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Telenor Stock Gains on Strong Q3 Earnings and Accelerated Share Buyback
Shares in Telenor (TEL) rose on Wednesday after the Norwegian telecommunications group reported third-quarter 2026 earnings that substantially surpassed expectations and announced an accelerated timeline for its shareholder return program.
Earnings Outperform Forecasts
Telenor posted adjusted earnings per share of NOK 2.70, a 45% increase that came in approximately 22% ahead of the consensus forecast of NOK 2.21. The company's adjusted EBITDA reached NOK 8.8 billion, also topping its own pre-results consensus of NOK 8.60 billion.
According to the company's report, effective cost discipline was a key driver, successfully offsetting a modest decline in organic service revenue. Other key metrics also showed strength, with free cash flow before mergers and acquisitions climbing to NOK 4.7 billion and net income attributable to shareholders reaching NOK 9.8 billion.
Shareholder Returns Fast-Tracked
Alongside the strong earnings, Telenor announced it will accelerate its NOK 15 billion share buyback program. CEO Benedicte Schilbred Fasmer confirmed the new timeline in a statement, saying the company will now complete the program in two years instead of the originally planned three.
Ad"With a strong financial position and modest leverage, we aim to accelerate the share buyback programme," Fasmer said. The decision is supported by the company's balance sheet, with its net interest-bearing debt leverage ratio falling to 1.2x, significantly below its target range of 1.8x to 2.3x.
Outlook and Market Reaction
Telenor reaffirmed its full-year 2026 guidance, projecting flat to slightly negative organic EBITDA growth and approximately NOK 10 billion in free cash flow before M&A. The stable outlook, combined with the earnings beat and accelerated capital returns, provided a strong catalyst for the stock.
In Wednesday's trading session, Telenor shares rallied 0.9% to trade at NOK 128.8. Investors responded positively to the combination of better-than-expected profitability and a more aggressive approach to returning capital to shareholders.
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