Telenor ASA has reported strong financial results for the second quarter of 2025, exceeding expectations and prompting an upward revision of its EBITDA outlook for both its Nordic operations and the Group as a whole. The company recorded service revenues of NOK 16.5 billion and an adjusted EBITDA of NOK 9.3 billion. The free cash flow before mergers and acquisitions stood at NOK 1.6 billion. There was a year-over-year organic growth of 2.9% in service revenues and an 8.3% increase in EBITDA, with Telenor Nordics being a significant contributor, exhibiting a 12.5% growth in adjusted EBITDA. Telenor Norway showed remarkable performance with a 3.7% growth in service revenues and a 16.1% increase in adjusted EBITDA, supported by a national roaming agreement with Lyse Tele (ice) and a new contract with Hydro for mobile network services. For the first half of 2025, Telenor Group reported an adjusted EBITDA of NOK 18.0 billion and a free cash flow before M&A of NOK 4.6 billion. Looking ahead, Telenor's financial guidance for 2025 anticipates low single-digit organic growth in Nordic service revenues and high-single-digit organic growth in adjusted EBITDA in the Nordics. The Group expects mid-single-digit organic growth in EBITDA and forecasts a free cash flow before M&A of around NOK 13 billion. Additionally, Telenor has made significant investments in the Nordic fibre market, including a NOK 1.4 billion investment in Finland and a NOK 6 billion acquisition of GlobalConnect's consumer business in Norway, aimed at enhancing operational synergies and customer experiences across the telecom market.