In brief Financial review ESG Consolidated Financial statements Disclaimer
DKT Holdings ApS Annual Report 2025 1
DKT Holdings ApS
c/o TDC Holding A/S
Teglholmsgade 1
DK-2450 Copenhagen SV
CVR.no. 39186829
Approved at the Company’s annual general meeting on 7 April 2026
Chair at the meeting: Ditte Ross Pedersen
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DKT Holdings ApS Annual Report 2025 2
Management’s review
DKTH Group in brief 3
Legal structure of DKTH Group 4
Financial review 6
Five-year overview 6
Financial review 7
Risk management 9
Risk management – Nuuday 10
Risk management – TDC NET 16
ESG 23
ESG 23
Sustainability highlights 24
Our sustainability priorities 27
Addressing our material impacts 28
Financial statements
Financial statements 31
Consolidated financial statements 32
Parent company financial statement 92
Other
Management statement and independent auditor’s report 102
Forward-looking statements 105
Contents
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DKT Holdings ApS Annual Report 2025 3
The business
The Group’s mission is to build and support the digital
infrastructure that enables Denmark to capture new
digital opportunities.
Nuuday provides reliable, high-quality solutions to
nearly six million customer relationships across con-
sumer and business segments through strong brands,
product and services portfolio, being the leading tele-
communications provider in Denmark.
Nuuday’s brands provide Danish consumers and busi-
nesses with high-speed broadband and best-in-class
mobile connectivity, flexible TV & streaming options,
and a comprehensive range of advanced business so-
lutions, including cybersecurity, unified communica-
tions and digital collaboration.
TDC NET is responsible for the continued develop-
ment and build-out of high-speed mobile and fixed
connections that support Denmark’s continued pro-
gress, because societies with strong infrastructure do
better – both socially and economically.
As an end-to-end infrastructure provider, TDC NET
owns and operates all critical assets necessary for op-
erating the mobile network and fixed connections in
order to offer service providers access to TDC NET’s
network infrastructure and services.
TDC Holding’s activities comprise, in addition to hold-
ing activities related to the ownership of TDC NET
Holding A/S and Nuuday A/S, certain facility manage-
ment activities and the TDC Pension fund.
TDC Holding is subleasing properties and vehicles to
Nuuday and TDC NET and properties to external par-
ties. TDC Holding has assumed the pension obliga-
tions for the defined benefit plan of TDC Pension
fund, TDC Pensionskasse. Nuuday, TDC NET and exter-
nal parties employ a number of employees who are
members of the pension fund and are liable to pay
wages as well as certain costs in case of early retire-
ment for other reasons than age or illness. Approxi-
mately 96% of the pension funds’ members have re-
tired now or left the group as the pension fund closed
for new members in 1990.
The Group’s operating activities are carried out
through Nuuday, TDC NET and TDC Holding. The three
DKT holding companies form part of the overall own-
ership and financing structure of the Group.
DKTH Group in brief
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DKT Holdings ApS Annual Report 2025 4
DKT Holdings ApS (DKTH) was established on
22 December 2017 with the purpose of running an in-
vestment business through its 100% owned subsidiar-
ies, DKT Finance ApS (DKTF) and DK Telekommu-
nikation ApS (DKT). DKTH is owned by a consortium
comprising:
• DKTUK Limited (50%), managed by Macquarie As-
set Management (MAM)
• Arbejdsmarkedets Tillægspension (ATP) (16.7%)
• PFA Ophelia InvestCo I 2018 K/S (16.7%),
managed by PFA Asset Management A/S
• PKA Ophelia Holding K/S (16.7%), managed by AIP
Management P/S.
In May 2025, Macquarie Group announced that it had
entered into an agreement to acquire the sharehold-
ings of ATP, PFA and PKA. Subject to regulatory ap-
proval, the Group will thereafter be indirectly owned
by Macquarie Group.
Legal structure of DKTH Group
MAM
ATP
PFA
PKA
DKT Holdings ApS
DKT Finance ApS
DK Telekommunikation ApS
TDC Holding A/S
Nuuday A/S
TDC NET Holding A/S
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DKT Holdings ApS Annual Report 2025 5
Telmore wins Global Adobe Experience Award
As the first Danish brand to be nominated, Telmore
wins the Global Adobe Experience Award within the
category ‘The Transformer’.
Denmark's broadest entertainment Portfolio
With the addition of Prime Video, YouSee continues
to expand its entertainment portfolio, providing an
unmatched selection of streaming services for Danish
consumers.
TDC Erhverv wins SKI 50.48 agreement
TDC Erhverv is awarded 6 out of 7 sub-agreements in
the SKI 50.48 tender, allowing TDC Erhverv to contin-
uously deliver connectivity services to the govern-
ment and municipalities.
Majority of YouSee customers move to Dawn
Majority of YouSee customers migrate to our new IT
stack, Dawn, at a record pace marking a huge mile-
stone in our IT transformation.
Launch of Samlerabat Internet
YouSee solidifies its position as a premium household
provider through the launch of Samlerabat Internet,
where customers obtain a discount by combining in-
ternet and mobile solutions.
TDC Erhverv introduces new AI partnership
TDC Erhverv and DCAI’s partnership gives Danish or-
ganisations secure, sovereign access to the
Gefion AI supercomputer. This removes key barriers
to AI adoption and enables faster, safer digital trans-
formation at scale.
Launch of several social responsibility initiatives
Our brands expand their work on children’s digital
well-being. YouSee and Børns Vilkår run a strong cam-
paign on kids’ first phones, and TDC Erhverv enhances
BørneTelefonen’s confidentiality and data security
with Cloudkey.
TDC Erhverv hosts Cyber Security Day
In partnership with IT Branchen, Cisco and Danish In-
dustry (DI). The event aims to equip organisations
with the knowledge and tools needed to navigate an
increasingly complex cyber threat landscape.
Denmark's best mobile network for the tenth year in
a row
For the tenth consecutive year, we were recognised
by the Danish Technological Institute for having the
best mobile network experience in Denmark, with
99.7% coverage.
Our fibre footprint end 2025
We expanded our fibre footprint to ~853,000 house-
hold and business access points, with 45k new cus-
tomers, significantly advancing our
mission to bring lightning-fast broadband to
Denmark.
Copper decommissioning
We fulfilled our commitment to retire 178 legacy cop-
per central offices by the end of 2025, while pioneer-
ing and speeding up our decommissioning efforts by
announcing an additional 273 central offices for close-
down in 2026, reaching 38% of the copper infrastruc-
ture for active shutdown. The successful retirement
of the initial central offices reflects our ambition to
transition customers to more future-proof technolo-
gies.
Record-low fault rates in our coax network
Using advanced AI algorithms, we now prevent over
10,000 coax faults a year – delivering the lowest fault
rate since the technology was introduced.
30% preserved land in 2030
In addition to our nature restoration initiatives in
Skamlebæk, we onboarded our location in Skagen, re-
moving invasive species, measuring a baseline and
preparing a shared grazing project together with the
Frederikshavn Municipality. These efforts pushed our
progress towards our 30% land preservation target to
12.6%.
Funding
We issued two EUR 500m Euro Medium Term Notes
(EMTN) sustainability-linked bonds totalling EUR 1bn.
The proceeds from the issues have been used to
partly prepay the original loan term facilities.
IT and process transformation
As part of replacing our legacy operating system, we
successfully deployed 4 of 5 new IT platforms to man-
age the service quality in our data centres and mobile
network. We are on track to extend the process sim-
plification and IT consolidation into the fibre/coax
network, decommissioning ~65 systems and increas-
ing automation to ~85%.
Net zero and zero waste in 2030
We delivered 9% CO2 emission reductions across
Scopes 1, 2 and 3 compared with 2024 and 54% com-
pared with our 2020 baseline. We are targeting either
reuse or recycling of all resource outflows in 2030. In
2025, our recycling rate amounted to 82%.
Highlights
Nuuday
TDC NET
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DKT Holdings ApS Annual Report 2025 6
¹ Net interest-bearing debt excluding shareholder funding and EBITDA for the last twelve month.
Five-year overview
Key figures (DKKm)
2025
2024
2023
2022
2021
Income statements
Revenue
16,029
15,817
15,819
16,042
16,002
Gross profit
10,896
10,937
10,951
11,067
11,088
EBITDA (before special items)
6,180
6,194
6,351
6,290
6,419
Operating profit/(loss)(EBIT)
426
912
1,076
1,139
928
Net financials
(4,737)
(4,313)
(4,722)
(2,504)
(3,574)
Profit/(loss) before income taxes
(4,311)
(3,401)
(3,646)
(1,365)
(2,597)
Profit/(loss) for the year
(4,127)
(3,366)
(3,786)
(1,440)
(2,707)
Income statements excluding special items
Operating profit/(loss)(EBIT)
818
1,172
1,250
1,344
1,352
Loss before income taxes
(3,919)
(3,141)
(3,472)
(1,160)
(2,173)
Loss for the year
(3,783)
(3,132)
(3,634)
(1,245)
(2,391)
Balance sheets
Total assets
67,083
70,018
71,926
74,906
70,079
Net interest-bearing debt (NIBD) excl. share-
holder funding
35,116
34,361
33,931
38,054
37,838
Shareholder funding
30,902
28,383
26,064
23,985
22,054
Total equity
(12,993)
(8,658)
(5,742)
(4,787)
(4,577)
Capital expenditure
(4,054)
(4,450)
(4,283)
(4,589)
(4,399)
Capital expenditures mobile licences
-
-
-
-
(671)
Statements of cash flow
Cash flows from operating activities
3,518
4,091
4,766
4,394
4,714
Cash flows from investing activities
(3,426)
(4,294)
(5,063)
(4,637)
(4,474)
Cash flows from financing activities
(425)
(656)
(839)
3,636
173
Total cash flow
(333)
(859)
(1,136)
3,393
413
Key financial ratios
2025
2024
2023
2022
2021
Financial ratios
Gross margin %
68.0
69.1
69.2
69.0
69.3
EBITDA margin %
38.6
39.2
40.1
39.2
40.1
Adjusted NIBD/EBITDA¹ x
5.7
5.5
5.3
6.0
5.9
Employees
FTEs (end of year)
5,074
5,599
5,823
6,433
6,659
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DKT Holdings ApS Annual Report 2025 7
Revenue
In 2025, DKTH Group’s revenue increased slightly by
1.3% to DKK 16,029m compared with 2024. The in-
crease of DKK 212m was primarily driven by higher
mobile service revenue in Nuuday, supported by price
increases and an expanding customer base, partly off-
set by the ongoing copper decommission and de-
crease in landline revenue.
Gross profit
In 2025, DKTH Group’s gross profit decreased slightly
by 0.4% to DKK 10,896m, primarily reflecting lower
gross profit in TDC NET.
Operating expenses
In 2025, operating expenses decreased by 0.6% or
DKK 27m to DKK 4,716m compared with 2024. The
decrease was mainly driven by lower transformation
costs in Nuuday and reduced personnel-related costs
in TDC NET, partly offset by higher IT costs related to
parallel run costs during migration to the new IT plat-
form and higher subscriber costs in Nuuday.
EBITDA
In 2025, EBITDA decreased by 0.2% or DKK 14m to
DKK 6,180m and therefore overall, on level with 2024.
Financial income and expenses
Net financial expenses amounted to DKK 4,737m, an
increase of 9.8% or DKK 424m compared with 2024.
The development in net interest income from deriva-
tives was partly offset by lower interest rates on float-
ing Senior Term Facility (STF) loans. However, a
margin step-up on STF loans and the refinancing from
STF loans to EMTN bonds at a slightly higher interest
rate contributed to higher net financial expenses. In
addition, the accrued interest on shareholder funding
increased by DKK 200m, compared
with 2024.
Income taxes
Income taxes are affected by the Danish rules on limi-
tation on the tax deductibility of interest expenses.
DKTH Group’s net financial expenses are effectively
not tax deductible due to the limitations and further-
more, DKT, DKTF and DKTH are impacted by the rules
regarding thin capitalisation applicable for the joint
taxation. Higher positive income tax is primarily due
to a decreased impact of the Danish limitation on the
deductibility of interest.
Financial review
Key figures
2025
2024
Change in %
Income statement (DKKm)
Revenue
16,029
15,817
1.3
Gross profit
10,896
10,937
(0.4)
Operating expenses
(4,716)
(4,743)
(0.6)
EBITDA (before special items)
6,180
6,194
(0.2)
Net financial expenses
(4,737)
(4,313)
9.8
Hereof accrued interest on shareholder funding
(2,519)
(2,319)
8.6
Loss for the year
(4,127)
(3,366)
22.6
Total comprehensive Loss
(4,335)
(2,916)
48.7
Capital expenditure
(4,054)
(4,450)
(8.9)
Cash flow (DKKm)
Total cash flow from operating activities
3,518
4,091
(14.0)
Total cash flow from investing activities
(3,426)
(4,294)
(20.2)
Total cash flow from financing activities
(425)
(656)
(35.2)
Total cash flow
(333)
(859)
(61.2)
Key financial ratios
Gross margin ( % )
68.0
69.1
(1.1)-point
EBITDA margin ( % )
38.6
39.2
(0.6)-point
Adjusted net interest-bearing debt (NIBD)¹ (DKKm)
35,116
34,361
2.2
Adjusted NIBD¹/EBITDA
5.7
5.5
-
¹ Net interest-bearing debt excluding shareholder funding
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DKT Holdings ApS Annual Report 2025 8
Loss for the year
The loss for the year amounted to DKK 4,127m. The
development was primarily driven by higher net fi-
nancial expenses, including the effects of refinancing,
hedging derivatives and higher accrued interest on
shareholder funding. In addition, depreciation in-
creased as a result of copper decommissioning, while
special items were higher year-on-year.
