Telenor (Neutral, TP: NOK160, +7%) Q1 26: Weak results, EBITDA guidance cut, but FCF guidance unchanged
Telenor has reported a confusing and mixed set of Q1 numbers; EBITDA guidance at the Nordics has been cut (but largely reflects inorganic effects); EBITDA guidance at the Group level has been cut (largely reflecting Grameen weakness), but FCF guidance is unchanged (largely reflecting better cash conversion (lower capex mainly) at Grameen), but also the fact that the range is quite large.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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