Telenor stock falls 3.05 percent below its yearly high

Telenor stock stood at NOK 127.30 on Oslo Bors on September 23, 2026, down 3.05 percent from NOK 131.30. The price was 28.76 percent below the 52-week high of NOK 178.70, while the market capitalization stood at NOK 173,652,088,753.

Q2 service revenue slipped

In Q2 2026, Telenor reported group service revenue of NOK 14.7 billion, a decline of 0.7 percent year over year, according to Yahoo Finance. Adjusted EBITDA fell 4.8 percent, but free cash flow before mergers and acquisitions rose 13 percent to NOK 1.8 billion, while adjusted earnings per share declined 12 percent to NOK 1.94.

The figures show a split quarter. Revenue and EBITDA faced difficult year over year comparisons, yet the cash flow increase gives investors a more constructive measure of financial conversion.

Strategic progress meets pressure

Telenor said its Q2 2026 progress included a stronger Nordic position, broader broadband coverage and contracts in defense and mission-critical communications. The same update identified transformation costs, commercial timing and challenging conditions in Bangladesh as factors affecting the quarter.

Telenor's Q2 FY2026 revenue was NOK 18.14 billion and earnings were NOK 2.52 billion, according to Yahoo Finance. For the Nordic business, management expects organic service revenue and adjusted EBITDA growth ranging from flat to low single digit in 2026.

October 28 is the next checkpoint

Telenor's investor calendar schedules the group's third quarter 2026 results for October 28, 2026, according to Telenor. That date will test whether the cash flow improvement can continue while service revenue and adjusted EBITDA remain under pressure from the 2026 comparison base.

Stock stays near yearly low

Telenor stock was NOK 2.10, or 1.68 percent, above its 52-week low of NOK 125.20 on September 23, 2026. Trading volume was 3,224,429 shares, giving the negative daily move a clear position near the bottom of the annual range.