Telenor ASA — Earnings Release 2022

Jul 19, 2022

Telenor reports second quarter 2022 results

Telenor reports second quarter 2022 results

In the second quarter, we deliver performance in line with our expectations with a 2% growth in service revenues and stable EBITDA. The headwind from copper decommissioning in Norway, high energy prices globally and expenses related to the ongoing strategic projects are compensated by positive items this quarter.

“Halfway into 2022, we see businesses and consumers increasingly wanting to protect their digital assets, driving demand for our security services in the Nordic region. I am pleased to see that Telenor continues to be an attractive partner in our customers’ digitalisation journey.”, says Sigve Brekke, President and CEO of Telenor Group.

The quarter demonstrated solid mobile performance. In the Nordics, this is driven by required price adjustments to compensate for the inflationary environment, and continued demand for services on top of connectivity. Our mobile network in Norway has once again been confirmed as the fastest network in the country.

“In Asia, an important milestone was reached this quarter as we received regulatory approval for the merger between Celcom and Digi in Malaysia.”, says Brekke.

Based on the performance in the first half of the year, for 2022 we expect low single digit growth in organic service revenues, organic EBITDA around 2021 level, and a capex to sales ratio of 16-17%.

Investor relation contacts

Øystein Myrvold +47 99 23 04 60

Håkon Hatlevik +47 90 14 60 70