NOK in millions | 2025 | 2024 |
Revenue | 4,839 | 4,441 |
EBITDA | 2,082 | 1,704 |
EBIT | 1,092 | 711 |
Profit (loss) before tax | 917 | 600 |
Income tax | (547) | (6) |
Profit (loss) after tax | 370 | 594 |
Gain (loss) on disposal before tax | (4,099) | (260) |
Income tax | (198) | \u2014 |
Gain (loss) on disposal after tax | (4,297) | (260) |
Profit (loss) from discontinued operations | (3,927) | 333 |
ACCOUNTING POLICIES Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. This also applies for situations where the Group continues its operations but loses control over the operation. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and must be expected that the sale will be completed within a year. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The equity method is discontinued for associated companies classified as held for sale. A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Discontinued operations are also excluded from segment reporting. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operation. |
NOK in millions | 2025 | 2024 |
Net cash flow from operating activities | 1,193 | 1,503 |
Net cash flow from investing activities | 1,294 | (487) |
Net cash flow from financing activities | 1,865 | (908) |
Total cash flows from discontinued operations | 4,353 | 107 |
Effects of exchange rate changes on cash and cash equivalents | 17 | (15) |
Net cash flows from discontinued operations | 4,370 | 92 |
NOK in millions | 2025 | 2024 |
Liabilities | ||
Current liabilities | 5,033 | 4,220 |
Total liabilities held for sale | 5,033 | 4,220 |
NOK in millions | 2025 | 2024 |
Telenor India | (921) | (1,180) |
NOK in millions | 2025 | 2024 |
Revenue | 4,839 | 4,441 |
EBITDA | 2,082 | 1,704 |
EBIT | 1,092 | 711 |
Profit (loss) before tax | 917 | 600 |
Income tax | (547) | (6) |
Profit (loss) after tax | 370 | 594 |
Gain (loss) on disposal before tax | (4,099) | (260) |
Income tax | (198) | \u2014 |
Gain (loss) on disposal after tax | (4,297) | (260) |
Profit (loss) from discontinued operations | (3,927) | 333 |
ACCOUNTING POLICIES Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. This also applies for situations where the Group continues its operations but loses control over the operation. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and must be expected that the sale will be completed within a year. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The equity method is discontinued for associated companies classified as held for sale. A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Discontinued operations are also excluded from segment reporting. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operation. |
NOK in millions | 2025 | 2024 |
Net cash flow from operating activities | 1,193 | 1,503 |
Net cash flow from investing activities | 1,294 | (487) |
Net cash flow from financing activities | 1,865 | (908) |
Total cash flows from discontinued operations | 4,353 | 107 |
Effects of exchange rate changes on cash and cash equivalents | 17 | (15) |
Net cash flows from discontinued operations | 4,370 | 92 |
NOK in millions | 2025 | 2024 |
Liabilities | ||
Current liabilities | 5,033 | 4,220 |
Total liabilities held for sale | 5,033 | 4,220 |
NOK in millions | 2025 | 2024 |
Telenor India | (921) | (1,180) |
ACCOUNTING POLICIES Revenue from rendering of services Revenues from rendering of services are recognised over time or based on usage. Outbound roaming charges, in addition to voice and non-voice traffic fees, are recognised based on the minutes or data used. Sale of mobile phones and other devices Revenues from the sale of mobile phones and other devices are recognised at point in time when the equipment is delivered to the customer. Bundled multi-element contracts Bundled multi-element contracts are contracts that consist of several separate identifiable performance obligations. These typically include subscription, mobile phone, screen insurance and other services as part of Telenor\u2019s mobile operations. The transaction price is net of discounts and sales related taxes. The transaction price for bundled contracts is allocated to each identified performance obligation based on relative prices Telenor would achieve by selling the same goods or services to a similar customer on a stand-alone basis. Discounts are allocated proportionately to all performance obligations in the contract unless there is observable evidence to allocate it differently. Mobile swap contracts Telenor offers customers in some markets the possibility to buy mobile phones through instalment plans with the option to upgrade to a new phone before completing all payments. If the option is exercised, the customer pays any remaining months of minimum instalment under the original contract and enters a new contract. The transaction price at inception of the contract includes an estimate of the payments to be received based on the expected value approach using historical data. |
In some markets with mobile swap contracts, Telenor is obligated to accept the return of the original mobile phone and a refund liability is recognised. A return good asset (see note 19), with a corresponding adjustment to cost of sales, is recognised representing the right to recover the returned handsets. In other markets, an external third party takes ownership of the device, resells it and guarantees a compensation to Telenor. In these contracts, Telenor includes estimated amounts from the third party as part of the total consideration to be received at inception of the contract. Financing components The sale of mobile phones and other devices may include a financing component, as the mobile phone or other devices are provided to a customer at the start of the contract, and payments are received over an instalment period. Financing components are not considered when the timing of the payment is at the discretion of the customer (for example prepaid mobile services) or the timing difference between rendering the service or good and payment is less than twelve months. If a significant financing component is provided to the customer, the transaction price is adjusted, and interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant risk-free rate and customer specific credit risk. Sales through dealers Mobile phones and other devices sold through dealers where the dealer is acting as an agent to sell subscription services for Telenor, Telenor is normally not part of the dealer's sales contract for the sale of the mobile phones and other devices. The commission paid to the dealers for sale of the subscription is presented as contract acquisition cost and is recognised as an operating expense over the expected Sales where Telenor is acting as an agent Telenor may act as an agent in certain sales transactions, for example insurance products offered as part of a bundled mobile subscription. In such cases, the net commission is recognised as revenue. Contract assets and liabilities information about contract liabilities related to customer contracts. Lease revenues (IFRS 16) Telenor has operating lease arrangements in which it is a lessor, mainly related to passive infrastructure sharing with other telecommunication operators. Telenor has classified these leases as operating leases because they do not transfer substantially all the risks and rewards incidental to ownership of the underlying assets. Lease revenues are recognised on a straight-line basis over the lease term. |
ACCOUNTING POLICIES Other income and other expenses are items that are not regarded as part of regular operational performance. The purpose of presenting these items on separate lines is to enable comparison of underlying profitability between periods. It includes gains and losses on disposal of non-current assets such as property, plant and equipment (PPE) and intangible assets. It also includes gains and losses from sale of subsidiaries, unless the sale is presented as discontinued operations. Restructuring costs are included to the extent they qualify as a restructuring in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to reduction of personnel is only included when they relate to the time the employee no longer renders services to Telenor. Costs for loss contracts are included when they qualify as onerous contracts under IAS 37. Material fines concluded in legal disputes are included, whereas settlements on legal disputes are only included in other income and other expense when they relate to the business as a whole and are non-recurring in nature. |
ACCOUNTING POLICIES Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All such exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income. |
ACCOUNTING POLICIES Earnings per share (EPS) is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average ordinary outstanding shares. |
ACCOUNTING POLICIES Goodwill arises in business combinations as the difference between the consideration and the acquired business\u2019 identifiable assets and assumed liabilities at the acquisition date. Assets and liabilities are generally recognised at fair value, except for non-current assets classified as held for sale and deferred taxes which are recognised at nominal value. The fair value of any previously held equity interests and the amount of any non-controlling interest is also included when determining the amount of goodwill. The fair value assessment of assets and liabilities in a business combination involves various valuation techniques that include assumptions on future revenues, net income, outcome of legal claims and other variables. Telenor always use external valuation experts to assess the fair value of assets and liabilities in significant Impairment of assets. |
ACCOUNTING POLICIES Intangible assets acquired individually are measured initially at cost and recognised as an intangible assets when control has been obtained over the asset, future economic benefits are expected to flow to the entity and the cost can be measured reliably. The cost to be capitalised as part of the assets includes direct and incremental costs and, for qualifying assets, borrowing costs. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following that initial recognition, intangible assets are carried at cost less accumulated amortisation and any impairment losses. The straight-line amortisation method is used for most intangible assets as this best reflects the consumption of the assets. The amortisation period for a customer base is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses. The useful lives and amortisation methods are reviewed at least annually. Refer to\u00a0 note 18 Impairment of assets for further information about impairment. |
ACCOUNTING POLICIES Trade and other receivables are recognised at fair value including directly attributable transaction costs and subsequently measured at amortised cost using the effective interest rate method. A customer contract asset is recognised when the revenue from contracts with customers exceeds amounts received or receivable, for example when payment for mobile phones or other devices is done through future instalments or subscription fee payments. Contract assets are transferred to trade receivables when the rights to payment become unconditional, which is normally when the invoice has been issued. Refer to Trade receivables and contract assets are adjusted for provision for impairment in accordance with the expected credit loss model. The simplified approach is applied measuring the loss allowance at an amount equal to lifetime expected credit losses. Impairment for expected credit losses is assessed every reporting period and calculated by considering the historic evidence of the level of bad debt experienced for customer types and the ageing of the receivable balance. Telenor has arrangements in place to sell trade receivables to third parties which are used on selected portfolios of receivables. The receivables are derecognised when the rights to the cash flows and substantially all risks and rewards are transferred to the third party. The cash received for sold receivables from the third party is presented as cash flows from operating activities. |
ACCOUNTING POLICIES Cash equivalents are held for the purpose of meeting short-term cash commitments. Cash and cash equivalents include bank deposits, fixed rate bonds and commercial papers with original maturity of three months or less which are readily convertible to known amounts of cash and subject to insignificant risk. |
ACCOUNTING POLICIES Defined contribution plans A defined contribution plan is a type of retirement plan where the employer makes contributions on a regular basis to the employee\u2019s individual pension account. The benefits received by the employee are based on the employer contributions and gains or losses from investing the capital. Contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. Defined benefit plans A defined benefit plan is a pension plan where the employer promises an annual pension on retirement based on a percentage of the salary upon retirement and the employee's earnings history, years of service and age. The pension obligations are determined by discounting the estimated future pension cash outflows less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method and depends on a number of actuarial assumptions. The discount rate is based on interest rates of high-quality corporate bonds denominated in the same currency and with similar maturity as the related pension obligation. Other actuarial assumptions include expected salary growth, inflation and return on assets as well as demographical factors concerning mortality, employee turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the time the assessment is made, whereas it is expected that such factors will change over the long periods for which pension calculations are made. Any changes in these assumptions will affect the calculated pension obligations with immediate recognition in other comprehensive income. Current and past service cost, in addition to non-routine pension settlements, is presented as salaries and personnel costs, and the net interest expense is recognised as financial expense in the income statement. Remeasurements including actuarial gains and losses and the return on plan assets exceeding the discount rate, are recognised in the statement of comprehensive income and are not subsequently reclassified to the income statement. A plan curtailment is when Telenor is committed to reduce the number of employees in a plan or change the terms, so the employees are entitled to reduced benefits or is no longer eligible for benefits. Past service cost is recognised in the income statement on the earlier of the date of the plan amendment or curtailment or when the related restructuring cost is recognised. Gains and losses on curtailments form part of service cost and are presented as part of other income or other expenses in the income statement. Defined benefit multi-employer plans (such as the AFP arrangement in Norway) are accounted for as defined contribution plans when insufficient information is available to calculate Telenor\u2019s proportionate share. |
ACCOUNTING POLICIES Trade and other payables Trade and other payables relate to amounts owed to suppliers and customer contract liabilities include amounts received from a customer that exceed the revenue recognised, for example prepaid subscriptions. Customer contract liabilities are expected to be realised within in the Group\u2019s normal operating cycle and are classified as current. Supplier Finance Arrangement The supplier finance arrangements (SFA) are classified as trade payables, with contracts and payment terms managed directly with vendors. All finance costs are covered by vendors. The SFA is non-interest bearing liability, and cash outflows are shown as operating activities in the statement of cash flows. |
ACCOUNTING POLICIES When contract costs related to customer contracts are incremental and expected to be recovered, they are recognised as contract cost assets and amortised over the expected customer lifetime. Renewal periods are included in the period based on historical churn data, unless new costs are incurred on contract renewals. These costs are included in operating costs. The practical expedient of not capitalising contract costs that would have been amortised within 12 months has been applied. See note 3 Revenues for more information about the customer contracts. |
ACCOUNTING POLICIES Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u25e6 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u25e6 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u25e6 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u25e6 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u25e6 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. |
ACCOUNTING POLICIES Interest-bearing liabilities are initially measured at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest-rate method (FLAC). In addition, where fair value hedge accounting is applied the hedged liabilities are adjusted for gains and losses attributable to the risk being hedged. On extinguishment of debt, in whole or in part, the difference between the carrying amount of the liability and the consideration paid is recognised in the income statement. |
KEY SOURCES OF ESTIMATION UNCERTAINTY For lease of land for own towers or leasing of towers from tower companies or other operators, factors considered in particular for assessing the lease term are technology development and potential changes in business models. Based on an assessment of these factors, the lease term for Telenor\u2019s leases relating to sites will normally be within a range of 4 to 7 years. This means that the lease term for sites with renewal options shall normally be the higher of a non-cancellable period or within a range of 4 to 7 years. Some sites may be in strategically important locations and it might be more than reasonably certain that the sites will be maintained beyond 7 years. In these cases, the lease term may be up to 10 years. The non-cancellable lease period is basis for the lease liability, and periods covered by options to extend or terminate the lease are included only when it is reasonably certain the lease period will be extended. Determining the lease term can involve significant estimation uncertainty for lease contracts with extension or termination options, as an assessment of whether or not it is reasonably certain that the lease period will be extended is required. The broader economics of the contract and not only contractual termination payments are basis for such assessment. The lease liability is remeasured if the lease term or lease payments change, or there are other significant event or significant change in circumstances. Significant amounts paid up-front on spectrum and other lease contracts are recognised as prepayment until commencement date. Non-refundable value-added tax is included as initial direct cost. The right-of-use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. |
ACCOUNTING POLICIES The segment information is reported to the President and CEO and management team in Telenor. Telenor\u2019s chief operating decision maker is the President and CEO. The financial segment information is used for assessing performance and allocating resources in the group. The operating and reportable segments are based on business activities and geographical location. The accounting principles for the segment reporting are consistent with those for the consolidated financial statements. However, gains and losses arising from internal bad debt provisions are excluded from the segment results. All transactions between the segments are based on market conditions. |
NOK in millions | Revenues | External revenues | Total Operating Expenses | EBITDA before other income and other expenses 1,2) | EBITDA 1,2) | Depreciation, amortisation and impairment losses 3) | Operating profit (loss) | Capex excl. lease 2) | Free cash flow before M&A |
Nordics | 59,341 | 58,740 | (17,119) | 26,723 | 26,579 | 13,806 | 12,773 | 8,478 | 11,175 |
Asia | 13,724 | 13,349 | (5,105) | 7,835 | 7,842 | 3,134 | 4,708 | 1,110 | 3,247 |
Infrastructure | 3,318 | 933 | (757) | 2,017 | 2,002 | 1,029 | 974 | 734 | 981 |
Amp | 3,517 | 3,055 | (1,322) | 445 | 414 | 209 | 205 | 182 | 512 |
Other | 1,476 | 472 | (2,054) | (578) | (424) | 95 | (519) | 31 | (3,264) |
Discontinued operations (Telenor Pakistan) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 407 |
Eliminations | (4,829) | \u2014 | 1,516 | (1,982) | (2,122) | (1,959) | (163) | \u2014 | (190) |
Group | 76,548 | 76,548 | (24,842) | 34,462 | 34,292 | 16,314 | 17,978 | 10,535 | 12,869 |
NOK in millions | Revenues | External revenues | Total Operating Expenses | EBITDA before other income and other expenses 1,2) | EBITDA 1,2) | Depreciation, amortisation and impairment losses 3) | Operating profit (loss) | Capex excl. lease 2) | Free cash flow before M&A |
Nordics | 56,560 | 55,989 | (17,052) | 24,223 | 23,644 | 13,285 | 10,359 | 9,678 | 10,781 |
Asia | 15,477 | 14,998 | (5,489) | 9,049 | 9,019 | 3,345 | 5,674 | 1,752 | 2,502 |
Infrastructure | 3,282 | 886 | (745) | 1,952 | 1,931 | 991 | 940 | 890 | 946 |
Amp | 3,494 | 3,113 | (1,130) | 448 | 1,810 | 167 | 1,644 | 160 | 82 |
Other | 1,705 | 502 | (2,326) | (621) | (658) | 91 | (750) | 47 | (3,474) |
Discontinued operations (Telenor Pakistan) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 463 |
Eliminations | (5,031) | \u2014 | 1,739 | (1,879) | (1,883) | (1,928) | 44 | \u2014 | 66 |
Group | 75,487 | 75,487 | (25,002) | 33,173 | 33,863 | 15,951 | 17,912 | 12,528 | 11,366 |
NOK in millions | 2025 | 2024 |
EBITDA before other income and other expenses | 34,462 | 33,173 |
Other income | 744 | 1,479 |
Other expenses | (913) | (788) |
EBITDA | 34,292 | 33,863 |
NOK in millions | 2025 | 2024 |
Norway | 26,564 | 25,054 |
Sweden | 14,233 | 13,659 |
Denmark | 6,279 | 5,941 |
Finland | 13,209 | 12,564 |
Bangladesh | 13,347 | 14,995 |
Other countries | 2,915 | 3,275 |
Total revenues | 76,548 | 75,487 |
Non-current assets excluding deferred tax assets,\u00a0 contract cost and other non-current financial assets | Total assets | |||
NOK in millions | 2025 | 2024 | 2025 | 2024 |
Norway | 37,489 | 36,863 | 58,992 | 56,475 |
Sweden | 17,492 | 17,724 | 26,218 | 23,802 |
Denmark | 5,150 | 5,144 | 7,934 | 8,092 |
Finland | 37,428 | 38,524 | 44,954 | 45,088 |
Thailand | 25,979 | 24,309 | 26,038 | 24,372 |
Malaysia | 36,904 | 38,710 | 36,904 | 38,710 |
Bangladesh | 11,506 | 14,406 | 15,740 | 18,767 |
Pakistan | 901 | 5,899 | 914 | 8,315 |
Singapore | 1,734 | 2,925 | 2,314 | 5,033 |
Other countries | 12 | 5 | 1,642 | 154 |
Total assets | 174,596 | 184,508 | 221,651 | 228,808 |
ACCOUNTING POLICIES Revenue from rendering of services Revenues from rendering of services are recognised over time or based on usage. Outbound roaming charges, in addition to voice and non-voice traffic fees, are recognised based on the minutes or data used. Sale of mobile phones and other devices Revenues from the sale of mobile phones and other devices are recognised at point in time when the equipment is delivered to the customer. Bundled multi-element contracts Bundled multi-element contracts are contracts that consist of several separate identifiable performance obligations. These typically include subscription, mobile phone, screen insurance and other services as part of Telenor\u2019s mobile operations. The transaction price is net of discounts and sales related taxes. The transaction price for bundled contracts is allocated to each identified performance obligation based on relative prices Telenor would achieve by selling the same goods or services to a similar customer on a stand-alone basis. Discounts are allocated proportionately to all performance obligations in the contract unless there is observable evidence to allocate it differently. Mobile swap contracts Telenor offers customers in some markets the possibility to buy mobile phones through instalment plans with the option to upgrade to a new phone before completing all payments. If the option is exercised, the customer pays any remaining months of minimum instalment under the original contract and enters a new contract. The transaction price at inception of the contract includes an estimate of the payments to be received based on the expected value approach using historical data. |
In some markets with mobile swap contracts, Telenor is obligated to accept the return of the original mobile phone and a refund liability is recognised. A return good asset (see note 19), with a corresponding adjustment to cost of sales, is recognised representing the right to recover the returned handsets. In other markets, an external third party takes ownership of the device, resells it and guarantees a compensation to Telenor. In these contracts, Telenor includes estimated amounts from the third party as part of the total consideration to be received at inception of the contract. Financing components The sale of mobile phones and other devices may include a financing component, as the mobile phone or other devices are provided to a customer at the start of the contract, and payments are received over an instalment period. Financing components are not considered when the timing of the payment is at the discretion of the customer (for example prepaid mobile services) or the timing difference between rendering the service or good and payment is less than twelve months. If a significant financing component is provided to the customer, the transaction price is adjusted, and interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant risk-free rate and customer specific credit risk. Sales through dealers Mobile phones and other devices sold through dealers where the dealer is acting as an agent to sell subscription services for Telenor, Telenor is normally not part of the dealer's sales contract for the sale of the mobile phones and other devices. The commission paid to the dealers for sale of the subscription is presented as contract acquisition cost and is recognised as an operating expense over the expected Sales where Telenor is acting as an agent Telenor may act as an agent in certain sales transactions, for example insurance products offered as part of a bundled mobile subscription. In such cases, the net commission is recognised as revenue. Contract assets and liabilities information about contract liabilities related to customer contracts. Lease revenues (IFRS 16) Telenor has operating lease arrangements in which it is a lessor, mainly related to passive infrastructure sharing with other telecommunication operators. Telenor has classified these leases as operating leases because they do not transfer substantially all the risks and rewards incidental to ownership of the underlying assets. Lease revenues are recognised on a straight-line basis over the lease term. |
NOK in millions | 2025 | 2024 1) |
Less than 1 year | 635 | 639 |
1 to 2 years | 54 | 67 |
2 to 3 years | 27 | 32 |
3 to 4 years | 5 | 14 |
4 to 5 years | 1 | 3 |
Total | 723 | 756 |
1) Comparative figures for 2024 have been re\u2011presented to exclude the discontinued operation. | ||
2025 | ||||||||
NOK in millions | Mobile operations | Fixed operations | Other revenues from rendering of services 1) | Total revenues from rendering of services 2) | Sale of mobile phones and other devices | Total revenues from contracts with customers (IFRS 15) | Operating lease revenues (IFRS 16) | Total revenues |
Telenor Norway | 14,988 | 9,339 | 8 | 24,336 | 2,210 | 26,546 | 6 | 26,552 |
Telenor Sweden | 8,148 | 3,437 | 1 | 11,586 | 1,538 | 13,123 | 156 | 13,280 |
Telenor Denmark | 4,693 | 629 | \u2014 | 5,322 | 844 | 6,166 | 48 | 6,214 |
DNA Finland | 8,389 | 2,584 | \u2014 | 10,973 | 2,211 | 13,185 | 34 | 13,219 |
Other/eliminations | (4) | (102) | 183 | 78 | (1) | 77 | \u2014 | 77 |
Nordics | 36,215 | 15,888 | 192 | 52,295 | 6,802 | 59,097 | 244 | 59,341 |
Grameenphone - Bangladesh | 13,265 | \u2014 | \u2014 | 13,265 | 12 | 13,277 | 197 | 13,474 |
Other/eliminations | \u2014 | \u2014 | 250 | 250 | \u2014 | 250 | \u2014 | 250 |
Asia | 13,265 | \u2014 | 250 | 13,515 | 12 | 13,527 | 197 | 13,724 |
Infrastructure | \u2014 | \u2014 | 22 | 22 | \u2014 | 22 | 3,296 | 3,318 |
Amp | \u2014 | 1,264 | 2,253 | 3,517 | \u2014 | 3,517 | \u2014 | 3,517 |
Other | \u2014 | \u2014 | 1,189 | 1,189 | \u2014 | 1,189 | 287 | 1,476 |
Eliminations | (474) | (368) | (1,349) | (2,191) | (3) | (2,194) | (2,635) | (4,829) |
Group | 49,006 | 16,785 | 2,556 | 68,347 | 6,810 | 75,158 | 1,390 | 76,548 |
2024 | ||||||||
NOK in millions | Mobile operations | Fixed operations | Other revenues from rendering of services 1) | Total revenues from rendering of services 2) | Sale of mobile phones and other devices | Total revenues from contracts with customers (IFRS 15) | Operating lease revenues (IFRS 16) | Total revenues |
Telenor Norway | 13,993 | 9,291 | 3 | 23,287 | 1,926 | 25,213 | 8 | 25,221 |
Telenor Sweden | 7,494 | 3,378 | \u2014 | 10,872 | 1,737 | 12,609 | 171 | 12,780 |
Telenor Denmark | 4,333 | 663 | \u2014 | 4,996 | 818 | 5,814 | 43 | 5,856 |
DNA Finland | 7,890 | 2,517 | \u2014 | 10,407 | 2,239 | 12,646 | 35 | 12,681 |
Other/eliminations | (47) | (101) | 171 | 23 | (1) | 23 | \u2014 | 22 |
Nordics | 33,663 | 15,748 | 174 | 49,585 | 6,719 | 56,304 | 256 | 56,560 |
Grameenphone - Bangladesh | 14,915 | \u2014 | \u2014 | 14,915 | 9 | 14,924 | 214 | 15,138 |
Other/eliminations | \u2014 | \u2014 | 339 | 339 | \u2014 | 339 | \u2014 | 339 |
Asia | 14,915 | \u2014 | 339 | 15,254 | 9 | 15,263 | 214 | 15,477 |
Infrastructure | \u2014 | \u2014 | 238 | 238 | \u2014 | 238 | 3,044 | 3,282 |
Amp | \u2014 | 1,576 | 1,919 | 3,495 | \u2014 | 3,495 | \u2014 | 3,495 |
Other | \u2014 | \u2014 | 1,428 | 1,428 | \u2014 | 1,428 | 276 | 1,704 |
Eliminations | (452) | (368) | (1,709) | (2,528) | (4) | (2,532) | (2,499) | (5,031) |
Group | 48,126 | 16,956 | 2,389 | 67,471 | 6,724 | 74,195 | 1,292 | 75,487 |
ACCOUNTING POLICIES Revenue from rendering of services Revenues from rendering of services are recognised over time or based on usage. Outbound roaming charges, in addition to voice and non-voice traffic fees, are recognised based on the minutes or data used. Sale of mobile phones and other devices Revenues from the sale of mobile phones and other devices are recognised at point in time when the equipment is delivered to the customer. Bundled multi-element contracts Bundled multi-element contracts are contracts that consist of several separate identifiable performance obligations. These typically include subscription, mobile phone, screen insurance and other services as part of Telenor\u2019s mobile operations. The transaction price is net of discounts and sales related taxes. The transaction price for bundled contracts is allocated to each identified performance obligation based on relative prices Telenor would achieve by selling the same goods or services to a similar customer on a stand-alone basis. Discounts are allocated proportionately to all performance obligations in the contract unless there is observable evidence to allocate it differently. Mobile swap contracts Telenor offers customers in some markets the possibility to buy mobile phones through instalment plans with the option to upgrade to a new phone before completing all payments. If the option is exercised, the customer pays any remaining months of minimum instalment under the original contract and enters a new contract. The transaction price at inception of the contract includes an estimate of the payments to be received based on the expected value approach using historical data. |
In some markets with mobile swap contracts, Telenor is obligated to accept the return of the original mobile phone and a refund liability is recognised. A return good asset (see note 19), with a corresponding adjustment to cost of sales, is recognised representing the right to recover the returned handsets. In other markets, an external third party takes ownership of the device, resells it and guarantees a compensation to Telenor. In these contracts, Telenor includes estimated amounts from the third party as part of the total consideration to be received at inception of the contract. Financing components The sale of mobile phones and other devices may include a financing component, as the mobile phone or other devices are provided to a customer at the start of the contract, and payments are received over an instalment period. Financing components are not considered when the timing of the payment is at the discretion of the customer (for example prepaid mobile services) or the timing difference between rendering the service or good and payment is less than twelve months. If a significant financing component is provided to the customer, the transaction price is adjusted, and interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant risk-free rate and customer specific credit risk. Sales through dealers Mobile phones and other devices sold through dealers where the dealer is acting as an agent to sell subscription services for Telenor, Telenor is normally not part of the dealer's sales contract for the sale of the mobile phones and other devices. The commission paid to the dealers for sale of the subscription is presented as contract acquisition cost and is recognised as an operating expense over the expected Sales where Telenor is acting as an agent Telenor may act as an agent in certain sales transactions, for example insurance products offered as part of a bundled mobile subscription. In such cases, the net commission is recognised as revenue. Contract assets and liabilities information about contract liabilities related to customer contracts. Lease revenues (IFRS 16) Telenor has operating lease arrangements in which it is a lessor, mainly related to passive infrastructure sharing with other telecommunication operators. Telenor has classified these leases as operating leases because they do not transfer substantially all the risks and rewards incidental to ownership of the underlying assets. Lease revenues are recognised on a straight-line basis over the lease term. |
NOK in millions | 2025 | 2024 1) |
Less than 1 year | 635 | 639 |
1 to 2 years | 54 | 67 |
2 to 3 years | 27 | 32 |
3 to 4 years | 5 | 14 |
4 to 5 years | 1 | 3 |
Total | 723 | 756 |
1) Comparative figures for 2024 have been re\u2011presented to exclude the discontinued operation. | ||
2025 | ||||||||
NOK in millions | Mobile operations | Fixed operations | Other revenues from rendering of services 1) | Total revenues from rendering of services 2) | Sale of mobile phones and other devices | Total revenues from contracts with customers (IFRS 15) | Operating lease revenues (IFRS 16) | Total revenues |
Telenor Norway | 14,988 | 9,339 | 8 | 24,336 | 2,210 | 26,546 | 6 | 26,552 |
Telenor Sweden | 8,148 | 3,437 | 1 | 11,586 | 1,538 | 13,123 | 156 | 13,280 |
Telenor Denmark | 4,693 | 629 | \u2014 | 5,322 | 844 | 6,166 | 48 | 6,214 |
DNA Finland | 8,389 | 2,584 | \u2014 | 10,973 | 2,211 | 13,185 | 34 | 13,219 |
Other/eliminations | (4) | (102) | 183 | 78 | (1) | 77 | \u2014 | 77 |
Nordics | 36,215 | 15,888 | 192 | 52,295 | 6,802 | 59,097 | 244 | 59,341 |
Grameenphone - Bangladesh | 13,265 | \u2014 | \u2014 | 13,265 | 12 | 13,277 | 197 | 13,474 |
Other/eliminations | \u2014 | \u2014 | 250 | 250 | \u2014 | 250 | \u2014 | 250 |
Asia | 13,265 | \u2014 | 250 | 13,515 | 12 | 13,527 | 197 | 13,724 |
Infrastructure | \u2014 | \u2014 | 22 | 22 | \u2014 | 22 | 3,296 | 3,318 |
Amp | \u2014 | 1,264 | 2,253 | 3,517 | \u2014 | 3,517 | \u2014 | 3,517 |
Other | \u2014 | \u2014 | 1,189 | 1,189 | \u2014 | 1,189 | 287 | 1,476 |
Eliminations | (474) | (368) | (1,349) | (2,191) | (3) | (2,194) | (2,635) | (4,829) |
Group | 49,006 | 16,785 | 2,556 | 68,347 | 6,810 | 75,158 | 1,390 | 76,548 |
2024 | ||||||||
NOK in millions | Mobile operations | Fixed operations | Other revenues from rendering of services 1) | Total revenues from rendering of services 2) | Sale of mobile phones and other devices | Total revenues from contracts with customers (IFRS 15) | Operating lease revenues (IFRS 16) | Total revenues |
Telenor Norway | 13,993 | 9,291 | 3 | 23,287 | 1,926 | 25,213 | 8 | 25,221 |
Telenor Sweden | 7,494 | 3,378 | \u2014 | 10,872 | 1,737 | 12,609 | 171 | 12,780 |
Telenor Denmark | 4,333 | 663 | \u2014 | 4,996 | 818 | 5,814 | 43 | 5,856 |
DNA Finland | 7,890 | 2,517 | \u2014 | 10,407 | 2,239 | 12,646 | 35 | 12,681 |
Other/eliminations | (47) | (101) | 171 | 23 | (1) | 23 | \u2014 | 22 |
Nordics | 33,663 | 15,748 | 174 | 49,585 | 6,719 | 56,304 | 256 | 56,560 |
Grameenphone - Bangladesh | 14,915 | \u2014 | \u2014 | 14,915 | 9 | 14,924 | 214 | 15,138 |
Other/eliminations | \u2014 | \u2014 | 339 | 339 | \u2014 | 339 | \u2014 | 339 |
Asia | 14,915 | \u2014 | 339 | 15,254 | 9 | 15,263 | 214 | 15,477 |
