Sony Pixel Power calrec Sony

Continued strong performance - digitalisation and modernisation drive EBITDA growth

22/10/2020

Reading Time: 3 minutes

In the quarter, Telenor reported a 2 percent decline in subscription and traffic revenues due to a continued roaming shortfall and lower sales in Asia. However, this development was more than compensated by an opex reduction of 8 percent, resulting in an EBITDA growth of 4 percent and free cash flow of NOK 4 billion.

The results from the Nordic operations were strong this quarter. Telenor Norway delivers a unique combination of innovation and modernisation to their customers and see strong intake on their new speed based price plans. I am pleased to see increasing subscriber bases in Finland, Denmark and Sweden.

In Asia, Pakistan and Bangladesh show strong subscriber growth this quarter. Also this quarter we saw some impact from the COVID-19 pandemic on our business, primarily in Thailand and Malaysia. In Thailand, we experience continued effects from shortfall in tourism revenues while competition has increased in Malaysia. In Myanmar, SIM re-registrations affect the subscriber base.

Our strategy of growth, modernisation and responsible business has provided us with the ability to manoeuvre during these demanding times. We now experience a stronger EBITDA development and adjust our full year 2020 outlook to low single digit organic EBITDA growth whereas we maintain the low single digit percent decline in subscription and traffic revenue and capex to sales around 13 percent.

Sigve Brekke, President and CEO, Telenor Group

KEY FIGURES TELENOR GROUP Third quarter First three quarters Year

NOK in million 2020 2019 2020 2019 2019

Revenues 30,005 28,424 91,862 81,929 113,666

Organic revenue growth (%) -2.3 0.4 -1.7 0.6 1.2

Subscription and traffic revenues 22,903 21,724 70,523 62,591 85,954

Organic subscription and traffic revenue growth (%) -2.3 -0.1 -1.4 -0.1 0.4

EBITDA before other income and other expenses 14,571 13,132 43,008 37,338 50,735

Organic EBITDA growth (%) 3.6 -7.2 2.4 -4.8 -2.7

EBITDA before other income and other expenses/Revenues (%) 48.6 46.2 46.8 45.6 44.6

Net income attributable to equity holders of Telenor ASA 4,527 -679 9,652 5,999 7,773

Capex excl. licences and spectrum 3,669 3,726 10,564 11,841 17,415

Total Capex 4,067 3,759 11,052 11,881 18,075

Free cash flow before M&A 3,895 2,789 10,554 3,283 3,831

Total Free cash flow 4,372 -11,660 11,725 -10,258 -18,998

Mobile subscriptions Change in quarter/Total (mill.) -2.1 5.2 180.3 183.4 186.0

Third quarter 2020 summary[1]

The subscriber growth in most markets, amounting to more than 4 million, was offset by the loss of 6.3 million subscribers due to the SIM re-registration in Myanmar. Grameenphone ended the third quarter with an all time high subscriber base of 77.6 million. The Group's mobile subscription base was 180 million at the end of third quarter.

Subscription and traffic revenues decreased by 2% on an organic basis, mainly driven by the continued decline of prepaid in dtac, as well as the shortfall of roaming revenues in the Nordics. Total reported revenues were NOK 30 billion. This is an increase of NOK 1.6 billion or 6%, driven by currency effects of NOK 0.8 billion as well as the consolidation of DNA.

Currency adjusted opex excluding DNA decreased by NOK 0.7 billion or 8%, as a result of opex reductions across most business units as well as Corporate Functions. Reported opex was stable, as underlying cost reductions offset the increases related to the consolidation of DNA and currency development.

EBITDA before other items grew by 4% or NOK 0.5 billion on an organic basis, as the substantial opex reductions were able to mitigate the revenue loss. Reported EBITDA before other items was NOK 14.6 billion and the EBITDA margin was 49%.

