Telenor returned to growth in the second quarter. The growth was driven by strong performance in the Nordics combined with a growing subscriber base and increased data consumption in the Asian markets. Subscription and traffic revenues increased by 2%. Combined with progress on the modernisation agenda this resulted in an EBITDA uplift of 4%. InNorway , the decline in fixed legacy revenues are offset by growth in fibre and fixed wireless accesses and mobile service revenues. Improved subscription development inSweden contributed positively towards stabilisation of the subscription and traffic revenues. Furthermore,Finland andDenmark continued its strong performance, delivering both revenue and EBITDA growth in the quarter. InAsia ,Telenor aims to strengthen the position in our markets and be better positioned for future growth. The merger agreement with Celcom inMalaysia was signed in Q2 and marks the next step towards creating a leading operator in the country. We have an ambition to serve the data revolution in the region and the demand for data contributes to the revenue development inBangladesh andPakistan . Domestic market performance inThailand has stabilised the top-line despite impact from the third wave of the pandemic. OnJuly 8 ,Telenor Group announced an agreement to sell Telenor Myanmar. The situation in the country has over the past months deteriorated, posing challenges related to people security, the regulatory environment and compliance. It has not been an easy decision. The commitment toTelenor's values and responsible business conduct is the reason why we believe this sale is the best possible solution in this situation. With the first half of 2021 behind us, and a strong set of numbers for the second quarter, we adjust our expectations for the full year 2021. We now expect organic subscription and traffic revenues growth of 0-1%, organic EBITDA growth of 0-2% and a capex to sales ratio of 15 - 16%. Investor Relations: Øystein Myrvold, mobile: +47 99230460Håkon Hatlevik , mobile: +47 90146070Kristine Devold , mobile: +47 90050780 Media contact: Tormod Sandstø, mobile: +47 90943215
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