Telenor Group: Bahnhof - step 2 of Nordic refocus could add cNOK0.75bn in FCF (UBSe)

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Telenor Group: Bahnhof - step 2 of Nordic refocus could add cNOK0.75bn in FCF (UBSe)

Global Research

8 July 2026ab

Telenor Group Equities

NorwayBahnhof - step 2 of Nordic refocus could add

cNOK0.75bn in FCF (UBSe) Wireless Communications

12-month rating Buy

12m price target NKr191.00Becoming integrated in Sweden

Telenor announced today that it has agreed to acquire a controlling stake in Bahnhof,

the largest Swedish independent broadband provider. The proposed acquisition would Price (07 Jul 2026) NKr144.40

make Telenor the second largest broadband player in the country, taking its market RIC: TEL.OL BBG: TEL NO

share from 15% to 27%. This deal follows Telenor's acquisition of GlobalConnect's

FTTH business in Norway (link) and Telia's acquisition of Bredband2 in Sweden (link), Trading data and key metrics

making it a third major consolidation in the region's fragmented fixed broadband 52-wk range NKr177.10-139.20

landscape. Regulatory approval is expected in the next 4-8 months depending on Market cap. NKr198b/US$20.2b

the MTO process and whether a Phase 2 will be required or not. Telenor will pay Shares o/s 1,368m (ORDA)

SEK6.1bn EV for Bahnhof and we see this deal as another step in its capital reallocation Free float 46%

efforts into the Nordics following a recent NOK39bn Asia inflow - see Implications of Avg. daily volume ('000) 1,568

Thailand Exit. Avg. daily value (m) NKr239.6

Common s/h equity (12/25E) NKr75.1b

Our thoughts on the proposed acquisition P/BV (12/25E) 2.7x

Telenor will acquire c500k retail broadband customers and c15k B2B customers Net debt to EBITDA (12/25E) 2.5x

which, along with its current 601k customer base, would take Telenor's customer

base to a total of 1,116k, above that of Tele2 (c950k incl. B2B) and below that of EPS (UBS, diluted) (NOK)