Norway · Delayed Price · Currency is NOK Telenor ASA Earnings Call Transcripts
Fiscal Year 2026
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Q1 saw steady organic growth in service revenue and EBITDA, strong cash flow from the True stake sale, and a strengthened balance sheet. 2026 EBITDA guidance was lowered due to headwinds in Bangladesh and Finland, but free cash flow guidance is maintained.
Fiscal Year 2025
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Strong Q4 and full-year results were delivered, with service revenue and EBITDA growth in line with guidance, robust cash flow, and a sharpened Nordic focus following major portfolio simplification. A NOK 9.7 per share dividend and NOK 15 billion buyback are proposed, with continued transformation and disciplined capital allocation planned.
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The group is accelerating its transformation with a services-led, AI-driven strategy, targeting significant free cash flow and ROCI growth by 2030. Nordic operations are the main cash engine, while Asia’s portfolio is de-risked and positioned for value creation. Dividend growth and prudent capital allocation remain central.
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Q3 saw strong Nordic performance and improved Asia profitability, with group EBITDA up 5.4% and free cash flow before M&A up 50% year-on-year. Guidance for 2025 is tightened, with risks in Asia from 5G and spectrum costs, and a major procurement partnership with Vodafone announced.
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Q2 saw double-digit EBITDA growth in the Nordics, 33% adjusted EPS growth, and strong performance in Norway. The outlook for 2025 EBITDA was raised, with major fiber investments announced in Norway and Finland. Free cash flow guidance remains unchanged due to higher CapEx and tax outflows.
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The AGM featured strong financial results, a new leadership team, and a focus on strategic growth in the Nordics and Asia. Key initiatives include AI, cybersecurity, and sustainability, with all proposals and dividend plans approved by a large majority.
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Q1 saw solid revenue and EBITDA growth, led by the Nordics, with strong free cash flow and improved leverage. The outlook for 2025 is reaffirmed, with continued focus on efficiency, digital infrastructure, and mission-critical services.
Fiscal Year 2024
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Solid 2024 results with strong free cash flow and EBITDA growth, driven by Nordic transformation and robust performance in Pakistan and Denmark. 2025 guidance targets NOK 13 billion free cash flow before M&A, with continued focus on capital efficiency, cost control, and dividend growth.
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Group service revenues and EBITDA grew modestly in Q3, with strong Nordic performance offsetting macro headwinds in Bangladesh. Free cash flow guidance for 2024 was tightened to the upper end of the range, and transformation programs are driving OPEX reductions and operating leverage.
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Q2 saw strong revenue and EBITDA growth, with free cash flow at NOK 2.2 billion and EPS tripling year-over-year. Nordic transformation is ahead of plan, Asia operations are delivering synergies, and 2024 guidance for revenue and cash flow is reaffirmed despite some regional headwinds.