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    Adam Fox-Rumley • HSBC

    Adam Fox-Rumley's questions to Telenor ASA (TELNY) leadership

    Adam Fox-Rumley's questions to Telenor ASA (TELNY) leadership • Q1 2025

    Question

    Adam Fox-Rumley from HSBC asked how Telenor plans to improve performance at its CelcomDigi joint venture and questioned if there was an appetite to increase investment in emerging areas like AI and defense.

    Answer

    CEO Benedicte Fasmer explained that Telenor influences CelcomDigi through board representation and by providing operational expertise to drive improvements. On investments, CFO Torbjorn Wist stated that Telenor is past its peak network CapEx cycle and will pursue targeted, prudent investments in new areas like AI based on customer demand and returns, not a massive spending increase.

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    Adam Fox-Rumley's questions to Telenor ASA (TELNY) leadership • Q4 2024

    Question

    Adam Fox-Rumley of HSBC asked about the leading indicators management is watching for the expected H2 improvement in Bangladesh and requested an explanation for the low 4% return on capital in Finland.

    Answer

    CEO Benedicte Fasmer noted that while the situation in Bangladesh remains vulnerable, they are hopeful for a more predictable framework following potential elections at year-end. CFO Torbjorn Wist added that they monitor daily performance closely. Regarding Finland, Head of IR Frank Maaø explained that the low return on capital figure is primarily due to the significant goodwill on the balance sheet from the 2019 acquisition of DNA, which inflates the capital employed base.

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    Adam Fox-Rumley's questions to Telenor ASA (TELNY) leadership • Q3 2024

    Question

    Adam Fox-Rumley asked about any organizational or oversight changes being considered to mitigate the knowledge gap from the departure of the long-serving CEO, given the newness of the Board and senior team. He also requested specifics on the CapEx underspend in Norway.

    Answer

    CEO Sigve Brekke expressed confidence in a smooth transition, stating the Board is fully aligned with the current strategy and the broader organization is geared for execution. Acting CFO Kasper Kaarboe explained the Q3 CapEx underspend in Norway was related to delays in both fiber and mobile network modernization, with a clear plan to catch up on most of it in Q4.

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