Infrastructure | \u2014 | \u2014 | 238 | 238 | \u2014 | 238 | 3,044 | 3,282 |
Amp | \u2014 | 1,576 | 1,919 | 3,495 | \u2014 | 3,495 | \u2014 | 3,495 |
Other | \u2014 | \u2014 | 1,428 | 1,428 | \u2014 | 1,428 | 276 | 1,704 |
Eliminations | (452) | (368) | (1,709) | (2,528) | (4) | (2,532) | (2,499) | (5,031) |
Group | 48,126 | 16,956 | 2,389 | 67,471 | 6,724 | 74,195 | 1,292 | 75,487 |
ACCOUNTING POLICIES Revenue from rendering of services Revenues from rendering of services are recognised over time or based on usage. Outbound roaming charges, in addition to voice and non-voice traffic fees, are recognised based on the minutes or data used. Sale of mobile phones and other devices Revenues from the sale of mobile phones and other devices are recognised at point in time when the equipment is delivered to the customer. Bundled multi-element contracts Bundled multi-element contracts are contracts that consist of several separate identifiable performance obligations. These typically include subscription, mobile phone, screen insurance and other services as part of Telenor\u2019s mobile operations. The transaction price is net of discounts and sales related taxes. The transaction price for bundled contracts is allocated to each identified performance obligation based on relative prices Telenor would achieve by selling the same goods or services to a similar customer on a stand-alone basis. Discounts are allocated proportionately to all performance obligations in the contract unless there is observable evidence to allocate it differently. Mobile swap contracts Telenor offers customers in some markets the possibility to buy mobile phones through instalment plans with the option to upgrade to a new phone before completing all payments. If the option is exercised, the customer pays any remaining months of minimum instalment under the original contract and enters a new contract. The transaction price at inception of the contract includes an estimate of the payments to be received based on the expected value approach using historical data. |
In some markets with mobile swap contracts, Telenor is obligated to accept the return of the original mobile phone and a refund liability is recognised. A return good asset (see note 19), with a corresponding adjustment to cost of sales, is recognised representing the right to recover the returned handsets. In other markets, an external third party takes ownership of the device, resells it and guarantees a compensation to Telenor. In these contracts, Telenor includes estimated amounts from the third party as part of the total consideration to be received at inception of the contract. Financing components The sale of mobile phones and other devices may include a financing component, as the mobile phone or other devices are provided to a customer at the start of the contract, and payments are received over an instalment period. Financing components are not considered when the timing of the payment is at the discretion of the customer (for example prepaid mobile services) or the timing difference between rendering the service or good and payment is less than twelve months. If a significant financing component is provided to the customer, the transaction price is adjusted, and interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant risk-free rate and customer specific credit risk. Sales through dealers Mobile phones and other devices sold through dealers where the dealer is acting as an agent to sell subscription services for Telenor, Telenor is normally not part of the dealer's sales contract for the sale of the mobile phones and other devices. The commission paid to the dealers for sale of the subscription is presented as contract acquisition cost and is recognised as an operating expense over the expected Sales where Telenor is acting as an agent Telenor may act as an agent in certain sales transactions, for example insurance products offered as part of a bundled mobile subscription. In such cases, the net commission is recognised as revenue. Contract assets and liabilities information about contract liabilities related to customer contracts. Lease revenues (IFRS 16) Telenor has operating lease arrangements in which it is a lessor, mainly related to passive infrastructure sharing with other telecommunication operators. Telenor has classified these leases as operating leases because they do not transfer substantially all the risks and rewards incidental to ownership of the underlying assets. Lease revenues are recognised on a straight-line basis over the lease term. |
Cost of materials and traffic charges | ||
NOK in millions | 2025 | 2024 |
Traffic charges | (5,271) | (5,710) |
Cost of materials and other1) | (11,972) | (11,603) |
Total costs of materials and traffic charges | (17,244) | (17,313) |
ACCOUNTING POLICIES Cost of sold mobile phones and other materials is recognised at the point of sale. Traffic charges are recognised when incurred. Power Purchase Agreements (PPAs) to buy energy from wind and solar parks include both Guarantees of Origin (GOs) and fixed prices for energy. The PPAs fulfil the \"own use\" exemption under IFRS 9, hence the purchase of energy under the PPAs at fixed price are recognised as cost of materials and traffic charges when incurred. |
NOK in millions | Classification in income statement | 2025 | 2024 |
Depreciation of right-of-use assets | Depreciation and amortisation | 5,062 | 4,877 |
Interest expenses on lease liabilities | Financial expenses (note 9) | 806 | 752 |
Variable lease expenses not dependent on index or rate | Other operating expenses (note 6) | 1,435 | 1,574 |
Variable lease expenses not dependent on index or rate | Cost of materials and traffic charges | 468 | 501 |
Expenses relating to short term leases | Other operating expenses (note 6) | 69 | 73 |
Expenses relating to low value leases | Other operating expenses (note 6) | 14 | 12 |
Total | 7,853 | 7,788 |
Overview of salary and personnel costs | ||
NOK in millions | 2025 | 2024 |
Salaries and holiday pay | (8,881) | (8,574) |
Social security tax | (1,047) | (1,011) |
(1,083) | (1,081) | |
Share-based payments 1) | (148) | (189) |
Other personnel costs | (333) | (338) |
Own work capitalised | 1,678 | 1,451 |
Total salaries and personnel costs | (9,814) | (9,741) |
Overview of salary and personnel costs | ||
NOK in millions | 2025 | 2024 |
Salaries and holiday pay | (8,881) | (8,574) |
Social security tax | (1,047) | (1,011) |
(1,083) | (1,081) | |
Share-based payments 1) | (148) | (189) |
Other personnel costs | (333) | (338) |
Own work capitalised | 1,678 | 1,451 |
Total salaries and personnel costs | (9,814) | (9,741) |
ACCOUNTING POLICIES Defined contribution plans A defined contribution plan is a type of retirement plan where the employer makes contributions on a regular basis to the employee\u2019s individual pension account. The benefits received by the employee are based on the employer contributions and gains or losses from investing the capital. Contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. Defined benefit plans A defined benefit plan is a pension plan where the employer promises an annual pension on retirement based on a percentage of the salary upon retirement and the employee's earnings history, years of service and age. The pension obligations are determined by discounting the estimated future pension cash outflows less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method and depends on a number of actuarial assumptions. The discount rate is based on interest rates of high-quality corporate bonds denominated in the same currency and with similar maturity as the related pension obligation. Other actuarial assumptions include expected salary growth, inflation and return on assets as well as demographical factors concerning mortality, employee turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the time the assessment is made, whereas it is expected that such factors will change over the long periods for which pension calculations are made. Any changes in these assumptions will affect the calculated pension obligations with immediate recognition in other comprehensive income. Current and past service cost, in addition to non-routine pension settlements, is presented as salaries and personnel costs, and the net interest expense is recognised as financial expense in the income statement. Remeasurements including actuarial gains and losses and the return on plan assets exceeding the discount rate, are recognised in the statement of comprehensive income and are not subsequently reclassified to the income statement. A plan curtailment is when Telenor is committed to reduce the number of employees in a plan or change the terms, so the employees are entitled to reduced benefits or is no longer eligible for benefits. Past service cost is recognised in the income statement on the earlier of the date of the plan amendment or curtailment or when the related restructuring cost is recognised. Gains and losses on curtailments form part of service cost and are presented as part of other income or other expenses in the income statement. Defined benefit multi-employer plans (such as the AFP arrangement in Norway) are accounted for as defined contribution plans when insufficient information is available to calculate Telenor\u2019s proportionate share. |
Mortality% | Disability% | Expected lifetime | ||||||
Age | Men | Women | Men | Women | Men | Women | ||
40 | 0.1 | \u2014 | 0.1 | 0.1 | 88 | 92 | ||
50 | 0.1 | 0.1 | 0.2 | 0.3 | 88 | 92 | ||
60 | 0.3 | 0.2 | 0.8 | 1.2 | 87 | 91 | ||
70 | 1.1 | 0.8 | 88 | 91 | ||||
80 | 3.6 | 2.5 | 90 | 92 |
2025 | 2024 | ||||||
NOK in millions | Defined benefit obligation | Fair value plan assets | Net defined benefit asset (liability) | Defined benefit obligation | Fair value plan assets | Net defined benefit asset (liability) | |
As of January | (9,406) | 9,481 | 75 | (9,196) | 8,973 | (223) | |
Current service cost | (206) | \u2014 | (206) | (223) | \u2014 | (223) | |
Net interest | (347) | 347 | \u2014 | (334) | 316 | (18) | |
Discontinued operations | (11) | \u2014 | (11) | (9) | \u2014 | (9) | |
Sub-total included in Income Statement | (565) | 347 | (217) | (567) | 316 | (251) | |
Return on plan assets (excluding amounts included in net interest expense) | \u2014 | 212 | 212 | \u2014 | 292 | 292 | |
Actuarial changes arising from changes in demographic assumptions | 163 | \u2014 | 163 | (10) | \u2014 | (10) | |
Actuarial changes arising from changes in financial assumptions | 286 | \u2014 | 286 | 158 | \u2014 | 158 | |
Experience adjustments 1) | (149) | \u2014 | (149) | (168) | \u2014 | (168) | |
Sub-total in Other Comprehensive Income | 301 | 212 | 512 | (20) | 292 | 272 | |
Business combinations, disposals and held for sale | 109 | (76) | 34 | 134 | (134) | \u2014 | |
Contributions by employer | \u2014 | 423 | 423 | \u2014 | 219 | 219 | |
Benefits paid | 318 | (249) | 69 | 310 | (224) | 86 | |
Translation differences | (10) | (53) | (63) | (66) | 37 | (29) | |
As of 31 December | (9,253) | 10,086 | 833 | (9,406) | 9,481 | 75 | |
As of which classified as: | |||||||
Pension obligations | (1,966) | (2,068) | |||||
Other non-current assets 2) | 2,798 | 2,143 |
2025 | 2024 | |
Discount rate in % | 4.35 | 3.50 |
Future salary increase in % | 3.75 | 3.25 |
Future increase in the social security base amount in % | 3.75 | 3.25 |
Future turnover in % | 2.68 | 2.86 |
Future pension increases in % | 2.75 | 2.25 |
Expected average remaining service period in years | 7 | 7 |
NOK in millions | 2025 | 2024 |
Current service cost | (206) | (223) |
Net interest cost | \u2014 | (18) |
Net periodic benefit costs | (206) | (242) |
Contribution plan costs | (886) | (865) |
Discontinued operations | (22) | (18) |
Total pension costs charged to the income statement for the year | (1,114) | (1,124) |
Of which reported as other expense (note 8) | (9) | (8) |
Of which reported as pension cost (note 5) | (1,083) | (1,081) |
Of which reported as net interest cost (note 9) | \u2014 | (18) |
Of which reported as discontinued operations (note 12) | (22) | (18) |
NOK in millions | Discount rate | Future salary increase | Social security base amounts | Annual adjustments to pensions | Turnover | |||||
Change in % is percentage points | -1% | +1% | -1% | +1% | -1% | +1% | -1% | +1% | -1% | +1% |
Increase (decrease) in benefit obligations | 1,031 | (844) | (226) | 227 | 50 | (68) | (719) | 844 | 7 | (17) |
2025 | 2024 | |
Bonds % | 60 | 58 |
Equity securities % | 34 | 37 |
Other % | 6 | 5 |
Total | 100 | 100 |
NOK in millions | |
Within the next 12 months (next annual reporting period) | 263 |
Between 2 and 5 years | 1,238 |
Next 5 years | 2,150 |
Total expected payments next 10 years | 3,651 |
NOK in millions | 2025 | 2024 |
Other cost of premises, vehicles, office equipment etc. | (765) | (804) |
Operation and maintenance | (4,612) | (4,687) |
Marketing and sales commission | (4,201) | (4,070) |
Advertising | (1,265) | (1,253) |
External personnel and consultancy fees | (1,621) | (1,669) |
Variable lease expenses 1) | (1,435) | (1,574) |
Other 2) | (1,129) | (1,204) |
Total other operating expenses | (15,028) | (15,261) |
2) Includes expenses related to short term and low value leases, refer to note 16 Right-of-use assets for more information. | ||
NOK in millions | 2025 | 2024 |
Gains on disposals of property, plant and equipment (PPE), right-of-use assets and operations | 741 | 1,479 |
Other | 3 | \u2014 |
Total other income | 744 | 1,479 |
Losses on disposals of property, plant and equipment (PPE), right-of-use assets and operations | (429) | (277) |
Expenses for workforce reductions, onerous contracts and other | (484) | (511) |
Total other expenses | (913) | (788) |
ACCOUNTING POLICIES Other income and other expenses are items that are not regarded as part of regular operational performance. The purpose of presenting these items on separate lines is to enable comparison of underlying profitability between periods. It includes gains and losses on disposal of non-current assets such as property, plant and equipment (PPE) and intangible assets. It also includes gains and losses from sale of subsidiaries, unless the sale is presented as discontinued operations. Restructuring costs are included to the extent they qualify as a restructuring in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to reduction of personnel is only included when they relate to the time the employee no longer renders services to Telenor. Costs for loss contracts are included when they qualify as onerous contracts under IAS 37. Material fines concluded in legal disputes are included, whereas settlements on legal disputes are only included in other income and other expense when they relate to the business as a whole and are non-recurring in nature. |
NOK in millions | Classification in income statement | 2025 | 2024 |
Depreciation of right-of-use assets | Depreciation and amortisation | 5,062 | 4,877 |
Interest expenses on lease liabilities | Financial expenses (note 9) | 806 | 752 |
Variable lease expenses not dependent on index or rate | Other operating expenses (note 6) | 1,435 | 1,574 |
Variable lease expenses not dependent on index or rate | Cost of materials and traffic charges | 468 | 501 |
Expenses relating to short term leases | Other operating expenses (note 6) | 69 | 73 |
Expenses relating to low value leases | Other operating expenses (note 6) | 14 | 12 |
Total | 7,853 | 7,788 |
NOK in millions | 2025 | 2024 |
Other cost of premises, vehicles, office equipment etc. | (765) | (804) |
Operation and maintenance | (4,612) | (4,687) |
Marketing and sales commission | (4,201) | (4,070) |
Advertising | (1,265) | (1,253) |
External personnel and consultancy fees | (1,621) | (1,669) |
Variable lease expenses 1) | (1,435) | (1,574) |
Other 2) | (1,129) | (1,204) |
Total other operating expenses | (15,028) | (15,261) |
2) Includes expenses related to short term and low value leases, refer to note 16 Right-of-use assets for more information. | ||
NOK in millions | 2025 | 2024 |
Gains on disposals of property, plant and equipment (PPE), right-of-use assets and operations | 741 | 1,479 |
Other | 3 | \u2014 |
Total other income | 744 | 1,479 |
Losses on disposals of property, plant and equipment (PPE), right-of-use assets and operations | (429) | (277) |
Expenses for workforce reductions, onerous contracts and other | (484) | (511) |
Total other expenses | (913) | (788) |
ACCOUNTING POLICIES Other income and other expenses are items that are not regarded as part of regular operational performance. The purpose of presenting these items on separate lines is to enable comparison of underlying profitability between periods. It includes gains and losses on disposal of non-current assets such as property, plant and equipment (PPE) and intangible assets. It also includes gains and losses from sale of subsidiaries, unless the sale is presented as discontinued operations. Restructuring costs are included to the extent they qualify as a restructuring in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to reduction of personnel is only included when they relate to the time the employee no longer renders services to Telenor. Costs for loss contracts are included when they qualify as onerous contracts under IAS 37. Material fines concluded in legal disputes are included, whereas settlements on legal disputes are only included in other income and other expense when they relate to the business as a whole and are non-recurring in nature. |
NOK in millions | 2025 | 2024 |
Other cost of premises, vehicles, office equipment etc. | (765) | (804) |
Operation and maintenance | (4,612) | (4,687) |
Marketing and sales commission | (4,201) | (4,070) |
Advertising | (1,265) | (1,253) |
External personnel and consultancy fees | (1,621) | (1,669) |
Variable lease expenses 1) | (1,435) | (1,574) |
Other 2) | (1,129) | (1,204) |
Total other operating expenses | (15,028) | (15,261) |
2) Includes expenses related to short term and low value leases, refer to note 16 Right-of-use assets for more information. | ||
NOK in millions | 2025 | 2024 |
Gains on disposals of property, plant and equipment (PPE), right-of-use assets and operations | 741 | 1,479 |
Other | 3 | \u2014 |
Total other income | 744 | 1,479 |
Losses on disposals of property, plant and equipment (PPE), right-of-use assets and operations | (429) | (277) |
Expenses for workforce reductions, onerous contracts and other | (484) | (511) |
Total other expenses | (913) | (788) |
ACCOUNTING POLICIES Other income and other expenses are items that are not regarded as part of regular operational performance. The purpose of presenting these items on separate lines is to enable comparison of underlying profitability between periods. It includes gains and losses on disposal of non-current assets such as property, plant and equipment (PPE) and intangible assets. It also includes gains and losses from sale of subsidiaries, unless the sale is presented as discontinued operations. Restructuring costs are included to the extent they qualify as a restructuring in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to reduction of personnel is only included when they relate to the time the employee no longer renders services to Telenor. Costs for loss contracts are included when they qualify as onerous contracts under IAS 37. Material fines concluded in legal disputes are included, whereas settlements on legal disputes are only included in other income and other expense when they relate to the business as a whole and are non-recurring in nature. |
NOK in millions | Classification in income statement | 2025 | 2024 |
Depreciation of right-of-use assets | Depreciation and amortisation | 5,062 | 4,877 |
Interest expenses on lease liabilities | Financial expenses (note 9) | 806 | 752 |
Variable lease expenses not dependent on index or rate | Other operating expenses (note 6) | 1,435 | 1,574 |
Variable lease expenses not dependent on index or rate | Cost of materials and traffic charges | 468 | 501 |
Expenses relating to short term leases | Other operating expenses (note 6) | 69 | 73 |
Expenses relating to low value leases | Other operating expenses (note 6) | 14 | 12 |
Total | 7,853 | 7,788 |
ACCOUNTING POLICIES Research and development costs are assessed for whether or not they meet the capitalisation criteria in IAS 38 Intangible Assets. Generally, they are expensed as incurred as they do not meet the requirements. |
NOK in millions | 2025 | 2024 |
Gains on disposals of property, plant and equipment (PPE), right-of-use assets and operations | 741 | 1,479 |
Other | 3 | \u2014 |
Total other income | 744 | 1,479 |
Losses on disposals of property, plant and equipment (PPE), right-of-use assets and operations | (429) | (277) |
Expenses for workforce reductions, onerous contracts and other | (484) | (511) |
Total other expenses | (913) | (788) |
ACCOUNTING POLICIES Other income and other expenses are items that are not regarded as part of regular operational performance. The purpose of presenting these items on separate lines is to enable comparison of underlying profitability between periods. It includes gains and losses on disposal of non-current assets such as property, plant and equipment (PPE) and intangible assets. It also includes gains and losses from sale of subsidiaries, unless the sale is presented as discontinued operations. Restructuring costs are included to the extent they qualify as a restructuring in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to reduction of personnel is only included when they relate to the time the employee no longer renders services to Telenor. Costs for loss contracts are included when they qualify as onerous contracts under IAS 37. Material fines concluded in legal disputes are included, whereas settlements on legal disputes are only included in other income and other expense when they relate to the business as a whole and are non-recurring in nature. |
NOK in millions | 2025 | 2024 |
Interest income on cash and cash equivalents | 465 | 830 |
Other financial income | 211 | 210 |
Total financial income | 676 | 1,040 |
Interest expenses on financial liabilities 1) | (3,335) | (3,835) |
Other financial expenses | (357) | (420) |
Total financial expenses | (3,692) | (4,255) |
Foreign currency gains | 1,648 | 3,152 |
Foreign currency losses | (1,301) | (3,685) |
Net foreign currency gains (losses) | 347 | (533) |
Net change in fair value of financial instruments at fair value through profit or loss | (616) | 2,398 |
Net change in fair value of hedging instruments and hedged items | 139 | 93 |
Net gains (losses and impairment) on financial assets and liabilities | \u2014 | 27 |
Change in fair value of financial instruments | (477) | 2,518 |
Net financial income (expenses) | (3,147) | (1,230) |
1) Includes interest expenses on lease liabilities, see note 16 Right-of-use assets for more information. |
ACCOUNTING POLICIES Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All such exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income. |
NOK in millions | Classification in income statement | 2025 | 2024 |
Depreciation of right-of-use assets | Depreciation and amortisation | 5,062 | 4,877 |
Interest expenses on lease liabilities | Financial expenses (note 9) | 806 | 752 |
Variable lease expenses not dependent on index or rate | Other operating expenses (note 6) | 1,435 | 1,574 |
Variable lease expenses not dependent on index or rate | Cost of materials and traffic charges | 468 | 501 |
Expenses relating to short term leases | Other operating expenses (note 6) | 69 | 73 |
Expenses relating to low value leases | Other operating expenses (note 6) | 14 | 12 |
Total | 7,853 | 7,788 |
NOK in millions | 2025 | 2024 |
Interest income on cash and cash equivalents | 465 | 830 |
Other financial income | 211 | 210 |
Total financial income | 676 | 1,040 |
Interest expenses on financial liabilities 1) | (3,335) | (3,835) |
Other financial expenses | (357) | (420) |
Total financial expenses | (3,692) | (4,255) |
Foreign currency gains | 1,648 | 3,152 |
Foreign currency losses | (1,301) | (3,685) |
Net foreign currency gains (losses) | 347 | (533) |
Net change in fair value of financial instruments at fair value through profit or loss | (616) | 2,398 |
Net change in fair value of hedging instruments and hedged items | 139 | 93 |
Net gains (losses and impairment) on financial assets and liabilities | \u2014 | 27 |
Change in fair value of financial instruments | (477) | 2,518 |
Net financial income (expenses) | (3,147) | (1,230) |
1) Includes interest expenses on lease liabilities, see note 16 Right-of-use assets for more information. |
ACCOUNTING POLICIES Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All such exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income. |
NOK in millions | Classification in income statement | 2025 | 2024 |
Depreciation of right-of-use assets | Depreciation and amortisation | 5,062 | 4,877 |
Interest expenses on lease liabilities | Financial expenses (note 9) | 806 | 752 |
Variable lease expenses not dependent on index or rate | Other operating expenses (note 6) | 1,435 | 1,574 |
Variable lease expenses not dependent on index or rate | Cost of materials and traffic charges | 468 | 501 |
Expenses relating to short term leases | Other operating expenses (note 6) | 69 | 73 |
Expenses relating to low value leases | Other operating expenses (note 6) | 14 | 12 |
Total | 7,853 | 7,788 |
NOK in millions | 2025 | 2024 |
Interest income on cash and cash equivalents | 465 | 830 |
Other financial income | 211 | 210 |
Total financial income | 676 | 1,040 |
Interest expenses on financial liabilities 1) | (3,335) | (3,835) |
Other financial expenses | (357) | (420) |
Total financial expenses | (3,692) | (4,255) |
Foreign currency gains | 1,648 | 3,152 |
Foreign currency losses | (1,301) | (3,685) |
Net foreign currency gains (losses) | 347 | (533) |
Net change in fair value of financial instruments at fair value through profit or loss | (616) | 2,398 |
Net change in fair value of hedging instruments and hedged items | 139 | 93 |
Net gains (losses and impairment) on financial assets and liabilities | \u2014 | 27 |
Change in fair value of financial instruments | (477) | 2,518 |
Net financial income (expenses) | (3,147) | (1,230) |
1) Includes interest expenses on lease liabilities, see note 16 Right-of-use assets for more information. |
ACCOUNTING POLICIES Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All such exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income. |
ACCOUNTING POLICIES Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All such exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income. |
ACCOUNTING POLICIES Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All such exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income. |
NOK in millions | 2025 | 2024 |
Profit before taxes | 16,654 | 23,494 |
Current taxes | (3,384) | (2,921) |
Deferred taxes | (980) | (798) |
Income taxes | (4,364) | (3,719) |
ACCOUNTING POLICIES Telenor bases its assessment of taxable income on interpretation of relevant laws and regulations, and when it is considered as probable that the tax treatment will be sustained in a tax review. Current tax assets and liabilities are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax assets and liabilities are calculated using the liability method where deferred taxes are recognised on the difference between the tax base and the carrying amount of the assets and liabilities, including tax losses carried forward. Deferred tax assets and liabilities are not recognised on goodwill. They are also not recognised on investments in subsidiaries, associates, or joint ventures where the timing of the reversal can be controlled, and it is probable that the temporary difference will not be reversed in the foreseeable future. Deferred tax assets are only recognised to the extent it is more likely than not that the tax assets will be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right, and Telenor is capable to and intends to settle on a net basis. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. A change in deferred tax assets and liabilities because of change in tax rates is recognised in profit or loss, except when it relates to items that previously was recognised in other comprehensive income or directly in equity. Deferred tax is provided for undistributed earnings in subsidiaries when distribution is expected in foreseeable future. Deferred tax for undistributed earnings in associated companies is provided for as the timing of the reversal of the temporary differences cannot be controlled by Telenor. Telenor applies the exemption not to recognise and disclose information about deferred tax assets and liabilities related to Pillar II Rules, as provided in IAS 12 Income Taxes. |
KEY SOURCES OF ESTIMATED UNCERTAINTIES Significant judgements are required when assessing uncertain tax assets, like tax losses carried forward, including assessment of taxable profits in futures years as well as tax planning strategies and the existence of taxable temporary differences. Entities with a history of recent losses need convincing evidence that sufficient future taxable profit will be generated before a tax asset is recognised. Uncertainty related to new transactions and events and the interpretation of new tax rules may also affect these judgements. Telenor is involved in various legal proceedings, disputes and claims related to its income tax positions where the outcomes is subject to significant uncertainty. The management assessment may include interpretation of relevant laws, regulations, and the outcome of similar tax disputes in the same jurisdiction, expert opinions from external tax advisors and communication with the tax authorities. A tax provision is recognised when an unfavourable outcome is considered probable, and a reliable estimate can be made. In Norway, a formal decision made by the tax authorities or lower courts is presumed to represent the best estimate for accounting purposes unless expert opinions can point to errors clearly indicating that the tax assessment is incorrect. The tax provision is updated whenever the assumptions change. Tax disputes are disclosed in this note if they are considered significant for Telenor. |
Effective tax rate | ||
NOK in millions | 2025 | 2024 |
Income tax expense at corporate income tax rate in Norway 22% | (3,664) | (5,169) |
Effect of tax rates outside Norway different from 22% | (695) | (764) |
Current and deferred taxes on retained earnings and dividends | (446) | (290) |
Impairment (reversal) of True Corporation | (59) | 1,543 |
Impairment of Carousell | \u2014 | (87) |
Gain on disposal of Telenor Satellite | \u2014 | 299 |
Gain from merger of Telenor Software Lab and Jottacloud | 118 | \u2014 |
Fair value adjustment of shareholder loan funding the investment in True Corporation | (36) | 352 |
Grameenphone tax settlements and new tax act | \u2014 | 487 |
Other items | 101 | (37) |
Prior year assessments or adjustments on current tax | 317 | (52) |
Income taxes | (4,364) | (3,719) |
Effective tax rate in % | 26.2 | 15.8 |
NOK in millions | Norway | Denmark | Other | Total |
2026 | \u2014 | \u2014 | 24 | 24 |
2027 | \u2014 | \u2014 | 24 | 24 |
2028 | \u2014 | \u2014 | 21 | 21 |
2029 | \u2014 | \u2014 | 124 | 124 |
2030 | \u2014 | \u2014 | \u2014 | \u2014 |
2031 and later | \u2014 | \u2014 | 102 | 102 |
Not time-limited | 1,870 | 188 | 16 | 2,074 |
Total tax losses carried forward | 1,870 | 188 | 311 | 2,369 |
Of which deferred tax assets have not been recognised | \u2014 | 172 | 280 | 452 |
Of which deferred tax assets have been recognised | 1,870 | 15 | 32 | 1,917 |
NOK in millions | Norway | Denmark | Other | Total |
2025 | \u2014 | \u2014 | 18 | 18 |
2026 | \u2014 | \u2014 | 34 | 34 |
2027 | \u2014 | \u2014 | 46 | 46 |
2028 | \u2014 | \u2014 | 49 | 49 |
2029 | \u2014 | \u2014 | 136 | 136 |
2030 and later | \u2014 | \u2014 | 117 | 117 |
Not time-limited | 1,616 | 299 | \u2014 | 1,916 |
Total tax losses carried forward | 1,616 | 299 | 400 | 2,316 |
Of which deferred tax assets have not been recognised | \u2014 | 172 | 277 | 448 |
Of which deferred tax assets have been recognised | 1,616 | 127 | 123 | 1,867 |
Tax effect of temporary differences and tax losses carried forward as of 31 December | |||||||||
NOK in millions | 2025 | 2024 | |||||||
Deferred tax assets | Deferred tax liabilities | Of which deferred assets\u00a0 not recognised | Recognised in the income statement | Deferred tax assets | Deferred tax liabilities | Of which deferred assets\u00a0 not recognised | Recognised in the income statement | ||
Tangible and intangible assets | 1,839 | (8,412) | \u2014 | 519 | 1,966 | (9,415) | (297) | (583) | |
Undistributed earnings in foreign subsidiaries and associated companies | \u2014 | (501) | \u2014 | (193) | \u2014 | (352) | \u2014 | (93) | |
Non-current borrowings | 3,553 | (3) | \u2014 | (1,871) | 6,031 | (39) | \u2014 | 559 | |
Other non-current items | 1,270 | (2,010) | \u2014 | (36) | 1,144 | (1,685) | \u2014 | (157) | |
Total non-current assets and liabilities | 6,662 | (10,926) | \u2014 | (1,581) | 9,140 | (11,492) | (297) | (274) | |
Total current assets and liabilities | 2,549 | (87) | \u2014 | 597 | (86) | \u2014 | (384) | ||
Tax losses carried forward | 518 | \u2014 | (102) | 12 | 508 | (103) | (141) | ||
Valuation allowance recognised in the income statement | (8) | 1 | |||||||
Deferred tax recognised in the income statement | (980) | (798) | |||||||
Total deferred tax assets/liabilities | 9,729 | (11,013) | (102) | 12,719 | (11,579) | (400) | |||
Net deferred tax assets/liabilities | (1,386) | 740 | |||||||
Of which deferred tax assets | 3,067 | 4,614 | |||||||
Of which deferred tax liabilities | (4,453) | (3,874) |
NOK in millions | 2025 | 2024 |
As of 1 January | 740 | 927 |
Recognised in the income statement | (980) | (798) |
Recognised in other comprehensive income | 56 | 497 |
Recognised directly to equity | 8 | 8 |
Acquisitions and disposals of subsidiaries | (880) | (16) |
Discontinued operations | (135) | 119 |
Translation differences on deferred taxes | (195) | 3 |
As of 31 December | (1,386) | 740 |
NOK in millions | 2025 | 2024 |
Profit before taxes | 16,654 | 23,494 |
Current taxes | (3,384) | (2,921) |
Deferred taxes | (980) | (798) |
Income taxes | (4,364) | (3,719) |
ACCOUNTING POLICIES Telenor bases its assessment of taxable income on interpretation of relevant laws and regulations, and when it is considered as probable that the tax treatment will be sustained in a tax review. Current tax assets and liabilities are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax assets and liabilities are calculated using the liability method where deferred taxes are recognised on the difference between the tax base and the carrying amount of the assets and liabilities, including tax losses carried forward. Deferred tax assets and liabilities are not recognised on goodwill. They are also not recognised on investments in subsidiaries, associates, or joint ventures where the timing of the reversal can be controlled, and it is probable that the temporary difference will not be reversed in the foreseeable future. Deferred tax assets are only recognised to the extent it is more likely than not that the tax assets will be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right, and Telenor is capable to and intends to settle on a net basis. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. A change in deferred tax assets and liabilities because of change in tax rates is recognised in profit or loss, except when it relates to items that previously was recognised in other comprehensive income or directly in equity. Deferred tax is provided for undistributed earnings in subsidiaries when distribution is expected in foreseeable future. Deferred tax for undistributed earnings in associated companies is provided for as the timing of the reversal of the temporary differences cannot be controlled by Telenor. Telenor applies the exemption not to recognise and disclose information about deferred tax assets and liabilities related to Pillar II Rules, as provided in IAS 12 Income Taxes. |
