Norwegian telecoms operator Telenor (TEL.OL) on Thursday reported fourth-quarter earnings slightly above expectations and said forecast continued growth in 2023 in service revenue and core profit in its Nordic business.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for October-December was flat year-on-year at 10.1 billion Norwegian crowns ($1.02 billion), while analysts on average had expected 9.9 billion crowns.

Telenor proposed a dividend for 2022 of 9.40 crowns per share, up from 9.30 crowns, while the median analyst forecast was for 9.60 crowns.

The operator announced in September a potential listing of its Asian unit and a restructuring of its Nordic business, which will lead to increased independence for the two regions and closer ties between its four Nordic units.

Its mid-term financial outlook is for its Nordic service to show low to mid-single digit revenue growth in the 2023-2025 period, and mid-single digit growth in EBITDA.

“The (fourth) quarter represents significant progress on our new strategic roadmap towards 2025,” Chief Executive Sigve Brekke said in a statement.

“Mobile service revenues in Telenor Nordics increased by 5%, demonstrating the growth potential in the region.”

Operating expenses rose 8% in the fourth quarter because of higher energy costs and a provision related to value added tax on 2G licence payments in Bangladesh, the company said.

Telenor expects its Nordic business to show low to mid-single digit growth for both service revenue and EBITDA this year, while capital expenditure in the Nordics is expected to be around 17% of revenue.

The operator, which has about 158 million customers across the Nordic region and Asia, last year completed a $15 billion merger to form a telecoms leader in Malaysia and its Malaysian unit is now listed as discontinued operations.

Its $8.6 billion deal in Thailand is also moving towards completion, it said.