Telenor ASA Earnings Recaps
Q2 2026
Jul 18, 2026
Telenor’s shares fell 7.4% after the Q2 report as investors reacted negatively to the lowered full-year outlook amid declining EBITDA, margin pressure in Norway, and ongoing transformation costs, signaling that underlying challenges and cautious guidance overshadowed the quarter’s modest revenue growth.
Key takeaways
- Service revenues declined 0.7% year-over-year, with underlying comparable service revenues improving slightly by 0.3%.
- Adjusted EBITDA dropped 4.8% reported, and by 2.3% on a fully comparable basis, reflecting margin compression primarily in Norway.
- Norway faced particularly tough comparables, promotional market pressure, and a one-time VAT provision, resulting in a 2% EBITDA decline despite 0.6% revenue growth.
- Transformation programs increased short-term OpEx due to dual IT costs and platform migrations, with significant cost savings expected only from 2027 onwards.
- Full-year guidance was revised downward due to the challenging operating environment and transformation-related expenses, outweighing positives in Sweden, Denmark, and IoT partnerships.
Q3 2025
Oct 29, 2025
Telenor's Q3 results reflect resilient performance, bolstered by an 8% EBITDA growth in the Nordics, highlighting the strength of its network amidst a challenging external environment.
Key takeaways
- Group service revenues reached NOK 16.3 billion, up 2.7% year-on-year, primarily driven by strong Nordics performance.
- Adjusted EBITDA rose 5.4% to NOK 9.5 billion, with free cash flow before M&A up 50% year-on-year to NOK 4.2 billion.
- Strategic partnership with Vodafone expected to enhance cost efficiency and bolster supply chain resilience, unlocking significant long-term value.
- Despite strong growth in Pakistan and Grameenphone, challenges in the Asian market persist due to macroeconomic pressures.
- EPS was reported at NOK 1.85, a 3% decline largely attributed to a NOK 0.5 billion accounting adjustment, though underlying growth would have been 18%.