Telenor-CelcomDigi Q1’26 first take: Slightly above on lower cost-05/13/2026

Research evidence excerpt

Telenor-CelcomDigi Q1’26 first take: Slightly above on lower cost-05/13/2026

Telenor

NEWSFLASH | 13 MAY 2026

CelcomDigi Q1’26 first take: Slightly above on lower cost

CelcomDigi report Q1’26 service revenue spot on our expectation despite two fewer revenue days affecting pre-paid

subscriptions (~40% of service revenue). Slightly lower total revenue was countered by lower costs to drive EBITDA 1%

ahead of our expectation, and EBIT another 3% ahead. As such, we were probably a little too harsh when lowering our

estimates in our preview. Yet, the full year guidance of low single digit growth y/y in service revenue and EBIT is maintained.

We expect to increase EBIT estimates about 1% based on the cost beat today, to ~3% y/y. Note that CelcomDigi makes up

~11% of Telenor’s pro rata EBITDA adj. so the effect on the group will be positive albeit small.

Deviation table

Actuals Q1'26e Deviation

CelcomDigi P&L Q1'25 Q2'25 Q3'25 Q4'25 Q1'26e PAS PAS

Service revenues MYRm 2,655 2,693 2,728 2,831 2,697 2,689 0 %

Total revenues " 3,209 3,178 3,125 3,445 3,208 3,244 (1)%

Cost of goods sold " (853) (812) (814) (1,052) (834) (853) 2 %

Gross profit " 2,356 2,366 2,310 2,393 2,374 2,391 (1)%

Operating costs " (1,006) (949) (963) (989) (992) (1,020) 3 %

EBITDA " 1,350 1,417 1,347 1,404 1,382 1,371 1 %

EBIT " 696 736 648 592 729 710 3 %

Profit before tax " 553 597 503 450 580 568 2 %

Net profit " 388 439 350 353 422 432 (2)%

EBIT adj. MYRm 694 703 640 587 729 710 3 %

Other key items

Service revenue growth y/y % (1.2)% (0.1)% 1.5 % 4.1 % 1.6 % 1.3 % 0.3 pp

Total revenue growth y/y " 1.2 % 2.3 % (0.0)% 5.2 % (0.0)% 1.1 % (1.1)pp

EBITDA adj. growth y/y " (9)% (1)% (11)% (10)% 3 % 2 % 0.8 pp

EBITDA adj. margin " 42 % 44 % 43 % 41 % 43 % 42 % 0.8 pp