Comprehensive loss
Total comprehensive loss increased by DKK 1,419m to
DKK 4,335m. In addition to the increase of DKK 761m
in loss for the year compared with last year, there was
a negative development in defined benefit plans of
net DKK 658m.
Capital expenditure
Capital expenditure totalled DKK 4,054m in 2025
compared with DKK 4,450m in 2024 and related pri-
marily to TDC NET. The decrease in investments re-
flected cost optimisation efforts and greater discipline
in the timing and prioritisation of investments, while
maintaining a high investment level in core infrastruc-
ture and strategic priorities.
Cash flow
Total cash flow
Total cash outflow for the year amounted to DKK
333m and improved by DKK 526m compared with
2024.
Cash flow from operating activities
Cash flow from operating activities remained strong
at DKK 3,518m, although lower than in 2024, primar-
ily reflecting higher net interest payments, payments
relating to special items and higher tax payments.
Cash flow from investing activities
Cash outflow from investing activities amounted to
DKK 3,426m compared to DKK 4,294m in 2024. The
decrease was primarily driven by lower investments
of DKK 437m, and no investments in short-term
bonds compared to DKK 914m in 2024.
Cash flow from financing activities
Cash outflow from financing activities amounted to an
outflow of DKK 425m compared to an outflow of DKK
656m in 2024. The decrease is primarily related to
lower net debt repayment of long-term loans of DKK
219m.
Equity
The Group’s equity decreased to negative DKK
12,993m, primarily reflecting the loss for the year and
negative remeasurement effects on defined benefit
plans. The Group’s negative equity is also influenced
by the accumulated accrued interests on shareholders
funding, which matures in December 2029.
The Group’s capital structure supports the strategy of
continued investments in future-proof infrastructure
in Denmark. The Group has sufficient cash and credit
facilities to fund its operations in accordance with the
business plans for the group companies.
The parent company’s equity increased to
DKK 8,185m from DKK 8,041m as a result of profit for
the year of DKK 144m.
Net interest-bearing debt
In 2025, net interest-bearing debt excluding share-
holder funding increased by DKK 755m to DKK
35,115m. The increase reflected continued invest-
ments in the core business and the Group’s end-to-
end transformation during a capital-intensive phase.
The resulting leverage ratio increased from 5.5x in
2024 to 5.7x
in 2025.
Guidance 2025 follow-up
2025 guidance as set of in the Annual Report 2024 as-
sumed flat-to-slightly higher revenue and a slightly
lower EBITDA.
Revenue increased by 1.3% compared with 2024, re-
flecting stable activity levels across the Group and
continued focus on commercial execution. This devel-
opment is in line with the assumptions underlying the
guidance provided.
EBITDA decreased by 0.2% year‑on‑year. The change
reflects ongoing cost pressures and selected invest-
ments made during the year to support the Group’s
strategic priorities.
Overall, management considers the Group’s 2025 op-
erating performance to be in line with the guidance
communicated, with modest revenue growth and a
marginally lower EBITDA than in 2024.
Guidance 2026
In 2026, we expect flat to slightly higher revenue and
flat EBITDA before special items:
Revenue: DKK 15.9 – 16.3 bn
EBITDA before special items: DKK 6.1 – 6.2 bn
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DKT Holdings ApS Annual Report 2025 9
DKTH Group faces both internal and external risks in
the short, medium and long term. Risk management
is an integrated, structured, and dynamic aspect of
Nuuday and TDC NET’s business operations and plan-
ning. The most essential risks and uncertainties that
impact DKTH Group’s operations are described in the
following pages.
DKTH has assessed that potential ESG risks for the full
group, including the topics of human rights, anti-cor-
ruption, climate and environment and employee mat-
ters, are related primarily to the business activities of
TDC NET and Nuuday. Therefore, separate detailed
sections on ESG risks for these companies are in-
cluded in the following pages.
Risk management
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DKT Holdings ApS Annual Report 2025 10
Building trust through transparency, resilience
and accountability
At Nuuday, risk management is a core part of how we
protect critical infrastructure, customer trust, and
long-term value creation. Operating at the heart of
Denmark’s digital connectivity means that our ability
to anticipate, manage, and respond to risk is funda-
mental to both its business performance and its re-
sponsibility to society.
Nuuday’s enterprise risk management approach is de-
signed to ensure strong oversight, clear accountabil-
ity, and transparent reporting across all levels of the
organisation.
It is aligned with COSO Enterprise Risk Management
and ISO 31000 and supports compliance with key reg-
ulations.
Risk management is fully embedded in how Nuuday
set direction, make decisions, and execute change —
ensuring that growth, transformation, and innovation
take place within clearly defined risk boundaries.
Risk culture and learning
Everyone plays a role
Nuuday actively works to build a strong, open, and re-
sponsible risk culture, where employees at all levels
are encouraged to speak up, share concerns, and take
ownership of risk in their daily work.
By actively learning from incidents and near misses,
Nuuday continuously strengthen its resilience and op-
erational maturity.
Three lines of defence
Clear ownership, independent oversight, and
external assurance
Nuuday applies a well-established Three Lines of De-
fence model, ensuring balanced accountability and
strong assurance:
• First line of defence
– The business:
Business units and domains own and manage risks in
their day-to-day operations, including identification,
mitigation, monitoring, and reporting.
• Second line of defence
– Risk management and compliance:
Defines the risk framework and methodology, sup-
ports and advises the business, consolidates risk re-
porting, and escalates material risks to senior govern-
ance bodies.
•Third line of defence
– Independent assurance:
Independent external audits, certifications (including
ISO 27001 and ISO 45000), and Audit Committee
oversight provide assurance on the effectiveness of
the risk management system.
This structure ensures that risk is managed where it
arises — and independently challenged where it mat-
ters most.
Risk management – Nuuday
DKT Holdings ApS Annual Report 2025 10
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DKT Holdings ApS Annual Report 2025 11
Transparent risk reporting and escalation
From early signals to board-level decisions
Nuuday operates with a structured and transparent
reporting cadence:
• Risks above defined thresholds are escalated from
the business to the Risk Management Team and on-
ward to the Nuuday Governance Board, Executive
Leadership Team, or Board depending on severity.
• Imminent risks with expected material impact are
escalated immediately.
• All risks, mitigation actions, and materialised risk
events are registered in Nuuday’s centralised risk
management systems.
Please see Nuuday’s reporting process in the model
to the right.
This ensures consistent visibility into:
• Key enterprise risks
• Emerging risk trends
• Mitigation progress
• Materialised risk events
• Changes in overall risk exposure
The Risk Management Framework is reviewed annu-
ally, and the Risk Management Procedure is reviewed
at least every two years, or upon significant organisa-
tional changes, ensuring that governance remains cur-
rent and effective.
Risk appetite
Guiding responsible decision-making
Nuuday’s risk appetite defines the level of risk it is
willing to accept to deliver on its strategy, safeguard
critical infrastructure, and protect customer trust. It
serves as a central steering mechanism for leadership
decisions and ensures a consistent balance between
growth, innovation, operational stability, and regula-
tory compliance across the organisation.
The Board of Directors holds ultimate responsibility for
Nuuday’s risk appetite and approves the overall
framework, while the Executive Leadership Team
(ELT) is responsible for operationalising it through
concrete limits, priorities, and decision-making man-
dates. The Risk Management & Compliance function
continuously monitors adherence to the risk appetite
and ensures that breaches, or expected breaches, are
escalated to executive management and the Board
when required.
Nuuday’s risk appetite is closely aligned with its stra-
tegic ambition to deliver great customer experiences,
be truly digital, and move fast and be competitive.
This requires a disciplined approach to taking calcu-
lated risks while maintaining a high degree of pru-
dence in areas critical to reliability, security, compli-
ance, and financial resilience.
The risk appetite is reviewed annually to ensure it re-
mains aligned with the company’s strategic direction,
external risk environment, and regulatory expecta-
tions.
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DKT Holdings ApS Annual Report 2025 12
Risk management process
From identification to continuous oversight and
improvement
Nuuday’s enterprise risk management process pro-
vides a structured and proactive approach to manag-
ing uncertainty across all areas of the business. It fol-
lows four interconnected steps: identification, assess-
ment, mitigation, and monitoring. This ensures that
risks are managed consistently and transparently.
Identification
Risks are identified through top-down and bottom-up
processes and described using a structured format
linking cause, event, and impact to ensure early cap-
ture and clear ownership.
Assessment
Risks are assessed for likelihood and impact using a
fit-for-purpose risk scoring model to support prioriti-
sation, resource allocation, and alignment with risk
appetite.
Mitigation
Material risks are addressed through targeted mitiga-
tion plans embedded in operations, with progress
tracked and regularly reviewed.
Monitoring
Key risk indicators are continuously monitored, sup-
ported by structured reporting and escalation. All
risks and mitigation actions are recorded in central
systems to ensure transparency and accountability.
Learning and continuous improvement
Building resilience is an ongoing journey. Nuuday op-
erates a formal Learning & Feed-back Loop that
ensures lessons from incidents, near misses, and mon-
itoring activities inform future risk identification and
mitigation. This loop strengthens risk maturity over
time.
By actively learning from experience and adapting our
approach, Nuuday continuously enhance its ability to
anticipate risks, respond effectively, and safeguard
critical infrastructure and customer trust.
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DKT Holdings ApS Annual Report 2025 13
Annual risk assessment summary
Developments in the risk landscape
As part of its Enterprise Risk Management (ERM)
framework, Nuuday conducts an annual risk assess-
ment to identify and evaluate the most significant
risks it faces. By embedding proactive, enterprise-
wide risk identification and management into day-to-
day operations, Nuuday ensures a resilient approach
to achieving its strategic objectives by minimising po-
tential disruptions, safe-guarding critical business pro-
cesses, and supporting informed decision-making and
prioritisation of resources and investments.
The top risks are summarised in over-arching risk
themes, providing a structured overview of the key
risk topics Nuuday deems most material for its strate-
gic objectives and long-term value generation, as a
significant contributor to the digital infrastructure in
Denmark. Only a select number of top key risk themes
are presented, not an exhaustive list of all risks in the
company.
The selection of top risks is evaluated through a com-
prehensive analysis of the current registered business
risks, risk reports, and information provided by rele-
vant regulatory authorities, as well as risk trend anal-
yses from leading risk management consultancies. The
risks are concisely described using relevant infor-
mation including their nature, potential impact, and
likelihood. This holistic appro-ach ensures that
Nuuday remains aware of the strategic and emerging
risks that may impact Nuuday and our commercial ini-
tiatives and operations.
Nuuday proactively initiates mitigation actions that al-
leviate the threat posed by the top risks it is facing.
Pro-active and structured management of risks is inte-
gral to the transformation into a leading digital tele-
communications service provider by identifying, as-
sessing, and managing potential downsides while fos-
tering innovation and competitiveness through new
ideas, products, and operational approaches.
The overall risk landscape has evolved over the past
year, influenced by geopolitical tensions, technologi-
cal advancements, commercial developments, and
changing regulatory frameworks. These develop-
ments have impacted our risk exposure, particularly
in cyber-security, compliance, and new commercial
initiatives.
Geopolitical tensions increase cyber-security risks. As
a critical infrastructure provider, Nuuday may attract
attention from hostile actors. They also reinforce the
need for robust sanctions screening and third-party
risk management.
Technological advancements, particularly in AI, offer
new commercial opportunities, while creating talent
and compliance challenges. Nuuday’s strategic invest-
ments are complemented by governance to meet
emerging regulatory requirements.
As its operations shift from transformation to benefit
realisation, the complexity of managing both new and
legacy systems may introduce operational or cost-re-
lated complexities. Nuuday’s business segment fo-
cuses on gradual modernisation instead of large-scale
replacement, requiring to sustain and secure legacy
systems while simultaneously scaling new services.
Additionally, its B2C ambitions require successfully
leveraging new IT capabilities. These challenges are
managed through strengthened governance and con-
tinued investments in stability and capacity.
Competition in B2C and B2B markets and market
changes require managing risks to maintain brand rel-
evance and competitive positioning, while addressing
business, security, and compliance challenges from
new commercial opportunities and geopolitical uncer-
tainties.
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DKT Holdings ApS Annual Report 2025 14
Technology & innovation
Rapid technological change and the adoption of emerging technologies can cre-
ate challenges, which Nuuday manages through strategic investments, automa-
tion, governance, and talent development.
Operational & execution
Complex IT programmes and legacy systems can create challenges, which Nuuday manages through govern-
ance, phased modernisation, and proactive capacity and stability measures.
What is the risk?
Description
Rapid technological advancements — particularly related to AI, automation,
cloud adoption, and next-generation connectivity — are accelerating industry
transformation and raising the competitive bar. Staying ahead requires not only
continuous investment but also the ability to scale innovation effectively. The
pace of change creates competitive risks associated with failing to modernise and
adopt emerging technologies in time. Additional risks arise from shortages of the
critical skills needed to implement advanced solutions and increased complexity
and uncertainty related to emerging technology regulation.
