The company’s earnings before interest depreciation and amortisation fell 2% to 11.1 billion kroner (US$1.3 billion), missing an estimate of 11.3 billion kroner. Revenue was in line with estimates at 28 billion kroner.

“Although organic subscription and traffic revenues declined by 1%, the Ebitda margin was 40% and we saw positive revenue development and effects from efficiency and modernisation programs,” Chief Executive Officer Sigve Brekke said in a statement. “Our underlying financial performance remains stable.”

Telenor is being pressured by slow growth in its mature markets in the Nordic region and competition at its businesses across Asia.

The company is in the process of completing a takeover of Finland’s DNA Oyj, to further challenge its Swedish rival Telia Co AB.

It’s also in talks with Axiata Group to merge operations in Asia, combining their telecom and infrastructure assets to create a company with 300 million customers in nine countries.

On Wednesday, the company now said it sees subscription and traffic revenue “around the 2018 level,” down from an estimate of a 2% gain.

It predicted a “low single digit” decline in Ebitda, compared to an earlier forecast of 1-3% growth.

The new outlook considers the inclusion of Thailand’s Dtac, an “adjusted outlook from Digi” and a provision in Bangladesh.

Frank Maao, an analyst at DNB ASA, said that the new outlook constitutes an implicit lowering of Ebitda growth guidance to about minus 1%.

The numbers were “soft,” driven by weakness in Pakistan and Norway, he said.