Nasdaq CopenhagenIFRS · DKK

Nuuday A/S

Nuuday A/S is a Danish telecommunications company that provides fixed and mobile communications services and related digital connectivity products. Its business spans consumer, business and wholesale telecom offerings in Denmark, with services delivered through network access, subscriptions and connected-device solutions.

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Revenue14.8bn DKK
+1.4 %y/y
Operating profit (EBIT)-253m DKK
−406.0 %y/y
EBIT margin-1.7%
−1.4 ppy/y
Net income-562m DKK
−28.3 %y/y
Free cash flow435m DKK
+39.4 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-5051015bn DKK2021: 14.7 bn DKK2021: EBIT -0.01 bn DKK20212022: 14.7 bn DKK2022: EBIT 0.09 bn DKK20222023: 14.5 bn DKK2023: EBIT -0.00 bn DKK20232024: 14.6 bn DKK2024: EBIT -0.05 bn DKK20242025: 14.8 bn DKK2025: EBIT -0.25 bn DKK202514.8-0.25
RevenueOperating profit (EBIT)
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Business

Share of revenue
Mobile communications40 %

Voice, data and subscription-based mobile services for consumers and businesses.

Fixed-line and internet30 %

Broadband, fixed telephony and access services delivered over telecom networks.

Business telecommunications20 %

Connectivity and mobile services tailored to enterprise and public-sector customers.

IoT and connectivity solutions10 %

Machine-to-machine and connected-device services for enterprise use cases.

Customers

Nuuday sells primarily in Denmark to households, small and mid-sized businesses, and larger enterprise customers that need voice, data and network access services. It also serves wholesale and connectivity partners that buy access, capacity or managed telecom services for resale or integration into their own offerings.

Consumer households

Buy mobile, broadband and fixed-line services for everyday connectivity and bundled telecom needs.

Small and mid-sized businesses

Buy business mobile, internet and voice services to support employee communications.

Enterprise and public sector

Buy more complex connectivity and IoT-related services that support operations and devices.

Wholesale partners

Buy access and telecom capacity to extend their own service offerings.

Strategy

Nuuday’s strategic position depends on maintaining a broad telecom product set across mobile, fixed and business connectivity while defending its customer base in a mature market. Its priorities are typically centered on service quality, network relevance, enterprise connectivity and retaining customers through bundled offerings and digital services.

Strengthen bundled connectivity offeringsShort term

Bundling mobile, broadband and fixed services improves retention and reduces churn.

Develop enterprise and IoT solutionsMedium term

Enterprise connectivity and connected-device services broaden the addressable market beyond core consumer telecom.

Maintain network and service qualityLong term

Reliable coverage and service performance are key differentiators in a mature telecom market.

Geography

Nuuday is primarily a Denmark-focused telecom operator, so its economics are tied to domestic demand, network coverage and regulatory conditions in the Danish market. The company’s infrastructure and customer base are concentrated in Denmark, which makes the business less geographically diversified but closely aligned with local telecom consumption patterns.

Risks

Nuuday is exposed to intense competition in Danish telecom, where price pressure and customer churn can erode the value of subscription-based services. As a network-dependent operator, it also faces capital intensity, technology upgrade needs, regulatory oversight and execution risk in maintaining service quality and product relevance.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Intense telecom price competition1Network and technology investment burden2Regulatory and spectrum exposure3Geographic concentration in Denmark4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Intense telecom price competitionImpact: HighLikelihood: High

    The Danish market is mature and customers can switch providers, so pricing and churn pressure can reduce value per user.

    Exposure: Consumer and business subscriptions

  2. Network and technology investment burdenImpact: HighLikelihood: Medium

    Telecom services depend on continual upgrades to mobile, broadband and core network infrastructure.

    Exposure: Network access and connectivity services

  3. Regulatory and spectrum exposureImpact: MediumLikelihood: High

    Telecom operators are subject to spectrum, competition and service regulations that can affect costs and operating choices.

    Exposure: Danish and EU telecom regulation

  4. Geographic concentration in DenmarkImpact: MediumLikelihood: High

    A single-country revenue base reduces diversification and leaves performance tied to one market.

    Exposure: Domestic telecom demand

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Accounting

Judgemental items
Revenue recognition for telecom subscriptions

Recurring service contracts require judgment on when services are delivered and how bundled offers are allocated.

Impact: Affects reported revenue timing and deferred revenue balances

Bundled product and service allocation

Mobile, broadband and equipment or service bundles must be separated into accounting components.

Impact: Affects revenue mix and margin presentation

Derivatives and hedge accounting

The annual report notes derivatives used for hedging financial liabilities measured at amortised cost.

Impact: Affects fair value movements, OCI and finance costs

Lease accounting

Telecom businesses typically lease network sites, offices and technical facilities with material right-of-use assets and liabilities.

Impact: Affects EBITDA-like comparability, depreciation and interest expense

Last updated: 24/10/2026