Telenor has informed that high energy prices, especially in Norway, Denmark, and Pakistan, will be a major challenge for its business.
Telenor reported revenues of NOK 28.4 billion in Q3 2022, an increase of NOK 1 billion compared to the same period last year.

Opex increased by NOK 0.4 billion.
EBITDA before other items was NOK 13.1 billion which is an increase of 1.6 percent.

Telenor said increase in energy cost of NOK 0.4 billion impacted EBITDA development negatively by 3 percentage points.

Capex excluding licenses and spectrum fees was NOK 4.1 billion, yielding a Capex to sales ratio of 14 percent.

Net income was NOK 1.5 billion for the quarter. Net income was impacted by currency losses of NOK 2.4 billion mainly as a result of strengthening of USD against NOK.

Telenor said it continued to expect low single digit growth in service revenues in 2022. It is expecting that there will be a significant increase in energy cost that will be weighing on the EBITDA. But a positive one-time effect in Pakistan this quarter supports maintaining the outlook of organic EBITDA around last year’s level. The Capex to sales ratio is expected to be in the previously indicated range of 16-17 percent.