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How Investors Are Reacting To Telenor (OB:TEL) Earnings Beat

Simply Wall St · 1d ago
  • Telenor reported third quarter 2026 sales of NOK 18,593 million and net income of NOK 9,845 million, with basic earnings per share from continuing operations of NOK 7.3.
  • Across the first nine months of 2026, Telenor generated NOK 54,926 million in sales while net income and earnings per share from continuing operations both remained materially higher than the prior year levels.
  • We will examine how Telenor's investment narrative is affected by the earnings beat and the acceleration of its share buyback programme.

Scan how Telenor's earnings story compares with other companies returning cash to shareholders by reviewing the hand picked 224 dividend fortresses now shaping income focused portfolios.

Telenor Investment Narrative Recap

Telenor appeals to investors who want a telecom group with established Nordic positions, meaningful Asian exposure and an emphasis on efficiency and cash generation. The main view is that gradual upselling, cost programs and portfolio adjustments can offset fairly flat top line trends. The latest results, with strong net income and earnings, are consistent with that view but do not remove execution risk in Asia or from debt.

The key short term catalyst remains delivery on cost savings and stable service revenues, together with managing spectrum and competitive pressures in Bangladesh, Malaysia and the Nordics. The biggest risk is that price competition and higher spectrum or 5G access costs could affect EBITDA and free cash flow, limiting how much flexibility Telenor has.

The main development tied to this earnings release is Telenor’s decision to accelerate its NOK 15b share buyback after reporting NOK 9,845 million in third quarter net income and NOK 20,575 million across nine months. This move comes in addition to a business already paying a reported 7.46% dividend yield and being assessed as good value on several P/E comparisons.

For shareholders, the buyback acceleration links directly to the catalysts that matter. It increases the importance of Telenor maintaining around NOK 10b in free cash flow before mergers and acquisitions, keeping leverage in check and executing on portfolio changes such as the Pakistan sale. Any setback in Asian associate earnings, spectrum renewals or network costs would now feed more quickly into how sustainable these capital returns appear.

Telenor's analyst narrative points to forecast revenue of NOK 74.9b and expected earnings of NOK 12.7b by 2029, with revenue assumed to stay fairly flat and earnings moving down by NOK 3.3b from NOK 16.0b today.

Uncover why Telenor's fair value indicates a 15% potential upside to its current price, an opportunity that could narrow quickly.

OB:TEL 1-Year Stock Price Chart
OB:TEL 1-Year Stock Price Chart

Exploring Other Perspectives

Three fair value estimates from the Simply Wall St Community span roughly NOK 150 at the low end to about NOK 310 at the top. This gives you a wide bracket to test your own view on Telenor. These opinions pre date the Q3 earnings beat and buyback acceleration, so you may want to revisit them in light of Asian execution risks and Nordic cost programs.

Explore 2 other Telenor fair value estimates, including one that suggests as much as 138% upside from the current price.

Form Your Own Verdict

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Looking For More Investment Ideas Beyond Telenor?

Telenor may be at the center of your watchlist today, but your portfolio can benefit from a wider bench of opportunities. Use the Simply Wall St screener to scan for other companies that fit the kind of balance between income, quality and risk that you want.