Telenor Asa Ord (TELNF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

This is the moderator on the webinar, just to let you know we'll be going live in about five seconds. You're welcome. Recording in progress. Thanks for watching! and others. Good morning and welcome to Telenor's second quarter results presentation for 2026. With me here today I have our CEO Benedicte Schilbred Fasmer and our CFO Torbjorn Wist. Today's agenda follows our usual structure. Benedicte will start with the main developments in the quarter, including the Nordic markets, transformation, M&A and defence topics. And Torbjorn will then take you through the financials. As usual, all revenue and EBITDA growth, just as a reminder, in terms of rates, are organic and made on a constant currency basis. And EBITDA always refers to adjusted EBITDA. At the end of the presentation, we will open the nine for questions. And with that, Benedicte, over to you. Thank you very much, Frank, and good morning, everyone. The results in the group's business units were mixed this quarter, with a more demanding mobile market in Norway, tough competition in Finland, but good financial progress in Sweden, Denmark and AMP. In AMP, the net asset value of the portfolio has grown to around NOK 15 billion, reflecting the new connection partnership and solid performance in KNL. The inflationary effects from the Iran war still weighs on Grameen's phone in Bangladesh. We have particularly tough year-on-year comparables due to the national roaming agreement, the timing and size of pricing adjustments, facing and step-up of robustification and transformation costs, And we faced a more promotional market in Norway this quarter, where we also needed to make a provision related to a dispute on VAT for TV news channels dating back to 2020 to 2022. In Q2, we report a decline in service revenues of 0.7...