Telenor has reported revenue of NOK 20.498 billion in Q4 2024 vs NOK 20.934 billion in Q3 2023 and NOK 79.928 billion in 2024 vs NOK 80.452 billion in 2023.
Telenor’s service revenue was NOK 16.266 billion in Q4 2024 vs NOK 16.116 billion in Q4 2023 and NOK 64.520 billion in 2024 vs NOK 62.567 billion in 2023.
“For the coming year, we have two main priorities. First, to make sure we deliver on our strategy. Secondly, to evolve this strategy to unlock our full potential as a future-fit, customer-centric and technology-driven company,” Benedicte Schilbred Fasmer, President and CEO of Telenor Group, said during the earnings report.
Telenor Nordics
Telenor Nordics delivered solid performance with total service revenues increasing by 2.3 percent YoY, or 2.6 percent when adjusted for a VAT-related case in Norway. Mobile service revenues grew by 3.3 percent, driven by pricing initiatives under the more-for-more strategy and subscriber base expansion in Sweden, Denmark, and Finland.
Mobile postpaid subscriptions increased by 23,000 in the quarter. Fixed service revenues remained stable but grew 1.1 percent when adjusted for VAT effects, with fibre subscriptions increasing by 8,000, though hybrid-fibre cable subscriptions declined by 14,000.
Operating expenses decreased by 0.8 percent (1.7 percent adjusted for VAT cases), as efficiency gains offset higher sales and marketing costs. Lower energy costs contributed to EBITDA growth of 6.0 percent, or 7.4 percent when adjusted for one-time effects. Investments continued in mobile network modernization, with a capex-to-sales ratio of 21.9 percent.
Telenor Norway
Telenor Norway’s total service revenues increased by 1.8 percent, driven by upselling and pricing initiatives in both mobile and fixed services. Mobile service revenues grew by 2.9 percent, supported by a 5 percent increase in ARPU, though the customer base declined by 20,000.
Fixed service revenues remained unchanged but increased by 1.8 percent when adjusted for a VAT-related effect, as fibre and fixed wireless access growth offset declines in other fixed services.
Within fixed broadband, fibre subscriptions grew by 7,000 but were offset by declines of 9,000 in hybrid-fibre cable and 4,000 in fixed wireless access. Operating expenses decreased by 2.4 percent, primarily due to lower personnel costs, leading to a 5.9 percent increase in EBITDA, or 7.3 percent when adjusted for the VAT effect.
Investments in fibre rollout and mobile network modernization continued, with 5G population coverage reaching 90 percent by the end of the quarter. In 2024, Telenor stopped 2.2 billion fraud attempts, including 54.5 million through phone calls and 64.1 million via SMS. In November, OpenSignal awarded Telenor the title of the best mobile network in Norway, ranking it first in seven categories and tied for first in four more, including reliability, consistent quality, download speed, and coverage experience.
Telenor Sweden
Telenor Sweden maintained solid performance with stable service revenues in both mobile and fixed segments. Mobile postpaid subscriptions increased by 30,000 in the quarter. Operating expenses decreased by 1.1 percent, or 4.9 percent when adjusted for a VAT-related effect, mainly due to lower personnel and operational costs. EBITDA grew by 5.5 percent, or 8.9 percent when excluding the VAT adjustment. Investments focused on mobile network modernization, finalizing the replacement of Chinese equipment, and strengthening 5G, with 5G population coverage exceeding 90 percent.
Telenor Denmark
Telenor Denmark delivered strong results, with service revenues increasing by 3.8 percent, driven by a 2.2 percent rise in mobile ARPU and growth in fixed wireless access and fiber, which offset declines in legacy fixed services. Mobile subscriptions grew by 14,000 in the quarter. Operating expenses increased by 7.0 percent due to transformation costs, but positive handset sales effects contributed to a 1.7 percent EBITDA increase. Investments were directed toward IT transformation, security, and mobile network modernization, with 5G population coverage surpassing 95 percent.
DNA Finland
DNA Finland delivered a strong quarter, with service revenues increasing by 4.7 percent and EBITDA growing by 8.8 percent. Mobile service revenues rose by 6.3 percent, driven by a 3.3 percent increase in ARPU from upselling and pricing initiatives, alongside a larger subscription base. Mobile subscriptions declined by 11,000, entirely from prepaid and data subscriptions.
Fixed service revenues remained stable as growth in housing company fiber and fixed wireless access offset declines in legacy fixed services. Operating expenses decreased by 1.3 percent due to reductions in personnel and sales and marketing costs, contributing to EBITDA growth of 8.8 percent.
Investments focused on IT modernization and 5G expansion, making DNA the first operator in Finland to complete a nationwide 5G upgrade, reaching all municipalities with nearly 100 percent population coverage.
DNA was also ranked number one in the EPSI customer satisfaction index for mobile networks in Finland and achieved the highest scores for both business and consumer broadband services.
Telenor Asia
Telenor Asia’s performance in Q4 was impacted by macroeconomic challenges in Bangladesh, including high inflation and tight monetary policy, which affected consumer spending. Total service revenues declined by 3.3 percent, with a drop in Grameenphone partially offset by growth in Pakistan. EBITDA for Asia decreased by 5.7 percent, primarily due to Grameenphone’s revenue decline and higher operating expenses, despite strong growth in Pakistan.
The mobile subscription base in controlled operations declined by 1 million, mainly in Pakistan, ending the year with 43.2 million subscriptions in Pakistan and 84.3 million in Bangladesh.
The sale of Telenor Pakistan to Pakistan Telecommunications Company was announced in December 2023, with the transaction expected to close in the first half of 2025, subject to regulatory approvals. CelcomDigi in Malaysia and True Corporation in Thailand, where Telenor holds minority stakes, report results with a one-quarter lag.
Grameenphone faced a challenging business environment in Bangladesh due to significant political turmoil and macroeconomic setbacks, leading to reduced consumer spending. Service revenues declined by 7.0 percent, or 4.6 percent when adjusted for revenue corrections from previous years.
Performance was affected by stagnant data consumption and declining data prices. Cost mitigation efforts helped contain operating expenses, but higher energy costs and a bad debt provision contributed to overall opex growth. As a result, EBITDA declined organically by 13.5 percent, or 9.7 percent when adjusted for revenue corrections.
Telenor Pakistan achieved strong service revenue growth of 12.0 percent, driven by the success of its monetization strategy. ARPU increased by 13.0 percent, compensating for a 2.7 percent decline in the subscription base, in line with the company’s focus on quality customers and controlled churn. Lower fuel prices helped ease macroeconomic pressures, and combined with continued cost optimization efforts and strong revenue growth, Telenor Pakistan delivered a solid EBITDA increase of 25.2 percent for the period.
CelcomDigi reported a soft third quarter with a 0.9 percent decline in service revenue and a 3.7 percent drop in EBITDA. The company remains focused on integration and transformation to achieve its synergy targets.
True reported a 4.2 percent year-over-year growth in service revenue, driven by gains in the mobile and online segments. EBITDA improved by 16.5 percent, with operating expenses benefiting from the realization of synergies and efficiency measures. This solid performance was well-received by the market.
Baburajan Kizhakedath