Our digitalisation journey continued in the first quarter of 2021 enabling us to
add 5 million subscribers and yielding an opex decrease of 7%. Despite a decline
in subscription and traffic revenues of 4%, this enabled us to deliver an
organic EBITDA decline of 2% and a free cash flow of NOK 3.8 billion.

The Nordic operations delivered a robust quarter with EBITDA growth in Finland
and Denmark. Despite the pandemic impacting our Asian operations over the last
twelve months, we have been able to adapt and deliver strong customer intake
across our operations. 

The recently announced merger discussions in Malaysia represents an important
next step in Telenor Group's strategy to strengthen its position and create
value in Asia. The new entity will have size and capabilities to meet increasing
expectations and demand from a digitally connected society. 

In Myanmar, we see an irregular, uncertain, and deeply concerning situation.
Since the military coup on 1 February 2021, Telenor's focus has been on the
safety and security of our employees, access to services for customers and
continued transparency. Prolonged mobile internet restrictions have severely
impacted the people of Myanmar and the country's economy, illustrating the
importance of connectivity services. Telenor calls on the authorities to
immediately reinstate unimpeded communications and respect the right to freedom
of expression and human rights.

Due to the worsening of economic and business environment outlook and a
deteriorating security and human rights situation, we see limited prospects of
improvement going forward. Based on this, we have fully impaired Telenor Myanmar
with an amount of NOK 6.5 billion in the quarter.
 
With limited visibility on the development in the country, we have excluded
Myanmar from our outlook. For the full year 2021, excluding Myanmar, we
re-iterate the expectation of organic subscription and traffic revenues and
EBITDA to remain around the 2020 level and a capex to sales ratio of 15-16%.

Investor Relations: 

Øystein Myrvold, mobile: +47 99230460 
Håkon Hatlevik, mobile: +47 90146070
Kristine Devold, mobile: +47 90050780

Media contact:
Tormod Sandstø, mobile: +47 90943215

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