KEY SOURCES OF ESTIMATED UNCERTAINTIES Significant judgements are required when assessing uncertain tax assets, like tax losses carried forward, including assessment of taxable profits in futures years as well as tax planning strategies and the existence of taxable temporary differences. Entities with a history of recent losses need convincing evidence that sufficient future taxable profit will be generated before a tax asset is recognised. Uncertainty related to new transactions and events and the interpretation of new tax rules may also affect these judgements. Telenor is involved in various legal proceedings, disputes and claims related to its income tax positions where the outcomes is subject to significant uncertainty. The management assessment may include interpretation of relevant laws, regulations, and the outcome of similar tax disputes in the same jurisdiction, expert opinions from external tax advisors and communication with the tax authorities. A tax provision is recognised when an unfavourable outcome is considered probable, and a reliable estimate can be made. In Norway, a formal decision made by the tax authorities or lower courts is presumed to represent the best estimate for accounting purposes unless expert opinions can point to errors clearly indicating that the tax assessment is incorrect. The tax provision is updated whenever the assumptions change. Tax disputes are disclosed in this note if they are considered significant for Telenor. |
Effective tax rate | ||
NOK in millions | 2025 | 2024 |
Income tax expense at corporate income tax rate in Norway 22% | (3,664) | (5,169) |
Effect of tax rates outside Norway different from 22% | (695) | (764) |
Current and deferred taxes on retained earnings and dividends | (446) | (290) |
Impairment (reversal) of True Corporation | (59) | 1,543 |
Impairment of Carousell | \u2014 | (87) |
Gain on disposal of Telenor Satellite | \u2014 | 299 |
Gain from merger of Telenor Software Lab and Jottacloud | 118 | \u2014 |
Fair value adjustment of shareholder loan funding the investment in True Corporation | (36) | 352 |
Grameenphone tax settlements and new tax act | \u2014 | 487 |
Other items | 101 | (37) |
Prior year assessments or adjustments on current tax | 317 | (52) |
Income taxes | (4,364) | (3,719) |
Effective tax rate in % | 26.2 | 15.8 |
NOK in millions | Norway | Denmark | Other | Total |
2026 | \u2014 | \u2014 | 24 | 24 |
2027 | \u2014 | \u2014 | 24 | 24 |
2028 | \u2014 | \u2014 | 21 | 21 |
2029 | \u2014 | \u2014 | 124 | 124 |
2030 | \u2014 | \u2014 | \u2014 | \u2014 |
2031 and later | \u2014 | \u2014 | 102 | 102 |
Not time-limited | 1,870 | 188 | 16 | 2,074 |
Total tax losses carried forward | 1,870 | 188 | 311 | 2,369 |
Of which deferred tax assets have not been recognised | \u2014 | 172 | 280 | 452 |
Of which deferred tax assets have been recognised | 1,870 | 15 | 32 | 1,917 |
NOK in millions | Norway | Denmark | Other | Total |
2025 | \u2014 | \u2014 | 18 | 18 |
2026 | \u2014 | \u2014 | 34 | 34 |
2027 | \u2014 | \u2014 | 46 | 46 |
2028 | \u2014 | \u2014 | 49 | 49 |
2029 | \u2014 | \u2014 | 136 | 136 |
2030 and later | \u2014 | \u2014 | 117 | 117 |
Not time-limited | 1,616 | 299 | \u2014 | 1,916 |
Total tax losses carried forward | 1,616 | 299 | 400 | 2,316 |
Of which deferred tax assets have not been recognised | \u2014 | 172 | 277 | 448 |
Of which deferred tax assets have been recognised | 1,616 | 127 | 123 | 1,867 |
Tax effect of temporary differences and tax losses carried forward as of 31 December | |||||||||
NOK in millions | 2025 | 2024 | |||||||
Deferred tax assets | Deferred tax liabilities | Of which deferred assets\u00a0 not recognised | Recognised in the income statement | Deferred tax assets | Deferred tax liabilities | Of which deferred assets\u00a0 not recognised | Recognised in the income statement | ||
Tangible and intangible assets | 1,839 | (8,412) | \u2014 | 519 | 1,966 | (9,415) | (297) | (583) | |
Undistributed earnings in foreign subsidiaries and associated companies | \u2014 | (501) | \u2014 | (193) | \u2014 | (352) | \u2014 | (93) | |
Non-current borrowings | 3,553 | (3) | \u2014 | (1,871) | 6,031 | (39) | \u2014 | 559 | |
Other non-current items | 1,270 | (2,010) | \u2014 | (36) | 1,144 | (1,685) | \u2014 | (157) | |
Total non-current assets and liabilities | 6,662 | (10,926) | \u2014 | (1,581) | 9,140 | (11,492) | (297) | (274) | |
Total current assets and liabilities | 2,549 | (87) | \u2014 | 597 | (86) | \u2014 | (384) | ||
Tax losses carried forward | 518 | \u2014 | (102) | 12 | 508 | (103) | (141) | ||
Valuation allowance recognised in the income statement | (8) | 1 | |||||||
Deferred tax recognised in the income statement | (980) | (798) | |||||||
Total deferred tax assets/liabilities | 9,729 | (11,013) | (102) | 12,719 | (11,579) | (400) | |||
Net deferred tax assets/liabilities | (1,386) | 740 | |||||||
Of which deferred tax assets | 3,067 | 4,614 | |||||||
Of which deferred tax liabilities | (4,453) | (3,874) |
NOK in millions | 2025 | 2024 |
As of 1 January | 740 | 927 |
Recognised in the income statement | (980) | (798) |
Recognised in other comprehensive income | 56 | 497 |
Recognised directly to equity | 8 | 8 |
Acquisitions and disposals of subsidiaries | (880) | (16) |
Discontinued operations | (135) | 119 |
Translation differences on deferred taxes | (195) | 3 |
As of 31 December | (1,386) | 740 |
NOK in millions | 2025 | 2024 |
Profit before taxes | 16,654 | 23,494 |
Current taxes | (3,384) | (2,921) |
Deferred taxes | (980) | (798) |
Income taxes | (4,364) | (3,719) |
ACCOUNTING POLICIES Telenor bases its assessment of taxable income on interpretation of relevant laws and regulations, and when it is considered as probable that the tax treatment will be sustained in a tax review. Current tax assets and liabilities are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax assets and liabilities are calculated using the liability method where deferred taxes are recognised on the difference between the tax base and the carrying amount of the assets and liabilities, including tax losses carried forward. Deferred tax assets and liabilities are not recognised on goodwill. They are also not recognised on investments in subsidiaries, associates, or joint ventures where the timing of the reversal can be controlled, and it is probable that the temporary difference will not be reversed in the foreseeable future. Deferred tax assets are only recognised to the extent it is more likely than not that the tax assets will be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right, and Telenor is capable to and intends to settle on a net basis. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. A change in deferred tax assets and liabilities because of change in tax rates is recognised in profit or loss, except when it relates to items that previously was recognised in other comprehensive income or directly in equity. Deferred tax is provided for undistributed earnings in subsidiaries when distribution is expected in foreseeable future. Deferred tax for undistributed earnings in associated companies is provided for as the timing of the reversal of the temporary differences cannot be controlled by Telenor. Telenor applies the exemption not to recognise and disclose information about deferred tax assets and liabilities related to Pillar II Rules, as provided in IAS 12 Income Taxes. |
KEY SOURCES OF ESTIMATED UNCERTAINTIES Significant judgements are required when assessing uncertain tax assets, like tax losses carried forward, including assessment of taxable profits in futures years as well as tax planning strategies and the existence of taxable temporary differences. Entities with a history of recent losses need convincing evidence that sufficient future taxable profit will be generated before a tax asset is recognised. Uncertainty related to new transactions and events and the interpretation of new tax rules may also affect these judgements. Telenor is involved in various legal proceedings, disputes and claims related to its income tax positions where the outcomes is subject to significant uncertainty. The management assessment may include interpretation of relevant laws, regulations, and the outcome of similar tax disputes in the same jurisdiction, expert opinions from external tax advisors and communication with the tax authorities. A tax provision is recognised when an unfavourable outcome is considered probable, and a reliable estimate can be made. In Norway, a formal decision made by the tax authorities or lower courts is presumed to represent the best estimate for accounting purposes unless expert opinions can point to errors clearly indicating that the tax assessment is incorrect. The tax provision is updated whenever the assumptions change. Tax disputes are disclosed in this note if they are considered significant for Telenor. |
Effective tax rate | ||
NOK in millions | 2025 | 2024 |
Income tax expense at corporate income tax rate in Norway 22% | (3,664) | (5,169) |
Effect of tax rates outside Norway different from 22% | (695) | (764) |
Current and deferred taxes on retained earnings and dividends | (446) | (290) |
Impairment (reversal) of True Corporation | (59) | 1,543 |
Impairment of Carousell | \u2014 | (87) |
Gain on disposal of Telenor Satellite | \u2014 | 299 |
Gain from merger of Telenor Software Lab and Jottacloud | 118 | \u2014 |
Fair value adjustment of shareholder loan funding the investment in True Corporation | (36) | 352 |
Grameenphone tax settlements and new tax act | \u2014 | 487 |
Other items | 101 | (37) |
Prior year assessments or adjustments on current tax | 317 | (52) |
Income taxes | (4,364) | (3,719) |
Effective tax rate in % | 26.2 | 15.8 |
NOK in millions | Norway | Denmark | Other | Total |
2026 | \u2014 | \u2014 | 24 | 24 |
2027 | \u2014 | \u2014 | 24 | 24 |
2028 | \u2014 | \u2014 | 21 | 21 |
2029 | \u2014 | \u2014 | 124 | 124 |
2030 | \u2014 | \u2014 | \u2014 | \u2014 |
2031 and later | \u2014 | \u2014 | 102 | 102 |
Not time-limited | 1,870 | 188 | 16 | 2,074 |
Total tax losses carried forward | 1,870 | 188 | 311 | 2,369 |
Of which deferred tax assets have not been recognised | \u2014 | 172 | 280 | 452 |
Of which deferred tax assets have been recognised | 1,870 | 15 | 32 | 1,917 |
NOK in millions | Norway | Denmark | Other | Total |
2025 | \u2014 | \u2014 | 18 | 18 |
2026 | \u2014 | \u2014 | 34 | 34 |
2027 | \u2014 | \u2014 | 46 | 46 |
2028 | \u2014 | \u2014 | 49 | 49 |
2029 | \u2014 | \u2014 | 136 | 136 |
2030 and later | \u2014 | \u2014 | 117 | 117 |
Not time-limited | 1,616 | 299 | \u2014 | 1,916 |
Total tax losses carried forward | 1,616 | 299 | 400 | 2,316 |
Of which deferred tax assets have not been recognised | \u2014 | 172 | 277 | 448 |
Of which deferred tax assets have been recognised | 1,616 | 127 | 123 | 1,867 |
Tax effect of temporary differences and tax losses carried forward as of 31 December | |||||||||
NOK in millions | 2025 | 2024 | |||||||
Deferred tax assets | Deferred tax liabilities | Of which deferred assets\u00a0 not recognised | Recognised in the income statement | Deferred tax assets | Deferred tax liabilities | Of which deferred assets\u00a0 not recognised | Recognised in the income statement | ||
Tangible and intangible assets | 1,839 | (8,412) | \u2014 | 519 | 1,966 | (9,415) | (297) | (583) | |
Undistributed earnings in foreign subsidiaries and associated companies | \u2014 | (501) | \u2014 | (193) | \u2014 | (352) | \u2014 | (93) | |
Non-current borrowings | 3,553 | (3) | \u2014 | (1,871) | 6,031 | (39) | \u2014 | 559 | |
Other non-current items | 1,270 | (2,010) | \u2014 | (36) | 1,144 | (1,685) | \u2014 | (157) | |
Total non-current assets and liabilities | 6,662 | (10,926) | \u2014 | (1,581) | 9,140 | (11,492) | (297) | (274) | |
Total current assets and liabilities | 2,549 | (87) | \u2014 | 597 | (86) | \u2014 | (384) | ||
Tax losses carried forward | 518 | \u2014 | (102) | 12 | 508 | (103) | (141) | ||
Valuation allowance recognised in the income statement | (8) | 1 | |||||||
Deferred tax recognised in the income statement | (980) | (798) | |||||||
Total deferred tax assets/liabilities | 9,729 | (11,013) | (102) | 12,719 | (11,579) | (400) | |||
Net deferred tax assets/liabilities | (1,386) | 740 | |||||||
Of which deferred tax assets | 3,067 | 4,614 | |||||||
Of which deferred tax liabilities | (4,453) | (3,874) |
NOK in millions | 2025 | 2024 |
As of 1 January | 740 | 927 |
Recognised in the income statement | (980) | (798) |
Recognised in other comprehensive income | 56 | 497 |
Recognised directly to equity | 8 | 8 |
Acquisitions and disposals of subsidiaries | (880) | (16) |
Discontinued operations | (135) | 119 |
Translation differences on deferred taxes | (195) | 3 |
As of 31 December | (1,386) | 740 |
ACCOUNTING POLICIES Earnings per share (EPS) is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average ordinary outstanding shares. |
NOK in millions | 2025 | 2024 |
Net income from continuing operations after non-controlling interest | 10,962 | 18,002 |
Net income (loss) from discontinued operations after non-controlling interest | (3,927) | 333 |
Net income from total operations attributable to equity holders of Telenor ASA | 7,034 | 18,336 |
In thousands | 2025 | 2024 |
Weighted average number of shares for the purpose of both basic and diluted earnings per share | 1,368,211 | 1,376,441 |
NOK | 2025 | 2024 |
Basic/Diluted earnings per share from continuing operations | 8.01 | 13.08 |
Basic/Diluted earnings per share from discontinued operations | (2.87) | 0.24 |
Basic/Diluted earnings per share from total operations | 5.14 | 13.32 |
NOK | 2025 | 2024 |
Ordinary dividend per share in NOK \u2013 paid | 9.60 | 9.50 |
Ordinary dividend per share in NOK - proposed by the Board of Directors | 9.70 | 9.60 |
ACCOUNTING POLICIES Earnings per share (EPS) is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average ordinary outstanding shares. |
NOK in millions | 2025 | 2024 |
Net income from continuing operations after non-controlling interest | 10,962 | 18,002 |
Net income (loss) from discontinued operations after non-controlling interest | (3,927) | 333 |
Net income from total operations attributable to equity holders of Telenor ASA | 7,034 | 18,336 |
In thousands | 2025 | 2024 |
Weighted average number of shares for the purpose of both basic and diluted earnings per share | 1,368,211 | 1,376,441 |
NOK | 2025 | 2024 |
Basic/Diluted earnings per share from continuing operations | 8.01 | 13.08 |
Basic/Diluted earnings per share from discontinued operations | (2.87) | 0.24 |
Basic/Diluted earnings per share from total operations | 5.14 | 13.32 |
NOK | 2025 | 2024 |
Ordinary dividend per share in NOK \u2013 paid | 9.60 | 9.50 |
Ordinary dividend per share in NOK - proposed by the Board of Directors | 9.70 | 9.60 |
ACCOUNTING POLICIES Earnings per share (EPS) is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average ordinary outstanding shares. |
ACCOUNTING POLICIES Earnings per share (EPS) is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average ordinary outstanding shares. |
NOK in millions | 2025 | 2024 |
Revenue | 4,839 | 4,441 |
EBITDA | 2,082 | 1,704 |
EBIT | 1,092 | 711 |
Profit (loss) before tax | 917 | 600 |
Income tax | (547) | (6) |
Profit (loss) after tax | 370 | 594 |
Gain (loss) on disposal before tax | (4,099) | (260) |
Income tax | (198) | \u2014 |
Gain (loss) on disposal after tax | (4,297) | (260) |
Profit (loss) from discontinued operations | (3,927) | 333 |
ACCOUNTING POLICIES Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. This also applies for situations where the Group continues its operations but loses control over the operation. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and must be expected that the sale will be completed within a year. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The equity method is discontinued for associated companies classified as held for sale. A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Discontinued operations are also excluded from segment reporting. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operation. |
NOK in millions | 2025 | 2024 |
Net cash flow from operating activities | 1,193 | 1,503 |
Net cash flow from investing activities | 1,294 | (487) |
Net cash flow from financing activities | 1,865 | (908) |
Total cash flows from discontinued operations | 4,353 | 107 |
Effects of exchange rate changes on cash and cash equivalents | 17 | (15) |
Net cash flows from discontinued operations | 4,370 | 92 |
NOK in millions | 2025 | 2024 |
Liabilities | ||
Current liabilities | 5,033 | 4,220 |
Total liabilities held for sale | 5,033 | 4,220 |
NOK in millions | 2025 | 2024 |
Telenor India | (921) | (1,180) |
NOK in millions | 2025 | 2024 |
Change in inventory | 14 | 114 |
Change in trade and other receivables | (119) | 2,245 |
Change in trade and other payables | 244 | 389 |
Change in operating working capital | 140 | 2,748 |
ACCOUNTING POLICIES |
Telenor presents the statement of cash flows using the indirect method. Cash inflows and outflows are shown separately for investing and financing activities, while operating activities include both cash and non- cash line items. Interest received and paid, and dividends received, are reported as a part of operating activities. Dividends distributed by Telenor ASA and subsidiaries with non-controlling interests are included as a part of financing activities. Value-added tax (VAT) and other similar taxes are regarded as collection of tax on behalf of authorities and are reported net. Discontinued operations are included in the cash flow statement and information about operating, financing, investing cash flows from discontinued operations is shown in note 12 Held for sale and discontinued operations. |
NOK in millions | 2025 | 2024 |
(8,038) | (10,616) | |
(2,953) | (2,980) | |
Change in estimates for ARO obligations | (279) | 355 |
Changes in accounts payable and prepayments | (132) | 302 |
Other adjustments | 63 | 10 |
Purchases of property, plant and equipment and intangible\u00a0 assets | (11,338) | (12,929) |
NOK in millions | 2025 | 2024 |
(4,760) | (5,257) | |
Lease liabilities | 4,372 | 4,843 |
Other adjustments | 188 | 36 |
Prepayments at or before lease commencement including initial direct cost | (200) | (378) |
Prepayments prior to commencement of leases | (390) | (76) |
Prepayment of right-of-use assets including initial direct cost | (590) | (454) |
NOK in millions | 2025 | 2024 |
Investments in associates and joint ventures | 3,126 | 2,323 |
Total other non-current assets | 37 | 27 |
Current assets | 50 | 9 |
Liabilities | (28) | (8) |
Non-controlling interests | (11) | \u2014 |
Total purchase price and capital injections | 3,175 | 2,352 |
Of which non-cash | (2,356) | (2,101) |
Cash payments related to acquisitions | (819) | (251) |
Cash in subsidiaries acquired | 25 | 2 |
Purchases of businesses, net of cash acquired | (794) | (249) |
NOK in millions | 2025 | 2024 |
659 | 4 | |
Other non-current assets | 5,824 | 1,243 |
Current Assets | 2,029 | 434 |
Liabilities | (6,154) | (656) |
Gains (losses) adjusted for translation differences on disposals 1) 2) | (568) | 1,121 |
Sales price | 1,790 | 2,145 |
Of which non-cash | 499 | 245 |
Proceeds received as sale consideration | 2,290 | 2,390 |
Cash in subsidiaries disposed of | 659 | (252) |
Proceeds from disposal of businesses, net of cash disposed | 2,949 | 2,138 |
NOK in millions | Classification in cash flow statement | 2025 | 2024 |
Payments of lease liabilities \u2013 principal portion | Financing activities | 4,724 | 4,868 |
Payments of lease liabilities \u2013 interest portion | Operating activities | 672 | 710 |
Payments of variable, short term and low value leases | Operating activities | 2,319 | 2,534 |
Prepayments made at or before lease commencement including initial direct cost | Investing activities | 590 | 454 |
Total cash outflow | 8,306 | 8,566 |
2025 | 2024 | ||||||
NOK in millions | Interest-bearing liabilities | Lease liabilities | Total | Interest-bearing liabilities | Lease liabilities | Total | |
Balance as of 1 January | 84,080 | 17,541 | 101,621 | 87,475 | 17,308 | 104,783 | |
Cash flow from financing activities | |||||||
Proceeds from borrowings | 18,079 | \u2014 | 18,079 | 6,278 | \u2014 | 6,278 | |
Repayments of borrowings | (13,494) | \u2014 | (13,494) | (13,877) | \u2014 | (13,877) | |
Payments of lease liabilities related to spectrum licences | \u2014 | (687) | (687) | \u2014 | (1,216) | (1,216) | |
Payments of lease liabilities related to other lease contracts | \u2014 | (4,037) | (4,037) | \u2014 | (3,652) | (3,652) | |
Net cash flow from financing activities | 4,585 | (4,724) | (139) | (7,599) | (4,868) | (12,467) | |
Change due to hedge accounting | (150) | \u2014 | (150) | (43) | \u2014 | (43) | |
Effects from exchange rate fluctuations | 641 | (771) | (130) | 3,974 | 586 | 4,560 | |
Net interest paid/accrued | 35 | 233 | 268 | 60 | 165 | 225 | |
Disposals | (2,946) | (1,149) | (4,095) | \u2014 | (44) | (44) | |
New lease contracts | \u2014 | 4,372 | 4,372 | \u2014 | 4,843 | 4,843 | |
Termination and reassessment of lease contracts | \u2014 | (426) | (426) | \u2014 | (455) | (455) | |
Other | 548 | (16) | 532 | 213 | 6 | 219 | |
Other changes | (1,872) | 2,243 | 371 | 4,205 | 5,101 | 9,305 | |
Balance as of 31 December | 86,793 | 15,060 | 101,853 | 84,080 | 17,541 | 101,621 | |
Non-current liabilities | 74,187 | 11,399 | 85,586 | 72,730 | 13,697 | 86,426 | |
Current liabilities | 12,607 | 3,660 | 16,267 | 11,350 | 3,844 | 15,195 |
NOK in millions | Telenor Sweden | DNA Finland | Other 1) | Total |
Accumulated cost | ||||
Translations differences | 116 | |||
Additions | 22 | 22 | ||
2,622 | ||||
Translations differences | 16 | |||
Additions | ||||
2,661 | ||||
Accumulated impairment | ||||
Translations differences | ||||
Translations differences | ||||
Carrying amount | ||||
26,822 |
ACCOUNTING POLICIES Goodwill arises in business combinations as the difference between the consideration and the acquired business\u2019 identifiable assets and assumed liabilities at the acquisition date. Assets and liabilities are generally recognised at fair value, except for non-current assets classified as held for sale and deferred taxes which are recognised at nominal value. The fair value of any previously held equity interests and the amount of any non-controlling interest is also included when determining the amount of goodwill. The fair value assessment of assets and liabilities in a business combination involves various valuation techniques that include assumptions on future revenues, net income, outcome of legal claims and other variables. Telenor always use external valuation experts to assess the fair value of assets and liabilities in significant Impairment of assets. |
ACCOUNTING POLICIES Intangible assets acquired individually are measured initially at cost and recognised as an intangible assets when control has been obtained over the asset, future economic benefits are expected to flow to the entity and the cost can be measured reliably. The cost to be capitalised as part of the assets includes direct and incremental costs and, for qualifying assets, borrowing costs. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following that initial recognition, intangible assets are carried at cost less accumulated amortisation and any impairment losses. The straight-line amortisation method is used for most intangible assets as this best reflects the consumption of the assets. The amortisation period for a customer base is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses. The useful lives and amortisation methods are reviewed at least annually. Refer to\u00a0 note 18 Impairment of assets for further information about impairment. |
NOK in millions | Customer base | Trademarks 1) | Software acquired | Internally generated software | Others | Work in progress 2) | Total |
Accumulated cost | |||||||
As of 1 January 2024 | 2,652 | 4,706 | 18,923 | 5,915 | 429 | 846 | 33,469 |
Reclassifications 3) | \u2014 | \u2014 | 615 | 523 | 107 | (1,259) | (14) |
Additions | 6 | \u2014 | 1,229 | \u2014 | 32 | 1,542 | 2,809 |
Additions internally developed | \u2014 | \u2014 | \u2014 | 160 | 10 | \u2014 | 170 |
Translation differences | 105 | 238 | 366 | 85 | 16 | 26 | 835 |
Derecognition | (30) | \u2014 | (2,090) | (213) | 35 | (92) | (2,390) |
Disposal of businesses | (280) | \u2014 | (1) | \u2014 | \u2014 | \u2014 | (281) |
As of 31 December 2024 | 2,452 | 4,944 | 19,042 | 6,471 | 627 | 1,063 | 34,599 |
Reclassifications 3) | \u2014 | \u2014 | 697 | 413 | 142 | (1,260) | (9) |
Additions | \u2014 | \u2014 | 1,357 | \u2014 | 13 | 1,508 | 2,878 |
Additions internally developed | \u2014 | \u2014 | \u2014 | 71 | 3 | \u2014 | 75 |
Additions through acquisition of subsidiaries | \u2014 | \u2014 | 13 | \u2014 | \u2014 | \u2014 | 13 |
Translation differences | 29 | 26 | 18 | 205 | 4 | 21 | 302 |
Derecognition | (1) | (13) | (713) | (128) | (29) | \u2014 | (885) |
Disposal of businesses | \u2014 | \u2014 | (495) | \u2014 | (87) | (8) | (590) |
As of 31 December 2025 | 2,480 | 4,956 | 19,919 | 7,031 | 673 | 1,324 | 36,384 |
NOK in millions | Customer base | Trademarks 1) | Software acquired | Internally generated software | Others | Work in progress 2) | Total |
Accumulated amortisation and impairment losses | |||||||
As of 1 January 2024 | (1,799) | (1,205) | (16,050) | (4,823) | (314) | \u2014 | (24,190) |
Reclassifications 3) | \u2014 | \u2014 | \u2014 | \u2014 | 4 | \u2014 | 4 |
Amortisation - continuing operations | (269) | \u2014 | (1,820) | (700) | (73) | \u2014 | (2,861) |
Amortisation - discontinued operations | \u2014 | \u2014 | (30) | \u2014 | \u2014 | \u2014 | (30) |
Translations differences | (71) | (61) | (302) | (61) | (13) | \u2014 | (508) |
Derecognition | 18 | \u2014 | 2,059 | 205 | (35) | \u2014 | 2,247 |
Disposal of businesses | 279 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 279 |
As of 31 December 2024 | (1,841) | (1,265) | (16,142) | (5,379) | (431) | \u2014 | (25,057) |
Reclassifications 3) | \u2014 | \u2014 | \u2014 | 1 | 2 | \u2014 | 2 |
Amortisation - continuing operations | (268) | (46) | (1,898) | (674) | (99) | \u2014 | (2,985) |
Amortisation - discontinued operations | \u2014 | \u2014 | (27) | \u2014 | \u2014 | \u2014 | (27) |
Translations differences | (26) | (5) | (61) | (159) | (2) | \u2014 | (253) |
Derecognition | 1 | 13 | 664 | 113 | 29 | \u2014 | 820 |
Disposal of businesses | \u2014 | \u2014 | 432 | \u2014 | 65 | \u2014 | 497 |
As of 31 December 2025 | (2,135) | (1,303) | (17,032) | (6,097) | (438) | \u2014 | (27,006) |
Carrying amount | |||||||
As of 31 December 2024 | 611 | 3,679 | 2,900 | 1,092 | 196 | 1,063 | 9,542 |
As of 31 December 2025 | 345 | 3,653 | 2,887 | 934 | 235 | 1,324 | 9,379 |
Amortisation periods in years | 3-20 | - | 3-7 | 3 | 3-5 | - | - |
Discount rate after tax (%) | Discount rate pre-tax (%) | Nominal growth in cash flow in terminal value (%) | ||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||
Telenor Sweden | 6.0 | 6.3 | 7.1 | 7.7 | 1.0 | 1.0 | ||
DNA | 5.5 | 6.5 | 6.4 | 7.7 | 1.0 | 1.0 |
ACCOUNTING POLICIES Impairment indicators are assessed at each reporting date for individual assets and Cash Generating Units (CGUs). Impairment testing is performed if any indicators are identified and at least annually for goodwill, intangible assets with indefinite useful life and intangible assets not yet brought into use. Identification of Telenor\u2019s main CGUs is based on the countries where Telenor operates its mobile and fixed operations and its tower operations. The CGU may include both fixed and mobile operations as they are monitored and reported as one operating unit. The value-in-use\u00a0 method is generally used in the impairment testing where estimated future cash flows are discounted to their present value using a discount rate. Fair values are used when these are available, for example when the CGU is a listed company.\u00a0 Impairments are recognised by reducing carrying amount of goodwill first before other assets are reduced on a pro-rata basis. Impairments of goodwill are not reversed. |
KEY SOURCES OF ESTIMATION UNCERTAINTY Impairment triggers Significant management judgment is used when assessing impairment triggers. The following factors are assessed: significant fall in market values; significant underperformance relative to historical or projected future operating results; significant changes in the use of the assets or the strategy for the overall business, including assets that are decided to be phased out or replaced and assets that are damaged or taken out of use; significant negative industry or economic trends; significant loss of market share; significant adverse political and/or regulatory development including unfavourable court decisions and significant cost overruns in the development of assets. |
Assumptions used in the goodwill impairment testing The assessment of value-in-use includes significant management judgments and estimates, including determining the discount rate (WACC), estimating future performance, revenue generating capacity of the assets, margins, prices on future renewals of spectrum licences, political, regulatory and climate risk, required maintenance capex, network\u00a0 and technological developments, and assumptions of the future market conditions. There are significant variations between different markets with respect to growth, mobile penetration, Average Revenue Per User (ARPU), market share, inflation, regulatory costs, and technological development, resulting in differences in EBITDA margins, future investments, and long terms growth assumptions. In some markets, certain expenses and capex are denominated in foreign currency and impacted by currency fluctuations. Recessionary effects and increased macroeconomic risks may impact the estimates of growth, future performance and discount rates used in estimating recoverable amounts of assets. Discount rates are impacted by several macroeconomic factors including borrowing rates, country risk, inflation assumptions and currency development. For assumptions used, external evidence has been taken into consideration. |
NOK in millions | Telenor Sweden | DNA Finland | Other 1) | Total |
Accumulated cost | ||||
Translations differences | 116 | |||
Additions | 22 | 22 | ||
2,622 | ||||
Translations differences | 16 | |||
Additions | ||||
2,661 | ||||
Accumulated impairment | ||||
Translations differences | ||||
Translations differences | ||||
Carrying amount | ||||
26,822 |
ACCOUNTING POLICIES Goodwill arises in business combinations as the difference between the consideration and the acquired business\u2019 identifiable assets and assumed liabilities at the acquisition date. Assets and liabilities are generally recognised at fair value, except for non-current assets classified as held for sale and deferred taxes which are recognised at nominal value. The fair value of any previously held equity interests and the amount of any non-controlling interest is also included when determining the amount of goodwill. The fair value assessment of assets and liabilities in a business combination involves various valuation techniques that include assumptions on future revenues, net income, outcome of legal claims and other variables. Telenor always use external valuation experts to assess the fair value of assets and liabilities in significant Impairment of assets. |
ACCOUNTING POLICIES Intangible assets acquired individually are measured initially at cost and recognised as an intangible assets when control has been obtained over the asset, future economic benefits are expected to flow to the entity and the cost can be measured reliably. The cost to be capitalised as part of the assets includes direct and incremental costs and, for qualifying assets, borrowing costs. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following that initial recognition, intangible assets are carried at cost less accumulated amortisation and any impairment losses. The straight-line amortisation method is used for most intangible assets as this best reflects the consumption of the assets. The amortisation period for a customer base is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses. The useful lives and amortisation methods are reviewed at least annually. Refer to\u00a0 note 18 Impairment of assets for further information about impairment. |
NOK in millions | Customer base | Trademarks 1) | Software acquired | Internally generated software | Others | Work in progress 2) | Total |
Accumulated cost | |||||||
As of 1 January 2024 | 2,652 | 4,706 | 18,923 | 5,915 | 429 | 846 | 33,469 |
Reclassifications 3) | \u2014 | \u2014 | 615 | 523 | 107 | (1,259) | (14) |
Additions | 6 | \u2014 | 1,229 | \u2014 | 32 | 1,542 | 2,809 |
Additions internally developed | \u2014 | \u2014 | \u2014 | 160 | 10 | \u2014 | 170 |
Translation differences | 105 | 238 | 366 | 85 | 16 | 26 | 835 |
Derecognition | (30) | \u2014 | (2,090) | (213) | 35 | (92) | (2,390) |
Disposal of businesses | (280) | \u2014 | (1) | \u2014 | \u2014 | \u2014 | (281) |
As of 31 December 2024 | 2,452 | 4,944 | 19,042 | 6,471 | 627 | 1,063 | 34,599 |
Reclassifications 3) | \u2014 | \u2014 | 697 | 413 | 142 | (1,260) | (9) |
Additions | \u2014 | \u2014 | 1,357 | \u2014 | 13 | 1,508 | 2,878 |
Additions internally developed | \u2014 | \u2014 | \u2014 | 71 | 3 | \u2014 | 75 |
Additions through acquisition of subsidiaries | \u2014 | \u2014 | 13 | \u2014 | \u2014 | \u2014 | 13 |
Translation differences | 29 | 26 | 18 | 205 | 4 | 21 | 302 |
Derecognition | (1) | (13) | (713) | (128) | (29) | \u2014 | (885) |
Disposal of businesses | \u2014 | \u2014 | (495) | \u2014 | (87) | (8) | (590) |
As of 31 December 2025 | 2,480 | 4,956 | 19,919 | 7,031 | 673 | 1,324 | 36,384 |
NOK in millions | Customer base | Trademarks 1) | Software acquired | Internally generated software | Others | Work in progress 2) | Total |
Accumulated amortisation and impairment losses | |||||||
As of 1 January 2024 | (1,799) | (1,205) | (16,050) | (4,823) | (314) | \u2014 | (24,190) |
Reclassifications 3) | \u2014 | \u2014 | \u2014 | \u2014 | 4 | \u2014 | 4 |
Amortisation - continuing operations | (269) | \u2014 | (1,820) | (700) | (73) | \u2014 | (2,861) |
Amortisation - discontinued operations | \u2014 | \u2014 | (30) | \u2014 | \u2014 | \u2014 | (30) |
Translations differences | (71) | (61) | (302) | (61) | (13) | \u2014 | (508) |
Derecognition | 18 | \u2014 | 2,059 | 205 | (35) | \u2014 | 2,247 |
Disposal of businesses | 279 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 279 |
As of 31 December 2024 | (1,841) | (1,265) | (16,142) | (5,379) | (431) | \u2014 | (25,057) |
Reclassifications 3) | \u2014 | \u2014 | \u2014 | 1 | 2 | \u2014 | 2 |
Amortisation - continuing operations | (268) | (46) | (1,898) | (674) | (99) | \u2014 | (2,985) |
Amortisation - discontinued operations | \u2014 | \u2014 | (27) | \u2014 | \u2014 | \u2014 | (27) |
Translations differences | (26) | (5) | (61) | (159) | (2) | \u2014 | (253) |
Derecognition | 1 | 13 | 664 | 113 | 29 | \u2014 | 820 |
Disposal of businesses | \u2014 | \u2014 | 432 | \u2014 | 65 | \u2014 | 497 |
As of 31 December 2025 | (2,135) | (1,303) | (17,032) | (6,097) | (438) | \u2014 | (27,006) |
Carrying amount | |||||||
As of 31 December 2024 | 611 | 3,679 | 2,900 | 1,092 | 196 | 1,063 | 9,542 |
As of 31 December 2025 | 345 | 3,653 | 2,887 | 934 | 235 | 1,324 | 9,379 |
Amortisation periods in years | 3-20 | - | 3-7 | 3 | 3-5 | - | - |
ACCOUNTING POLICIES A lease liability and a right-of-use asset is recognised at commencement date in lease contracts where Telenor has the right to direct the use and obtains substantially all the economic benefits from the use of an identified asset. For spectrum contracts, Telenor has chosen to account for the right to use the spectrum as a lease, where the identified asset is the frequency band that is exclusive for Telenor during the lease term. Lease payments on short-term leases (less than 12 months) and low-value asset leases (mainly small non-core leases) are generally expensed on a straight-line basis over the lease term. The short-term exemption does not apply to spectrum leases or leases with purchase options. The lease liability represents the net present value of lease payments over the lease term and include fixed payments, in-substance fixed payments, non-lease components, residual value guarantees and lease incentives. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised and termination penalties when termination is expected. Variable lease payments such as licence payments based on revenue sharing arrangements are expensed as incurred. The incremental borrowing rate generally used to determine the net present value is based on the respective country\u2019s risk-free rate for the term corresponding to the lease term, adjusted for own credit risk. Subsidiaries with external financing use the external borrowing rate corresponding to the lease term. |
