Annual Report 2025
Telenor’s Annual Report for 2025 covers financial statements, sustainability reporting, an overview of 2025 performance and the company’s strategy. Below you will find messages from our Chair of the Board in Telenor, Jens Petter Olsen, and President and CEO, Benedicte Schilbred Fasmer.
Letter from the Chair and CEO
Our world is increasingly digital, and connectivity is at its core. In 2025, we continued to see increased customer demand for Telenor’s services, and the customers are looking for more differentiation and sophistication. Today, connectivity is a critical infrastructure that fuels important changes across a range of sectors in the society. It also changes the ways in which we conduct many of our interactions.
Our refreshed strategy, introduced in November 2025, underscores our dedication to deliver exceptional connectivity and services for our customers. To deliver on that ambition, we need to be relevant, reliable, and user-friendly. Our strategy is anchored in three pillars — customers, technology and employees — which emphasise collaborative value creation, world-class customer experiences, and the deployment of advanced technologies to facilitate simplification and operational excellence.
Telenor enters this strategic phase from a position of strength, having delivered results aligned with our financial ambitions throughout the 2022-2025 period. We now focus on sustaining and building momentum over the next three years, prioritising services-led growth, technology-driven transformation, ongoing simplification, and prudent capital allocation to drive return on capital employed.
In 2025, we achieved robust growth in the Nordics, particularly in Norway and Sweden. We also saw EBITDA growth in Asia, with Grameenphone in Bangladesh making a positive contribution, even in the wake of political unrest and macroeconomic setbacks. Our strategy is to manage our leading Asian operations to generate long-term value, while working towards a further streamlining of our Group portfolio. The sale of Telenor Pakistan was completed in December 2025, and our exit from Thailand was announced in January 2026. These two transactions are testaments to our commitment to simplify the group portfolio and become a more Nordiccentric group over time.
"Looking back on my first year as CEO in 2025, a few top reflections stand out. First, the geopolitical backdrop in increasingly shaping our industry and elevating the importance of Telenor's trusted role. Second, I am deeply proud of the results we delivered together and the discipline behind our execution. Third, the fact that we set a clear course for the future by launching our new strategy at our Capital Markets Day. And finally, a strong lift in employee engagement gives me real confidence in what we can achieve together."
The proliferation of digital technologies presents substantial opportunities for the communities we serve but it also introduces new vulnerabilities. As a trusted provider, Telenor is committed not only to facilitating digital access but also to supporting customers in navigating the digital landscape safely.
In October, we published our Nordic Digital Security 2025 report, highlighting rising security concerns among both consumers and businesses. The Nordic region faces increased risks from cyberattacks and hybrid threats, reinforcing the role of our communications infrastructure as a strategic asset. Addressing these challenges will require enhanced preparedness and strong partnerships.
Advancements in AI have enabled Telenor to seize new opportunities to improve our efficiency and reliability. Throughout the year, we have leveraged AI to foster innovation, drive operational improvements, and enhance customer journeys. Looking ahead, we will continue investing in upskilling initiatives to ensure that our people possess the skills needed for future success. Our approach is to apply AI judiciously, in areas where it adds meaningful value, always maintaining a relentless focus on how AI can deliver a better experience for Telenor’s customers.
Sustainable business practices are integral to Telenor’s identity and strategy. We remain dedicated to network resilience, security, and digital inclusion, and have set clear targets for reducing operational emissions. As digital content consumption grows, we are equally committed to promoting digital wellbeing, particularly for children and youth.
As Chair and CEO, we have had the privilege of collaborating with many dedicated Telenor employees who are invested in the company’s long-term success. We are confident in their ability to continue delivering outstanding services to our customers and would like to express our sincere appreciation for their contributions throughout 2025. We would also like to thank both our customers and our shareholders for putting your trust in us – and reiterate our commitment to keep you at the heart of everything we do.