Telenor Posts Solid Nordic Growth but Navigates Asia Headwinds

Telenor Group delivered a strong Q3 performance, with service revenues rising 2.7% year‑over‑year and adjusted EBITDA up 5.4%. Free cash flow (pre M&A) surged an impressive 50% year‑over‑year. In the Nordics, Telenor’s organic service revenue grew 2.1% and adjusted EBITDA jumped 8.0%, driven by roaming revenue upticks in Norway and effective cost management. In Asia, adjusted EBITDA increased 4.1% overall, with standout performance in Pakistan (17% EBITDA growth) and a return to top‑line growth at Bangladesh’s Grameenphone — yet the region faces near‑term pressure from spectrum and data costs that may affect cash flow. As a result, Telenor narrowed its full‑year 2025 outlook: Nordic service revenues are now expected to grow 2‑3% (was “low single‑digit”) and adjusted EBITDA in the Nordics 8‑9% (was “high single‑digit”), while group adjusted EBITDA growth is pegged at 5‑6%. Free cash flow before M&A remains targeted at around NOK 13 billion. #TelenorResults #NordicGrowth #AsiaChallenges #TelecomTrends #SlimScan #GrowthStocks #CANSLIM