Q1 2025 Telenor ASA Earnings Call Transcript
Key Points
- Telenor ASA (TELNF) reported a strong financial performance in Q1 2025, with a free cash flow before M&A of NOK3 billion.
- The company achieved a 5.8% EBITDA growth in the Nordics, driven by a 3.9% increase in mobile service revenue and a 1% decline in OpEx.
- Telenor's Nordic mobile networks were recognized as the best in the region by OpenSignal, and Ookla awarded Telenor Norway as the fastest mobile and 5G network.
- The company is expanding its AI factory to meet the growing demand for sovereign and secure AI solutions, with plans to scale further.
- Telenor's defense communication subsidiary, KNL, signed a significant contract with Finnish and Swedish defense forces, indicating potential growth in the defense sector.
- The macroeconomic environment in Bangladesh remains challenging, impacting Telenor's performance in the region.
- Telenor faced a VAT case in Norway, which negatively affected service revenues and EBITDA numbers.
- In Malaysia, Telkom Digi experienced a soft quarter due to tough competition, affecting overall performance.
- The regulatory approval process for Telenor's planned divestment in Pakistan is taking longer than anticipated.
- Telenor experienced higher churn in Norway and Finland, with increased competition in the B2B market and a decline in fixed broadband subscribers.
Good morning, and welcome to Telenor's first quarter earnings call. My name is Frank Maao, Head of Investor Relations, and I'm joined here by our group CEO, Benedicte Schilbred Fasmer; and our group CFO, Torbjorn Wist.
Before we kick off, a couple of things to mention on this call, all numbers are in Norwegian kroner, and growth rates are referred to on our organic like-for-like basis unless otherwise stated. And for simplicity, comments relating to the EBITDA on this call are referring to adjusted EBITDA. (Operator Instructions) So without further housekeeping, we'll jump straight into the CEO section of today's agenda.
Benedicte, the floor is yours.
Thank you so much, Frank. And good morning to everyone participating on this call. We really appreciate you taking the time to join us today. In a time with geopolitical turbulence and with trade and tariff policies evolving almost
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