$TELNY

Telenor ASA reported Q3 2026 service revenues of NOK 14.8 billion, adjusted EBITDA of NOK 8.8 billion, and total free cash flow of NOK 8.5 billion. The company reaffirmed its financial outlook for the year, according to its press release.

JPMorgan reduced its price target for Telenor ASA to NOK145.00 from NOK160.00, citing competitive pressures in Norway and Finland, and headwinds in Bangladesh. The firm expects soft trends in 2027 and placed the stock on negative Catalyst Watch. Despite these concerns, Telenor trades at a P/E ratio of 10.63 and a 52-week low of $12.97, with a 5.5% dividend yield.

Morgan Stanley lowered its price target for Telenor to 155 Norwegian kroner from 170 and kept an equal weight rating, according to BN. The note implies updated valuation expectations for the telecom operator’s shares.

Telenor reported Q2 service revenues of NOK 14.679 billion and adjusted EBITDA of NOK 7.987 billion, with organic declines of 0.7% in service revenues and 4.8% in EBITDA. Free cash flow before M&A was NOK 1.815 billion. The company cited tough year-on-year comparables, timing of initiatives, transformation costs, and macro conditions in Bangladesh. Telenor also announced multiple defence and broadband deals and a 2026 outlook with flat to low-single-digit Nordic growth.

Telenor Denmark reported Q2 2026 results: service revenue up 3.5% year over year, mobile subscribers up by 1,000, and an EBITDA margin of 31.3%, alongside record customer satisfaction. The company cited ongoing 5G and digital infrastructure investments, including a WiFi 7 router praised in an independent Danish test. It warned regulated fiber wholesale prices may rise, pressuring broadband margins.

Telenor ASA’s Q2 2026 earnings call addressed Norway’s slower service revenue growth, citing 0.6% adjusted growth and higher promotions that pressured ARPU and increased churn. Management said IT stack transformation costs are high but will enable a cloud-native telco and future cost savings. CFO noted ongoing dividend and buybacks, country-by-country competition, GlobalConnect for broadband, and expected Bangladesh normalization plus two spectrum auctions this year.

Telenor lowered its 2026 outlook after Q2 results were pressured by weaker Nordic trading and ongoing conditions in Bangladesh, according to the company. It now expects flat to slightly negative organic adjusted EBITDA growth in 2026 versus prior flat to low single-digit. Q2 adjusted EBITDA fell 9.0% to NOK 7.99B, revenue declined 5.1% to NOK 18.14B, and shareholder net income fell 32.3% to NOK 2.52B.

Telenor Group agreed to acquire a controlling stake in Swedish broadband provider Bahnhof, valuing the company at SEK 6.1 billion enterprise value. The deal would make Telenor Sweden’s second-largest fixed broadband provider and is subject to regulatory approvals, after which Telenor must make a mandatory cash offer to all Bahnhof shareholders. Bahnhof serves 500,000+ consumers and 15,000 enterprises.

Telenor said its total greenhouse gas emissions fell 32% versus its 2019 baseline to about 1.37 billion kg CO2e, with renewable electricity supplying 56% of global demand. Scope 1 was 102,974 metric tons and Scope 3 about 1.1 million. By 2030 it targets -64% Scope 1 and 2 and -28% Scope 3, net zero by 2045.

Telenor agreed to buy a 57.5% controlling stake in Swedish broadband provider Bahnhof, valuing the firm at 6.1 billion Swedish crowns ($629.7 million) on an enterprise value basis. Telenor will pay 60 crowns per share to founders and 62 crowns per share for a 6.7% stake from Oresund Investment. Regulatory approval is pending, with a mandatory cash offer afterward.