Telenor Group ASA Due Diligence

Run due diligence on Telenor Group ASA: check compliance and get alerts when suppliers or ownership change.

Norway · owned by Norwegian Government (via Nærings- og fiskeridepartementet / Ministry of Trade, Industry and Fisheries) (Norway) · telenor.com · 33 vendors

Telenor Group is a leading Nordic telecommunications company providing mobile and fixed-line services across the Nordics and Asia. It operates in markets including Norway, Sweden, Denmark, Finland, Bangladesh, Pakistan, Malaysia, and Thailand. Telenor connects millions of customers to mobile, broadband, and digital services.

Resilience scores

Technology vendors

Services catalogue

8 services in catalogue across 5 categories; runs on 33 sub-vendors.

Insights

Last updated 2026-10-11 · revision 13

33 direct vendors, 255 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

11 in-scope frameworks identified; showing 3.

EECC — Evidence found

As a provider of electronic communications networks and services in the EU/EEA, Telenor is subject to the regulations set out in the European Electronic Communications Code.

Evidence: https://www.telenor.com/who-we-are/our-companies/nordics/digitalsecurity/2024/the-nis2-clock-is-ticking-in-the-eu-where-will-compliance-take-us-in-the-nordics/, https://www.google.com/sorry/index?continue=https://www.google.com/search%3Fq%3Dtime%2Bin%2BMalaysia&q=EhAqBdAUBhsnC3zbICfuZZI4GMLar9YGIjDb8ey0thIudDQUB_UM7UFmxpfLtUvm0xVnQy-11NKki7Ra1Fvk3QtVJAB4kkJkylgyAnJSWgFDYOeZ78fqpovVPA, https://www.google.com/sorry/index?continue=https://www.google.com/search%3Fq%3Dtime%2Bin%2BThailand&q=EhAqBdAUBhsnC3zbICfuZZI4GMLar9YGIjB-IBEc7f6PxDltzAeDUTpYOKIpfRtxvbUevqbqr6nNSNwz2SzEKrUhtkS8lRI7a_oyAnJSWgFDYKX6v_6mjozneA, https://law.asia/bangladesh-tmt-law-evolution/, https://juralacuity.com/tt_portfolio/telecommunication-and-broadcasting-law/

SOC 2 (source) — No public evidence

Telenor provides a range of digital and cloud services to business customers who may require assurance over the security, availability, and confidentiality of their data, for which SOC 2 is a common framework.

NIS2 (source) — No public evidence

Telenor provides essential digital infrastructure and ICT services within the EU, falling directly under the scope of the NIS2 Directive as an 'essential entity'.

Evidence: https://www.telenor.com/media/newsroom/announcement/new-report-calls-for-preparedness-as-eu-cyber-directive-takes-effect/, https://www.telenor.com/who-we-are/our-companies/nordics/digitalsecurity/2024/the-nis2-clock-is-ticking-in-the-eu-where-will-compliance-take-us-in-the-nordics/, https://www.ajg.com/no/news-and-insights/adapting-to-nis2-essential-guide-for-nordic-business-leaders/, https://optro.ai/blog/nis2, https://www.telenor.com/who-we-are/our-companies/nordics/digitalsecurity/2024/

Financials

Three-year financials

Financial Resilience Score: 8/10

Telenor demonstrates strong financial resilience underpinned by a stable Nordic cash engine, disciplined capital allocation, and an investment-grade credit profile. Leverage at 2.2x net debt/EBITDA sits within the targeted 1.8x-2.3x range, and the company maintains a EUR 1.8 billion undrawn sustainability-linked revolving credit facility maturing in 2030, providing substantial liquidity headroom. Free cash flow before M&A grew to NOK 12.9 billion in 2025, supporting a NOK 9.70/share dividend and a newly resolved NOK 15 billion three-year share buyback programme. Portfolio simplification toward a Nordic focus (divesting Telenor Pakistan, True Corporation stake, and Allente) reduces exposure to emerging-market volatility while generating substantial proceeds. The Nordic segment delivered 2.7% organic service revenue growth and 8.7% organic EBITDA growth in 2025, with return on capital employed of 9.3% (13.6% excluding associates). However, headline net income fell 61.6% due to a NOK 3.0 billion loss on Pakistan disposal and a NOK 1.2 billion India provision, and H1 2026 showed revenue decline and a lowered 2026 outlook amid Nordic pricing pressure, transformation costs, and a Norway VAT provision. Legacy legal disputes in Bangladesh, India, and Norway, plus FX exposure on EUR-denominated debt, remain meaningful risks though actively managed.

Key strengths: Leverage at 2.2x net debt/EBITDA within target range of 1.8x-2.3x, EUR 1.8 billion undrawn sustainability-linked revolving credit facility maturing 2030, Free cash flow before M&A of NOK 12.9 billion in 2025 (+13.2% YoY), Nordic organic EBITDA growth of 8.7% in 2025, NOK 15 billion three-year share buyback programme and NOK 9.70/share dividend, Portfolio simplification toward Nordic focus reducing emerging-market exposure, ROCE of 9.3% (13.6% excluding associates and JVs), Strong 10-year TSR of 88% vs sector 16%

Risk factors: Net income fell 61.6% in 2025 due to Pakistan disposal loss and India provision, H1 2026 revenue decline and lowered 2026 outlook, Legacy legal disputes (Grameenphone BTRC, Telenor India AGR, Telia Norway), FX and interest-rate risk on substantial EUR-denominated debt, Nordic pricing pressure and elevated IT/transformation costs in 2026, Grameenphone exposure to Bangladesh macro weakness and consumer spending, Climate/weather risk to network infrastructure, especially Bangladesh, Norway VAT provision affecting 2026 results

Revenue by geography

Revenue by product/service

Workforce by country

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