TEL: Delivering through disciplined execution

In the third quarter, Telenor strengthened its operational momentum, delivering
group service revenue growth of 1.6% and EBITDA growth of 1.5%. Free cash flow
before M&A was strong, coming in at NOK 4.7 billion. KNL's defence framework
agreement strengthened Telenor's foothold in the strategically important defence
market, where demand for secure and resilient communications is growing.

Third quarter highlights:
- Service revenues of NOK 14.8 billion.
- Adjusted EBITDA of NOK 8.8 billion.
- Free cash flow before M&A of NOK 4.7 billion.
- Total free cash flow of NOK 8.5 billion.

Strong free cash flow 

Norway showed clear quarter-on-quarter improvement, supported by disciplined
cost management. Sweden maintained its strong performance with its 15th
consecutive quarter of EBITDA growth and 35,000 new mobile customers in the
quarter. The sequential development in Finland and Denmark was stable. In Asia,
Grameenphone also demonstrated cost discipline, maintaining profitability while
returning to service revenue growth.

Net income attributable to shareholders of Telenor was NOK 9.8 billion, and
adjusted earnings per share increased by 45% to NOK 2.70.

"With a strong financial position and modest leverage, we aim to accelerate the
share buyback programme and complete the NOK 15 billion programme in two years
rather than three," says President & CEO Benedicte Schilbred Fasmer.

Strengthened Nordic position within defence and broadband

During the quarter, Telenor's subsidiary KNL strengthened its position in secure
defence communications by securing a framework agreement enabling the Danish
Armed Forces to procure KNL's ultra-secure high-frequency communication systems.
Denmark becomes the third Nordic country to join KNL's NORDEFCO agreement,
alongside Finland and Sweden, further strengthening Nordic cooperation around
secure and resilient communications.

"In today's security environment, secure and resilient communications are more
critical than ever. KNL's presence across the Nordic defence sector reflects the
increasing demand for trusted and independent solutions and strengthens
Telenor's position in mission-critical communications," says Schilbred Fasmer.

Telenor is also strengthening the position within broadband in Norway and
Sweden.

"With the acquisition of Bahnhof in the third quarter, we are further expanding
our Nordic broadband footprint, building on the previously announced
GlobalConnect and Enivest transactions. Together, these transactions will add
more than 650,000 consumer broadband relationships and strengthen our
competitive positions in both Norway and Sweden,"  says Schilbred Fasmer.

AI increases the speed and scale of digital attacks 

Telenor's 2026 Security Report shows how artificial intelligence is accelerating
digital attacks. AI enables attackers to find vulnerabilities faster, automate
known attack methods and target far more companies at the same time.

"AI is changing the rules of the game for digital security. This gives us less
time to respond and raises the bar for preparedness and cooperation between
businesses and public authorities," says Schilbred Fasmer.

Geopolitics, security, and emergency preparedness were also central themes in
the very first Telenor Conference, which brought together business leaders,
politicians, and media in Oslo last week.

Financial outlook for 2026:

We reaffirm our full year outlook and our longer-term ambitions remain
unchanged:

Telenor Group
- Flat to slightly negative organic growth in adjusted EBITDA.
- Free cash flow before M&A excluding dividends from associated companies and
incremental spectrum of around NOK 10 billion.

Nordic telcos
- Flat to low-single-digit organic growth in service revenues.
- Flat to low-single-digit organic growth in adjusted EBITDA.
- Around 14% capex to sales (excluding leases).

As usual, the outlook excludes potential items related to prior years'
activities, including Telenor Norway's TV VAT provision for 2020-2022 of NOK 0.2
billion.

For further information, please contact:

David Fidjeland, Communications Director, mobile +47 934 67 224 
Frank Maaø, SVP Capital Markets and Investor Relations, mobile +47 916 74 045

This information is subject to the disclosure requirements pursuant to section
5-12 of the Securities Trading Act.
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This information is subject to the disclosure requirements pursuant to section\
5-12 of the Securities Trading Act.\