Financials Telenor ASA

Equities

TEL

NO0010063308

Wireless Telecommunications Services

Market Closed - Oslo Bors Other stock markets 10:45:00 2026-01-16 EST			5-day change	1st Jan Change
143.10 ^NOK	-0.07%		-0.62%	-2.45%

11:23am	Odin Norge Rises 3.97 Percent in December – Strong Finish to the Year	FW
02:39am	Former Microsoft CEO Steve Ballmer Buys Shares in Hexagon, Telenor, and Logistea	FW

Projected Income Statement: Telenor ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	122,811	110,241	98,953	80,452	79,928	80,083	80,004	81,492
Change	-	-10.24%	-10.24%	-18.7%	-0.65%	0.19%	-0.1%	1.86%
EBITDA ¹	56,520	49,162	42,374	34,564	34,980	35,931	36,474	37,707
Change	-	-13.02%	-13.81%	-18.43%	1.2%	2.72%	1.51%	3.38%
EBIT ¹	27,463	23,294	19,105	16,964	18,623	19,207	20,165	21,489
Change	-	-15.18%	-17.98%	-11.21%	9.78%	3.13%	4.99%	6.57%
Interest Paid ¹	-3,498	-3,962	-6,312	-7,400	-1,341	-3,111	-3,203	-3,156
Earnings before Tax (EBT) ¹	25,641	17,084	10,732	1,097	24,866	18,132	19,720	21,659
Change	-	-33.37%	-37.18%	-89.78%	2,166.73%	-27.08%	8.76%	9.84%
Net income ¹	17,341	1,528	44,913	13,734	19,107	11,897	13,233	14,277
Change	-	-91.19%	2,839.33%	-69.42%	39.12%	-37.74%	11.24%	7.88%
Announcement Date	2/2/21	2/2/22	2/2/23	2/7/24	2/6/25	-	-	-

¹NOK in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	30,949	28,873	27,158	27,411	28,154	27,009	28,036	28,428	25,402	19,187	20,224	20,108	20,934	19,457	19,936	20,038	20,498	19,706	20,315	20,304	20,513	18,930	19,594	19,691
Change	-	-6.71%	-5.94%	0.93%	2.71%	-4.07%	3.8%	1.4%	-10.64%	-24.47%	5.4%	-0.57%	4.11%	-7.06%	2.46%	0.51%	2.3%	-3.86%	3.09%	-0.05%	1.03%	-7.71%	3.5%	0.49%
EBITDA ¹	13,512	13,015	12,353	12,856	11,743	11,660	12,501	13,059	10,146	8,078	8,767	9,103	8,467	8,505	8,571	9,090	8,479	8,641	9,318	9,544	8,473	8,600	9,288	9,606
Change	-	-3.68%	-5.09%	4.07%	-8.66%	-0.71%	7.21%	4.46%	-22.31%	-20.38%	8.53%	3.83%	-6.99%	0.45%	0.78%	6.06%	-6.72%	1.91%	7.83%	2.43%	-11.22%	1.5%	8%	3.42%
EBIT ¹	6,318	6,041	5,931	6,239	5,294	5,300	5,944	6,620	4,272	3,834	4,374	4,987	3,769	5,631	4,366	4,877	3,750	4,148	5,529	5,141	4,298	-	-	-
Change	-	-4.38%	-1.82%	5.19%	-15.15%	0.11%	12.15%	11.37%	-35.47%	-10.25%	14.08%	14.01%	-24.42%	49.4%	-22.46%	11.7%	-23.11%	10.61%	33.29%	-7.02%	-16.39%	-	-	-
Charge d'intérêts ¹	923	-671	-1,124	-1,542	-915	-210	-2,774	-3,103	-224	-3,693	-1,986	-442	-1,279	-67	-	-322	-550	-906	-907	-379	-772	-	-	-
Earnings before Tax (EBT) ¹	10,160	-1,355	4,381	4,482	2,975	6,537	222	3,256	3,283	-50	2,288	4,567	-5,708	12,858	4,158	4,745	3,105	3,799	5,111	5,065	4,044	-	-	-
Change	-	-113.34%	423.32%	2.31%	-33.62%	119.73%	-96.6%	1,366.67%	0.83%	-101.52%	4,676%	99.61%	-224.98%	325.26%	-67.66%	14.12%	-34.56%	22.35%	34.54%	-0.9%	-20.17%	-	-	-
Net income ¹	7,689	-3,889	2,188	2,642	587	6,570	-1,113	1,549	37,906	18,146	821	2,451	-7,683	11,560	2,540	3,272	1,735	2,194	3,725	3,027	2,847	-	-	-
Change	-	-150.58%	156.26%	20.75%	-77.78%	1,019.25%	-116.94%	239.17%	2,347.13%	-52.13%	-95.48%	198.54%	-413.46%	250.46%	-78.03%	28.82%	-46.97%	26.46%	69.78%	-18.74%	-5.94%	-	-	-
Announcement Date	2/2/21	5/4/21	7/19/21	10/27/21	2/2/22	5/2/22	7/18/22	10/26/22	2/2/23	5/4/23	7/19/23	10/25/23	2/7/24	4/30/24	7/18/24	10/30/24	2/6/25	5/6/25	7/18/25	10/29/25	-	-	-	-