Free cash flow before M&A was NOK 3.9 billion. Total free cash flow was NOK 4.4 billion. Capex excluding licences and spectrum was NOK 3.7 billion, yielding a capex to sales ratio of 12%.

[1] Please refer to Definitions on page 26 for descriptions of alternative performance measures. Some of the comments on the Group's financial results for the third quarter 2020 are made excluding DNA. Please refer to page 9 for the Group's consolidated figures in NOK for DNA.

Media contact: Tormod Sandst | tormod.sandsto@telenor.com | tel: +47 90 94 32 15
LINK: https://www.telenor.com/media/press-release/continued-strong-performan...
See more stories from telenor

Most recent headlines

09/11/2025

Dalet Unveils Agentic AI Media Workflows at IBC2025

Dalet today announced a transformative leap forward for media operations: Agentic Artificial Intelligence (AI) that unifies the Dalet ecosystem under one natura...

06/10/2025

France Tlvisions Wins Prestigious 2025 EBU Technology & Innovation Award in Groundbreaking Collaboration with Dalet

France T l visions, France's leading broadcaster, has received the 2025 EBU ...

12/09/2025

College Football Kickoff 2025: Fox Sports Ups Look as Canon, Sony Power Shallow Focus Coverage

College Football Kickoff 2025: Fox Sports Ups Look as Canon, Sony Power Shallow ...

12/09/2025

ABC/ESPN Excited For WNBA Postseason Coverage In Revamped Format

ABC/ESPN Excited For WNBA Postseason Coverage In Revamped FormatThe Finals moves to a best-of-seven series in 2025By Mark J Burns, SVG Contributor Friday, Sep...

12/09/2025

Rabbit Trap Pulsates With Folklore Dread

(L-R) Jade Croot, Rosy McEwen, and Bryn Chainey attend the 2025 Sundance Film Festival premiere of Rabbit Trap at Eccles Theatre on January 24, 2025, in Park ...

12/09/2025

Spotify's The Drop Weekly' Brings You the Week in New Releases, Straight From Our Editors

For fans, we know how important it is to stay plugged into music culture and dis...

12/09/2025

Agama and Consult Red announce RDK Accelerator integration

Link ping, Sweden and Shipley, United Kingdom, September 12, 2025 - Agama, the expert in video observability and analytics for service quality and customer expe...

12/09/2025

IBC2025 Opens for Business

IBC2025 began on Sept. 12, with exhibits and conferences running through Sept. 15 at the RAI Amsterdam Convention Center. Explore the full TV Tech coverage of t...

12/09/2025

The Best Fictional Bands (and the Artists Who Make Them Great)

The Best Fictional Bands (and the Artists Who Make Them Great) With Spinal Tap II: The End Continues hitting theaters and songs from Kpop Demon Hunters ruling...

12/09/2025

Tom Baldassare Joins Advanced Systems Group

Industry veteran Tom Baldassare has joined Advanced Systems Group, LLC (ASG), a technology and services provider for media creatives and content owners, as a Se...

12/09/2025

Maxon Unveils a Brand New Look for its Growing Family of...

Maxon, maker of powerful, approachable software solutions for creators working in 2D and 3D design, motion graphics, visual effects, and more, today announced a...

12/09/2025

PlayBox Neo US Partners with AI-Media to Deliver Scalable...

PlayBox Neo, a leading provider of media playout solutions, has partnered with AI-Media, pioneering developers of AI-powered captioning technology, to integrate...

12/09/2025

Dalet Unveils Agentic AI Media Workflows at IBC2025

Dalet today announced a transformative leap forward for media operations: Agentic Artificial Intelligence (AI) that unifies the Dalet ecosystem under one natura...

12/09/2025

Keepit and Ingram Micro launch strategic sales agreement...

New alliance strengthens the IT channel in Germany and Switzerland in protecting business-critical SaaS data. Keepit, the world s only independent, cloud-nativ...

