Financials Telenor ASA

Equities

TEL

NO0010063308

Wireless Telecommunications Services

Market Closed - Oslo Bors Other stock markets 10:45:00 2025-06-20 EDT			5-day change	1st Jan Change
153.70 ^NOK	-0.84%		+0.79%	+21.12%

06-10	Telenor is said to be ready to pick up Tre in Sweden after the EU changed its stance - Di	FW
06-02	Telenor ASA (OB:TEL) commences an Equity Buyback Plan for 10,000,000 shares, representing 0.73% of its issued share capital, under the authorization approved on May 21, 2025.	CI

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	81,102	82,658	83,920
Change	-	-10.24%	-10.24%	-18.7%	-0.65%	1.47%	1.92%	1.53%
EBITDA ¹	56,520	49,162	42,374	34,564	34,980	36,022	37,362	38,762
Change	-	-13.02%	-13.81%	-18.43%	1.2%	2.98%	3.72%	3.75%
EBIT ¹	27,463	23,294	19,105	16,964	18,623	19,049	20,596	22,116
Change	-	-15.18%	-17.98%	-11.21%	9.78%	2.29%	8.12%	7.38%
Interest Paid ¹	-3,498	-3,962	-6,312	-7,400	-1,341	-3,244	-3,203	-3,128
Earnings before Tax (EBT) ¹	25,641	17,084	10,732	1,097	24,866	17,673	20,166	22,227
Change	-	-33.37%	-37.18%	-89.78%	2,166.73%	-28.93%	14.1%	10.22%
Net income ¹	17,341	1,528	44,913	13,734	19,107	11,165	13,185	14,537
Change	-	-91.19%	2,839.33%	-69.42%	39.12%	-41.57%	18.1%	10.25%
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 Q2	2020 Q3	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	2026 Q4
Net sales ¹	30,903	30,005	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	20,019	20,460	20,877	-	-	-	-
Change	-	-2.91%	3.15%	-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%	1.59%	2.2%	2.04%	-	-	-	-
EBITDA ¹	14,331	14,571	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	8,788	9,466	9,064	-	-	-	-
Change	-	1.67%	-7.27%	-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%	1.7%	7.71%	-4.24%	-	-	-	-
EBIT ¹	6,752	7,439	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	4,532	5,252	4,756	-	-	-	-
Change	-	10.17%	-15.07%	-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%	9.25%	15.9%	-9.45%	-	-	-	-
Charge d'intérêts ¹	303	-468	923	-671	-1,124	-1,542	-915	-210	-2,774	-3,103	-224	-3,693	-1,986	-442	-1,279	-67	-	-322	-550	-906	-739	-859	-819	-	-	-	-
Earnings before Tax (EBT) ¹	5,588	7,622	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	4,075	4,909	4,596	4,459	4,890	5,531	5,130
Change	-	36.4%	33.3%	-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%	7.28%	20.44%	-6.37%	-2.97%	9.65%	13.11%	-7.25%
Net income ¹	4,428	4,527	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	2,598	3,162	3,010	3,020	3,121	3,624	3,438
Change	-	2.24%	69.85%	-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%	18.4%	21.71%	-4.79%	0.31%	3.37%	16.1%	-5.11%
Announcement Date	7/16/20	10/21/20	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	-	-	-	-	-	-	-

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	83,644	82,698	79,914
Change	-	-8.71%	-2.89%	-18.49%	8.78%	-3.62%	-1.13%	-3.37%
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	12,053	12,425	11,940
Change	-	-9.3%	-0.77%	-23.68%	-9.13%	-9.94%	3.09%	-3.9%
Free Cash Flow (FCF) ¹	22,596	22,825	19,924	14,392	18,098	16,263	15,227	17,281
Change	-	1.01%	-12.71%	-27.77%	25.75%	-10.14%	-6.37%	13.49%
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%	44.42%	45.2%	46.19%
EBIT Margin (%)	22.36%	21.13%	19.31%	21.09%	23.3%	23.49%	24.92%	26.35%
EBT Margin (%)	20.88%	15.5%	10.85%	1.36%	31.11%	21.79%	24.4%	26.49%
Net margin (%)	14.12%	1.39%	45.39%	17.07%	23.91%	13.77%	15.95%	17.32%
FCF margin (%)	18.4%	20.7%	20.13%	17.89%	22.64%	20.05%	18.42%	20.59%
FCF / Net Income (%)	130.3%	1,493.78%	44.36%	104.79%	94.72%	145.66%	115.48%	118.88%
Profitability
ROA	5.52%	0.63%	19.32%	6%	8.54%	5.05%	6.19%	6.82%
ROE	36.52%	29.36%	30.1%	6.13%	27.23%	15.61%	19.24%	20.9%
Financial Health
Leverage (Debt/EBITDA)	1.95x	2.05x	2.31x	2.31x	2.48x	2.32x	2.21x	2.06x
Debt / Free cash flow	4.89x	4.42x	4.91x	5.54x	4.8x	5.14x	5.43x	4.62x
Capital Intensity
CAPEX / Current Assets (%)	17.46%	17.64%	19.5%	18.31%	16.74%	14.86%	15.03%	14.23%
CAPEX / EBITDA (%)	37.93%	39.56%	45.54%	42.61%	38.26%	33.46%	33.26%	30.8%
CAPEX / FCF (%)	94.88%	85.2%	96.86%	102.33%	73.95%	74.11%	81.6%	69.1%
Items per share
Cash flow per share ¹	31.29	30.15	28.03	20.99	22.87	21.44	20.9	21.63
Change	-	-3.61%	-7.06%	-25.1%	8.95%	-6.25%	-2.51%	3.46%
Dividend per Share ¹	9	9.3	9.4	9.4	9.6	9.646	9.799	9.913
Change	-	3.33%	1.08%	0%	2.13%	0.48%	1.58%	1.16%
Book Value Per Share ¹	27.36	18.79	42.97	46.56	55.44	52.06	51.99	53.08
Change	-	-31.34%	128.72%	8.34%	19.08%	-6.1%	-0.13%	2.1%
EPS ¹	12.32	1.09	32.09	9.9	13.88	8.118	9.628	10.52
Change	-	-91.15%	2,844.04%	-69.15%	40.2%	-41.51%	18.6%	9.22%
Nbr of stocks (in thousands)	1,379,663	1,399,458	1,398,973	1,384,365	1,367,829	1,366,944	1,366,944	1,366,944
Announcement Date	2/2/21	2/2/22	2/2/23	2/7/24	2/6/25	-	-	-