¹NOK in Million

Estimates

Forecast Balance Sheet: Telenor ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	110,400	100,783	97,875	79,781	86,788	85,728	88,170	87,747
Change	-	-8.71%	-2.89%	-18.49%	8.78%	-1.22%	2.85%	-0.48%
Announcement Date	2/2/21	2/2/22	2/2/23	2/7/24	2/6/25	-	-	-

¹NOK in Million

Estimates

Cash Flow Forecast: Telenor ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	21,440	19,447	19,298	14,728	13,383	12,029	11,936	11,936
Change	-	-9.3%	-0.77%	-23.68%	-9.13%	-10.12%	-0.77%	-0%
Free Cash Flow (FCF) ¹	22,596	22,825	19,924	14,392	18,098	15,949	16,288	17,189
Change	-	1.01%	-12.71%	-27.77%	25.75%	-11.88%	2.13%	5.54%
Announcement Date	2/2/21	2/2/22	2/2/23	2/7/24	2/6/25	-	-	-

¹NOK in Million

Estimates

Forecast Financial Ratios: Telenor ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	46.02%	44.6%	42.82%	42.96%	43.76%	44.87%	45.59%	46.27%
EBIT Margin (%)	22.36%	21.13%	19.31%	21.09%	23.3%	23.98%	25.2%	26.37%
EBT Margin (%)	20.88%	15.5%	10.85%	1.36%	31.11%	22.64%	24.65%	26.58%
Net margin (%)	14.12%	1.39%	45.39%	17.07%	23.91%	14.86%	16.54%	17.52%
FCF margin (%)	18.4%	20.7%	20.13%	17.89%	22.64%	19.92%	20.36%	21.09%
FCF / Net Income (%)	130.3%	1,493.78%	44.36%	104.79%	94.72%	134.06%	123.08%	120.4%
Profitability
ROA	5.52%	0.63%	19.32%	6%	8.54%	5.32%	6.03%	6.64%
ROE	36.52%	29.36%	30.1%	6.13%	27.23%	16%	18.97%	20.75%
Financial Health
Leverage (Debt/EBITDA)	1.95x	2.05x	2.31x	2.31x	2.48x	2.39x	2.42x	2.33x
Debt / Free cash flow	4.89x	4.42x	4.91x	5.54x	4.8x	5.38x	5.41x	5.1x
Capital Intensity
CAPEX / Current Assets (%)	17.46%	17.64%	19.5%	18.31%	16.74%	15.02%	14.92%	14.65%
CAPEX / EBITDA (%)	37.93%	39.56%	45.54%	42.61%	38.26%	33.48%	32.73%	31.65%
CAPEX / FCF (%)	94.88%	85.2%	96.86%	102.33%	73.95%	75.42%	73.28%	69.44%
Items per share
Cash flow per share ¹	31.29	30.15	28.03	20.99	22.87	20.48	19.86	21.4
Change	-	-3.61%	-7.06%	-25.1%	8.95%	-10.44%	-3.05%	7.76%
Dividend per Share ¹	9	9.3	9.4	9.4	9.6	9.664	9.827	9.975
Change	-	3.33%	1.08%	0%	2.13%	0.66%	1.69%	1.51%
Book Value Per Share ¹	27.36	18.79	42.97	46.56	55.44	50.62	50.84	51.87
Change	-	-31.34%	128.72%	8.34%	19.08%	-8.69%	0.43%	2.03%
EPS ¹	12.32	1.09	32.09	9.9	13.88	8.513	9.722	10.59
Change	-	-91.15%	2,844.04%	-69.15%	40.2%	-38.67%	14.2%	8.9%
Nbr of stocks (in thousands)	1,379,663	1,399,458	1,398,973	1,384,365	1,367,829	1,366,784	1,366,784	1,366,784
Announcement Date	2/2/21	2/2/22	2/2/23	2/7/24	2/6/25	-	-	-