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    Telecommunications Services
Telenor ASA

Telenor ASA

TEL.OL
Telenor ASANO flagOslo Stock Exchange
142.10
NOK
-0.10
- -
194.43BMarket Cap
Telenor ASA
TEL.OL
(Oslo Stock Exchange)

Recent

price

142.10

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
57.51
61.15
64.99
65.09
74.08
85.37
83.51
74.73
71.92
78.92
82.29
69.42
54.93
57.98
54.84
55.95
56.9
Revenue per Share
8.69
4.45
5.63
5.74
6.03
2.27
1.89
7.99
10
5.4
12.32
1.09
32.09
9.9
13.32
5.14
7.4
Basic EPS, GAAP
7.91
8.59
15.34
24.28
22.5
24.71
26.49
27.15
24.71
8.5
17.63
16.31
14.24
10.37
13.15
14.1
12.46
Free Cash Flow per Basic Share
2.51
3.85
5.06
6.07
7.02
7.14
7.49
7.96
12.48
8.42
8.72
9
9.3
9.38
9.5
9.6
9.23
Dividend per Share
51.48
53.12
54.5
55.54
55.2
50.29
44.68
45.27
45.65
40.68
45.12
37.48
60.24
66.7
70.98
66.95
65.93
Book Value per Share
27.13
26.68
19.11
15.31
4.01
-0.89
-1.45
3.53
2.5
3.14
2.66
-4.39
19.54
25.88
33.35
28.81
24.5
Tangible Book Value per Share
1,649
1,611
1,565
1,523
1,504
1,501
1,501
1,500
1,473
1,440
1,408
1,399
1,399
1,388
1,376
1,368
1,373
Basic Weighted Avg Shares
94,843
98,516
101,719
99,139
111,443
128,175
125,394
112,070
105,923
113,665
115,839
97,153
76,877
80,452
75,487
76,548
78,095
Sales/Revenue/Turnover
13.19
15.45
18.13
21.99
20.61
20.14
21.04
22.37
22.83
23.06
22.49
19.98
21.74
22.41
22.91
23.71
22.91
Operating Margin (%)
16,622
19,649
22,225
13,882
15,564
20,565
28,033
22,166
20,846
24,625
29,063
34,363
28,217
17,528
16,944
17,304
17,204
Depreciation Expense
14,334
7,165
8,809
8,748
9,077
3,414
2,832
11,983
14,731
7,773
17,341
1,528
44,913
13,734
18,336
7,034
10,155
Net Income, GAAP
24.66
42.61
16.18
32.21
34.09
48.52
30.69
33.11
34.03
43.08
26.42
36.49
- -
394.9
15.83
26.2
28.5
Effective Tax Rate (%)
15.11
7.27
8.66
8.82
8.14
2.66
2.26
10.69
13.91
6.84
14.97
1.57
58.42
17.07
24.29
9.19
13
Profit Margin (%)
-10,754
-13,272
-13,992
-9,532
-14,570
-22,665
-24,627
-23,215
-23,193
-26,174
-10,471
-18,324
-21,595
-6,234
-18,931
-14,351
-29,464
Working Capital
26,826
22,571
38,973
49,360
59,424
62,929
59,659
51,058
55,302
115,660
133,938
115,213
103,295
86,349
84,701
84,467
83,134
LT Debt
96,218
86,902
76,413
77,037
68,505
63,126
55,396
62,335
54,453
43,335
43,914
31,496
64,372
70,428
81,766
75,623
69,826
Total Equity
7.06
6.63
12.04
11.06
10.97
9.39
12.67
11.77
11.66
9.23
9.82
6.64
- -
-29.15
8.02
7.31
7.4
Return on Invested Capital (%)
16.94
6.58
8.19
4.79
4.41
0.85
0.99
7.25
9.36
4.01
7.65
0.02
- -
1
9.79
4.07
5.77
Return on Capital (%)
33.77
8.41
10.31
10.3
10.83
4.31
3.97
17.76
21.8
12.35
28.4
2.64
65.69
15.53
19.28
7.43
11.04
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
15,188
11,296
16,902
LT Borrowings
71,004
70,608
70,327
LT Finance Leases
13,697
13,290
12,807
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,368
1,368
1,368
Market Capitalization
174,705
206,572
215,082

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
27,453
26,331
23,124
Cash, Cash Equivalents & STI
10,770
11,159
7,456
Accounts Receivable, Net
10,625
13,437
13,707
Inventories
877
877
924
Total Current Liabilities
46,384
42,157
52,588
Payables & Accruals
- -
- -
- -
ST Debt
15,188
11,296
16,902
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.27%
18.82%
-7.51%
Free Cash Flow
1.93%
-3.23%
6.61%
Net Income, GAAP
305.55%
530.12%
-61.64%
Sales/Revenue/Turnover
-4.62%
-7.42%
1.41%
Total Cash Common Dividend
3.9%
1.37%
0.41%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
19,457
19,936
20,038
19,285
75,487
2025
18,457
20,315
19,844
- -
76,548
2026
18,197
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
8.35
- -
2.39
0.7
13.32
2025
- -
- -
- -
- -
5.14
2026
6
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
4.47
9.5
2025
- -
- -
- -
- -
9.6
2026
- -
- -
- -
- -
- -
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Business
Telenor ASA (TEL.OL) operates as a leading multinational telecommunications company headquartered in Fornebu, Norway, with roots tracing back to 1855. The company delivers a comprehensive portfolio of mobile communication services, including voice, data, internet, content, customer equipment and messaging; fixed line services such as telephony, broadband internet, television, leased lines, data services and managed services; and broadcasting activities encompassing data communication via satellite and TV distribution under the Allente brand. Telenor maintains extensive operations across eight markets in the Nordics--Norway, Sweden, Denmark and Finland--and Asia, including Pakistan, Bangladesh, Thailand, Malaysia and Myanmar, serving over 200 million customers with a focus on mobile, broadband and digital connectivity. In July 2025, Telenor acquired GlobalConnect's consumer business in Norway for NOK 6.0 billion, adding fibre infrastructure and approximately 140,000 fibre customers to bolster its fibre footprint and core telecom scale. In October 2025, the company entered a strategic procurement partnership with Vodafone Group, combining annual spends exceeding €26 billion to enhance competitiveness amid geopolitical and technological shifts. These moves align with Telenor's evolved strategy, as highlighted in its Capital Markets Day 2025, supporting robust financial performance including 2.7% service revenue growth and 5.4% adjusted EBITDA growth in Q3 2025.