Telenor ASA (TEQA) Q3 2026 Earnings Report
DE:TEQA Q3 2026 EPS Results
- Actual EPS
- EUR 0.26
- Consensus EPS
- EUR 0.21
- Beat/Miss
- Beat by +EUR 0.05
- One Year Ago EPS
- EUR 0.17
DE:TEQA Q3 2026 Revenue Results
- Actual Revenue
- EUR 1.75B
- Expected Revenue
- EUR 1.72B
- Beat/Miss
- Beat by +EUR 22.41M
- YoY Revenue Growth
- -2.80%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
Telenor ASA's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was predominantly positive. Telenor reported a return to group service revenue growth, strong cash flow and earnings growth, sequential EBITDA improvement, a record Swedish margin, improved momentum in Norway and Finland, a strong balance sheet, accelerated buybacks and a reaffirmed outlook. These positives outweighed the challenges, which included intense competition, Norway's subscriber decline, Denmark's EBITDA pressure, underlying weakness in Finland, Bangladesh's macroeconomic conditions, higher Q4 promotional spending and ongoing Myanmar legal matters.
For full year 2026, Telenor expects the 4 Nordic telcos in aggregate, excluding the Q2 TVVAT items, to deliver flat to low single-digit growth in both service revenues and EBITDA, with CapEx to sales of around 14%; for the group, it expects flat to slightly negative EBITDA growth and free cash flow before M&A of around NOK 10 billion, excluding dividends from associates and incremental spectrum payments. Incremental net savings from transformation efficiencies are set to materialize from '27 onwards, including transformation benefits in Denmark, which will follow from mid-'27, while the company retains an ambition of 0 to minus 2% OpEx reduction towards 2030. It expects a campaign-driven finish to the year, with Norway and Denmark more promotional quarter-over-quarter and notable sales and marketing spend towards year-end; Grameenphone’s fourth quarter performance is expected to be more in line with the first half quarters than with Q3, and KNL growth is expected to continue at a solid rate in coming years, although EBITDA growth may be limited in Q4. The NOK 15 billion buyback program is now targeted for completion within 2 years rather than 3, subject to sufficient stock liquidity; the company also expects the NOK 0.8 billion working capital timing in Bangladesh to be reversed in the fourth quarter and said further spectrum payments this year are possible depending on the ongoing spectrum renewal process in Bangladesh.
- Group Service Revenue and EBITDA Returned to GrowthGroup service revenues grew 1.6% to NOK 14.8 billion, while adjusted EBITDA increased 1.5% to NOK 8.8 billion. The group returned to growth after a softer second quarter.
- Strong Cash Flow and Earnings GrowthFree cash flow before M&A reached NOK 4.7 billion, up 13% year-over-year, while adjusted earnings per share increased 45% to NOK 2.70. Including M&A, total free cash flow reached NOK 8.5 billion.
- Sequential EBITDA ImprovementSequential EBITDA growth was 10% in Q3, compared with a typical seasonal Q3 quarter-over-quarter growth range of 4% to 5% based on the five-year average.
- Cost Discipline Offset Inflation and Transformation CostsGroup OpEx remained broadly stable, increasing 0.3% year-over-year. Cost discipline and efficiency measures largely offset inflation, transformation activity, higher sales costs and energy costs. In Norway, OpEx declined even while transformation activity was at its peak.
- Organizational Simplification and SavingsTelenor removed the business area layer and established a new group leadership team to simplify decision-making and strengthen accountability. The simplified organizational structure is expected to deliver around NOK 0.4 billion in total savings, with the majority of the remaining NOK 0.3 billion phased in from the end of 2026 and a minor portion from mid-2027.
- Nordic Broadband Acquisitions Expand ScaleTelenor announced the acquisition of Bahnhof, alongside the previously announced acquisitions of GlobalConnect and Enivest. These acquisitions add more than 650,000 consumer broadband relationships and are intended to strengthen Telenor's competitive positions in Norway and Sweden.
- Continued Network and Customer Experience InvestmentTelenor continued investing in its high-quality networks and customer experience to support growth, while also continuing its transformation, technology and AI initiatives to make the customer experience simpler and more valuable.
- Sweden Delivered Record Margin and Continued GrowthSweden's EBITDA grew 3.8%, marking the 15th consecutive quarter of growth, and the EBITDA margin reached an all-time high of 44%. Mobile service revenues grew 4.5% with 35,000 mobile net adds, while gross profit increased 3.3%. Excluding sales and marketing, OpEx fell 2%.
- Swedish Transformation Generated Structural BenefitsFixed and customer service transformation, including moving unprofitable fixed subscriptions to FWA, supported gross profit growth and structural efficiencies in Sweden. Management said the transformation programs still have more benefits to deliver.
- Norway Improved SequentiallyNorway showed a clear sequential improvement. Adjusted for business transfers, Norway returned to approximately 1% growth; mobile ARPU rose 3%, fixed ARPU rose 4%, and Telenor added 5,000 fiber customers.
