Telenor: Q2 preview: Headwinds from Norway. Remain cautious despite recent pullback.

Research evidence excerpt

Telenor: Q2 preview: Headwinds from Norway. Remain cautious despite recent pullback.

J P M O R G A N Europe Equity Research

03 July 2026

Telenor Neutral

TEL.OL, TEL NO

Q2 preview: Headwinds from Norway. Remain cautious Price (02 Jul 26):Nkr141.10

despite recent pullback. ▼Price Target (Dec-27):Nkr160.00 Prior (Dec-27):Nkr170.00

Telenor has returned -15% since 1-Apr and has underperformed the sector (-4%).

Within this, the Q1 results were a particular soft point with the shares down 6% on European Telecommunication

Servicesthe day driven by a guidance downgrade relating to top-line pressures in Finland

and Bangladesh, alongside some business transfers. Looking ahead to Q2 results, Ajay Soni AC

we expect sentiment to remain negative as Telenor’s main segment, Norway, (44-20) 3493-8462

ajay.soni@jpmorgan.com

becomes another headwind due to revenue and opex pressures. We model Q2 group J.P. Morgan Securities plc

service revenues 0.5% below pre-Q1 consensus, group EBITDA 2% below and

Akhil Dattani

FCF 4% below. Whilst the recent pullback in the shares may screen attractive to (44-20) 7134-4725

some investors, we think the short-term outlook remains hazy. We trim mid-term akhil.dattani@jpmorgan.com

FCF estimates driven by lower EBITDA; however, we remain Neutral with a Dec- J.P. Morgan Securities plc

27 price target of NOK160 (previously NOK170); we balance the short-term risks Ankur Baheti, CFA

with upside potential from further Asian divestments (although timing is difficult (91-86) 5796-8820

to predict) and an attractive shareholder return story which includes a progressive ankur.baheti@jpmchase.com

dividend and a NOK 15bn buyback program (2026-28). J.P. Morgan India Private Limited

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