- Third quarter was a strong quarter for Telenor. We delivered solid growth and
earnings momentum in the Nordics and saw firm traction for synergy realization
in Asia, says Sigve Brekke, CEO of Telenor Group.

Service revenues were NOK 15.8 billion, which is an increase of NOK 0.5 billion
or 4% compared to the same period last year. Organic revenue growth was also 4%
year on year. EBITDA was 9.3 billion, growing 7.3% year on year, adjusted for a
positive one-time effect in Pakistan last year. Organic EBITDA increased by
1.5%.

- Our success depends on our ability to create value for our customers and that
is our key driver. We continue to see strong customer validation and receive top
customer experience ratings for our consumer mobile services in Denmark, Finland
and Sweden, says Sigve Brekke, CEO of Telenor Group.

Telenor Nordics delivered 4% service revenue growth and 8% EBITDA growth in the
third quarter, supported by strong operational performance and lower energy
prices. Growth in mobile remained at the 5% level for the fourth quarter in a
row.  

In Asia, Telenor Group has number one positions in three out of four markets,
with a total customer base of 200 million people. Telenor's businesses in Asia
delivered underlying growth despite of challenging macro conditions.  Telenor
Asia's service revenues adjusted for the Pakistan one-time effect last year,
improved by 6% and EBITDA increased by 4%. This was driven by underlying mobile
revenue growth in Bangladesh and Pakistan, more than offsetting the negative
impact of inflationary pressure, including higher energy prices.

Capex intensity (excluding leases) for the group was 13.3% in the third quarter,
and 15.3% for Telenor Nordics. Telenor generated free cash flow of NOK4.3bn in
the quarter. Net leverage fell sequentially to 2.2x EBITDA, returning to the
1.8x-2.3x target range. 

- Customer excellence, free cash flow generation and long-term return on capital
will remain top priorities for us going forward, says Sigve Brekke, CEO of
Telenor Group.

Updated Financial Outlook for 2023:
o Above 3% organic growth in Nordic service revenues (updated from
"low-to-mid-single digit growth").
o 3-4% organic growth in Nordic EBITDA (updated from "low-to-mid-single digit
growth"). 
o Nordic capex to sales ratio of around 17% (unchanged).