Core Insights - Telenor Group reported strong second-quarter results for 2025, leading to an increased EBITDA outlook for both the Nordics and the Group overall [1][3] - The company is enhancing its position in the Nordic fibre market with significant investments, including a NOK 1.4 billion investment in Finland and a NOK 6 billion acquisition of GlobalConnect's consumer business in Norway [1][8] Financial Performance - Telenor achieved a year-over-year organic growth of 2.9% in service revenues and 8.3% in EBITDA during the second quarter [2] - The Nordic segment was the primary driver, with an impressive 12.5% organic growth in adjusted EBITDA [2] - For the first half of 2025, adjusted EBITDA reached NOK 18.0 billion, with free cash flow before M&A at NOK 4.6 billion [3] Regional Highlights - In the Nordics, Telenor experienced a 3.7% organic growth in service revenues [4] - Telenor Norway outperformed expectations with a 3.7% growth in service revenues and a 16.1% increase in adjusted EBITDA [5] - Telenor Pakistan reported a robust 15.0% growth in service revenues, while Grameenphone maintained good performance despite market challenges in Bangladesh [6] Strategic Investments - Telenor plans to upgrade DNA's broadband infrastructure to an all-fibre network in Finland by 2028, with an investment of approximately NOK 1.4 billion [7] - The acquisition of GlobalConnect's consumer business, valued at NOK 6 billion, includes fibre infrastructure and around 140,000 fibre customers [8] - These investments are expected to create synergies and enhance customer experiences across the telecom market [9] Future Outlook - The Nordic business anticipates mid-single-digit organic growth in EBITDA, with capex expected to account for around 14% of revenues [15] - Free cash flow before M&A is projected to be around NOK 13 billion [15]