Financial outlook and ambitions

• Organic service revenues growth: Low single-digit

• Organic EBITDA growth: Mid-single-digit

• Capex/sales (excl. leases): Around 14%

• EBITDA growth growth: Low-to-mid single-digit

• FCF before M&A: Around NOK 13 bn

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.