Strong third quarter for Telenor

"Third quarter was a strong quarter for Telenor. We delivered solid growth and earnings momentum in the Nordics and saw firm traction for synergy realisation in Asia," says Sigve Brekke, CEO of Telenor Group. Service revenues were NOK 15.8 billion, which is an increase of NOK 0.5 billion or 4% compared to the same period last year. EBITDA grew by a 7% year on year, adjusted for a positive one-time effect in Pakistan last year. Organic EBITDA increased by 1%. "Our success depends on our...
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"Third quarter was a strong quarter for Telenor. We delivered solid growth and earnings momentum in the Nordics and saw firm traction for synergy realisation in Asia," says Sigve Brekke, CEO of Telenor Group. 

Service revenues were NOK 15.8 billion, which is an increase of NOK 0.5 billion or 4% compared to the same period last year. EBITDA grew by a 7% year on year, adjusted for a positive one-time effect in Pakistan last year. Organic EBITDA increased by 1%. 

"Our success depends on our ability to create value for our customers and that is our key driver. We continue to see strong customer validation and receive top customer experience ratings for our consumer mobile services in Denmark, Finland and Sweden," says Sigve Brekke, CEO of Telenor Group. 

Telenor Nordics delivered 4% service revenue growth and 8% EBITDA growth in the third quarter, supported by strong operational performance and lower energy prices. Growth in mobile remained steady at around 5%.  

In Asia, Telenor Group has number one positions in three out of four markets, with a total customer base of 200 million people. Telenor's businesses in Asia delivered underlying growth despite of challenging macro conditions.  Telenor Asia's service revenues adjusted for the Pakistan one-time effect last year, improved by 6% and EBITDA increased by 4%. This was driven by mobile revenue growth in both Bangladesh and Pakistan, more than offsetting the negative impact of inflationary pressure, including higher energy prices. 

"Customer excellence, free cash flow generation and long-term value creation will remain top priorities for us going forward," says Sigve Brekke, CEO of Telenor Group. 


Updated Financial Outlook for 2023: 

  • Above 3% organic growth in Nordic service revenues (updated from “low-to-mid-single digit growth”). 
  • 3-4% organic growth in Nordic EBITDA (updated from “low-to-mid-single digit growth”).  
  • Nordic capex to sales ratio of around 17% (unchanged). 


Key figures Telenor Group* 

 
 
 
 
 
 

 
 
 
 
 
 

Third quarter 
 
 
 
 
 

First three quarters 
 
 
 
 
 

Year 
 
 
 
 
 

NOK in million 
 
 
 
 

2023 
 
 
 
 

2022 
 
 
 
 

2023 
 
 
 
 

2022 
 
 
 
 

2022 
 
 
 
 
 

Service revenues 
 
 
 
 

15 775 
 
 
 
 

15 227 
 
 
 
 

46 467 
 
 
 
 

44 775 
 
 
 
 

59 760 
 
 
 
 
 

Organic service revenue growth (%) 
 
 
 
 

4% 
 
 
 
 

6% 
 
 
 
 

4% 
 
 
 
 

5% 
 
 
 
 

3% 
 
 
 
 
 

Total Revenues 
 
 
 
 

20 108 
 
 
 
 

19 531 
 
 
 
 

59 518 
 
 
 
 

57 210 
 
 
 
 

76 877 
 
 
 
 
 

Organic revenue growth (%) 
 
 
 
 

2% 
 
 
 
 

6% 
 
 
 
 

3% 
 
 
 
 

4% 
 
 
 
 

4% 
 
 
 
 
 

Operating expenses 
 
 
 
 

(6 331) 
 
 
 
 

(5 946) 
 
 
 
 

(19 550) 
 
 
 
 

(18 474) 
 
 
 
 

(25 229) 
 
 
 
 
 

EBITDA before other income and other expenses 
 
 
 
 

9 251 
 
 
 
 

9 287 
 
 
 
 

26 097 
 
 
 
 

25 790 
 
 
 
 

33 830 
 
 
 
 
 

Organic EBITDA growth (%) 
 
 
 
 

1% 
 
 
 
 

6% 
 
 
 
 

2% 
 
 
 
 

1% 
 
 
 
 

1% 
 
 
 
 
 

Operating profit 
 
 
 
 

4 987 
 
 
 
 

4 980 
 
 
 
 

13 195 
 
 
 
 

11 816 
 
 
 
 

15 143 
 
 
 
 
 

Net income from associated companies and joint ventures 
 
 
 
 

23 
 
 
 
 

(93) 
 
 
 
 

(269) 
 
 
 
 

(264) 
 
 
 
 

(301) 
 
 
 
 
 

Net income attributable to equity holders of Telenor ASA 
 
 
 
 

2 451 
 
 
 
 

1 549 
 
 
 
 

21 417 
 
 
 
 

7 006 
 
 
 
 

44 913 
 
 
 
 
 

Capex excl. lease 
 
 
 
 

2 666 
 
 
 
 

3 172 
 
 
 
 

9 637 
 
 
 
 

9 540 
 
 
 
 

13 560 
 
 
 
 
 

Free cash flow before M&A 
 
 
 
 

4 330 
 
 
 
 

3 955 
 
 
 
 

4 572 
 
 
 
 

7 319 
 
 
 
 

9 866 
 
 
 
 
 

Total Free cash flow 
 
 
 
 

4 331 
 
 
 
 

5 211 
 
 
 
 

9 479 
 
 
 
 

9 657 
 
 
 
 

10 604 
 
 
 
 
 

Leverage 
 
 
 
 

2.2 
 
 
 
 

2.1 
 
 
 
 

2.2 
 
 
 
 

2.1 
 
 
 
 

2.2 


 

Media contact 
Ingibjörg Meyer-Myklestad +47 90 60 55 05 

 

Investor Relations 
Frank Maaø +47 91 67 40 45 


 


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