New Street Research - Telenor ASA (TEL) Telenor (Buy, TP: NOK 183, +17%) Q1 25: Strong results support continued stock price performance

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New Street Research

Chris Hoare

EUR 8834.00 For Business Accounts Only

Telenor (Buy, TP: NOK 183, +17%) Q1 25: Strong results support continued stock price performance

Telenor has reported a good set of Q1 numbers, with SR c0.5% ahead of consensus and EBITDA in line; 2025 guidance was re-iterated, which is now in line with consensus expectations, but we think this could be raised later in the year if the further OpEx efficiencies management are expecting are realised.

06/05/2025 1 EN

Underlying

Telenor ASA

Telenor is a holding company. Through its subsidiaries, Co. operates as a telecommunication company. Co. provides mobile communication, fixed line communication, and broadcasting activities. Co.'s mobile communication business includes voice, data, Internet, content services, customer equipment and messaging. Fixed service comprise telephony, Internet and television (TV), leased lines as well as data services and managed services. Broadcast comprises Canal Digital DTH in the Nordics, satellite broadcasting, terrestrial radio and TV transmission in Norway and Belgium and encryption related services for TV distribution.

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NO0010063308 Oslo Bors Norway

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New Street Research

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Analysts

Chris Hoare

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Telenor (Buy, TP: NOK 183, +17%) Q1 25: Strong results support continued stock price performance

Telenor ASA: 1 director

Coffee, Croissants & Credit/Telenor, Heimstaden Bostad, Castellum

MTN (Buy, TP: ZAR190, +60%) MTN Rwanda – Q1 25: Still mixed but MT guidance maintained

TalkTalk (Neutral) Weaker revenue outlook makes the turnaround more challenging

Autumn for Broadband 1Q25

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