Telenor reported a 225 percent increase in net profit to NOK 9.85 billion in the third quarter of 2026, even as total revenue declined 2.9 percent to NOK 18.59 billion. The Norwegian telecom operator benefited from a major IoT business divestment, while subscriber growth, ARPU improvements and cost reductions supported its underlying operations.
Telenor’s Q3 2026 results highlighted contrasting trends across its Nordic markets. Sweden delivered the strongest mobile subscriber growth, Norway recorded higher average revenue per user (ARPU) despite customer losses, and Denmark faced profitability pressure from aggressive promotional campaigns.
The company is prioritizing 5G network investments, fiber broadband, customer retention, operational efficiency, artificial intelligence and digital infrastructure as part of its growth strategy.
Telenor Q3 2026 Revenue, EBITDA and Profit
Telenor’s total revenue declined to NOK 18.59 billion from NOK 19.15 billion in Q3 2025, representing a 2.9 percent decrease.
Service revenue reached NOK 14.81 billion, compared with NOK 15.35 billion a year earlier.
Adjusted EBITDA declined 3 percent in reported currency to NOK 8.78 billion from NOK 9.05 billion.
Reported EBITDA surged to NOK 15.39 billion from NOK 8.98 billion, primarily reflecting a NOK 6.9 billion gain from the sale of a 50 percent stake in Telenor Connexion.
Operating profit increased to NOK 11.59 billion from NOK 4.88 billion.
Net income jumped 225 percent to NOK 9.85 billion from NOK 3.03 billion.
Adjusted net income increased 44.1 percent to NOK 3.68 billion, while adjusted earnings per share rose 45 percent to NOK 2.70.
| Financial metric | Q3 2026 | Q3 2025 |
| Total revenue | NOK 18.59 billion | NOK 19.15 billion |
| Service revenue | NOK 14.81 billion | NOK 15.35 billion |
| Adjusted EBITDA | NOK 8.78 billion | NOK 9.05 billion |
| Reported EBITDA | NOK 15.39 billion | NOK 8.98 billion |
| Operating profit | NOK 11.59 billion | NOK 4.88 billion |
| Net profit attributable to shareholders | NOK 9.85 billion | NOK 3.03 billion |
| Adjusted EPS | NOK 2.70 | NOK 1.87 |
Telenor Mobile Subscribers: Sweden Leads, Norway Loses Customers
Telenor ended September 2026 with approximately 10.20 million mobile subscribers across Norway, Sweden, Denmark and Finland.
Sweden delivered the strongest subscriber growth, while Norway experienced the largest decline.
| Telecom market | Q3 2026 subscribers | Annual growth | Monthly mobile ARPU |
| Norway | 2.484 million | -3.0 percent | NOK 438 |
| Sweden | 3.166 million | +4.0 percent | SEK 191 |
| Denmark | 1.698 million | +0.4 percent | DKK 130 |
| Finland | 2.849 million | +0.3 percent | EUR 19.6 |
Telenor Norway lost approximately 77,000 mobile subscribers, reducing its customer base to 2.484 million. However, monthly ARPU increased 2.7 percent to NOK 438 from NOK 426, supported by business customer pricing and subscription adjustments.
Telenor Sweden added approximately 123,000 subscribers, reaching 3.166 million customers. The operator recorded 35,000 quarterly net additions, while ARPU increased marginally to SEK 191.
Telenor Denmark increased subscribers to 1.698 million from 1.691 million. Monthly ARPU rose 2.5 percent to DKK 130, although the subscriber base declined sequentially from 1.709 million.
DNA Finland increased its mobile customer base to 2.849 million from 2.840 million. ARPU reached EUR 19.6, compared with EUR 19.2 a year earlier.
Telenor Customer Churn and ARPU Strategy
Customer retention remained an important operational priority, particularly in competitive Nordic telecom markets.
DNA Finland reported improved churn and positive subscriber momentum during the quarter.
The Finnish operator benefited from consumer mobile pricing initiatives, although competition intensified in fixed broadband and enterprise mobile services.
Norway experienced unusually high promotional activity, affecting subscriber performance despite improvements in ARPU.
Sweden maintained strong commercial momentum through subscriber additions and pricing discipline.
Telenor did not disclose comparable numerical churn rates for its Nordic markets in the quarterly presentation.
Telenor Capex: Network Investment Remains Disciplined
Telenor reported a capital expenditure-to-sales ratio of 13.1 percent in Q3 2026, compared with 12.9 percent a year earlier.
Booked capital expenditure reached approximately NOK 2.4 billion, while cash capex totaled NOK 2.70 billion.
Capital expenditure excluding leases across the Nordic markets included NOK 1.05 billion in Norway, NOK 301 million in Sweden, NOK 122 million in Denmark and NOK 406 million in Finland.
Telenor reaffirmed its 2026 Nordic capex-to-sales outlook of approximately 14 percent, excluding leases.
The company is balancing telecom network infrastructure investment with cost optimization and shareholder returns.
Telenor Fiber Broadband and 5G Strategy
Fiber broadband remains a strategic priority as Telenor competes for residential and enterprise connectivity customers.
Norway added approximately 5,000 fiber broadband subscribers during Q3 2026.
Telenor’s Nordic fixed broadband portfolio includes fiber, fixed wireless access, cable and DSL services.
The company is focusing on broadband customer value, subscription pricing and network efficiency while managing competition in fixed connectivity markets.
In Asia, Telenor’s associate CelcomDigi secured additional 4G spectrum in Malaysia, while Digital Nasional Berhad received 5G spectrum.
These developments support Malaysia’s mobile network modernization, although Telenor did not disclose consolidated 5G subscriber additions or 5G-specific capex for the quarter.
Telenor AI, Cloud, IoT and Digital Strategy
Telenor is expanding its AI and digital infrastructure activities through investments in AI computing, sovereign cloud, cybersecurity, data centers and Internet of Things connectivity.
The company’s Corporate Development Portfolio had an estimated net asset value of NOK 11.41 billion at the end of September 2026.
Telenor AI Factory generated NOK 6 million in trailing 12-month revenue, representing growth of 200 percent from a small base, although EBITDA remained negative at NOK 48 million.
Telenor Sovereign Cloud is at an early commercial stage, while the company also holds a 32 percent stake in Skygard, a data center business.
Telenor Connexion delivered 37 percent pro forma service revenue growth, reflecting momentum in enterprise IoT connectivity.
The sale of a 50 percent stake in Connexion generated SEK 3.9 billion in proceeds, with up to SEK 2 billion earmarked for potential acquisitions.
Telenor’s digital portfolio also includes cybersecurity, telecom software, maritime connectivity and enterprise communications.
Grameenphone Adds 600,000 Subscribers in Bangladesh
Telenor’s Asian operations delivered organic service revenue growth of 0.3 percent and adjusted EBITDA growth of 0.9 percent.
Asia service revenue reached NOK 2.96 billion, while adjusted EBITDA totaled NOK 1.85 billion.
Grameenphone added approximately 600,000 net subscribers during the quarter.
The operator introduced new combination packages to support the transition from traditional voice services toward mobile data consumption.
Telenor also received approximately NOK 400 million in dividends from CelcomDigi and True.
For 2026, Telenor expects flat to low-single-digit organic service revenue and adjusted EBITDA growth across its Nordic telecom operations.
At the group level, adjusted EBITDA growth is projected to remain between flat and slightly negative.
The company maintained its target of approximately NOK 10 billion in free cash flow before M&A, excluding associates, under its stated outlook assumptions.
BABURAJAN KIZHAKEDATH
