Telenor ASA (TELNY) Q1 2026 Earnings Call Transcript

Frank Maao
SVP of Capital Markets & Investor Relations

Good morning, and welcome to Telenor’s First Quarter Results Presentation for 2026. Joining me today are our CEO, Benedicte Schilbred Fasmer; and our CFO, Torbjorn Wist. Before we start, a quick reminder, unless we state otherwise, all revenue and EBITDA growth rates are organic and on a constant currency basis. And EBITDA refers to adjusted EBITDA.

Today’s agenda will follow our usual structure. And at the end of the presentation, we’ll open the line for Q&A. To give everyone a chance, we kindly ask each of you to limit yourself to one question.

And with that, Benedicte, over to you.

Benedicte Fasmer
President & CEO

Thank you so much, Frank, and good morning, everyone. In the first quarter, Telenor continued to execute on its strategy and deliver steady performance despite challenging external backdrop. The closure of the Strait of Hormuz pushed up consumer energy prices and created a new supply chain uncertainty, particularly across parts of Asia, including Bangladesh.

We delivered service revenue growth of 1.6% and EBITDA growth of 3.1%. Free cash flow before M&A was NOK 2.1