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Subscriber growth and strong cash flow

28/10/2021

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The solid performance in the Nordics continued. In Norway, demand for value added services drove a 3 % mobile ARPU growth in the quarter. The 5G rollout and copper decommissioning is running at full speed, supporting our superior network position and laying the foundation for future service growth. In Finland and Denmark, the strong performance resulted in 4 % growth in subscription and traffic revenues.

In Asia, there are early signs of gradual recovery from the impact of the pandemic. Subscriber growth and increasing data usage are important drivers in Bangladesh and Pakistan. In Thailand, the results are impacted by lockdowns. The country, however, is signaling re-opening of the borders for tourists towards the end of the year. In Malaysia, we see gradual improvement in performance through targeted market initiatives, supported by government stimuli packages and easing of restrictions as a result of high vaccination rates.

During the pandemic, we have accelerated the execution of our strategic ambitions, including modernisation and digitalization initiatives. As a result, our operations today are more efficient and resilient than they were at the beginning of the pandemic. Based on the performance so far this year, and on our expectations for the fourth quarter, we maintain our outlook for 2021.

Sigve Brekke, President and CEO, Telenor Group

KEY FIGURES TELENOR GROUP* Third quarter First three quarters Year

NOK in million 2021 2020 2021 2020 2020

Revenues 27 411 28 408 82 087 86 517 115 839

Organic revenue growth (%) 0.3 -2.7 1.0 -2.4 -2.7

Subscription and traffic revenues 20 698 21 465 61 542 65 693 87 147

Organic subscription and traffic revenue growth (%) -0.1 -2.9 -0.3 -2.3 -2.6

EBITDA before other income and other expenses 12 856 13 623 37 418 39 798 52 347

Organic EBITDA growth (%) -2.2 3.3 0.1 1.4 1.0

EBITDA before other income and other expenses/Revenues (%) 46.9 48.0 45.6 46.0 45.2

Net income attributable to equity holders of Telenor ASA 2 642 4 527 942 9 652 17 341

Capex excl. licences and spectrum 4 014 3 535 12 077 10 215 15 811

Total Capex 4 025 3 943 14 323 10 962 21 152

Free cash flow before M&A 6 170 3 895 11 288 10 554 12 542

Total Free cash flow 7 185 4 372 13 139 11 725 20 855

Mobile subscriptions Change in quarter/Total (mill.) 1.8 4.2 172.1 163.1 165.5

*With effect from the second quarter of 2021, Telenor Myanmar is classified as held for sale and discontinued operations, see note 3. As a consequence, the relevant figures in the table above and throughout the report excludes Telenor Myanmar.

Third quarter 2021 summary 1)

The Group's mobile subscriber base grew by 1.8 million. The subscriber base was 172 million at the end of the quarter.

Subscription and traffic revenues remained stable on an organic basis. Total reported revenues were NOK 27.4 billion, a decrease of NOK 1.0 billion.

Currency adjusted opex decreased by NOK 0.1 billion, or 1%. Reported opex decreased by NOK 0.3 billion.

Organic EBITDA decreased by 2%. Adjusted for non-recurring item in Sweden last year, organic EBITDA decreased by 1%. Reported EBITDA before other items was NOK 12.9 billion and the EBITDA margin was 47%.

Capex excluding licences and spectrum was NOK 4.0 billion, yielding a capex to sales ratio of 15%.

Reported net income was NOK 2.6 billion.

Total free cash flow was NOK 7.2 billion. Leverage decreased to 1.9x at the end of the third quarter from 2.0x at the end of the previous quarter primarily driven by the solid free cash flow.

1) Please refer to Definitions on page 27 for descriptions of alternative performance measures.

Press contact: Tormod Sandst , Director Media Relations, Telenor Group

+47 90 94 32 15 | Tormod.Sandsto@telenor.com
LINK: https://www.telenor.com/media/press-release/subscriber-growth-and-stro...
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