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Investor Relations14 Oct 2025
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Telenor (TEL) investor relations material
Telenor Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary18 Jul, 2025
Executive summary
Delivered strong Q2 results with double-digit EBITA and EBITDA growth in the Nordics, driven by transformation efforts and fiber expansion in Norway and Finland, despite ongoing geopolitical and regulatory challenges in Asia.
Adjusted EPS grew 33% year-over-year to NOK 2.22, supported by operational efficiencies and commercial strategy execution.
Challenging macro and regulatory environment in Asia, but positive developments in spectrum awards, EBITDA growth in Pakistan and Thailand, and steady dividends from Malaysia.
Announced expansion of fiber reach in Norway via M&A and a major fiber upgrade plan in Finland.
Net income to equity holders was NOK 3.7 billion in Q2.
Financial highlights
Q2 service revenues reached NOK 16,534 million, up 2.9% year-over-year organically.
Adjusted EBITDA was NOK 9,318 million, up 8.3% organically, mainly from Nordic performance.
Free cash flow before M&A was NOK 1.6 billion, impacted by working capital, bonus provisions, and negative cash flow in Asia.
CapEx to sales ratio was 13.5%, down 1.9 percentage points from last year.
Return on capital employed at 8.8% (13.2% excluding Asian associates).
Outlook and guidance
Raised 2025 EBITDA outlook: Nordics to high single-digit growth, group to mid single-digit growth.
CapEx/sales for Nordics and Group expected around 14%.
Free cash flow before M&A for 2025 expected around NOK 13 billion.
Leverage expected to return to target range (1.8x–2.3x) by year-end, barring major currency moves.
Expect higher H2 spending on sales, marketing, and resilience investments, especially in Norway and Finland.
How will Malaysia's 5G framework impact CelcomDigi?
What's driving Telenor Norway's EBITDA growth?
What's the status of Telenor Pakistan's sale?
Assess the impact of Pakistan tax collection.
Explain the Nordic EBITDA growth drivers.
How will GlobalConnect deal be financed?
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Frequently asked questions
Telenor ASA, operates as a telecommunication company worldwide. The company offers mobile services; fixed distance and mobile communication services to corporate customers in Norway, Denmark, Sweden and the United Kingdom (UK); broadband, telephony and entertainment products and services to residential customers in Norway; broadband solutions to small and medium-sized businesses and public institutions; fixed voice telephony solutions for businesses; transmission of television and radio signals via satellite and fiber optics cable; operation of media channels in Norway and non-Norwegian territories; operation of online shop platforms with third party retailers whose customers are loyal to their own brand names; provision of information technology services in Estonia, Latvia, Lithuania, Poland, Slovakia and Romania through IT development unit Telenor Services Europe SARL (TSE); connection of Norwegian consumers to Telenor's networks via roaming partnerships. Telenor ASA is based in Fornebu, Norway.
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