Reading Time: 3 minutes
The Nordic operations delivered a robust quarter with EBITDA growth in Finland and Denmark. Despite the pandemic impacting our Asian operations over the last twelve months, we have been able to adapt and deliver strong customer intake across our operations.
The recently announced merger discussions in Malaysia represents an important next step in Telenor Group's strategy to strengthen its position and create value in Asia. The new entity will have size and capabilities to meet increasing expectations and demand from a digitally connected society.
In Myanmar, we see an irregular, uncertain, and deeply concerning situation. Since the military coup on 1 February 2021, Telenor's focus has been on the safety and security of our employees, access to services for customers and continued transparency. Prolonged mobile internet restrictions have severely impacted the people of Myanmar and the country's economy, illustrating the importance of connectivity services. Telenor calls on the authorities to immediately reinstate unimpeded communications and respect the right to freedom of expression and human rights.
Due to the worsening of economic and business environment outlook and a deteriorating security and human rights situation, we see limited prospects of improvement going forward. Based on this, we have fully impaired Telenor Myanmar with an amount of NOK 6.5 billion in the quarter.
With limited visibility on the development in the country, we have excluded Myanmar from our outlook. For the full year 2021, excluding Myanmar, we re-iterate the expectation of organic subscription and traffic revenues and EBITDA to remain around the 2020 level and a capex to sales ratio of 15-16%.
Sigve Brekke, President and CEO, Telenor Group
KEY FIGURES TELENOR GROUP First quarter Year
NOK in million 2021 2020 2020
Revenues 28,873 30,953 122,811
Organic revenue growth (%) -1.6 1.5 -2.3
Subscription and traffic revenues 21,715 23,867 93,439
Organic subscription and traffic revenue growth (%) -4.0 1.8 -1.9
EBITDA before other income and other expenses 13,015 14,106 56,520
Organic EBITDA growth (%) -2.2 2.6 1.7
EBITDA before other income and other expenses/Revenues (%) 45.1 45.6 46.0
Net income attributable to equity holders of Telenor ASA -3,889 698 17,341
Capex excl. licences and spectrum 3,745 3,079 16,351
Total Capex 4,284 3,385 21,692
Free cash flow before M&A 2,992 2,664 12,542
Total Free cash flow 3,834 3,775 20,855
Mobile subscriptions Change in quarter/Total (mill.) 5.0 -0.4 181.8
First quarter 2021 summary[1]
The Group's mobile subscriber base grew by 5 million, including 2 million added in Myanmar. The subscriber base was 187 million at the end of the quarter.
Subscription and traffic revenues decreased by 4% on an organic basis. Total reported revenues were NOK 28.9 billion, a decrease of NOK 2.1 billion.
Currency adjusted opex decreased by NOK 0.7 billion, or 7%. Reported opex decreased by NOK 1.1 billion.
Organic EBITDA decreased by 2%, as the decline in subscription and traffic revenues was only partly offset by the reduction in operating expenses. Reported EBITDA before other items was NOK 13.0 billion and the EBITDA margin was 45%.
Capex excluding licences and spectrum was NOK 3.7 billion, yielding a capex to sales ratio of 13%.
Reported net income was negative NOK 3.9 billion. Decrease in operating profit due to the impairment of Telenor Myanmar of NOK 6.5 billion and higher taxes were only partly offset by positive development in net financial items.
Total free cash flow was NOK 3.8 billion.
Leverage decreased to 1.8x at the end of the first quarter from 2.0x at the end of the previous quarter.
On 1 February 2021, the military of Myanmar declared a state of emergency and the overall situation is unstable. Due to the worsening of economic and business environment outlook and a deteriorating security and human rights situation, we see limited prospects of improvement going forward. As a consequence, an impairment loss of NOK 6.5 billion was recognised related to Telenor Myanmar.
[1] Please refer to Definitions on page 25 for descriptions of alternative performance measures.
Contact Tormod Sandst | tormod.sandsto@telenor.com | tel: +47 90 94 32 15
Most recent headlines
11/12/2025
Dalet, a leading provider of cloud-native, end-to-end media workflow solutions, ...
28/11/2025
Nadia Fall attends the 2025 Sundance Film Festival premiere of Brides at the Egyptian Theatre on January 24, 2025, in Park City, Utah. (Photo by Donyale West/...
28/11/2025
It's easy to ignore those little red update available badges. But when it ...
28/11/2025
WASHINGTON Federal Communications Commission has released a tentative agenda for the December Open Commission Meeting scheduled for Thursday, December 18, 2025 ...
28/11/2025
The Professional Fighters League is looking to super-serve fans of mixed martial...
28/11/2025
Fubo has released in beta on select Roku devices a new feature that lets users display up to four simultaneous streams at once....
28/11/2025
The WNBA playoffs and Week 4 of the NFL regular season highlight the list of live sports events airing on television this weekend....
28/11/2025
The 32nd class of honorees to the B+C Hall of Fame took to the stage at New York's Ziegfeld Ballroom on September 26 for a gala induction event. Click below...
28/11/2025
We hold in our hands the very last Next Text for Next TV, the weekly back-and-fo...
28/11/2025
DirecTV said it made a deal with EchoStar to buy EchoStar's video businesses, including satellite-TV provider Dish TV and virtual MVPD Sling TV, for $1 plus...
