Telenor ASA Q3 2026 Earnings Recap

Telenor’s shares rose 2.0% after a quarter of modest service-revenue and EBITDA growth, strong cash generation, and reaffirmed full-year outlook. The result was mixed: Nordic performance varied, and management cautioned that Grameenphone’s improved quarter should not be treated as a new run rate.

Key Takeaways

• Group service revenue grew 1.6% to NOK 14.8 billion; adjusted EBITDA increased 1.5% to NOK 8.8 billion.
• Free cash flow before M&A rose 13% year over year to NOK 4.7 billion, while adjusted EPS increased 45% to NOK 2.70. Leverage was 1.2x.
• Sweden remained a bright spot: mobile service revenue grew 4.5%, with 35,000 mobile net additions; its EBITDA margin reached 44%.
• Regional trends were uneven: Norway improved sequentially amid unusually high B2C promotions, while Denmark’s margins were pressured by product mix, transformation costs, and higher sales costs.
• Grameenphone returned to modest service-revenue growth and added around 600,000 subscribers, but management flagged inflation and costs shifting into Q4 as reasons not to extrapolate the improvement. Full-year outlook was reaffirmed.