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EarningsQ2 2026 Earnings Report
TELNY Q2 2026 EPS Results
Actual EPS$0.20
Consensus EPS$0.22
Beat/MissMissed by -$0.02
One Year Ago EPS$0.22
TELNY Q2 2026 Revenue Results
Actual Revenue$1.92B
Expected Revenue$1.91B
Beat/MissBeat by +$15.26M
YoY Revenue Growth-2.55%
Earnings Announcement Details
QuarterQ2 2026
Date07/16/2026
TimeBefore Open
Conference CallThursday, July 16, 2026
TELNY Upcoming Earnings
Telenor ASA's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
TELNY Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presents a balanced picture: near-term financials were soft with headline revenue and EBITDA declines, a guidance downgrade and clear short-term costs from large-scale IT and transformation activity. Offsetting these weaknesses are substantial strategic and operational positives — significant Nordic M&A to materially increase fixed-market scale, a NOK 4 billion IoT transaction expected to close in Q3, defense contract traction, healthy free cash flow, a strong balance sheet and a clear pipeline of cost savings that should materialize from 2027 onwards. Given the mix of meaningful strategic progress and clear near-term financial headwinds, the tone is constructive but cautious.Company Guidance
Strategic Nordic M&A and Broadband Expansion
Announced and progressed multiple Nordic deals that materially strengthen fixed broadband scale: GlobalConnect approval and three broadband deals expected to add ~NOK 3.5 billion in revenues and ~NOK 750 million in annual synergies from 2030; announced acquisition of Bahnhof to increase Swedish fixed market share from ~15% to ~27% and add ~500,000 consumer fiber customers, strong B2B position and secure infrastructure assets.
Telenor Connexion IoT Transaction and Proceeds
Value-unlocking partnership for Telenor Connexion expected to release close to NOK 4.0 billion in proceeds upon closing (expected in Q3), supporting scale in IoT and delivering near-term cash.
Defense and Mission-Critical Wins
Growing traction in secure communications: KNL qualified for a UK Defence framework, awarded EUR 6.5 million contract with the Finnish Defence Forces, received pilot orders from another NATO country, and secured a 4+3 year mobile agreement with the Norwegian Armed Forces with ~NOK 750 million estimated revenues over contract period.
Cash Generation and Capital Returns
Free cash flow before M&A of NOK 1.8 billion, up ~13% YoY; total free cash flow ~NOK 2.0 billion; net interest-bearing debt NOK 51.5 billion and leverage 1.4x (well below target range); three-year NOK 15 billion buyback program underway (2.9 million shares repurchased for ~NOK 0.4 billion in June).
Operational Wins in Sweden and Denmark
Sweden added ~36,000 mobile customers with mobile service revenue growth of ~3.1% and fixed transformation helping drive EBITDA growth of ~5.2%; Denmark delivered service revenue growth of ~3.5% and a substantive quarter-on-quarter EBITDA improvement (about a 12 percentage point uplift QoQ as introductory campaigns rolled off).
Transformation Program with Defined Cost-Savings Targets
Reorganization and transformation measures expected to drive meaningful savings: annual OpEx savings ~NOK 0.3 billion from simplification (from 2027), Singapore office scale-down delivering ~NOK 75 million annual savings (effective this quarter), cloud migration expected to yield ~NOK 0.4 billion OpEx/CapEx savings from next year and private cloud initiative targeting ~NOK 0.4 billion over four years; Nordics OpEx reduction target around -2% p.a. (2025–2028).
Underlying Revenue Resilience
On a fully comparable/underlying basis the group saw slightly positive service revenue development (management cited ~+0.2%–0.3% underlying organic service revenue growth) and a smaller underlying adjusted EBITDA decline (~2%–2.3%) versus the headline declines, indicating some operational resilience once one-off and timing effects are adjusted.
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