Norwegian telecom giant Telenor reported third-quarter earnings slightly below expectations, citing a negative adjustment of 500 million Norwegian crowns ($49.8 million) due to escalating 5G-related costs in Malaysia.
The company’s adjusted EBITDA rose to 9.54 billion crowns, up from 9.21 billion crowns a year earlier, though slightly short of analysts’ forecast of 9.60 billion. Strong results in Telenor’s Nordic operations helped offset pressures in its Asian markets.
In Asia, EBITDA grew by 4.1%, driven in part by improved performance from Bangladesh’s Grameenphone, of which Telenor holds a 55.8% stake. However, CEO Benedicte Schilbred Fasmer said Malaysian operations faced growing headwinds, leading to the financial adjustment tied to CelcomDigi’s 5G network company.
Telenor, along with Axiata, holds a 33.1% stake in CelcomDigi, Malaysia’s largest mobile operator. The company remains optimistic about long-term growth in both Nordic and Asian markets despite current cost pressures.