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, Deutsche Bank, DNB Carnegie, Goldman Sachs, Handelsbanken, Kepler Cheuvreux, J.P. 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.
As of April 2026
Q1 2026
| Group | Average | High | Low | Median |
| Revenues | 18,388 | 18,758 | 18,235 | 18,350 |
| Service revenues | 14,932 | 15,900 | 14,687 | 14,841 |
| Adjusted EBITDA | 8,250 | 8,442 | 8,111 | 8,217 |
| Other items | -127 | 4 | -247 | -102 |
| EBITDA (reported) | 8,136 | 8,296 | 7,936 | 8,153 |
| Operating profit | 4,228 | 4,482 | 3,939 | 4,191 |
| Profit/Loss in Ass Comp | 5,979 | 14,889 | 392 | 657 |
| Net financials | 2,237 | 14,005 | -814 | -687 |
| Pretax Profit | 13,669 | 18,749 | 4,090 | 16,978 |
| Taxes | -1,285 | -830 | -3,910 | -1,018 |
| Non-controlling interests | 250 | 372 | -352 | 317 |
| Equity holders of Telenor ASA | 12,054 | 17,423 | 2,712 | 15,746 |
Median estimates
| Group | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR '26-'30 |
| Revenues | 75,605 | 77,116 | 78,650 | 79,991 | 81,622 | 1.9 % |
| Service revenues | 60,612 | 62,242 | 64,037 | 65,701 | 67,619 | 2.8 % |
| Adjusted EBITDA | 34,592 | 35,618 | 37,003 | 38,140 | 39,294 | 3.2 % |
| Other items | -417 | -400 | -400 | -309 | -274 | -10.0 % |
| EBITDA (reported) | 34,236 | 35,363 | 36,669 | 38,023 | 39,284 | 3.5 % |
| Operating profit | 18,460 | 19,884 | 20,944 | 22,173 | 23,400 | 6.1 % |
| Profit/Loss in Ass Comp | 2,015 | 1,615 | 1,766 | 1,954 | 2,096 | 1.0 % |
| Net financials | -2,252 | -2,043 | -2,147 | -2,483 | -2,453 | 2.2 % |
| Pretax Profit | 30,902 | 19,323 | 20,440 | 21,110 | 22,636 | -7.5 % |
| Taxes | -4,471 | -4,692 | -5,014 | -5,123 | -5,439 | 5.0 % |
| Non-controlling interests | 1,368 | 1,455 | 1,533 | 1,619 | 1,692 | 5.5 % |
| Equity holders of Telenor ASA | 23,493 | 13,156 | 14,071 | 14,489 | 15,532 | -9.8 % |