Telenor has reported solid financial performance for the third quarter (Q3) of 2025, driven by mobile service growth in the Nordics and strong momentum in its Asian operations.
Benedicte Schilbred Fasmer, President & CEO Telenor Group, said: “Telenor has a differentiated value-creation logic across our four business areas: Nordics, Asia, Infrastructure and Amp.”
Revenue Growth Supported by Nordic Mobile Performance
Telenor’s service revenues rose to NOK 16.3 billion, up 2.7 percent, primarily fueled by robust mobile subscription growth in Finland and Sweden, as well as continued success of “more-for-more” service offerings that lifted ARPU across Norway, Denmark, and Sweden.
Fixed service revenues saw a decline due to lower sales of legacy and low-margin products, although this was partly offset by fiber growth in the Nordic markets.
For the first nine months of 2025, Telenor reported service revenues of NOK 48.99 billion, up 1.5 percent.
Total revenues for the quarter reached NOK 20.3 billion, up 1.3 percent, supported by higher service revenues and wholesale revenues from the national roaming agreement with Lyse Tele in Norway.
Operational Efficiency and Cost Management
Telenor continued to advance its cost-efficiency initiatives in the Nordics. Transformation programs, including shared services expansion and customer service optimization in Sweden, helped reduce Nordic Opex by 2.1 percent.
However, higher expenses in Asia and Amp offset these gains, resulting in a 1.3 percent organic opex increase for the Group. On a reported basis, Opex declined by 0.5 percent.
For the first three quarters of 2025, Opex increased by NOK 79 million (0.4 percent), reflecting cost control amid network modernization and IT transformation initiatives.
Capex Declines as 5G Rollout Nears Completion
Telenor reported capital expenditure (capex) excluding leases of NOK 2.7 billion in Q3 2025, mainly focused on mobile network modernization, fiber rollout, and IT upgrades in the Nordics.
The capex-to-sales ratio stood at 13.4 percent, down 0.7 percentage points, reflecting the near-completion of 5G population coverage in several Nordic markets.
For the first nine months of 2025, capex excluding leases was NOK 7.98 billion, representing a capex-to-sales ratio of 13.2 percent, 2 percentage points lower than the previous year.
Strategic Focus
Telenor’s strategy remains centered on:
Enhancing operational efficiency through transformation programs and shared services in the Nordics.
Strengthening mobile leadership by expanding 5G and improving customer experience.
Driving growth in Asia through digital transformation and scalable business models.
Disciplined capital allocation, with continued focus on reducing the capex intensity as major network rollouts mature.
Telenor Nordics
Telenor’s Nordic business — comprising Norway, Sweden, Denmark, and DNA in Finland — delivered another quarter of strong performance, driven by its “more-for-more” strategy and continued operational transformation.
Service revenues in the Nordics grew 2.1 percent organically, supported by a 3.2 percent increase in mobile service revenues. The region added 50,000 new mobile subscriptions, with solid growth in Finland (DNA) and Sweden, offsetting a slight decline in Denmark. Fixed service revenues declined 0.4 percent due to reduced sales of legacy and low-margin products, while total fixed subscriptions fell by 8,000, despite ongoing fiber expansion.
Capital expenditure was 5.4 percent lower, with a capex-to-sales ratio of 13.4 percent, consistent with plans as major 5G and network modernization investments near completion.
Telenor Norway
Telenor Norway achieved robust financial performance in the third quarter of 2025, supported by solid service revenue growth, cost efficiencies, and strong network leadership.
Service revenues rose 2.3 percent, driven by a 3.0 percent increase in mobile and 1.1 percent growth in fixed services. The operator’s more-for-more strategy continued to deliver higher ARPU across both segments, offsetting the impact of a slightly lower customer base. Overall mobile and broadband subscriptions remained stable, while fibre subscriptions increased by 6,000, balancing declines in other fixed services.
Capex remained focused on fibre rollout and mobile network modernisation.
The company progressed in its sustainability and infrastructure modernization strategy, as regulatory approval allowed it to begin dismantling the copper network. This will enable recycling and reuse of materials, with an ambition to remove 95 percent of 140,000 km of copper cables and 500,000 poles by 2030.
Telenor announced the acquisition of GlobalConnect’s consumer business in Norway, a move that will increase its fibre market share from 22 percent to 29 percent, pending regulatory approval expected in 2026.
Telenor Sweden
Telenor Sweden reported solid financial results, supported by mobile revenue growth, cost efficiencies, and network modernization.
