Telenor unveils new 2030 strategy, eyes Norden growth and higher returns

Telenor today outlined an evolved strategy toward 2030, emphasizing Norden as a core for growth and cash flow while simplifying its Asian portfolio. The company aims for increased return on capital and free cash flow, driven by superior customer experiences, technology-driven transformation, and reduced operational and investment costs. Key priorities include growing through service innovation and focusing on return on capital and consistent capital allocation.

Financially, Telenor targets low single-digit organic service revenue growth and low to mid-single-digit organic EBITDA growth in Norden. Capex/revenue in Norden is projected to fall below 13% by 2028 and to 11–12% by 2030. For the group, free cash flow before M&A (excluding associated companies) is expected to reach NOK 12–13 bn in 2028 and NOK 14–15 bn in 2030. Return on Capital Employed (RoCE) is anticipated to rise from 8.6% to over 11% by 2028 and over 12% by 2030.

Telenor reaffirms its dividend policy of annual increases per share and maintains a net debt leverage target of 1.8x – 2.3x, committing to cover dividends with free cash flow before M&A. The company will continue to simplify its portfolio, pursuing value-accretive transactions and partnerships in both Norden and Asia, aiming for a more Nordic-centric group over the mid-to-long term.