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Telenor (TEL) investor relations material
Telenor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Strong Q3 performance with 2.7% organic service revenue growth and 5.4% adjusted EBITDA growth, led by the Nordics and supported by improved profitability in Asia despite macroeconomic and regulatory headwinds.
Free cash flow before M&A surged 50% year-on-year to NOK 4,191 million, driven by solid EBITDA.
Strategic procurement partnership with Vodafone announced, targeting significant cost savings and enhanced supply chain resilience.
Net income attributable to equity holders was NOK 3,027 million; adjusted net income was NOK 2,533 million, down 2.7% year-on-year due to higher taxes and lower associate contributions.
Asia delivered positive EBITDA growth, notably in Pakistan and Grameenphone, but faced challenges in Malaysia and ongoing transition from voice to data.
Financial highlights
Group service revenues were NOK 16,345 million, up 2.7% year-on-year.
Adjusted EBITDA was NOK 9,544 million, up 5.4% year-on-year.
Adjusted EPS was NOK 1.85, down 2.7% due to a NOK 530 million accounting adjustment for CelcomDigi.
Free cash flow before M&A reached NOK 4,191 million, up 49.6% year-on-year.
ROCE (LTM) at 8.6%; leverage ratio stable at 2.3x, within target range.
Outlook and guidance
2025 outlook reaffirmed and tightened: group adjusted EBITDA growth expected at 5-6%, free cash flow before M&A around NOK 13 billion.
Nordics expected to deliver 2-3% service revenue growth and 8-9% EBITDA growth.
CapEx-to-sales ratio for the group at 13.3%-13.4%.
Leverage to remain within 1.8x-2.3x target range.
Ongoing exit from Pakistan may close in 2026; loss of recurring cash flows expected post-sale.
Ongoing impact of Asia's spectrum costs and CelcomDigi?
Sustainability of Nordics' EBITDA growth drivers?
Value contribution from new partnerships and AI Factory?
CelcomDigi 5G NetCo restructuring progress?
Bangladesh spectrum renewal strategy?
Vodafone procurement partnership value drivers?
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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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