Consensus Estimates

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

Contributors: Barclays, Carnegie, Citi, Goldman Sachs, Handelsbanken, JP Morgan, Kepler Cheuvreux, Nordea, Pareto, SEB, and Sparebank 1.

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 POST Q4 2024

As of February 2025

Q1 2025

Group	Average	High	Low	Median
Revenues	19,743	20,454	18,885	19,824
Service revenues	15,998	16,526	15,294	16,124
EBITDA before other income and expenses	8,735	9,107	8,452	8,753
Other items	-117	70	-258	-100
EBITDA (reported)	8,618	9,034	8,219	8,627
Operating profit	4,490	4,774	4,124	4,510
Profit/Loss in Ass Comp	443	885	162	336
Net financials	-827	-350	-1,128	-868
Pretax Profit	4,113	4,533	3,805	4,063
Taxes	-992	-454	-1,219	-1,030
Non-controlling interests	438	711	264	421
Equity holders of Telenor ASA	2,684	3,090	2,378	2,579

(NOKm except per-share figures in NOK)

Median estimates

Group	2025	2026	2027	2028	CAGR
Revenues	81,675	83,553	85,127	88,327	2.6 %
Service revenues	66,151	68,017	69,832	71,964	2.8 %
EBITDA before other income and expenses	36,405	37,918	38,927	40,300	3.4 %
Other items	-490	-400	-400	-266	-18.4 %
EBITDA (reported)	35,808	37,437	38,432	40,053	3.8 %
Operating profit	19,136	20,795	22,538	23,950	7.8 %
Profit/Loss in Ass Comp	2,200	3,356	3,608	4,639	28.2 %
Net financials	-3,428	-3,409	-3,372	-2,989	-4.5 %
Pretax Profit	17,932	20,984	22,816	24,818	11.4 %
Taxes	-4,547	-5,194	-5,784	-6,115	10.4 %
Non-controlling interests	1,791	1,848	1,891	1,980	3.4 %
Equity holders of Telenor ASA	11,594	13,815	15,181	16,639	12.8 %