Telenor ASA — Earnings Release 2023

Jul 20, 2023

Telenor reports second quarter 2023 results

Telenor reports second quarter 2023 results

“In the second quarter we continue to execute on the strategy we laid out last year, seeing firm operational momentum. Quality connectivity for customers and attractive security offerings continue to drive growth”, says Sigve Brekke, President and CEO of Telenor Group.

“We maintain our focus on progress in modernisation and efficiency initiatives that will drive improved cash flow generation over time”, Brekke adds.

• Service revenues were NOK 15.8 billion, which is an increase of NOK 0.8 billion or 5 percent compared to the same period last year. Organic service revenues increased by 4 percent.

• EBITDA before other items was NOK 8.8 billion and increased by 4 percent, both on reported and organic basis.

• Net income attributable to equity holders of Telenor ASA was NOK 0.8 billion for the quarter.

• Free cash flow before M&A was negative NOK 0.2 bn. Free cash flow was impacted by payment of NOK 1.7 billion related to legal disputes in Bangladesh.

• The leverage ratio at the end of the quarter was 2.4x, which is an increase of 0.2x compared to the end of 2022, impacted by adverse currency movements, dividend payout and share buyback, partly offset by positive contribution from M&A activities.

Telenor maintains the financial outlook for 2023:

• Low-to-mid single-digit growth in Nordic service revenues

• Low-to-mid single-digit growth in Nordic EBITDA

• Nordic capex/sales of around 17 percent

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