Telenor Group delivered solid results in the fourth quarter, and a stronger cash
flow than previously indicated. Telenor's strategic direction remains firm, with
continued growth and transformation efforts, combined with reduced capital
expenditure in 2025. The Board of Directors of Telenor proposes a dividend of
NOK 9.60 per share for 2024.

Fourth quarter and full year 2024 highlights:
o Nordic mobile service revenues grew 4.6 per cent for the full year, and total
service revenues grew 3.6 per cent to NOK 44.7 billion
o EBITDA before other items of NOK 35.0 billion for the full year 
o Free cash flow before M&A of NOK 11.4 billion for the full year, of which NOK
3.1 billion in Q4
o Stopped 2.2 billion digital crime attempts in Norway in 2024 

During the fourth quarter, Telenor Group delivered organic service revenues
growth of 1.1 percent, and organic EBITDA growth of 2.0 percent. EBITDA before
other items ended at NOK 8.5 billion in the quarter.

- It has been a pleasure joining Telenor and getting to know the people,
customers and the business. For my part, it is important to get a good
understanding of Telenor, and to use our collective knowledge to set the right
course for the future. I am proud of the results the team has achieved in 2024,
says CEO Benedicte Schilbred Fasmer.

Solid in the Nordics, challenging in Bangladesh

In the Nordics, Telenor delivered 2.3 percent organic growth in service revenues
in the quarter, while organic EBITDA growth ended at 6.0 percent due to
efficiency initiatives.

- Telenor has a solid market position in the Nordics that we continue to
strengthen. We serve as our customers' safety net, ensuring that they receive
greater value for their money. Our Nordic revenues are outpacing the general
inflation, demonstrating strong performance in offering more-for-more to our
customers. A special recognition goes to Finland, as the growth winner in the
quarter, but most importantly we deliver solid results across all the Nordic
markets, says Fasmer.

Bangladesh's economic recovery has been slow following the severe unrest in the
summer of 2024. Telenor's team has shown tremendous resilience in the
challenging situation. Telenor Pakistan shows impressive performance despite
challenging macroeconomic conditions.  

Strong cash flow

Free cash flow before M&A and potential items reached NOK 3.1 billion in the
fourth quarter. For the entire year, free cash flow before M&A totaled NOK 11.4
billion, well above the outlook for the year. M&A income also contributed
positively with NOK 1.9 billion, for a total free cash flow including M&A of NOK
13.3 billion. The strong cash flow is primarily due to EBITDA growth in the
Nordics and reduced working capital.
Telenor's ambition for the current year is a free cash flow of around NOK 13
billion, before M&A and any potential items.

A strong cash flow is important to deliver on Telenor's dividend policy of
nominal growth in dividends. The Telenor Board of Directors proposes a total
dividend of NOK 9.60 per share for the financial year 2024 to the Annual General
Meeting in May - up from NOK 9.50 for the financial year 2023.

- Setting financial targets always involves some level of risk. However, we
believe that visibility has significantly improved, giving us greater confidence
that our goals for 2025 are within reach. For the year ahead, we have two main
priorities. First, we must deliver on our strategy. Second, we need to continue
evolving as a future-oriented, customer-centric and technology-driven company,
and continue to develop a winning culture at Telenor. This will be key to
driving earnings growth and return on capital, while delivering on our dividend
commitment, in the years ahead, says Fasmer.

Combating digital crime

Telenor's efforts to combat economic crime continue. In the fourth quarter
alone, Telenor stopped 716 million digital crime attempts in Norway. Throughout
2024, Telenor successfully prevented more than 2.2 billion digital crime
attempts against Norwegian customers.

Financial outlook for 2025:
o Low single-digit organic growth in Nordic service revenues
o Mid-single-digit organic growth in EBITDA in the Nordics
o For the Nordic business, capex excl. leases are expected to account for around
14% of revenues
o Low-to-mid single-digit organic growth in the Group's EBITDA
o Free cash flow of around NOK 13 billion before M&A and potential items related
to prior years' activities 

For further questions, please contact:

Thomas Midteide, SVP Communications, mobile +47 96 23 20 17
Frank Maaø, SVP Capital Markets and Investor Relations, mobile +47 91 67 40 45