Norway's Telenor Q2 service revenue falls, lowers 2026 outlook

Telenor ASA

16/07/2026 06:09

Overview
Norway telecom operator's Q2 service revenue declined 0.7% yr/yr on tough comparables
Adjusted EBITDA fell 4.8% organically, impacted by transformation costs and market conditions
Company lowered 2026 outlook, now sees flat to low-single-digit Nordic service revenue growth

Outlook
Telenor sees 2026 Nordic service revenue growth flat to low-single-digit, revised from low-single-digit
Company expects 2026 Nordic adjusted EBITDA growth flat to low-single-digit, revised from low-to-mid-single-digit
Telenor forecasts 2026 free cash flow before M&A at around NOK 10 bln, revised from NOK 10-11 bln

Result Drivers
TRANSFORMATION COSTS - Co said increased costs from transformation and robustification efforts weighed on Q2 results
NORDIC MARKET CONDITIONS - Softer market conditions in Norway and competitive pressure in Finland affected performance
VAT DISPUTE PROVISION - Provision related to VAT dispute in Norway reduced service revenues by NOK 135 mln and adjusted EBITDA by NOK 162 mln

Company press release: ID:nObiRTWqLa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Service Revenue
 
NOK 14.68 bln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 11 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the wireless telecommunications services peer group is "buy."
Wall Street's median 12-month price target for Telenor ASA is NOK168.00, about 15.7% above its July 15 closing price of NOK145.20
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 17 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)