Telenor Montenegro

Telenor Montenegro offers mobile services to both consumer and business customer segments on prepaid as well as contract basis and a minor share of fixed voice and non-voice service to business customers. 
Telenor Montenegro’s network has the widest mobile coverage in Montenegro, with strong network quality and an asset base consisting of 405 mobile base sites.

PPF Group’s share in Telenor d.o.o. is 100%.

In 2018, PPF Group agreed to purchase Telenor’s assets in Central and Eastern Europe. After obtaining the necessary regulatory approval, the transaction was settled at the end of July 2018. Following the closing of said transaction, PPF Group became the sole owner of Telenor’s assets in Hungary, Bulgaria, Montenegro, and Serbia. Telenor has been active in Central and Eastern Europe for 25 years. Telenor Montenegro was established in 1996. 

Country facts

population (Dec 2017)

622 thousand
ownership by PPF since 2018

Operational results

Telenor Montenegro 2020
employees 264
mobile subscribers (thousands) 333
mobile ARPU 8.7 €/m

Telenor d.o.o.
Rimski trg 4
81000 Podgorica
Crna Gora

Country Manager
Branko Mitrović

Financial results
(Serbia+Montenegro combined)

in EUR millions

2020 2019 2018
Total assets 707 1 088 1 038
Revenue 436 430 415
EBITDA 160 184 156


29 46 37

* based on audited financial accounts for 2019 and 2020 and unaudited pro forma condensed consolidated financial information for 2018