Telenor ASA Q3 2025 Earnings Recap

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%.