Consensus Estimates

Telenor Investor Relations collects estimates from sell-side analysts covering Telenor and compiles consensus estimates every quarter.

Contributors: ABG, DNB, Goldman Sachs, Handelsbanken, JP Morgan, Kepler Cheuvreux, Morgan Stanley, New Street, Nordea, Pareto and SEB.

Any opinions, forecasts, estimates, projections or predictions regarding Telenor’s performance made by the analysts, and thereby also the consensus estimates, are theirs alone and do not represent the opinions, forecasts, estimates, projections or predictions of Telenor or its management.

Telenor consensus POST Q1 2025

As of May 2025

Q2 2025

Group	Average	High	Low	Median
Revenues	20,048	20,292	19,709	20,115
Service revenues	16,425	16,606	16,074	16,507
Adjusted EBITDA	8,893	9,102	8,668	8,878
Other items	-150	70	-352	-159
EBITDA (reported)	8,737	9,002	8,489	8,687
Operating profit	4,563	5,031	4,315	4,564
Profit/Loss in Ass Comp	443	566	187	508
Net financials	-807	-650	-919	-820
Pretax Profit	4,199	4,742	3,790	4,216
Taxes	-1,087	-950	-1,253	-1,103
Non-controlling interests	391	500	264	393
Equity holders of Telenor ASA	2,720	3,070	2,421	2,778

(NOKm except per-share figures in NOK)

Median estimates

Group	2025	2026	2027	2028	CAGR
Revenues	80,776	81,882	82,704	85,734	2.0 %
Service revenues	65,419	66,723	68,367	70,335	2.4 %
EBITDA before other income and expenses	35,904	36,858	37,552	38,973	2.8 %
Other items	-655	-420	-380	-192	-33.6 %
EBITDA (reported)	35,414	36,588	37,536	39,294	3.5 %
Operating profit	18,499	20,014	21,072	21,841	5.7 %
Profit/Loss in Ass Comp	2,213	2,953	3,484	3,732	19.0 %
Net financials	-3,365	-3,310	-3,164	-3,084	-2.9 %
Pretax Profit	17,230	19,809	21,728	22,331	9.0 %
Taxes	-4,586	-4,779	-5,175	-5,847	8.4 %
Non-controlling interests	1,525	1,688	1,770	1,771	5.1 %
Equity holders of Telenor ASA	11,046	13,156	14,439	14,871	10.4 %