Description
As Nuuday transitions from large-scale transformation programmes to realising the full benefits of its IT and
infrastructure investments, it continues to rely on a complex mix of new platforms and remaining legacy sys-
tems. This creates execution risks linked to delays, unforeseen costs, and integration challenges that may hin-
der the achievement of expected efficiency gains and customer experience improvements. Additionally,
Nuuday’s premium market positioning depends on sustained investments in capacity, stability, and network
quality to prevent outages and maintain service excellence. Failure to execute these initiatives effectively
may result in operational disruption, increased cost levels, and slower time-to-benefit.
How does it
affect us?
Impact
An inability to adopt and scale new technologies may limit Nuuday’s competitive-
ness, increase operating costs, or delay the launch of new services. Adopting
emerging technologies involves technical complexity and transformation risks,
which create vulnerabilities to delays, cost overruns, and missing key market win-
dows. At the same time, shortages of specialised talent and heightened regula-
tory complexity could constrain execution, negatively impacting Nuuday’s ability
to maintain competitive differentiation and lead in next-generation connectivity
and digital solutions.
Impact
Challenges in transforming legacy systems and securing stable operations may impact Nuuday’s ability to de-
liver reliable services, support commercial growth, and remain competitive in a rapidly evolving technology
landscape. Dependency on large, interconnected IT programmes can increase vulnerability to delays and cost
overruns, while insufficient capacity or stability investments could negatively affect customer satisfaction,
brand perception, and Nuuday’s ability to differentiate on quality.
How are we
managing it?
Mitigation
Nuuday makes targeted, fit-for-purpose technology investments to support mod-
ernisation, scalability, and resilience. This includes strengthening digital architec-
ture, investing in AI and automation capabilities, and implementing governance
frameworks for responsible and compliant use of technologies. Nuuday works ac-
tively on talent development, strategic recruitment, and partnerships with tech-
nology providers to secure the required competencies. Its digital capabilities and
customer-centric insights enables to offer innovative solutions. Initiatives include
an AI partnership with DCAI, offering Danish companies access to Gefion’s super-
computing power and ensuring data sovereignty through CloudKey encryption.
Mitigation
Nuuday manages these risks through strengthened programme governance, structured benefit-realisation
frameworks, and phased decommissioning of legacy platforms. Together with its infrastructure provider(s),
Nuuday continues to invest in network capacity, stability, and monitoring capabilities to support premium
positioning and reduce the probability of outages. Enhancements to Nuuday’s operating model will support
more predictable execution. Regular performance reviews, scenario planning, and risk assessments ensure
that programme risks are identified early and addressed proactively.
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 15
Commercial & market
Market uncertainty – from changing technology, shifting customer expec-
tations, and geopolitics – can affect growth and brand relevance. As the
market leader, Nuuday addresses this through scalable and profitable
modernisation of our products, focusing on lifting customer and overall
market value.
Cybersecurity & information security
Rising cyber threats can affect services, data, and reputation.
Risks are managed through multilayered security, continuous
monitoring, incident preparedness, and strong governance.
Regulatory & compliance
Increasing regulatory complexity and evolving requirements
require stronger compliance. Nuuday maintains readiness
through structured controls, training, and engagement with
authorities.
What is the risk?
Description
Nuuday operates in competitive and rapidly evolving markets where cus-
tomer expectations, technological developments, and shifting commer-
cial models continuously reshape the competitive landscape. Risks in-
clude intensified competition, price pressure, changing customer behav-
iour, and challenges in maintaining brand relevance and market position-
ing. In addition, new growth initiatives, made possible by geopolitical ten-
sions and technological advancements, carry a high degree of uncertainty
due to the totality of change and timing risks.
Description
Cybersecurity threats continue to escalate, driven by geopolit-
ical tensions, increased digital interconnectedness, and the
growing sophistication of criminal and state-sponsored threat
actors. During 2025, the Danish authorities (SAMSIK) reiter-
ated the high risk of cyberattacks towards the Danish telecom-
munication sector. As a provider of critical digital infrastruc-
ture, Nuuday is exposed to risks such as targeted cyberat-
tacks, ransomware, data breaches, and attempts to disrupt es-
sential services. Emerging technologies, including AI and quan-
tum computing, further increase uncertainty by enabling more
advanced attack methods and challenging traditional security
models.
Description
The regulatory landscape is evolving rapidly across areas such
as data protection, telecommunications, AI governance, sanc-
tions and cybersecurity. These developments introduce in-
creased complexity, more stringent reporting and documenta-
tion requirements, and higher expectations for transparency
and risk-based third-party management. The cumulative ef-
fect of these regulatory obligations increases the risk of re-
source constraints and execution delays.
How does it
affect us?
Impact
These market dynamics may affect revenue, profitability, customer reten-
tion, and Nuuday’s ability to grow in both established and emerging seg-
ments. Market shifts driven by new entrants, innovative technologies, or
geopolitical conditions may require adjustments to pricing models, prod-
uct offerings, and go-to-market strategies.
Impact
A successful cyberattack would threaten the availability, integ-
rity, authenticity, and confidentiality of Nuuday’s services and
data. The exposure of sensitive data and disruption of key crit-
ical services could severely impact Nuuday’s reputation in the
market, and result in contractual breaches of key contracts,
and financial damages.
Impact
Failure to comply with applicable regulation or contractual ob-
ligations may result in fines, enforcement actions, delays to
commercial activities, or restrictions on service offerings. It
can also damage Nuuday’s reputation with customers, part-
ners, and regulators and require costly remediation efforts.
How are we managing
it?
Mitigation
As Denmark’s leading digital service provider, Nuuday continues to focus
on delivering high-quality solutions that provide premium value to its cus-
tomers. By modernising its product offerings and leveraging new IT capa-
bilities from its transformation, Nuuday aims to optimise its operations,
enhance customer experience, and deliver premium digital solutions.
Nuuday continuously sharpens the value proposition of its products and
services to ensure differentiated benefits across diverse customer seg-
ments that leverage Nuuday’s brand-specific strengths. Nuuday utilises
its major B2B and B2C brands to drive market value and service revenue
growth, enhancing the value of existing offerings as well as capturing
value through new market opportunities. Nuuday is committed to foster-
ing lasting customer relationships and securing profitable growth in both
established and emerging markets. In addition, Nuuday actively engages
in public discourse on key issues, such as national cybersecurity and
healthy digital habits among youth, reinforcing Nuuday’s societal impact
and strengthening brand relevance.
Mitigation
Nuuday operates a multi-layered cybersecurity programme
that is aligned with national security requirements and inter-
national standards. This includes continuous monitoring of
systems, advanced threat detection, incident response readi-
ness, and regular maturity assessments. Nuuday invests in se-
curity upgrades and vendor security controls and collaborates
closely with authorities and sector-specific security forums.
Nuuday strengthens our cybersecurity culture through em-
ployee awareness programmes, including quarterly town hall
discussions, regular training, and targeted employee screen-
ings. Governance is overseen at senior management and
board committee level. In addition, Nuuday actively contrib-
utes to national cybersecurity discourse and programmes, in-
cluding nationwide initiatives such as Hele Danmark Øver and
Cybersecurity Day, reinforcing Nuuday’s role as a trusted part-
ner in safeguarding Denmark’s digital ecosystem.
Mitigation
Nuuday monitors regulatory developments and implements
structured compliance programmes, which are supported by
clear policies, internal controls, training, and periodic audits.
Nuuday’s approach includes risk-based due diligence of suppli-
ers and partners, sanctions screening, and cross-functional
governance to ensure timely implementation of new regula-
tions. Nuuday engages proactively with regulatory authorities
and industry bodies to maintain alignment and preparedness.
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 16
The purpose of enterprise risk management
Risks are an integral part of our daily operations and business activities.
The purpose of Enterprise Risk Management (ERM) is to continuously
manage these risks as corporate risk exposure evolves. The ERM frame-
work fosters a comprehensive understanding and transparency to ensure
that key risk insights reach decision makers. Additionally, ERM aims to
balance risk against reward and to create and protect shareholder value.
Return on investments
As a regulated entity in some fixed line services, a significant proportion
of TDC Net’s revenues are subject to price regulation. TDC Net is currently
in dialogue with the Danish Competition and Consumer Authorities re-
garding the fair remuneration for the investments TDC Net has made and
will need to continue to make in network expansion, resilience and cyber
security. The outcome of this dialogue may affect both investment levels
and revenues.
Our risk management process and governance
The risk management approach of TDC NET ensures a consistent process
for identifying, assessing and responding to risks. This includes developing
and implementing mitigation plans and monitoring and reassessing the
outcomes.
We adhere to the ERM governance structure and the Annual Wheel as il-
lustrated in the figure to the right.
Our corporate risk landscape is shaped by insights gathered by the ERM
function through regular interviews with risk owners from relevant busi-
ness areas and functions.
This process ensures a comprehensive view of company-wide risks. Risks
are continuously updated and assessed, and mitigation strategies are es-
tablished and tracked. Subsequently, all risks are consolidated into an en-
terprise-wide risk overview.
Risk management – TDC NET
As a provider of critical infrastructure, TDC NET navigates a complex landscape of in-
herent risks. Its exposure is diverse, ranging from macroeconomic uncertainties and
risks associated with building and maintaining a digital network in Denmark to the
challenges posed by its technological transformation.
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 17
Each Executive Vice President (EVP) in the respective Business Units (BU)
is responsible for the risks within their area. These risks are validated and
signed off during individual BU leader meetings before the corporate ERM
risks are reviewed and discussed at quarterly Risk Committee meetings.
The Risk Committee consists of the ELT and key responsible personnel
from our most regulated areas, ensuring alignment of key risks and op-
portunities according to our strategic objectives and ensuring execution
of mitigating plans.
The overall risk exposure and status of key risks and mitigating activities
are subsequently reviewed by the Audit Committee every six months and
annually by the Board of Directors.
Opportunities are assessed alongside traditional business prospects. We
evaluate them based on their potential benefits, impact on strategic goals
and feasibility. This approach ensures that key opportunities, such as ex-
panding our 5G network, adopting renewable energy and enhancing data
security are appropriately prioritised and resourced.
As part of the risk management across business units, internal control
procedures ensure ongoing monitoring and reporting.
Insurance policy
Our insurance policy is designed to ensure that potential damages,
whether to physical assets, third-party liability or cyber incidents, do not
materially impact our equity or operational capacity. As a financial risk
management tool, insurance enables the distribution of catastrophic
losses over time through premium payments, while providing essential
claims support for incidents involving personal injury, property damage or
digital disruptions. Preventive measures are implemented to protect em-
ployee safety, and other risk mitigation actions are taken where finan-
cially viable. Our insurance programme is reviewed annually to ensure
alignment with our risk profile.
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 17
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 18
ESG risks as part of ERM
We assess both sustainability and traditional business risks using a unified
risk matrix. This ensures that critical risks, such as carbon emissions or
data privacy risks, receive appropriate attention and resources.
By fully integrating ESG risks into our overall risk management, we main-
tain a comprehensive approach that supports strategic objectives and en-
hances resilience and sustainability.
Our key enterprise risks in 2025 are presented in the figure below. Each
risk is described in more detail on the following page, providing content
on what the risk relates to, the potential impact if it materialises and the
mitigating actions in place.
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 19
Commercial trends and competition
Funding and capital markets risk
A
B
Description
Over the years, we have created a strong commercial position within our broadband and mobile in-
frastructure market. We own and operate a broad range of different technologies. As the industry is
facing increasing consumer demand for faster connectivity, we embrace the deployment of high-
speed infrastructure in our platforms. Simultaneously, we foresee a decrease in relevance over time
for legacy technologies and products as more consumers can connect to the new infrastructure of-
ferings.
Potential impact
If we become unsuccessful in anticipating and aligning with market demands, we may encounter
added operating costs linked to the continued use of legacy technologies. Conversely, decommis-
sioning our legacy platforms at a pace exceeding market demand could potentially result in the loss
of customers and missed business opportunities.
Mitigation action
We actively track market trends and the shift from legacy to future-proof technologies, which ena-
bles us to anticipate and respond to technological developments. This positions us to align our port-
folio with prevailing market dynamics. Hence, we prioritise the decommissioning of legacy platforms,
ensuring that customers are seamlessly connected to resilient new infrastructure. Simultaneously,
we concentrate on enhancing the customer experience in our fibre roll-out, adopting a ’first time
right’ approach. Our commitment to delivering fast fixed connections and maintaining Denmark’s
premier mobile network remains central to our overall strategy.
Not ESG
Description
As part of the transformation, we have an extensive investment programme. Our capital expenditure
is funded by a strong resilient cash flow from operations. Our debt portfolio consists of loans, bonds
and credit facilities and depends on stable access to capital markets for funding and liquidity manage-
ment. This also includes derivatives for hedging interest-rate and foreign currency exposure.
Potential impact
Fluctuating interest rates may adversely impact future interest costs, and fluctuations in foreign cur-
rency prices may impact procurement costs, debt levels or interest costs.
Mitigation action
We apply treasury management to ensure stable financial risks. We regularly monitor our financial
exposures and follow an active hedging strategy thereby hedging interest rates for more than four
years, and foreign currency risks are hedged to DKK or EUR with very limited room for other expo-
sures. Intra quarter cash flow movements are mitigated through cash and revolving credit facilities.
