Telenor ASA

Solid Q3 operating + cash results (but competitive backdrop remains tough) - Group service revenue +1.6% YoY to NOK 14.8bn and adjusted EBITDA +1.5% to NOK 8.8bn (organic, currency-neutral as stated). - Free cash flow before M&A: NOK 4.7bn (+13% YoY); adjusted EPS +45% to NOK 2.70. - Leverage at 1.2x (well below target 1.8–2.3x), preserving balance-sheet flexibility.

Major “one-off” and portfolio changes drove earnings, but underlying momentum improved - Big earnings contributor: gain of ~NOK 7bn from selling 50% of Telenor Connection (completed in September), which lifted reported net income (net income attributable to shareholders NOK 9.8bn). - Management emphasised underlying improvement: Norway sequentially improved, Sweden delivered sustained EBITDA growth and margin expansion, Asia returned to modest growth. - Connection remains a strong value driver pre-deconsolidation (strong contribution until deconsolidation on 10 Sept).

Sweden/Norway/Denmark/Finland: performance divergence investors should track - Sweden: EBITDA +3.8% for the 15th consecutive quarter, EBITDA margin at 44% (all-time high); OpEx ex sales/marketing -2%. - Norway: broadly stable service revenues; EBITDA -0.4% YoY vs a strong comp, but ex. IoT + Coastal Radio business transfers would have been +~1%. Promo intensity unusually high and expected to persist into year-end. - Denmark: service revenues +4% but EBITDA -4.9% due to mix/campaign pricing, transformation costs, and higher sales costs/commissions; improvements expected from mid-’27. - Finland: churn improved and momentum better, but competition remains intense in fixed and B2B mobile; EBITDA roughly flat.