Telenor Group announced that it has received the first regulatory approval from the Competition Commission of Pakistan (CCP) as part of its ongoing exit process from Pakistan. However, the company cautioned that the final closing of the transaction may be delayed until 2026.
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In its third-quarter report, Telenor said that while Pakistan’s macroeconomic indicators have shown slight improvement, the environment remains vulnerable to external shocks and political volatility.
Telenor had signed an agreement in December 2023 to sell 100 percent of its telecom operations in Pakistan to Pakistan Telecommunications Company Limited (PTCL). The CCP granted its approval for the transaction on September 30, 2025. Following this milestone, Telenor is now seeking final clearance from the Pakistan Telecommunication Authority (PTA) to complete the process.
The company clarified that Telenor Pakistan is not yet classified as a discontinued operation, citing uncertainties around remaining regulatory approvals and other customary conditions attached to the deal.
“We anticipate receiving the remaining approvals in the coming months. The first approval from authorities has been received in conjunction with the ongoing exit process in Pakistan. While we foresee a more expeditious process from this milestone on, the expected closing of the transaction may slip into 2026,” the Group stated.
Despite the pending exit, Telenor highlighted that Pakistan continued to demonstrate strong operational performance. Combined with positive results from Grameenphone, the Group’s Asian business area reported 4.4 percent organic growth in service revenues and 4.1 percent organic growth in adjusted EBITDA.
Telenor Pakistan specifically posted 15.1 percent service revenue growth, mainly driven by continued monetization efforts and stable market dynamics. Data revenues were the primary growth driver, offsetting a decline in voice revenues. The company also reported an 18 percent increase in Average Revenue Per User (ARPU), although its subscription base fell by 4 percent compared to the same period last year.
Operational expenditures (Opex) rose 7.1 percent on an organic basis, primarily due to higher operational, maintenance, marketing, and commission costs. As a result, adjusted EBITDA grew organically by 17.1 percent, reflecting the company’s strong topline performance.
