Telenor ASA — Earnings Release 2022

May 3, 2022

Telenor reports first quarter 2022 results

Telenor reports first quarter 2022 results

In the first quarter, the mobile business performed well while the overall quarter was impacted by our strategic journey of investing in modern networks and structural transactions in Asia. The growth was held back by the Norwegian fixed line business and intensified competition in Thailand.

Service revenues were stable, and EBITDA was negatively affected by the copper decommissioning in Norway which is in its final year. In addition, higher energy prices, and activities related to the planned mergers in Thailand and Malaysia impacted EBITDA negatively. This resulted in an organic EBITDA development of -2%. Free cash flow remained robust at NOK 3.6 billion in the quarter, further strengthening our financial position.

I am especially pleased with the growth in mobile service revenues and ARPU across the Nordic operations. This confirms that providing quality networks and services in the world’s most advanced telecom markets creates growth opportunities. In Asia, we see solid growth in Bangladesh and Pakistan and the M&A transactions in Thailand and Malaysia are progressing through the necessary steps. The sale of Telenor Myanmar was closed during the final days of the quarter, concluding a challenging process in a very difficult situation.

Telenor will host a capital markets day on 20 September.

Investor relations

Øystein Myrvold, +47 99230460

Håkon Hatlevik, +47 90146070

Media contact

David Fidjeland, +47 93467224