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Investing.com -- Telenor reported third-quarter earnings that came in slightly below market forecasts and flagged a hit of 500 million Norwegian crowns tied to higher costs in its Malaysian 5G operations, sending its shares down over 4% in Oslo trading.
The Norwegian telecom operator said adjusted EBITDA rose 5.4% organically to 9.54 billion crowns, just shy of the 9.60 billion expected by analysts. Revenue was 20.3 billion crowns, broadly in line with estimates.
Telenor saw steady growth in the company’s Nordic markets, which helped offset some weaker trends in Asia. In the region, organic EBITDA rose 4.1%, partly aided by continued strength at Bangladesh’s Grameenphone, where Telenor holds a majority stake.
"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," said Telenor CEO Schilbred Fasmer.
Telenor and Malaysia’s Axiata each own 33.1% of CelcomDigi, the country’s largest mobile network operator.
The company cautioned that spectrum and data-related costs in Asia could pressure regional cash flows in the near term.
Commenting on the report, Morgan Stanley analyst Terence Tsui highlighted Telenor’s "small Q3 EBITDA miss due to Asia."
Telenor narrowed its 2025 guidance, setting more precise targets. The company now expects 2–3% organic growth in Nordic service revenues, down from its previous low single-digit range, compared with consensus at about 3%.
It projects 8–9% organic growth in adjusted EBITDA in the Nordics, trimmed from high single-digit forecast previously, versus consensus at 9%.
Group-wide, Telenor now targets 5–6% organic growth in adjusted EBITDA, reduced from mid single-digit guidance earlier, compared with consensus expectations of around 7%.