Building Telenor for the future

(Fornebu, September 20, 2022) Today, at its Capital Markets Day, Telenor unveils significant changes to ensure growth and reshape the company’s role as a enabler for digitization and sustainability. The company will become a leading telecom operator and infrastructure player in Scandinavia, taking leading positions in security and IoT services. In Asia, together with partners, Telenor will grow in size and take leading positions in several markets.

“The Telenor you see today is not the Telenor you will see in the future. We are taking a big step forward to offer our customers added value in an increasingly digital world that requires secure, stable and sustainable solutions. We are building a smarter and more flexible Telenor – a company that creates value for customers, society and shareholders,” says Sigve Brekke, CEO of Telenor Group.

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Connectivity – essential for a sustainable future

The world has gone digital and the adoption of technology and new digital services is accelerating at record speed. Connectivity is the lifeblood of society today and Telenor’s technology enables more sustainable solutions and a smarter and more efficient use of resources. The vision of strengthening societies is stronger than ever.

“We are reshaping Telenor with a focus on four business areas. We are building a competitive organization with targeted investments, profitable growth and new partnerships. This strategy will create options and more opportunities to create value,” says Tone Hegland Bachke, CFO of Telenor Group.

A new structure

Telenor strengthens the Nordic cooperation between the four companies in the region. Ever closer cooperation leads to faster development and introduction of services for customers, new synergies and more efficient use of internal resources. The company’s infrastructure will be set up as a separate business unit to develop Telenor’s assets. A newly formed entity will develop and innovate Telenor’s portfolio of companies close to Telenor’s core business.

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The companies in Asia are now organized under Telenor Asia and are focused on building scale and profitable business, as well as managing risk more efficiently. The aim is to become a leading provider in multiple markets, driving digitization and offering new, innovative services for businesses and consumers. Structural partnerships or an IPO are future options for Telenor Asia.

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During the Capital Markets Day, Telenor’s management will present further details on the increasing independence of Telenor Nordics and Telenor Asia, the evolution of Telenor’s assets and the company’s ESG ambitions.

The medium-term financial outlook for 2023-2025:

  • Low to mid single digit service revenue growth in Scandinavia
  • Mid single digit growth in Nordic EBITDA
  • Annual growth in dividend per share

The energy price development of the last few months makes it increasingly difficult to achieve the guidance of a flat EBITDA in 2022.

The event will be available on webcast from 09:00 CEST:

Media contact:

David Fidjeland, Director of Media Relations, Telenor Group

+47 935 67 224 | [email protected]

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