Transcript: Telenor Q2 2026 Earnings Conference Call

Telenor (OTC: TELNY ) held its second-quarter earnings conference call on Thursday.

Below is the complete transcript from the call.

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For comprehensive financial data and transcripts, visit View the webcast at Summary Telenor reported a mixed financial performance in Q2 2026, with service revenues declining by 0.7% and adjusted EBITDA down 4.8%, although underlying performance showed slight growth.

The company continues its strategic shift towards a Nordic-centric model, expanding its broadband footprint and acquiring Bahnhof in Sweden to become the second largest fixed telecom provider there.

Telenor revised its financial outlook for 2026 downward due to competitive pressures and performance challenges, particularly in Norway and Bangladesh.

Operational highlights include a new organizational structure to reduce costs and complexity, significant transformation activities, and strategic initiatives in IoT and defense communications.

Management remains committed to shareholder returns through dividends and a share buyback program, despite short-term financial headwinds.

Full Transcript OPERATOR Good morning and welcome to Telenor's second quarter results presentation for 2026.

With me here today I have our CEO Benedikta Schilbert Vosmut and our CFO Torbjørn Wist.

Today's agenda follows our usual structure.

Benedikta will start with the main developments in the quarter including the Nordic markets, transformation, M&A, and defense topics.

Torbjørn will then take you through the financials as usual, all revenue and EBITDA growth.

Just as a reminder, in terms of rates are 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, Benedikta, over to you.

Benedikta Schilbert Vosmut, CEO 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, but good financial progress in Sweden, Denmark, and AMP.

In AMP, the net asset value of the portfolio has grown to around NOK 15 billion, reflecting the new connection partnership and solid performance in KNL.

The inflationary effect from the Iran war still weighs on Grameen Phone.

In Bangladesh, we have particularly tough year-on-year comparables due to the national roaming agreement, the timing and size of pricing adjustments, phasing, and step-up of robustification and transformation costs.

We faced a more promotional market in Norway this quarter where we also needed to make a provision related to a dispute on VAT for TV news channels dating back to 2020-2022.

In Q2, we report a decline in service revenues of 0.7% and a decline in EBITDA of 4.8%.

However, underlying performance on a fully comparable basis was better with a 0.3% increase in service revenues and a 2.3% decrease in EBITDA.

In Q2, we've taken active measures to build a stronger Nordic franchise.

Going forward, we took multiple important steps to strengthen our Nordic market position, expanding our broadband footprint in Norway and becoming the number two fixed provider in Sweden.

We announced a value unlocking partnership for Telenor connection to scale growth within IoT and we also were awarded important contracts within defense and mission-critical communications.

2026 is a transition year for Telenor from several perspectives and as you remember, we've just sold two of our Asian businesses and are focusing more on the Nordics.

We also advanced on our transformation agenda which is set to bring substantial cost improvement in the years to come.

However, due to the performance year to date, we are revising down our outlook for the year and we will elaborate on this later in the presentation.

This said, our strategic direction and mid to long-term financial ambitions remain unchanged.

We are building a simpler, more Nordic-centric, and more profitable Telenor.

Turning to the Nordics, as mentioned, performance was mixed across the markets this quarter.

In Norway, we faced an exceptionally tough comparison with 16% EBITDA growth in Q2 last year.

Reported results were also affected by the TV VAT provision and the business transfers mentioned earlier this year.

Excluding these effects, service revenues increased by 0.6% in Norway while EBITDA declined by 2% due to timing effects on both revenues and OPEX including transitional IT costs.

In mobile, we grew well in B2B and also won a frame agreement with the armed forces that will add approximately 25,000 subscriptions during the year.