Telenor Cuts 2026 Outlook as Q2 EBITDA Falls 4.8% Amid Buybacks and M&A

Telenor's Q2 2026 adjusted EBITDA fell 4.8% year-on-year and service revenues contracted 0.7%, driven by weakness in Norway and Finland. The company cut its 2026 outlook to flat-to-low-single-digit organic service revenue growth. Meanwhile, Telenor is running a share buyback through February 2027, acquiring Sweden's Bahnhof, and reorganising — all while its core Nordic earnings engine shrinks.