Telenor Group is a leading telecommunications company across the Nordics and Asia with 166 million customers and annual sales of around NOK 116 billion (2021).

Share price

Last update: 14/06/2024 04:30 pm (CET)

Credit rating

Moodys: Baa1

S&P : A-

Leverage target

1.8-2.3x Net interest bearing debt to EBITDA

Number of shares:



Telenor maintains the mid-term ambitions outlined at the Capital Markets Day in 2022. For Telenor Nordics, the company aims to generate profitable growth, with a mid[1]term (2023-2025) ambition to deliver low to mid-single-digit organic service revenues growth and mid-single-digit organic growth in EBITDA. In February 2023, the company stated an ambition of NOK 2 billion reduction in Nordic capex (excluding leases) from 2022 to 2025.

For 2024, Telenor expects to see low single-digit organic growth in service revenues and mid-single digit organic growth in EBITDA in the Nordics. The capex to sales ratio in the Nordics is expected to be around 17%. The effective tax rate for 2024 is estimated to be around 30%.

Telenor maintains the dividend policy to aim for a year-on[1]year growth on ordinary dividends per share and that the dividend is expected to be covered by free cash flow in 2025. The leverage ratio is targeted to be in the range of 1.8x – 2.3x.

For the Group, Telenor expect mid-single digit organic EBITDA growth and expect to deliver a free cash flow before M&A of NOK 9-10 billion in 2024, based on year-end 2023 currencies. Note that the free cash flow range assumes the inclusion of Telenor Pakistan and does not factor in potential items related to prior years’ activities.

Dividend Policy

Telenor aims for year-on-year growth in ordinary dividends per share. Telenor pays semi-annual dividends. Buy-back of own shares and / or extraordinary dividend pay-outs will be evaluated on a case by case basis.

Dividend history

Key figures Telenor Group

Key figures Telenor Group*


NOK in million




98 953

97 153

Organic revenue growth (%)



Service revenues

74 957

74 055

Organic service revenue growth (%)



EBITDA before other income and other expenses

42 374

42 656

Organic EBITDA growth (%)



EBITDA before other income and other expenses/Revenues (%)



Net income attributable to equity holders of Telenor ASA

44 913

1 528

Capex excl. licences and spectrum

16 728

16 277

Total Capex

21 319

20 646

Free cash flow before M&A

9 865

11 015

Total Free cash flow

10 604

12 669

Mobile subscriptions - Change in quarter/Total (mill.)



*) With effect from the fourth quarter of 2022, Digi in Malaysia is classified as discontinued operations, see note 4. As a consequence, the relevant figures, except for the net income and free cash flow, in the table above and throughout the report excludes Digi.