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, Goldman Sachs, Handelsbanken, Morgan Stanley, New Street, Nordea, Pareto Securities, 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 2026

As of August 2026

Q3 2026

Group	Average	High	Low	Median
Revenues	18,445	18,776	18,098	18,460
Service revenues	14,873	15,067	14,443	14,897
Adjusted EBITDA	8,647	8,991	7,988	8,696
Other items	-123	5	-357	-100
EBITDA (reported)	8,518	8,996	7,631	8,604
Operating profit	4,622	5,053	3,772	4,686
Profit/Loss in Ass Comp	360	425	248	403
Net financials	534	7,029	-715	-438
Pretax Profit	5,293	12,047	4,045	4,494
Taxes	-1,087	1,142	-2,891	-1,123
Non-controlling interests	250	383	-356	325
Equity holders of Telenor ASA	3,612	8,831	2,525	3,060

Median estimates

Group	2026	2027	2028	2029	2030	CAGR 26-30
Revenues	74,080	74,649	75,764	76,788	78,005	1.3 %
Service revenues	59,379	60,674	62,019	63,165	64,297	2.0 %
Adjusted EBITDA	33,208	34,242	35,427	35,747	36,312	2.3 %
Other items	-827	-469	-302	-307	-319	-21.2 %
EBITDA (reported)	32,354	33,689	35,004	35,505	36,202	2.8 %
Operating profit	16,483	17,808	19,048	19,893	21,043	6.3 %
Profit/Loss in Ass Comp	5,921	1,822	1,855	2,030	2,144	-22.4 %
Net financials	-618	-2,161	-2,147	-2,443	-2,400	40.4 %
Pretax Profit	21,983	17,489	18,668	19,807	21,078	-1.0 %
Taxes	-4,317	-4,233	-4,462	-4,391	-4,528	1.2 %
Non-controlling interests	1,277	1,250	1,300	1,331	1,349	1.4 %
Equity holders of Telenor ASA	16,515	12,288	13,385	13,947	14,870	-2.6 %