Moreover, we plan our liquidity, refinancing, leverage and cash flows with caution to ensure a sus-
tainable financial position. On an ongoing basis, we optimise debt issuance depending on develop-
ments in the capital markets and the funding needs of TDC NET.
Not ESG
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 20
Cyber and information security
Supplier conduct
C
D
Description
We greatly rely on information systems and technologies to facilitate our daily operations. As a
major provider of national critical infrastructure, we are aware of the risks associated with
cyberattacks.
Potential impact
A cyber security breach could pose a concern for our integrity, with the possibility of sensitive
data being at risk, service disruptions, financial impacts and damage to our reputation. Further-
more, a cyber security incident might have the potential to escalate beyond our organisation.
Mitigating actions
To enhance our resilience against cyber threats, we have implemented key strategic measures to
strengthen risk management and reinforce disaster recovery and business continuity planning.
Our Cyber Defence Centre has earned a top industry certification in incident response, marking us
as a leader in cyber security in Denmark. Adhering to NIST and ISO frameworks, we systematically
manage and prioritise cyber security, ensuring our preparedness against emerging threats. Our
comprehensive approach ensures that we remain a steadfast and trustworthy partner for our cus-
tomers, protecting their interests and our own with immense dedication and expertise.
We train all our employees within cyber and information security to increase risk awareness.
Governance
Description
We rely on an international network of suppliers that operates in diverse legislative jurisdictions
and with varying degrees of maturity across various practices, including sustainability and compli-
ance. Sustainability practices encompass considerations related to the environment, health and
safety, labour, and human rights and anti-corruption measures. We face risks related to
labour-intensive services resulting from general cost and wage inflation, locally and internationally.
Potential impact
The risk of suppliers being non-compliant with environmental and social legislation poses an ongo-
ing threat to our operations, integrity and reputation. Such instances may give rise to legal dis-
putes and require supply chain changes. The risk of increases in prices of labor-intensive services
could add pressure to our financial and business activities.
Mitigating actions
Our process for supplier selection employs a risk-based vendor management approach. Based on
their sustainability practices, it identifies suppliers for focused scrutiny. Sustainability assessments
are conducted for mid- and high-risk suppliers, with selected high-risk suppliers undergoing addi-
tional audits through the Joint Alliance for CSR. Ongoing category and supplier performance man-
agement, competitive sourcing processes and standardised contracts with our suppliers are instru-
mental tools in responding to increasing price pressure and securing a stable cost base.
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 21
Legal compliance and data privacy
Recruiting a skilled workforce
E
F
Description
With our strong market position in specific areas, we are subject to sector-specific regulations, in-
cluding emergency communications, security measures, sanctions aligned with EU, US and Danish
legislation and compliance with data privacy rules and the EU Artificial Intelligence Act (the AI
Act).
Potential impact
Non-compliance may result in fines and adverse decisions from the Danish Business
Authority, as well as the Danish Competition and Consumer Authority. Legal requirements for in-
vestors, customers and suppliers could be affected by Danish authorities. The Danish Centre for
Cyber Security and the Danish Data Protection Agency could impose restrictions on agreements
and arrangements in relation to our infrastructure. Furthermore, any GDPR compliance shortfalls
could lead to potential legal disputes and reputational damage.
Mitigating actions
We have implemented a comprehensive compliance programme that involves security, privacy
and AI governance training for all new employees and prompts all employees to conduct regula-
tory checks to ensure a proactive approach. We monitor legal and political developments in the
market, allowing us to adapt swiftly. Furthermore, we have implemented security and data pro-
tection measures aligned with the GDPR, the EU Artificial Intelligence Act (the AI Act) and Danish
security regulations regarding security breaches and threats to personal data. Finally, we have
strong governance with a central privacy team, specifically addressing data protection and privacy
concerns, and a Data Protection Manager responsible for GDPR compliance in each business unit.
Governance
Description
Recruiting resources with a background in IT, artificial intelligence, data, cloud and transformation
with hands-on experience is a regular challenge. This is due to the rapidly evolving technological
landscape and overall high demand for specialised skill globally. Additionally, female resources in
IT with the right capabilities are scarce in the industry, which makes recruitment of a diverse
workforce challenging.
Potential impact
The challenges of recruiting resources with an IT and transformation background may result in a
skills gap, potentially hindering our transformation initiatives. The difficulty in recruiting interna-
tional and female resources in IT hampers gender diversity, potentially limiting the organisation’s
ability to tap into a diverse talent pool.
Mitigating actions
We have adjusted our strategic recruitment approach and maintained our value proposition in the
market to attract national and international resources with IT and artificial intelligence back-
grounds and have furthermore invested heavily in establishing and launching the TDC NET Acad-
emy, encompassing relevant training programmes to bridge skills gaps and ensure the workforce
remains adaptable to evolving technologies. We prioritise succession planning by identifying key
roles and cross-training existing specialists to bridge technological gaps. In addition, we actively
promote diversity and inclusion initiatives internally and externally to address the challenges of
diversity. This involves fostering an inclusive workplace culture and establishing outreach pro-
grammes through partnerships to attract a more diverse talent pool.
Social
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 22
Climate change adaptation
G
Description
Climate change and weather-related disasters pose a potential threat to our infrastructure, specif-
ically heavy downpours causing flooding or landslides on our mobile equipment and crucial infra-
structure at our sites, which are essential for maintaining uninterrupted telecommunication ser-
vices.
Potential impact
The impacts of climate-induced events, such as flooding, can be severe. Direct exposure to water
poses a threat to mobile equipment, power switchboards and batteries across our sites. Such
damage can disrupt our operational capabilities and result in service outages. Furthermore, the
financial implications of repairing or replacing equipment, coupled with potential service disrup-
tions, could result in revenue losses and reputational damage.
Mitigating actions
Establishing three physical locations for our mobile network operation ensures full redundancy. In
the event of a site being flooded, seamless continuity is assured through failover data centres
safeguarding against service disruptions. Furthermore, multiple climate protection activities at ex-
posed sites are carried out, with more to come in the short-term future.
Environment
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 23
The DKTH Group’s mission is to build and support an
innovative, open model to ensure all of
Denmark connects to the new digital opportunities
(see also ‘DKTH Group in brief’).
Following the separation of the Group into the two
stand-alone companies, Nuuday and
TDC NET, there are no longer ESG (human rights, em-
ployee matters, environment/climate, anti-corrup-
tion) policies at group level. However, the manage-
ment of DKTH Holding A/S oversees the two compa-
nies’ sustainability ambitions and ethical values in re-
lation to the matters mentioned above.
As the Group’s activities take place in the two subsidi-
aries, Nuuday and TDC NET, this is where ESG policies,
practices and performance have an impact. In addi-
tion, the most significant ESG risks are identified and
managed in Nuuday and TDC NET. See also the ‘Risk
management’ section.
The following pages comprise a summary of ESG in
Nuuday and TDC NET, respectively.
The following statement on section 99a and 99d of
the Danish Financial Statements Act forms part of TDC
Holding A/S, DK Telekommunikation ApS and DKT Fi-
nance ApS management review, respectively.
Nuuday has received limited assurance from an inde-
pendent third-party assurance provider for a selection
of its sustainability disclosures. TDC NET has received
limited assurance for all of its sustainability disclo-
sures, as required under CSRD. For further details, see
their respective annual reports.
Statement on data ethics policy
Due to the separation of the Group, there is no longer
a data ethics policy at group level in force. However,
Nuuday and TDC NET have taken the previous TDC
Group data ethics policy and implemented it into the
respective organisations to fit the specific business ac-
tivities and use of data in the two companies. This is
described in the respective sustainability state-
ments/reports, cf. below.
ESG
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 24
Climate action is a central part of our sustainability
agenda: we are committed to reaching Net Zero in
our own operations by 2028 and across our value
chain by 2040, guided by science-based targets and a
decarbonisation roadmap. Circularity shapes how we
manage physical products. We aim to make Device-
as-a-Service the standard, expand buy-back, sell more
used products and by that ensure that equipment
stays in circulation and not in drawers. In parallel, we
aim to work with partners and on our own labelled
products to embed circular design principles from the
outset.
Our social responsibility reflects our role in shaping a
digital society that works for everyone. Through part-
nerships, solutions, and knowledge-sharing, we sup-
port families and children in navigating an increas-
ingly connected world, promoting healthier digital
habits and stronger digital wellbeing.
And lastly, cybersecurity underpins everything we do.
As digital threats continue to grow, we work to pro-
tect data, ensure resilient and secure digital infra-
structure, and strengthen trust in the digital services
that individuals, businesses, and society depend on
every day.
In parallel, we are focused on our own workforce and
ensuring trust across the value chain.
Every day, we endeavour to make Nuuday a safe and
inclusive workplace. Diversity and equal opportunities
are part of how we focus on creating a culture where
everyone feels they belong. Health and safety are just
as important: from mental wellbeing programmes to
clear safety standards, we aim to provide a healthy
environment that supports people in doing their best
work.
Trust starts with governance. We uphold strict com-
pliance through robust policies in areas including anti-
corruption and anti-bribery. Internally, we secure
data and operations with advanced cyber-security
and physical safeguards, while enforcing clear risk
management standards. These measures ensure in-
tegrity and accountability in everything we do.
Sustainability
priorities– Nuuday
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 25
Environment – combating climate change
In 2025, we achieved a major milestone: our decar-
bonisation plan, which we finalised last year, as well
as our ambitious near-term and long-term targets,
were validated according to the Corporate Net-Zero
Standard set by the Science Based Targets initiative
(SBTi). This milestone ensures our business plans and
operations align with the 1.5° degrees pathway.
We have set a clear trajectory with our validated tar-
gets: achieving Net Zero in scope 1 and 2 by 2028.
Moreover, we aim to reduce our Scope 3 emissions by
70% by 2030, with Net Zero across the value chain by
2040. For scope 1 and 2 emissions, we use 2020 as
the baseline year, and for scope 3, the baseline year is
2022.
99% of our emissions lie in scope 3, including the
manufacturing of products sold, the mobile and fibre
networks, the use of products and the end-of-life
treatment. We have categorised our scope 3 decar-
bonisation actions, as follows: 1) supplier engage-
ment, 2) reduce equipment, 3) push sustainable prod-
ucts and 4) other categories.
This year, for the first time, we have included gross
greenhouse gas (GHG) emissions per net revenue for
both location and market-based emissions. This ena-
bles showcasing of our climate impact per unit of net
revenue.
2025 performance
We have reduced our scope 1 emissions by 955
tonnes and 58% and our scope 2 emissions by 2,692
tonnes and 69% compared to our 2020 baseline year¹.
For scope 3, we have reduced our emissions by
108,296 tonnes and 37% compared to our 2022 base-
line year². This shows solid progress towards our am-
bitious climate targets.
This year, our gross GHG emissions per net revenue
was 12.66, which is a reduction from 13.85 in 2024
(metric tonnes of CO2e/mDKK).
Environment – scaling circular initiatives
Nuuday’s circularity efforts are guided by three key
ambitions. First, we aim to make Device-as-a-Service
the standard offering where possible. Secondly, we
seek to increase the capture and recirculation of cus-
tomer hardware by reducing the amount of IT equip-
ment and devices that remain unused in drawers,
storage rooms, and business basements, while in-
creasing the share of reused hardware and phones
sold. Thirdly, we work with partners to apply circular
design principles across our product portfolio and
connectivity solutions, focusing on durability, repaira-
bility, reuse, and the use of more sustainable materi-
als from the outset.
2025 performance
In 2025, we expanded our take-back and refurbish-
ment programmes – and the resulting impact – across
devices for mobile, broadband, and network solu-
tions. Within our core telco products, we refurbished
192,468 broadband and TV units as well as 56,891
MBB units, an increase in both categories from 2024
to 2025.
In total, we managed to prevent 95.9 metric tonnes of
e-waste in 2025, a substantial increase from 79.2
metric tonnes in 2024.
During 2025, Nuuday's total waste amounted to 254.8
tonnes, a decrease from 294.9 tonnes in 2024. We
had a recycling rate of 64% (163.4 tonnes), with the
vast majority of the remaining amount directed to
disposal through incineration.
Social– children’s wellbeing in a digital world
Supporting better digital habits is not only a societal
obligation – it is part of our ambition to create a se-
cure and sustainable digital future for all. Nuuday is
committed to helping children have an age-appropri-
ate and positive start to their digital lives. Through
YouSee’s national initiative, we sparked a nation-wide
conversation on the selection of the child’s first mo-
bile phone, shifting the conversation from passive ac-
ceptance to active responsibility. The survey showed
that on average children receive their first mobile
phone when they are 8.2 – much earlier than their
parents would optimally like. This focus started a
much-needed public discussion about why that is and
how this affects children’s digital lives.
Other collaborations with non-profit organisations
and digital safety experts are key enablers to support
parents. YouSee has a strategic partnership with
Børns Vilkår, to support its efforts for a safer, digital
childhood. Beyond that, YouSee partners with head-
space.dk supporting the national #Sluk-Sammen (turn
off your phones) campaign, which creates awareness
about screen time and better digital habits. The cam-
paign encourages Danes to switch off their phones for
an entire day. In 2025, the campaign was held on the
21st of September.
