Financial outlook and ambitions
Updated as per Q3 2025.
Outlook for Nordics 2025
Organic service revenues growth: 2-3% (previously: low single-digit)
Organic EBITDA growth: 8-9% (previously: high single-digit)
Capex/sales (excl. leases): Around 14% (unchanged)
Group Outlook 2025
EBITDA growth growth: 5-6% (previously: mid single-digit)
FCF before M&A: Around NOK 13 billion (unchanged)
Telenor Pakistan included in the 2025 outlook.
New spectrum and potential items relating to prior years’ activities (e.g. claims, late payments in Bangladesh, tax refunds) are not included in the outlook
Financial ambitions towards 2028/30
At the Capital Markets Day in November 2025, Telenor communicated the following financial ambitions for the period 2026-2028/2030:
Group
Free cash flow before M&A, excluding dividends from associates and potential new spectrum commitments: NOK 12-13 billion in 2028, increasing further to NOK 14-15 billion in 2030;
Return of capital employed (incl. associates): above 11% in 2028, and above 12% in 2030;
Year-on-year growth in dividend per share;
Net leverage ratio of 1.8x – 2.3x.
Nordics
Organic service revenue growth: Low single-digit
Adjusted EBITDA growth: Low-to-mid single-digit
Capex-to-sales: tapering off to below 13% in 2028, and further down to 11-12% in 2030