Nasdaq CopenhagenIFRS · DKK

TDC Holding A/S

TDC Holding A/S is a Denmark-based telecommunications group with roots in fixed-line and mobile communications. The business provides connectivity and related telecom services to consumers and businesses, with operations centered in Denmark and the Nordic market.

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Revenue16.0bn DKK
+300.6 %y/y
Operating profit (EBIT)2,005m DKK
+239.8 %y/y
EBIT margin12.5%
−2.2 ppy/y
Net income1,716m DKK
+709.4 %y/y
Free cash flow2,084m DKK
+389.2 %y/y

Fiscal year 2022 · change from previous year

Development 2020–2022

05101520bn DKK2020: 4.0 bn DKK2020: EBIT 0.97 bn DKK20202021: 4.0 bn DKK2021: EBIT 0.59 bn DKK20212022: 16.0 bn DKK2022: EBIT 2.0 bn DKK202216.02.0
RevenueOperating profit (EBIT)
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Business

Share of revenue
Mobile Services35 %

Voice, messaging, and mobile data plans for consumer and business users.

Fixed Broadband25 %

Residential and enterprise internet access delivered over fixed networks.

Fixed Voice10 %

Traditional telephony and related fixed-line communications services.

TV and Entertainment15 %

Television packages and bundled entertainment distribution services.

Business Connectivity15 %

Managed telecom, network access, and communications solutions for enterprises.

Customers

TDC serves households that buy mobile, broadband, TV, and fixed-line packages for everyday communications and entertainment. It also sells to business customers that need reliable connectivity, voice services, and network-based communications for operations. The customer base is anchored in Denmark, where network quality, coverage, and bundle breadth are important buying criteria.

Residential consumers

Buy mobile, broadband, and TV services for everyday household connectivity and entertainment.

Small and mid-sized businesses

Buy business-grade connectivity, fixed voice, and data services for day-to-day operations.

Large enterprises

Buy managed communications and network services where service reliability and coverage matter most.

Public sector and institutions

Buy stable telecom and network services for schools, agencies, and other organizations.

Strategy

TDC’s strategy is typically centered on maintaining a strong domestic network position, protecting customer relationships, and monetizing bundled telecom offerings. In telecom, scale, network quality, and service reliability matter because they support customer retention and reduce churn. The company’s position depends on continuing to invest in infrastructure while matching competitor pricing and technology standards.

Strengthen bundled consumer offeringsShort term

Bundles reduce churn and increase customer lifetime value in mature telecom markets.

Maintain network quality and coverageMedium term

Telecom customers choose providers based on reliability, speed, and service experience.

Expand enterprise connectivity relationshipsMedium term

Business clients provide recurring demand for higher-value communications services.

Geography

TDC’s business is primarily concentrated in Denmark, where it operates core telecom infrastructure and serves most of its customer base. Its competitive and operating exposure is therefore tied to Danish demand patterns, regulation, network investment, and local pricing dynamics. The company’s revenue map could not be extracted from the provided filing excerpts, so no country-level split is available here.

Risks

TDC is exposed to intense competition, regulatory oversight, and the capital intensity of telecom networks. Because most of the business is concentrated in Denmark, local pricing pressure, spectrum policy, and infrastructure decisions can have an outsized effect on performance. Like other telecom operators, it also faces technology substitution risks as customers shift toward new digital communication and media formats.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Intense domestic competition1Network capex intensity2Regulatory and spectrum exposure3Technology substitution4
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 domestic competitionImpact: HighLikelihood: High

    Telecom markets are mature and price-led, which can pressure customer retention and pricing.

    Exposure: Consumer and enterprise telecom services in Denmark

  2. Network capex intensityImpact: HighLikelihood: High

    Maintaining and upgrading telecom infrastructure requires sustained investment.

    Exposure: Mobile and broadband networks

  3. Regulatory and spectrum exposureImpact: HighLikelihood: Medium

    Telecom operators depend on licenses, regulation, and network rules that can affect returns on capital.

    Exposure: Danish mobile and fixed-line operations

  4. Technology substitutionImpact: MediumLikelihood: Medium

    Over-the-top communication tools and streaming alternatives can erode traditional telecom and TV demand.

    Exposure: Fixed voice and TV services

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Accounting

Judgemental items
Revenue allocation in bundled contracts

Mobile, broadband, and TV packages may contain multiple performance obligations with different timing.

Impact: Can shift revenue recognition between periods

Network asset capitalization and depreciation

A telecom operator invests heavily in infrastructure, and useful lives affect expense timing.

Impact: Influences EBITDA, depreciation, and asset carrying values

IFRS 16 lease accounting

Network sites, towers, and office leases create right-of-use assets and lease liabilities.

Impact: Affects leverage presentation and operating expense mix

Impairment of long-lived assets

Fixed telecom assets and acquired intangibles can be vulnerable if expected cash flows weaken.

Impact: Can trigger non-cash write-downs

Last updated: 24/10/2026