Telenor Announces New Targets

Telenor ASA TEL:

• NORDICS: CAPEX-TO-SALES EXPECTED TO TAPER BELOW 13% BY 2028 AND FURTHER TO 11-12% BY 2030

• WHILE GROUP'S FULL FINANCIAL OUTLOOK FOR 2026 WILL BE COMMUNICATED IN Q4 2025 RESULTS REPORT, TELENOR'S PRELIMINARY EXPECTATION IS FOR AN ORGANIC EBITDA GROWTH IN NORDICS IN MID-SINGLE DIGITS FOR 2026

• GROUP: FREE CASH FLOW BEFORE M&A (EXCLUDING ASSOCIATES) IS EXPECTED AT NOK 12-13 BILLION FOR 2028, REACHING NOK 14-15 BILLION BY 2030

• RETURN ON CAPITAL EMPLOYED (ROCE) FOR OVERALL GROUP IS PROJECTED TO GROW FROM 8.6% TODAY TO ABOVE 11% BY 2028 AND ABOVE 12% BY 2030

• TELENOR'S DIVIDEND POLICY OF ANNUALLY INCREASING DIVIDENDS PER SHARE IS UNCHANGED, AND GROUP ALSO MAINTAINS ITS TARGET LEVERAGE RATIO OF 1.8X - 2.3X