Telenor ASA

TEL: XOSL (NOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Telenor Earnings: More Shadows Than Lights, but 2027 Recovery Potential Remains

Javier Correonero

Jul 16, 2026

Telenor's second quarter had more shadows than lights, and management downgraded 2026 guidance for the second time this year. It now expects flat to low-single-digit EBITDA growth, down from the previous outlook for low-single-digit growth.

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Telenor ASA

Telenor Earnings: More Shadows Than Lights, but 2027 Recovery Potential Remains

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