Mobile subscriptions rose by 27,000, while fixed service revenues fell 4.3 percent organically due to ongoing fixed-line transformation and the phase-out of less profitable broadband and TV products. Fibre subscriptions declined by 10,000 during the quarter.
Capex remained steady, focused on mobile network modernization. Through Net4Mobility, its joint network company with Tele2, Telenor Sweden has activated 5G across the entire mobile network, boosting 5G coverage from 25 percent to 90 percent of Sweden’s area and reaching 99.9 percent of the population.
Telenor Denmark
Telenor Denmark continued to deliver solid financial performance in the third quarter of 2025, despite ongoing IT and business transformation initiatives.
Mobile service revenues rose 7.3 percent organically, driven by pricing initiatives, an improved product portfolio mix, and a larger share of high-value subscriptions. While mobile subscriptions decreased by 6,000, this was mainly due to a cleanup of non-revenue-generating accounts.
Fixed service revenues declined 6.1 percent, as gains from fibre broadband growth and price adjustments were outweighed by reducing legacy revenues. Still, fibre broadband subscriptions increased by 2,000 during the quarter, underscoring continued demand for high-speed connectivity.
DNA
DNA, Telenor’s Finnish subsidiary, achieved steady growth in the third quarter of 2025, despite increasing market competition from new mobile service entrants.
Service revenues grew 2.0 percent, supported by a 1.8 percent increase in mobile revenues and 2.4 percent growth in fixed services. Mobile performance was driven by upselling, pricing initiatives, and a larger subscriber base, while fixed revenue growth reflected higher ARPU and expanding broadband subscriptions.
During the quarter, mobile subscriptions rose by 28,000, and fixed broadband subscriptions increased by 3,000, primarily from fibre connections.
Telenor’s Asia business
Telenor’s Asia business delivered solid growth in the third quarter of 2025, driven by strong momentum in Pakistan and a return to topline growth at Grameenphone in Bangladesh after a year of decline.
The business area — which includes Grameenphone (Bangladesh), Telenor Pakistan, CelcomDigi (Malaysia), True Corporation (Thailand), and the Easypaisa digital bank — reported 4.4 percent organic growth in service revenues and 4.1 percent organic growth in adjusted EBITDA during the quarter.
Grameenphone’s improvement followed the stabilization of market conditions after last year’s political turmoil, though the economic environment in Bangladesh remains challenging, impacting consumer spending. Telenor Pakistan continued its strong operational momentum, contributing significantly to overall growth in Asia.
Meanwhile, the sale of Telenor Pakistan to Pakistan Telecommunications Company Ltd. (PTCL) — announced in December 2023 — received approval from the Competition Commission of Pakistan, with remaining regulatory clearances expected in the coming months.
Grameenphone (Bangladesh)
Grameenphone recorded revenue drop of 6.8 percent in Q3 2025 to NOK 3,169 million, reflecting a cautious recovery amid a challenging macroeconomic environment that continues to weigh on consumer spending.
The company maintained focus on portfolio simplification and high-value subscriber segments, supporting ARPU growth despite competitive pressures. Operating expenses (opex) rose 3.4 percent, mainly due to higher operation and maintenance costs, but overall cost control and revenue growth led to 1.8 percent organic EBITDA growth.
Telenor Pakistan
Telenor Pakistan delivered revenue growth of 6.6 percent to NOK 994 million, driven by monetization initiatives, data revenue growth, and rational market behavior. While voice revenues declined, ARPU rose 18 percent, offsetting a 4 percent decline in the subscription base.
CelcomDigi (Malaysia)
CelcomDigi experienced a soft quarter, with service revenues down 0.1 percent, as growth in postpaid and fibre was offset by declines in prepaid and enterprise mobile segments. Despite revenue softness, EBITDA fell only 0.9 percent, aided by disciplined cost management.
By the end of June, the operator had completed 84 percent of its network integration and modernization program.
True (Thailand)
True reported a 1.1 percent decline in service revenues, primarily due to a network outage in Q2 that disrupted voice and data services nationwide. However, operating expenses decreased by 8 percent, driven by synergy realization, operational efficiencies, and financial discipline.
True also recorded its second consecutive quarterly net profit and secured a new 2300 MHz spectrum license, enabling both 4G and 5G services.
The company revised its 2025 financial guidance downward, now expecting flat to 1 percent service revenue growth and 7–8 percent EBITDA growth, citing operational and macroeconomic challenges. Despite this adjustment, True reaffirmed its focus on efficiency and profitability.
Baburajan Kizhakedath
