Telenor (Neutral, TP: NOK 170, +4%) Q3 25: OK results, guidance ranges tightened
Telenor has reported an OK set of Q3 numbers: SR is -0.6% light of consensus, but EBITDA is +0.1% ahead and FCF is c14% ahead. 2025 EBITDA guidance ranges have been tightened, but do not imply upgrades in our view.Telenor is a holding company. Through its subsidiaries, Co. operates as a telecommunication company. Co. provides mobile communication, fixed line communication, and broadcasting activities. Co.'s mobile communication business includes voice, data, Internet, content services, customer equipment and messaging. Fixed service comprise telephony, Internet and television (TV), leased lines as well as data services and managed services. Broadcast comprises Canal Digital DTH in the Nordics, satellite broadcasting, terrestrial radio and TV transmission in Norway and Belgium and encryption related services for TV distribution.
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