Telenor ASA (OSL:TEL)
kr 160 -2.8 (-1.72%) Market Cap: 218.87 Bil Enterprise Value: 317.27 Bil PE Ratio: 20.05 PB Ratio: 3.39 GF Score: 70/100
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Q2 2025 Telenor ASA Earnings Call Transcript

Jul 18, 2025 / 07:00 AM GMT
Release Date Price: kr162.8 (+1.12%)

Key Points

Positve
  • Telenor ASA (TELNF) reported a strong Q2 with a 33% increase in adjusted EPS, driven by exceptional performance in the Nordics.
  • The company achieved a 16.1% EBITA growth in Norway, a level not seen for over a decade, contributing to a 12.5% EBITA growth for the Nordics.
  • Telenor ASA (TELNF) announced plans to expand fiber reach in Norway and upgrade DNA's infrastructure in Finland, indicating strategic growth in core markets.
  • The company maintained a stable OpEx in Q2, with a 1.6% reduction in the Nordics, driven by transformation efforts and cost discipline.
  • Telenor ASA (TELNF) raised its EBITA outlook for the Nordics to high single-digit growth, reflecting confidence in continued strong performance.
Negative
  • The company's free cash flow before M&A was impacted by negative developments in operating working capital and a disputed tax case in Pakistan.
  • Telenor ASA (TELNF) faced challenges in Asia, with macroeconomic and regulatory pressures affecting performance, particularly in Bangladesh and Malaysia.
  • The leverage ratio increased to 2.4 times, influenced by dividend payments and unfavorable currency effects, indicating potential financial strain.
  • The company anticipates higher spending on sales and marketing activities in the second half, which may impact EBITA growth.
  • Telenor ASA (TELNF) acknowledged that the recovery in Bangladesh is likely to be delayed until post-election in 2026, indicating ongoing challenges in that market.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TEL.OL - Telenor ASA
Q2 2025 Telenor ASA Earnings Call
Jul 18, 2025 / 07:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to Teleno's results call for the 2nd quarter. My name is Frank Moyer, head of investor relations here, and I'm joined by our group CEO Benedicta Sheber osmer, as well as our group CEO, Tobi Wis.

Before we kick off a couple of housekeeping items as usual, on this call, all numbers are in the Norwegian crowner and growth rates are referred to on an organic like for like currency basis unless otherwise stated.

For simplicity, comments on this call referring to EIA are referring to adjusted EIA, and for those who wish to ask questions after our prepared remarks, we kindly ask you to limit yourself to only one question and a related follow up in case you need a clarification. So without further ado, Benedicta, the
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