Telenor announces strong results and NOK 15 billion share buyback program.

Telenor has reported strong results as it embarks on 2026, showcasing robust Nordic growth, a stable financial standing, and a streamlined portfolio aligning with its goals laid out at the Capital Markets Day. CEO Benedicte Schilbred Fasmer expressed pride in the company’s performance in 2025, emphasizing the dedication of employees, prioritization of customers, and development of services enhancing security and value in people’s daily lives.

In the fourth quarter, Telenor achieved significant milestones, such as revenues amounting to NOK 19.8 billion, an adjusted EBITDA of NOK 8.6 billion, and a free cash flow before M&A of NOK 4.1 billion. Service revenues rose by 2.6 percent compared to the previous year, while adjusted EBITDA saw an increase of 11.7 percent for the quarter. For the full year, Telenor delivered an adjusted EBITDA of NOK 34.5 billion and free cash flow before M&A of NOK 12.9 billion.

The Nordic region remained a key driver of growth, recording a 2.8 percent organic growth in service revenues and an 8.7 percent rise in adjusted EBITDA in the fourth quarter. Additionally, Amp showed progress with solid results in Finnish KNL, securing substantial revenue growth from orders for the Finnish and Swedish Armed Forces. Connexion also demonstrated substantial volume growth of 24 percent compared to 2024 year-end figures. Towards the end of the quarter, Skygard, where Telenor Infrastructure holds a 31.7 percent ownership, expanded its capacity by acquiring two data centers, positioning itself for further growth. Asia, represented by Grameenphone, saw organic growth in service revenues of 3.4 percent, albeit still facing challenges in the Bangladeshi market.

Throughout 2025, Telenor undertook measures to simplify its group portfolio and minimize risk. Key actions included the sale of Allente to Viaplay, the divestment of Telenor Pakistan, and a recently inked deal to offload its stake in True Corporation in Thailand for approximately NOK 39 billion. These moves represent significant strides towards transforming Telenor into a more Nordic-centric entity, freeing up capital, decreasing risk exposure, and bolstering strategic flexibility.

As part of its commitment to shareholders, the Board proposed a dividend of NOK 9.70 per share for 2025, in line with the aspiration to increase dividends over time. Moreover, a NOK 15 billion share buyback program was announced, subject to the completion of the initial shares sale in True. Additionally, proceeds from the True sale will go towards repaying a bond loan of NOK 11.5 billion and funding the acquisition of GlobalConnect Norway B2C for NOK 6 billion. This strategic approach aims to deliver sustained growth, high returns on capital, and predictable returns to shareholders while ensuring a solid financial position.