During 2024, Telenor has provided critical connectivity to 207 million mobile customers in eight markets. We continue the reshaping of our company to ensure that we are positioned to deliver highquality services and growth together with our customers. We take pride in creating shareholder value from our operations.

We have now entered our third year of executing on the strategy presented at Telenor’s Capital Markets Day in 2022 – and we are pleased to see that we are firmly on track with the ambitions which were then identified as critical to our future success. Importantly, we are still seeing growth within core connectivity services, as we strive to provide even more customers with secure and reliable connections.

As we prepare Telenor’s strategy beyond 2025, we remain committed to delivering a healthy return on invested capital, improved cash flows, and continuous dividend growth.

Sustainable business will continue to be at the heart of everything we do at Telenor. We remain committed to our targets for reducing emissions from our operations, and we will press on with our efforts to ensure a digital world where everyone can thrive.

We continued to embrace artificial intelligence to drive innovation, improve operational efficiencies, enhance the customer experience, and meeting evolving consumer needs and business expectations. During the year, as a company committed to leveraging new technologies to the benefit of our customers, we have been pleased to see increasing demand for more sophisticated and tailor-made services powered by these advancements.

Security is an increasing concern among consumers and businesses. The ability to navigate safely online can no longer be taken for granted. During 2024, we have taken active steps to increase our customers' online security. In October, we published our Nordic Digital Security 2024 report, which outlined the key threats faced by our customers – and our recommendations for increased preparedness. We have also seen significant growth in the demand for our products and services in this segment.

Telenor has continued to work through partnerships on both the local and global level. Our trusted brand, infrastructure and consumer interface make us an attractive company with which to partner, and we are today working alongside many of the world’s leading tech players. These partnerships are key to ensure that Telenor remains a future-oriented company, with access to key skill sets and powerful technologies adjacent to or complimentary with our own business. Going forward, we are confident that our partnerships make us better positioned to generate value for our shareholders. With 170 years in the communications industry, Telenor is today recognised as a trusted provider of essential services and a significant contributor to development and growth in wider society. Going forward, we are determined to ensure that Telenor retains a strategic platform that enables us to continue to deliver value for our customers, shareholders, and the societies we serve.

In December 2024, Benedicte Schilbred Fasmer took up the reins as the new President and CEO of Telenor Group. Going forward, the management and board will continue to work closely together to ensure that Telenor remains a future facing company. We also want to take this opportunity to thank Sigve Brekke, who served in the President and CEO role for more than nine years, for his significant contribution to Telenor's continued strong performance over the last decade.

Telenor’s people and culture are essential to the continued success of our company. We want to extend our thanks to everyone who has contributed to Telenor’s strong performance during 2024. The job of empowering societies and connecting people in a secure way to what matters most to them has never been more important.