Telenor Nordics Service revenues1 Adj. EBITDA1 Free cash flow before M&A2 Return on capital employed +3.3% +3.8% NOK 11.8 bn 12.3% CAGR 2022 – LTM Q3 2025 CAGR 2022 – LTM Q3 2025 LTM Q3 2025 Average RoCE since 2020 Nordics Group ex. Nordics3 Nor

  72. Slide 72: All business areas contributing to free cash flow outlook of around NOK 13 billion

    Free cash flow All business areas are contributing to our free cash flow outlook of around NOK 13 billion in 2025 Group free cash flow before M&A Comments Quarterly, NOK bn Annual, NOK bn • All BAs contributing positively to recent growth • FCF +50% YoY in Q3 2025 ~13 • Note that interest payments,

  73. Slide 73: Key focus on RoCE expansion

    Capital allocation nsion xpa Key focus on RoCE expansion oC E e Top-line growth R Return mindset across RoCE levers World -class networks, Customer • Revenue growth talent & excellence technology • Cost efficiencies • Capital efficiencies • Capex & M&A discipline • Portfolio optimisation C ap s c ie

  74. Slide 74: Adapting capital allocation to business area strategies

    Capital allocation > Business areas Adapting capital allocation to business area strategies Business area Organic value creation focus Capital allocation focus Structural optionalities Telenor Sustainable growth, • From access rollout to Potential for M&A including Nordics with RoCE and FCF expansio

  75. Slide 75: Strong commitment to shareholder remuneration; our dividend policy stands firm

    Capital allocation > Cash returns Strong commitment to shareholder remuneration; our dividend policy stands firm Shareholder remuneration Our dividend policy (dividend payout year) remains unchanged: Ordinary dividend per share Dividends Buybacks Special dividends NOK bn 16 “Year-on- 20 14 6.5 year

  76. Slide 76: Sound credit fundamentals

    Debt and leverage Sound credit fundamentals Debt financing highlights Leverage ratio and net interest-bearing debt • Solid capital structure: target leverage ratio 1.8x-2.3x NIBD ex licence obligations Leverage ratio • Good access to debt capital markets, supported by strong 2.4x credit ratings from

  77. Slide 77: Substantial improvements in group free cash flows over the medium-to-long term

    Financial ambitions Substantial improvements in group free cash flows over the medium-to-long term FCF before M&A excl. associates1 Mid-to-long-term drivers NOKbn – Illustrative profile • Continued topline growth + Nordics: sustained growth • More-for-more upselling and ‘Services First’ FCF before M

  78. Slide 78: Financial ambitions for the mid- and long-term

    Financial ambitions Financial ambitions for the mid- and long-term 2028 2030 Organic service revenues, growth CAGR Low -single -digit Low-single-digit 3-Y 5-Y Nordics Organic EBITDA, growth CAGR Low-to-mid-single-digit Low-to-mid-single-digit 3-Y 5-Y Capex/sales¹ <13% 11 – 12% FCF ex. associates² NO

  79. Slide 79: Concluding remarks

    CMD 2025 Concluding remarks Benedicte Schilbred Fasmer President and CEO Telenor Group 79

  80. Slide 80: Strong commitment to dividends and sound leverage

    Ambitions Strong commitment to dividends and sound leverage Dividend policy YoY growth in dividend per share (DPS) Leverage ratio 1.8 – 2.3x target¹ Dividend coverage Strong commitment to coverage of dividends by FCF before M&A 1) Net interest-bearing debt including other leases / (LTM EBITDA + Divi

  81. Slide 81: We drive values - from customer to shareholder

    Telenor towards 2030 nsion a xp We drive values - from oC E e Top-line growth customer to shareholder R World -class networks, Customer talent & excellence Top - line growth through customer excellence … technology … efficiencies from s implification & transformation … C ap s c ie ital … reinvestmen

  82. Slide 82: Appendix

    Appendix telenor

  83. Slide 83: Telenor's Group Management

    Telenor’s Group Management Group Management team President & CEO Chief Financial Officer Chief Technology Officer Benedicte Torbjørn Wist Cathal Kennedy Schilbred Fasmer EVP People, Sustainability and Chief Communications Officer Group Councel, advisor to External Relations Officer Group Management

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