Telenor (TEL.OL): Second guidance cut in two quarters likely to weigh on investor confidence

Research evidence excerpt

Telenor (TEL.OL): Second guidance cut in two quarters likely to weigh on investor confidence

Equity Research

16 July 2026 | 7:47AM BST

Telenor (TEL.OL): Second guidance cut in two quarters likely to weigh on

investor confidence

Telenor delivered 2Q26 results that modestly missed consensus expectations due to Andrew Lee

+44(20)7774-1383 |

slightly weaker Norway performance. However, the key investor focus today (July 16) andrew.j.lee@gs.com

Goldman Sachs International

will be on the second consecutive quarter of 2026 guidance cuts, with management

Sofija Rakicevic

lowering its Nordic growth expectations mainly due to Norway, but also Finland +44(20)7774-6556 |

(which drove the 1Q26 guidance cut). These Nordic headwinds do not appear to be sofija.rakicevic@gs.comGoldman Sachs International

structural, in our view, but they could highlight execution problems and we think Mollie Witcombe

investors are likely to be concerned about company visibility on the outlook. This is +44(20)7051-6252mollie.witcombe@gs.com|

likely to weigh on valuation multiple, in our view, compounding the FCF hit. Along Goldman Sachs International

Elyaswith some technical factors (e.g. an asset sale), the new guidance implies a c.5% cut Halima | +44(20)7774-6503

to Group FCF – with new Group FCF guidance of NOK10bn (from NOK10-11bn halima.elyas@gs.com Goldman Sachs International

previously). There is no update today on Telenor’s strategic aim of exiting its

Mridul Agrawal

remaining Asia assets – which we see as a major potential upside opportunity for +1(332)245-7969 |

mridul.y.agrawal@gs.com

valuation (see here). Goldman Sachs India SPL

The key drivers of the guidance downgrade: 1) Norway competition and execution

- both could be temporary but there will be questions on execution: Telenor calls