The following is a summary of the Telenor ASA (TELNF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Telenor achieved 4% top-line revenue growth for the year and a 3% EBITDA growth, exceeding 4% after adjustment for the non-cash reversal in Pakistan in Q3.

• In Q4, Telenor managed a 5% increase in head rent service revenues and 4% in EBITDA.

• Telenor's free cash flow for Q4 was NOK 5 billion, contributing to the total annual cash flow of NOK 15 billion, which included M&A activities.

• Service revenues for the group increased by 5%, led by growth in the Nordics and Asia.

• OpEx for the group increased by 5% both in the quarter and for the year due to inflation and high energy costs.

• Despite the sale of a substantial contributor to cash flow and EBITDA, Telenor Satellite, the company managed to report strong year-end figures.

Business Progress:

• Telenor marked five quarters of continuous 5% growth in Nordic mobile service revenues and showcased impressive financial performance through DNA, a Finnish company.

• The completed largest telecom merger in Southeast Asia, sale of Telenor Pakistan, a minority stake in the Norwegian fiber network, and exits from Working Group Two and Telenor Satellite demonstrate Telenor's efforts to simplify its operations and minimize risks.

• The company remains committed to sustainable business principles and acknowledges ESG considerations.

• Telenor is on track with its strategy outlined during the Capital Markets Day in September 2022, pursuing growth in the Nordics, transforming to drive improvements, and exploring strategic opportunities in Asia.

• A focus on advanced analytics, AI, machine learning, investments in generative AI, and an accelerated Cloud strategy are part of Telenor's transformation efforts for nominal OpEx reduction by 2025.

• They continue to invest in fiber networks and 5G development in several markets.

• The company's solid free cash flow performance puts it on track to meet its 2025 ambition of covering its nominal dividend per share by free cash flows.

• Challenging headwinds are expected in the Linx business due to ongoing technological changes and competition in the international message products market.

• Their IoT segment, Connexion, continues to see solid growth and good development, and it is a focal point for future strategy.

More details: TELENOR ASA IR

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