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Telenor ASA (TELNY)
OTHER OTC:TELNY
Earnings Data
Report Date
Apr 28, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.21Last Year’s EPS
0.19Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive performance: Telenor delivered on 2025 guidance with strong adjusted EBITDA growth, material free cash flow, improved ROCE and deleveraging, a proposed dividend increase and a significant NOK 15 billion buyback funded by proceeds from the True sale. Nordic operations were the main driver, showing healthy top-line and margin progress, while the Amp/IoT portfolio and the True transaction added clear value. Key challenges remain in Asia (Bangladesh currency and demand weakness), some accounting/timing effects that boosted reported EBITDA, competitive pressure and rising churn in Finland and other Nordic market promotional dynamics, near-term transformation and implementation costs, and risks to tower revenues from competitor infrastructure deals. On balance, the positive operational and capital allocation outcomes outweigh the identifiable headwinds, though management remains cautious on Bangladesh and expects variability in 2026 results.Company Guidance
Delivered on 2025 Outlook and Strong Operational Execution
Telenor confirmed it delivered on all parameters of its 2025 outlook, closing the year with strong operational momentum across the Nordics and Asia and disciplined execution, including clean exits from Pakistan and Allente and the announced sale of True.
Quarterly and Full-Year Adjusted EBITDA Growth
Adjusted EBITDA increased 11.7% year-on-year in Q4 to NOK 8.6 billion (reported), with management stating an adjusted underlying EBITDA growth of ~8.5% after removing accounting timing effects (~3.2 percentage points). Full-year group EBITDA growth was 5.8% (excluding Pakistan), outperforming the 5–6% outlook.
Revenue and EPS Improvements
Group service revenues reached NOK 15.3 billion in Q4, up 2.6% year-on-year. Adjusted EPS in Q4 was NOK 2.21, representing an 89% increase for the quarter and a 24% increase for the full year.
Strong Free Cash Flow and Capital Returns
Free cash flow before M&A for the full year was NOK 12.9 billion (in line with ~NOK 13 billion guidance). Q4 free cash flow before M&A was NOK 4.1 billion, up 33% year-on-year. Company proposes a dividend of NOK 9.7 per share (16th consecutive increase) and a NOK 15 billion buyback program funded by True transaction proceeds.
Balance Sheet Metrics and Leverage Improvement
Leverage closed the year at 2.2x, returning to the target range (1.8–2.3), helped by positive free cash flow and deconsolidation of Pakistan net debt (NOK 1.8 billion). ROCE for the last 12 months improved to 9.2% (up 1 percentage point); excluding associates ROCE was 13.6%.
Nordics: Top-Line and Margin Strength
Nordics delivered 2.8% organic service revenue growth in the quarter and 8.7% EBITDA growth. Mobile service revenues grew ~4% driven by ARPU uplift; Norway mobile ARPU +5% and fixed broadband ARPU +6%. Sweden posted strong mobile net adds (45,000) and a Sweden EBITDA margin of ~40% (LTM milestone).
Amp and IoT Portfolio Progress
Amp delivered a strong quarter with KNL contributing materially on revenues and EBITDA (defense comms contracts) and Connexion delivering 9% organic revenue growth and 24% YoY growth in global SIM base, supporting continued NAV uplift in the Amp portfolio.
Value Creation from True Transaction
The announced sale of True represents significant value creation: management noted exiting Thailand at more than 3x the NOK 12 billion market value attributed earlier in the dtac/True context. First tranche proceeds planned to allocate NOK 15 billion to buybacks, NOK 11.5 billion to repay a EUR 1 billion bond, and NOK 6 billion to fund the GlobalConnect Norwegian consumer fiber acquisition.
Operational Efficiency and CapEx Discipline
Group CapEx to sales ratio was 15.5% in Q4 (4 percentage points lower YoY). Nordics CapEx-to-sales was 17.2% in the quarter and 14.3% for the full year. Management highlighted relentless cost focus and transformation programs that reduced OpEx (OpEx declined close to 2% in Q4; adjusted flat when excluding certain items).
TELNY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TELNY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 06, 2026 | $16.55 | $17.93 | +8.30% |
Oct 29, 2025 | $16.34 | $15.36 | -6.01% |
Jul 18, 2025 | $15.34 | $15.76 | +2.76% |
May 06, 2025 | $14.52 | $14.69 | +1.14% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Telenor ASA (TELNY) report earnings?
Telenor ASA (TELNY) is schdueled to report earning on Apr 28, 2026, Before Open (Confirmed).
What is Telenor ASA (TELNY) earnings time?
Telenor ASA (TELNY) earnings time is at Apr 28, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TELNY EPS forecast?
TELNY EPS forecast for the fiscal quarter 2026 (Q1) is 0.21.