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    Christoffer Bjørnsen • DNB

    Christoffer Bjørnsen's questions to Telenor ASA (TELNY) leadership

    Christoffer Bjørnsen's questions to Telenor ASA (TELNY) leadership • Q1 2025

    Question

    Christoffer Bjørnsen of DNB asked for clarity on the outlook for working capital following a strong Q1 and questioned the rationale behind the decline in fixed broadband subscribers in the Nordics.

    Answer

    CFO Torbjorn Wist clarified that the strong Q1 working capital performance included some timing effects that are expected to reverse in Q2, with the full-year contribution likely being lower than in the prior year. CEO Benedicte Fasmer reiterated that Telenor invests cautiously in fixed infrastructure where it sees long-term profitability and will evaluate its strategy as the regulatory environment evolves.

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    Christoffer Bjørnsen's questions to Telenor ASA (TELNY) leadership • Q3 2024

    Question

    Christoffer Bjørnsen of DNB asked about Telenor's fixed broadband strategy in Norway amid cable subscriber losses and the competitive landscape. He also inquired about the company's comfort with True Corporation's debt levels and its future dividend capacity.

    Answer

    CEO Sigve Brekke explained that upcoming regulatory changes in Norway will open new wholesale opportunities and potential M&A activity. He noted Telenor is focusing fiber builds in less competitive areas and sees ARPU growth potential through upselling and value-added services. Acting CFO Kasper Kaarboe added that True's leverage has declined faster than expected and its dividend capacity is not limited by reported net profit due to retained earnings, with a strong expectation for dividends to commence in 2025.

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