2025 performance
In 2025, we reinforced our commitment to guiding
Danish children and families towards a safer and
more balanced digital life, together with our trusted
partners. Collaborating with the Danish research insti-
tute Wilke, YouSee explored parents’ thoughts and
beliefs when choosing their child’s first phone.
In 2025, TDC Erhverv further strengthened the secu-
rity of BørneTelefonen by implementing the CloudKey
encryption solution. This ensures that all conversa-
tions are fully encrypted, providing maximum confi-
dentiality and data protection for both Børns Vilkår
and the children and young people who reach out for
support. By combining secure infrastructure with ad-
vanced encryption, TDC Erhverv helps create a
trusted digital space where vulnerable users can
speak freely and safely – reinforcing trust as a funda-
mental element of digital responsibility.
Social– Our workforce: DEIB and wellbeing,
health and safety at heart
We anchor DEIB in three focus areas – getting the ba-
sics right, embedding DEIB in all we do, and culture
and leadership.
By prioritising WHS, we aim to enhance employee sat-
isfaction, reduce turnover, and improve productivity.
Our holistic approach integrates mental and emo-
tional wellbeing with physical safety to create a resili-
ent organisation.
2025 performance
Progress is monitored quarterly and our Q4 engage-
ment survey revealed outstanding inclusion scores on
a 100-point scale. Perceived inclusion scored 89, psy-
chological safety 88, and equal opportunities (across
gender, age, ethnicity, sexual orientation, family sta-
tus, disabilities, religion, and language) held steady at
89.
Gender balance remains a key ambition at Nuuday.
We achieved 29% in managerial positions and 42% in
top management. Diversity is further reflected among
other parameters. Approximately 16% of the work-
force are of non-Danish nationalities, and the age
range spans across 55 years, from 17 to 72.
Governance– Protecting a digital Danish society
Denmark is one of the world’s most digitalised coun-
tries, which brings both great opportunities and new
risks. For Nuuday, protecting our customers from
cyberattacks and data breaches is not just a technical
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 26
task – it is a core responsibility. Households, busi-
nesses, and the public sector rely on us for secure and
reliable networks, and maintaining this trust is essen-
tial to our role as Denmark’s most trusted technology
partner.
Our ambition is clear: to make security an enabler of
innovation – not a barrier – and to ensure that digital-
isation and trust go hand in hand in Danish society.
Through TDC Erhverv’s Security Operations Centre –
one of Denmark’s largest – we monitor and handle
cyberattacks in real time 24/7 and protect critical in-
frastructure across public and private customers. We
also provide important insights into the current threat
landscape and the types of cyber threats that hit Dan-
ish businesses every day.
Through our TDC Erhverv CloudKey encryption solu-
tion, we ensure data sovereignty by enabling Danish
businesses to use cloud services without compromis-
ing control over their data. By embedding security
and encryption across infrastructure, cloud and con-
nectivity, we support customers in meeting regulatory
requirements, safeguarding sensitive data and ensur-
ing business continuity.
2025 performance
This year, YouSee has integrated and added Mobil-
Sikker, its own mobile DNS security filter, to all con-
sumer customers, which also protects customers from
entering malicious domains on the mobile network.
Moreover, YouSee routers with built-in security
blocked harmful content more than 336 million times
in 2025, which is more than 650 attempts per house-
hold.
Overall, we have further strengthened our cybersecu-
rity position in TDC Erhverv, adding to our existing
strong position as a thought leader and prominent
societal actor. A position that has been obtained
through our insights and data reports, events during
the year, the use of experts in media and through
closer collaboration and engagement with partners,
other industries, and the government, e.g. TDC
Erhverv’s participation in the national safety forum
Erhvervs-Forum. At YouSee, we launched strong initi-
atives enhancing the protection of the average con-
sumer when online.
Governance– Trust across the
value chain
In the telecommunications industry, maintaining
strong and compliant operations and the value chain
is vital for delivering reliable services, protecting cus-
tomer data, and ensuring adherence to regulatory ob-
ligations. For Nuuday, compliance is not just about
meeting legal requirements; it is a core enabler for
ethical, efficient, and responsible operations across
the entire value chain.
From sourcing network equipment and software to
deploying and maintaining infrastructure and serving
millions of customers, compliance ensures that every
action is guided by clear standards and ethical princi-
ples.
We aim to ensure the highest standards in order to
take care of our employees while meeting stake-
holder expectations. We therefore have two ISO certi-
fications across our business, covering environmental
management (ISO 14001) and occupational health
and safety (ISO 45001), while TDC Erhverv holds an in-
formation security certification (ISO 27001) for a part
of its business.
To ensure proper conduct of employees and partners,
we have an anti-bribery and corruption policy that
guides internal behaviours, as well as a partner code
of conduct covering anti-bribery, corruption preven-
tion, and respect for human rights, that suppliers and
partners must obey.
The whistleblower process is another critical element
of our compliance framework, providing a confiden-
tial channel for raising concerns that may otherwise
be difficult to voice and reinforcing a culture, where
speaking up is both safe and
valued.
2025 performance
In 2025, we advanced key controls within our compli-
ance mandate. We clarified and broadly communi-
cated our gifts and hospitality requirements, reinforc-
ing our anti-bribery and anti-corruption commitments
and policy. In addition, we strengthened our trade re-
strictions screening capabilities through a new proce-
dure and system designed to ensure that business
counterparties are properly assessed, reducing the
risk of engaging with sanctioned individuals or enti-
ties.
Significant efforts were dedicated to the implementa-
tion of Tele-NIS2 and the Digital Operational Resili-
ence Act (DORA). Our information security and risk
management policies were updated, and key pro-
cesses were strengthened to ensure compliance with
regulatory requirements, including security in supplier
and customer relationships as well as incident and cri-
sis management.
Nuuday received four whistleblower reports through
our Whistleblower Portal, but none involved viola-
tions of human rights or our anti-bribery and anti-cor-
ruption policy. We will continue our work with human
rights, anti-bribery and anti-corruption in 2026.
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 27
Our most material issues are addressed via the following sustainability
priorities:
• Environment
• Wellbeing, health and safety
• Diversity, equity, inclusion and belonging
• Digital trust
Ambitions, targets and initiatives have been defined for these four prior-
ity areas – and we closely monitor the progress towards the targets to de-
liver clear results. The four sustainability priorities are built on a founda-
tion of 'governance, compliance and conduct' as well as ‘future-proof dig-
ital infrastructure’, aiming at building a reliable, resilient and sustainable
digital infrastructure for the benefit of Denmark
1
.
Our direction for sustainability
TDC NET’s sustainability priorities
Our 2030 corporate Connectivity Pioneers strategy sets
the strategic direction for our work with sustainability
towards 2030.
1
Decision making related to our sustainability priorities is anchored with our
Executive Leadership Team and Board of Directors, including Board-level committees.
Future-proof digital infrastructure
Build reliable, resilient and sustainable digital infrastructure
Connectivity Pioneers
Sustainability as a core element of our corporate strategy and
transformation to become the leading customer-centric green TechCo
Digital trust
Protect the network,
personal data and
privacy rights
Diversity, equity,
inclusion and
belonging
Ensure equal
opportunities and an
inclusive culture
Wellbeing,
health
and safety
Become one of the
Environment
Achieve zero
negative climate and
nature
impacts from our
business
Governance, compliance and conduct
Ensure strong governance, compliance and good business conduct
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 28
TDC NET’s double materiality assessment helps us
identify environmental, social and governance
(ESG) issues that are highly relevant for us to focus
on. We respond to the most material issues via
sustainability
programmes for each of our sustainability
priorities.
Double Materiality assessment
Our materiality approach is aligned with guidance in CSRD ESRS 1. A thor-
ough due diligence process pertaining to sustainability matters has been
conducted. This process was designed to identify, assess and manage im-
pacts, risks and opportunities related to our operations.
Over the past year, we have continued to improve energy efficiency and
expanded renewable energy use, lowering our carbon footprint. We have
advanced workforce diversity and employee wellbeing, while addressing
new challenges arising from increases in remote working through training
and support Cyber security remains a critical risk, and we have continued
to invest in advanced threat detection. Demand for high-speed internet
continues to drive growth opportunities, particularly as we expand our 5G
network and explore emerging technologies such as IoT and AI.
For a full account of TDC NET’s activities and achievements throughout
2025 within the areas of sustainability, see TDC NET’s Annual Report
2025.
Addressing
TDC NET’s material impacts
In brief Financial review Risk management ESG Consolidated Financial statements
DKT Holdings ApS Annual Report 2025 29
TDC NET’s key sustainability targets
and results
Wellbeing, health and safety
Become one of the safest places
to work in Denmark with a strong wellbe-
ing, health and safety
mindset
Targets
· Zero fatality tolerance: reduce total
recordable injury frequency to 10 in 2030
from 23.5 in 2023.
· Build a proactive wellbeing, health and safety
culture, striving to maximise learnings from
incidents and near misses to prevent injuries
to work.
2025 performance
⚫ 0 fatalities.
⚫ Decline in total recordable injury frequency
rate from 19.0 in 2024 to 13.0 in 2025.
⚫ Increase in registered near-miss reports, by
32.8% compared with 2024.
SDGs 8
Promote a safe and secure working
environment for all workers.
Diversity, equity, inclusion
and belonging
Foster an inclusive culture,
equal opportunities and a
diverse workforce
Targets
· Maintain a balanced gender representation
on the Board of Directors with no less than
40% of the underrepresented gender.
· Move towards a more balanced gender distri-
bution, targeting 35% women at all leader-
ship levels by 2030.
2025 performance
⚫ 80% women out of the total number of Board
members and 100% women out of share-
holder-elected Board members.
⚫ 22% woman at executive leadership level.
⚫ 32% women at senior leadership level.
⚫ 27% women in all leadership positions.
SDGs 5
Achieve equal opportunities for
leadership at all levels.
Environment
Achieve zero negative climate
and nature impacts from our
business
Targets
· 100% renewable energy in operations
by 2028
· Net-zero CO
2
on Scopes 1 and 2 by 2028 and
Scopes 1,2 and 3 by 2030
· 30% preserved TDC Net land by 2030
· Zero waste company in 2030
2025 performance
⚫ Renewable energy covering 72% of our
energy consumption.
⚫ 9% reduction in Scope 1, 2 and 3 emissions
compared with 2024.
⚫ 12.6% preserved TDC NET land
(2024: 9.6%).
⚫ 82% waste recycled or reused (2024: 79%)
SDGs 7, 13 & 15
Ensure affordable and clean energy
& climate action and halt for loss
of biodiversity
Digital trust
Protect network integrity, personal
data and the right to privacy
Targets
· All employees to complete a GDPR
e-learning course.
· All employees to complete a security
e-learning course.
2025 performance
⚫ 87% of employees complete a GDPR
e-learning course.
⚫ 97% employees complete to security
e-learning course.
