Q2 2026 Telenor ASA Earnings Call Transcript
Key Points
- Telenor ASA (TELNF) reported good financial progress in Sweden and Denmark, with Sweden adding 36,000 new mobile customers and Denmark achieving a 3.5% service revenue growth.
- The company expanded its broadband footprint in Norway and became the number two fixed provider in Sweden, strengthening its Nordic market position.
- Telenor ASA (TELNF) announced a value-unlocking partnership for Telenor Connection to scale growth within IoT, expected to release close to NOK4 billion in proceeds upon closing.
- The company secured important contracts within defense and mission-critical communications, including a significant agreement with the Norwegian Armed Forces.
- Telenor ASA (TELNF) is advancing on its transformation agenda, which is set to bring substantial cost improvements in the coming years, with expected annual OpEx savings of around NOK0.3 billion from 2027.
- Telenor ASA (TELNF) reported a decline in service revenues of 0.7% and a decline in EBITDA of 4.8% for Q2 2026.
- The company faced tough competition in the mobile market in Norway and Finland, impacting ARPU growth and overall financial performance.
- Inflationary effects from the Iran war continue to weigh on Grameenphone in Bangladesh, leading to a 3.2% decline in service revenue and a 6% decline in EBITDA.
- The company had to make a provision related to a dispute on VAT for TV news channels in Norway, affecting reported results.
- Due to performance year-to-date, Telenor ASA (TELNF) revised down its outlook for 2026, expecting flat to slightly negative organic growth in adjusted EBITDA.
Good morning, and welcome to Telenor's second-quarter results presentation for 2026. With me here today, I have our CEO, Benedicte Fasmer; and our CFO, Torbjorn Wist.
Today's agenda follows our usual structure. Benedicte will start with the main developments in the quarter, including the Nordic markets, transformation, M&A and defense topics, and Torbjorn will then take you through the financials.
As usual, all revenue and EBITDA growth, just as a reminder, in terms of rates, our organic and made on a constant currency basis. And EBITDA always refers to adjusted EBITDA. At the end of the presentation, we will open the line for questions.
And with that, Benedicte, over to you.
Thank you very much, Frank, and good morning, everyone. The results in the group's business units were mixed this quarter with a more demanding mobile market in Norway tough competition in Finland,
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