Telenor shares seen down 4-6% after Q2 miss-traders

Telenor ASA (OL:TEL) shares declined 4-6% in early trading on July 16, 2026, following the release of its second-quarter financial results, which fell short of expectations despite a strong performance in the Nordic region. The company reported an adjusted EBITDA of NOK 9.32 billion for the quarter, up from NOK 8.79 billion in the same period in 2025, but below the NOK 8.91 billion forecast by analysts. Telenor revised its full-year adjusted EBITDA outlook for 2026 to flat-to-low-single-digit organic growth, down from the previously expected low-to-mid-single-digit range, citing ongoing challenges in Finland and Bangladesh.

The company’s Nordic segment delivered organic adjusted EBITDA growth of 3.80%, driven by Norway’s 3.20% service revenue increase, but Finland and Denmark faced headwinds from competitive pricing and rising operational costs. In Bangladesh, Grameenphone’s service revenues declined 1.90% organically due to energy shortages linked to the Iran War.

Telenor also announced a three-year share buyback program of NOK 15 billion, subject to shareholder approval at its May 19 annual general meeting. The company’s leverage ratio improved to 1.20 times from 2.20 times at the end of 2025, supported by strong free cash flow.