Q1 2026 Telenor ASA Earnings Call Transcript
Key Points
- Telenor ASA (TELNF) reported a solid start to the year with a free cash flow before M&A of $2.1 billion.
- The company completed the sale of a 25% stake in TRU Corporation, receiving $30 billion in proceeds, which strengthened its financial position.
- Telenor ASA (TELNF) plans to commence a three-year $15 billion share buyback program, indicating confidence in its financial health.
- In the Nordics, mobile service revenue growth was around 3% when adjusted for business transfers, and fixed service revenues rose by 1% year over year.
- The company continues to see cost benefits from transformation initiatives, particularly in customer service and network quality improvements in the Nordics.
- Telenor ASA (TELNF) is facing challenges in Bangladesh due to energy supply vulnerabilities and cost-of-living pressures, leading to negative growth for Grameen Phone.
- The company lowered its EBITDA growth outlook for 2026 due to top-line headwinds in Bangladesh and Finland.
- In Finland, mobile competition remains intense, and pricing impacts from previous quarters are still affecting reported service revenues.
- Denmark's EBITDA was pressured by introductory offers and higher third-party commission costs, although the company expects improvement in the coming quarters.
- The geopolitical situation in the Persian Gulf is affecting the company's operations in Asia, particularly in Bangladesh, creating uncertainty for future performance.
Good morning and welcome to Telenor's first quarter results presentation for 2026.
Joining me today are our CEO, Benedikte Schilbert-Trasmir and our CFO, Tulbrenwist. Before we start, a quick reminder.
Unless we state otherwise, all revenue and EBITDA growth rates are organic and on a constant currency basis.
And EBITDA refers to adjusted EBITDA.
Today's agenda will follow our usual structure. And at the end of the presentation, we'll open the line for Q&A. To give everyone a chance, we kindly ask you to limit yourself to one question.
And with that, Benedikte, over to you.
Thank you so much, Frank, and good morning, everyone.
In the first quarter, Telenor continued to execute on its strategy. And deliver steady performance despite challenging external backdrop.
The closure of the Strait of Hormuz pushed up consumer energy prices
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