Share buybacks

Share buybacks and changes in number of registered shares.

Number of shares

NOK million

Total number of shares

Initial Public Offering 4 Dec 2000

1 802 151 899

Share buyback 2003-2004

Repurchased in the open market for cancellation

12 810 000

620

Redemption of shares from Norwegian state

14 531 792

695

Cancellation of addional treasury shares

28 103 172

Shares for cancellation following AGM in May 2004

55 444 964

1 316

1 749 272 646

Share buyback 2004-2005

Repurchased in the open market for cancellation

20 191 700

1 014

Redemption of shares from Norwegian state

23 672 725

1 185

Shares for cancellation following AGM in May 2005

43 864 425

2 199

1 706 570 293

Share buyback 2005-2006

Repurchased in the open market for cancellation

12 105 182

653

Redemption of shares from Norwegian state

14 190 541

766

Shares for cancellation following AGM in May 2006

26 295 723

1 419

1 680 274 570

Share buyback 2007-2008

Repurchased in the open market for cancellation

10 305 222

1 149

Redemption of shares from Norwegian state

12 080 502

1 347

Shares for cancellation following AGM in May 2008

22 385 724

2 495

1 657 888 846

Share buyback 2010-2011

Repurchased in the open market for cancellation

22 877 098

2 156

Redemption of shares from Norwegian state

26 818 135

 2 528

Shares for cancellation following AGM in May 2011

49 695 233

4 684

1 608 193 613

Share buyback 2011-2012

Repurchased in the open market for cancellation

22 209 858

2 020

Redemption of shares from Norwegian state

26 035 950

2 369

Shares for cancellation following AGM in May 2012

48 245 808

4 389

1 559 947 806

Share buyback 2012-2013

Repurchased in the open market for cancellation

19 943 900

2 235

Redemption of shares from Norwegian state

23 379 635

2 620

Shares for cancellation following AGM in May 2013

43 323 535

4 856

1 516 624 271

Share buyback 2013-2014

Repurchased in the open market for cancellation

6 981 748

919

Redemption of shares from Norwegian state

8 184 493

1 048

Shares for cancellation following AGM in May 2014

15 166 241

1 966

1 501 458 030

Share buyback 2017-2018

Repurchased in the open market for cancellation

13 810 438

2 382

Redemption of shares from Norwegian state

16 189 561

2 734

Shares for cancellation following AGM in May 2018

29 999 999

5 116

1 471 458 031

Share buyback 2018-2019

Repurchased in the open market for cancellation

13 350 090

2 129

Redemption of shares from Norwegian state

15 649 909

2 380

Shares for cancellation following AGM in May 2019

28 999 999

4 509

1 442 458 032

Share buyback 2019-2020

Repurchased in the open market for cancellation

19 794 961

3 571

Redemption of shares from Norwegian state

23 205 038

4 186

Shares for cancellation following AGM in May 2019

42 999 999

7 757

1 399 458 033

Share buyback 2023-2024

Repurchased in the open market in 2023 for cancellation

14 320 524

1 703

Redemption of shares from Norwegian state in 2024

16 787 520

1 996

Shares for cancellation following AGM in 2024

31 108 044

3 699

1 368 349 989

About buybacks in Telenor

Prior to any share buybacks the Management and the Board of Telenor reviews the Group’s cash flow and capital allocation priorities, such as dividends, total shareholder remuneration, leverage and credit profile.

Historically, Telenor Group’s Annual General Meetings (AGM) have been held in May every year, where the Board of Telenor, if deemed appropriate, has asked shareholders for authorisation to acquire own shares for cancellation. Shares have then been repurchased throughout the year until May the year after, whereby the repurchased shares are cancelled, subject to approval by shareholders

Furthermore, the Norwegian state as Telenor’s largest shareholder, has historically participated in the share buybacks on a proportionate basis by way of redeeming such a number of shares so that the Norwegian state’s ownership in Telenor has been unaffected.

The shares that are repurchased by Telenor in the open market have immediate cash effect whereas the redeemed pro rata shares from the Norwegian state have been paid by Telenor simultaneously with the capital reduction, estimated to occur in July-August following the May AGM.