Consensus Estimates
Telenor Investor Relations collects estimates from sell-side analysts covering Telenor and compiles consensus estimates every quarter.
Contributors: BNP Paribas, Bank of America, Citi, Goldman Sachs, Handelsbanken, J.P. Morgan, Kepler Cheuvreux, Morgan Stanley, New Street, Pareto Securities, 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.
As of January 2026
Q4 2025
Group | Average | High | Low | Median |
| Revenues | 19,430 | 19,946 | 19,045 | 19,348 |
| Service revenues | 15,374 | 15,936 | 15,246 | 15,263 |
| Adjusted EBITDA | 8,160 | 8,548 | 7,925 | 8,134 |
| Other items | -340 | -100 | -736 | -203 |
| EBITDA (reported) | 7,807 | 7,999 | 7,550 | 7,818 |
| Operating profit | 3,955 | 4,373 | 3,729 | 3,925 |
| Profit/Loss in Ass Comp | 629 | 952 | 431 | 600 |
| Net financials | -879 | -602 | -1,551 | -758 |
| Pretax Profit | 3,732 | 4,326 | 3,409 | 3,657 |
| Taxes | -644 | -210 | -877 | -758 |
| Non-controlling interests | 390 | 724 | -94 | 396 |
| Equity holders of Telenor ASA | 2,826 | 3,389 | 2,438 | 2,775 |
(NOKm except per-share figures in NOK)
Median estimates
Group | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
| Revenues | 76,076 | 77,352 | 78,726 | 80,128 | 80,810 | 82,196 | 1.6 % |
| Service revenues | 64,261 | 62,745 | 64,611 | 66,344 | 69,103 | 71,280 | 2.1 % |
| Adjusted EBITDA | 34,159 | 35,311 | 36,403 | 37,420 | 38,113 | 38,968 | 2.7 % |
| Other items | 92 | -300 | -300 | -300 | -192 | -192 | |
| EBITDA (reported) | 34,813 | 34,998 | 36,107 | 37,419 | 38,379 | 39,355 | 2.5 % |
| Operating profit | 18,209 | 18,781 | 19,591 | 20,894 | 22,544 | 23,795 | 5.5 % |
| Profit/Loss in Ass Comp | 1,948 | 3,077 | 3,772 | 4,357 | 4,759 | 5,041 | 20.9 % |
| Net financials | -3,040 | -2,888 | -3,080 | -3,085 | -3,066 | -3,011 | -0.2 % |
| Pretax Profit | 17,144 | 18,739 | 20,402 | 22,424 | 24,797 | 26,445 | 9.1 % |
| Taxes | -4,393 | -4,395 | -4,758 | -4,976 | -5,371 | -5,695 | 5.3 % |
| Non-controlling interests | 1,471 | 1,489 | 1,605 | 1,702 | 1,859 | 1,782 | 3.9 % |
| Equity holders of Telenor ASA | 11,700 | 12,631 | 14,357 | 15,877 | 17,642 | 19,138 | 10.3 % |