12/09/2025

Mediaset selects Fincons Group AllRights to evolve rights...

Fincons Group, an international IT business consultancy and systems integrator company with more than 40 years of experience in the market, is proud to announce...

12/09/2025

EVS Acquires XD motion

Following its acquisition of Telemetrics, EVS continues its push into robotics with an announcement at IBC2025 that it is acquiring XD motion....

12/09/2025

Televisa Executive Joins NABA Board

TORONTO The North American Broadcasters Association (NABA) has announced the appointment of Eduardo Ruiz Sanchez, deputy director, broadcast operations at Telev...

12/09/2025

Ed Miller, Former SBE President, Has Died

Ed Miller, a longtime broadcast engineer in Ohio and a former national president of the Society of Broadcast Engineers, has died....

12/09/2025

IBC2025: Dynamic HDR Gains Traction

AMSTERDAM At this year's IBC2025, the Advanced HDR by Technicolor initiative will be pushing broadcasters to adopt a more dynamic, frame-by-frame conversion...

12/09/2025

Granville opens up one last time for U&GOLD in Open All Hours: Inside Out

Feature-length retrospective from Studio Crook to air in 2026 Sir David Jason returns to the nation's favourite comedy channel, U&GOLD, for Open All Hours:...

12/09/2025

Bob Geldof to receive Lifetime Achievement Award at the Sky Arts Awards 2025

Friday 12 September 2025 The Boomtown Rats, Nyah Grace, Soweto Kinch, Royal Ballet and Madness also announced to perform at the ceremony on Tuesday Sky today ...

12/09/2025

Riedel Unveils Ultra-Light Bolero Mini Wireless Intercom Beltpack

Wuppertal September 12, 2025 Riedel Unveils Ultra-Light Bolero Mini Wireless Intercom BeltpackAt IBC2025 in Amsterdam, Riedel Communications unveiled Bolero M...

12/09/2025

Riedel Communications Acquires hi human interface

Wuppertal September 12, 2025 Riedel Communications Acquires hi human interfaceRiedel Communications today announced the acquisition of hi human interface fro...

12/09/2025

New International Crime Series Road (WT)' Explores Twisted Murders Across Borders

Back to All News New International Crime Series Road (WT)' Explores Twiste...

12/09/2025

First Look: Thai Crime Drama Everybody Loves Me When I'm Dead' Premieres October 14

Back to All News First Look: Thai Crime Drama Everybody Loves Me When I'm ...

12/09/2025

Netflix Marks 10 Years in Japan, Announces Three New Series That Will Keep You Hitting The Next Episode

Back to All News Netflix Marks 10 Years in Japan, Announces Three New Series Th...

12/09/2025

What Is CORE+ Technologyand How Does It Elevate Church Sound?

CORE+ virtually removes distortion, setting a new standard for church sound and giving worship teams the clarity and confidence they need. Read the full artic...

12/09/2025

Margot Robbie, Colin Farrell, Mary Robinson and Conor Murray amongst guests on Late Late Show season opener

The Late Late Show is back with a bang after the summer break, and Patrick Kielt...

12/09/2025

Another jam-packed weekend of live, free-to-air Sport across RT

The World Athletics Championships, Ireland v France in the Women's Rugby World Cup quarter-final, the Irish Champions Festival, and two Sports Direct Men...

12/09/2025

Katie Hannon explores the shelves of Ireland's National Archives in new series

The Records Show starts Sunday at 6.30pm on RT One and RT Player. Katie Hanno...

11/09/2025

Report: Busy Live Sports Streaming Execs Have Low-hanging Fruit' in Front of Them

Report: Busy Live Sports Streaming Execs Have Low-hanging Fruit' in Front o...

11/09/2025

Inside Game Creek Video's Big Week as Ovation, Flagship Make NFL Debuts

Inside Game Creek Video's Big Week as Ovation, Flagship Make NFL DebutsBy Ken Kerschbaumer, Editorial Director Thursday, September 11, 2025 - 7:00 am Pr...

