
Why invest in Ice Group ASA?
Why invest in Ice Group?
1: Norway is a highly attractive and growing mobile market of ~NOK 20bn with high entry barriers
- Growth in both postpaid subscribers and total mobile market revenues
- High and growing ARPU market and large mobile data upside compared to rest of the Nordics
- High barriers to entry and regulatory support for a competitive third nationwide network operator that can challenge the incumbents
2: Ice is a low cost operator with structural advantages and strong scalability
- Large, long-term frequency portfolio (24% of available mobile phone and MBB frequencies) and a strong challenger position in the Norwegian market
- Nationwide, scalable 5G-ready network roll-out expected to drive margins up due to increasing on-net shares reducing the roaming cost to other operators
- Zero technology or network legacy issues allow structural cost advantages with significant operating leverage
3: Ice has demonstrated solid recurring revenue growth with prudent pricing strategy
- Winning market share and building a strong base of recurring revenues
- Amongst Europe’s fastest growing mobile operators
- Significant growth opportunity in the high ARPU segment and new tools available to address it (Handset- as-a-service, Data freedom, HD voice, Handset vendor agreements, B2B offering)
Targets
Ice Group has defined four medium-term targets that will ensure solid value creation:

