Telenor ended last year strongly with solid top-line growth and strong cash flow
both in the fourth quarter and for the full year. 

"I am very pleased that we continue to deliver growth with new and better
products to our customers, at the same time as customer surveys show that we
have Norway's best and fastest network," says Sigve Brekke, CEO of Telenor.
Service revenues for the full year 2023 ended up at NOK 62.5 billion,
corresponding to an organic increase of 4.0 per cent compared to last year.
EBITDA ended at NOK 34.6 billion, corresponding to organic growth of 2.8 per
cent compared to the year before. Total free cash flow amounted to NOK 15
billion.

Service revenues for the fourth quarter were NOK 16.1 billion, up 4.9 per cent
compared with the same period last year. EBITDA ended at NOK 8.5 billion,
corresponding to an organic increase of 3.9 per cent. Free cash flow for the
quarter was NOK 4.9 billion before M&A.

"The fourth quarter was yet another strong quarter for Telenor," continues
Brekke. 
	
Telenor Nordics and Telenor Asia delivered four and seven per cent growth in
service revenues, respectively, in the final quarter of the year, while organic
EBITDA growth ended at five and four per cent.

Artificial intelligence accelerates the need for increased security measures

During 2023, digitalization has reached new heights. At the same time, the world
is characterized by geopolitical tension, which creates increased unrest and
uncertainty for both individuals and businesses. All services society depends
on, such as water supply, payment services, health and emergency services and
electricity supply, are to a large extent digital.

"Increased digitalisation leads to greater vulnerability, which is why
investments in digital security are just as important as investments in
artificial intelligence. Norwegian businesses and public enterprises are exposed
to more and more serious cyber-attacks", says Brekke. 

In the fourth quarter alone, Telenor stopped around 300 million attempts at
digital crime against Norwegian customers, which is an increase of around 30
percent compared to the previous quarter.
With artificial intelligence on the rise, we are facing a new era.  Criminal
groups have gained access to a new toolbox that creates increased
unpredictability.

"Whether you're an individual or a business owner, we are all targets.
Therefore, we must adapt, be vigilant and take action to protect our digital
lives and values", says Brekke.
In 2023, Telenor stopped 280 million fraud calls globally, out of which 31
million in Norway and 63 million in the Nordic region.

Extreme weather puts important infrastructure to the test

2023 set quite a few weather records and is internationally considered the
warmest year ever recorded. 
"I'm proud of how our grid coped with the extreme weather last year. This shows
that our long-term commitment to upgrading the grid has the desired effect.
Every year, we invest around NOK six billion in development and upgrades in
Norway, to provide our customers with the best and safest network," says Brekke.

Telenor's goal is to halve greenhouse gas emissions by 2030 and zero emissions
by 2045.  Telenor is also using its influence to impact its suppliers to set
science-based climate targets. So far, more than half of all the company's
purchases are from suppliers that have set science-based climate targets. By
2025, around 70 per cent of Telenor's purchases will be made from suppliers that
have set science-based climate targets. 
"Extreme weather makes it even clearer that society must prepare for a future
where nature sets the agenda. Telenor must take our share of the responsibility
here, including reducing our own emissions," says Brekke.

Delivering Norway's fastest and best grid

"Not only was our network once again voted Norway's fastest, we also received
the award for Norway's best network by Ookla. This makes us very proud," says
Brekke.

For the sixth consecutive year, Telenor's network was named Norway's fastest by
Ookla Speedtest.  Telenor's Finnish company DNA won the Finnish Quality Award
and ranked highest in customer satisfaction among Finnish mobile operators,
according to EPSI Rating.

Financial outlook for 2024:
o	Low single-digit organic growth in Nordic service revenues.
o	Medium single-digit organic growth in both Nordic and Group EBITDA.
o	Nordic capex to sales ratio of around 17 per cent. 
o	Free cash flow of between NOK 9-10 billion before M&A and potential items
related to prior years' activities.

Investor contact: 
Frank Maaø +47 91 67 40 45 

Media contact: 
Ingibjörg Meyer-Myklestad +47 90 60 55 05