11/09/2025

NFL Kickoff 2025: Prime Sports Starts New Season at Lambeau Field; Sets Sights on Holiday Matchups, Second-Ever Playoff Game

NFL Kickoff 2025: Prime Sports Starts New Season at Lambeau Field; Sets Sights o...

11/09/2025

College Football Kickoff 2025: NBC Sports Pushes HDR Image Quality, Aerial Drones for Big Ten Saturday Night' and Notre Dame on NBC'

College Football Kickoff 2025: NBC Sports Pushes HDR Image Quality, Aerial Drone...

11/09/2025

RADAR's 1,000-Artist Milestone: Rachel Chinouriri, Zimmer90, and More Celebrate With Spotify in Berlin

RADAR, Spotify's program for emerging talent, recently hit a major milestone...

11/09/2025

SBS shares Australian National Anthem in over 60 languages to foster belonging and connection

SBS shares Australian National Anthem in over 60 languages to foster belonging a...

11/09/2025

L3Harris Successfully Demonstrates Electronic Warfare Technology in the UK

L3Harris showcases advanced Distributed Spectrum Collaboration and Operations (DiSCO) technology on Defence Science and Technology Laboratory's MAST-13 uncr...

11/09/2025

L3Harris Providing EO/IR targeting systems to Kongsberg Defence & Aerospace for new C-UxS Land Vehicle

L3Harris recently signed an agreement with Kongsberg Defence & Aerospace to supp...

11/09/2025

JULY 2025 - PODIUM CHANGES

Warsaw, Poland, 20.08.25: Nielsen, the global leader in audience measurement, data and analytics, has released its latest July All Screens Video Landscape repor...

11/09/2025

Warner Bros. Discovery and Nielsen Sign Multi-year Measurement and Analytics Deal

Warner Bros. Discovery to add key Big Data and Advanced Audience capabilities fr...

11/09/2025

Smarter Video Analytics and Easier Operations with Agama 11

Link ping, Sweden, September 11, 2025 - Agama, the expert in video observability & analytics for service quality and customer experience, announced today the la...

11/09/2025

From the Classroom to the Red Carpet Maxon Delivers Speed...

Maxon today unveiled the latest Maxon One release, delivering new innovations across its unified creative ecosystem and introducing a fresh visual identity that...

11/09/2025

Lightware launches new Enterprise Program

Lightware is pleased to announce the launch of the Lightware Enterprise Program, empowering corporations and organisations with its portfolio of scalable, relia...

11/09/2025

CueScript Brings Latest Prompter Innovations to IBC 2025

CueScript, the leading international developer of professional teleprompting solutions with over a decade of innovation and hands-on industry expertise, is intr...

11/09/2025

Faster Safer Smarter MASV Showcases the Next Wave of File...

MASV (massive.io), the fastest and most reliable secure large file transfer platform for media professionals and an IDC Innovator 2025 for Media & Entertainment...

11/09/2025

Crosspoint and Amplify Enhance RTVE Archive Metadata with...

CROSSPOINT/CROSSMEDIA (part of ES MEDIA Group), in partnership with AMPLIFY, has been selected to deliver the automatic metadata service for RTVE's historic...

11/09/2025

TSL Hummingbird Takes Flight

TSL is launching Hummingbird, a unified, interoperable ecosystem of control and monitoring applications and interfaces, designed to drive efficiency and reduce ...

11/09/2025

LucidLink announces TeamCache at IBC 2025 delivering loca...

LucidLink, the cloud-native storage collaboration platform, today announced new innovations at IBC 2025 (Stand 6.A12) designed to deliver faster, more secure wo...

11/09/2025

SES Space & Defense Awarded Sustainment Tactical Network Contract to Support U.S. Army

Under the USD 89.6 Million award, SES Space & Defense will provide global commer...