Consensus Estimates

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

Contributors: ABG, Barclays, Bernstein, Citi, Goldman Sachs, Handelsbanken, JP Morgan, Kepler Cheuvreux, Morgan Stanley, New Street, 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 Q2 2025

As of July 2025

Q2 2025

Group	Average	High	Low	Median
Revenues	20,023	20,267	19,635	20,071
Service revenues	16,383	16,621	15,998	16,415
Adjusted EBITDA	8,908	9,064	8,729	8,920
Other items	-136	70	-235	-162
EBITDA (reported)	8,764	8,914	8,557	8,748
Operating profit	4,574	4,985	4,232	4,547
Profit/Loss in Ass Comp	495	782	260	509
Net financials	-829	-714	-1,019	-817
Pretax Profit	4,265	4,714	3,809	4,237
Taxes	-1,062	-913	-1,239	-1,042
Non-controlling interests	401	523	264	415
Equity holders of Telenor ASA	2,802	3,065	2,476	2,811

(NOKm except per-share figures in NOK)

Median estimates

Group	2025	2026	2027	2028	CAGR
Revenues	80,649	81,377	82,448	83,531	1.2 %
Service revenues	65,310	66,244	68,024	69,807	2.2 %
Adjusted EBITDA	35,624	36,228	36,938	37,631	1.8 %
Other items	-602	-444	-444	-325	-18.6 %
EBITDA (reported)	35,204	36,033	36,661	37,534	2.2 %
Operating profit	18,267	19,124	20,585	21,889	6.2 %
Profit/Loss in Ass Comp	2,230	3,195	3,969	4,873	29.8 %
Net financials	-3,333	-3,267	-3,216	-3,180	-1.6 %
Pretax Profit	17,063	19,180	21,445	22,469	9.6 %
Taxes	-4,188	-4,568	-4,984	-5,207	7.5 %
Non-controlling interests	1,570	1,789	1,875	2,047	9.2 %
Equity holders of Telenor ASA	11,005	12,938	14,699	16,272	13.9 %