Capital Markets Day 2020

During the last years, Telenor has taken important steps on its modernisation journey, while at the same time been delivering on the financial guidance.

“Continuing to modernise Telenor will be essential in order to stay relevant for the customers and be prepared for the future. We believe Telenor is at the forefront of efficient network operations and driving efficiency measures, however there is still great potential for further improvements. Solid growth opportunities in Emerging Asia, and the strong customers demand for adjacent services in the Nordics is expected to be supportive of revenue growth. At the same time we are aware of our responsibilities and use our influence to positively impact our environment. We are today presenting ambitious targets for reduction of our carbon footprint: carbon neutral business operations in the Nordic region and a 50 % reduction of carbon emissions from our Asian operations by 2030,” says Sigve Brekke, President and CEO.

The updated strategy represents a continuation of the modernisation journey; with particular focus on revenue renewal & growth, modernisation and responsible business.

As a result, Telenor’s ambitions for the medium term 2020-2022 are as follows:

• Subscription and traffic revenue growth 0-2% per year

• Net opex reductions of 1-3% per year

• Capex to sales around 15%

Telenor will aim to maintain a healthy balance sheet and have a normalised free cash flow generation covering the ordinary dividend. As such, the dividend and leverage policies remain unchanged:

• Year on year increase in ordinary dividend per share

• Net debt to EBITDA in the range of 1.8x-2.3x