Telenor ASA Cash Flow Statement

Financials in millions NOK. Fiscal year is January - December.

Millions NOK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	8,186	18,336	13,734	44,913	1,528
Depreciation & Amortization	17,302	14,321	14,081	14,895	20,788
Other Amortization	-	2,550	2,459	2,253	2,459
Asset Writedown & Restructuring Costs	2	73	24	2,472	-
Loss (Gain) From Sale of Investments	3,045	-3,361	-17,427	-33,823	272
Loss (Gain) on Equity Investments	-1,762	-6,812	8,467	303	459
Other Operating Activities	6,279	3,886	-12,071	-35,377	9,601
Change in Accounts Receivable	-	2,245	-121	-1,377	392
Change in Inventory	-	114	235	-186	-319
Change in Accounts Payable	-	389	-25	174	831
Change in Other Net Operating Assets	140	-	-	-	1
Operating Cash Flow	31,222	31,481	29,120	39,222	42,272
Operating Cash Flow Growth	-0.82%	8.11%	-25.76%	-7.22%	-3.53%
Capital Expenditures	-11,338	-13,383	-14,728	-19,298	-19,447
Sale of Property, Plant & Equipment	85	45	60	199	161
Cash Acquisitions	-794	-249	-1,806	-991	-391
Divestitures	2,949	2,138	5,045	-4,662	17
Investment in Securities	29	-37	-6,868	1,608	2,432
Other Investing Activities	-769	-	-	-1	-
Investing Cash Flow	-9,838	-11,486	-18,297	-23,145	-17,228
Long-Term Debt Issued	4,585	6,278	20,091	20,977	26,470
Long-Term Debt Repaid	-4,724	-18,745	-16,616	-29,116	-38,226
Net Debt Issued (Repaid)	-139	-12,467	3,475	-8,139	-11,756
Repurchase of Common Stock	-195	-1,971	-1,719	-27	-
Common Dividends Paid	-13,135	-13,082	-13,017	-13,015	-12,595
Other Financing Activities	-1,733	-1,871	9,727	-2,803	-3,552
Financing Cash Flow	-15,202	-29,391	-1,534	-23,984	-27,903
Foreign Exchange Rate Adjustments	-27	-78	612	600	-245
Miscellaneous Cash Flow Adjustments	-	-	1	-1	1
Net Cash Flow	6,155	-9,474	9,902	-7,308	-3,103
Free Cash Flow	19,884	18,098	14,392	19,924	22,825
Free Cash Flow Growth	9.87%	25.75%	-27.77%	-12.71%	-8.04%
Free Cash Flow Margin	25.98%	22.64%	17.89%	25.92%	23.49%
Free Cash Flow Per Share	14.53	13.15	10.37	14.24	16.31
Cash Interest Paid	-	3,761	2,900	2,616	2,635
Cash Income Tax Paid	3,727	3,783	2,062	5,977	6,113
Levered Free Cash Flow	13,707	17,317	5,146	5,346	17,328
Unlevered Free Cash Flow	16,015	19,813	7,277	6,471	18,881
Change in Working Capital	140	2,748	89	-1,389	905

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.