Telenor enters 2026 with strong Nordic growth, a solid financial position, and a simplified portfolio in line with the ambitions presented at the Capital Markets Day.
"The results for 2025 show that we are delivering on our promises. We are entering 2026 with a simplified portfolio and strengthened financial capacity. I am very proud of the strong efforts of our employees throughout the year, how we continue to put our customers first every day and develop services that provide greater security and add value to people's everyday lives," says CEO Benedicte Schilbred Fasmer.
Fourth quarter highlights:
- Service revenues of NOK 19.8 billion.
- Adjusted EBITDA of NOK 8.6 billion.
- Free cash flow before M&A of NOK 4.1 billion.
Service revenues increased by 2.6 per cent compared to the same period last year, while adjusted EBITDA grew by 11.7 per cent. For the full year, Telenor delivered an adjusted EBITDA of NOK 34.5 billion and free cash flow before M&A of NOK 12.9 billion.
The Nordic region continues as growth engine
The Nordic growth engine continued unabated in Q4 and delivered another quarter of solid results, with 2.8 per cent organic growth in service revenues and an 8.7 per cent increase in adjusted EBITDA. The Nordic region was the largest contributor, however Amp also delivered strong progress through solid results in Finnish KNL, which secured significant revenue growth from deliveries to both the Finnish and Swedish Armed Forces. At the same time, Connexion delivered solid volume growth of 24 per cent compared to the end of 2024.
At the end of the quarter, Skygard, in which Telenor Infrastructure holds a 31.7 per cent ownership stake, acquired two data centers, doubling its capacity and positioning the company for further growth. Organic growth in service revenues for Asia, by Grameenphone, ended at 3.4 per cent for the quarter, still affected by the challenging market conditions in Bangladesh.
Simplification and a clear Nordic direction
During 2025, Telenor took important steps to simplify the Group portfolio and reduce risk. The sale of Allente to Viaplay, the completed disposal of Telenor Pakistan and the recently signed agreement to divest the ownership position in True Corporation in Thailand, valued at around NOK 39 billion, are key milestones.
"With the exits from Telenor Pakistan and True, we are taking big, concrete steps towards becoming a more Nordic-centric Telenor. This simplification frees up capital, reduces risk and strengthens our strategic flexibility," says Schilbred Fasmer.
Delivering on promises from Capital Markets Day
For 2025, the Board proposes a dividend of NOK 9.70 per share, in line with the long-term ambition to increase the dividend over time. At the same time, the Board announces a planned three-year share buyback programme of NOK 15 billion when the initial sale of the shares in True is completed, subject to necessary approvals.
"Our priority is to ensure continued growth, high return on capital and an attractive and predictable return for shareholders. We are now launching a significant share buyback programme that ensures that this value creation benefits shareholders, at the same time maintaining a solid financial position," says Schilbred Fasmer.
In addition to the buyback programme, part of the proceeds from the sale of True will be used to repay a bond loan (NOK 11.5 billion) and fund the acquisition of GlobalConnect Norway B2C (NOK 6 billion).
"At the same time as we return value to our shareholders, we also maintain the flexibility to pursue attractive acquisition opportunities in the Nordic region. We aim to return additional capital in case value-accretive opportunities do not materialise," says Schilbred Fasmer.
Geopolitical unrest and heightened threat picture
In 2025, Telenor's security solutions stopped around 2.1 billion digital attacks, including 37.9 million fraudulent calls and 43.5 million fraudulent SMS. The company's security filter also blocked access to around two billion unsafe websites.
"The overall threat landscape underlines how central Telenor's digital infrastructure is to protect customers, businesses and critical societal functions. I am very proud to see the performance of KNL, which delivers mission critical communication solutions to the Finnish and Swedish defence forces," says Schilbred Fasmer.
Financial outlook for 2026:
- Low single-digit organic growth in Nordic service revenues.
- Mid-single digit growth in adjusted EBITDA in the Nordics.
- Around 14 per cent capex to sales, excluding leases, for the Nordic business.
- Low-to-mid-single-digit organic growth in adjusted EBITDA for Group.
- Free cash flow before M&A, excluding dividends from associated companies, of NOK 10-11 billion.
For further information, please contact:
Ingibjörg Meyer-Myklestad, Head of External Communications, mobile +47 90 60 55 05
Frank Maaø, SVP Capital Markets and Investor Relations, mobile +47 91 67 40 45
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- IMG_TEL-Q4-2025
