Financial outlook and ambitions
Updated as per Q4 2025.
For 2026, we provide the following outlook:
Telenor Nordics
Low-single digit organic growth in service revenues;
Mid-single digit growth in adjusted EBITDA;
Around 14% capex to sales (excluding leases).
Group Outlook
Low-to-mid-single-digit organic growth in adjusted EBITDA;
Free cash flow before M&A excluding dividends from associated companies and incremental spectrum of NOK 10-11 billion.
Financial ambitions towards 2028/30
At the Capital Markets Day in November 2025, Telenor communicated the following financial ambitions for the period 2026-2028/2030:
Group
Free cash flow before M&A, excluding dividends from associates and potential new spectrum commitments: NOK 12-13 billion in 2028, increasing further to NOK 14-15 billion in 2030;
Return of capital employed (incl. associates): above 11% in 2028, and above 12% in 2030;
Year-on-year growth in dividend per share;
Net leverage ratio of 1.8x – 2.3x.
Nordics
Organic service revenue growth: Low single-digit
Adjusted EBITDA growth: Low-to-mid single-digit
Capex-to-sales: tapering off to below 13% in 2028, and further down to 11-12% in 2030