Norway · Delayed Price · Currency is NOK Telenor ASA Earnings Call Transcripts
Fiscal Year 2026
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The AGM reviewed strong operational results, with profit after tax at NOK 7 billion and solid EBITDA growth. A NOK 9.7 per share dividend and a new share buyback program were approved. Strategic focus remains on the Nordic core, digital transformation, and robust governance.
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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 focus on services-led growth, AI-driven efficiency, and operational excellence, especially in the Nordics, while simplifying its Asia portfolio. Financial ambitions include growing dividends, reducing CapEx intensity, and tripling Nordic cash flow by 2030, supported by robust cost control and innovation.
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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 robust double-digit EBITDA growth in the Nordics and improved Asian performance, driving a 33% rise in adjusted EPS. The outlook for 2025 EBITDA was raised, with major fiber investments planned in Norway and Finland, and continued focus on operational efficiencies.
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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. Transformation and cost reduction efforts are driving improved operating leverage, and guidance for 2024 has been tightened, with free cash flow expected at the upper end of the range.
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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.