Steady course in turbulent times

Core Insights - Telenor Group has demonstrated resilience by increasing revenues during a period of global economic instability, attributed to fast-changing tariffs and geopolitical turmoil [1][2] - The company has identified new business opportunities in the Nordics despite the unpredictable economic environment [1] Financial Performance - In the first quarter, Telenor achieved a year-over-year organic growth in service revenues of 2.1% and organic EBITDA growth of 2.0% [2] - Service revenues for the quarter amounted to NOK 16.1 billion, with adjusted EBITDA reaching NOK 8.6 billion [11] - Free cash flow before M&A was NOK 3.0 billion, driven by strong EBITDA and favorable working capital timing [9][11] Regional Performance - In the Nordics, Telenor reported 2.3% organic growth in service revenues and 5.8% organic EBITDA growth, supported by efficiency initiatives [3] - Norway's new customer-friendly handset solution and fraud-call alerts have been positively received, while Finland remains the top-performing market with 9% adjusted EBITDA growth [4] Strategic Initiatives - Telenor is leveraging geopolitical turbulence to create value, securing a ten-year contract for military communications technology in Sweden and Finland [6] - The launch of Telenor AI Factory, Norway's first fully integrated generative AI platform, has garnered customer interest, with plans to quadruple GPU capacity by year-end [7] Future Outlook - The company anticipates low single-digit organic growth in Nordic service revenues and mid-single-digit organic growth in EBITDA for the Nordic business [12] - Telenor aims for a free cash flow of around NOK 13 billion before M&A for the current year [13]