Solid year and fourth quarter for Telenor

Telenor ended last year strongly with solid top-line growth and strong cash flow both in the fourth quarter and for the full year.

"I am very pleased that we continue to deliver growth with new and better products to our customers, at the same time as customer surveys show that we have Norway's best and fastest network," says Sigve Brekke, CEO of Telenor.

Service revenues for the full year 2023 ended up at NOK 62.5 billion, corresponding to an organic increase of 4.0 per cent compared to last year. EBITDA ended at NOK 34.6 billion, corresponding to organic growth of 2.8 per cent compared to the year before. Total free cash flow amounted to NOK 15 billion.

Service revenues for the fourth quarter were NOK 16.1 billion, up 4.9 per cent compared with the same period last year. EBITDA ended at NOK 8.5 billion, corresponding to an organic increase of 3.9 per cent. Free cash flow for the quarter was NOK 4.9 billion before M&A.

"The fourth quarter was yet another strong quarter for Telenor," continues Brekke.

Telenor Nordics and Telenor Asia delivered four and seven per cent growth in service revenues, respectively, in the final quarter of the year, while organic EBITDA growth ended at five and four per cent.

Artificial intelligence accelerates the need for increased security measures

During 2023, digitalization has reached new heights. At the same time, the world is characterized by geopolitical tension, which creates increased unrest and uncertainty for both individuals and businesses. All services society depends on, such as water supply, payment services, health and emergency services and electricity supply, are to a large extent digital.

"Increased digitalisation leads to greater vulnerability, which is why investments in digital security are just as important as investments in artificial intelligence. Norwegian businesses and public enterprises are exposed to more and more serious cyber-attacks", says Brekke. 

In the fourth quarter alone, Telenor stopped around 300 million attempts at digital crime against Norwegian customers, which is an increase of around 30 percent compared to the previous quarter.

With artificial intelligence on the rise, we are facing a new era.  Criminal groups have gained access to a new toolbox that creates increased unpredictability.

"Whether you're an individual or a business owner, we are all targets. Therefore, we must adapt, be vigilant and take action to protect our digital lives and values", says Brekke.