Telenor’s strategy execution continues to yield results

Press release
7 minute read
(Fornebu, 17 July 2018) “Halfway into 2018, Telenor continues to attract customers and deliver solid performance. In the second quarter we saw robust operations in Scandinavia, particularly in the mobile market in Norway. In Malaysia, we achieved revenue growth for a second consecutive quarter as a result of our determined repositioning efforts. In Pakistan and Bangladesh, we grew the subscriber base and strengthened our positions in rapidly developing markets. Telenor added two million mobile subscriptions in the quarter, and now connects 172 million customers.
Our operation in Thailand continues to deliver robust results, while transforming the business and building a solid platform for the future.

Across our operations, we continue to execute on simplification and increasing efficiency, while maintaining market positions. These efforts are generating good results, with savings now of a more structural nature. Year to date, opex has been reduced by close to NOK 1 billion.

Going forward, we will build on the good momentum and continue to create value by focusing on growth, efficiency and simplification,” said Telenor Group President & CEO Sigve Brekke.

Key Figures

NOK (in millions)                            Q2
          First half year
              First half year
                         First half year
(IFRS 15)
Revenues27 48528 33254 59755 928112 06954 653
Organic revenue growth (%)-1.02.1-
Subscription and traffic revenues21 44521 96642 60243 14386 31442 353
Organic subscription and traffic revenue growth (%)
EBITDA before other income and other expenses11 30011 60522 60822 11044 69422 677
EBITDA before other income and other expenses/Revenues (%)
Net income attributable to equity holders of Telenor ASA2 628(167)7 6424 00111 9837 637
Capex excl. licences and spectrum/Revenues (%)12.414.611.915.215.411.9
Capex/Revenues (%)13.319.015.317.518.115.3
Free cash flow3 0129 9475 58712 11324 8675 587
Mobile subscriptions - Change in quarter/Total (mill.)2.12.0172164170172

Discontinued operations: Telenor India, Hungary, Montenegro & Serbia and Bulgaria, Telenor Common Operation, Telenor Microfinance Bank and Telenor Banka.

Second quarter 2018 summary

  •  On an organic basis, subscription and traffic revenues grew 0.4%, while total revenues decreased by 1%. Total reported revenues were NOK 27.5 billion, which is a reduction of 3%.

  • Reported opex decreased by NOK 0.5 billion. On a constant currency basis, the reduction was NOK 0.2 billion or 2% and NOK 0.4 billion when also adjusting for one-time items last year.

  • EBITDA before other items was NOK 11.3 billion, corresponding to an EBITDA margin of 41.1%, which was stable, compared to last year. Organic EBITDA growth was 0.5%.

  • Net income attributable to equity holders of Telenor ASA was NOK 2.6 billion, or NOK 1.78 earnings per share.

  • Capex excluding licences and spectrum was NOK 3.4 billion, resulting in a capex to sales ratio of 12%.

  • Free cash flow for the quarter was NOK 3.0 billion.

Shareholder remuneration

  • In June, Telenor initiated a share buyback programme for up to 29 million shares, equivalent to about 2% of the registered shares. The programme will return about NOK 5 billion to shareholders.


  • For 2018, we maintain our expectations of an organic subscription and traffic revenue growth of 1-2%, and an organic EBITDA growth of 2-3% with a capex excluding licences and spectrum of NOK 17-18 billion.

Media Contact

Atle Lessum, mobile (+47) 415 05 645,

Investor Relations Contacts

Marianne Moe, mobile: (+47) 916 17 631,

Håkon Hatlevik, mobile (+47) 901 46 070,

Press and analyst presentation

In connection with the publication of the financial results, a press and analyst conference will be held on Tuesday 17 July at 09:00 hrs Norwegian time/CET. The presentation, which will also be broadcast live via webcast, will be held in Auditorium Voice, Telenor Expo Visitor Centre at Fornebu near Oslo. CEO Sigve Brekke and CFO Jørgen C. Arentz Rostrup will present the results. The presentation will be held in English.

You may also call in and listen to the presentation over the phone. This service allows you to ask questions during the Q&A session at the end of the presentation. To participate in the conference call, please register before the conference starts by calling:

+47 2350 0296(local Norway)
+46 (0)8 5065 3942 (local Sweden)
+44 (0)330 336 9411 (local UK)
+1 929-477-0448 (local US)
Please state confirmation code 1927188.


The quarterly report and the presentation are available here.