Nasdaq CopenhagenIFRS · DKK

TDC NET A/S

TDC NET A/S is a Danish network infrastructure company that operates fixed-line telecommunications assets and related wholesale and retail network services in Denmark. Its business centers on mobile services, internet and network access, TV distribution, landline voice, and other connectivity-related services.

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Revenue6,344m DKK
−1.7 %y/y
Operating profit (EBIT)1,422m DKK
−24.2 %y/y
EBIT margin22.4%
−6.7 ppy/y
Net income-58.0m DKK
−114.1 %y/y
Free cash flow689m DKK
−18.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

02,0004,0006,0008,000m DKK2021: 6,674 m DKK2021: EBIT 2,036 m DKK20212022: 6,639 m DKK2022: EBIT 1,979 m DKK20222023: 6,461 m DKK2023: EBIT 1,691 m DKK20232024: 6,455 m DKK2024: EBIT 1,877 m DKK20242025: 6,344 m DKK2025: EBIT 1,422 m DKK20256,3441,422
RevenueOperating profit (EBIT)
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Business

Share of revenue
Mobile services44 %

Connectivity services for mobile subscriptions and usage.

Internet & network37 %

Fixed broadband and network access services sold to households and businesses.

TV6 %

Television distribution and related access services.

Landline voice5 %

Traditional fixed-line voice services.

Other services8 %

Ancillary telecom and network-related services.

Customers

TDC NET sells connectivity infrastructure and related services to Danish end users through fixed and mobile networks, with demand coming from households and businesses that need internet, voice, TV, and mobile access. Its services are also relevant to wholesale and channel partners that rely on network capacity and access products.

Residential consumers

Households buying mobile, internet, TV, and voice services for everyday connectivity.

Business customers

Companies purchasing internet and network services for operations, communications, and sites.

Wholesale and partners

Other operators and partners that use network access and capacity products.

Strategy

TDC NET's strategy is centered on operating and improving essential network infrastructure that supports mobile, broadband, TV, and voice services in Denmark. The company must balance network reliability, coverage, and service quality with long-lived asset maintenance and security requirements.

Network reliability and service qualityMedium term

Connectivity businesses depend on uptime, coverage, and customer trust.

Cybersecurity and physical securityShort term

Network operators face ransomware, hacking, and infrastructure breach risks.

Health, safety, and workforce capabilityMedium term

Safe field operations and skilled employees are critical for network maintenance and continuity.

Sustainability and emissions managementLong term

Network infrastructure has energy and Scope 1-3 reporting exposure.

Geography

TDC NET is centered in Denmark, where it owns and operates core telecommunications network infrastructure. The business is geographically concentrated, so its service footprint, regulation, and customer demand are tied primarily to the Danish market.

Risks

TDC NET faces the typical risks of a critical telecom infrastructure operator: cyberattacks, physical security incidents, technology obsolescence, and heavy dependence on uninterrupted service. Its concentrated Danish footprint also means that regulatory changes, local competition, and network execution issues can have a direct impact on operations and customer relationships.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cybersecurity breach1Single-country concentration2Physical security incident3Talent retention and safety4
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. Cybersecurity breachImpact: HighLikelihood: High

    The report highlights ransomware and hacking as significant security threats to the network.

    Exposure: Core telecom infrastructure and customer services

  2. Single-country concentrationImpact: HighLikelihood: High

    Revenue and operations are concentrated in Denmark, increasing sensitivity to local market conditions.

    Exposure: Denmark

  3. Physical security incidentImpact: HighLikelihood: Medium

    Physical breaches can interrupt operations or damage network assets.

    Exposure: Network sites and critical infrastructure

  4. Talent retention and safetyImpact: MediumLikelihood: High

    The company emphasizes attracting and retaining competent employees and a strong safety culture.

    Exposure: Field operations and technical workforce

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Accounting

Judgemental items
Revenue recognition

The company notes judgment in contracts involving sale of complex products and services.

Impact: Affects timing and allocation of revenue across bundled telecom offerings

Impairment testing

Long-lived network assets require assumptions that can change with demand or technology shifts.

Impact: Can trigger non-cash write-downs on assets

Useful life estimates

Useful lives for intangible assets and property, plant and equipment affect depreciation and amortization.

Impact: Changes reported operating profit and asset carrying values

Sustainability data restatements

Scope 1, 2 and 3 emissions have been restated due to updated factors and methodology.

Impact: Affects ESG disclosures and covenant-linked sustainability reporting

Last updated: 24/10/2026