Consensus Estimates
Prior to our silent period commencing on October 1, Telenor Investor Relations will host a housekeeping group call for sell-side analysts on 22 September at 09.00 CET, followed by optional calls for general catch-up or clarifications with individual analysts. Institutional investors interested in similar calls are welcome to schedule calls separately.
Telenor Investor Relations collects estimates from sell-side analysts covering Telenor and compiles consensus estimates every quarter.
Contributors: ABG, Barclays, DNB Carnegie, 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 Q2 2025
As of August 2025
Q2 2025
Group | Average | High | Low | Median |
| Revenues | 20,270 | 20,639 | 19,225 | 20,390 |
| Service revenues | 16,322 | 16,602 | 15,358 | 16,423 |
| Adjusted EBITDA | 9,528 | 9,766 | 9,052 | 9,621 |
| Other items | -153 | -38 | -300 | -136 |
| EBITDA (reported) | 9,374 | 9,628 | 8,801 | 9,473 |
| Operating profit | 5,173 | 5,338 | 4,725 | 5,253 |
| Profit/Loss in Ass Comp | 571 | 921 | 385 | 542 |
| Net financials | -845 | -640 | -1,127 | -836 |
| Pretax Profit | 4,899 | 5,338 | 4,520 | 4,930 |
| Taxes | -1,193 | -994 | -1,334 | -1,233 |
| Non-controlling interests | 317 | 500 | -384 | 379 |
| Equity holders of Telenor ASA | 3,308 | 3,670 | 3,011 | 3,314 |
(NOKm except per-share figures in NOK)
Median estimates
Group | 2025 | 2026 | 2027 | 2028 | CAGR |
| Revenues | 81,205 | 82,123 | 82,954 | 84,226 | 1.2 % |
| Service revenues | 65,471 | 66,536 | 67,811 | 69,034 | 1.8 % |
| Adjusted EBITDA | 36,421 | 37,233 | 37,687 | 38,162 | 1.6 % |
| Other items | 14 | -440 | -383 | -312 | |
| EBITDA (reported) | 36,422 | 36,895 | 37,361 | 38,111 | 1.5 % |
| Operating profit | 19,267 | 19,892 | 20,842 | 21,303 | 3.4 % |
| Profit/Loss in Ass Comp | 2,241 | 3,303 | 3,857 | 4,000 | 21.3 % |
| Net financials | -3,462 | -3,302 | -3,202 | -3,047 | -4.2 % |
| Pretax Profit | 18,194 | 19,766 | 21,650 | 22,368 | 7.1 % |
| Taxes | -4,526 | -4,774 | -5,094 | -5,335 | 5.6 % |
| Non-controlling interests | 1,471 | 1,608 | 1,698 | 1,738 | 5.7 % |
| Equity holders of Telenor ASA | 12,166 | 13,276 | 14,904 | 15,038 | 7.3 % |