Fact sheet

Credit rating

Moodys: Baa1

S&P : A-

Leverage target

1.8-2.3x Net interest bearing debt to EBITDA

Number of shares:

1,399,458,033

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.