SDGs 12 & 16
Promote responsible consumption and
justice in societies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 30
Financial statements
Consolidated financial statement ....................... 31
Parent company financial statement ................... 92
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 31
Consolidated financial statements ........................................................... 32
Income statement ................................................................................... 32
Statement of comprehensive income ...................................................... 32
Balance sheet........................................................................................... 33
Statement of cash flows .......................................................................... 34
Statement of changes in equity ............................................................... 35
Notes to the consolidated financial statements ...................................... 36
Parent company financial statements ..................................................... 92
Management statement and independent auditor’s
report ..................................................................................................... 102
Management statement ........................................................................ 102
Independent auditor’s report ................................................................ 103
Secon 1 - Basis of preparation
1.1. Material accounting policies ........................... 37
1.2. Climate related matters .................................. 38
1.3. Significant accounting judgements and
estimates and assumptions ............................ 39
1.4. New accounting standards ............................. 39
Secon 2 - Profit/(loss) for the year
2.1. Segment reporting .......................................... 41
2.2. Revenue .......................................................... 44
2.3. Cost of sales .................................................... 46
2.4. External expenses ........................................... 46
2.5. Personnel expenses ........................................ 47
2.6. Depreciation, amortisation and
impairment losses ........................................... 48
2.7. Special items ................................................... 49
2.8. Income taxes ................................................... 51
Secon 3 - Operating assets and liabilities
3.1. Impairment ..................................................... 54
3.2. Intangible assets ............................................. 57
3.3. Property, plant and equipment ...................... 60
3.4. Lease assets and liabilities .............................. 62
3.5. Trade receivables ............................................ 64
3.6. Contract assets and liabilities ......................... 65
3.7. Provisions........................................................ 66
3.8. Pension assets and pension obligations .......... 68
Secon 4 - Capital structure and financing costs
4.1. Equity .............................................................. 73
4.2. Loans and derivatives ..................................... 74
4.3. Financial risks .................................................. 78
4.4. Credit ratings and net interest-bearing
debt ................................................................. 79
4.5. Financial income and expenses ....................... 80
4.6. Maturity profiles of financial
instruments ..................................................... 82
Secon 5 - Cash flow
5.1. Adjustment for non-cash items ....................... 85
5.2. Change in working capital ............................... 85
5.3. Changes in liabilities arising from
financing activities .......................................... 86
Secon 6 - Other disclosures
6.1. Incentive programmes .................................... 88
6.2. Related parties ................................................ 89
6.3. Fees to auditors .............................................. 90
6.4. Other financial commitments ......................... 90
6.5. Pledges and contingences ............................... 91
6.6. Events after the balance sheet date ................ 91
6.7. Overview of Group companies at 31
December 2025 ............................................... 91
Financial statements
Contents
Notes to the consolidated financial statements
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 32
Income statement
Statement of comprehensive income
(DKKm)
Note
2025
2024
Revenue
2.1, 2.2
16,029
15,817
Cost of sales
2.3
(5,133)
(4,880)
Gross profit
10,896
10,937
External expenses
2.4
(2,182)
(2,131)
Personnel expenses
2.5
(2,788)
(2,837)
Other income
2.2
254
225
Operating profit before depreciation, amortisation and special items (EBITDA)
6,180
6,194
Depreciation, amortisation and impairment losses
2.6
(5,362)
(5,022)
Special items
2.7
(392)
(260)
Operating profit (EBIT)
426
912
Financial income and expenses
4.5
(4,737)
(4,313)
Loss before income taxes
(4,311)
(3,401)
Income taxes
2.8
184
35
Loss for the year
(4,127)
(3,366)
Attributable to:
Shareholders
(4,127)
(3,366)
Loss for the year
(4,127)
(3,366)
(DKKm)
Note
2025
2024
Loss for the year
(4,127)
(3,366)
Items that cannot subsequently be reclassified to the income statement:
Remeasurement of defined benefit pension plans
3.8
(267)
576
Income tax relating to remeasurement of defined benefit pension plans
2.8
59
(126)
Other comprehensive income/(loss)
(208)
450
Total comprehensive loss
(4,335)
(2,916)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 33
Balance sheet
Assets (DKKm)
Note
2025
2024
Non-current assets
Intangible assets
3.1, 3.2
30,958
31,887
Property, plant and equipment
3.3
18,946
19,192
Lease assets
3.4
2,566
2,749
Joint ventures, associates and other investments
8
9
Pension assets
3.8
9,110
9,926
Prepaid expenses and other receivables
59
54
Total non-current assets
61,647
63,817
Current assets
Inventories
212
206
Trade receivables
3.5
1,460
1,387
Contract assets
3.6
741
671
Derivative financial instruments
334
438
Prepaid expenses and other receivables
676
496
Short-term bonds
-
653
Cash
2,013
2,350
Total current assets
5,436
6,201
Total assets
67,083
70,018
Equity and liabilities (DKKm)
Note
2025
2024
Equity
Share capital
0
0
Retained earnings
(12,993)
(8,658)
Total equity
4.1
(12,993)
(8,658)
Non-current liabilities
Shareholder funding
4.2, 4.6
30,902
28,383
Deferred tax liabilities
2.8
3,204
3,780
Provisions
3.7
343
330
Loans
4.2, 4.6
31,724
32,346
Spectrum licence fee liabilities
4.6
1,019
1,221
Other long-term debt
4
-
Lease liabilities
3.4
2,833
3,049
Other payables
406
403
Total non-current liabilities
70,435
69,512
Current liabilities
Loans
4.2, 4.3, 4.4
772
-
Spectrum licence fee liabilities
4.6
239
239
Lease liabilities
3.4
541
507
Trade payables
3,182
3,503
Other payables
1,996
2,190
Contract liabilities
3.6
2,549
2,431
Income tax payable
2.8
48
7
Derivative financial instruments
142
115
Provisions
3.7
172
172
Total current liabilities
9,641
9,164
Total liabilities
80,076
78,676
Total equity and liabilities
67,083
70,018
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 34
Statement of cash flows
(DKKm)
Note
2025
2024
Operating activities
Operating profit before depreciation, amortisation and special items (EBITDA)
6,180
6,194
Adjustment for non-cash items
5.1
4
62
Pension contributions
785
784
Payments related to provisions
3.7
(23)
(29)
Payments related to special items
2.7
(329)
(163)
Change in working capital
5.2
(541)
(495)
Interest received
4.5
690
952
Interest paid
4.5
(2,955)
(2,981)
Income tax paid
2.8
(293)
(233)
Total cash flow from operating activities
3,518
4,091
Investing activities
Investment in property, plant and equipment
3.3
(2,425)
(2,862)
Investment in intangible assets
3.2
(1,665)
(1,713)
Investment in other non-current assets
(6)
(2)
Investment in short-term bonds
-
(914)
Sale of other non-current assets
17
7
Sale of short-term bonds
653
1,190
Total cash flow from investing activities
(3,426)
(4,294)
(DKKm)
Note
2025
2024
Financing activities
Proceeds from long-term loans
5.3
7,942
3,717
Repayment of long-term loans
5.3
(7,961)
(3,990)
Settlement of derivatives related to long-term loans
-
9
Cost related to long-term loans
(6)
(8)
Repayment of lease liabilities
5.3
(400)
(384)
Total cash flow from financing activities
(425)
(656)
Total cash flows
(333)
(859)
Cash and cash equivalents (beginning of period)
2,350
3,201
Effect of exchange-rate changes on cash and cash equivalents
(4)
8
Cash and cash equivalents end of year
2,013
2,350
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 35
Statement of changes in equity
(DKKm)
Share capital
Retained
earnings
Total
Equity at 1 January 2024
0
(5,742)
(5,742)
Loss for the year
-
(3,366)
(3,366)
Remeasurement effects of defined benefit pension plans
-
576
576
Income tax relating to remeasurement effects of defined benefit pension plans
-
(126)
(126)
Total comprehensive loss
-
(2,916)
(2,916)
Equity at 31 December 2024
0
(8,658)
(8,658)
Loss for the year
-
(4,127)
(4,127)
Remeasurement effects related to defined benefit pension plans
-
(267)
(267)
Income tax relating to remeasurement effects from defined benefit pension plans
-
59
59
Total comprehensive loss
-
(4,335)
(4,335)
Equity at 31 December 2025
0
(12,993)
(12,993)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 36
Section 1
Basis of preparation
This section sets out the basis of preparation, which relates to the
financial statements as a whole. Where an accounting policy is specific to
one note, the policy is described in the note to which it relates. Similarly,
critical sources of estimation uncertainty are described in the notes to
which they relate.
1. In this section
1.1. Material accounting policies ............................................. 37
1.2. Climate-related matters ................................................... 38
1.3. Critical accounting estimates and judgements ................. 39
1.4. New accounting standards ............................................... 39
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 37
DKT Holdings ApS’ consolidated financial statements
for 2025 have been prepared in accordance with IFRS
Accounting Standards as adopted by the European
Union (EU) and further disclosure requirements in the
Danish Financial Statements Act.
The consolidated financial statements are based on
the historical cost convention, except for financial as-
sets and liabilities that are initially measured at fair
value adjusted for transaction costs if they are not
subsequent measured at fair value through the in-
come statement. The consolidated financial state-
ments are presented in Danish kroner (DKK), and all
values are rounded to the nearest million, except
when otherwise indicated.
When preparing the consolidated financial state-
ments, Management makes assumptions that affect
the reported amount of assets and liabilities at the
balance sheet date, and the reported income and ex-
penses for the accounting period. The accounting esti-
mates and judgements considered critical to the prep-
aration of the consolidated financial statements are
shown in note 1.3.
The Group has prepared the financial statements on
the basis that it will continue as a going concern.
Consolidation policies
The consolidated financial statements include the fi-
nancial statements of the Parent Company and sub-
sidiaries in which DKT Holdings ApS has direct or indi-
rect control. Joint ventures in which the Group has
joint control and associates in which the Group has
significant influence are recognised using the equity
method.
The consolidated financial statements have been pre-
pared on the basis of the financial statements of DKT
Holdings ApS and its consolidated companies, which
have been restated to reflect the Group accounting
policies, combining items of a uniform nature.
On consolidation, intra-group income and
expenses; shareholdings, dividends, internal balances;
and realised and unrealised profits and losses on
transactions between the consolidated enterprises
have been eliminated.
Alternative Performance Measures (APM)
The Group presents financial measures which are not
defined according to the IFRS. These alternative per-
formance measures (APM) are used to provide valua-
ble information to the Group’s stakeholders and Man-
agement. The financial measures should not be con-
sidered as a replacement for performance measures
as defined under the IFRS, but rather as supplemen-
tary information. The most commonly used are:
• EBITDA (before special items)
• Operating profit (EBIT)
• Equity free cash flow
• Net working capital
• Net interest-bearing debt (NIBD)
The APM’s are non-IFRS financial measures defined
and calculated by the Group and thus may not be
comparable to measures provided by peers or other
companies.
1.1 | Material accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 38
Climate-related disclosures
The Group considers potential significant climate-re-
lated matters in estimates and assumptions, where
appropriate. These assessments are reflected in the
long-term business plan: Even though the Group be-
lieves its business model and products will still be via-
ble after the transition to a low-carbon economy, cli-
mate-related matters increase the uncertainty of esti-
mates and assumptions underpinning several items in
the financial statements. Even though climate-related
risks might not currently have any significant impact
on measurements, the Group closely monitors rele-
vant changes and developments, such as new climate-
related legislation.
In line with our ambition to become a leader in cli-
mate and biodiversity, efforts are continuously being
made to explore ways to reuse and transition to re-
newable energy, so that the company can stay ahead
and address any new climate regulations in advance.
Our activities to manage the energy impacts and
costs, include:
• energy-saving initiatives, accelerating the phase-
out of natural gas at our locations and renewal of
carpark with electric cars over the coming years
• increasing energy efficiency through new network
hardware and power saving features
• managing power consumption through decommis-
sioning legacy networks and modernising sites, for
example relevant units are placed outdoors to re-
duce the need for cooling
• mainly using renewable electricity when powering
our operations secured through long-term Power
Purchasing Agreements for solar power energy
looking for alternatives to remaining fossil-based
energy sources
• enabling the reuse of electronic devices supporting
a reduced use of resources and
• aligning the performance measures for the long-
term incentive programmes (LTI) with the Group’s
strategic sustainability priorities.
In 2024 and 2025, the Group issued sustainability-
linked bonds. See note 4.2.
The Group has entered into Power Purchase Agree-
ments for renewable energy. See note 6.4.
1.2 | Climate-related matters
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 39
The preparation of DKTH Group’s Annual Report re-
quires Management to exercise judgement in apply-
ing the Group’s accounting policies. It also requires
the use of estimates and assumptions that affect the
reported amount of assets, liabilities, income and ex-
penses. Actual results may differ from those esti-
mates.
Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions are
recognised during the period in which the estimates
are revised and during any future periods affected.
The following areas involve a higher degree of
estimates and judgements or complexity and are out-
lined in more detail in the related notes:
The Group has adopted the following amendment to
standards and interpretations that are effective for
the financial year 2025:
Amendments to IAS 21, ‘The effects of changes in for-
eign exchange rates: Lack of exchangeability’.
The new amendment has no impact on the Group’s fi-
nancial statements.
Standards issued but not yet effective
Generally, the Group expects to implement all new or
amended accounting standards and interpretations
when they become mandatory and have been en-
dorsed by the EU.
IFRS 18 - Presentation and Disclosure in
Financial Statements
IFRS 18 sets out new requirements for presentation in
the statement of profit or loss, including specified to-
tals and subtotals. Furthermore, entities are required
to classify all income and expenses in the income
statement into one of five categories: operating, in-
vesting, financing, income taxes and discontinued op-
erations, of which the first three are new.
The standard introduces disclosure requirements on
management-defined performance measures (MPMs)
in the notes to the financial statements.
An entity is required to apply IFRS 18 for annual re-
porting periods beginning on or after 1 January 2027.
IFRS 18 requires retrospective application with spe-
cific transition provisions.
The Group is currently working to identify all impacts
that the amendment will have on the presentation of
the income statement and note disclosures in the
Group's consolidated financial statements in future
periods. The initial expected material impacts on the
Groups’ financial statements are, as follows:
• Foreign exchange differences will be classified in
the category where the related income and ex-
pense from the item giving rise to the foreign ex-
change difference.
• Interest received and interest paid will be classified
in the investing and financing activities, respec-
tively, in the statement of cash flows.
The following new or amended standards not yet ef-
fective are not expected to have an impact on the
Group’s consolidated financial statements:
• Amendments to the classification and measure-
ment of financial instruments – Amendments to
IFRS 9 and IFRS 7
• Annual improvements volume 11
• Contracts referencing nature-dependent electricity
– Amendments to IFRS 9 and IFRS 7
• IFRS 19 – Subsidiaries without Public Accountabil-
ity: Disclosures.
1.3 | Significant accounting judgements,
estimates and assumptions
Notes
Significant accounting judgements,
estimates and assumptions
Judgements/ esti-
mates and
assumptions
2.2
Revenue
Assessment of principal or agent
Judgements
Assessment of contracts involving complex sale of goods
and services
Judgements
2.7
Special items
Assessment of special events or transactions
Judgements
3.1
Impairment
Assumptions used for impairment testing
Estimates
3.2
Intangible assets
Assumptions for useful lives
Estimates
3.3
Property, plant and equipment
Assumptions for useful lives
Estimates
3.4
Lease assets
Assumptions related to write-down of lease assets
re. vacant tenancies
Estimates
Assumptions related to extension options
Judgements
3.5
Trade receivables
Assessment of expected losses
Estimates
3.8
Defined benefit plans
Assumptions for discount rates, wage inflation and mor-
tality
Estimates
1.4 | New accounting standards
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DKT Holdings ApS Annual Report 2025 40
Section 2
Profit/(loss) for
the year
This section focuses on disclosures of details of the Group’s results for the
year, including segment reporting, special items and taxation. A detailed re-
view of revenue, EBITDA and profit/(loss) for the year is provided in the sec-
tion ‘Financial review’ in the Management’s review.
