Pursuant to the authorization granted by at the Annual General Meeting (AGM) on
19 May 2026, Telenor Group announces the initiation of first year portion of the
previously announced NOK 15 billion three-year share buyback programme. The
repurchases will be made to optimise the company's capital structure and will in
the first year be limited to NOK 6 billion, subject to a maximum of 54 million
shares. 

Up to 24.9 million Telenor ASA shares, for a maximum amount of NOK 2.76 billion,
will be repurchased in the market. The remaining portion of the programme,
comprising up to 29.1 million shares for a maximum amount of NOK 3.24 billion,
will be redeemed from the Norwegian State, represented by the Ministry of Trade,
Industry and Fisheries, on a pro rata basis. As a result, the State's ownership
interest in Telenor will remain unchanged at 53.97%.

On 20 May 2026, Telenor entered into a non-discretionary agreement with a third
party for the repurchase of shares in the market. The third party will
administer the programme and make trading decisions independently of, and
uninfluenced by, Telenor. The buyback mandate will commence on 1 June 2026 and
will end no later than 16 February 2027.

In 2027, Telenor will seek AGM approval to cancel the shares repurchased in the
market, as well as pro rata shares owned by the Norwegian State. Compensation
for the State's shares, and the subsequent redemption of those shares, is
expected to take place after the 2027 AGM.

The transactions will be carried out in accordance with applicable safe harbour
conditions and the relevant regulatory framework, including: the Norwegian
Securities Trading Act of 2007; Commission Delegated Regulation (EU) 2016/1052;
and the Norwegian Financial Supervisory Authority's Guidelines for buy-back
programmes dated March 2025.

This information is made public by Telenor pursuant to the EU Market Abuse
Regulation and subject to the disclosure requirements pursuant to Section 5-12
of the Norwegian Securities Trading Act.
 
ction 5-12\
of the Norwegian Securities Trading Act.\
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