Consensus Estimates

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

Contributors: Barclays, BNP Paribas, Bank of America, Handelsbanken, JP Morgan, Kepler Cheuvreux, 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 Q4 2025

As of March 2026

Q1 2026

Group	Average	High	Low	Median
Revenues	18,665	19,063	18,134	18,720
Service revenues	15,302	16,357	14,990	15,130
Adjusted EBITDA	8,413	8,593	8,175	8,421
Other items	-148	-65	-249	-138
EBITDA (reported)	8,255	8,485	8,078	8,259
Operating profit	4,323	4,594	4,075	4,287
Profit/Loss in Ass Comp	627	797	485	631
Net financials	1,690	13,908	-800	-739
Pretax Profit	6,640	18,742	3,978	4,258
Taxes	-990	-876	-1,130	-992
Non-controlling interests	220	408	-356	334
Equity holders of Telenor ASA	5,311	17,346	2,593	2,935

(NOKm except per-share figures in NOK)

Median estimates

Group	2026	2027	2028	2029
Group	2026	2027	2028	2029
Revenues	76,967	77,980	79,613	80,974
Service revenues	61,762	63,534	65,484	66,577
Adjusted EBITDA	35,320	36,303	37,556	38,212
Other items	-366	-432	-407	-319
EBITDA (reported)	34,807	35,744	37,180	37,897
Operating profit	18,735	19,642	20,895	21,714
Profit/Loss in Ass Comp	2,574	3,393	4,001	3,630
Net financials	-2,742	-2,670	-2,688	-2,744
Pretax Profit	18,684	20,089	21,710	22,805
Taxes	-4,378	-4,603	-5,083	-5,165
Non-controlling interests	1,411	1,462	1,625	1,642
Equity holders of Telenor ASA	13,094	14,230	15,719	15,999