Norwegian telecommunications firm, Telenor, has highlighted its strategic investments in technology and cybersecurity as key drivers for future expansion.
In the second quarter of 2024, service revenues totaled NOK 16.3 billion (USD 1.5 billion), reflecting an organic growth of 4.5% year-over-year. EBITDA for the period reached NOK 8.8 billion (USD 812 million), showing organic growth of 3.8%. Telenor also reported a free cash flow of NOK 2.2 billion (USD 37 million) during the quarter.
Telenor Nordics achieved a 4% organic growth in service revenues, while Telenor Asia saw a 6% increase. Organic EBITDA growth stood at 4% for Telenor Nordics and 2% for Telenor Asia. The cost reductions from the Nordic transformation contributed to maintaining stable operating expenses (OpEx) development in Telenor Nordics throughout the quarter.
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Strategic Acquisitions and Investments
The company underscored the advancements it has made in cybersecurity and technology. It has thwarted over 1 billion digital crime attempts targeting its customers in Norway thus far in 2024. These efforts included blocking fraudulent websites, phishing attempts, malware downloads, as well as fraud attempts conducted via SMS and phone calls.
“We have taken a leading position in security and are showing that we mean business. We work every day to develop new and better products to take care of our customers. We now continue to attack this market with full force, which is necessary to protect our customers from well-organized, and increasingly sophisticated, criminal networks,” expounded Sigve Brekke, CEO of Telenor.
In June, Telenor established Cyberdefence to prioritize security and safeguard customers from digital threats. Additionally, its subsidiary, Telenor Amp, will accelerate the development of advanced security products tailored to corporate needs, enhancing security for Norwegian and Nordic businesses.
This month, Telenor Cyberdefence expanded its capabilities by acquiring Combitech, a leading Norwegian security company.
Telenor also highlighted its recent investments in artificial intelligence (AI). Earlier this year, Telenor initiated a strategic alliance with NVIDIA as part of its ambitious AI investment plan.
Another significant milestone in the first half of the year was Telenor’s strategic investment in the data center company, Skygard.
Furthermore, in June, Telenor further expanded its collaboration with Amazon Web Services (AWS) to bolster its sovereign cloud capabilities using AWS’s sovereign-by-design technology. This move aims to accelerate Telenor’s digital transformation efforts.
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“When I took over as CEO nine years ago, we talked about connectivity as a basic necessity for all, but also about finding new ways to create value in people’s digital lives; we are really doing that now. While I am satisfied with the solid results for the first half of the year, I am even more satisfied with the way we are reshaping and developing Telenor. We have built a strong foundation for the next 5-10 years to come,” Brekke concluded.
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