KEY SOURCES OF ESTIMATION UNCERTAINTY For lease of land for own towers or leasing of towers from tower companies or other operators, factors considered in particular for assessing the lease term are technology development and potential changes in business models. Based on an assessment of these factors, the lease term for Telenor\u2019s leases relating to sites will normally be within a range of 4 to 7 years. This means that the lease term for sites with renewal options shall normally be the higher of a non-cancellable period or within a range of 4 to 7 years. Some sites may be in strategically important locations and it might be more than reasonably certain that the sites will be maintained beyond 7 years. In these cases, the lease term may be up to 10 years. The non-cancellable lease period is basis for the lease liability, and periods covered by options to extend or terminate the lease are included only when it is reasonably certain the lease period will be extended. Determining the lease term can involve significant estimation uncertainty for lease contracts with extension or termination options, as an assessment of whether or not it is reasonably certain that the lease period will be extended is required. The broader economics of the contract and not only contractual termination payments are basis for such assessment. The lease liability is remeasured if the lease term or lease payments change, or there are other significant event or significant change in circumstances. Significant amounts paid up-front on spectrum and other lease contracts are recognised as prepayment until commencement date. Non-refundable value-added tax is included as initial direct cost. The right-of-use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. |
NOK in millions | Spectrum licences 1) | Network passive infrastructure | Cables | Land | Buildings | Subscriber Equipment | Others | Total |
Accumulated cost | ||||||||
As of 1 January 2024 | 26,974 | 10,367 | 5,445 | 2,030 | 4,285 | 97 | 192 | 49,391 |
Additions | 81 | 2,346 | 992 | 289 | 704 | 544 | 302 | 5,257 |
Derecognition | (135) | (528) | (566) | (24) | (352) | (2) | (40) | (1,646) |
Disposal of companies | \u2014 | \u2014 | (33) | \u2014 | (56) | \u2014 | \u2014 | (89) |
Reclassifications | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 9 | 9 |
Translation differences | 1,403 | 516 | 183 | 145 | 108 | 3 | 14 | 2,372 |
As of 31 December 2024 | 28,324 | 12,701 | 6,021 | 2,440 | 4,689 | 642 | 477 | 55,294 |
Additions | 441 | 1,330 | 686 | 305 | 989 | 521 | 488 | 4,760 |
Derecognition | (1) | (587) | (744) | (38) | (1,121) | (5) | (75) | (2,572) |
Disposal of companies | (5,577) | (1,681) | (208) | (1,023) | (70) | \u2014 | (169) | (8,728) |
Reclassifications | (5) | (236) | \u2014 | \u2014 | \u2014 | 98 | \u2014 | (143) |
Translation differences | (1,980) | (801) | (60) | (135) | 27 | 4 | 19 | (2,926) |
As of 31 December 2025 | 21,202 | 10,727 | 5,695 | 1,548 | 4,513 | 1,259 | 741 | 45,685 |
Accumulated depreciation | ||||||||
As of 1 January 2024 | (11,780) | (5,197) | (3,113) | (1,207) | (2,180) | (6) | (77) | (23,560) |
Depreciation - continuing operations | (1,618) | (1,452) | (680) | (247) | (691) | (94) | (94) | (4,876) |
Depreciation - discontinued operations | (384) | (165) | (9) | (73) | (5) | \u2014 | (5) | (641) |
Impairment - continuing operations | \u2014 | \u2014 | \u2014 | \u2014 | (64) | \u2014 | \u2014 | (64) |
Derecognition | 88 | 397 | 307 | 16 | 345 | \u2014 | 36 | 1,189 |
Disposals of companies | \u2014 | \u2014 | 24 | \u2014 | 25 | \u2014 | \u2014 | 49 |
Reclassification | (2) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (2) |
Translation differences | (642) | (326) | (109) | (108) | (79) | \u2014 | (4) | (1,270) |
As of 31 December 2024 | (14,339) | (6,743) | (3,581) | (1,619) | (2,649) | (100) | (144) | (29,174) |
NOK in millions | Spectrum licences 1) | Network passive infrastructure | Cables | Land | Buildings | Subscriber Equipment | Others | Total |
Accumulated depreciation | ||||||||
Depreciation - continuing operations | (1,601) | (1,377) | (664) | (254) | (686) | (293) | (187) | (5,063) |
Depreciation - discontinued operations | (368) | (158) | (8) | (81) | (7) | \u2014 | (15) | (637) |
Derecognition | 1 | 496 | 498 | 21 | 1,099 | \u2014 | 39 | 2,155 |
Disposals of companies | 3,010 | 1,565 | 146 | 775 | 57 | \u2014 | 23 | 5,576 |
Reclassification | \u2014 | 43 | \u2014 | \u2014 | \u2014 | (17) | \u2014 | 26 |
Translation differences | 1,212 | 401 | 64 | 101 | (11) | (1) | (8) | 1,758 |
As of 31 December 2025 | (12,084) | (5,773) | (3,546) | (1,056) | (2,197) | (412) | (292) | (25,360) |
Carrying amount | ||||||||
As of 31 December 2024 | 13,985 | 5,958 | 2,440 | 821 | 2,040 | 542 | 333 | 26,120 |
As of 31 December 2025 | 9,118 | 4,954 | 2,149 | 492 | 2,316 | 848 | 449 | 20,326 |
As of 31 December 2024 | 6 | 8 | 5 | 10 | 2 | 3 | ||
As of 31 December 2025 | 5 | 8 | 7 | 9 | 2 | 2 | ||
Related lease liability disaggregated per class of right-of-use assets | ||||||||
As of 31 December 2024 | 4,120 | 6,646 | 2,061 | 1,017 | 3,144 | 346 | 207 | 17,541 |
As of 31 December 2025 | 3,453 | 5,391 | 1,678 | 455 | 3,305 | 440 | 337 | 15,059 |
Spectrum (MHz) | Bandwidth (MHz) | Spectrum expiration |
Telenor Norway | ||
700 | 2x10 | 2039 |
800 | 2\u00d710 | 2033 |
900 | 2\u00d715 | 2033 |
1800 | 2\u00d710 + 2\u00d720 | 2028/2033 |
2100 | 2\u00d720 | 2032 |
2600 | 2\u00d740 | 2042 |
3500 | 120 | 2042 |
Telenor Sweden | ||
700 | 2x10 1) | 2040 |
800 | 2x10 1) | 2035 |
900 | 2x6 1) + 2\u00d75 | 2025 |
1800 | 2\u00d720 1) + 2x10 1) | 2027/2037 |
2100 | 2x9.8 + 2x10 1) + 1\u00d75 | 2025 |
1800 | 2x25 | 2054 |
2600 | 2x40 1) | 2025 |
3500 | 100 1) | 2045 |
Spectrum (MHz) | Bandwidth (MHz) | Spectrum expiration |
Telenor Denmark | ||
700 | 2x5 2) | 2040 |
800 | 2x10 2) | 2034 |
900 | 2x10 2) | 2034 |
1500 | 45 2) | 2042 |
1800 | 2x25 2) | 2032 |
2100 | 2x20 2) | 2042 |
2600 | 2x20 + 1x10 | 2030 |
3500 | 140 2) | 2042 |
26000 | 600 2) | 2042 |
DNA, Finland | ||
700 | 2x10 | 2033 |
800 | 2x10 | 2033 |
900 | 2x11.6 | 2033 |
1800 | 2x24.8 | 2033 |
2100 | 2x19.8 | 2033 |
2600 | 2x20 | 2029 |
3500 | 130 | 2033 |
26000 | 800 | 2033 |
Grameenphone, Bangladesh | ||
900 | 2\u00d77.4 | 2026 |
1800 | 2\u00d77.2 + 2\u00d77.4 + 2\u00d70.4 | 2026 |
1800 | 2x5 | 2033 |
2100 | 2\u00d710 | 2026 |
2100 | 2\u00d710 | 2028 |
2500 | 80 | 2033 |
NOK in millions | Classification in income statement | 2025 | 2024 |
Depreciation of right-of-use assets | Depreciation and amortisation | 5,062 | 4,877 |
Interest expenses on lease liabilities | Financial expenses (note 9) | 806 | 752 |
Variable lease expenses not dependent on index or rate | Other operating expenses (note 6) | 1,435 | 1,574 |
Variable lease expenses not dependent on index or rate | Cost of materials and traffic charges | 468 | 501 |
Expenses relating to short term leases | Other operating expenses (note 6) | 69 | 73 |
Expenses relating to low value leases | Other operating expenses (note 6) | 14 | 12 |
Total | 7,853 | 7,788 |
ACCOUNTING POLICIES Property, plant and equipment are recognised at cost less accumulated depreciation and any impairment losses. The cost includes borrowing costs for qualifying assets. If Telenor has a legal or constructive obligation to dismantle, remove and restore a site, an asset retirement obligation (ARO) is recognized with a corresponding increase in the related asset within property, plant and equipment. ARO relate mainly to base stations and installed network and infrastructure equipment, in addition to certain buildings. See note 22 Provision and obligations for further information for further information. Estimated useful lives for similar types of assets may vary between different geographical areas due to factors such as growth rate, maturity of the market, history and expectations for replacements or transfer of assets, climate and quality of components used. Estimated useful life, depreciation method and residual value are evaluated at least annually. The straight-line depreciation method is used as this best reflects the consumption of the assets, which often is the passage of time. Residual value is estimated to be zero for most assets, except for some commercial buildings and vehicles that are not expected to be used for the whole economic life. Refer to note 18 Impairment of assets for further information. |
KEY SOURCES OF ESTIMATION UNCERTAINTY Depreciation expenses are based on management\u2019s estimates of depreciation method, useful life and residual value. Estimates may change due to technological developments, competition, changes in market conditions, geopolitical developments, climate change and other factors. In particular, technological developments are difficult to predict as trends and pace of development may change over time. The ARO is a significant estimate with significant uncertainty related to the timing of the removal and restoration of the sites, whether the restoration actually will take place and to future price development as the work will take place well into the future. See note 22 Provision and obligations for further information about the asset removal obligation. Climate changes can potentially lead to destruction of assets from flooding, fires or other natural disasters. Climate changes and increased focus on sustainable businesses may impact technological development, markets and economic or legal environment which are critical estimates in the evaluations of useful lives. A change in estimated useful life is a change in accounting estimate, and depreciation plans are adjusted |
NOK in millions | Local regional and trunk networks | Mobile Telephone network | Subscriber equipment | Switches and equipment | Radio installations | Cable-TV equipment | Buildings | Land | Corporate administrative assets | Work in progress 1) | Total |
Accumulated cost | |||||||||||
As of 1 January 2024 | 61,406 | 28,578 | 2,746 | 7,436 | 17,929 | 6,391 | 4,666 | 251 | 9,144 | 6,559 | 145,104 |
Reclassifications 2) | (464) | 1,840 | 61 | 125 | 1,094 | 27 | (105) | \u2014 | 585 | (3,159) | 3 |
Additions | 1,754 | 1,151 | 169 | 192 | 1,752 | 87 | 201 | 1 | 975 | 4,336 | 10,616 |
Additions through acquisition of subsidiaries | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 | \u2014 | 3 |
Translation differences | 815 | 952 | 28 | 206 | 702 | 20 | 112 | 14 | 306 | 91 | 3,246 |
Derecognition | (353) | (2,489) | (565) | (1,686) | 644 | (184) | (918) | \u2014 | (915) | (18) | (6,484) |
Disposal of businesses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (132) | \u2014 | (358) | \u2014 | (490) |
As of 31 December 2024 | 63,157 | 30,032 | 2,438 | 6,272 | 22,121 | 6,340 | 3,823 | 266 | 9,740 | 7,810 | 151,999 |
Reclassifications 2) | 558 | 1,314 | 57 | 122 | 219 | 24 | 62 | \u2014 | 380 | (2,590) | 146 |
Additions | 2,010 | 854 | 89 | 564 | 2,631 | 13 | 172 | 7 | 1,023 | 676 | 8,038 |
Translation differences | (111) | (481) | 78 | (222) | (1,590) | 66 | (94) | (24) | (278) | 43 | (2,613) |
Derecognition | (18,569) | (1,827) | (502) | (120) | (1,731) | (16) | (85) | \u2014 | (762) | (20) | (23,632) |
Disposal of businesses | (1,124) | (3,081) | \u2014 | (750) | (2,592) | \u2014 | (346) | (61) | (676) | (224) | (8,854) |
As of 31 December 2025 | 45,921 | 26,810 | 2,161 | 5,866 | 19,058 | 6,428 | 3,533 | 187 | 9,426 | 5,694 | 125,085 |
Accumulated depreciation and impairment losses | |||||||||||
As of 1 January 2024 | (40,261) | (19,449) | (1,641) | (6,501) | (10,757) | (5,101) | (3,363) | (29) | (6,373) | \u2014 | (93,474) |
Reclassifications 2) | (5) | 198 | 5 | \u2014 | (234) | \u2014 | 45 | \u2014 | \u2014 | \u2014 | 9 |
Depreciation - continuing operations | (1,839) | (1,778) | (657) | (354) | (1,970) | (248) | (213) | \u2014 | (1,080) | \u2014 | (8,141) |
Depreciation - discontinued operations | (48) | (92) | \u2014 | (34) | (101) | \u2014 | (11) | \u2014 | (38) | \u2014 | (323) |
Impairment - continuing operations | \u2014 | \u2014 | \u2014 | \u2014 | (3) | \u2014 | \u2014 | \u2014 | \u2014 | (6) | (9) |
Translations differences | (388) | (687) | (21) | (170) | (543) | (18) | (69) | (4) | (224) | \u2014 | (2,125) |
Derecognition | 345 | 2,439 | 583 | 1,684 | (699) | 178 | 914 | \u2014 | 869 | \u2014 | 6,313 |
Disposal of businesses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 97 | \u2014 | 333 | \u2014 | 430 |
NOK in millions | Local regional and trunk networks | Mobile Telephone network | Subscriber equipment | Switches and equipment | Radio installations | Cable-TV equipment | Buildings | Land | Corporate administrative assets | Work in progress 1) | Total |
As of 31 December 2024 | (42,196) | (19,370) | (1,730) | (5,375) | (14,305) | (5,188) | (2,601) | (33) | (6,516) | (6) | (97,321) |
Reclassifications 2) | (22) | (27) | 20 | \u2014 | \u2014 | \u2014 | 25 | \u2014 | (23) | 6 | (20) |
Depreciation - continuing operations | (1,854) | (1,933) | (501) | (382) | (2,034) | (241) | (212) | \u2014 | (1,107) | \u2014 | (8,264) |
Depreciation - discontinued operations | (44) | (106) | \u2014 | (40) | (89) | \u2014 | (10) | \u2014 | (35) | \u2014 | (324) |
Impairment - continuing operations | \u2014 | (3) | \u2014 | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | (2) |
Translation differences | 89 | 381 | (65) | 186 | 1,160 | (60) | 69 | 4 | 205 | \u2014 | 1,969 |
Derecognition | 18,541 | 1,775 | 502 | 120 | 1,494 | 16 | 80 | \u2014 | 745 | \u2014 | 23,272 |
Disposal of businesses | 965 | 2,462 | \u2014 | 608 | 2,236 | \u2014 | 279 | 29 | 578 | \u2014 | 7,157 |
As of 31 December 2025 | (24,521) | (16,821) | (1,774) | (4,883) | (11,538) | (5,474) | (2,369) | \u2014 | (6,154) | \u2014 | (73,533) |
Carrying amount | |||||||||||
As of 31 December 2025 | 21,401 | 9,989 | 387 | 983 | 7,520 | 954 | 1,164 | 187 | 3,273 | 5,694 | 51,552 |
As of 31 December 2024 | 20,961 | 10,663 | 708 | 897 | 7,816 | 1,152 | 1,222 | 233 | 3,223 | 7,804 | 54,678 |
Depreciation periods years 3) | 3-30 | 5-20 | 3 | 3-7 | 5-15 | 3-15 | 5-30 | - | 2-10 | - | - |
ACCOUNTING POLICIES Intangible assets acquired individually are measured initially at cost and recognised as an intangible assets when control has been obtained over the asset, future economic benefits are expected to flow to the entity and the cost can be measured reliably. The cost to be capitalised as part of the assets includes direct and incremental costs and, for qualifying assets, borrowing costs. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following that initial recognition, intangible assets are carried at cost less accumulated amortisation and any impairment losses. The straight-line amortisation method is used for most intangible assets as this best reflects the consumption of the assets. The amortisation period for a customer base is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses. The useful lives and amortisation methods are reviewed at least annually. Refer to\u00a0 note 18 Impairment of assets for further information about impairment. |
NOK in millions | Customer base | Trademarks 1) | Software acquired | Internally generated software | Others | Work in progress 2) | Total |
Accumulated cost | |||||||
As of 1 January 2024 | 2,652 | 4,706 | 18,923 | 5,915 | 429 | 846 | 33,469 |
Reclassifications 3) | \u2014 | \u2014 | 615 | 523 | 107 | (1,259) | (14) |
Additions | 6 | \u2014 | 1,229 | \u2014 | 32 | 1,542 | 2,809 |
Additions internally developed | \u2014 | \u2014 | \u2014 | 160 | 10 | \u2014 | 170 |
Translation differences | 105 | 238 | 366 | 85 | 16 | 26 | 835 |
Derecognition | (30) | \u2014 | (2,090) | (213) | 35 | (92) | (2,390) |
Disposal of businesses | (280) | \u2014 | (1) | \u2014 | \u2014 | \u2014 | (281) |
As of 31 December 2024 | 2,452 | 4,944 | 19,042 | 6,471 | 627 | 1,063 | 34,599 |
Reclassifications 3) | \u2014 | \u2014 | 697 | 413 | 142 | (1,260) | (9) |
Additions | \u2014 | \u2014 | 1,357 | \u2014 | 13 | 1,508 | 2,878 |
Additions internally developed | \u2014 | \u2014 | \u2014 | 71 | 3 | \u2014 | 75 |
Additions through acquisition of subsidiaries | \u2014 | \u2014 | 13 | \u2014 | \u2014 | \u2014 | 13 |
Translation differences | 29 | 26 | 18 | 205 | 4 | 21 | 302 |
Derecognition | (1) | (13) | (713) | (128) | (29) | \u2014 | (885) |
Disposal of businesses | \u2014 | \u2014 | (495) | \u2014 | (87) | (8) | (590) |
As of 31 December 2025 | 2,480 | 4,956 | 19,919 | 7,031 | 673 | 1,324 | 36,384 |
NOK in millions | Customer base | Trademarks 1) | Software acquired | Internally generated software | Others | Work in progress 2) | Total |
Accumulated amortisation and impairment losses | |||||||
As of 1 January 2024 | (1,799) | (1,205) | (16,050) | (4,823) | (314) | \u2014 | (24,190) |
Reclassifications 3) | \u2014 | \u2014 | \u2014 | \u2014 | 4 | \u2014 | 4 |
Amortisation - continuing operations | (269) | \u2014 | (1,820) | (700) | (73) | \u2014 | (2,861) |
Amortisation - discontinued operations | \u2014 | \u2014 | (30) | \u2014 | \u2014 | \u2014 | (30) |
Translations differences | (71) | (61) | (302) | (61) | (13) | \u2014 | (508) |
Derecognition | 18 | \u2014 | 2,059 | 205 | (35) | \u2014 | 2,247 |
Disposal of businesses | 279 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 279 |
As of 31 December 2024 | (1,841) | (1,265) | (16,142) | (5,379) | (431) | \u2014 | (25,057) |
Reclassifications 3) | \u2014 | \u2014 | \u2014 | 1 | 2 | \u2014 | 2 |
Amortisation - continuing operations | (268) | (46) | (1,898) | (674) | (99) | \u2014 | (2,985) |
Amortisation - discontinued operations | \u2014 | \u2014 | (27) | \u2014 | \u2014 | \u2014 | (27) |
Translations differences | (26) | (5) | (61) | (159) | (2) | \u2014 | (253) |
Derecognition | 1 | 13 | 664 | 113 | 29 | \u2014 | 820 |
Disposal of businesses | \u2014 | \u2014 | 432 | \u2014 | 65 | \u2014 | 497 |
As of 31 December 2025 | (2,135) | (1,303) | (17,032) | (6,097) | (438) | \u2014 | (27,006) |
Carrying amount | |||||||
As of 31 December 2024 | 611 | 3,679 | 2,900 | 1,092 | 196 | 1,063 | 9,542 |
As of 31 December 2025 | 345 | 3,653 | 2,887 | 934 | 235 | 1,324 | 9,379 |
Amortisation periods in years | 3-20 | - | 3-7 | 3 | 3-5 | - | - |
Discount rate after tax (%) | Discount rate pre-tax (%) | Nominal growth in cash flow in terminal value (%) | ||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||
Telenor Sweden | 6.0 | 6.3 | 7.1 | 7.7 | 1.0 | 1.0 | ||
DNA | 5.5 | 6.5 | 6.4 | 7.7 | 1.0 | 1.0 |
ACCOUNTING POLICIES Impairment indicators are assessed at each reporting date for individual assets and Cash Generating Units (CGUs). Impairment testing is performed if any indicators are identified and at least annually for goodwill, intangible assets with indefinite useful life and intangible assets not yet brought into use. Identification of Telenor\u2019s main CGUs is based on the countries where Telenor operates its mobile and fixed operations and its tower operations. The CGU may include both fixed and mobile operations as they are monitored and reported as one operating unit. The value-in-use\u00a0 method is generally used in the impairment testing where estimated future cash flows are discounted to their present value using a discount rate. Fair values are used when these are available, for example when the CGU is a listed company.\u00a0 Impairments are recognised by reducing carrying amount of goodwill first before other assets are reduced on a pro-rata basis. Impairments of goodwill are not reversed. |
KEY SOURCES OF ESTIMATION UNCERTAINTY Impairment triggers Significant management judgment is used when assessing impairment triggers. The following factors are assessed: significant fall in market values; significant underperformance relative to historical or projected future operating results; significant changes in the use of the assets or the strategy for the overall business, including assets that are decided to be phased out or replaced and assets that are damaged or taken out of use; significant negative industry or economic trends; significant loss of market share; significant adverse political and/or regulatory development including unfavourable court decisions and significant cost overruns in the development of assets. |
Assumptions used in the goodwill impairment testing The assessment of value-in-use includes significant management judgments and estimates, including determining the discount rate (WACC), estimating future performance, revenue generating capacity of the assets, margins, prices on future renewals of spectrum licences, political, regulatory and climate risk, required maintenance capex, network\u00a0 and technological developments, and assumptions of the future market conditions. There are significant variations between different markets with respect to growth, mobile penetration, Average Revenue Per User (ARPU), market share, inflation, regulatory costs, and technological development, resulting in differences in EBITDA margins, future investments, and long terms growth assumptions. In some markets, certain expenses and capex are denominated in foreign currency and impacted by currency fluctuations. Recessionary effects and increased macroeconomic risks may impact the estimates of growth, future performance and discount rates used in estimating recoverable amounts of assets. Discount rates are impacted by several macroeconomic factors including borrowing rates, country risk, inflation assumptions and currency development. For assumptions used, external evidence has been taken into consideration. |
ACCOUNTING POLICIES A lease liability and a right-of-use asset is recognised at commencement date in lease contracts where Telenor has the right to direct the use and obtains substantially all the economic benefits from the use of an identified asset. For spectrum contracts, Telenor has chosen to account for the right to use the spectrum as a lease, where the identified asset is the frequency band that is exclusive for Telenor during the lease term. Lease payments on short-term leases (less than 12 months) and low-value asset leases (mainly small non-core leases) are generally expensed on a straight-line basis over the lease term. The short-term exemption does not apply to spectrum leases or leases with purchase options. The lease liability represents the net present value of lease payments over the lease term and include fixed payments, in-substance fixed payments, non-lease components, residual value guarantees and lease incentives. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised and termination penalties when termination is expected. Variable lease payments such as licence payments based on revenue sharing arrangements are expensed as incurred. The incremental borrowing rate generally used to determine the net present value is based on the respective country\u2019s risk-free rate for the term corresponding to the lease term, adjusted for own credit risk. Subsidiaries with external financing use the external borrowing rate corresponding to the lease term. |
KEY SOURCES OF ESTIMATION UNCERTAINTY For lease of land for own towers or leasing of towers from tower companies or other operators, factors considered in particular for assessing the lease term are technology development and potential changes in business models. Based on an assessment of these factors, the lease term for Telenor\u2019s leases relating to sites will normally be within a range of 4 to 7 years. This means that the lease term for sites with renewal options shall normally be the higher of a non-cancellable period or within a range of 4 to 7 years. Some sites may be in strategically important locations and it might be more than reasonably certain that the sites will be maintained beyond 7 years. In these cases, the lease term may be up to 10 years. The non-cancellable lease period is basis for the lease liability, and periods covered by options to extend or terminate the lease are included only when it is reasonably certain the lease period will be extended. Determining the lease term can involve significant estimation uncertainty for lease contracts with extension or termination options, as an assessment of whether or not it is reasonably certain that the lease period will be extended is required. The broader economics of the contract and not only contractual termination payments are basis for such assessment. The lease liability is remeasured if the lease term or lease payments change, or there are other significant event or significant change in circumstances. Significant amounts paid up-front on spectrum and other lease contracts are recognised as prepayment until commencement date. Non-refundable value-added tax is included as initial direct cost. The right-of-use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. |
NOK in millions | Spectrum licences 1) | Network passive infrastructure | Cables | Land | Buildings | Subscriber Equipment | Others | Total |
Accumulated cost | ||||||||
As of 1 January 2024 | 26,974 | 10,367 | 5,445 | 2,030 | 4,285 | 97 | 192 | 49,391 |
Additions | 81 | 2,346 | 992 | 289 | 704 | 544 | 302 | 5,257 |
Derecognition | (135) | (528) | (566) | (24) | (352) | (2) | (40) | (1,646) |
Disposal of companies | \u2014 | \u2014 | (33) | \u2014 | (56) | \u2014 | \u2014 | (89) |
Reclassifications | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 9 | 9 |
Translation differences | 1,403 | 516 | 183 | 145 | 108 | 3 | 14 | 2,372 |
As of 31 December 2024 | 28,324 | 12,701 | 6,021 | 2,440 | 4,689 | 642 | 477 | 55,294 |
Additions | 441 | 1,330 | 686 | 305 | 989 | 521 | 488 | 4,760 |
Derecognition | (1) | (587) | (744) | (38) | (1,121) | (5) | (75) | (2,572) |
Disposal of companies | (5,577) | (1,681) | (208) | (1,023) | (70) | \u2014 | (169) | (8,728) |
Reclassifications | (5) | (236) | \u2014 | \u2014 | \u2014 | 98 | \u2014 | (143) |
Translation differences | (1,980) | (801) | (60) | (135) | 27 | 4 | 19 | (2,926) |
As of 31 December 2025 | 21,202 | 10,727 | 5,695 | 1,548 | 4,513 | 1,259 | 741 | 45,685 |
Accumulated depreciation | ||||||||
As of 1 January 2024 | (11,780) | (5,197) | (3,113) | (1,207) | (2,180) | (6) | (77) | (23,560) |
Depreciation - continuing operations | (1,618) | (1,452) | (680) | (247) | (691) | (94) | (94) | (4,876) |
Depreciation - discontinued operations | (384) | (165) | (9) | (73) | (5) | \u2014 | (5) | (641) |
Impairment - continuing operations | \u2014 | \u2014 | \u2014 | \u2014 | (64) | \u2014 | \u2014 | (64) |
Derecognition | 88 | 397 | 307 | 16 | 345 | \u2014 | 36 | 1,189 |
Disposals of companies | \u2014 | \u2014 | 24 | \u2014 | 25 | \u2014 | \u2014 | 49 |
Reclassification | (2) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (2) |
Translation differences | (642) | (326) | (109) | (108) | (79) | \u2014 | (4) | (1,270) |
As of 31 December 2024 | (14,339) | (6,743) | (3,581) | (1,619) | (2,649) | (100) | (144) | (29,174) |
NOK in millions | Spectrum licences 1) | Network passive infrastructure | Cables | Land | Buildings | Subscriber Equipment | Others | Total |
Accumulated depreciation | ||||||||
Depreciation - continuing operations | (1,601) | (1,377) | (664) | (254) | (686) | (293) | (187) | (5,063) |
Depreciation - discontinued operations | (368) | (158) | (8) | (81) | (7) | \u2014 | (15) | (637) |
Derecognition | 1 | 496 | 498 | 21 | 1,099 | \u2014 | 39 | 2,155 |
Disposals of companies | 3,010 | 1,565 | 146 | 775 | 57 | \u2014 | 23 | 5,576 |
Reclassification | \u2014 | 43 | \u2014 | \u2014 | \u2014 | (17) | \u2014 | 26 |
Translation differences | 1,212 | 401 | 64 | 101 | (11) | (1) | (8) | 1,758 |
As of 31 December 2025 | (12,084) | (5,773) | (3,546) | (1,056) | (2,197) | (412) | (292) | (25,360) |
Carrying amount | ||||||||
As of 31 December 2024 | 13,985 | 5,958 | 2,440 | 821 | 2,040 | 542 | 333 | 26,120 |
As of 31 December 2025 | 9,118 | 4,954 | 2,149 | 492 | 2,316 | 848 | 449 | 20,326 |
As of 31 December 2024 | 6 | 8 | 5 | 10 | 2 | 3 | ||
As of 31 December 2025 | 5 | 8 | 7 | 9 | 2 | 2 | ||
Related lease liability disaggregated per class of right-of-use assets | ||||||||
As of 31 December 2024 | 4,120 | 6,646 | 2,061 | 1,017 | 3,144 | 346 | 207 | 17,541 |
As of 31 December 2025 | 3,453 | 5,391 | 1,678 | 455 | 3,305 | 440 | 337 | 15,059 |
Spectrum (MHz) | Bandwidth (MHz) | Spectrum expiration |
Telenor Norway | ||
700 | 2x10 | 2039 |
800 | 2\u00d710 | 2033 |
900 | 2\u00d715 | 2033 |
1800 | 2\u00d710 + 2\u00d720 | 2028/2033 |
2100 | 2\u00d720 | 2032 |
2600 | 2\u00d740 | 2042 |
3500 | 120 | 2042 |
Telenor Sweden | ||
700 | 2x10 1) | 2040 |
800 | 2x10 1) | 2035 |
900 | 2x6 1) + 2\u00d75 | 2025 |
1800 | 2\u00d720 1) + 2x10 1) | 2027/2037 |
2100 | 2x9.8 + 2x10 1) + 1\u00d75 | 2025 |
1800 | 2x25 | 2054 |
2600 | 2x40 1) | 2025 |
3500 | 100 1) | 2045 |
Spectrum (MHz) | Bandwidth (MHz) | Spectrum expiration |
Telenor Denmark | ||
700 | 2x5 2) | 2040 |
800 | 2x10 2) | 2034 |
900 | 2x10 2) | 2034 |
1500 | 45 2) | 2042 |
1800 | 2x25 2) | 2032 |
2100 | 2x20 2) | 2042 |
2600 | 2x20 + 1x10 | 2030 |
3500 | 140 2) | 2042 |
26000 | 600 2) | 2042 |
DNA, Finland | ||
700 | 2x10 | 2033 |
800 | 2x10 | 2033 |
900 | 2x11.6 | 2033 |
1800 | 2x24.8 | 2033 |
2100 | 2x19.8 | 2033 |
2600 | 2x20 | 2029 |
3500 | 130 | 2033 |
26000 | 800 | 2033 |
Grameenphone, Bangladesh | ||
900 | 2\u00d77.4 | 2026 |
1800 | 2\u00d77.2 + 2\u00d77.4 + 2\u00d70.4 | 2026 |
1800 | 2x5 | 2033 |
2100 | 2\u00d710 | 2026 |
2100 | 2\u00d710 | 2028 |
2500 | 80 | 2033 |
NOK in millions | Classification in income statement | 2025 | 2024 |
Depreciation of right-of-use assets | Depreciation and amortisation | 5,062 | 4,877 |
Interest expenses on lease liabilities | Financial expenses (note 9) | 806 | 752 |
Variable lease expenses not dependent on index or rate | Other operating expenses (note 6) | 1,435 | 1,574 |
Variable lease expenses not dependent on index or rate | Cost of materials and traffic charges | 468 | 501 |
Expenses relating to short term leases | Other operating expenses (note 6) | 69 | 73 |
Expenses relating to low value leases | Other operating expenses (note 6) | 14 | 12 |
Total | 7,853 | 7,788 |
2025 | 2024 | ||||||
NOK in millions | Current | Non-current | Total | Current | Non-Current | Total | |
Lease liability related to spectrum licences | 752 | 2,676 | 3,428 | 760 | 3,339 | 4,098 | |
Lease liability related to other lease contracts | 2,908 | 8,723 | 11,631 | 3,084 | 10,358 | 13,442 | |
Total lease liabilities | 3,660 | 11,399 | 15,059 | 3,844 | 13,697 | 17,541 |
2025 | 2024 | |||||||
NOK in millions | Currency | Spectrum licences | Other lease contracts | Total | Spectrum licences | Other lease contracts | Total | |
Bangladesh | BDT | 1,372 | 3,555 | 4,927 | 1,541 | 4,187 | 5,728 | |
Norway | NOK | 1,281 | 3,422 | 4,703 | 1,604 | 3,353 | 4,957 | |
Denmark | DKK | 580 | 902 | 1,481 | 654 | 784 | 1,438 | |
Sweden | SEK | 45 | 2,227 | 2,272 | 47 | 2,155 | 2,203 | |
Finland | EUR | 150 | 1,366 | 1,516 | 166 | 1,725 | 1,891 | |
Pakistan | PKR | \u2014 | \u2014 | \u2014 | \u2014 | 1,141 | 1,141 | |
Pakistan | USD | \u2014 | \u2014 | \u2014 | 87 | \u2014 | 87 | |
Other | NOK | \u2014 | 160 | 160 | \u2014 | 97 | 97 | |
Total | 3,428 | 11,631 | 15,059 | 4,098 | 13,442 | 17,541 |
NOK in millions | Total as of 31 December 2025 | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years |
Lease liabilities related to spectrum licences | 3,428 | 752 | 433 | 402 | 404 | 419 | 432 | 262 | 119 | 50 | 37 | 120 |
Lease liabilities related to other lease contracts | 11,631 | 2,908 | 2,376 | 1,582 | 1,033 | 919 | 539 | 393 | 297 | 214 | 162 | 1,209 |
Sum of lease liabilities | 15,059 | 3,660 | 2,809 | 1,984 | 1,437 | 1,338 | 971 | 655 | 416 | 264 | 198 | 1,329 |
Future interest payments | 2,948 | 735 | 557 | 419 | 323 | 252 | 187 | 140 | 108 | 87 | 75 | 65 |
Total including future interest payments | 18,007 | 4,395 | 3,365 | 2,404 | 1,759 | 1,590 | 1,158 | 795 | 524 | 351 | 273 | 1,394 |
NOK in millions | Total as of 31 December 2024 | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years |
Lease liabilities related to spectrum licences | 4,098 | 760 | 747 | 435 | 394 | 394 | 407 | 418 | 198 | 112 | 44 | 189 |
Lease liabilities related to other lease contracts | 13,442 | 3,084 | 2,523 | 1,859 | 1,351 | 1,001 | 916 | 538 | 392 | 289 | 201 | 1,289 |
Sum of lease liabilities | 17,541 | 3,844 | 3,270 | 2,295 | 1,745 | 1,394 | 1,323 | 956 | 590 | 400 | 244 | 1,478 |
Future interest payments | 3,189 | 768 | 599 | 456 | 356 | 280 | 218 | 161 | 119 | 93 | 75 | 65 |
Total including future interest payments | 20,730 | 4,612 | 3,869 | 2,751 | 2,101 | 1,674 | 1,542 | 1,116 | 709 | 493 | 320 | 1,543 |
ACCOUNTING POLICIES Property, plant and equipment are recognised at cost less accumulated depreciation and any impairment losses. The cost includes borrowing costs for qualifying assets. If Telenor has a legal or constructive obligation to dismantle, remove and restore a site, an asset retirement obligation (ARO) is recognized with a corresponding increase in the related asset within property, plant and equipment. ARO relate mainly to base stations and installed network and infrastructure equipment, in addition to certain buildings. See note 22 Provision and obligations for further information for further information. Estimated useful lives for similar types of assets may vary between different geographical areas due to factors such as growth rate, maturity of the market, history and expectations for replacements or transfer of assets, climate and quality of components used. Estimated useful life, depreciation method and residual value are evaluated at least annually. The straight-line depreciation method is used as this best reflects the consumption of the assets, which often is the passage of time. Residual value is estimated to be zero for most assets, except for some commercial buildings and vehicles that are not expected to be used for the whole economic life. Refer to note 18 Impairment of assets for further information. |
KEY SOURCES OF ESTIMATION UNCERTAINTY Depreciation expenses are based on management\u2019s estimates of depreciation method, useful life and residual value. Estimates may change due to technological developments, competition, changes in market conditions, geopolitical developments, climate change and other factors. In particular, technological developments are difficult to predict as trends and pace of development may change over time. The ARO is a significant estimate with significant uncertainty related to the timing of the removal and restoration of the sites, whether the restoration actually will take place and to future price development as the work will take place well into the future. See note 22 Provision and obligations for further information about the asset removal obligation. Climate changes can potentially lead to destruction of assets from flooding, fires or other natural disasters. Climate changes and increased focus on sustainable businesses may impact technological development, markets and economic or legal environment which are critical estimates in the evaluations of useful lives. A change in estimated useful life is a change in accounting estimate, and depreciation plans are adjusted |
NOK in millions | Local regional and trunk networks | Mobile Telephone network | Subscriber equipment | Switches and equipment | Radio installations | Cable-TV equipment | Buildings | Land | Corporate administrative assets | Work in progress 1) | Total |
Accumulated cost | |||||||||||
As of 1 January 2024 | 61,406 | 28,578 | 2,746 | 7,436 | 17,929 | 6,391 | 4,666 | 251 | 9,144 | 6,559 | 145,104 |
Reclassifications 2) | (464) | 1,840 | 61 | 125 | 1,094 | 27 | (105) | \u2014 | 585 | (3,159) | 3 |
Additions | 1,754 | 1,151 | 169 | 192 | 1,752 | 87 | 201 | 1 | 975 | 4,336 | 10,616 |
Additions through acquisition of subsidiaries | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 | \u2014 | 3 |
Translation differences | 815 | 952 | 28 | 206 | 702 | 20 | 112 | 14 | 306 | 91 | 3,246 |
Derecognition | (353) | (2,489) | (565) | (1,686) | 644 | (184) | (918) | \u2014 | (915) | (18) | (6,484) |
Disposal of businesses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (132) | \u2014 | (358) | \u2014 | (490) |
As of 31 December 2024 | 63,157 | 30,032 | 2,438 | 6,272 | 22,121 | 6,340 | 3,823 | 266 | 9,740 | 7,810 | 151,999 |
Reclassifications 2) | 558 | 1,314 | 57 | 122 | 219 | 24 | 62 | \u2014 | 380 | (2,590) | 146 |
Additions | 2,010 | 854 | 89 | 564 | 2,631 | 13 | 172 | 7 | 1,023 | 676 | 8,038 |
Translation differences | (111) | (481) | 78 | (222) | (1,590) | 66 | (94) | (24) | (278) | 43 | (2,613) |
Derecognition | (18,569) | (1,827) | (502) | (120) | (1,731) | (16) | (85) | \u2014 | (762) | (20) | (23,632) |
Disposal of businesses | (1,124) | (3,081) | \u2014 | (750) | (2,592) | \u2014 | (346) | (61) | (676) | (224) | (8,854) |
As of 31 December 2025 | 45,921 | 26,810 | 2,161 | 5,866 | 19,058 | 6,428 | 3,533 | 187 | 9,426 | 5,694 | 125,085 |
Accumulated depreciation and impairment losses | |||||||||||
As of 1 January 2024 | (40,261) | (19,449) | (1,641) | (6,501) | (10,757) | (5,101) | (3,363) | (29) | (6,373) | \u2014 | (93,474) |
Reclassifications 2) | (5) | 198 | 5 | \u2014 | (234) | \u2014 | 45 | \u2014 | \u2014 | \u2014 | 9 |
Depreciation - continuing operations | (1,839) | (1,778) | (657) | (354) | (1,970) | (248) | (213) | \u2014 | (1,080) | \u2014 | (8,141) |
Depreciation - discontinued operations | (48) | (92) | \u2014 | (34) | (101) | \u2014 | (11) | \u2014 | (38) | \u2014 | (323) |
Impairment - continuing operations | \u2014 | \u2014 | \u2014 | \u2014 | (3) | \u2014 | \u2014 | \u2014 | \u2014 | (6) | (9) |
