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Telenor
Telenor (TEL) investor relations material
Telenor Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Delivered strong Q4 2025 financial performance, meeting outlook and strategic ambitions, with a focus on portfolio simplification and value creation, including exits from Pakistan and Thailand.
Board proposed NOK 9.70 per share dividend and NOK 15 billion share buyback program, subject to AGM approval.
Strong commitment to shareholder returns and disciplined capital allocation, prioritizing revenue growth and cost efficiencies.
Major portfolio simplification included sale of Telenor Pakistan, announced divestment of True in Thailand, and acquisition of GlobalConnect's consumer business in Norway.
Transformation and digitalisation trends continue to drive operational efficiency and new service offerings.
Financial highlights
Q4 2025 service revenues grew 2.6% year-over-year to NOK 15,311 million; adjusted EBITDA up 11.7% to NOK 8,561 million.
Free cash flow before M&A was NOK 12,869 million for the year; Q4 FCF before M&A was NOK 4,095 million (+33.2% YoY).
Adjusted EPS rose to NOK 2.21 in Q4, an 89% increase; full-year adjusted EPS was NOK 8.22.
Leverage ratio ended at 2.2x, within the 1.8–2.3 target range; ROCE at 9.2% (13.6% excluding associates/JVs).
CapEx to sales ratio: 15.5% for Q4, 13.8% for the year.
Outlook and guidance
For 2026, expects low single-digit organic service revenue growth and mid-single-digit organic EBITDA growth in the Nordics.
CapEx to sales ratio forecasted around 14% in the Nordics, with significant quarterly variations.
Group FCF before M&A (excluding dividends from associates and incremental spectrum) guided at NOK 10–11 billion.
Mid/long-term ambitions: NOK 12–13 billion FCF before M&A in 2028, NOK 14–15 billion in 2030, ROCE above 11% in 2028 and 12% in 2030.
National roaming revenues in Norway expected to fade during 2026 and be negligible by 2027.
Prioritize Nordic M&A vs. additional capital return
How to achieve ROCE ambition given Q4 decline?
Counter Nordic churn and Finland pricing pressure
True divestment proceeds allocation strategy
Nordics' ARPU growth strategy amid competition
Bangladesh outlook: Grameenphone's key sensitivities
Nordic M&A: What specific areas are you targeting?
Norway RAN deal: Implications for regulation?
Bangladesh: CapEx strategy given new spectrum?
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Next Telenor earnings date
Q1 202628 Apr, 2026
Telenor
Next Telenor earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Telenor ASA, operates as a telecommunication company worldwide. The company offers mobile services; fixed distance and mobile communication services to corporate customers in Norway, Denmark, Sweden and the United Kingdom (UK); broadband, telephony and entertainment products and services to residential customers in Norway; broadband solutions to small and medium-sized businesses and public institutions; fixed voice telephony solutions for businesses; transmission of television and radio signals via satellite and fiber optics cable; operation of media channels in Norway and non-Norwegian territories; operation of online shop platforms with third party retailers whose customers are loyal to their own brand names; provision of information technology services in Estonia, Latvia, Lithuania, Poland, Slovakia and Romania through IT development unit Telenor Services Europe SARL (TSE); connection of Norwegian consumers to Telenor's networks via roaming partnerships. Telenor ASA is based in Fornebu, Norway.
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