2. In this section
2.1. Segment reporting ............................................................ 41
2.2. Revenue ............................................................................ 44
2.3. Cost of sales ...................................................................... 46
2.4. External expenses ............................................................. 46
2.5. Personnel expenses .......................................................... 47
2.6. Depreciation, amortisation and impairment losses ......... 48
2.7. Special items ..................................................................... 49
2.8. Income taxes .................................................................... 51
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 41
Worth noting
DKTH Group consists of the three operating
segments, Nuuday, TDC NET and Group func-
tions, respectively.
Nuuday develops and markets the best com-
munications and entertainment services, in-
cluding the development of new
innovative products and digital solutions.
TDC NET designs, builds, and runs broadband
and Denmark’s best mobile network and deliv-
ers highly qualified technical support to cus-
tomers and the networks.
Group functions governs, advises and
delivers shared services to the business units
including property services.
Operating segments are reported in a manner con-
sistent with the internal management and
reporting structure.
Profit before depreciation, amortisation and special
items (EBITDA) represents the profit earned by each
segment. The operating segments are managed pri-
marily on the basis of EBITDA.
Segment results are accounted for in the same way as
in the consolidated financial statements.
Segment income and segment expenses are those
items that, in our internal management reporting, are
directly attributable to individual segments. Interseg-
ment transactions are conducted on market terms.
2.1 | Segment reporting
Accounting policies
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DKT Holdings ApS Annual Report 2025 42
2.1 | Segment reporting (continued)
Nuuday
TDC NET
Group functions
Activities (DKKm)
2025
2024
2025
2024
2025
2024
Mobile services
5,584
5,287
7
5
-
-
Internet & network
3,525
3,574
834
885
-
-
TV
3,295
3,294
3
6
-
-
Landline voice
578
652
85
86
Other services
1,726
1,670
392
358
-
-
External revenue
14,708
14,477
1,321
1,340
-
-
Revenue across segments
61
83
5,023
5,115
-
Total revenue
14,769
14,560
6,344
6,455
-
-
Cost of sales
(9,951)
(9,781)
(294)
(287)
-
Gross profit
4,818
4,779
6,050
6,168
-
-
Operating expenses
(3,357)
(3,382)
(1,723)
(1,792)
(286)
(300)
Other income and expenses
45
47
291
316
587
683
EBITDA
1,506
1,444
4,618
4,692
301
383
Eliminations
Total
2025
2024
2025
2024
Mobile services
-
-
5,591
5,292
Internet & network
-
-
4,359
4,459
TV
-
-
3,298
3,300
Landline voice
-
-
663
738
Other services
-
-
2,118
2,028
External revenue
-
-
16,029
15,817
Revenue across segments
(5,084)
(5,198)
-
-
Total revenue
(5,084)
(5,198)
16,029
15,817
Cost of sales
5,112
5,188
(5,133)
(4,880)
Gross profit
28
(10)
10,896
10,937
Operating expenses
396
506
(4,970)
(4,968)
Other income and expenses
(669)
(821)
254
225
EBITDA
(245)
(325)
6,180
6,194
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 43
Geographical information
The Group operates solely in Denmark. Majority of revenue from external customers is generated in Denmark,
and all non‑current assets are located in Denmark. Accordingly, no further geographical segmentation is pre-
sented.
2.1 | Segment reporting (continued)
Reconciliation of EBITDA to profit/(loss)
before income taxes (DKKm)
2025
2024
Total EBITDA from reportable segments
6,180
6,194
Unallocated:
Depreciation, amortisation and impairment losses
(5,362)
(5,022)
Special items
(392)
(260)
Financial income and expenses
(4,737)
(4,313)
Consolidated loss before income taxes
(4,311)
(3,401)
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DKT Holdings ApS Annual Report 2025 44
‘
Revenue recognition for a telecom operator is a com-
plex area of accounting that requires management es-
timates and judgements.
Recognition of revenue depends on whether the
Group acts as a principal in a transaction or an agent
representing another company. Whether the Group is
considered to be the principal or agent in a transac-
tion depends on an analysis of both the form and sub-
stance of the customer agreement. When the Group
acts as the principal, revenue is recognised at the
agreed value, whereas when the Group acts as an
agent, revenue is recognised as the commission the
Group receives for providing the service.
Judgements of whether the Group acts as a principal
or as an agent impact the amounts of recognised rev-
enue and operating expenses, but do not impact net
profit for the year or cash flows. Judgements of
whether the Group acts as a principal are used pri-
marily in transactions covering content.
When the Group concludes contracts involving com-
plex sale of goods and services, management judge-
ments are required to determine whether goods and
services are to be recognised together or as separate
goods and services.
Management estimates are also used for allocating
the transaction price to the individual elements based
on their respective fair values, if judged to be recog-
nised separately. For example, business customer
contracts can comprise several elements related to
mobile phones, subscriptions, leases, etc.
2.2 | Revenue
(DKKm)
2025
2024
Sales of goods recognised at a point in time
1,135
1,103
Sales of services recognised over time
14,894
14,714
Total
16,029
15,817
Significant accounting judgements and estimates
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 45
Revenue is measured at the fair value of the considera-
tion to which the Group expects to be entitled after de-
duction of sales tax and discounts relating directly to
sales. Revenue comprises goods and services provided
during the year. Goods and services may be sold sepa-
rately or in bundled packages. Services include traffic
and subscription fees, interconnection and roaming
fees, fees for leased lines, network services, TV distri-
bution as well as connection and installation fees. Goods
include customer premises equipment, telephony hand-
sets, PCs, set-top boxes, etc.
Nuuday Consumer sells to households and the con-
tracts are primarily perpetual, with the same service
provided until the customer terminates the contract.
Some of the contracts include a non-cancellation pe-
riod of 6 months. Consumer also has contracts with
antenna associations for longer periods.
Nuuday Business sells digital solutions to enterprises
and public segments. Business offers modular solu-
tions for small and medium-sized enterprises, as well
as customised solutions for public and large enter-
prises. Modular self-service contracts are perpetual,
and contracts with customised solutions are for
longer periods, i.e. 3-5 years.
TDC NET delivers services from plain access to full ser-
vice packages to service providers. Wholesale reve-
nue is partly regulated.
The significant sources of revenue are recognised in
the income statements as follows:
• Revenue from subscription fees and flat-rate ser-
vices is recognised over the subscription period.
• Revenue from telephony are recognised at the
time the calls is made.
• Sales related to prepaid services are deferred, and
revenue is recognised at the time of use.
• Revenues from leased lines are recognised over the
rental period.
• Revenue from the sale of equipment is recognised
on delivery. Revenue from equipment maintenance
is recognised over the contract period.
• Revenue arrangements with multiple deliverables
are recognised as separate units of accounting, in-
dependent of any contingent element related to
the delivery of additional items or other perfor-
mance conditions. Such revenues include the sale
of equipment located at customer premises, e.g.
switchboards and handsets.
The transaction price in revenue arrangements with
multiple deliverables, such as handsets and subscrip-
tions, are allocated to each performance obligation
based on the stand-alone selling price. Where the
selling price is not directly observable, it is estimated
based on expected cost plus a margin. Discounts on
bundled sales are allocated to each element in the
contract.
Contracts with similar characteristics have been eval-
uated using a portfolio approach due to the large
number of similar contracts.
In case of contracts for longer periods and if the pay-
ment exceeds the services rendered, contract liabili-
ties are recognised, see note 3.6.
Revenues are recognised gross when DKTH Group
acts as the principal in a transaction. For content-
based services and the resale of services from content
providers where the Group acts as the agent, reve-
nues are recognised net of
direct costs.
The percentage-of-completion method is used to rec-
ognise revenue from contract work in progress based
on an assessment of the stage of completion. Con-
tract work in progress includes installation of tele-
phone and IT systems, systems integration and other
business solutions.
Non-refundable up-front connection fees are included
in the total transaction price for the contract with the
customer and are thereby allocated to the identified
performance obligations (services).
The period between the transfer of the service to the
customer and the payment by the customer is not of
an extent to give reason to adjust the transaction
prices for the time value of money.
Other income
Other income comprises mainly accounting items of a
secondary nature such as rental income, compensa-
tion for cable breakages, investment advisory fees
from the related pension funds as well as profit relat-
ing to divestment of property, plant and equipment.
2.2 | Revenue (continued)
Accounting policies
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DKT Holdings ApS Annual Report 2025 46
Accounting policies
Cost of sales includes transmission costs and cost of
goods sold. Transmission costs include external ex-
penses related to the operation of mobile and land-
line networks and leased transmission capacity as
well as interconnection and roaming costs related di-
rectly to the Group’s primary
income.
Cost of goods sold includes terminal equipment and
transmission material as well as TV-programme rights
and other content costs.
Power Purchase Agreements (PPAs)
As described in note 6.4 Other commitments, the sub-
sidiary TDC NET has entered into long-term PPAs.
These agreements are fixed price agreements and are
generally regarded as derivatives at fair value with
gains and losses in the income statement according to
IFRS 9 Financial Instruments. However, an exemption
is made for fixed-price commodity contracts that
meet the ‘own use’ criteria. The Group therefore con-
siders the Power Purchase Agreements to fall under
the so called ‘own-use exemption’ and the agree-
ments have consequently not been accounted for as
derivative financial instruments. As a result, the re-
lated costs are recognised as power costs in cost of
sales and external expenses when the electricity is de-
livered and used.
Accounting policies
External expenses include expenses related to mar-
keting and advertising, IT, property, expenses related
to staff, capacity maintenance and service contracts,
etc. Contracts regarding solar parks are accounted as
external expenses.
2.3 | Cost of sales
(DKKm)
2025
2024
Mobile services
(973)
(858)
Internet & network
(656)
(564)
TV
(1,851)
(1,875)
Landline voice
(49)
(50)
Other services
(1,604)
(1,533)
Total
(5,133)
(4,880)
2.4 | External expenses
(DKKm)
2025
2024
Marketing and advertising
(196)
(207)
Subscriber acquisition and retention, cf. note 3.6
(273)
(232)
Properties
(378)
(400)
Contractors and consultants
(238)
(281)
IT
(568)
(537)
Temps and personnel-related expenses
(136)
(128)
Other
(393)
(346)
Total
(2,182)
(2,131)
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DKT Holdings ApS Annual Report 2025 47
Comments
Key management consists of the member of the Exec-
utive Committee of TDCH as well as the CEOs and
CFOs of Nuuday and TDC NET. The member of the Ex-
ecutive Committee in DKTH does not
receive remuneration.
2.5 | Personnel expenses
(DKKm)
2025
2024
Wages and salaries, including short-term and long-term bonuses
(3,475)
(3,669)
Pensions:
defined benefit plans
(46)
(49)
defined contribution plans
(332)
(319)
Social security
(59)
(59)
Total
(3,912)
(4,096)
Of which capitalised as tangible and intangible assets¹
1,124
1,259
Total personnel expenses recognised in the income statement
(2,788)
(2,837)
1 Primarily software and network infrastructure.
Remuneration for the key management of DKTH and
the Board of Directors of DKTH¹ (DKKm)
2025
2024
Base salary, including benefits
20.9
18.6
Cash bonus
7.7
5.9
Pensions
2.5
2.7
Long-term incentive programme
12.6
21.8
Key management in total
43.7
49.0
Fee to the Board of Directors
7.8
12.4
Total
51.5
61.4
1
During 2025, the remuneration to the key management was paid to four members on average, which is unchanged from last year. Key management in TDC Hold-
ing, DK Telekommunikation, DKT Finance and DKT Holdings receive no remuneration.
Number of full-time employee equivalents¹
2025
2024
1 January
5,599
5,823
Redundancy programmes
(442)
(262)
Hirings and resignations
(83)
38
31 December
5,074
5,599
Former Danish civil servants
29
36
Employees entitled to pension from TDC Group’s pension fund
296
435
Other employees
4,749
5,128
31 December
5,074
5,599
Average number of full-time employee equivalents, DKTH Group²
5,319
5,668
1
The reported number of full-time employees does not include students, graduates, employees in ‘flexible job’ or job rotation (176 in 2025 and 189 in 2024).
2 The average number of full-time employee equivalents seconded to external parties in connection with outsourcing of tasks or divestment of operations and
entitled to pensions on conditions similar to those provided for Danish civil servants, is not included in the reported figures (16 in 2025 and 17 in 2024).
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 48
Wages, salaries, social security contributions, paid
leave and sick leave, bonuses and other employee
benefits are recognised in the year in which the em-
ployee renders the related services.
Pension costs
See note 3.8.
Full-time employee equivalents
The number of full-time employee equivalents in-
cludes permanent employees and trainees.
Employees who are entitled to pensions on conditions
similar to those provided for Danish civil servants and
who are seconded to external parties in connection
with outsourcing of tasks or divestment of operations
are not included in the reported numbers.
Employees in acquired enterprises are included as the
average number of full-time employee equivalents
from the time of acquisition until 31 December. Em-
ployees in divested enterprises are included as the av-
erage number of full-time employee equivalents from
1 January until the time of divestment.
Employees in discontinued operations are not in-
cluded in the number of full-time employee equiva-
lents. The total number of full-time employee equiva-
lents including discontinued operations is disclosed in
a footnote.
