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    Ajay Soni • JPMorgan Chase & Co.

    Ajay Soni's questions to Telenor ASA (TELNY) leadership

    Ajay Soni's questions to Telenor ASA (TELNY) leadership • Q1 2025

    Question

    Ajay Soni of JPMorgan Chase & Co. inquired about the confidence in the NOK 13 billion free cash flow guidance, asking what potential headwinds could cause a miss, especially concerning dividends from Asian operations.

    Answer

    CFO Torbjorn Wist reiterated the company's commitment to the NOK 13 billion free cash flow outlook. He stated a meaningful dividend is still expected from True in the second half of the year, based on its solid performance and dividend policy. He confirmed that while there are always moving parts, internal sensitivity analysis supports their confidence in the guidance.

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    Ajay Soni's questions to Telenor ASA (TELNY) leadership • Q3 2024

    Question

    Ajay Soni questioned what drove the upgrade to the free cash flow guidance despite headwinds from Bangladesh. He also asked if these same drivers would be sufficient for Telenor to achieve its 2025 goal of covering its dividend.

    Answer

    Acting CFO Kasper Kaarboe clarified that the guidance update was driven by the very strong operational performance in the Nordics. He confirmed the ambition to cover the 2025 dividend remains, supported by three key pillars: continued EBITDA momentum in the Nordics, declining CapEx as 5G rollouts conclude, and the expected commencement of dividends from True in Thailand.

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