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Telenor delivers strong Q2 driven by Nordics market

July 18, 2025

Telenor Group reports that it delivered “very strong results” in the second quarter of 2025, triggering a raised EBITDA outlook for both the Nordics and Group.

At the same time the company has solidified its position in the Nordic fibre market with a NOK 1.4 billion (€0.12bn) multi-year investment in Finland and the recently announced NOK 6 billion acquisition of GlobalConnect’s consumer business in Norway.

Second-quarter highlights:

  • Service revenues of NOK 16.5 billion.
  • Adjusted EBITDA of NOK 9.3 billion.
  • Free cash flow before M&A of NOK 1.6 billion.

During the second quarter, Telenor delivered year-over-year organic growth of 2.9 per cent in service revenues and 8.3 per cent growth in EBITDA. The main driver for the strong performance was Telenor Nordics, with 12.5 per cent organic growth in adjusted EBITDA.

“I am very pleased with our Nordic performance this quarter, which is the result of our employees’ hard work and dedication to deliver the best and most secure network to our customers, as well as attractive add-on services. Based on the strong performance in the first half, we have raised our EBITDA growth outlook for 2025,” commented CEO Benedicte Schilbred Fasmer.

For the first half of 2025, Telenor Group delivered adjusted EBITDA of NOK 18 billion and a free cash flow before M&A of NOK 4.6 billion. In the Nordics, Telenor delivered 3.7 per cent organic growth in service revenues in the quarter.

“The performance in the Nordics was excellent this quarter. Our strategy to deliver more value for money with superior coverage, security products and cloud storage, continues to positively impact performance in all markets,” added Fasmer.

Telenor Norway exceeded expectations, delivering growth in service revenues of 3.7 per cent and an adjusted EBITDA increase of 16.1 per cent. In addition to service revenue growth in Norway, revenues from the national roaming agreement with Lyse Tele (ice) contributed positively. In June, Hydro signed an eight-year agreement with Telenor for the delivery of mobile network as a service, covering both indoor and outdoor mobile coverage, for six aluminum plants in Norway. Telenor will provide mobile coverage, in addition to other services such as Secure Cloud Connect and IoT subscriptions.

Telenor Pakistan delivered another quarter with strong service revenue growth of 15 per cent, while Grameenphone showed “good execution”, both commercially and in terms of cost efficiency despite the continued challenging market situation in Bangladesh.

Investments in fibre

Telenor has announced its plan to upgrade DNA’s fixed broadband infrastructure to become an all-fibre network for housing association customers in Finland by 2028. The investment of around NOK 1.4 billion will be part of Telenor’s capex over the next three years.

Earlier this July, Telenor announced the acquisition of GlobalConnect’s consumer business in Norway in a transaction valued at NOK 6 billion. The GlobalConnect acquisition includes fibre infrastructure as well as approximately 140,000 fibre customers.

“These two important investments will strengthen Telenor’s foundation as a leading digital infrastructure provider in the Nordic, offering world-class speedy and secure connections to our customers,” said Fasmer.

Financial outlook for 2025:

  • Low single-digit organic growth in Nordic service revenues.
  • High-single-digit organic growth in adjusted EBITDA in the Nordics (increased from mid-single-digit).
  • For the Nordic business, capex excl. leases are expected to account for around 14 per cent of revenues.
  • Mid-single-digit organic growth in the Group’s EBITDA (increased from low-to-mid-single-digit).
  • Free cash flow before M&A of around NOK 13 billion.

Categories: Articles, Business, Results, Telco

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