Translations differences | (388) | (687) | (21) | (170) | (543) | (18) | (69) | (4) | (224) | \u2014 | (2,125) |
Derecognition | 345 | 2,439 | 583 | 1,684 | (699) | 178 | 914 | \u2014 | 869 | \u2014 | 6,313 |
Disposal of businesses | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 97 | \u2014 | 333 | \u2014 | 430 |
NOK in millions | Local regional and trunk networks | Mobile Telephone network | Subscriber equipment | Switches and equipment | Radio installations | Cable-TV equipment | Buildings | Land | Corporate administrative assets | Work in progress 1) | Total |
As of 31 December 2024 | (42,196) | (19,370) | (1,730) | (5,375) | (14,305) | (5,188) | (2,601) | (33) | (6,516) | (6) | (97,321) |
Reclassifications 2) | (22) | (27) | 20 | \u2014 | \u2014 | \u2014 | 25 | \u2014 | (23) | 6 | (20) |
Depreciation - continuing operations | (1,854) | (1,933) | (501) | (382) | (2,034) | (241) | (212) | \u2014 | (1,107) | \u2014 | (8,264) |
Depreciation - discontinued operations | (44) | (106) | \u2014 | (40) | (89) | \u2014 | (10) | \u2014 | (35) | \u2014 | (324) |
Impairment - continuing operations | \u2014 | (3) | \u2014 | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | (2) |
Translation differences | 89 | 381 | (65) | 186 | 1,160 | (60) | 69 | 4 | 205 | \u2014 | 1,969 |
Derecognition | 18,541 | 1,775 | 502 | 120 | 1,494 | 16 | 80 | \u2014 | 745 | \u2014 | 23,272 |
Disposal of businesses | 965 | 2,462 | \u2014 | 608 | 2,236 | \u2014 | 279 | 29 | 578 | \u2014 | 7,157 |
As of 31 December 2025 | (24,521) | (16,821) | (1,774) | (4,883) | (11,538) | (5,474) | (2,369) | \u2014 | (6,154) | \u2014 | (73,533) |
Carrying amount | |||||||||||
As of 31 December 2025 | 21,401 | 9,989 | 387 | 983 | 7,520 | 954 | 1,164 | 187 | 3,273 | 5,694 | 51,552 |
As of 31 December 2024 | 20,961 | 10,663 | 708 | 897 | 7,816 | 1,152 | 1,222 | 233 | 3,223 | 7,804 | 54,678 |
Depreciation periods years 3) | 3-30 | 5-20 | 3 | 3-7 | 5-15 | 3-15 | 5-30 | - | 2-10 | - | - |
Discount rate after tax (%) | Discount rate pre-tax (%) | Nominal growth in cash flow in terminal value (%) | ||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||
Telenor Sweden | 6.0 | 6.3 | 7.1 | 7.7 | 1.0 | 1.0 | ||
DNA | 5.5 | 6.5 | 6.4 | 7.7 | 1.0 | 1.0 |
ACCOUNTING POLICIES Impairment indicators are assessed at each reporting date for individual assets and Cash Generating Units (CGUs). Impairment testing is performed if any indicators are identified and at least annually for goodwill, intangible assets with indefinite useful life and intangible assets not yet brought into use. Identification of Telenor\u2019s main CGUs is based on the countries where Telenor operates its mobile and fixed operations and its tower operations. The CGU may include both fixed and mobile operations as they are monitored and reported as one operating unit. The value-in-use\u00a0 method is generally used in the impairment testing where estimated future cash flows are discounted to their present value using a discount rate. Fair values are used when these are available, for example when the CGU is a listed company.\u00a0 Impairments are recognised by reducing carrying amount of goodwill first before other assets are reduced on a pro-rata basis. Impairments of goodwill are not reversed. |
KEY SOURCES OF ESTIMATION UNCERTAINTY Impairment triggers Significant management judgment is used when assessing impairment triggers. The following factors are assessed: significant fall in market values; significant underperformance relative to historical or projected future operating results; significant changes in the use of the assets or the strategy for the overall business, including assets that are decided to be phased out or replaced and assets that are damaged or taken out of use; significant negative industry or economic trends; significant loss of market share; significant adverse political and/or regulatory development including unfavourable court decisions and significant cost overruns in the development of assets. |
Assumptions used in the goodwill impairment testing The assessment of value-in-use includes significant management judgments and estimates, including determining the discount rate (WACC), estimating future performance, revenue generating capacity of the assets, margins, prices on future renewals of spectrum licences, political, regulatory and climate risk, required maintenance capex, network\u00a0 and technological developments, and assumptions of the future market conditions. There are significant variations between different markets with respect to growth, mobile penetration, Average Revenue Per User (ARPU), market share, inflation, regulatory costs, and technological development, resulting in differences in EBITDA margins, future investments, and long terms growth assumptions. In some markets, certain expenses and capex are denominated in foreign currency and impacted by currency fluctuations. Recessionary effects and increased macroeconomic risks may impact the estimates of growth, future performance and discount rates used in estimating recoverable amounts of assets. Discount rates are impacted by several macroeconomic factors including borrowing rates, country risk, inflation assumptions and currency development. For assumptions used, external evidence has been taken into consideration. |
NOK in millions | Category | 2025 | 2024 |
Receivables from contracts with customers | 11,056 | 11,390 | |
Provision for expected credit losses on trade receivables | (501) | (765) | |
Total receivables from contracts with customers as of 31 December | FAAC 1) | 10,555 | 10,625 |
Interest-bearing receivables | \u2014 | 83 | |
Accrued finance income | 15 | 8 | |
Other non-interest-bearing receivables | 641 | 885 | |
Provision for expected credit losses on other current receivables | (16) | (17) | |
Total other current receivables as of 31 December | FAAC 1) | 641 | 959 |
Contract asset | 225 | 143 | |
Return good asset 3) | 109 | 110 | |
Governmental taxes and duties | 130 | 212 | |
Prepayments | 2,041 | 1,763 | |
Total other current non-financial assets as of 31 December | NF 2) | 2,505 | 2,229 |
Total trade and other receivables as of 31 December | 13,701 | 13,812 |
ACCOUNTING POLICIES Trade and other receivables are recognised at fair value including directly attributable transaction costs and subsequently measured at amortised cost using the effective interest rate method. A customer contract asset is recognised when the revenue from contracts with customers exceeds amounts received or receivable, for example when payment for mobile phones or other devices is done through future instalments or subscription fee payments. Contract assets are transferred to trade receivables when the rights to payment become unconditional, which is normally when the invoice has been issued. Refer to Trade receivables and contract assets are adjusted for provision for impairment in accordance with the expected credit loss model. The simplified approach is applied measuring the loss allowance at an amount equal to lifetime expected credit losses. Impairment for expected credit losses is assessed every reporting period and calculated by considering the historic evidence of the level of bad debt experienced for customer types and the ageing of the receivable balance. Telenor has arrangements in place to sell trade receivables to third parties which are used on selected portfolios of receivables. The receivables are derecognised when the rights to the cash flows and substantially all risks and rewards are transferred to the third party. The cash received for sold receivables from the third party is presented as cash flows from operating activities. |
NOK in millions | 2025 | 2024 |
Provisions as of 1 January | (765) | (651) |
Change during the year - continuing operations | 33 | (69) |
Change during the year - discontinued operations | (4) | (13) |
Disposal of subsidiaries | 144 | 8 |
Currency and other effects | 90 | (40) |
Provision as of 31 December | (501) | (765) |
Realised losses for the year - continuing operations | (248) | (274) |
Realised losses for the year - discontinued operations | \u2014 | \u2014 |
Recovered amounts previously provided for - continuing operations | 27 | 24 |
Recovered amounts previously provided for - discontinued operations | \u2014 | \u2014 |
NOK in millions | 2025 | 2024 |
Balance as of 1 January | 143 | 106 |
New contract assets during the period less transfer to receivables | 47 | 43 |
Currency and other effects | 35 | (5) |
Balance as of 31 December | 225 | 143 |
Past due on the reporting date in the following periods: | ||||||||
NOK in millions | Carrying amount | Not past due on the reporting date | Less than 30 days | Between 30 and 60 days | Between 61 and 90 days | Between 91 and 180 days | Between 181 and 365 days | More than 365 days |
As of 31 December 2025 | ||||||||
Trade receivables | 11,056 | 9,386 | 726 | 121 | 89 | 147 | 184 | 403 |
Provision for expected credit losses on trade receivables | (501) | 50 | (49) | (12) | (18) | (35) | (71) | (366) |
Total trade receivables | 10,555 | 9,436 | 678 | 109 | 71 | 112 | 112 | 36 |
As of 31 December 2024 | ||||||||
Trade receivables | 11,390 | 9,187 | 766 | 300 | 180 | 185 | 178 | 594 |
Provision for expected credit losses on trade receivables | (765) | (122) | (33) | (93) | (18) | (43) | (91) | (363) |
Total trade receivables | 10,625 | 9,065 | 733 | 206 | 162 | 142 | 87 | 229 |
NOK in millions | Category | 2025 | 2024 |
Receivables from contracts with customers | 11,056 | 11,390 | |
Provision for expected credit losses on trade receivables | (501) | (765) | |
Total receivables from contracts with customers as of 31 December | FAAC 1) | 10,555 | 10,625 |
Interest-bearing receivables | \u2014 | 83 | |
Accrued finance income | 15 | 8 | |
Other non-interest-bearing receivables | 641 | 885 | |
Provision for expected credit losses on other current receivables | (16) | (17) | |
Total other current receivables as of 31 December | FAAC 1) | 641 | 959 |
Contract asset | 225 | 143 | |
Return good asset 3) | 109 | 110 | |
Governmental taxes and duties | 130 | 212 | |
Prepayments | 2,041 | 1,763 | |
Total other current non-financial assets as of 31 December | NF 2) | 2,505 | 2,229 |
Total trade and other receivables as of 31 December | 13,701 | 13,812 |
ACCOUNTING POLICIES Trade and other receivables are recognised at fair value including directly attributable transaction costs and subsequently measured at amortised cost using the effective interest rate method. A customer contract asset is recognised when the revenue from contracts with customers exceeds amounts received or receivable, for example when payment for mobile phones or other devices is done through future instalments or subscription fee payments. Contract assets are transferred to trade receivables when the rights to payment become unconditional, which is normally when the invoice has been issued. Refer to Trade receivables and contract assets are adjusted for provision for impairment in accordance with the expected credit loss model. The simplified approach is applied measuring the loss allowance at an amount equal to lifetime expected credit losses. Impairment for expected credit losses is assessed every reporting period and calculated by considering the historic evidence of the level of bad debt experienced for customer types and the ageing of the receivable balance. Telenor has arrangements in place to sell trade receivables to third parties which are used on selected portfolios of receivables. The receivables are derecognised when the rights to the cash flows and substantially all risks and rewards are transferred to the third party. The cash received for sold receivables from the third party is presented as cash flows from operating activities. |
NOK in millions | 2025 | 2024 |
Provisions as of 1 January | (765) | (651) |
Change during the year - continuing operations | 33 | (69) |
Change during the year - discontinued operations | (4) | (13) |
Disposal of subsidiaries | 144 | 8 |
Currency and other effects | 90 | (40) |
Provision as of 31 December | (501) | (765) |
Realised losses for the year - continuing operations | (248) | (274) |
Realised losses for the year - discontinued operations | \u2014 | \u2014 |
Recovered amounts previously provided for - continuing operations | 27 | 24 |
Recovered amounts previously provided for - discontinued operations | \u2014 | \u2014 |
NOK in millions | 2025 | 2024 |
Balance as of 1 January | 143 | 106 |
New contract assets during the period less transfer to receivables | 47 | 43 |
Currency and other effects | 35 | (5) |
Balance as of 31 December | 225 | 143 |
Past due on the reporting date in the following periods: | ||||||||
NOK in millions | Carrying amount | Not past due on the reporting date | Less than 30 days | Between 30 and 60 days | Between 61 and 90 days | Between 91 and 180 days | Between 181 and 365 days | More than 365 days |
As of 31 December 2025 | ||||||||
Trade receivables | 11,056 | 9,386 | 726 | 121 | 89 | 147 | 184 | 403 |
Provision for expected credit losses on trade receivables | (501) | 50 | (49) | (12) | (18) | (35) | (71) | (366) |
Total trade receivables | 10,555 | 9,436 | 678 | 109 | 71 | 112 | 112 | 36 |
As of 31 December 2024 | ||||||||
Trade receivables | 11,390 | 9,187 | 766 | 300 | 180 | 185 | 178 | 594 |
Provision for expected credit losses on trade receivables | (765) | (122) | (33) | (93) | (18) | (43) | (91) | (363) |
Total trade receivables | 10,625 | 9,065 | 733 | 206 | 162 | 142 | 87 | 229 |
NOK in millions | 2025 | 2024 |
Cash in the group\u2019s cash pool systems | 6,391 | 6,380 |
Cash outside the group\u2019s cash pool systems 1) | 9,944 | 4,000 |
Total cash and cash equivalents in statement of financial position | 16,335 | 10,380 |
Bank overdraft (part of cash and cash equivalents in statement of cash flows) | (77) | (277) |
Total cash and cash equivalents in statement of cash flows | 16,258 | 10,104 |
ACCOUNTING POLICIES Cash equivalents are held for the purpose of meeting short-term cash commitments. Cash and cash equivalents include bank deposits, fixed rate bonds and commercial papers with original maturity of three months or less which are readily convertible to known amounts of cash and subject to insignificant risk. |
2025 | 2024 | ||||||
NOK in millions | Current | Non-current | Total | Current | Non-current | Total | |
Provisions for workforce reduction and onerous (loss) | 405 | 215 | 620 | 477 | 259 | 736 | |
Asset retirement obligations | 29 | 6,001 | 6,030 | 31 | 6,427 | 6,458 | |
Other provisions | 458 | 153 | 611 | 400 | 237 | 637 | |
Total provisions and obligations | 892 | 6,369 | 7,261 | 908 | 6,923 | 7,831 |
ACCOUNTING POLICIES Provisions are made when there is a present legal or constructive obligation, an outflow of resources is probable and a reliable estimate can be made. Provisions are measured using management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Asset retirement obligations (ARO) primarily relate to base stations and installed network and The net present value of the future Asset Retirement Obligation (ARO) is discounted using a pre-tax risk- free rate, as risks are reflected in the estimated cash flows. After initial recognition, an accretion expense is recognised as a finance cost. Subsequent adjustments to the ARO arising from changes in estimated removal costs or discount rates are recorded as a corresponding adjustment to the carrying amount of the related property, plant, and equipment. Changes in ARO relating to assets that are no longer in use are recognised in the income statement, with the impact of changes in the discount rate presented as financial items and all other changes recorded as operating expenses. |
KEY SOURCES OF ESTIMATION UNCERTAINTY Provisions are estimated based on a number of assumptions and are highly uncertain in nature. In particular, the amounts related to legal disputes can be significant and the assessment of probability and the possible outcome include highly judgmental and complex assessments made by management. There is also significant uncertainty related to the timing of the asset retirement obligation, as the removal and restoration of the sites will occur well into the future and strategy, technological developments, markets and other factors may impact the timing. There is also significant uncertainty related to the asset removal cost due to uncertain future price development and possibility of negotiations of prices for a large number of removals. Further, there is potentially agreements that relieve Telenor from its obligations and uncertainty as to whether the restoration actually will take place. Due to these uncertainties, the actual costs for legal claims and asset retirement obligations may be significantly different from the current estimates. |
NOK in millions | Workforce reduction and onerous (loss) contracts | Asset retirement obligations | Other provision | Total | Legal disputes (included in trade and other payables) | |
As of 1 January | 736 | 6,458 | 637 | 7,831 | 1,373 | |
Obligations arising and effects of changes in estimates during the year | 434 | (253) | 884 | 1,066 | 186 | |
Accretion expense | \u2014 | 130 | 10 | 141 | \u2014 | |
Amounts utilised | (628) | (248) | (798) | (1,674) | (165) | |
Other changes and translation difference | 78 | (18) | (113) | (53) | (174) | |
Derecognised on disposal of subsidiaries | \u2014 | (40) | (11) | (51) | (147) | |
As of 31 December | 620 | 6,030 | 611 | 7,261 | 1,074 |
2025 | 2024 | ||||||
NOK in millions | Current | Non-current | Total | Current | Non-current | Total | |
Provisions for workforce reduction and onerous (loss) | 405 | 215 | 620 | 477 | 259 | 736 | |
Asset retirement obligations | 29 | 6,001 | 6,030 | 31 | 6,427 | 6,458 | |
Other provisions | 458 | 153 | 611 | 400 | 237 | 637 | |
Total provisions and obligations | 892 | 6,369 | 7,261 | 908 | 6,923 | 7,831 |
ACCOUNTING POLICIES Provisions are made when there is a present legal or constructive obligation, an outflow of resources is probable and a reliable estimate can be made. Provisions are measured using management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Asset retirement obligations (ARO) primarily relate to base stations and installed network and The net present value of the future Asset Retirement Obligation (ARO) is discounted using a pre-tax risk- free rate, as risks are reflected in the estimated cash flows. After initial recognition, an accretion expense is recognised as a finance cost. Subsequent adjustments to the ARO arising from changes in estimated removal costs or discount rates are recorded as a corresponding adjustment to the carrying amount of the related property, plant, and equipment. Changes in ARO relating to assets that are no longer in use are recognised in the income statement, with the impact of changes in the discount rate presented as financial items and all other changes recorded as operating expenses. |
KEY SOURCES OF ESTIMATION UNCERTAINTY Provisions are estimated based on a number of assumptions and are highly uncertain in nature. In particular, the amounts related to legal disputes can be significant and the assessment of probability and the possible outcome include highly judgmental and complex assessments made by management. There is also significant uncertainty related to the timing of the asset retirement obligation, as the removal and restoration of the sites will occur well into the future and strategy, technological developments, markets and other factors may impact the timing. There is also significant uncertainty related to the asset removal cost due to uncertain future price development and possibility of negotiations of prices for a large number of removals. Further, there is potentially agreements that relieve Telenor from its obligations and uncertainty as to whether the restoration actually will take place. Due to these uncertainties, the actual costs for legal claims and asset retirement obligations may be significantly different from the current estimates. |
NOK in millions | Workforce reduction and onerous (loss) contracts | Asset retirement obligations | Other provision | Total | Legal disputes (included in trade and other payables) | |
As of 1 January | 736 | 6,458 | 637 | 7,831 | 1,373 | |
Obligations arising and effects of changes in estimates during the year | 434 | (253) | 884 | 1,066 | 186 | |
Accretion expense | \u2014 | 130 | 10 | 141 | \u2014 | |
Amounts utilised | (628) | (248) | (798) | (1,674) | (165) | |
Other changes and translation difference | 78 | (18) | (113) | (53) | (174) | |
Derecognised on disposal of subsidiaries | \u2014 | (40) | (11) | (51) | (147) | |
As of 31 December | 620 | 6,030 | 611 | 7,261 | 1,074 |
ACCOUNTING POLICIES Legal disputes are usually contingent in nature, meaning the possible obligation depends on future events outside the company\u2019s control, for example a court decision. Provisions are made for legal claims where an unfavourable outcome is probable and the amount required to settle the dispute can be reliably estimated. Provisions are based on management\u2019s best estimate of the amount required to settle the obligation and are discounted to present value. |
KEY SOURCES OF ESTIMATION UNCERTAINTY There is significant uncertainty related to predicting the outcome of legal proceedings, disputes and claims. The potential obligations can represent significant amounts, the disputes may involve complex assessments of contracts and legislation, and political and country risk is high in certain disputes. Due to these uncertainties, the future actual costs for legal disputes may be significantly different than current estimates. Management evaluates the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require management to make a provision for matters that become probable or reliable, or change a provision made in a previous reporting period. |
ACCOUNTING POLICIES Legal disputes are usually contingent in nature, meaning the possible obligation depends on future events outside the company\u2019s control, for example a court decision. Provisions are made for legal claims where an unfavourable outcome is probable and the amount required to settle the dispute can be reliably estimated. Provisions are based on management\u2019s best estimate of the amount required to settle the obligation and are discounted to present value. |
KEY SOURCES OF ESTIMATION UNCERTAINTY There is significant uncertainty related to predicting the outcome of legal proceedings, disputes and claims. The potential obligations can represent significant amounts, the disputes may involve complex assessments of contracts and legislation, and political and country risk is high in certain disputes. Due to these uncertainties, the future actual costs for legal disputes may be significantly different than current estimates. Management evaluates the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require management to make a provision for matters that become probable or reliable, or change a provision made in a previous reporting period. |
ACCOUNTING POLICIES Legal disputes are usually contingent in nature, meaning the possible obligation depends on future events outside the company\u2019s control, for example a court decision. Provisions are made for legal claims where an unfavourable outcome is probable and the amount required to settle the dispute can be reliably estimated. Provisions are based on management\u2019s best estimate of the amount required to settle the obligation and are discounted to present value. |
KEY SOURCES OF ESTIMATION UNCERTAINTY There is significant uncertainty related to predicting the outcome of legal proceedings, disputes and claims. The potential obligations can represent significant amounts, the disputes may involve complex assessments of contracts and legislation, and political and country risk is high in certain disputes. Due to these uncertainties, the future actual costs for legal disputes may be significantly different than current estimates. Management evaluates the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require management to make a provision for matters that become probable or reliable, or change a provision made in a previous reporting period. |
Payment due by period | |||||||
NOK in millions | Total | 2026 | 2027 | 2028 | 2029 | 2030 | After 2030 |
Contractual purchase obligations | |||||||
IT-related agreements | 334 | 261 | 38 | 17 | 17 | \u2014 | \u2014 |
Power purchase agreements (PPAs) | 944 | 101 | 101 | 99 | 99 | 99 | 444 |
Other contractual obligations1) | 4,394 | 4,167 | 110 | 59 | 50 | 9 | \u2014 |
Committed investments | |||||||
Property, plant and equipment and intangible assets | 733 | 732 | 1 | \u2014 | \u2014 | \u2014 | \u2014 |
Total contractual obligations | 6,406 | 5,261 | 250 | 176 | 166 | 108 | 444 |
Payment due by period | |||||||
NOK in millions | Total | 2025 | 2026 | 2027 | 2028 | 2029 | After 2029 |
Contractual purchase obligations | |||||||
IT-related agreements | 544 | 447 | 40 | 23 | 17 | 17 | \u2014 |
Power purchase agreements (PPAs) | 9 | 7 | 2 | \u2014 | \u2014 | \u2014 | \u2014 |
Other contractual obligations 1) | 4,389 | 4,028 | 210 | 54 | 52 | 36 | 9 |
Committed investments | |||||||
Property, plant and equipment and intangible assets | 1,287 | 1,283 | 4 | \u2014 | \u2014 | \u2014 | \u2014 |
Total contractual obligations | 6,229 | 5,765 | 256 | 76 | 69 | 53 | 9 |
NOK in millions | Category | 2025 | 2024 |
Trade payables | 6,512 | 6,636 | |
Accruals | 6,797 | 8,149 | |
Total trade payables and accruals as of 31 December | FLAC 1) | 13,309 | 14,785 |
Contract liabilities | 4,729 | 4,749 | |
Government taxes, tax deductions etc | 3,205 | 3,240 | |
Total other payables as of 31 December | NF 2) | 7,934 | 7,988 |
Total trade and other payables as of 31 December | 21,243 | 22,774 |
NOK in millions | 2025 | 2024 |
Balance as of 1 January | 4,749 | 4,726 |
Revenue recognised that was included in opening balance | (4,212) | 55 |
New contract liabilities less transfer to revenue | 4,410 | (126) |
Disposal of companies | (170) | (8) |
Currency and other effects | (48) | 101 |
Balance as of 31 December | 4,729 | 4,749 |
ACCOUNTING POLICIES Trade and other payables Trade and other payables relate to amounts owed to suppliers and customer contract liabilities include amounts received from a customer that exceed the revenue recognised, for example prepaid subscriptions. Customer contract liabilities are expected to be realised within in the Group\u2019s normal operating cycle and are classified as current. Supplier Finance Arrangement The supplier finance arrangements (SFA) are classified as trade payables, with contracts and payment terms managed directly with vendors. All finance costs are covered by vendors. The SFA is non-interest bearing liability, and cash outflows are shown as operating activities in the statement of cash flows. |
NOK in millions | Balance as of 31 December 2025 | Balance as of\u00a0 31 December 2024 |
Presented in trade payables | 1,096 | 1,052 |
Of which suppliers have been paid by finance providers | 491 | 600 |
2025 | 2024 | ||||||||
Range of payment due dates | Trade payables\u00a0 part of the SFA | Comparable trade payables not part of the SFA | Trade payables\u00a0 part of the SFA | Comparable trade payables not part of the SFA | |||||
Norway | 60-90 | 30-60 | 60-90 | 30-60 | |||||
Sweden | 60-90 | 30-60 | 60-90 | 30-60 | |||||
Denmark | 90-120 | 60-90 | 90-120 | 30-60 | |||||
Finland | 60-90 | 30-60 | 60-90 | 30-60 |
Payment due by period | |||||||
NOK in millions | Total | 2026 | 2027 | 2028 | 2029 | 2030 | After 2030 |
Contractual purchase obligations | |||||||
IT-related agreements | 334 | 261 | 38 | 17 | 17 | \u2014 | \u2014 |
Power purchase agreements (PPAs) | 944 | 101 | 101 | 99 | 99 | 99 | 444 |
Other contractual obligations1) | 4,394 | 4,167 | 110 | 59 | 50 | 9 | \u2014 |
Committed investments | |||||||
Property, plant and equipment and intangible assets | 733 | 732 | 1 | \u2014 | \u2014 | \u2014 | \u2014 |
Total contractual obligations | 6,406 | 5,261 | 250 | 176 | 166 | 108 | 444 |
Payment due by period | |||||||
NOK in millions | Total | 2025 | 2026 | 2027 | 2028 | 2029 | After 2029 |
Contractual purchase obligations | |||||||
IT-related agreements | 544 | 447 | 40 | 23 | 17 | 17 | \u2014 |
Power purchase agreements (PPAs) | 9 | 7 | 2 | \u2014 | \u2014 | \u2014 | \u2014 |
Other contractual obligations 1) | 4,389 | 4,028 | 210 | 54 | 52 | 36 | 9 |
Committed investments | |||||||
Property, plant and equipment and intangible assets | 1,287 | 1,283 | 4 | \u2014 | \u2014 | \u2014 | \u2014 |
Total contractual obligations | 6,229 | 5,765 | 256 | 76 | 69 | 53 | 9 |
NOK in millions | 2025 | 2024 |
Contract costs | 5,820 | 5,342 |
Governmental taxes and duties | 38 | 78 |
Total non-current non-financial assets as of 31 December | 5,858 | 5,420 |
ACCOUNTING POLICIES When contract costs related to customer contracts are incremental and expected to be recovered, they are recognised as contract cost assets and amortised over the expected customer lifetime. Renewal periods are included in the period based on historical churn data, unless new costs are incurred on contract renewals. These costs are included in operating costs. The practical expedient of not capitalising contract costs that would have been amortised within 12 months has been applied. See note 3 Revenues for more information about the customer contracts. |
NOK in millions | As of 31 December 2024 | Cost capitalised during the year | Reclassified to assets held for sale | Amortisation - continued operations | Amortisation - discontinued operations | Translation differences | As of 31 December 2025 |
Contract acquisition costs | 5,307 | 3,572 | (57) | (3,010) | (21) | (78) | 5,712 |
Contract fulfilment costs | 35 | 102 | (3) | (26) | (2) | 2 | 108 |
Total contract costs | 5,342 | 3,673 | (61) | (3,036) | (22) | (76) | 5,820 |
NOK in millions | As of 31 December 2023 | Cost capitalised during the year | Reclassified to assets held for sale | Amortisation - continued operations | Amortisation - discontinued operations | Translation differences | As of 31 December 2024 |
Contract acquisition costs | 4,543 | 3,362 | \u2014 | (2,694) | (28) | 123 | 5,307 |
Contract fulfilment costs | 37 | 16 | \u2014 | (16) | (4) | 1 | 35 |
Total contract costs | 4,581 | 3,378 | \u2014 | (2,710) | (32) | 124 | 5,342 |
NOK in millions | Fair value level 4) | Category | 2025 | 2024 |
Equity investments | 3 | FVTOCI 1) | 905 | 961 |
Financial derivatives | 2 | FVTPL 2) | 15 | 63 |
Financial derivatives designated for net investment hedge | 2 | 218 | 1,142 | |
Other financial non-interest-bearing assets | FAAC 3) | 4,745 | 4,306 | |
Fair value hedge instruments | 2 | \u2014 | 36 | |
Other financial interest-bearing assets | FAAC 3) | 312 | 306 | |
Interest-bearing loans to associates and joint ventures | 2 | FVTPL 2) | 3 | 1,055 |
Total non-current financial assets as of 31 December | 6,198 | 7,869 |
ACCOUNTING POLICIES Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u25e6 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u25e6 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u25e6 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u25e6 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u25e6 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Assets held for trading | 2 | FVTPL 1) | 92 | 82 |
Bonds and commercial papers > 3 months | FAAC 2) | 358 | 319 | |
Receivables on associates and joint ventures | 2 | FVTPL 1) | \u2014 | 1,055 |
Financial derivatives | 2 | FVTPL 1) | 1 | \u2014 |
Financial derivatives designated for net investment hedge | 2 | 374 | 157 | |
Total other current financial assets as of 31 December | 825 | 1,614 |
Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does not have equity instruments held for trading. |
Derivatives Telenor uses derivative financial instruments, such as forward currency contracts, interest rate swaps and cross currency interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. |
Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. |
Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to joint ventures for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 240 | 389 |
Financial derivatives designated for net investment hedge | 2 | 467 | 415 | |
Other non-interest-bearing liabilities | FLAC 2) | 656 | 557 | |
Total non-current non-interest-bearing liabilities as of 31 December | 1,363 | 1,362 |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 3 | 82 |
Financial derivatives designated for net investment hedge | 2 | 347 | 757 | |
Other non-interest-bearing liabilities | FLAC 2) | 654 | 738 | |
Total current non-interest-bearing liabilities as of 31 December | 1,004 | 1,577 |
NOK in millions | 2025 | 2024 |
Contract costs | 5,820 | 5,342 |
Governmental taxes and duties | 38 | 78 |
Total non-current non-financial assets as of 31 December | 5,858 | 5,420 |
ACCOUNTING POLICIES When contract costs related to customer contracts are incremental and expected to be recovered, they are recognised as contract cost assets and amortised over the expected customer lifetime. Renewal periods are included in the period based on historical churn data, unless new costs are incurred on contract renewals. These costs are included in operating costs. The practical expedient of not capitalising contract costs that would have been amortised within 12 months has been applied. See note 3 Revenues for more information about the customer contracts. |
NOK in millions | As of 31 December 2024 | Cost capitalised during the year | Reclassified to assets held for sale | Amortisation - continued operations | Amortisation - discontinued operations | Translation differences | As of 31 December 2025 |
Contract acquisition costs | 5,307 | 3,572 | (57) | (3,010) | (21) | (78) | 5,712 |
Contract fulfilment costs | 35 | 102 | (3) | (26) | (2) | 2 | 108 |
Total contract costs | 5,342 | 3,673 | (61) | (3,036) | (22) | (76) | 5,820 |
NOK in millions | As of 31 December 2023 | Cost capitalised during the year | Reclassified to assets held for sale | Amortisation - continued operations | Amortisation - discontinued operations | Translation differences | As of 31 December 2024 |
Contract acquisition costs | 4,543 | 3,362 | \u2014 | (2,694) | (28) | 123 | 5,307 |
Contract fulfilment costs | 37 | 16 | \u2014 | (16) | (4) | 1 | 35 |
Total contract costs | 4,581 | 3,378 | \u2014 | (2,710) | (32) | 124 | 5,342 |
NOK in millions | Fair value level 4) | Category | 2025 | 2024 |
Equity investments | 3 | FVTOCI 1) | 905 | 961 |
Financial derivatives | 2 | FVTPL 2) | 15 | 63 |
Financial derivatives designated for net investment hedge | 2 | 218 | 1,142 | |
Other financial non-interest-bearing assets | FAAC 3) | 4,745 | 4,306 | |
Fair value hedge instruments | 2 | \u2014 | 36 | |
Other financial interest-bearing assets | FAAC 3) | 312 | 306 | |
Interest-bearing loans to associates and joint ventures | 2 | FVTPL 2) | 3 | 1,055 |
Total non-current financial assets as of 31 December | 6,198 | 7,869 |
ACCOUNTING POLICIES Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u25e6 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u25e6 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u25e6 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u25e6 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u25e6 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Assets held for trading | 2 | FVTPL 1) | 92 | 82 |
Bonds and commercial papers > 3 months | FAAC 2) | 358 | 319 | |
Receivables on associates and joint ventures | 2 | FVTPL 1) | \u2014 | 1,055 |
Financial derivatives | 2 | FVTPL 1) | 1 | \u2014 |
Financial derivatives designated for net investment hedge | 2 | 374 | 157 | |
Total other current financial assets as of 31 December | 825 | 1,614 |
Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does not have equity instruments held for trading. |
Derivatives Telenor uses derivative financial instruments, such as forward currency contracts, interest rate swaps and cross currency interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. |
Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. |
Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to joint ventures for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 240 | 389 |
Financial derivatives designated for net investment hedge | 2 | 467 | 415 | |
Other non-interest-bearing liabilities | FLAC 2) | 656 | 557 | |
Total non-current non-interest-bearing liabilities as of 31 December | 1,363 | 1,362 |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 3 | 82 |
Financial derivatives designated for net investment hedge | 2 | 347 | 757 | |
Other non-interest-bearing liabilities | FLAC 2) | 654 | 738 | |
Total current non-interest-bearing liabilities as of 31 December | 1,004 | 1,577 |
NOK in millions | Fair value level 4) | Category | 2025 | 2024 |
Equity investments | 3 | FVTOCI 1) | 905 | 961 |
Financial derivatives | 2 | FVTPL 2) | 15 | 63 |
Financial derivatives designated for net investment hedge | 2 | 218 | 1,142 | |
Other financial non-interest-bearing assets | FAAC 3) | 4,745 | 4,306 | |
Fair value hedge instruments | 2 | \u2014 | 36 | |
Other financial interest-bearing assets | FAAC 3) | 312 | 306 | |
Interest-bearing loans to associates and joint ventures | 2 | FVTPL 2) | 3 | 1,055 |
Total non-current financial assets as of 31 December | 6,198 | 7,869 |
ACCOUNTING POLICIES Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u25e6 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u25e6 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u25e6 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u25e6 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u25e6 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Assets held for trading | 2 | FVTPL 1) | 92 | 82 |
Bonds and commercial papers > 3 months | FAAC 2) | 358 | 319 | |
Receivables on associates and joint ventures | 2 | FVTPL 1) | \u2014 | 1,055 |
Financial derivatives | 2 | FVTPL 1) | 1 | \u2014 |
Financial derivatives designated for net investment hedge | 2 | 374 | 157 | |
Total other current financial assets as of 31 December | 825 | 1,614 |
Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does not have equity instruments held for trading. |
Derivatives Telenor uses derivative financial instruments, such as forward currency contracts, interest rate swaps and cross currency interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. |
Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. |
Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to joint ventures for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 240 | 389 |
Financial derivatives designated for net investment hedge | 2 | 467 | 415 | |
Other non-interest-bearing liabilities | FLAC 2) | 656 | 557 | |
Total non-current non-interest-bearing liabilities as of 31 December | 1,363 | 1,362 |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 3 | 82 |
Financial derivatives designated for net investment hedge | 2 | 347 | 757 | |
Other non-interest-bearing liabilities | FLAC 2) | 654 | 738 | |
Total current non-interest-bearing liabilities as of 31 December | 1,004 | 1,577 |
NOK in millions | Fair value level 4) | Category | 2025 | 2024 |
Equity investments | 3 | FVTOCI 1) | 905 | 961 |
Financial derivatives | 2 | FVTPL 2) | 15 | 63 |
Financial derivatives designated for net investment hedge | 2 | 218 | 1,142 | |
Other financial non-interest-bearing assets | FAAC 3) | 4,745 | 4,306 | |
Fair value hedge instruments | 2 | \u2014 | 36 | |
Other financial interest-bearing assets | FAAC 3) | 312 | 306 | |
Interest-bearing loans to associates and joint ventures | 2 | FVTPL 2) | 3 | 1,055 |
Total non-current financial assets as of 31 December | 6,198 | 7,869 |
ACCOUNTING POLICIES Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u25e6 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u25e6 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u25e6 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u25e6 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u25e6 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Assets held for trading | 2 | FVTPL 1) | 92 | 82 |
Bonds and commercial papers > 3 months | FAAC 2) | 358 | 319 | |
Receivables on associates and joint ventures | 2 | FVTPL 1) | \u2014 | 1,055 |
Financial derivatives | 2 | FVTPL 1) | 1 | \u2014 |
Financial derivatives designated for net investment hedge | 2 | 374 | 157 | |
Total other current financial assets as of 31 December | 825 | 1,614 |
Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does not have equity instruments held for trading. |
Derivatives Telenor uses derivative financial instruments, such as forward currency contracts, interest rate swaps and cross currency interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. |
Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. |
Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to joint ventures for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 240 | 389 |
Financial derivatives designated for net investment hedge | 2 | 467 | 415 | |
Other non-interest-bearing liabilities | FLAC 2) | 656 | 557 | |
Total non-current non-interest-bearing liabilities as of 31 December | 1,363 | 1,362 |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 3 | 82 |
Financial derivatives designated for net investment hedge | 2 | 347 | 757 | |
Other non-interest-bearing liabilities | FLAC 2) | 654 | 738 | |
Total current non-interest-bearing liabilities as of 31 December | 1,004 | 1,577 |
ACCOUNTING POLICIES Hedge accounting is applied for fair value hedges and hedges of net investments in foreign operations when the hedging criteria are met. For fair value hedges, the carrying amount of the hedged item is adjusted for gains and losses attributable to the risk being hedged. The derivative is also measured at fair value, and gains and losses from both the hedging instrument and the hedged item are recognised in the income statement. Hedge effectiveness is assessed on an ongoing basis, and hedge accounting is discontinued if the hedge no longer meets the hedge accounting criteria. If the hedged item still exists and is not sold, the fair value adjustment to the hedged item attributable to the risk being hedged at de-designation will be amortised in the income statement over the remaining time to maturity. A hedge of a net investment in a foreign operation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised directly in other comprehensive income while any foreign exchange gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign entity, the cumulative foreign exchange gains or losses recognised in other comprehensive income is reclassified to the income statement. Refer to note 27 Financial assets and non-interest-bearing liabilities for further information on accounting policies for derivatives. |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years | Not specified |
Liabilities as of 31 December 2025 | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Financial Debt | 86,462 | 12,455 | 7,378 | 7,662 | 14,530 | 7,908 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | \u2014 |
Other interest-bearing liabilities | 77 | 77 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Sum of interest-bearing liabilities 1) | 86,539 | 12,531 | 7,378 | 7,662 | 14,530 | 7,908 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | \u2014 |
Non-interest-bearing liabilities | |||||||||||||
Trade and other payables | 21,243 | 21,243 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other current non-interest-bearing liabilities | 654 | 654 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instruments | 1,057 | 386 | 4 | 204 | \u2014 | 462 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other non-current non-interest bearing borrowings | 656 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 656 |
Sum of non-interest-bearing liabilities | 23,610 | 22,283 | 4 | 204 | \u2014 | 462 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 656 |
Total | 110,149 | 34,814 | 7,382 | 7,866 | 14,530 | 8,371 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | 656 |
Future interest payments | 12,284 | 2,004 | 1,884 | 1,738 | 1,583 | 1,348 | 981 | 949 | 650 | 627 | 520 | ||
Total including future interest payments | 122,433 | 36,818 | 9,266 | 9,604 | 16,113 | 9,719 | 6,866 | 9,819 | 650 | 6,543 | 16,287 | 93 | 656 |
Liabilities as of 31 December 2024 | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Financial Debt | 83,400 | 11,076 | 11,756 | 7,273 | 7,637 | 14,338 | 7,885 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | \u2014 |
Other interest-bearing liabilities | 277 | 277 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Sum of interest-bearing liabilities 1) | 83,676 | 11,352 | 11,756 | 7,273 | 7,637 | 14,338 | 7,885 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | \u2014 |
Non-interest-bearing liabilities | |||||||||||||
Trade and other payables | 22,773 | 22,773 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other current non-interest-bearing liabilities | 738 | 738 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instruments | 1,643 | 878 | 36 | 247 | 350 | \u2014 | 132 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other non-current non-interest bearing borrowings | 557 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 557 |
Sum of non-interest-bearing liabilities | 25,711 | 24,388 | 36 | 247 | 350 | \u2014 | 132 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 557 |
Total | 109,387 | 35,741 | 11,792 | 7,520 | 7,987 | 14,338 | 8,017 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | 557 |
Future interest payments | 10,198 | 1,981 | 1,676 | 1,378 | 1,262 | 1,072 | 822 | 459 | 424 | 423 | 402 | 299 | |
Total including future interest payments | 119,585 | 37,722 | 13,468 | 8,898 | 9,249 | 15,410 | 8,839 | 6,344 | 424 | 6,258 | 12,029 | 389 | 557 |
1) The maturity tables do not include lease liabilities related to licences or other lease liabilities. See note 29 for more information on licence commitments and lease liabilities. |
NOK in millions | 2025 | 2024 |
Net gain / (loss) recognised in the income statement on hedged items | (399) | (800) |
Net gain / (loss) recognised in the income statement on hedging instruments | 539 | 893 |
Amount of hedge ineffectiveness | 139 | 93 |
2025 | 2024 | |||
NOK in millions | Assets | Liabilities | Assets | Liabilities |
As of 31 December | ||||
Nominal amounts fair value hedge instruments | 31,170 | \u2014 | 33,544 | \u2014 |
Fair values of fair value hedge instruments | \u2014 | 1,097 | 36 | (1,647) |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years |
As of 31 December 2025 | (1,144) | (431) | (336) | (203) | (61) | (23) | (25) | (28) | (30) | (6) | (1) | \u2014 |
As of 31 December 2024 | (2,198) | (766) | (597) | (438) | (236) | (63) | (24) | (24) | (24) | (24) | (2) | \u2014 |
NOK in millions | 2025 | 2024 |
As of 31 December | ||
Carrying amount of hedged items recognised in the statement of financial position | 29,110 | 32,251 |
Fair value hedge adjustments included in the carrying amount of the hedged items | (844) | (1,243) |
2025 | 2024 | ||||
NOK in millions | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | |
Reduction (increase) in fair value of net liabilities | 1,363 | (1,417) | 1,311 | (1,367) | |
Gain (loss) in the income statement | (7) | 8 | (2) | 4 |
2025 | 2024 | ||||
NOK in millions | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | |
Gain (loss) in the income statement | (134) | 134 | (149) | 149 | |
NOK in millions | 2025 | 2024 |
Amount recognised directly to other comprehensive income (OCI) | (705) | (2,483) |
Amount reclassified from OCI to the income statement on disposal | (82) | \u2014 |
2025 | 2024 | ||||
NOK in millions | Debt | Derivatives | Debt | Derivatives | |
As of 31 December | |||||
Nominal amounts net investment hedge instruments | (57,096) | 6,180 | (57,934) | 11,476 | |
Fair value net investment hedge instruments | (54,397) | (221) | (54,910) | 128 |
NOK in millions | 2025 | 2024 |
As of 31 December | ||
Other non-current assets | 218 | 1,142 |
Other financial current assets | 374 | 157 |
Non-current non-interest-bearing financial liabilities | (467) | (415) |
Current non-interest-bearing liabilities | (347) | (757) |
Fair value net investment hedge instruments | (221) | 128 |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years |
As of 31 December 2025 | (55,903) | (9,414) | (3,499) | (5,182) | (9,856) | (3,718) | (5,041) | (7,296) | (213) | (4,781) | (6,903) | \u2014 |
As of 31 December 2024 | (50,044) | (4,780) | (7,125) | (3,365) | (4,801) | (9,882) | (2,539) | (4,963) | (224) | (224) | (4,934) | (7,207) |
Monetary Item Currency | |||||||||
2025 | 2024 | ||||||||
NOK in millions | EUR | SEK | USD | Other | EUR | SEK | USD | Other | |
Depreciating Functional Currency | |||||||||
NOK | (789) | 773 | (365) | (119) | (232) | (625) | (418) | (107) |
2025 | 2024 | ||||||
NOK in millions | EUR | SEK | Other | EUR | SEK | Other | |
Currency effect on OCI (before tax) of NIH instruments | |||||||
NOK | (2,982) | (1,291) | (818) | (2,746) | (1,056) | (844) | |
Effect on other comprehensive income (OCI) | (5,091) | (4,646) |
NOK in millions | Fair value level 4) | Category | 2025 | 2024 |
Equity investments | 3 | FVTOCI 1) | 905 | 961 |
Financial derivatives | 2 | FVTPL 2) | 15 | 63 |
Financial derivatives designated for net investment hedge | 2 | 218 | 1,142 | |
Other financial non-interest-bearing assets | FAAC 3) | 4,745 | 4,306 | |
Fair value hedge instruments | 2 | \u2014 | 36 | |
Other financial interest-bearing assets | FAAC 3) | 312 | 306 | |
Interest-bearing loans to associates and joint ventures | 2 | FVTPL 2) | 3 | 1,055 |
Total non-current financial assets as of 31 December | 6,198 | 7,869 |
ACCOUNTING POLICIES Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u25e6 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u25e6 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u25e6 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u25e6 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u25e6 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Assets held for trading | 2 | FVTPL 1) | 92 | 82 |
Bonds and commercial papers > 3 months | FAAC 2) | 358 | 319 | |
Receivables on associates and joint ventures | 2 | FVTPL 1) | \u2014 | 1,055 |
Financial derivatives | 2 | FVTPL 1) | 1 | \u2014 |
Financial derivatives designated for net investment hedge | 2 | 374 | 157 | |
Total other current financial assets as of 31 December | 825 | 1,614 |
Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does not have equity instruments held for trading. |
Derivatives Telenor uses derivative financial instruments, such as forward currency contracts, interest rate swaps and cross currency interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. |
Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. |
Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to joint ventures for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 240 | 389 |
Financial derivatives designated for net investment hedge | 2 | 467 | 415 | |
Other non-interest-bearing liabilities | FLAC 2) | 656 | 557 | |
Total non-current non-interest-bearing liabilities as of 31 December | 1,363 | 1,362 |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 3 | 82 |
Financial derivatives designated for net investment hedge | 2 | 347 | 757 | |
Other non-interest-bearing liabilities | FLAC 2) | 654 | 738 | |
Total current non-interest-bearing liabilities as of 31 December | 1,004 | 1,577 |
ACCOUNTING POLICIES Hedge accounting is applied for fair value hedges and hedges of net investments in foreign operations when the hedging criteria are met. For fair value hedges, the carrying amount of the hedged item is adjusted for gains and losses attributable to the risk being hedged. The derivative is also measured at fair value, and gains and losses from both the hedging instrument and the hedged item are recognised in the income statement. Hedge effectiveness is assessed on an ongoing basis, and hedge accounting is discontinued if the hedge no longer meets the hedge accounting criteria. If the hedged item still exists and is not sold, the fair value adjustment to the hedged item attributable to the risk being hedged at de-designation will be amortised in the income statement over the remaining time to maturity. A hedge of a net investment in a foreign operation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised directly in other comprehensive income while any foreign exchange gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign entity, the cumulative foreign exchange gains or losses recognised in other comprehensive income is reclassified to the income statement. Refer to note 27 Financial assets and non-interest-bearing liabilities for further information on accounting policies for derivatives. |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years | Not specified |
Liabilities as of 31 December 2025 | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Financial Debt | 86,462 | 12,455 | 7,378 | 7,662 | 14,530 | 7,908 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | \u2014 |
Other interest-bearing liabilities | 77 | 77 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Sum of interest-bearing liabilities 1) | 86,539 | 12,531 | 7,378 | 7,662 | 14,530 | 7,908 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | \u2014 |
Non-interest-bearing liabilities | |||||||||||||
Trade and other payables | 21,243 | 21,243 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other current non-interest-bearing liabilities | 654 | 654 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instruments | 1,057 | 386 | 4 | 204 | \u2014 | 462 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other non-current non-interest bearing borrowings | 656 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 656 |
Sum of non-interest-bearing liabilities | 23,610 | 22,283 | 4 | 204 | \u2014 | 462 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 656 |
Total | 110,149 | 34,814 | 7,382 | 7,866 | 14,530 | 8,371 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | 656 |
Future interest payments | 12,284 | 2,004 | 1,884 | 1,738 | 1,583 | 1,348 | 981 | 949 | 650 | 627 | 520 | ||
Total including future interest payments | 122,433 | 36,818 | 9,266 | 9,604 | 16,113 | 9,719 | 6,866 | 9,819 | 650 | 6,543 | 16,287 | 93 | 656 |
Liabilities as of 31 December 2024 | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Financial Debt | 83,400 | 11,076 | 11,756 | 7,273 | 7,637 | 14,338 | 7,885 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | \u2014 |
Other interest-bearing liabilities | 277 | 277 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Sum of interest-bearing liabilities 1) | 83,676 | 11,352 | 11,756 | 7,273 | 7,637 | 14,338 | 7,885 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | \u2014 |
Non-interest-bearing liabilities | |||||||||||||
Trade and other payables | 22,773 | 22,773 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other current non-interest-bearing liabilities | 738 | 738 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instruments | 1,643 | 878 | 36 | 247 | 350 | \u2014 | 132 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other non-current non-interest bearing borrowings | 557 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 557 |
Sum of non-interest-bearing liabilities | 25,711 | 24,388 | 36 | 247 | 350 | \u2014 | 132 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 557 |
Total | 109,387 | 35,741 | 11,792 | 7,520 | 7,987 | 14,338 | 8,017 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | 557 |
Future interest payments | 10,198 | 1,981 | 1,676 | 1,378 | 1,262 | 1,072 | 822 | 459 | 424 | 423 | 402 | 299 | |
Total including future interest payments | 119,585 | 37,722 | 13,468 | 8,898 | 9,249 | 15,410 | 8,839 | 6,344 | 424 | 6,258 | 12,029 | 389 | 557 |
1) The maturity tables do not include lease liabilities related to licences or other lease liabilities. See note 29 for more information on licence commitments and lease liabilities. |
NOK in millions | 2025 | 2024 |
Net gain / (loss) recognised in the income statement on hedged items | (399) | (800) |
Net gain / (loss) recognised in the income statement on hedging instruments | 539 | 893 |
Amount of hedge ineffectiveness | 139 | 93 |
2025 | 2024 | |||
NOK in millions | Assets | Liabilities | Assets | Liabilities |
As of 31 December | ||||
Nominal amounts fair value hedge instruments | 31,170 | \u2014 | 33,544 | \u2014 |
Fair values of fair value hedge instruments | \u2014 | 1,097 | 36 | (1,647) |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years |
As of 31 December 2025 | (1,144) | (431) | (336) | (203) | (61) | (23) | (25) | (28) | (30) | (6) | (1) | \u2014 |
As of 31 December 2024 | (2,198) | (766) | (597) | (438) | (236) | (63) | (24) | (24) | (24) | (24) | (2) | \u2014 |
NOK in millions | 2025 | 2024 |
As of 31 December | ||
Carrying amount of hedged items recognised in the statement of financial position | 29,110 | 32,251 |
Fair value hedge adjustments included in the carrying amount of the hedged items | (844) | (1,243) |
2025 | 2024 | ||||
NOK in millions | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | |
Reduction (increase) in fair value of net liabilities | 1,363 | (1,417) | 1,311 | (1,367) | |
Gain (loss) in the income statement | (7) | 8 | (2) | 4 |
2025 | 2024 | ||||
NOK in millions | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | |
Gain (loss) in the income statement | (134) | 134 | (149) | 149 | |
NOK in millions | 2025 | 2024 |
Amount recognised directly to other comprehensive income (OCI) | (705) | (2,483) |
Amount reclassified from OCI to the income statement on disposal | (82) | \u2014 |
2025 | 2024 | ||||
NOK in millions | Debt | Derivatives | Debt | Derivatives | |
As of 31 December | |||||
Nominal amounts net investment hedge instruments | (57,096) | 6,180 | (57,934) | 11,476 | |
Fair value net investment hedge instruments | (54,397) | (221) | (54,910) | 128 |
NOK in millions | 2025 | 2024 |
As of 31 December | ||
Other non-current assets | 218 | 1,142 |
Other financial current assets | 374 | 157 |
Non-current non-interest-bearing financial liabilities | (467) | (415) |
Current non-interest-bearing liabilities | (347) | (757) |
Fair value net investment hedge instruments | (221) | 128 |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years |
As of 31 December 2025 | (55,903) | (9,414) | (3,499) | (5,182) | (9,856) | (3,718) | (5,041) | (7,296) | (213) | (4,781) | (6,903) | \u2014 |
As of 31 December 2024 | (50,044) | (4,780) | (7,125) | (3,365) | (4,801) | (9,882) | (2,539) | (4,963) | (224) | (224) | (4,934) | (7,207) |
Monetary Item Currency | |||||||||
2025 | 2024 | ||||||||
NOK in millions | EUR | SEK | USD | Other | EUR | SEK | USD | Other | |
Depreciating Functional Currency | |||||||||
NOK | (789) | 773 | (365) | (119) | (232) | (625) | (418) | (107) |
2025 | 2024 | ||||||
NOK in millions | EUR | SEK | Other | EUR | SEK | Other | |
Currency effect on OCI (before tax) of NIH instruments | |||||||
NOK | (2,982) | (1,291) | (818) | (2,746) | (1,056) | (844) | |
Effect on other comprehensive income (OCI) | (5,091) | (4,646) |
NOK in millions | Fair value level 4) | Category | 2025 | 2024 |
Equity investments | 3 | FVTOCI 1) | 905 | 961 |
Financial derivatives | 2 | FVTPL 2) | 15 | 63 |
Financial derivatives designated for net investment hedge | 2 | 218 | 1,142 | |
Other financial non-interest-bearing assets | FAAC 3) | 4,745 | 4,306 | |
Fair value hedge instruments | 2 | \u2014 | 36 | |
Other financial interest-bearing assets | FAAC 3) | 312 | 306 | |
Interest-bearing loans to associates and joint ventures | 2 | FVTPL 2) | 3 | 1,055 |
Total non-current financial assets as of 31 December | 6,198 | 7,869 |
ACCOUNTING POLICIES Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u25e6 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u25e6 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u25e6 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u25e6 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u25e6 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Assets held for trading | 2 | FVTPL 1) | 92 | 82 |
Bonds and commercial papers > 3 months | FAAC 2) | 358 | 319 | |
Receivables on associates and joint ventures | 2 | FVTPL 1) | \u2014 | 1,055 |
Financial derivatives | 2 | FVTPL 1) | 1 | \u2014 |
Financial derivatives designated for net investment hedge | 2 | 374 | 157 | |
Total other current financial assets as of 31 December | 825 | 1,614 |
Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does not have equity instruments held for trading. |
Derivatives Telenor uses derivative financial instruments, such as forward currency contracts, interest rate swaps and cross currency interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. |
Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. |
Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to joint ventures for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 240 | 389 |
Financial derivatives designated for net investment hedge | 2 | 467 | 415 | |
Other non-interest-bearing liabilities | FLAC 2) | 656 | 557 | |
Total non-current non-interest-bearing liabilities as of 31 December | 1,363 | 1,362 |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 3 | 82 |
Financial derivatives designated for net investment hedge | 2 | 347 | 757 | |
Other non-interest-bearing liabilities | FLAC 2) | 654 | 738 | |
Total current non-interest-bearing liabilities as of 31 December | 1,004 | 1,577 |
NOK in millions | Fair value level 4) | Category | 2025 | 2024 |
Equity investments | 3 | FVTOCI 1) | 905 | 961 |
Financial derivatives | 2 | FVTPL 2) | 15 | 63 |
Financial derivatives designated for net investment hedge | 2 | 218 | 1,142 | |
Other financial non-interest-bearing assets | FAAC 3) | 4,745 | 4,306 | |
Fair value hedge instruments | 2 | \u2014 | 36 | |
Other financial interest-bearing assets | FAAC 3) | 312 | 306 | |
Interest-bearing loans to associates and joint ventures | 2 | FVTPL 2) | 3 | 1,055 |
Total non-current financial assets as of 31 December | 6,198 | 7,869 |
NOK in millions | Fair value level 4) | Category | 2025 | 2024 |
Equity investments | 3 | FVTOCI 1) | 905 | 961 |
Financial derivatives | 2 | FVTPL 2) | 15 | 63 |
Financial derivatives designated for net investment hedge | 2 | 218 | 1,142 | |
Other financial non-interest-bearing assets | FAAC 3) | 4,745 | 4,306 | |
Fair value hedge instruments | 2 | \u2014 | 36 | |
Other financial interest-bearing assets | FAAC 3) | 312 | 306 | |
Interest-bearing loans to associates and joint ventures | 2 | FVTPL 2) | 3 | 1,055 |
Total non-current financial assets as of 31 December | 6,198 | 7,869 |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Assets held for trading | 2 | FVTPL 1) | 92 | 82 |
Bonds and commercial papers > 3 months | FAAC 2) | 358 | 319 | |
Receivables on associates and joint ventures | 2 | FVTPL 1) | \u2014 | 1,055 |
Financial derivatives | 2 | FVTPL 1) | 1 | \u2014 |
Financial derivatives designated for net investment hedge | 2 | 374 | 157 | |
Total other current financial assets as of 31 December | 825 | 1,614 |
Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does not have equity instruments held for trading. |
Derivatives Telenor uses derivative financial instruments, such as forward currency contracts, interest rate swaps and cross currency interest rate swaps, to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. |
Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. |
Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to joint ventures for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Assets held for trading | 2 | FVTPL 1) | 92 | 82 |
Bonds and commercial papers > 3 months | FAAC 2) | 358 | 319 | |
Receivables on associates and joint ventures | 2 | FVTPL 1) | \u2014 | 1,055 |
Financial derivatives | 2 | FVTPL 1) | 1 | \u2014 |
Financial derivatives designated for net investment hedge | 2 | 374 | 157 | |
Total other current financial assets as of 31 December | 825 | 1,614 |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 240 | 389 |
Financial derivatives designated for net investment hedge | 2 | 467 | 415 | |
Other non-interest-bearing liabilities | FLAC 2) | 656 | 557 | |
Total non-current non-interest-bearing liabilities as of 31 December | 1,363 | 1,362 |
NOK in millions | Fair value level 3) | Category | 2025 | 2024 |
Financial derivatives | 2 | FVTPL 1) | 3 | 82 |
Financial derivatives designated for net investment hedge | 2 | 347 | 757 | |
Other non-interest-bearing liabilities | FLAC 2) | 654 | 738 | |
Total current non-interest-bearing liabilities as of 31 December | 1,004 | 1,577 |
NOK in millions, except number of shares | Number of shares | Share capital | Other paid in capital | Treasury shares | Total paid-in capital |
Paid in capital as of 1 January 2024 | 1,399,458,033 | 8,397 | 69 | (86) | 8,380 |
Purchase of shares and shares issued under share- based payment programme | \u2014 | \u2014 | \u2014 | (101) | (101) |
Cancellation of shares | (31,108,044) | (187) | \u2014 | 187 | \u2014 |
Paid in capital as of 31 December 2024 | 1,368,349,989 | 8,210 | 69 | \u2014 | 8,278 |
Purchase of shares and shares issued under share- based payment programme | \u2014 | \u2014 | \u2014 | (1) | (1) |
Paid in capital as of 31 December 2025 | 1,368,349,989 | 8,210 | 69 | (1) | 8,277 |
NOK in millions | Net unrealised gains/ (losses) reserve | Employee equity benefits reserve | Pension remeasure ment reserve | Share of equity adjustments and other comprehensive income in associates and joint ventures | Other equity transactions | Total other reserves |
Other reserves as of 1 January 2024 | 406 | 614 | 1,424 | 1,499 | (25,927) | (21,984) |
Other comprehensive income (loss), net of taxes | 52 | \u2014 | 184 | (85) | \u2014 | 151 |
Share-based payment | \u2014 | 50 | \u2014 | \u2014 | 50 | |
Purchase of treasury shares | \u2014 | \u2014 | \u2014 | \u2014 | (1,794) | (1,794) |
Other reserves as of 31 December 2024 | 458 | 664 | 1,608 | 1,414 | (27,721) | (23,578) |
Other comprehensive income (loss), net of taxes | (37) | \u2014 | 453 | (183) | 233 | |
Amount reclassified from other comprehensive income to income statement on disposal | \u2014 | \u2014 | \u2014 | 25 | \u2014 | 25 |
Share-based payment | \u2014 | (86) | \u2014 | \u2014 | \u2014 | (86) |
Purchase of treasury shares | \u2014 | \u2014 | \u2014 | \u2014 | (4) | (4) |
Other reserves as of 31 December 2025 | 421 | 578 | 2,061 | 1,256 | (27,725) | (23,410) |
NOK in millions | Pension remeasurement | Income taxes | Net pension remeasurement |
As of 1 January 2024 | 1,841 | (417) | 1,424 |
Other comprehensive income (loss) | 233 | (49) | 184 |
As of 31 December 2024 | 2,074 | (466) | 1,608 |
Other comprehensive income (loss) | 572 | (119) | 453 |
As of 31 December 2025 | 2,646 | (585) | 2,061 |
NOK in millions | Foreign currency translation | Net investment hedge | Income taxes | Net translation differences |
As of 1 January 2024 | (1,515) | (5,843) | 1,272 | (6,089) |
Changes during 2024, excluding effects of disposal | 9,782 | (2,483) | 546 | 7,845 |
Amount reclassified from other comprehensive income to income statement on disposal | (33) | \u2014 | \u2014 | (33) |
Net changes during 2024 | 9,749 | (2,483) | 546 | 7,812 |
As of 31 December 2024 | 8,234 | (8,326) | 1,818 | 1,723 |
Changes during 2025, excluding effects of disposal | (1,851) | (705) | 155 | (2,401) |
Amount reclassified from other comprehensive income to income statement on disposal | 3,022 | (82) | 19 | 2,959 |
Net changes during 2025 | 1,171 | (787) | 174 | 558 |
As of 31 December 2025 | 9,405 | (9,113) | 1,992 | 2,281 |
NOK in millions | Country of incorporation and operation | NCI share of net income (loss) 2025 | NCI share of net income (loss) 2024 | NCI in the statement of financial position 31 December 2025 | NCI in the statement of financial position 31 December 2024 | NCI share of dividend in 2025 | NCI share of dividend in 2024 |
Grameenphone Ltd. | Bangladesh | 1,113 | 1,537 | 2,044 | 2,744 | 1,428 | 1,631 |
Telenor Fiber AS | Norway | 213 | 236 | 3,170 | 3,261 | 304 | 245 |
Others | 3 | 1 | (64) | (88) | 4 | \u2014 | |
Total | 1,329 | 1,773 | 5,150 | 5,917 | 1,736 | 1,876 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Current assets | 1,135 | 428 | 1,492 | 463 | |
Non-Current assets | 14,665 | 14,446 | 17,364 | 13,977 | |
Current liabilities | (7,125) | (543) | (8,048) | (624) | |
Non-Current liabilities | (4,295) | (3,784) | (4,972) | (2,927) | |
Total equity | 4,380 | 10,546 | 5,836 | 10,888 | |
Attributable to: | |||||
Equity holders of Telenor ASA | 2,336 | 7,377 | 3,092 | 7,627 | |
NCI | 2,044 | 3,170 | 2,744 | 3,261 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Revenues | 13,474 | 2,424 | 15,138 | 2,406 | |
Net income | 2,578 | 672 | 3,384 | 753 | |
Total comprehensive income | 1,774 | 672 | 3,551 | 753 | |
Attributable to NCI | 729 | 213 | 1,661 | 237 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Operating activities | 5,075 | 1,587 | 5,749 | 1,726 | |
Investing activities | (1,171) | (1,382) | (1,936) | (1,502) | |
Financing activities | (3,952) | (209) | (4,710) | (235) | |
Effect of exchange rate changes on cash and cash equivalents | (93) | \u2014 | 57 | \u2014 | |
Net increase/(decrease) in cash and cash equivalents | (142) | (3) | (840) | (11) |
Name of shareholders | Number of shares | % | |
1 | Ministry of Trade, Industry and Fisheries, Kingdom of Norway | 738,432,900 | 53.97 |
2 | Folketrygdfondet | 67,296,911 | 4.92 |
3 | State Street Bank and Trust Comp | 28,827,136 | 2.11 |
4 | State Street Bank and Trust Comp | 22,302,785 | 1.63 |
5 | State Street Bank and Trust Comp | 14,270,525 | 1.04 |
6 | CLEARSTREAM BANKING S.A. | 11,101,714 | 0.81 |
7 | Citibank, N.A. | 9,697,603 | 0.71 |
8 | JPMorgan Chase Bank, N.A., London | 9,328,886 | 0.68 |
9 | JPMorgan Chase Bank, N.A., London | 9,262,131 | 0.68 |
10 | VERDIPAPIRFONDET KLP AKSJENORGE IN | 8,030,738 | 0.59 |
11 | State Street Bank and Trust Comp | 7,631,050 | 0.56 |
12 | JPMorgan Chase Bank, N.A., London | 7,344,213 | 0.54 |
13 | VERDIPAPIRFONDET STOREBRAND NORGE | 6,987,827 | 0.51 |
14 | VPF DNB AM NORSKE AKSJER | 6,843,059 | 0.50 |
15 | Euroclear Bank S.A./N.V. | 6,839,235 | 0.50 |
16 | DZ Privatbank S.A. | 6,831,789 | 0.50 |
17 | VERDIPAPIRFONDET DNB NORGE INDEKS | 6,766,493 | 0.49 |
18 | State Street Bank and Trust Comp | 6,744,208 | 0.49 |
19 | SIX SIS AG | 6,251,158 | 0.46 |
20 | VERDIPAPIRFONDET STOREBRAND INDEKS | 5,975,394 | 0.44 |
Total held by 20 largest shareholders | 986,765,755 | 72.11 | |
Total all Telenor shares | 1,368,349,989 | 100.00 |
Name of shareholders | Number of shares | % | |
1 | Government of Norway | 738,432,900 | 53.97 |
2 | Folketrygdfondet | 67,296,911 | 4.92 |
3 | BlackRock | 39,217,122 | 2.87 |
4 | Vanguard | 28,025,423 | 2.05 |
5 | DWS Investments | 24,898,946 | 1.82 |
6 | Storebrand Asset Management | 20,598,274 | 1.51 |
7 | DNB Asset Management AS | 19,354,251 | 1.41 |
8 | KLP Kapitalforvaltning AS | 15,031,122 | 1.10 |
9 | Union Investment | 14,158,102 | 1.03 |
10 | State Street Investment Management | 12,375,937 | 0.90 |
11 | Nordea Funds | 8,874,912 | 0.65 |
12 | Arrowstreet Capital | 8,844,474 | 0.65 |
13 | Alfred Berg Kapitalforvaltning | 8,814,549 | 0.64 |
14 | Deka Investments | 8,444,638 | 0.62 |
15 | UBS Asset Management | 8,083,223 | 0.59 |
16 | Quebec Deposit and Investment Fund (CDPQ) | 8,047,045 | 0.59 |
17 | Danske Invest | 7,311,755 | 0.53 |
18 | Geode Capital Management, LLC | 6,636,421 | 0.48 |
19 | Aberdeen Investment Management | 6,302,719 | 0.46 |
20 | Pyrford International | 5,998,692 | 0.44 |
Total held by 20 largest shareholders | 1,056,747,416 | 77.23 | |
Total all Telenor shares | 1,368,349,989 | 100.00 |
NOK in millions, except number of shares | Number of shares | Share capital | Other paid in capital | Treasury shares | Total paid-in capital |
Paid in capital as of 1 January 2024 | 1,399,458,033 | 8,397 | 69 | (86) | 8,380 |
Purchase of shares and shares issued under share- based payment programme | \u2014 | \u2014 | \u2014 | (101) | (101) |
Cancellation of shares | (31,108,044) | (187) | \u2014 | 187 | \u2014 |
Paid in capital as of 31 December 2024 | 1,368,349,989 | 8,210 | 69 | \u2014 | 8,278 |
Purchase of shares and shares issued under share- based payment programme | \u2014 | \u2014 | \u2014 | (1) | (1) |
Paid in capital as of 31 December 2025 | 1,368,349,989 | 8,210 | 69 | (1) | 8,277 |
NOK in millions | Net unrealised gains/ (losses) reserve | Employee equity benefits reserve | Pension remeasure ment reserve | Share of equity adjustments and other comprehensive income in associates and joint ventures | Other equity transactions | Total other reserves |
Other reserves as of 1 January 2024 | 406 | 614 | 1,424 | 1,499 | (25,927) | (21,984) |
Other comprehensive income (loss), net of taxes | 52 | \u2014 | 184 | (85) | \u2014 | 151 |
Share-based payment | \u2014 | 50 | \u2014 | \u2014 | 50 | |
Purchase of treasury shares | \u2014 | \u2014 | \u2014 | \u2014 | (1,794) | (1,794) |
Other reserves as of 31 December 2024 | 458 | 664 | 1,608 | 1,414 | (27,721) | (23,578) |
Other comprehensive income (loss), net of taxes | (37) | \u2014 | 453 | (183) | 233 | |
Amount reclassified from other comprehensive income to income statement on disposal | \u2014 | \u2014 | \u2014 | 25 | \u2014 | 25 |
Share-based payment | \u2014 | (86) | \u2014 | \u2014 | \u2014 | (86) |
Purchase of treasury shares | \u2014 | \u2014 | \u2014 | \u2014 | (4) | (4) |
Other reserves as of 31 December 2025 | 421 | 578 | 2,061 | 1,256 | (27,725) | (23,410) |
NOK in millions | Pension remeasurement | Income taxes | Net pension remeasurement |
