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).
S&P : A-
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.
The company aims to generate profitable growth in the Nordics, with a mid-term ambition to deliver low to mid single-digit service revenue growth and mid single-digit growth in EBITDA.
For 2023, Telenor expects to see low to mid single-digit growth for both service revenues and EBITDA in the Nordics. Capex to sales in the Nordics is expected to be around 17%. The Capex is expected to decline in the following years as the company aims to reduce Nordic capex by around NOK 2 billion in nominal terms from 2022 to 2025.
Telenor maintains the dividend policy to aim for a year-on-year growth on ordinary dividends per share, and reiterates that the dividend is expected to be covered by free cash flow in 2025. The company’s outlook for free cash flow excluding M&A and new spectrum investments for 2023-2025 is unchanged from the CMD.
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.
Key figures Telenor Group
Key figures Telenor Group*
NOK in million
Organic revenue growth (%)
Organic service revenue growth (%)
EBITDA before other income and other expenses
Organic EBITDA growth (%)
EBITDA before other income and other expenses/Revenues (%)
Net income attributable to equity holders of Telenor ASA
Capex excl. licences and spectrum
Free cash flow before M&A
Total Free cash flow
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.