Telenor Group achieved solid financial and operational performance in the first quarter of 2025 despite global economic instability driven by fast-changing tariffs and geopolitical tensions.
Telenor’s service revenues rose to NOK 16.1 billion, marking a 2.1 percent year-over-year growth. Adjusted EBITDA reached NOK 8.6 billion, reflecting 2.0 percent growth, while free cash flow before M&A totaled NOK 3.0 billion, supported by strong earnings and favorable timing of working capital and capex payments.
“The global economy and world trade has been thrown into disarray by unpredictable and fast-changing tariffs. We monitor how this uncertainty may affect Telenor and our customers, both operationally and financially,” Telenor CEO Benedicte Schilbred Fasmer said in the earnings report.
In the Nordic region, Telenor posted 2.3 percent growth in service revenues and a 5.8 percent rise in EBITDA, demonstrating resilience and strong operational execution. Finland stood out with a 9 percent increase in adjusted EBITDA.
In Norway, customer-centric initiatives such as the new ‘Splitt’ handset solution and fraud-call alerts gained positive traction. Telenor’s strategy of improving customer experience and operational efficiency continued to support performance in a competitive market.
Grameenphone in Bangladesh showed sequential growth recovery after last year’s unrest.
Telenor Pakistan delivered strong results amid better market conditions.
Telenor also capitalized on opportunities created by geopolitical shifts. Its subsidiary KNL secured a 10-year contract to provide advanced military communications technology to Sweden and Finland, strengthening its role in sovereign and regional digital infrastructure.
The company’s investment in future technologies is underscored by the development of the Telenor AI Factory, Norway’s first fully integrated generative AI platform. Built on NVIDIA’s full-stack platform and designed to process Norwegian data domestically, the AI Factory is preparing for a four-fold increase in GPU capacity, reflecting growing customer interest driven by geopolitical considerations.
Telenor’s cash flow, operational discipline, and strategic investments highlight its ability to navigate uncertainty while pursuing long-term growth. The company maintains its full-year target of generating around NOK 13 billion in free cash flow before M&A and expects low single-digit organic growth in Nordic service revenues, mid-single-digit EBITDA growth in the Nordics, and low-to-mid single-digit organic EBITDA growth across the Group.
TelecomLead.com News Desk
