Mandate given to buy back shares in conjunction with share programme for employees and executive compensation

Telenor ASA has today engaged DNB Carnegie, a part of DNB Bank ASA (“DNB Carnegie”) to conduct a buyback of own shares to be used in the Company’s share programmes for employees in Telenor Group, and executive compensation element in 2026.

The shares shall be used to meet obligations towards employees who participate in the Company’s long term incentive plan (LTI), the employee share purchase plan (ESP), and the executive compensation element: Salary Substitute as restricted shares.

The buybacks in 2026 will be divided into three tranches:

Tranche 1 – ESP, LTI, and Salary Substitute shares to be purchased in the period 26th to 29th May 2026. Total amount of NOK 55 million.

Tranche 2 – ESP and Salary Substitute shares to be purchased in the period 10th to 14th August 2026. Total amount of NOK 19.4 million.

Tranche 3 – ESP and Salary Substitute shares to be purchased in the period 9th to 13th November 2026. Total amount of NOK 19.4 million.

The maximum number of shares to be acquired in the above three tranches is 1 876 000.

ESP purchases are subject to the following adjustments:

- The amount to be invested by ESP-participants outside Norway is defined in local currency, and the final NOK amount will be determined based on exchange rates on 21 April, 20 July, and 20 October.

- The amount may be adjusted downwards to reflect any leavers from the ESP program. The criteria for the adjustments are predefined in the mandate agreement with DNB Carnegie, hence Telenor cannot influence the determination of the final amount.

The buyback will be done on basis of authorisation granted at Telenor ASA’s Annual General Meeting on 19th May 2026. The authorisation is for buyback of up to 10 000 000 shares to be used in the share programmes and executive compensation element, at a share price of minimum NOK 50 and a maximum NOK 250. The authorisation has not been utilized to date, and the Company currently holds 63 174 treasury shares.

This is information that Telenor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

For further information, please see the minutes of the AGM and the Annual Report, both available at Telenor’s website: https://www.telenor.com/investors/shareholder-centre/annual-general-meeting/annual-general-meeting-2026/