Telenor ASA Q2 2026 Earnings Recap

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.