Telenor ASA — Earnings Release 2021

Oct 28, 2021

Telenor reports third quarter 2021 results

Telenor reports third quarter 2021 results

In the third quarter, Telenor reports flat organic subscription and traffic revenues, a 2% decline in organic EBITDA and a strong cash flow of NOK 7 billion. The results are impacted by the prevailing covid situation in Asia, nevertheless, we see strong trends, adding almost 2 million subscribers this quarter and almost 7 million year to date.

The solid performance in the Nordics continued. In Norway, demand for value added services drove a 3 % mobile ARPU growth in the quarter. The 5G rollout and copper decommissioning is running at full speed, supporting our superior network position and laying the foundation for future service growth. In Finland and Denmark, the strong performance resulted in 4 % growth in subscription and traffic revenues.

In Asia, there are early signs of gradual recovery from the impact of the pandemic. Subscriber growth and increasing data usage are important drivers in Bangladesh and Pakistan. In Thailand, the results are impacted by lockdowns. The country, however, the country is signaling re-opening of the borders for tourists towards the end of the year. In Malaysia, we see gradual improvement in performance through from targeted market initiatives, supported by government stimuli packages and easing of restrictions as a result of high vaccination rates.

During the pandemic, we have accelerated the execution of our strategic ambitions, including modernisation and digitalization initiatives. As a result, our operations today are more efficient and resilient than they were at the beginning of the pandemic. Based on the performance so far this year, and on our expectations for the fourth quarter, we maintain our outlook for 2021.

Investor relations:

Øystein Myrvold, +47 99230460

Håkon Hatlevik, +47 90146070