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    Christoffer Wang Bjørnsen • DNB ASA

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

    Christoffer Wang Bjørnsen's questions to Telenor ASA (TELNY) leadership • Q4 2024

    Question

    Christoffer Wang Bjørnsen of DNB asked about fiber investments, seeking to understand the allocation within the 2025 CapEx plan and the strategic rationale for acquiring fiber assets in Norway, given the potential for open access regulation.

    Answer

    Head of IR Frank Maaø confirmed that fiber CapEx was between NOK 1.5-2.0 billion in 2024 and is expected to be in a similar range in 2025. CEO Benedicte Fasmer defended the strategic importance of owning fiber infrastructure for both consumer and business segments, noting its value alongside mobile. While acknowledging potential regulatory changes, she deferred specific M&A rationale to future announcements.

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

    Question

    Christoffer Wang Bjørnsen inquired about Telenor's fixed broadband strategy in Norway, noting that cable losses are outpacing fiber gains, and asked about future investment levels. He also questioned the dividend potential of True Corporation in Thailand given its debt levels.

    Answer

    CEO Sigve Brekke explained that upcoming deregulation in Norway will create new wholesale opportunities and that Telenor is focusing fiber builds on less competitive areas. Acting CFO Kasper Kaarboe added that the approach remains value-driven, balancing subscriber numbers and ARPU. Regarding True, Kasper Kaarboe noted that its leverage is declining faster than expected and that its retained earnings provide dividend capacity beyond reported net profit, with a strong expectation for dividends to commence in 2025.

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