As of 1 January 2024 | 1,841 | (417) | 1,424 |
Other comprehensive income (loss) | 233 | (49) | 184 |
As of 31 December 2024 | 2,074 | (466) | 1,608 |
Other comprehensive income (loss) | 572 | (119) | 453 |
As of 31 December 2025 | 2,646 | (585) | 2,061 |
NOK in millions | Foreign currency translation | Net investment hedge | Income taxes | Net translation differences |
As of 1 January 2024 | (1,515) | (5,843) | 1,272 | (6,089) |
Changes during 2024, excluding effects of disposal | 9,782 | (2,483) | 546 | 7,845 |
Amount reclassified from other comprehensive income to income statement on disposal | (33) | \u2014 | \u2014 | (33) |
Net changes during 2024 | 9,749 | (2,483) | 546 | 7,812 |
As of 31 December 2024 | 8,234 | (8,326) | 1,818 | 1,723 |
Changes during 2025, excluding effects of disposal | (1,851) | (705) | 155 | (2,401) |
Amount reclassified from other comprehensive income to income statement on disposal | 3,022 | (82) | 19 | 2,959 |
Net changes during 2025 | 1,171 | (787) | 174 | 558 |
As of 31 December 2025 | 9,405 | (9,113) | 1,992 | 2,281 |
NOK in millions | Country of incorporation and operation | NCI share of net income (loss) 2025 | NCI share of net income (loss) 2024 | NCI in the statement of financial position 31 December 2025 | NCI in the statement of financial position 31 December 2024 | NCI share of dividend in 2025 | NCI share of dividend in 2024 |
Grameenphone Ltd. | Bangladesh | 1,113 | 1,537 | 2,044 | 2,744 | 1,428 | 1,631 |
Telenor Fiber AS | Norway | 213 | 236 | 3,170 | 3,261 | 304 | 245 |
Others | 3 | 1 | (64) | (88) | 4 | \u2014 | |
Total | 1,329 | 1,773 | 5,150 | 5,917 | 1,736 | 1,876 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Current assets | 1,135 | 428 | 1,492 | 463 | |
Non-Current assets | 14,665 | 14,446 | 17,364 | 13,977 | |
Current liabilities | (7,125) | (543) | (8,048) | (624) | |
Non-Current liabilities | (4,295) | (3,784) | (4,972) | (2,927) | |
Total equity | 4,380 | 10,546 | 5,836 | 10,888 | |
Attributable to: | |||||
Equity holders of Telenor ASA | 2,336 | 7,377 | 3,092 | 7,627 | |
NCI | 2,044 | 3,170 | 2,744 | 3,261 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Revenues | 13,474 | 2,424 | 15,138 | 2,406 | |
Net income | 2,578 | 672 | 3,384 | 753 | |
Total comprehensive income | 1,774 | 672 | 3,551 | 753 | |
Attributable to NCI | 729 | 213 | 1,661 | 237 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Operating activities | 5,075 | 1,587 | 5,749 | 1,726 | |
Investing activities | (1,171) | (1,382) | (1,936) | (1,502) | |
Financing activities | (3,952) | (209) | (4,710) | (235) | |
Effect of exchange rate changes on cash and cash equivalents | (93) | \u2014 | 57 | \u2014 | |
Net increase/(decrease) in cash and cash equivalents | (142) | (3) | (840) | (11) |
NOK in millions, except number of shares | Number of shares | Share capital | Other paid in capital | Treasury shares | Total paid-in capital |
Paid in capital as of 1 January 2024 | 1,399,458,033 | 8,397 | 69 | (86) | 8,380 |
Purchase of shares and shares issued under share- based payment programme | \u2014 | \u2014 | \u2014 | (101) | (101) |
Cancellation of shares | (31,108,044) | (187) | \u2014 | 187 | \u2014 |
Paid in capital as of 31 December 2024 | 1,368,349,989 | 8,210 | 69 | \u2014 | 8,278 |
Purchase of shares and shares issued under share- based payment programme | \u2014 | \u2014 | \u2014 | (1) | (1) |
Paid in capital as of 31 December 2025 | 1,368,349,989 | 8,210 | 69 | (1) | 8,277 |
NOK in millions | Net unrealised gains/ (losses) reserve | Employee equity benefits reserve | Pension remeasure ment reserve | Share of equity adjustments and other comprehensive income in associates and joint ventures | Other equity transactions | Total other reserves |
Other reserves as of 1 January 2024 | 406 | 614 | 1,424 | 1,499 | (25,927) | (21,984) |
Other comprehensive income (loss), net of taxes | 52 | \u2014 | 184 | (85) | \u2014 | 151 |
Share-based payment | \u2014 | 50 | \u2014 | \u2014 | 50 | |
Purchase of treasury shares | \u2014 | \u2014 | \u2014 | \u2014 | (1,794) | (1,794) |
Other reserves as of 31 December 2024 | 458 | 664 | 1,608 | 1,414 | (27,721) | (23,578) |
Other comprehensive income (loss), net of taxes | (37) | \u2014 | 453 | (183) | 233 | |
Amount reclassified from other comprehensive income to income statement on disposal | \u2014 | \u2014 | \u2014 | 25 | \u2014 | 25 |
Share-based payment | \u2014 | (86) | \u2014 | \u2014 | \u2014 | (86) |
Purchase of treasury shares | \u2014 | \u2014 | \u2014 | \u2014 | (4) | (4) |
Other reserves as of 31 December 2025 | 421 | 578 | 2,061 | 1,256 | (27,725) | (23,410) |
NOK in millions | Pension remeasurement | Income taxes | Net pension remeasurement |
As of 1 January 2024 | 1,841 | (417) | 1,424 |
Other comprehensive income (loss) | 233 | (49) | 184 |
As of 31 December 2024 | 2,074 | (466) | 1,608 |
Other comprehensive income (loss) | 572 | (119) | 453 |
As of 31 December 2025 | 2,646 | (585) | 2,061 |
NOK in millions | Foreign currency translation | Net investment hedge | Income taxes | Net translation differences |
As of 1 January 2024 | (1,515) | (5,843) | 1,272 | (6,089) |
Changes during 2024, excluding effects of disposal | 9,782 | (2,483) | 546 | 7,845 |
Amount reclassified from other comprehensive income to income statement on disposal | (33) | \u2014 | \u2014 | (33) |
Net changes during 2024 | 9,749 | (2,483) | 546 | 7,812 |
As of 31 December 2024 | 8,234 | (8,326) | 1,818 | 1,723 |
Changes during 2025, excluding effects of disposal | (1,851) | (705) | 155 | (2,401) |
Amount reclassified from other comprehensive income to income statement on disposal | 3,022 | (82) | 19 | 2,959 |
Net changes during 2025 | 1,171 | (787) | 174 | 558 |
As of 31 December 2025 | 9,405 | (9,113) | 1,992 | 2,281 |
NOK in millions | Country of incorporation and operation | NCI share of net income (loss) 2025 | NCI share of net income (loss) 2024 | NCI in the statement of financial position 31 December 2025 | NCI in the statement of financial position 31 December 2024 | NCI share of dividend in 2025 | NCI share of dividend in 2024 |
Grameenphone Ltd. | Bangladesh | 1,113 | 1,537 | 2,044 | 2,744 | 1,428 | 1,631 |
Telenor Fiber AS | Norway | 213 | 236 | 3,170 | 3,261 | 304 | 245 |
Others | 3 | 1 | (64) | (88) | 4 | \u2014 | |
Total | 1,329 | 1,773 | 5,150 | 5,917 | 1,736 | 1,876 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Current assets | 1,135 | 428 | 1,492 | 463 | |
Non-Current assets | 14,665 | 14,446 | 17,364 | 13,977 | |
Current liabilities | (7,125) | (543) | (8,048) | (624) | |
Non-Current liabilities | (4,295) | (3,784) | (4,972) | (2,927) | |
Total equity | 4,380 | 10,546 | 5,836 | 10,888 | |
Attributable to: | |||||
Equity holders of Telenor ASA | 2,336 | 7,377 | 3,092 | 7,627 | |
NCI | 2,044 | 3,170 | 2,744 | 3,261 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Revenues | 13,474 | 2,424 | 15,138 | 2,406 | |
Net income | 2,578 | 672 | 3,384 | 753 | |
Total comprehensive income | 1,774 | 672 | 3,551 | 753 | |
Attributable to NCI | 729 | 213 | 1,661 | 237 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Operating activities | 5,075 | 1,587 | 5,749 | 1,726 | |
Investing activities | (1,171) | (1,382) | (1,936) | (1,502) | |
Financing activities | (3,952) | (209) | (4,710) | (235) | |
Effect of exchange rate changes on cash and cash equivalents | (93) | \u2014 | 57 | \u2014 | |
Net increase/(decrease) in cash and cash equivalents | (142) | (3) | (840) | (11) |
NOK in millions | Country of incorporation and operation | NCI share of net income (loss) 2025 | NCI share of net income (loss) 2024 | NCI in the statement of financial position 31 December 2025 | NCI in the statement of financial position 31 December 2024 | NCI share of dividend in 2025 | NCI share of dividend in 2024 |
Grameenphone Ltd. | Bangladesh | 1,113 | 1,537 | 2,044 | 2,744 | 1,428 | 1,631 |
Telenor Fiber AS | Norway | 213 | 236 | 3,170 | 3,261 | 304 | 245 |
Others | 3 | 1 | (64) | (88) | 4 | \u2014 | |
Total | 1,329 | 1,773 | 5,150 | 5,917 | 1,736 | 1,876 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Current assets | 1,135 | 428 | 1,492 | 463 | |
Non-Current assets | 14,665 | 14,446 | 17,364 | 13,977 | |
Current liabilities | (7,125) | (543) | (8,048) | (624) | |
Non-Current liabilities | (4,295) | (3,784) | (4,972) | (2,927) | |
Total equity | 4,380 | 10,546 | 5,836 | 10,888 | |
Attributable to: | |||||
Equity holders of Telenor ASA | 2,336 | 7,377 | 3,092 | 7,627 | |
NCI | 2,044 | 3,170 | 2,744 | 3,261 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Revenues | 13,474 | 2,424 | 15,138 | 2,406 | |
Net income | 2,578 | 672 | 3,384 | 753 | |
Total comprehensive income | 1,774 | 672 | 3,551 | 753 | |
Attributable to NCI | 729 | 213 | 1,661 | 237 |
2025 | 2024 | ||||
NOK in millions | Grameenphone Ltd | Telenor Fiber AS | Grameenphone Ltd | Telenor Fiber AS | |
Operating activities | 5,075 | 1,587 | 5,749 | 1,726 | |
Investing activities | (1,171) | (1,382) | (1,936) | (1,502) | |
Financing activities | (3,952) | (209) | (4,710) | (235) | |
Effect of exchange rate changes on cash and cash equivalents | (93) | \u2014 | 57 | \u2014 | |
Net increase/(decrease) in cash and cash equivalents | (142) | (3) | (840) | (11) |
2025 | 2024 | ||||||
NOK in millions | Current interest- bearing liabilities | Non-current interest- bearing liabilities | Total | Current interest- bearing liabilities | Non-current interest- bearing liabilities | Total | |
Interest-bearing liabilities measured at amortised cost | |||||||
Bank loans | 695 | \u2014 | 695 | 754 | \u2014 | 754 | |
Bonds | 11,830 | 73,068 | 84,899 | 10,590 | 71,004 | 81,594 | |
Other liabilities | 7 | 96 | 102 | 6 | 79 | 85 | |
Interest-bearing liabilities measured at fair value | |||||||
Fair value hedge instruments | 75 | 1,023 | 1,097 | \u2014 | 1,647 | 1,647 | |
Total interest-bearing liabilities | 12,606 | 74,187 | 86,793 | 11,350 | 72,730 | 84,080 | |
Fair value of debt 1) | 83,468 | 80,245 | |||||
Of which fair value hierarchy level 1 2) | 82,416 | 79,198 | |||||
Of which fair value hierarchy level 2 2) | 1,052 | 1,047 |
ACCOUNTING POLICIES Interest-bearing liabilities are initially measured at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest-rate method (FLAC). In addition, where fair value hedge accounting is applied the hedged liabilities are adjusted for gains and losses attributable to the risk being hedged. On extinguishment of debt, in whole or in part, the difference between the carrying amount of the liability and the consideration paid is recognised in the income statement. |
2025 | 2024 | |||||
NOK in millions | Currency | Debt before the effect of currency swaps | Debt adjusted for the effect of currency swaps 1) | Debt before the effect of currency swaps | Debt adjusted for the effect of currency swaps 1) | |
Company | ||||||
Telenor ASA | EUR | 62,140 | 50,900 | 64,955 | 44,358 | |
NOK | 7,747 | 9,864 | 3,746 | 6,946 | ||
SEK | 4,204 | 10,209 | 3,949 | 17,149 | ||
USD | 3,656 | 3,010 2) | ||||
THB | 1,126 2) | |||||
Total Telenor ASA | 74,091 | 74,628 | 72,650 | 72,589 | ||
DNA - Finland | EUR | \u2014 | \u2014 | |||
Other non-current interest-bearing liabilities | 96 | 96 | 80 | 80 | ||
Total subsidiaries | 96 | 96 | 80 | 80 | ||
Total non-current interest-bearing liabilities | 74,187 | 74,724 | 72,730 | 72,669 |
2025 | 2024 | |||||
NOK in millions | Currency | Debt before the effect of currency swaps | Debt adjusted for the effect of currency swaps 2) | Debt before the effect of currency swaps | Debt adjusted for the effect of currency swaps 2) | |
Company | ||||||
Telenor ASA | NOK 1) | 243 | \u2014 | (1,081) | ||
EUR 1) | 11,905 | (4,841) | 7,650 | (2,230) | ||
SEK | 8,587 | \u2014 | 1,105 | |||
MYR | 2,471 | \u2014 | 2,530 | |||
THB | 5,710 | \u2014 | 4,782 | |||
USD 1) | (313) | \u2014 | 3,199 | |||
Total Telenor ASA | 11,905 | 11,856 | 7,650 | 8,305 | ||
DNA - Finland | EUR | 2,939 | 2,939 | |||
Grameenphone - Bangladesh | BDT | 578 | 578 | 478 | 478 | |
Pakistan | PKR | 210 | 210 | |||
Other current interest-bearing liabilities | 123 | 123 | 73 | 73 | ||
Total subsidiaries | 702 | 701 | 3,700 | 3,700 | ||
Total current interest-bearing liabilities | 12,606 | 12,558 | 11,350 | 12,005 |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years | Not specified |
Liabilities as of 31 December 2025 | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Financial Debt | 86,462 | 12,455 | 7,378 | 7,662 | 14,530 | 7,908 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | \u2014 |
Other interest-bearing liabilities | 77 | 77 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Sum of interest-bearing liabilities 1) | 86,539 | 12,531 | 7,378 | 7,662 | 14,530 | 7,908 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | \u2014 |
Non-interest-bearing liabilities | |||||||||||||
Trade and other payables | 21,243 | 21,243 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other current non-interest-bearing liabilities | 654 | 654 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instruments | 1,057 | 386 | 4 | 204 | \u2014 | 462 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other non-current non-interest bearing borrowings | 656 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 656 |
Sum of non-interest-bearing liabilities | 23,610 | 22,283 | 4 | 204 | \u2014 | 462 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 656 |
Total | 110,149 | 34,814 | 7,382 | 7,866 | 14,530 | 8,371 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | 656 |
Future interest payments | 12,284 | 2,004 | 1,884 | 1,738 | 1,583 | 1,348 | 981 | 949 | 650 | 627 | 520 | ||
Total including future interest payments | 122,433 | 36,818 | 9,266 | 9,604 | 16,113 | 9,719 | 6,866 | 9,819 | 650 | 6,543 | 16,287 | 93 | 656 |
Liabilities as of 31 December 2024 | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Financial Debt | 83,400 | 11,076 | 11,756 | 7,273 | 7,637 | 14,338 | 7,885 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | \u2014 |
Other interest-bearing liabilities | 277 | 277 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Sum of interest-bearing liabilities 1) | 83,676 | 11,352 | 11,756 | 7,273 | 7,637 | 14,338 | 7,885 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | \u2014 |
Non-interest-bearing liabilities | |||||||||||||
Trade and other payables | 22,773 | 22,773 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other current non-interest-bearing liabilities | 738 | 738 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instruments | 1,643 | 878 | 36 | 247 | 350 | \u2014 | 132 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other non-current non-interest bearing borrowings | 557 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 557 |
Sum of non-interest-bearing liabilities | 25,711 | 24,388 | 36 | 247 | 350 | \u2014 | 132 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 557 |
Total | 109,387 | 35,741 | 11,792 | 7,520 | 7,987 | 14,338 | 8,017 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | 557 |
Future interest payments | 10,198 | 1,981 | 1,676 | 1,378 | 1,262 | 1,072 | 822 | 459 | 424 | 423 | 402 | 299 | |
Total including future interest payments | 119,585 | 37,722 | 13,468 | 8,898 | 9,249 | 15,410 | 8,839 | 6,344 | 424 | 6,258 | 12,029 | 389 | 557 |
1) The maturity tables do not include lease liabilities related to licences or other lease liabilities. See note 29 for more information on licence commitments and lease liabilities. |
ACCOUNTING POLICIES Hedge accounting is applied for fair value hedges and hedges of net investments in foreign operations when the hedging criteria are met. For fair value hedges, the carrying amount of the hedged item is adjusted for gains and losses attributable to the risk being hedged. The derivative is also measured at fair value, and gains and losses from both the hedging instrument and the hedged item are recognised in the income statement. Hedge effectiveness is assessed on an ongoing basis, and hedge accounting is discontinued if the hedge no longer meets the hedge accounting criteria. If the hedged item still exists and is not sold, the fair value adjustment to the hedged item attributable to the risk being hedged at de-designation will be amortised in the income statement over the remaining time to maturity. A hedge of a net investment in a foreign operation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised directly in other comprehensive income while any foreign exchange gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign entity, the cumulative foreign exchange gains or losses recognised in other comprehensive income is reclassified to the income statement. Refer to note 27 Financial assets and non-interest-bearing liabilities for further information on accounting policies for derivatives. |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years | Not specified |
Liabilities as of 31 December 2025 | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Financial Debt | 86,462 | 12,455 | 7,378 | 7,662 | 14,530 | 7,908 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | \u2014 |
Other interest-bearing liabilities | 77 | 77 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Sum of interest-bearing liabilities 1) | 86,539 | 12,531 | 7,378 | 7,662 | 14,530 | 7,908 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | \u2014 |
Non-interest-bearing liabilities | |||||||||||||
Trade and other payables | 21,243 | 21,243 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other current non-interest-bearing liabilities | 654 | 654 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instruments | 1,057 | 386 | 4 | 204 | \u2014 | 462 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other non-current non-interest bearing borrowings | 656 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 656 |
Sum of non-interest-bearing liabilities | 23,610 | 22,283 | 4 | 204 | \u2014 | 462 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 656 |
Total | 110,149 | 34,814 | 7,382 | 7,866 | 14,530 | 8,371 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | 656 |
Future interest payments | 12,284 | 2,004 | 1,884 | 1,738 | 1,583 | 1,348 | 981 | 949 | 650 | 627 | 520 | ||
Total including future interest payments | 122,433 | 36,818 | 9,266 | 9,604 | 16,113 | 9,719 | 6,866 | 9,819 | 650 | 6,543 | 16,287 | 93 | 656 |
Liabilities as of 31 December 2024 | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Financial Debt | 83,400 | 11,076 | 11,756 | 7,273 | 7,637 | 14,338 | 7,885 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | \u2014 |
Other interest-bearing liabilities | 277 | 277 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Sum of interest-bearing liabilities 1) | 83,676 | 11,352 | 11,756 | 7,273 | 7,637 | 14,338 | 7,885 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | \u2014 |
Non-interest-bearing liabilities | |||||||||||||
Trade and other payables | 22,773 | 22,773 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other current non-interest-bearing liabilities | 738 | 738 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instruments | 1,643 | 878 | 36 | 247 | 350 | \u2014 | 132 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other non-current non-interest bearing borrowings | 557 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 557 |
Sum of non-interest-bearing liabilities | 25,711 | 24,388 | 36 | 247 | 350 | \u2014 | 132 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 557 |
Total | 109,387 | 35,741 | 11,792 | 7,520 | 7,987 | 14,338 | 8,017 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | 557 |
Future interest payments | 10,198 | 1,981 | 1,676 | 1,378 | 1,262 | 1,072 | 822 | 459 | 424 | 423 | 402 | 299 | |
Total including future interest payments | 119,585 | 37,722 | 13,468 | 8,898 | 9,249 | 15,410 | 8,839 | 6,344 | 424 | 6,258 | 12,029 | 389 | 557 |
1) The maturity tables do not include lease liabilities related to licences or other lease liabilities. See note 29 for more information on licence commitments and lease liabilities. |
NOK in millions | 2025 | 2024 |
Net gain / (loss) recognised in the income statement on hedged items | (399) | (800) |
Net gain / (loss) recognised in the income statement on hedging instruments | 539 | 893 |
Amount of hedge ineffectiveness | 139 | 93 |
2025 | 2024 | |||
NOK in millions | Assets | Liabilities | Assets | Liabilities |
As of 31 December | ||||
Nominal amounts fair value hedge instruments | 31,170 | \u2014 | 33,544 | \u2014 |
Fair values of fair value hedge instruments | \u2014 | 1,097 | 36 | (1,647) |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years |
As of 31 December 2025 | (1,144) | (431) | (336) | (203) | (61) | (23) | (25) | (28) | (30) | (6) | (1) | \u2014 |
As of 31 December 2024 | (2,198) | (766) | (597) | (438) | (236) | (63) | (24) | (24) | (24) | (24) | (2) | \u2014 |
NOK in millions | 2025 | 2024 |
As of 31 December | ||
Carrying amount of hedged items recognised in the statement of financial position | 29,110 | 32,251 |
Fair value hedge adjustments included in the carrying amount of the hedged items | (844) | (1,243) |
2025 | 2024 | ||||
NOK in millions | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | |
Reduction (increase) in fair value of net liabilities | 1,363 | (1,417) | 1,311 | (1,367) | |
Gain (loss) in the income statement | (7) | 8 | (2) | 4 |
2025 | 2024 | ||||
NOK in millions | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | |
Gain (loss) in the income statement | (134) | 134 | (149) | 149 | |
NOK in millions | 2025 | 2024 |
Amount recognised directly to other comprehensive income (OCI) | (705) | (2,483) |
Amount reclassified from OCI to the income statement on disposal | (82) | \u2014 |
2025 | 2024 | ||||
NOK in millions | Debt | Derivatives | Debt | Derivatives | |
As of 31 December | |||||
Nominal amounts net investment hedge instruments | (57,096) | 6,180 | (57,934) | 11,476 | |
Fair value net investment hedge instruments | (54,397) | (221) | (54,910) | 128 |
NOK in millions | 2025 | 2024 |
As of 31 December | ||
Other non-current assets | 218 | 1,142 |
Other financial current assets | 374 | 157 |
Non-current non-interest-bearing financial liabilities | (467) | (415) |
Current non-interest-bearing liabilities | (347) | (757) |
Fair value net investment hedge instruments | (221) | 128 |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years |
As of 31 December 2025 | (55,903) | (9,414) | (3,499) | (5,182) | (9,856) | (3,718) | (5,041) | (7,296) | (213) | (4,781) | (6,903) | \u2014 |
As of 31 December 2024 | (50,044) | (4,780) | (7,125) | (3,365) | (4,801) | (9,882) | (2,539) | (4,963) | (224) | (224) | (4,934) | (7,207) |
Monetary Item Currency | |||||||||
2025 | 2024 | ||||||||
NOK in millions | EUR | SEK | USD | Other | EUR | SEK | USD | Other | |
Depreciating Functional Currency | |||||||||
NOK | (789) | 773 | (365) | (119) | (232) | (625) | (418) | (107) |
2025 | 2024 | ||||||
NOK in millions | EUR | SEK | Other | EUR | SEK | Other | |
Currency effect on OCI (before tax) of NIH instruments | |||||||
NOK | (2,982) | (1,291) | (818) | (2,746) | (1,056) | (844) | |
Effect on other comprehensive income (OCI) | (5,091) | (4,646) |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years | Not specified |
Liabilities as of 31 December 2025 | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Financial Debt | 86,462 | 12,455 | 7,378 | 7,662 | 14,530 | 7,908 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | \u2014 |
Other interest-bearing liabilities | 77 | 77 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Sum of interest-bearing liabilities 1) | 86,539 | 12,531 | 7,378 | 7,662 | 14,530 | 7,908 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | \u2014 |
Non-interest-bearing liabilities | |||||||||||||
Trade and other payables | 21,243 | 21,243 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other current non-interest-bearing liabilities | 654 | 654 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instruments | 1,057 | 386 | 4 | 204 | \u2014 | 462 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other non-current non-interest bearing borrowings | 656 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 656 |
Sum of non-interest-bearing liabilities | 23,610 | 22,283 | 4 | 204 | \u2014 | 462 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 656 |
Total | 110,149 | 34,814 | 7,382 | 7,866 | 14,530 | 8,371 | 5,885 | 8,870 | \u2014 | 5,916 | 15,767 | 93 | 656 |
Future interest payments | 12,284 | 2,004 | 1,884 | 1,738 | 1,583 | 1,348 | 981 | 949 | 650 | 627 | 520 | ||
Total including future interest payments | 122,433 | 36,818 | 9,266 | 9,604 | 16,113 | 9,719 | 6,866 | 9,819 | 650 | 6,543 | 16,287 | 93 | 656 |
Liabilities as of 31 December 2024 | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Financial Debt | 83,400 | 11,076 | 11,756 | 7,273 | 7,637 | 14,338 | 7,885 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | \u2014 |
Other interest-bearing liabilities | 277 | 277 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Sum of interest-bearing liabilities 1) | 83,676 | 11,352 | 11,756 | 7,273 | 7,637 | 14,338 | 7,885 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | \u2014 |
Non-interest-bearing liabilities | |||||||||||||
Trade and other payables | 22,773 | 22,773 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other current non-interest-bearing liabilities | 738 | 738 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial instruments | 1,643 | 878 | 36 | 247 | 350 | \u2014 | 132 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other non-current non-interest bearing borrowings | 557 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 557 |
Sum of non-interest-bearing liabilities | 25,711 | 24,388 | 36 | 247 | 350 | \u2014 | 132 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 557 |
Total | 109,387 | 35,741 | 11,792 | 7,520 | 7,987 | 14,338 | 8,017 | 5,885 | \u2014 | 5,835 | 11,627 | 90 | 557 |
Future interest payments | 10,198 | 1,981 | 1,676 | 1,378 | 1,262 | 1,072 | 822 | 459 | 424 | 423 | 402 | 299 | |
Total including future interest payments | 119,585 | 37,722 | 13,468 | 8,898 | 9,249 | 15,410 | 8,839 | 6,344 | 424 | 6,258 | 12,029 | 389 | 557 |
1) The maturity tables do not include lease liabilities related to licences or other lease liabilities. See note 29 for more information on licence commitments and lease liabilities. |
NOK in millions | 2025 | 2024 |
Net gain / (loss) recognised in the income statement on hedged items | (399) | (800) |
Net gain / (loss) recognised in the income statement on hedging instruments | 539 | 893 |
Amount of hedge ineffectiveness | 139 | 93 |
2025 | 2024 | |||
NOK in millions | Assets | Liabilities | Assets | Liabilities |
As of 31 December | ||||
Nominal amounts fair value hedge instruments | 31,170 | \u2014 | 33,544 | \u2014 |
Fair values of fair value hedge instruments | \u2014 | 1,097 | 36 | (1,647) |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years |
As of 31 December 2025 | (1,144) | (431) | (336) | (203) | (61) | (23) | (25) | (28) | (30) | (6) | (1) | \u2014 |
As of 31 December 2024 | (2,198) | (766) | (597) | (438) | (236) | (63) | (24) | (24) | (24) | (24) | (2) | \u2014 |
NOK in millions | 2025 | 2024 |
As of 31 December | ||
Carrying amount of hedged items recognised in the statement of financial position | 29,110 | 32,251 |
Fair value hedge adjustments included in the carrying amount of the hedged items | (844) | (1,243) |
2025 | 2024 | ||||
NOK in millions | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | |
Reduction (increase) in fair value of net liabilities | 1,363 | (1,417) | 1,311 | (1,367) | |
Gain (loss) in the income statement | (7) | 8 | (2) | 4 |
2025 | 2024 | ||||
NOK in millions | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | Yield curve increase 50 Basis points | Yield curve decrease 50 Basis points | |
Gain (loss) in the income statement | (134) | 134 | (149) | 149 | |
NOK in millions | 2025 | 2024 |
Amount recognised directly to other comprehensive income (OCI) | (705) | (2,483) |
Amount reclassified from OCI to the income statement on disposal | (82) | \u2014 |
2025 | 2024 | ||||
NOK in millions | Debt | Derivatives | Debt | Derivatives | |
As of 31 December | |||||
Nominal amounts net investment hedge instruments | (57,096) | 6,180 | (57,934) | 11,476 | |
Fair value net investment hedge instruments | (54,397) | (221) | (54,910) | 128 |
NOK in millions | 2025 | 2024 |
As of 31 December | ||
Other non-current assets | 218 | 1,142 |
Other financial current assets | 374 | 157 |
Non-current non-interest-bearing financial liabilities | (467) | (415) |
Current non-interest-bearing liabilities | (347) | (757) |
Fair value net investment hedge instruments | (221) | 128 |
NOK in millions | Total | < 1 year | 2 years | 3 years | 4 years | 5 years | 6 years | 7 years | 8 years | 9 years | 10 years | >10 years |
As of 31 December 2025 | (55,903) | (9,414) | (3,499) | (5,182) | (9,856) | (3,718) | (5,041) | (7,296) | (213) | (4,781) | (6,903) | \u2014 |
As of 31 December 2024 | (50,044) | (4,780) | (7,125) | (3,365) | (4,801) | (9,882) | (2,539) | (4,963) | (224) | (224) | (4,934) | (7,207) |
Monetary Item Currency | |||||||||
2025 | 2024 | ||||||||
NOK in millions | EUR | SEK | USD | Other | EUR | SEK | USD | Other | |
Depreciating Functional Currency | |||||||||
NOK | (789) | 773 | (365) | (119) | (232) | (625) | (418) | (107) |
2025 | 2024 | ||||||
NOK in millions | EUR | SEK | Other | EUR | SEK | Other | |
Currency effect on OCI (before tax) of NIH instruments | |||||||
NOK | (2,982) | (1,291) | (818) | (2,746) | (1,056) | (844) | |
Effect on other comprehensive income (OCI) | (5,091) | (4,646) |
NOK in millions | 2025 | 2024 |
Guarantee obligations as of 31 December | 2,033 | 1,579 |
ACCOUNTING POLICIES The consolidated financial statements include entities where Telenor ASA has control, which is normally when Telenor has more than 50% of the voting power through ownership or agreements, except where non-controlling interests prevent the exercise of control.\u00a0 Intercompany transactions, balances, revenues, expenses and unrealised internal profit or losses are eliminated on consolidation. Non-controlling interests in subsidiaries are presented separately from the equity attributable to the owners of the parent. Non-controlling interests have been measured at the proportionate fair value of net identifiable assets at the date of the business combination and share of changes in equity since the date of the business combination. Dormant subsidiaries are consolidated, but are not included in the list of subsidiaries and number of countries in this note as they do not represent Telenor's activities. |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Bj\u00f8rvika IKT AS | Norway | 67% | 67% |
Bldng. AI AS | Norway | 100% | 100% |
Gintel AS 1)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 | Norway | 67% | |
SnT East Holding AS | Norway | 100% | 100% |
Talkmore AS | Norway | 100% | 100% |
Telenor Agder Vestfold og Telemark 2 AS | Norway | 100% | 100% |
Telenor AI Factory Norway AS | Norway | 100% | 100% |
Telenor Asia Holding AS | Norway | 100% | 100% |
Telenor Communication II AS | Norway | 100% | 100% |
Telenor Consult AS | Norway | 100% | 100% |
Telenor Cyberdefence AS 4) | Norway | 100% | 100% |
Telenor Digital Infrastructure Holding AS | Norway | 100% | 100% |
Telenor Eiendom Harel\u00f8kken AS | Norway | 100% | 100% |
Telenor Festekontrakter AS | Norway | 100% | 100% |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Telenor Fiber AS | Norway | 70% | 70% |
Telenor Forsikring AS | Norway | 100% | 100% |
Telenor GTI AS | Norway | 100% | 100% |
Telenor IoT AS 1) | Norway | 100% | |
Telenor Jel\u00f8y Radio AS | Norway | 100% | 100% |
Telenor KB AS | Norway | 100% | 100% |
Telenor L\u00e5veveien 55 AS | Norway | 100% | 100% |
Telenor Linx AS | Norway | 100% | 100% |
Telenor Maritime AS | Norway | 100% | 100% |
Telenor Marketplace Invest AS | Norway | 100% | 100% |
Telenor Mobile Communications AS | Norway | 100% | 100% |
Telenor Mobile Holding AS | Norway | 100% | 100% |
Telenor M\u00f8re og Romsdal og Tr\u00f8ndelag 2 AS | Norway | 100% | 100% |
Telenor Networks Holding AS | Norway | 100% | 100% |
Telenor Nord 2 AS | Norway | 100% | 100% |
Telenor Nordics AS | Norway | 100% | 100% |
Telenor Norge AS | Norway | 100% | 100% |
Telenor Procurement Company AS | Norway | 100% | 100% |
Telenor Procurement Holding AS | Norway | 100% | 100% |
Telenor Real Estate AS | Norway | 100% | 100% |
Telenor Shared Services AS | Norway | 100% | 100% |
Telenor Software Lab AS 2) | Norway | 100% | |
Telenor Sovereign Cloud Norway AS 1) | Norway | 100% | |
Telenor Svalbard AS | Norway | 100% | 100% |
Telenor Towers AS | Norway | 100% | 100% |
Telenor Towers Norway AS | Norway | 100% | 100% |
Telenor Tracking Solutions AS | Norway | 100% | 100% |
Telenor Tryvann Radio AS | Norway | 100% | 100% |
Telenor Vestlandet og Rogaland 2 AS | Norway | 100% | 100% |
Telenor Viken og Innlandet 2 AS | Norway | 100% | 100% |
Telenor \u00d8vre Strandgate 5 2 AS | Norway | 100% | 100% |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Tilsig AS 3) | Norway | 51% | |
Grameenphone Ltd | Bangladesh | 56% | 56% |
MVNO Systems A/S | Denmark | 100% | 100% |
Telenor A/S | Denmark | 100% | 100% |
Telenor Danmark Holding A/S | Denmark | 100% | 100% |
Tn Finance A/S | Denmark | 100% | 100% |
Canal Digital Finland OY | Finland | 100% | 100% |
DNA Kauppa OY | Finland | 100% | 100% |
DNA Oyj | Finland | 100% | 100% |
DNA Tower Finland Oy 5) | Finland | 100% | 100% |
European Mobile Operator Oy | Finland | 100% | 100% |
KNL Networks OY 6) | Finland | 100% | 100% |
Moi Mobiili Oy | Finland | 100% | 100% |
Telenor Finland Holding OY | Finland | 100% | 100% |
Telenor Global Services Hong Kong Ltd | Hong Kong | 100% | 100% |
Telenor India Private Ltd | India | 100% | 100% |
Unitech Wireless (Tamilnadu) Private Limited | India | 67% | 67% |
Vodafone Telenor Procurement Company SCSp 1) | Luxembourg | 51% | |
Telenor Pakistan BV Ltd | Netherlands | 100% | 100% |
Telenor Shared Services Pakistan (PVT) Ltd | Pakistan | 100% | 100% |
Margalla Ventures Ltd 2) | Pakistan | 100% | |
Orion Towers (Private) Limited 2) | Pakistan | 100% | |
Telenor LDI Comminication (PVT) Ltd 2) | Pakistan | 100% | |
Telenor Pakistan (Private) Ltd 2) | Pakistan | 100% | |
Telenor Linx Polska | Poland | 100% | 100% |
TSS Portugal, Unipessoal LDA | Portugal | 100% | 100% |
Telenor Asia PTE Ltd | Singapore | 100% | 100% |
Telenor Asia Towers Pte. Ltd 2) | Singapore | 100% | |
Telenor Global Services Singapore PTE Ltd | Singapore | 100% | 100% |
Telenor GO Pte Ltd | Singapore | 100% | 100% |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Telenor Malaysia Investments Pte Ltd | Singapore | 100% | 100% |
Telenor Pakistan Investments Pte Ltd | Singapore | 100% | 100% |
Telenor Procurement Company Pte.Ltd. | Singapore | 100% | 100% |
Telenor South Asia Investment Pte Ltd | Singapore | 100% | 100% |
Telenor South-East Asia Investment Pte Ltd | Singapore | 100% | 100% |
Telenor Thailand Investments Pte Ltd | Singapore | 100% | 100% |
Telenor Connexion AB | Sweden | 100% | 100% |
Telenor Gauntlet Holding AB | Sweden | 100% | 100% |
Telenor Sverige AB | Sweden | 100% | 100% |
Telenor Tower Sweden AB | Sweden | 100% | 100% |
BCTN Holding Co., Ltd. | Thailand | 100% | 100% |
BCTN Innovation Co., Ltd. | Thailand | 100% | 100% |
Telenor Asia (IHQ) Ltd | Thailand | 100% | 100% |
Thai Telco Holdings Ltd. 2) | Thailand | 100% | |
FJ Labs Telenor Co-Invest II LP | USA | 99% | 99% |
FJ Labs Telenor Co-Invest III LP | USA | 99% | 99% |
Telenor Digital Holding Inc. | USA | 100% | 100% |
Telenor Inc | USA | 100% | 100% |
1) Acquired or established in 2025. 2) Sold or dissolved in 2025. 3) Changed name from Where20 AS in 2025 and ownership is 12% per 31 December 2025. 4) Merged with Watchcom Security Group AS in 2025. 5) Merged with Telenor Towers Finland Oy and Telenor Towers Holding Oy in 2025. 6) Changed name from Telenor Maritime Oy in 2025. |
NOK in millions | 2025 | 2024 |
Balance as of 1 January | 66,793 | 50,942 |
Additions | 3,126 | 2,323 |
Disposals | (659) | (4) |
Impairment reversal | 265 | 6,604 |
Share of net income | 1,618 | 206 |
Share of other comprehensive income | (183) | (85) |
Dividends received | (2,547) | (1,425) |
Translation differences | (1,898) | 8,232 |
Balance as of 31 December | 66,514 | 66,793 |
of which investment in CelcomDigi | 36,904 | 38,710 |
of which investment in True Corporation | 25,974 | 24,303 |
of which investment in Carousell | 1,673 | 1,830 |
of which investment in Allente | \u2014 | 987 |
of which investment in Jotta Group | 560 | \u2014 |
of which investment in easypaisa digital bank | 879 | 631 |
of which investment in Skygard | 335 | 89 |
of which others | 189 | 243 |
