Consensus Estimates

Telenor Investor Relations collects estimates from sell-side analysts covering Telenor and compiles consensus estimates every quarter.

Contributors: Barclays, Arctic, Berenberg, BNP Exane, Bank of America, Carnegie, Goldman Sachs, Handelsbanken, HSBC, JP Morgan, Kepler Cheuvreux, and SEB.

Any opinions, forecasts, estimates, projections or predictions regarding Telenor’s performance made by the analysts, and thereby also the consensus estimates, are theirs alone and do not represent the opinions, forecasts, estimates, projections or predictions of Telenor or its management.

Telenor consensus PRE Q2 2024

As of July 2024

Q2 2024

Group	Average	High	Low	Median
Revenues	20,136	20,935	18,979	20,230
Service revenues	16,229	16,589	15,215	16,322
EBITDA before other items	8,825	9,279	8,282	8,877
Other items	-117	138	-300	-141
EBITDA (reported)	8,709	9,055	8,262	8,735
Operating profit	4,582	4,993	4,294	4,588
Profit/Loss in associated companies	299	709	102	244
Net financials	-931	-520	-1,888	-934
Pretax Profit	3,949	4,488	3,354	3,929
Taxes	-1,206	-793	-1,682	-1,176
Non-controlling interests	474	818	355	454
Equity holders of Telenor ASA	2,278	2,725	1,239	2,319

(NOKm except per-share figures in NOK)

Median estimates

Group	2024	2025	2026	2027	CAGR
Revenues	80,825	81,679	83,506	85,281	1.8 %
Service revenues	64,697	65,987	67,432	69,029	2.2 %
EBITDA before other items	35,189	36,029	37,232	37,986	2.6 %
Other items	965	-300	-280	-420	-175.8 %
EBITDA (reported)	36,155	35,730	36,952	37,566	1.3 %
Operating profit	19,671	19,618	20,933	21,595	3.2 %
Profit/Loss in Ass Comp	8,213	2,231	3,086	3,530	-24.5 %
Net financials	-2,884	-3,511	-3,721	-3,896	10.5 %
Pretax Profit	25,186	18,049	20,012	20,952	-6.0 %
Taxes	-4,414	-4,798	-5,229	-5,248	5.9 %
Minorities	1,890	1,778	1,822	1,881	-0.2 %
Net income to equity holders	18,739	11,491	13,006	14,080	-9.1 %