28/11/2025
The Broadcasting+Cable Hall of Fame, the premier industry event paying tribute to the influencers, innovators and shining lights of broadcast, cable and streami...
28/11/2025
Friday 28 November 2025
Sky Sports x Slawn drop limited-edition football jersey...
28/11/2025
Rohde & Schwarz shows resilience in a challenging environment, revenue exceeds t...
28/11/2025
Unwrapped: The Toy Show Appeal - airing this Sunday on RT One and RT Player- s...
27/11/2025
LONDON Vizrt has added several AI-driven advanced features offering improved speed, intelligence and accuracy in the newest version of its media asset managemen...
27/11/2025
Prime Video has launched AI-powered video season recaps in a beta version for select English-language Prime Original series in the U.S., a move Amazon is callin...
27/11/2025
Back to All News
Netflix's Raat Akeli Hai: The Bansal Murders Marks a Grand...
27/11/2025
27 Nov 2025
GSMA brings M360 Eurasia 2026 to Samarkand in partnership with VEON...
27/11/2025
Tahar Rahim and Izuka Hoyle star in the gripping six-part Sky Original from Acad...
27/11/2025
Thursday 27 November 2025
Sky Arts Reveals the Nation's Greatest Basslines - and Queen Reign Supreme
The UK's most iconic basslines have been revealed...
27/11/2025
Back to All News
Stranger Things 5': Prepare for One Last Adventure With O...
27/11/2025
The media industry has a paradox at its core. It's an industry built on light, color and imagination, yet behind the scenes, it's powered by one of the ...
27/11/2025
Rating reflects rating progress across areas including policies, diversity & inclusion, health & safety and Net Zero leadership
Winchester, UK, 27 November 202...
27/11/2025
What are the industry standards for Retail Media? Kathryn explains that certification is based on the IAB Europe Retail Media Measurement Standards and the IAB ...
27/11/2025
World champion boxer and Irish sporting icon Katie Taylor will be in studio this...
27/11/2025
Roblox, one of the world's most popular online gaming platforms for primary ...
27/11/2025
Black Friday is leveling up. Get ready to score one of the biggest deals of the season - 50% off the first three months of a new GeForce NOW Ultimate membership...
26/11/2025
SVG Sit-Down: Prime Video EP Mike Muriano Previews Massive Black Friday Slate Fe...
26/11/2025
A cinematic snow sculpture at the 1995 Sundance Film Festival. Photo by Randall Michelson...
26/11/2025
Book podcasts are booming. On Spotify, you'll find everything from celebrity book clubs to deep dives with bestselling authors. And in markets where audiobo...
26/11/2025
Mumbai, November 24, 2025: In a first-of-its-kind initiative, JioStar, in collab...
26/11/2025
LONDON Factual content producer ITN Productions has launched a new low-latency IP gallery for news bulletins....
26/11/2025
MIAMI TelevisaUnivision said it struck a new multiyear distribution agreement with YouTube TV that includes distribution of TelevisaUnivision's U.S. network...
26/11/2025
OpenDrives, Inc., a leader in software-defined data storage and data services, today announced the launch of the Atlas Corporate Creative Solution. This new Atl...
26/11/2025
Disguise, the industry-leading company powering the world's biggest live performances, is partnering with pioneering LED wall manufacturer DVS to give atten...
26/11/2025
HighField AI, the pioneer in agentic and multimodal automation for broadcast and media production, today announced the expansion of its global channel partner n...
26/11/2025
As high-stakes Premier League fixtures approach and additional premium content launches, with MONO positioning themselves to dominate Thailand's sports stre...
26/11/2025
Hosting a wide variety of events from high-intensity NHL games to complex live music concerts and major entertainment productions, Montreal's 21,000 capacit...
26/11/2025
Vizrt, the leader in live production technology revolutionizing viewer engagement and experience, releases AI-driven advances focusing on speed, intelligence, a...
26/11/2025
ITN Productions, an award-winning factual content producer, today launched a new low-latency IP gallery for news bulletins. Responsible for delivering a leading...
26/11/2025
Ikegami reports ongoing advances throughout 2025 in developing and delivering coordinated television production solutions that maximize quality, versatility and...
26/11/2025
Following the Nov. 21 blackout of NBCUniversal channels on Fubo, the two sides have traded barbs about their inability to reach a new carriage deal....
26/11/2025
LONDON As TV sports rights become increasingly important for both broadcasters and streamers, Ampere Analysis predicts global investment in the genre will surpa...
26/11/2025
LOS ANGELES Vubiquity said it has achieved the Amazon Web Services (AWS) Media & Entertainment Competency as part of the AWS Partner Network (APN). This designa...
26/11/2025
WASHINGTON The Federal Communications Commission's Enforcement Bureau said it has entered into a consent decree with Comcast calling for the cable company t...
26/11/2025
Berklee Named to the Hollywood Reporters Top Music Schools List The publication highlights the college's screen scoring program, industry partnerships, and ...
26/11/2025
Back to All News
Animated Series Love Through a Prism' Casts New Light on ...
26/11/2025
Back to All News
NALIP Unveils Fifth Cohort of Director Incubator
Social Impact
26 November 2025
United States
Link copied to clipboard
The National Assoc...
26/11/2025
YouView Achieves Greenly Gold Certification for SustainabilityNov 26, 2025
YouView is proud to announce a Gold Certification award from Greenly for our perform...
Reading Time: 3 minutes