ACCOUNTING POLICIES Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These arrangements are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. The accounting for joint operations structured through separate vehicles (joint ventures), reflects the Group\u2019s involvement in the assets and liabilities and not the joint operations involvement with other joint operators. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are deemed significant. |
KEY ACCOUNTING JUDGMENT The net investment in associated companies is impaired if there is objective evidence of impairment. A decline in market value of listed entities compared to cost is considered as objective impairment evidence if the decline is significant or prolonged. The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of significant judgement. |
NOK in millions | 2025 | 2024 |
Statement of comprehensive income | ||
Revenue | 31,004 | 29,626 |
EBITDA | 13,454 | 13,120 |
Depreciation and amortisation | (7,658) | (7,479) |
Net financial items | (3,033) | (1,376) |
Income tax expense | (1,187) | (1,106) |
Net income (loss) | 1,576 | 3,159 |
Other comprehensive income(loss) | \u2014 | \u2014 |
Total comprehensive income (loss) | 1,576 | 3,159 |
Telenor's ownership in % | 33.1% | 33.1% |
Share of net income (loss) | 522 | 1,046 |
Share of other comprehensive income (loss) | \u2014 | \u2014 |
Share of total comprehensive income (loss) | 522 | 1,046 |
NOK in millions | 2025 | 2024 |
Statement of financial position | ||
Non-current assets | 80,466 | 85,540 |
Current assets excluding cash and cash equivalents | 11,143 | 9,875 |
Cash and cash equivalents | 1,647 | 1,205 |
Non-current non-interest bearing liabilities | (5,214) | (5,449) |
Non-current interest bearing liabilities | (25,905) | (27,456) |
Current non-interest bearing liabilities | (20,365) | (18,178) |
Non-controlling interest | (304) | (285) |
Total equity | 41,467 | 45,252 |
Telenor's share of equity | 13,726 | 14,979 |
Goodwill related to the Telenor's investment | 23,179 | 23,731 |
Carrying amount of investment | 36,904 | 38,710 |
Dividends received | 1,382 | 1,318 |
NOK in millions | 2025 | 2024 |
Statement of comprehensive income | ||
Revenue | 64,371 | 60,164 |
EBITDA | 30,134 | 22,694 |
Depreciation, amortisation and impairment | (23,166) | (19,788) |
Net financial items | (5,438) | (6,433) |
Income tax expense | 713 | 39 |
Net income (loss) | 2,244 | (3,488) |
Other comprehensive income (loss) | (530) | (318) |
Total comprehensive income (loss) | 1,714 | (3,806) |
Telenor's ownership in % | 30.3% | 28.6% |
Share of net income (loss) 1) | 644 | (973) |
Reversal of impairment of goodwill | 269 | 7,015 |
Share of other comprehensive income (loss) 1) | (152) | (89) |
Share of total comprehensive income (loss) | 760 | 5,953 |
NOK in millions | 2025 | 2024 |
Statement of financial position | ||
Non-current assets | 198,880 | 203,094 |
Current assets excluding cash and cash equivalents | 18,531 | 22,434 |
Cash and cash equivalents | 4,322 | 5,609 |
Non-current non-interest bearing liabilities | (10,666) | (10,336) |
Non-current interest bearing liabilities | (130,858) | (119,924) |
Current non-interest bearing liabilities | (51,730) | (70,636) |
Non-controlling interest | 75 | (98) |
Total equity | 28,554 | 30,143 |
Telenor's share of equity | 8,652 | 8,621 |
Goodwill related to the Telenor's investment | 17,322 | 15,682 |
Carrying amount of investment | 25,974 | 24,303 |
Dividends received (before withholding tax) | 629 | \u2014 |
Joint Operation | Description | Ownership interest in % |
3G Infrastructure Services AB | Joint operation with the mobile operator 3 in Sweden 1) | 50 |
Net4Mobility HB | Joint operation under partnership agreement with the mobile operator Tele2 Sverige AB in Sweden 1) | 50 |
TT Netv\u00e6rket P/S | Joint operation with the mobile operator TeliaSonera Mobile Holding AB in Denmark | 50 |
Suomen Yhteisverkko Oy | Joint operations with mobile Operator Telia Finland Oy in Finland 2) | 49 |
ACCOUNTING POLICIES The consolidated financial statements include entities where Telenor ASA has control, which is normally when Telenor has more than 50% of the voting power through ownership or agreements, except where non-controlling interests prevent the exercise of control.\u00a0 Intercompany transactions, balances, revenues, expenses and unrealised internal profit or losses are eliminated on consolidation. Non-controlling interests in subsidiaries are presented separately from the equity attributable to the owners of the parent. Non-controlling interests have been measured at the proportionate fair value of net identifiable assets at the date of the business combination and share of changes in equity since the date of the business combination. Dormant subsidiaries are consolidated, but are not included in the list of subsidiaries and number of countries in this note as they do not represent Telenor's activities. |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Bj\u00f8rvika IKT AS | Norway | 67% | 67% |
Bldng. AI AS | Norway | 100% | 100% |
Gintel AS 1)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 | Norway | 67% | |
SnT East Holding AS | Norway | 100% | 100% |
Talkmore AS | Norway | 100% | 100% |
Telenor Agder Vestfold og Telemark 2 AS | Norway | 100% | 100% |
Telenor AI Factory Norway AS | Norway | 100% | 100% |
Telenor Asia Holding AS | Norway | 100% | 100% |
Telenor Communication II AS | Norway | 100% | 100% |
Telenor Consult AS | Norway | 100% | 100% |
Telenor Cyberdefence AS 4) | Norway | 100% | 100% |
Telenor Digital Infrastructure Holding AS | Norway | 100% | 100% |
Telenor Eiendom Harel\u00f8kken AS | Norway | 100% | 100% |
Telenor Festekontrakter AS | Norway | 100% | 100% |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Telenor Fiber AS | Norway | 70% | 70% |
Telenor Forsikring AS | Norway | 100% | 100% |
Telenor GTI AS | Norway | 100% | 100% |
Telenor IoT AS 1) | Norway | 100% | |
Telenor Jel\u00f8y Radio AS | Norway | 100% | 100% |
Telenor KB AS | Norway | 100% | 100% |
Telenor L\u00e5veveien 55 AS | Norway | 100% | 100% |
Telenor Linx AS | Norway | 100% | 100% |
Telenor Maritime AS | Norway | 100% | 100% |
Telenor Marketplace Invest AS | Norway | 100% | 100% |
Telenor Mobile Communications AS | Norway | 100% | 100% |
Telenor Mobile Holding AS | Norway | 100% | 100% |
Telenor M\u00f8re og Romsdal og Tr\u00f8ndelag 2 AS | Norway | 100% | 100% |
Telenor Networks Holding AS | Norway | 100% | 100% |
Telenor Nord 2 AS | Norway | 100% | 100% |
Telenor Nordics AS | Norway | 100% | 100% |
Telenor Norge AS | Norway | 100% | 100% |
Telenor Procurement Company AS | Norway | 100% | 100% |
Telenor Procurement Holding AS | Norway | 100% | 100% |
Telenor Real Estate AS | Norway | 100% | 100% |
Telenor Shared Services AS | Norway | 100% | 100% |
Telenor Software Lab AS 2) | Norway | 100% | |
Telenor Sovereign Cloud Norway AS 1) | Norway | 100% | |
Telenor Svalbard AS | Norway | 100% | 100% |
Telenor Towers AS | Norway | 100% | 100% |
Telenor Towers Norway AS | Norway | 100% | 100% |
Telenor Tracking Solutions AS | Norway | 100% | 100% |
Telenor Tryvann Radio AS | Norway | 100% | 100% |
Telenor Vestlandet og Rogaland 2 AS | Norway | 100% | 100% |
Telenor Viken og Innlandet 2 AS | Norway | 100% | 100% |
Telenor \u00d8vre Strandgate 5 2 AS | Norway | 100% | 100% |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Tilsig AS 3) | Norway | 51% | |
Grameenphone Ltd | Bangladesh | 56% | 56% |
MVNO Systems A/S | Denmark | 100% | 100% |
Telenor A/S | Denmark | 100% | 100% |
Telenor Danmark Holding A/S | Denmark | 100% | 100% |
Tn Finance A/S | Denmark | 100% | 100% |
Canal Digital Finland OY | Finland | 100% | 100% |
DNA Kauppa OY | Finland | 100% | 100% |
DNA Oyj | Finland | 100% | 100% |
DNA Tower Finland Oy 5) | Finland | 100% | 100% |
European Mobile Operator Oy | Finland | 100% | 100% |
KNL Networks OY 6) | Finland | 100% | 100% |
Moi Mobiili Oy | Finland | 100% | 100% |
Telenor Finland Holding OY | Finland | 100% | 100% |
Telenor Global Services Hong Kong Ltd | Hong Kong | 100% | 100% |
Telenor India Private Ltd | India | 100% | 100% |
Unitech Wireless (Tamilnadu) Private Limited | India | 67% | 67% |
Vodafone Telenor Procurement Company SCSp 1) | Luxembourg | 51% | |
Telenor Pakistan BV Ltd | Netherlands | 100% | 100% |
Telenor Shared Services Pakistan (PVT) Ltd | Pakistan | 100% | 100% |
Margalla Ventures Ltd 2) | Pakistan | 100% | |
Orion Towers (Private) Limited 2) | Pakistan | 100% | |
Telenor LDI Comminication (PVT) Ltd 2) | Pakistan | 100% | |
Telenor Pakistan (Private) Ltd 2) | Pakistan | 100% | |
Telenor Linx Polska | Poland | 100% | 100% |
TSS Portugal, Unipessoal LDA | Portugal | 100% | 100% |
Telenor Asia PTE Ltd | Singapore | 100% | 100% |
Telenor Asia Towers Pte. Ltd 2) | Singapore | 100% | |
Telenor Global Services Singapore PTE Ltd | Singapore | 100% | 100% |
Telenor GO Pte Ltd | Singapore | 100% | 100% |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Telenor Malaysia Investments Pte Ltd | Singapore | 100% | 100% |
Telenor Pakistan Investments Pte Ltd | Singapore | 100% | 100% |
Telenor Procurement Company Pte.Ltd. | Singapore | 100% | 100% |
Telenor South Asia Investment Pte Ltd | Singapore | 100% | 100% |
Telenor South-East Asia Investment Pte Ltd | Singapore | 100% | 100% |
Telenor Thailand Investments Pte Ltd | Singapore | 100% | 100% |
Telenor Connexion AB | Sweden | 100% | 100% |
Telenor Gauntlet Holding AB | Sweden | 100% | 100% |
Telenor Sverige AB | Sweden | 100% | 100% |
Telenor Tower Sweden AB | Sweden | 100% | 100% |
BCTN Holding Co., Ltd. | Thailand | 100% | 100% |
BCTN Innovation Co., Ltd. | Thailand | 100% | 100% |
Telenor Asia (IHQ) Ltd | Thailand | 100% | 100% |
Thai Telco Holdings Ltd. 2) | Thailand | 100% | |
FJ Labs Telenor Co-Invest II LP | USA | 99% | 99% |
FJ Labs Telenor Co-Invest III LP | USA | 99% | 99% |
Telenor Digital Holding Inc. | USA | 100% | 100% |
Telenor Inc | USA | 100% | 100% |
1) Acquired or established in 2025. 2) Sold or dissolved in 2025. 3) Changed name from Where20 AS in 2025 and ownership is 12% per 31 December 2025. 4) Merged with Watchcom Security Group AS in 2025. 5) Merged with Telenor Towers Finland Oy and Telenor Towers Holding Oy in 2025. 6) Changed name from Telenor Maritime Oy in 2025. |
ACCOUNTING POLICIES The consolidated financial statements include entities where Telenor ASA has control, which is normally when Telenor has more than 50% of the voting power through ownership or agreements, except where non-controlling interests prevent the exercise of control.\u00a0 Intercompany transactions, balances, revenues, expenses and unrealised internal profit or losses are eliminated on consolidation. Non-controlling interests in subsidiaries are presented separately from the equity attributable to the owners of the parent. Non-controlling interests have been measured at the proportionate fair value of net identifiable assets at the date of the business combination and share of changes in equity since the date of the business combination. Dormant subsidiaries are consolidated, but are not included in the list of subsidiaries and number of countries in this note as they do not represent Telenor's activities. |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Bj\u00f8rvika IKT AS | Norway | 67% | 67% |
Bldng. AI AS | Norway | 100% | 100% |
Gintel AS 1)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 | Norway | 67% | |
SnT East Holding AS | Norway | 100% | 100% |
Talkmore AS | Norway | 100% | 100% |
Telenor Agder Vestfold og Telemark 2 AS | Norway | 100% | 100% |
Telenor AI Factory Norway AS | Norway | 100% | 100% |
Telenor Asia Holding AS | Norway | 100% | 100% |
Telenor Communication II AS | Norway | 100% | 100% |
Telenor Consult AS | Norway | 100% | 100% |
Telenor Cyberdefence AS 4) | Norway | 100% | 100% |
Telenor Digital Infrastructure Holding AS | Norway | 100% | 100% |
Telenor Eiendom Harel\u00f8kken AS | Norway | 100% | 100% |
Telenor Festekontrakter AS | Norway | 100% | 100% |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Telenor Fiber AS | Norway | 70% | 70% |
Telenor Forsikring AS | Norway | 100% | 100% |
Telenor GTI AS | Norway | 100% | 100% |
Telenor IoT AS 1) | Norway | 100% | |
Telenor Jel\u00f8y Radio AS | Norway | 100% | 100% |
Telenor KB AS | Norway | 100% | 100% |
Telenor L\u00e5veveien 55 AS | Norway | 100% | 100% |
Telenor Linx AS | Norway | 100% | 100% |
Telenor Maritime AS | Norway | 100% | 100% |
Telenor Marketplace Invest AS | Norway | 100% | 100% |
Telenor Mobile Communications AS | Norway | 100% | 100% |
Telenor Mobile Holding AS | Norway | 100% | 100% |
Telenor M\u00f8re og Romsdal og Tr\u00f8ndelag 2 AS | Norway | 100% | 100% |
Telenor Networks Holding AS | Norway | 100% | 100% |
Telenor Nord 2 AS | Norway | 100% | 100% |
Telenor Nordics AS | Norway | 100% | 100% |
Telenor Norge AS | Norway | 100% | 100% |
Telenor Procurement Company AS | Norway | 100% | 100% |
Telenor Procurement Holding AS | Norway | 100% | 100% |
Telenor Real Estate AS | Norway | 100% | 100% |
Telenor Shared Services AS | Norway | 100% | 100% |
Telenor Software Lab AS 2) | Norway | 100% | |
Telenor Sovereign Cloud Norway AS 1) | Norway | 100% | |
Telenor Svalbard AS | Norway | 100% | 100% |
Telenor Towers AS | Norway | 100% | 100% |
Telenor Towers Norway AS | Norway | 100% | 100% |
Telenor Tracking Solutions AS | Norway | 100% | 100% |
Telenor Tryvann Radio AS | Norway | 100% | 100% |
Telenor Vestlandet og Rogaland 2 AS | Norway | 100% | 100% |
Telenor Viken og Innlandet 2 AS | Norway | 100% | 100% |
Telenor \u00d8vre Strandgate 5 2 AS | Norway | 100% | 100% |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Tilsig AS 3) | Norway | 51% | |
Grameenphone Ltd | Bangladesh | 56% | 56% |
MVNO Systems A/S | Denmark | 100% | 100% |
Telenor A/S | Denmark | 100% | 100% |
Telenor Danmark Holding A/S | Denmark | 100% | 100% |
Tn Finance A/S | Denmark | 100% | 100% |
Canal Digital Finland OY | Finland | 100% | 100% |
DNA Kauppa OY | Finland | 100% | 100% |
DNA Oyj | Finland | 100% | 100% |
DNA Tower Finland Oy 5) | Finland | 100% | 100% |
European Mobile Operator Oy | Finland | 100% | 100% |
KNL Networks OY 6) | Finland | 100% | 100% |
Moi Mobiili Oy | Finland | 100% | 100% |
Telenor Finland Holding OY | Finland | 100% | 100% |
Telenor Global Services Hong Kong Ltd | Hong Kong | 100% | 100% |
Telenor India Private Ltd | India | 100% | 100% |
Unitech Wireless (Tamilnadu) Private Limited | India | 67% | 67% |
Vodafone Telenor Procurement Company SCSp 1) | Luxembourg | 51% | |
Telenor Pakistan BV Ltd | Netherlands | 100% | 100% |
Telenor Shared Services Pakistan (PVT) Ltd | Pakistan | 100% | 100% |
Margalla Ventures Ltd 2) | Pakistan | 100% | |
Orion Towers (Private) Limited 2) | Pakistan | 100% | |
Telenor LDI Comminication (PVT) Ltd 2) | Pakistan | 100% | |
Telenor Pakistan (Private) Ltd 2) | Pakistan | 100% | |
Telenor Linx Polska | Poland | 100% | 100% |
TSS Portugal, Unipessoal LDA | Portugal | 100% | 100% |
Telenor Asia PTE Ltd | Singapore | 100% | 100% |
Telenor Asia Towers Pte. Ltd 2) | Singapore | 100% | |
Telenor Global Services Singapore PTE Ltd | Singapore | 100% | 100% |
Telenor GO Pte Ltd | Singapore | 100% | 100% |
Ownership interest | |||
Company name | Office | 31 December 2025 | 31 December 2024 |
Telenor Malaysia Investments Pte Ltd | Singapore | 100% | 100% |
Telenor Pakistan Investments Pte Ltd | Singapore | 100% | 100% |
Telenor Procurement Company Pte.Ltd. | Singapore | 100% | 100% |
Telenor South Asia Investment Pte Ltd | Singapore | 100% | 100% |
Telenor South-East Asia Investment Pte Ltd | Singapore | 100% | 100% |
Telenor Thailand Investments Pte Ltd | Singapore | 100% | 100% |
Telenor Connexion AB | Sweden | 100% | 100% |
Telenor Gauntlet Holding AB | Sweden | 100% | 100% |
Telenor Sverige AB | Sweden | 100% | 100% |
Telenor Tower Sweden AB | Sweden | 100% | 100% |
BCTN Holding Co., Ltd. | Thailand | 100% | 100% |
BCTN Innovation Co., Ltd. | Thailand | 100% | 100% |
Telenor Asia (IHQ) Ltd | Thailand | 100% | 100% |
Thai Telco Holdings Ltd. 2) | Thailand | 100% | |
FJ Labs Telenor Co-Invest II LP | USA | 99% | 99% |
FJ Labs Telenor Co-Invest III LP | USA | 99% | 99% |
Telenor Digital Holding Inc. | USA | 100% | 100% |
Telenor Inc | USA | 100% | 100% |
1) Acquired or established in 2025. 2) Sold or dissolved in 2025. 3) Changed name from Where20 AS in 2025 and ownership is 12% per 31 December 2025. 4) Merged with Watchcom Security Group AS in 2025. 5) Merged with Telenor Towers Finland Oy and Telenor Towers Holding Oy in 2025. 6) Changed name from Telenor Maritime Oy in 2025. |
NOK in millions | 2025 | 2024 |
Balance as of 1 January | 66,793 | 50,942 |
Additions | 3,126 | 2,323 |
Disposals | (659) | (4) |
Impairment reversal | 265 | 6,604 |
Share of net income | 1,618 | 206 |
Share of other comprehensive income | (183) | (85) |
Dividends received | (2,547) | (1,425) |
Translation differences | (1,898) | 8,232 |
Balance as of 31 December | 66,514 | 66,793 |
of which investment in CelcomDigi | 36,904 | 38,710 |
of which investment in True Corporation | 25,974 | 24,303 |
of which investment in Carousell | 1,673 | 1,830 |
of which investment in Allente | \u2014 | 987 |
of which investment in Jotta Group | 560 | \u2014 |
of which investment in easypaisa digital bank | 879 | 631 |
of which investment in Skygard | 335 | 89 |
of which others | 189 | 243 |
ACCOUNTING POLICIES Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These arrangements are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. The accounting for joint operations structured through separate vehicles (joint ventures), reflects the Group\u2019s involvement in the assets and liabilities and not the joint operations involvement with other joint operators. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are deemed significant. |
KEY ACCOUNTING JUDGMENT The net investment in associated companies is impaired if there is objective evidence of impairment. A decline in market value of listed entities compared to cost is considered as objective impairment evidence if the decline is significant or prolonged. The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of significant judgement. |
NOK in millions | 2025 | 2024 |
Statement of comprehensive income | ||
Revenue | 31,004 | 29,626 |
EBITDA | 13,454 | 13,120 |
Depreciation and amortisation | (7,658) | (7,479) |
Net financial items | (3,033) | (1,376) |
Income tax expense | (1,187) | (1,106) |
Net income (loss) | 1,576 | 3,159 |
Other comprehensive income(loss) | \u2014 | \u2014 |
Total comprehensive income (loss) | 1,576 | 3,159 |
Telenor's ownership in % | 33.1% | 33.1% |
Share of net income (loss) | 522 | 1,046 |
Share of other comprehensive income (loss) | \u2014 | \u2014 |
Share of total comprehensive income (loss) | 522 | 1,046 |
NOK in millions | 2025 | 2024 |
Statement of financial position | ||
Non-current assets | 80,466 | 85,540 |
Current assets excluding cash and cash equivalents | 11,143 | 9,875 |
Cash and cash equivalents | 1,647 | 1,205 |
Non-current non-interest bearing liabilities | (5,214) | (5,449) |
Non-current interest bearing liabilities | (25,905) | (27,456) |
Current non-interest bearing liabilities | (20,365) | (18,178) |
Non-controlling interest | (304) | (285) |
Total equity | 41,467 | 45,252 |
Telenor's share of equity | 13,726 | 14,979 |
Goodwill related to the Telenor's investment | 23,179 | 23,731 |
Carrying amount of investment | 36,904 | 38,710 |
Dividends received | 1,382 | 1,318 |
NOK in millions | 2025 | 2024 |
Statement of comprehensive income | ||
Revenue | 64,371 | 60,164 |
EBITDA | 30,134 | 22,694 |
Depreciation, amortisation and impairment | (23,166) | (19,788) |
Net financial items | (5,438) | (6,433) |
Income tax expense | 713 | 39 |
Net income (loss) | 2,244 | (3,488) |
Other comprehensive income (loss) | (530) | (318) |
Total comprehensive income (loss) | 1,714 | (3,806) |
Telenor's ownership in % | 30.3% | 28.6% |
Share of net income (loss) 1) | 644 | (973) |
Reversal of impairment of goodwill | 269 | 7,015 |
Share of other comprehensive income (loss) 1) | (152) | (89) |
Share of total comprehensive income (loss) | 760 | 5,953 |
NOK in millions | 2025 | 2024 |
Statement of financial position | ||
Non-current assets | 198,880 | 203,094 |
Current assets excluding cash and cash equivalents | 18,531 | 22,434 |
Cash and cash equivalents | 4,322 | 5,609 |
Non-current non-interest bearing liabilities | (10,666) | (10,336) |
Non-current interest bearing liabilities | (130,858) | (119,924) |
Current non-interest bearing liabilities | (51,730) | (70,636) |
Non-controlling interest | 75 | (98) |
Total equity | 28,554 | 30,143 |
Telenor's share of equity | 8,652 | 8,621 |
Goodwill related to the Telenor's investment | 17,322 | 15,682 |
Carrying amount of investment | 25,974 | 24,303 |
Dividends received (before withholding tax) | 629 | \u2014 |
Joint Operation | Description | Ownership interest in % |
3G Infrastructure Services AB | Joint operation with the mobile operator 3 in Sweden 1) | 50 |
Net4Mobility HB | Joint operation under partnership agreement with the mobile operator Tele2 Sverige AB in Sweden 1) | 50 |
TT Netv\u00e6rket P/S | Joint operation with the mobile operator TeliaSonera Mobile Holding AB in Denmark | 50 |
Suomen Yhteisverkko Oy | Joint operations with mobile Operator Telia Finland Oy in Finland 2) | 49 |
2025 | 2024 | ||||
NOK in millions | Sales to | Purchases from | Sales to | Purchases from | |
547 | (778) | 623 | (824) |
2025 | 2024 | ||||
NOK in millions | Receivables | Payables | Receivables | Payables | |
172 | (9) | 173 | (66) |
NOK in millions | 2025 | 2024 |
Base Salary 1) | 46.7 | 43.7 |
Salary substitute 2) | 3.8 | 0.2 |
Benefits 3) | 4.7 | 1.6 |
Short-term incentive (STI) 4) | 9.3 | 4.5 |
Long-term incentive (LTI) 5) | 7.2 | 4.8 |
Extraordinary items 6) | 6.2 | 2.4 |
Pension 7) | 3.3 | 7.8 |
Total compensation | 81.1 | 65.1 |
NOK in millions | 2025 | 2024 |
Balance as of 1 January | 66,793 | 50,942 |
Additions | 3,126 | 2,323 |
Disposals | (659) | (4) |
Impairment reversal | 265 | 6,604 |
Share of net income | 1,618 | 206 |
Share of other comprehensive income | (183) | (85) |
Dividends received | (2,547) | (1,425) |
Translation differences | (1,898) | 8,232 |
Balance as of 31 December | 66,514 | 66,793 |
of which investment in CelcomDigi | 36,904 | 38,710 |
of which investment in True Corporation | 25,974 | 24,303 |
of which investment in Carousell | 1,673 | 1,830 |
of which investment in Allente | \u2014 | 987 |
of which investment in Jotta Group | 560 | \u2014 |
of which investment in easypaisa digital bank | 879 | 631 |
of which investment in Skygard | 335 | 89 |
of which others | 189 | 243 |
ACCOUNTING POLICIES Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These arrangements are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. The accounting for joint operations structured through separate vehicles (joint ventures), reflects the Group\u2019s involvement in the assets and liabilities and not the joint operations involvement with other joint operators. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are deemed significant. |
KEY ACCOUNTING JUDGMENT The net investment in associated companies is impaired if there is objective evidence of impairment. A decline in market value of listed entities compared to cost is considered as objective impairment evidence if the decline is significant or prolonged. The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of significant judgement. |
NOK in millions | 2025 | 2024 |
Statement of comprehensive income | ||
Revenue | 31,004 | 29,626 |
EBITDA | 13,454 | 13,120 |
Depreciation and amortisation | (7,658) | (7,479) |
Net financial items | (3,033) | (1,376) |
Income tax expense | (1,187) | (1,106) |
Net income (loss) | 1,576 | 3,159 |
Other comprehensive income(loss) | \u2014 | \u2014 |
Total comprehensive income (loss) | 1,576 | 3,159 |
Telenor's ownership in % | 33.1% | 33.1% |
Share of net income (loss) | 522 | 1,046 |
Share of other comprehensive income (loss) | \u2014 | \u2014 |
Share of total comprehensive income (loss) | 522 | 1,046 |
NOK in millions | 2025 | 2024 |
Statement of financial position | ||
Non-current assets | 80,466 | 85,540 |
Current assets excluding cash and cash equivalents | 11,143 | 9,875 |
Cash and cash equivalents | 1,647 | 1,205 |
Non-current non-interest bearing liabilities | (5,214) | (5,449) |
Non-current interest bearing liabilities | (25,905) | (27,456) |
Current non-interest bearing liabilities | (20,365) | (18,178) |
Non-controlling interest | (304) | (285) |
Total equity | 41,467 | 45,252 |
Telenor's share of equity | 13,726 | 14,979 |
Goodwill related to the Telenor's investment | 23,179 | 23,731 |
Carrying amount of investment | 36,904 | 38,710 |
Dividends received | 1,382 | 1,318 |
NOK in millions | 2025 | 2024 |
Statement of comprehensive income | ||
Revenue | 64,371 | 60,164 |
EBITDA | 30,134 | 22,694 |
Depreciation, amortisation and impairment | (23,166) | (19,788) |
Net financial items | (5,438) | (6,433) |
Income tax expense | 713 | 39 |
Net income (loss) | 2,244 | (3,488) |
Other comprehensive income (loss) | (530) | (318) |
Total comprehensive income (loss) | 1,714 | (3,806) |
Telenor's ownership in % | 30.3% | 28.6% |
Share of net income (loss) 1) | 644 | (973) |
Reversal of impairment of goodwill | 269 | 7,015 |
Share of other comprehensive income (loss) 1) | (152) | (89) |
Share of total comprehensive income (loss) | 760 | 5,953 |
NOK in millions | 2025 | 2024 |
Statement of financial position | ||
Non-current assets | 198,880 | 203,094 |
Current assets excluding cash and cash equivalents | 18,531 | 22,434 |
Cash and cash equivalents | 4,322 | 5,609 |
Non-current non-interest bearing liabilities | (10,666) | (10,336) |
Non-current interest bearing liabilities | (130,858) | (119,924) |
Current non-interest bearing liabilities | (51,730) | (70,636) |
Non-controlling interest | 75 | (98) |
Total equity | 28,554 | 30,143 |
Telenor's share of equity | 8,652 | 8,621 |
Goodwill related to the Telenor's investment | 17,322 | 15,682 |
Carrying amount of investment | 25,974 | 24,303 |
Dividends received (before withholding tax) | 629 | \u2014 |
Joint Operation | Description | Ownership interest in % |
3G Infrastructure Services AB | Joint operation with the mobile operator 3 in Sweden 1) | 50 |
Net4Mobility HB | Joint operation under partnership agreement with the mobile operator Tele2 Sverige AB in Sweden 1) | 50 |
TT Netv\u00e6rket P/S | Joint operation with the mobile operator TeliaSonera Mobile Holding AB in Denmark | 50 |
Suomen Yhteisverkko Oy | Joint operations with mobile Operator Telia Finland Oy in Finland 2) | 49 |
NOK in millions | 2025 | 2024 |
Balance as of 1 January | 66,793 | 50,942 |
Additions | 3,126 | 2,323 |
Disposals | (659) | (4) |
Impairment reversal | 265 | 6,604 |
Share of net income | 1,618 | 206 |
Share of other comprehensive income | (183) | (85) |
Dividends received | (2,547) | (1,425) |
Translation differences | (1,898) | 8,232 |
Balance as of 31 December | 66,514 | 66,793 |
of which investment in CelcomDigi | 36,904 | 38,710 |
of which investment in True Corporation | 25,974 | 24,303 |
of which investment in Carousell | 1,673 | 1,830 |
of which investment in Allente | \u2014 | 987 |
of which investment in Jotta Group | 560 | \u2014 |
of which investment in easypaisa digital bank | 879 | 631 |
of which investment in Skygard | 335 | 89 |
of which others | 189 | 243 |
ACCOUNTING POLICIES Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These arrangements are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. The accounting for joint operations structured through separate vehicles (joint ventures), reflects the Group\u2019s involvement in the assets and liabilities and not the joint operations involvement with other joint operators. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are deemed significant. |
KEY ACCOUNTING JUDGMENT The net investment in associated companies is impaired if there is objective evidence of impairment. A decline in market value of listed entities compared to cost is considered as objective impairment evidence if the decline is significant or prolonged. The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of significant judgement. |
NOK in millions | 2025 | 2024 |
Statement of comprehensive income | ||
Revenue | 31,004 | 29,626 |
EBITDA | 13,454 | 13,120 |
Depreciation and amortisation | (7,658) | (7,479) |
Net financial items | (3,033) | (1,376) |
Income tax expense | (1,187) | (1,106) |
Net income (loss) | 1,576 | 3,159 |
Other comprehensive income(loss) | \u2014 | \u2014 |
Total comprehensive income (loss) | 1,576 | 3,159 |
Telenor's ownership in % | 33.1% | 33.1% |
Share of net income (loss) | 522 | 1,046 |
Share of other comprehensive income (loss) | \u2014 | \u2014 |
Share of total comprehensive income (loss) | 522 | 1,046 |
NOK in millions | 2025 | 2024 |
Statement of financial position | ||
Non-current assets | 80,466 | 85,540 |
Current assets excluding cash and cash equivalents | 11,143 | 9,875 |
Cash and cash equivalents | 1,647 | 1,205 |
Non-current non-interest bearing liabilities | (5,214) | (5,449) |
Non-current interest bearing liabilities | (25,905) | (27,456) |
Current non-interest bearing liabilities | (20,365) | (18,178) |
Non-controlling interest | (304) | (285) |
Total equity | 41,467 | 45,252 |
Telenor's share of equity | 13,726 | 14,979 |
Goodwill related to the Telenor's investment | 23,179 | 23,731 |
Carrying amount of investment | 36,904 | 38,710 |
Dividends received | 1,382 | 1,318 |
NOK in millions | 2025 | 2024 |
Statement of comprehensive income | ||
Revenue | 64,371 | 60,164 |
EBITDA | 30,134 | 22,694 |
Depreciation, amortisation and impairment | (23,166) | (19,788) |
Net financial items | (5,438) | (6,433) |
Income tax expense | 713 | 39 |
Net income (loss) | 2,244 | (3,488) |
Other comprehensive income (loss) | (530) | (318) |
Total comprehensive income (loss) | 1,714 | (3,806) |
Telenor's ownership in % | 30.3% | 28.6% |
Share of net income (loss) 1) | 644 | (973) |
Reversal of impairment of goodwill | 269 | 7,015 |
Share of other comprehensive income (loss) 1) | (152) | (89) |
Share of total comprehensive income (loss) | 760 | 5,953 |
NOK in millions | 2025 | 2024 |
Statement of financial position | ||
Non-current assets | 198,880 | 203,094 |
Current assets excluding cash and cash equivalents | 18,531 | 22,434 |
Cash and cash equivalents | 4,322 | 5,609 |
Non-current non-interest bearing liabilities | (10,666) | (10,336) |
Non-current interest bearing liabilities | (130,858) | (119,924) |
Current non-interest bearing liabilities | (51,730) | (70,636) |
Non-controlling interest | 75 | (98) |
Total equity | 28,554 | 30,143 |
Telenor's share of equity | 8,652 | 8,621 |
Goodwill related to the Telenor's investment | 17,322 | 15,682 |
Carrying amount of investment | 25,974 | 24,303 |
Dividends received (before withholding tax) | 629 | \u2014 |
Joint Operation | Description | Ownership interest in % |
3G Infrastructure Services AB | Joint operation with the mobile operator 3 in Sweden 1) | 50 |
Net4Mobility HB | Joint operation under partnership agreement with the mobile operator Tele2 Sverige AB in Sweden 1) | 50 |
TT Netv\u00e6rket P/S | Joint operation with the mobile operator TeliaSonera Mobile Holding AB in Denmark | 50 |
Suomen Yhteisverkko Oy | Joint operations with mobile Operator Telia Finland Oy in Finland 2) | 49 |
NOK in millions | 2025 | 2024 |
Balance as of 1 January | 66,793 | 50,942 |
Additions | 3,126 | 2,323 |
Disposals | (659) | (4) |
Impairment reversal | 265 | 6,604 |
Share of net income | 1,618 | 206 |
Share of other comprehensive income | (183) | (85) |
Dividends received | (2,547) | (1,425) |
Translation differences | (1,898) | 8,232 |
Balance as of 31 December | 66,514 | 66,793 |
of which investment in CelcomDigi | 36,904 | 38,710 |
of which investment in True Corporation | 25,974 | 24,303 |
of which investment in Carousell | 1,673 | 1,830 |
of which investment in Allente | \u2014 | 987 |
of which investment in Jotta Group | 560 | \u2014 |
of which investment in easypaisa digital bank | 879 | 631 |
of which investment in Skygard | 335 | 89 |
of which others | 189 | 243 |
ACCOUNTING POLICIES Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These arrangements are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. The accounting for joint operations structured through separate vehicles (joint ventures), reflects the Group\u2019s involvement in the assets and liabilities and not the joint operations involvement with other joint operators. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are deemed significant. |
KEY ACCOUNTING JUDGMENT The net investment in associated companies is impaired if there is objective evidence of impairment. A decline in market value of listed entities compared to cost is considered as objective impairment evidence if the decline is significant or prolonged. The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of significant judgement. |
NOK in millions | 2025 | 2024 |
Statement of comprehensive income | ||
Revenue | 31,004 | 29,626 |
EBITDA | 13,454 | 13,120 |
Depreciation and amortisation | (7,658) | (7,479) |
Net financial items | (3,033) | (1,376) |
Income tax expense | (1,187) | (1,106) |
Net income (loss) | 1,576 | 3,159 |
Other comprehensive income(loss) | \u2014 | \u2014 |
Total comprehensive income (loss) | 1,576 | 3,159 |
Telenor's ownership in % | 33.1% | 33.1% |
Share of net income (loss) | 522 | 1,046 |
Share of other comprehensive income (loss) | \u2014 | \u2014 |
Share of total comprehensive income (loss) | 522 | 1,046 |
NOK in millions | 2025 | 2024 |
Statement of financial position | ||
Non-current assets | 80,466 | 85,540 |
Current assets excluding cash and cash equivalents | 11,143 | 9,875 |
Cash and cash equivalents | 1,647 | 1,205 |
Non-current non-interest bearing liabilities | (5,214) | (5,449) |
Non-current interest bearing liabilities | (25,905) | (27,456) |
Current non-interest bearing liabilities | (20,365) | (18,178) |
Non-controlling interest | (304) | (285) |
Total equity | 41,467 | 45,252 |
Telenor's share of equity | 13,726 | 14,979 |
Goodwill related to the Telenor's investment | 23,179 | 23,731 |
Carrying amount of investment | 36,904 | 38,710 |
Dividends received | 1,382 | 1,318 |
NOK in millions | 2025 | 2024 |
Statement of comprehensive income | ||
Revenue | 64,371 | 60,164 |
EBITDA | 30,134 | 22,694 |
Depreciation, amortisation and impairment | (23,166) | (19,788) |
Net financial items | (5,438) | (6,433) |
Income tax expense | 713 | 39 |
Net income (loss) | 2,244 | (3,488) |
Other comprehensive income (loss) | (530) | (318) |
Total comprehensive income (loss) | 1,714 | (3,806) |
Telenor's ownership in % | 30.3% | 28.6% |
Share of net income (loss) 1) | 644 | (973) |
Reversal of impairment of goodwill | 269 | 7,015 |
Share of other comprehensive income (loss) 1) | (152) | (89) |
Share of total comprehensive income (loss) | 760 | 5,953 |
NOK in millions | 2025 | 2024 |
Statement of financial position | ||
Non-current assets | 198,880 | 203,094 |
Current assets excluding cash and cash equivalents | 18,531 | 22,434 |
Cash and cash equivalents | 4,322 | 5,609 |
Non-current non-interest bearing liabilities | (10,666) | (10,336) |
Non-current interest bearing liabilities | (130,858) | (119,924) |
Current non-interest bearing liabilities | (51,730) | (70,636) |
Non-controlling interest | 75 | (98) |
Total equity | 28,554 | 30,143 |
Telenor's share of equity | 8,652 | 8,621 |
Goodwill related to the Telenor's investment | 17,322 | 15,682 |
Carrying amount of investment | 25,974 | 24,303 |
Dividends received (before withholding tax) | 629 | \u2014 |
Joint Operation | Description | Ownership interest in % |
3G Infrastructure Services AB | Joint operation with the mobile operator 3 in Sweden 1) | 50 |
Net4Mobility HB | Joint operation under partnership agreement with the mobile operator Tele2 Sverige AB in Sweden 1) | 50 |
TT Netv\u00e6rket P/S | Joint operation with the mobile operator TeliaSonera Mobile Holding AB in Denmark | 50 |
Suomen Yhteisverkko Oy | Joint operations with mobile Operator Telia Finland Oy in Finland 2) | 49 |
NOK in millions | 2025 | 2024 |
Base Salary 1) | 46.7 | 43.7 |
Salary substitute 2) | 3.8 | 0.2 |
Benefits 3) | 4.7 | 1.6 |
Short-term incentive (STI) 4) | 9.3 | 4.5 |
Long-term incentive (LTI) 5) | 7.2 | 4.8 |
Extraordinary items 6) | 6.2 | 2.4 |
Pension 7) | 3.3 | 7.8 |
Total compensation | 81.1 | 65.1 |
Audit fees | Fees for other assurance | Fees for tax services | Other fees | ||||||||
NOK in millions, excluding VAT | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||
Telenor ASA | 7.8 | 7.5 | 6.2 | 3.8 | 2.5 | 0.4 | \u2014 | \u2014 | |||
Other subsidiaries | 30.8 | 30.8 | 3.9 | 3.7 | 13.5 | 15.0 | 6.0 | 6.0 | |||
Total Group auditor | 38.6 | 38.3 | 10.1 | 7.5 | 16.0 | 15.4 | 6.0 | 6.0 | |||
Other auditors in subsidiaries | 0.5 | 0.5 | 0.1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |||
Total | 39.1 | 38.8 | 10.2 | 7.5 | 16.0 | 15.4 | 6.0 | 6.0 |