Telenor ASA TEL
Oslo Børs · Communication Services · Telecom Services
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Annual accounts for Telenor
| NOK million | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | 76,877 | 80,452 | 75,487 | 76,548 |
| EBITDA | 39,394 | 22,035 | 44,273 | 37,293 |
| Net income | 44,913 | 13,734 | 18,336 | 7,034 |
| Balance sheet | ||||
| Equity | 60,135 | 64,477 | 75,849 | 70,473 |
| Total debt | 118,524 | 102,193 | 99,889 | 100,652 |
| Cash | 9,929 | 19,190 | 10,369 | 16,326 |
| Net debt | 108,595 | 83,003 | 89,520 | 84,326 |
| Ratios and per share | ||||
| EBITDA margin | 51.2% | 27.4% | 58.6% | 48.7% |
| Profit margin | 58.4% | 17.1% | 24.3% | 9.2% |
| Return on equity | 74.7% | 21.3% | 24.2% | 10.0% |
| Earnings/share (NOK) | 32.09 | 9.92 | 13.41 | 5.14 |
| Book value/share (NOK) | 42.97 | 46.55 | 55.45 | 51.51 |
| Shares outstanding (M) | 1,399 | 1,385 | 1,368 | 1,368 |
From the annual statements (Yahoo Finance), in the currency the company reports in. Per-share figures use the shares at the year end. Charts and annual figures →
Quarterly figures from the reports
BetaFrom the company's own reports: 49 reports read by AI, every figure checked against the report's page and arithmetic.
Source: the Q3 2026 report, page 3, published 2026-10-28.
| Quarter | Revenue | Operating profit | Profit | EPS | Adj. EPS | Source |
|---|---|---|---|---|---|---|
| Q3 2026 | 18,593 | 11,593 | 9,845 | 7.24 | … | Q3 2026, p. 3 |
| Q2 2026 | – | – | – | – | … | Q2/2026, p. 27 |
| Q1 2026 | 18,197 | 3,908 | 8,206 | 6.00 | … | Q1/2026, p. 23 |
| Q4 2025 | 19,844 | 4,031 | −1,913 | −1.40 | … | Q1/2026, p. 23 |
| Q3 2025 | 19,147 | 4,884 | 3,027 | 2.21 | … | Q3 2026, p. 3 |
| Q2 2025 | 20,315 | 5,529 | 3,725 | 2.72 | … | Q2/2025, p. 24 |
| Q1 2025 | 18,457 | 3,833 | 2,194 | 1.60 | … | Q1/2026, p. 23 |
| Q4 2024 | 20,498 | 3,750 | 1,735 | 1.27 | … | Q4/2024, p. 25 |
| Q3 2024 | 20,038 | 4,877 | 3,272 | 2.39 | … | Q3/2024, p. 26 |
| Q2 2024 | 19,936 | 4,366 | 2,540 | 1.83 | … | Second quarter and half year - 2024, p. 23 |
| Q1 2024 | 19,457 | 5,631 | 11,560 | 8.35 | … | First quarter 2024, p. 23 |
| Q4 2023 | 20,934 | 3,769 | −7,683 | −5.55 | … | Fourth quarter 2023, p. 24 |
Amounts in NOK million, EPS in NOK. Each quarter as first reported, as a backtest would have seen it. Adjusted EPS (without one-off items) is shown once the one-off items have been checked against the companies' own adjusted figures.
One-off items in the reports
- 2026-09-30 Gain on sale of Telenor Connexion and creation of IoT partnership with Verdane, recognised as other income: +6,907.0 NOK million (Q3 2026, p. 9)
- 2026-09-30 Restructuring initiatives and workforce reduction costs, mainly in Telenor Norway and Corporate Functions: −323.0 NOK million (Q3 2026, p. 9)
- 2026-06-30 Provision for VAT dispute on TV news channels in Norway (2020-2022), impact on adjusted EBITDA (of which NOK 135 million on service revenues): −162.0 NOK million (Q2 2026, p. 9)
- 2026-03-31 Gain on disposal of 24.95% of the shares in True Corporation: +12,196.0 NOK million (Q2 2026, p. 10)
- 2026-03-31 Other income and expenses, mainly workforce reductions in Norway, Sweden and the Singapore office: −208.0 NOK million (Q1 2026, p. 9)
- 2026-03-31 Net currency gains mainly from derivatives hedging proceeds from the True Corporation share sale: +1,051.0 NOK million (Q1 2026, p. 10)
- 2026-03-31 Impairment of associate CelcomDigi to market value: −8,004.0 NOK million (Q1 2026, p. 9)
- 2026-03-31 Gain on disposal of 24.95% of shares in True Corporation: +12,199.0 NOK million (Q1 2026, p. 9)
Found by AI and still being validated: hover for the report's own words.
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Extracted by an AI model from the reports and can be wrong. Not investment advice.
Key figures
| P/E | 26.2 |
| P/B | 2.6 |
| EV / EBITDA | 7.2 |
| Net debt / EBITDA | 2.3 |
| Return on equity | 10.0% |
| Profit margin | 9.2% |
| Beta 1Y | 0.41 |
| Revenue growth 1Y | +1.4% |
| Revenue CAGR 3Y | −0.1% |
| Earnings/share CAGR 3Y | −45.7% |
| ROE avg. 3Y | 18.5% |
Ratios use the latest annual report that was public 90 days after the year end.
Dividends per share (NOK)
| 2026 | 9.70 |
| 2025 | 9.60 |
| 2024 | 9.50 |
| 2023 | 9.40 |
| 2022 | 9.30 |
Not investment advice. Figures may contain errors from the data source.