- Norwegian Value-Added Services GrowthTelenor continued its more-for-more strategy and services-first approach in Norway. Value-added services growth was around 9% on a standalone basis, excluding TV, supported by security and entertainment offerings.
- Finland Customer Momentum ImprovedFinland recorded higher customer growth and lower churn year-over-year. Management said leading indicators were improving, new-sales ARPUs were above last year, and customers were responding positively to DNA's services and packages.
- Denmark Revenue GrowthDenmark's service revenues grew 4%, supported by mobile ARPU. Management expects meaningful performance improvements in the fourth quarter and broader operational benefits from the IT transformation from mid-2027.
- Grameenphone Returned to Modest GrowthGrameenphone returned to modest service revenue growth in Bangladesh despite continued economic pressure. Revamped voice and data packages supported the ongoing shift from voice to data, and the customer base grew by around 600,000 subscribers.
- Asia EBITDA Growth and DividendsAsia service revenues grew 0.3% and EBITDA increased 0.9%. Telenor received around NOK 0.4 billion in dividends from its investments in CelcomDigi and True during the quarter. CelcomDigi also secured a 2.6 gigahertz 5G license, while the DNB 5G joint venture more than doubled its spectrum portfolio and refinanced the business.
- Connection Transaction Crystallized ValueTelenor completed the sale of 50% of Telenor Connection in September, crystallizing value while retaining exposure to the IoT business. Connection's revenues and EBITDA both grew 18% over the last 12 months.
- Corporate Development Portfolio Created Significant ProceedsThe corporate development portfolio, which includes sovereign data assets, the Telenor AI Factory, the sovereign cloud project and Telenor's stake in Shiga data centers, had a net asset value of NOK 11.4 billion at the end of Q3 and had generated more than NOK 10 billion in proceeds since Q4 2022.
- KNL and Other Growth Assets Delivered MomentumKNL was awarded another framework agreement, this time with the Danish Armed Forces, and delivered triple-digit growth in Q3. Towers benefited from colocation growth and pricing in Norway, while Connection contributed strongly before its deconsolidation on September 10.
- Strong Balance Sheet and Accelerated BuybackNet interest-bearing debt ended September at NOK 42.5 billion, with leverage at 1.2x versus a target range of 1.8x to 2.3x. Telenor is accelerating its NOK 15 billion share buyback program, targeting completion within two years rather than three, subject to sufficient stock liquidity. As of October 23, NOK 2.8 billion had been repurchased, representing 77% of the first-year program.
- Shareholder Distributions and Capital AllocationTelenor paid the second dividend tranche of NOK 6.4 billion and continues to balance shareholder distributions with value-accretive Nordic investments. The announced M&A transactions involving GlobalConnect, Enivest and Bahnhof, together with potential M&A funding in Connection, total NOK 16 billion and are expected to make a meaningful EBITDA contribution in the years ahead, especially after integration synergies are fully realized.
- Full-Year Outlook ReaffirmedTelenor reaffirmed its full-year 2026 outlook. For the four Nordic telcos in aggregate, excluding Q2 TVVAT items, the company continues to expect flat to low single-digit growth in service revenues and EBITDA, with CapEx to sales of around 14%. For the group, it expects flat to slightly negative EBITDA growth and free cash flow before M&A of around NOK 10 billion, excluding dividends from associates and incremental spectrum payments.
- Longer-Term Efficiency AmbitionTelenor said incremental net savings from transformation efficiencies are expected to materialize from 2027 onward, including Denmark benefits from mid-2027. The group-level ambition remains for OpEx reduction of 0% to 2% toward 2030.
- Satellite and AI Opportunities IdentifiedManagement said extensive Nordic terrestrial networks and strong coverage should limit the impact of LEO satellite competition, while fiber offers stronger capacity and upgrade potential. AI agents were described as both an opportunity and a threat, with potential to improve pricing transparency, create a distribution channel and enhance Telenor's productivity.
DE:TEQA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2026 (Q4) | 0.19- | 0.2 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 0.210.26 | 0.17 | 56.45% (+0.09) | |
| Jul 16, 2026 | 2026 (Q2) | 0.190.18 | 0.2 | -8.22% (-0.02) | |
| Apr 28, 2026 | 2026 (Q1) | 0.190.21 | 0.17 | 25.26% (+0.04) | |
| Feb 06, 2026 | 2025 (Q4) | 0.170.20 | 0.11 | 82.40% (+0.09) | |
| Oct 29, 2025 | 2025 (Q3) | 0.220.17 | 0.19 | -10.58% (-0.02) | |
| Jul 18, 2025 | 2025 (Q2) | 0.180.20 | 0.15 | 28.82% (+0.04) | |
| May 06, 2025 | 2025 (Q1) | 0.150.17 | 0.68 | -75.10% (-0.51) | |
| Feb 06, 2025 | 2024 (Q4) | 0.110.11 | -0.47 | 123.99% (+0.58) | |
| Oct 30, 2024 | 2024 (Q3) | 0.160.19 | 0.15 | 21.64% (+0.03) |
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.