Consensus Estimates

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

Contributors: ABG, Barclays, Bernstein, BofA, Citi, Dnb, Goldman Sachs, Handelsbanken, 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 PRE Q1 2025

As of April 2025

Q1 2025

Group	Average	High	Low	Median
Revenues	19,640	19,850	19,108	19,716
Service revenues	15,936	16,134	15,224	16,028
EBITDA before other income and expenses	8,671	8,830	8,408	8,709
Other items	-119	70	-258	-123
EBITDA (reported)	8,558	8,727	8,174	8,631
Operating profit	4,436	4,732	4,092	4,467
Profit/Loss in Ass Comp	244	713	-708	250
Net financials	-869	-720	-1,200	-840
Pretax Profit	3,817	4,275	2,899	3,746
Taxes	-949	-454	-1,210	-950
Non-controlling interests	440	711	264	397
Equity holders of Telenor ASA	2,428	2,991	1,491	2,394

(NOKm except per-share figures in NOK)

Median estimates

Group	2025	2026	2027	2028	CAGR
Revenues	81,022	82,132	83,086	84,839	1.5 %
Service revenues	65,457	66,661	67,811	69,404	2.0 %
EBITDA before other income and expenses	35,992	37,041	37,893	38,576	2.3 %
Other items	-509	-463	-432	-229	-23.4 %
EBITDA (reported)	35,472	36,542	37,562	38,643	2.9 %
Operating profit	18,622	19,787	20,924	22,074	5.8 %
Profit/Loss in Ass Comp	1,722	3,186	3,493	3,652	28.5 %
Net financials	-3,265	-3,270	-3,250	-3,116	-1.5 %
Pretax Profit	17,271	20,073	21,956	22,855	9.8 %
Taxes	-4,498	-4,973	-5,302	-5,652	7.9 %
Non-controlling interests	1,624	1,798	1,886	1,916	5.7 %
Equity holders of Telenor ASA	11,176	13,431	14,459	14,961	10.2 %