Telenor (TEL) investor relations material

Opening remarks and agenda

• The AGM was held virtually, with shareholders participating digitally and via webcast; practical instructions for participation and voting were provided.

• Voting on all agenda items remained open throughout the meeting, with results tallied at the end.

• 85% of share capital was represented, including proxies and online participants.

Financial performance review

• Profit after tax attributable to shareholders was NOK 7 billion in 2025, down from NOK 18.3 billion in 2024, mainly due to one-off effects in the prior year.

• Adjusted EBITDA grew organically by 5.8% to NOK 35 billion, driven by strong Nordic performance and cost control.

• Free cash flow before M&A reached NOK 12.9 billion, meeting the target of around NOK 13 billion.

• Return on capital employed was 9.3% in 2025, down from 13% in 2024.

• Parent company profit after tax was NOK 11.6 billion, with equity at NOK 107.8 billion.

Board and executive committee updates

• The board focused on updating strategy and preparing for Capital Markets Day, emphasizing a robust, forward-looking direction.

• The board will continue to monitor strategic priorities, focusing on capital discipline and value creation.

• The executive remuneration report was reviewed and found satisfactory, aiming for competitive but not market-leading terms.