Telenor's Nordics drive Q3 growth as outlook tightened

Telenor ASA announced solid third-quarter 2025 financial results. Service revenues increased 2.7% organically to NOK 16.3 bn, adjusted EBITDA was up 5.4% organically to NOK 9.5 bn, and free cash flow before M&A surged 50% to NOK 4.2 bn. The Nordics region was a key growth driver, achieving 2.1% organic service revenue growth and an 8.0% increase in adjusted EBITDA, supported by higher roaming revenues and successful cost reductions.

Asia also contributed positively with 4.1% organic EBITDA growth, driven by Grameenphone’s return to topline growth and Telenor Pakistan’s 17% EBITDA increase. However, the company foresees potential challenges from spectrum- and data-related costs impacting cash flows in the region. Telenor also received the first regulatory approval for the sale of Telenor Pakistan.

As a result of this performance, Telenor has tightened its 2025 financial outlook, projecting 2-3% organic growth in Nordic service revenues and 8-9% organic growth in Nordic adjusted EBITDA. Group organic adjusted EBITDA is now expected to grow by 5-6%, with free cash flow before M&A remaining around NOK 13 bn. Strategic initiatives included a global procurement partnership with Vodafone and the planned sale of its 50% stake in Allente.