Published by Global Banking & Finance Review®
Posted on October 29, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleTelenor's earnings missed forecasts, impacted by a $50M loss in Malaysia due to 5G costs, despite growth in Nordic markets.
By Elviira Luoma
(Reuters) -Norwegian telecom operator Telenor posted quarterly core earnings below market expectations on Wednesday and flagged a negative adjustment of 500 million Norwegian crowns ($49.8 million) related to rising 5G costs in Malaysia.
Overall, third-quarter results were in line or a touch lower than analysts' consensus, with stronger growth in Telenor's core Nordic markets offsetting some concerns in Asia. The group's shares were down 5% by 1300 GMT.
Its adjusted operating earnings before depreciation and amortisation (EBITDA) grew 5.4% organically to 9.54 billion crowns, but slightly missed estimates. That was driven by 8% growth in the Nordic countries.
In Asia, Telenor saw an earnings increase of 4.1%, partially helped by topline growth at Bangladesh's Grameenphone.
It also specified full-year forecasts, saying it expected 5-6% organic growth in adjusted EBITDA for the whole group and 8-9% growth for the Nordic business. It also sees 2-3% organic growth in Nordic service revenues.
SIGNS OF RECOVERY AT GRAMEENPHONE
Grameenphone, in which Telenor owns a majority stake, reported higher service revenues after four consecutive quarters of declining performance following political turmoil in Bangladesh last year.
However, consumers in the country remain "highly prudent", CEO Benedicte Schilbred Fasmer said in a statement.
As a result, growth in the country was somewhat softer than Telenor had hoped for, she told Reuters.
"I think the political stability and ... the geopolitical framework around the country is more predictable," she added in the interview. "Hopefully that will stabilize the economy and we will get back to growth."
Meanwhile, 5G-related costs are increasing in Malaysia, where Telenor is the top shareholder in mobile network operator CelcomDigi together with Axiata.
"Based on the latest public information, we make a 0.5 billion crown negative adjustment to our share of results from CelcomDigi this quarter related to its associated 5G network company in Malaysia," Schilbred Fasmer said in the statement.
($1 = 10.0431 Norwegian crowns)
(Reporting by Elviira Luoma in Gdansk, editing by Milla Nissi-Prussak)
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a measure used to analyze a company's operating performance.
5G costs refer to the expenses associated with the deployment and maintenance of fifth-generation wireless technology infrastructure.
Organic growth refers to the increase in a company's revenue generated from its existing operations, excluding any acquisitions or mergers.
Adjusted EBITDA is a non-GAAP measure that adjusts EBITDA for unusual or non-recurring items to provide a clearer picture of a company's operational performance.
A telecommunications operator is a company that provides telecommunications services, including voice, data, and internet services to consumers and businesses.
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