Telenor says it is entering 2026 with “strong Nordic growth” and a simplified portfolio, reporting Q4 revenues of NOK 19.8 billion (€1.74bn) and adjusted EBITDA of NOK 8.6 billion (€0.75bn).
For the full year 2025, the Norwegian telco reported adjusted EBITDA of NOK 34.5bn and free cash flow before M&A of NOK 12.9bn.
Telenor said the Nordics remained its growth engine, delivering 2.8% organic growth in service revenues and an 8.7% increase in adjusted EBITDA in Q4.
The operator has moved to reduce risk and simplify operations, selling its share in TV distribution company Allente, and disposing of Telenor Pakistan and signing an agreement to divest its stake in Thailand’s True Corporation, valued at around NOK 39bn (€3.42bn).
Performance in Telenor Norway was solid with reported adjusted EBITDA growth of 4.2% in the period, or 7.4% excluding an adjustment related to VAT on TV news channels for the period 2016-2019.
At Finland’s DNA, a clean-up of non-revenue generating subscriptions resulted in a
decline of 32,000 subscriptions.
