Financial outlook and ambitions
Updated as per Q2 2025.
Outlook for Nordics 2025
Organic service revenues growth: Low single-digit
Organic EBITDA growth: High single-digit
Capex/sales (excl. leases): Around 14%
Group Outlook 2025
EBITDA growth growth: Mid single-digit
FCF before M&A: Around NOK 13 billion
Telenor Pakistan included in the 2025 outlook.
New spectrum and potential items relating to prior years' activities (e.g. claims, late payments in Bangladesh, tax refunds) are not included in the outlook.
Mid-term ambitions for 2023-2025:
Group
Year-on-year growth in dividend per share
FCF before M&A to cover dividend in 2025
Net leverage of 1.8x-2.3x
For the period beyond 2025 we will communicate new mid-term ambitions in a capital markets day during Q4 2025.