Delivering through disciplined execution

• Service revenues of NOK 14.8 billion.

• Adjusted EBITDA of NOK 8.8 billion.

• Free cash flow before M&A of NOK 4.7 billion.

• Total free cash flow of NOK 8.5 billion.

Norway showed clear quarter-on-quarter improvement, supported by disciplined cost management. Sweden maintained its strong performance with its 15th consecutive quarter of EBITDA growth and 35,000 new mobile customers in the quarter. The sequential development in Finland and Denmark was stable. In Asia, Grameenphone also demonstrated cost discipline, maintaining profitability while returning to service revenue growth.

Net income attributable to shareholders of Telenor was NOK 9.8 billion, and adjusted earnings per share increased by 45% to NOK 2.70.

“With a strong financial position and modest leverage, we aim to accelerate the share buyback programme and complete the NOK 15 billion programme in two years rather than three,” says President & CEO Benedicte Schilbred Fasmer.

During the quarter, Telenor’s subsidiary KNL strengthened its position in secure defence communications by securing a framework agreement enabling the Danish Armed Forces to procure KNL’s ultra-secure high-frequency communication systems. Denmark becomes the third Nordic country to join KNL’s NORDEFCO agreement, alongside Finland and Sweden, further strengthening Nordic cooperation around secure and resilient communications.

“In today’s security environment, secure and resilient communications are more critical than ever. KNL’s presence across the Nordic defence sector reflects the increasing demand for trusted and independent solutions and strengthens Telenor’s position in mission-critical communications,” says Schilbred Fasmer.

Telenor is also strengthening the position within broadband in Norway and Sweden.

«With the acquisition of Bahnhof in the third quarter, we are further expanding our Nordic broadband footprint, building on the previously announced GlobalConnect and Enivest transactions. Together, these transactions will add more than 650,000 consumer broadband relationships and strengthen our competitive positions in both Norway and Sweden,» says Schilbred Fasmer.

Telenor’s 2026 Security Report shows how artificial intelligence is accelerating digital attacks. AI enables attackers to find vulnerabilities faster, automate known attack methods and target far more companies at the same time.

“AI is changing the rules of the game for digital security. This gives us less time to respond and raises the bar for preparedness and cooperation between businesses and public authorities,” says Schilbred Fasmer.

Geopolitics, security, and emergency preparedness were also central themes in the very first Telenor Conference, which brought together business leaders, politicians, and media in Oslo last week.

We reaffirm our full year outlook and our longer-term ambitions remain unchanged:

Telenor Group

• Flat to slightly negative organic growth in adjusted EBITDA.

• Free cash flow before M&A excluding dividends from associated companies and incremental spectrum of around NOK 10 billion.

Nordic telcos

• Flat to low-single-digit organic growth in service revenues.

• Flat to low-single-digit organic growth in adjusted EBITDA.

• Around 14% capex to sales (excluding leases).

As usual, the outlook excludes potential items related to prior years’ activities, including Telenor Norway’s TV VAT provision for 2020/2022 of NOK 0.2 billion.