Telenor reports strong results and announces NOK 15 billion share buyback programme

Core Insights - Telenor enters 2026 with a simplified portfolio, strong Nordic growth, and solid financial capacity, fulfilling promises made during the Capital Markets Day [1][5][6] Financial Performance - In Q4 2025, service revenues increased by 2.6% year-over-year, with adjusted EBITDA growing by 11.7%. For the full year, adjusted EBITDA reached NOK 34.5 billion and free cash flow before M&A was NOK 12.9 billion [2][14] - The Nordic region showed robust performance with 2.8% organic growth in service revenues and an 8.7% increase in adjusted EBITDA in Q4 [3] Strategic Developments - Telenor has simplified its portfolio by divesting from non-core assets, including the sale of Allente to Viaplay and Telenor Pakistan, along with a planned divestment of True Corporation valued at approximately NOK 39 billion [5][6] - The company aims to focus on a Nordic-centric strategy, which is expected to free up capital and enhance strategic flexibility [6] Shareholder Returns - The Board proposed a dividend of NOK 9.70 per share and announced a three-year share buyback program of NOK 15 billion, contingent on the completion of the True share sale [7][8] - Proceeds from the True sale will also be allocated to repay a bond loan of NOK 11.5 billion and fund the acquisition of GlobalConnect Norway B2C for NOK 6 billion [9] Security and Infrastructure - Telenor's security solutions successfully blocked around 2.1 billion digital attacks in 2025, highlighting the importance of its digital infrastructure for customer protection [10][11]