"The quarter represents significant progress on our new strategic roadmap
towards 2025. Mobile service revenues in Telenor Nordics increased by 5 percent,
demonstrating the growth potential in the region. We completed the merger in
Malaysia establishing CelcomDigi as the clear market leader, we agreed on the
sale of 30 percent of the Norwegian fibre business, and we completed the
decommissioning of the copper network in Norway. All in the same quarter", says
Sigve Brekke, President and CEO of Telenor Group.  

Improved mobile growth in the Nordics contributed to an organic increase in both
service revenues and EBITDA for the full year, despite increased energy costs
and negative revenues impact from the copper decommissioning. Completion of the
CelcomDigi merger led to a gain of NOK 33 billion, and a record net income of
NOK 45 billion for the full year. Free cash flow amounted to NOK 11 billion for
the year.

In addition to the completion of the CelcomDigi merger in Malaysia, good
progress is being made towards completion of the merger between dtac and True in
Thailand. These transactions are the two largest telecommunications mergers ever
in South-East Asia, and will establish market leader positions, along with
opening growth opportunities and reducing risk. As earlier communicated, the
synergies from these transactions will strengthen cash flow and value creation
over time.

For 2023, Telenor expects low to mid-single digit growth for both service
revenues and EBITDA in the Nordics. The capex to sales ratio for the Nordics is
expected to be around 17%.

Overall, Telenor maintains the mid-term ambitions outlined at its Capital
Markets Day in 2022, including the dividend policy aiming at year-on-year growth
in ordinary dividends per share. For 2022, the company proposes a dividend of
NOK 9.40 per share, up from NOK 9.30 per share in the previous year.

Investor Relations: 
Øystein Myrvold +47 99 23 04 60 
Håkon Hatlevik +47 90 14 60 70
 
Media contact: 
David Fidjeland +47 93 46 72 24

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