Building Telenor for the future

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(Fornebu, 20 September 2022) Today, at its Capital Markets Day, Telenor presents significant changes to ensure growth and reshape the company's role as an enabler for digitalisation and sustainability. The company will become a leading telecom operator and infrastructure player in the Nordics and take leading positions in security and IoT services. In Asia, Telenor will, together with partners, build scale and take number one positions in several markets.

The Telenor you see today is not the Telenor you will see in the future. We are taking a big step forward to ensure more value for our customers in an increasingly digital world in need of secure, stable, and sustainable solutions. We are building a smarter and more flexible Telenor - a company that creates value for customers, society, and shareholders, says Sigve Brekke, CEO of Telenor Group.

Connectivity - essential for a sustainable future The world has gone digital, and the adoption of technology and new digital services are accelerating at a record pace. Today, connectivity is the life blood of societies, and Telenors technology enables more sustainable solutions as well as smarter and more efficient use of resources. The vision of empowering societies is stronger than ever.

We are reshaping Telenor with focus on four business areas. We are building an organisation that is competitive, with focused investments, profitable growth, and new partnerships. This strategy will create optionality and increased opportunities for value creation says Tone Hegland Bachke, CFO of Telenor Group.

A new structureTelenor is increasing Nordic cooperation between the four companies in the region. With more and closer cooperation comes faster development and roll-out of services to customers, new synergies and more efficient use of internal resources. The companys infrastructure is established as a separate business area to develop Telenors assets. A newly established unit will develop and renew Telenors portfolio of companies that are near the core of Telenor's business.

The companies in Asia are now organised under Telenor Asia, focusing on building scale and profitable business, as well as managing risk more efficiently. The ambition is to become a leading operator in several markets, driving digitalisation and running new, innovative services for both businesses and consumers. Structural partnerships or an initial public offering are future options for Telenor Asia.

During the Capital Markets Day, Telenor's management is presenting more details on the increased independence for Telenor Nordics and Telenor Asia, the development of the assets in Telenor and the company's ESG ambitions.

The mid-term financial outlook for 2023-2025:

Low to mid-single digit growth in Nordic service revenues

Mid-single digit growth in Nordic EBITDA

Year on year growth in dividend per share

The energy price development the last couple of months makes it increasingly difficult to reach the guiding of flat EBITDA in 2022.

You can find more information about Capital Markets Day here.

Investor Relations:

ystein Myrvold, (+47) 992 30 460

H kon Hatlevik, (+47) 901 46 070

Media contact:

David Fidjeland, (+47) 934 67 224

LINK:	https://www.telenor.com/media/newsroom/press-releases/building-telenor...
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