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.