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.