Nasdaq CopenhagenIFRS · DKK

TV 2 Danmark A/S

TV 2 Danmark A/S operates a Danish television and media business centered on free-to-air TV channels, streaming services, and related content distribution. The company is based in Denmark and serves the domestic market through broadcast, digital, and on-demand media offerings.

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Revenue4,346m DKK
+4.6 %y/y
Operating profit (EBIT)336m DKK
−0.9 %y/y
EBIT margin7.7%
−0.4 ppy/y
Net income252m DKK
+0.1 %y/y
Free cash flow312m DKK
+4.1 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-1,00001,0002,0003,0004,0005,000m DKK2021: 3,589 m DKK2021: EBIT 335 m DKK20212022: 3,854 m DKK2022: EBIT -90 m DKK20222023: 3,798 m DKK2023: EBIT 289 m DKK20232024: 4,153 m DKK2024: EBIT 339 m DKK20242025: 4,346 m DKK2025: EBIT 336 m DKK20254,346336
RevenueOperating profit (EBIT)
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Business

Share of revenue
Broadcast television45 %

Linear TV channels and scheduled programming distributed through traditional broadcast platforms.

Streaming services20 %

Digital video and on-demand viewing services delivered over internet-connected devices.

Advertising sales30 %

Commercial airtime and digital ad placements sold to advertisers and agencies.

Content and rights5 %

Programming rights, sports, and other content investments that support the media portfolio.

Customers

TV 2 Danmark sells mainly to viewers in Denmark through its channels and streaming services, while monetization also depends on advertisers and media agencies buying audience access. The business therefore serves both consumer audiences seeking local Danish content and commercial customers seeking reach across TV and digital video. Content relevance, audience scale, and trusted news coverage are central to why customers engage with the platform.

Households and viewers

Individuals and households in Denmark watching live TV, news, sports, and entertainment content.

Advertisers

Brands and marketers buying TV and digital inventory to reach broad Danish audiences.

Media agencies

Agencies that plan and purchase campaigns on behalf of advertiser clients.

Subscribers

Users paying for streaming or premium access to selected content packages.

Strategy

TV 2 Danmark’s strategic position depends on maintaining a strong audience base for both linear and digital viewing while protecting its role as a premium Danish content destination. It must balance broadcast reach, streaming adoption, and advertiser demand to preserve relevance across changing viewing habits. Local news, sports, and entertainment remain important differentiators in a market where language and national coverage matter.

Grow digital viewing and streaming engagementMedium term

Audience time is shifting from linear TV to on-demand platforms, so digital scale matters for future monetization.

Strengthen local content positionMedium term

Danish news, sports, and entertainment help differentiate the company in a concentrated domestic market.

Maintain advertiser attractivenessShort term

Commercial revenue depends on scale, audience quality, and measurement across TV and digital inventory.

Geography

The company is anchored in Denmark, which is its core market for viewing, advertising, and content distribution. Its business is therefore concentrated in a single-country media environment, making audience preferences, regulatory rules, and local competition especially important. Any broader digital reach is still tied to Danish-language content and Danish commercial demand.

Risks

The company is exposed to shifts in viewing behavior, since faster migration from linear television to digital platforms can pressure audience reach and advertising economics. It also depends on strong local content and sports rights, which can be costly and competitive to secure, and on Denmark-specific regulatory and public-interest obligations. As a media business, it faces cyclical advertising demand, content cost inflation, and platform competition from global streaming services.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Shift from linear TV to digital viewing1Advertising market cyclicality2Content rights and production costs3Competition from global streaming platforms4
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. Shift from linear TV to digital viewingImpact: HighLikelihood: High

    The company’s audience and ad model depends on maintaining reach as viewing moves to on-demand platforms.

    Exposure: TV audiences and ad inventory

  2. Advertising market cyclicalityImpact: HighLikelihood: High

    Commercial revenue depends on advertiser spending, which typically weakens in softer economic conditions.

    Exposure: TV and digital advertising

  3. Content rights and production costsImpact: MediumLikelihood: High

    Premium news, sports, and entertainment content can require large and recurring investment.

    Exposure: Programming and sports rights

  4. Competition from global streaming platformsImpact: MediumLikelihood: High

    International services compete for viewer attention and can reduce time spent on domestic channels.

    Exposure: Audience share

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Accounting

Judgemental items
Advertising revenue recognition

Revenue timing depends on when impressions, spots, or campaigns are delivered to customers.

Impact: Can shift quarterly revenue recognition

Programming and sports rights amortization

Content costs must be allocated over the period economic benefits are expected to be realized.

Impact: Affects operating expense and asset values

Lease accounting

Broadcast and office facilities may be subject to IFRS 16 right-of-use asset and liability accounting.

Impact: Affects leverage, EBITDA-like measures, and depreciation

Last updated: 24/10/2026