Depreciation, amortisation and impairment losses
amounted to DKK 5,362m (2024: DKK 5,022m).
Hereof DKK 741m (2024: DKK 834m) was depreciation
and amortisation of assets recognised in connection
with the purchase price allocation performed in con-
nection with the acquisition of TDC Holding. This in-
cluded primarily amortisation of customer relation-
ships, brands and software, recognised as separate
assets as part of the purchase price allocation per-
formed in connection with the acquisition of TDC
Holding.
The customer relationships are amortised over the es-
timated useful lives of such relationships. Brands with
finite useful lives are amortised over the useful livers
of such brands. The useful life of the TDC brand is
deemed indefinite and consequently, DKTH does not
amortise the value of this brand.
2.5 | Personnel expenses (continued)
Accounting policies
2.6 | Depreciation, amortisation and impairment losses
(DKKm)
2025
2024
Amortisation of intangible assets, see note 3.2
(2,263)
(2,173)
Depreciation of property, plant and equipment, see note 3.3
(2,608)
(2,399)
Depreciation of lease assets, see note 3.4
(415)
(401)
Depreciation capitalised as tangible or intangible assets
24
30
Impairment losses, see note 3.2, 3.3 and 3.4
(104)
(79)
Reversal of impairment losses see note 3.4
4
-
Total
(5,362)
(5,022)
Comments
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DKT Holdings ApS Annual Report 2025 49
Worth noting
Special items are significant amounts that
Management considers are not attributable to
normal operations such as restructuring costs
and special write-downs for impairment of in-
tangible assets and property, plant and equip-
ment. Special items also include gains and
losses related to
divestment of enterprises, as well as transac-
tion costs and adjustments of purchase prices
relating to the acquisition of enterprises. Spe-
cial items consist of both recurring and non-re-
curring items.
2.7 | Special items
(DKKm)
2025
2024
Costs related to redundancy programmes
(225)
(150)
Distribution of excess capital from TDC Pension Fund to its members
(64)
(64)
Loss from rulings
-
1
Costs related to sale of enterprises
(17)
(9)
Other restructuring costs, etc.
(86)
(38)
Special items before income taxes
(392)
(260)
Income taxes related to special items
48
26
Total special items
(344)
(234)
Cash flow from special items (DKKm)
2025
2024
Redundancy programmes
(226)
(127)
Other
(103)
(36)
Total
(329)
(163)
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DKT Holdings ApS Annual Report 2025 50
Significant accounting judgements
In the Group’s income statement, special items are
presented as a separate item. Special items include
income or costs that in Management’s judgement are
to be disclosed separately by virtue of their size, na-
ture or incidence. In determining whether an event or
transaction is special, Management considers quanti-
tative as well as qualitative factors such as the fre-
quency or predictability of occurrence of the transac-
tion or event, including whether the event or transac-
tion is recurring. This is consistent with the way that
financial performance is measured by Management
and reported to the Board of Directors and facilitates
a meaningful analysis of the operating results of the
Group.
Accounting policies
Special items are significant amounts that
Management considers not to be attributable to nor-
mal operations such as restructuring costs and special
write-downs for impairment of intangible assets and
property, plant and equipment.
Special items are disclosed on the face of the
income statement.
2.7 | Special items (continued)
2025
2024
Special items bridge (DKKm)
Reported
income
statement
Special items
Adjusted
income
statement
Reported
income
statement
Special items
Adjusted
income
statement
Revenue
16,029
-
16,029
15,817
-
15,817
Cost of sales
(5,133)
-
(5,133)
(4,880)
-
(4,880)
Gross profit
10,896
-
10,896
10,937
-
10,937
External expenses
(2,182)
(38)
(2,220)
(2,131)
(8)
(2,139)
Personal expenses
(2,788)
(289)
(3,077)
(2,837)
(214)
(3,051)
Other income
254
(65)
189
225
(38)
187
Operating income before depreciation and amortisation
6,180
(392)
5,788
6,194
(260)
5,934
Depreciation, amortisation and impairment
(5,362)
-
(5,362)
(5,022)
-
(5,022)
Special items
(392)
392
-
(260)
260
-
Operating profit
426
-
426
912
-
912
Financial income and expenses
(4,737)
-
(4,737)
(4,313)
-
(4,313)
Loss before income taxes
(4,311)
-
(4,311)
(3,401)
-
(3,401)
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DKT Holdings ApS Annual Report 2025 51
Worth noting
A large part of DKTH Group’s deferred tax lia-
bilities relates to assets that are not
expected to be taxed in the foreseeable
future (pension assets, customer relations and
brands). The deferred tax liabilities
relating to customer relationships and brands
stem primarily from the acquisition of TDC A/S
(TDC Holding A/S) in May 2018 and the result-
ing purchase price allocation.
The change in effective tax rate was due primarily to a
decreased impact of the Danish limitation on the de-
ductibility of interest.
2.8 | Income taxes
The major components of income tax expense for the years ended 31 December 2025 and 2024 are:
Current income taxes (DKKm)
2025
2024
Income taxes for the year
(320)
(152)
Adjustment of tax for previous years
(13)
(16)
Deferred tax relating to temporary differences
489
179
Adjustment of deferred tax for previous years
28
24
Total
184
35
Income taxes are specified as follows:
Income excluding special items
135
9
Special items
49
26
Total
184
35
Reconciliation of applicable tax rate and average effective tax rate for 2025 and 2024:
2025
2024
Effective tax rate (DKKm)
DKKm
%
DKKm
%
Tax on profit for the year (applicable tax rate)
948
22.0
748
22.0
Tax on profit for the year (effective tax rate)
184
4.3
35
1.0
Difference between applicable tax and effective tax
(764)
(17.7)
(713)
(21.0)
Which can be specified as:
Adjustment of tax for previous years
15
0.3
(8)
0.2
Tax-rate deviation related to dividends from TDC Pen-
sions Fund
(23)
(0.5)
(23)
(0.7)
Non-deductible expenses/non-taxable income and
other permanent differences:
Limitation on the tax deductibility of interest expenses
(727)
(16.8)
(696)
(20.5)
Non-deductible expenses related to specila items
(14)
(0.3)
8
(0.2)
Other
(15)
(0.4)
6
0.2
Total
(764)
(17.7)
(713)
(21.0)
Comments
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 52
DKT Holdings ApS participates in a joint taxation
scheme with all its Danish group companies. DKT
Holdings ApS is the administration company in the
joint taxation scheme. The jointly taxed companies
are jointly and severally liable for the total income
taxes, taxes paid on account and any outstanding re-
sidual tax (with additional payments and interest) re-
lating to the joint taxation.
The Group is within the scope of the EU/OECD Pillar
Two model rules. Pillar Two legislation has been en-
acted (with effect from 1 January 2024) in Denmark,
the jurisdiction in which the Group was incorporated.
Under the legislation, the Group is liable to pay a top-
up tax in Denmark for the difference between the
GloBE effective tax rate for each jurisdiction and the
15% minimum rate. The Group performed an impact
assessment of the OECD transactional safe harbour
rules and the full Pillar Two rules. The Group con-
cluded that it should not be subject to top-up tax for
the current year as it meets a transition safe harbour
Tax for the year comprises current income tax,
changes in deferred tax and adjustments from prior
years and is recognised in the income statement, ex-
cept to the extent that it relates to items recognised
in other comprehensive income.
Current income tax liabilities and current income tax
receivables are recognised in the balance sheet as in-
come tax payable or income tax receivable.
Deferred tax is measured using the balance-sheet lia-
bility method on the basis of all temporary differ-
ences between the carrying amounts and the tax ba-
ses of assets and liabilities at the balance sheet date.
However, deferred tax is not recognised if the tempo-
rary difference arises from the initial recognition of
goodwill or if it arises from the initial recognition of
an asset or liability in a transaction other than a busi-
ness combination that affects neither accounting nor
taxable profit/loss. Deferred income tax is provided
on temporary differences arising on investments in
subsidiaries, joint ventures and associates, except
where the timing of the reversal of the temporary dif-
ference is controlled by DKT Holdings Group and it is
probable that the temporary difference will not re-
verse in the foreseeable future.
Deferred tax assets including the tax value of tax-
losses carried forwards are recognised when it is likely
that these will be utilised in the foreseeable future.
Deferred tax is adjusted for elimination of unrealised
intra-group profits and losses.
Deferred tax is measured on the basis of the tax rules
and tax rates effective under the Danish legislation at
the balance sheet date when the deferred tax is ex-
pected to be realised as current income tax. Changes
in deferred tax as a result of changes in tax rates are
recognised in the income statement except for the ef-
fect of items recognised directly in other comprehen-
sive income.
Deferred tax assets and liabilities are offset in the
consolidated balance sheet.
2.8 | Income taxes (continued)
Deferred tax liabilities, net (DKKm)
2025
2024
At 1 January
3,780
3,857
Tax expense during the period recognised in profit or loss
(489)
(179)
Adjustment of tax for previous years
(28)
(24)
Tax relating to remeasurement effect from defined benefit plans
(59)
126
Carrying amount at 31 December
3,204
3,780
Deferred tax relates to the following:
Consolidated balance sheet
Consolidated income statement
Deferred tax (DKKm)
2025
2024
2025
2024
Intangible assets
1,550
1,921
(371)
(42)
Property, plant and equipment
(199)
(177)
(22)
(16)
Lease assets and liabilities
(175)
(178)
3
(15)
Tax value of tax-loss carryfore-
wards
(28)
-
(28)
-
Pension assets and pension liabili-
ties
2,004
2,184
(121)
(114)
Other
52
30
22
(16)
Deferred tax expense/(income)
(517)
(203)
Net deferred tax liabilities
3,204
3,780
Accounting policies
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DKT Holdings ApS Annual Report 2025 53
Section 3
Operating assets
and liabilities
This section deals with the assets used to generate the Group’s performance
and the resulting liabilities incurred. Assets and liabilities relating to the
Group’s financing activities are addressed in section 4. Deferred tax assets and
liabilities are shown in note 2.8.
3. In this section
3.1. Impairment ....................................................................... 54
3.2. Intangible assets ............................................................... 57
3.3. Property, plant and equipment ........................................ 60
3.4. Lease assets and liabilities ................................................ 62
3.5. Trade receivables.............................................................. 64
3.6. Contract assets and liabilities ........................................... 65
3.7. Provisions ......................................................................... 66
3.8. Pension assets and pension obligations ........................... 68
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 54
Impairment test of assets
Goodwill and intangible assets with indefinite useful
lives relate primarily to DKTH’s acquisition of TDC
Holding A/S. The carrying amount of goodwill relating
to the acquisition of TDC amounted to DKK 21,913m
and the carrying value of intangible assets with indefi-
nite useful lives amounted to DKK 833m. The carrying
amount of assets with indefinite useful lives is tested
for impairment annually and if events or changes in
circumstances indicate impairment. The annual tests
were carried out at 1 October 2025 and at 1 October
2024, respectively.
Management has concluded that any reasonably pos-
sible changes in the key assumptions are not ex-
pected to cause the carrying amount of assets to ex-
ceed the recoverable value.
There are identified two cash-generating units in
DKTH – Nuuday and TDC NET which reflects the way
Management makes decisions for future activities and
assesses business performance.
Impairment testing is an integral part of DKTH
Group’s budget and planning process, which is based
on long-term business plans with projection until
2030 to reflect the completion of the long-term in-
vestments in fibre infrastructure. The discount rates
applied reflect specific risks relating to the individual
cash-generating unit. The recoverable amount is
based on the value in use determined on expected
cash flows based on long-term business plans ap-
proved by Management. The business plans approved
by Management follow the operating segments as de-
scribed in note 2.1.
Approved forecasts consider potential significant cli-
mate-related risks as well as other types of risks and
the Group’s ongoing and future mitigating activities.
Climate-related risks are based on, for example, the
sales growth forecasts, which include offerings based
on circular business models to enable reuse and recy-
cling. The Group assumes that these risks have no im-
pact on the assumptions.
Projections for the terminal period are based
on general expectations and risks, taking into
account the general growth expectations for the tele-
coms industry in Denmark.
Our long-term business plans are based on current
trends. The budget period includes cash flow effects
from completed restructurings combined with effects
of strategic initiatives aimed at improving or main-
taining trend lines.
For the impairment testing of goodwill, DKTH Group
uses a pre-tax discount rate for each cash-generating
unit.
Goodwill and intangible assets with indefinite useful
lives relate to Nuuday and TDC NET. The assumptions
for calculating the value in use for the most significant
goodwill amounts are given below.
3.1 | Impairment
Nuuday
TDC NET
Total
Key assumptions for calculating the value in use for the significant goodwill amounts (DKKm)
2025
2024
2025
2024
2025
2024
Carrying amount of goodwill at 31 December (DKKm)
4,883
4,883
17,318
17,318
22,201
22,201
Market-based growth rate applied at 1 October to extrapolate projected future cash flows for the period following 2030
2.3%
2.3%
2.3%
2.3%
Applied pre-tax discount rate at 1 October
9.0%
9.0%
6.4%
7.1%
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DKT Holdings ApS Annual Report 2025 55
Assumptions regarding recoverable amounts
and projected earnings
The impairment test is sensitive to possible changes
in the key assumptions, which may
result in future impairment. A sensitivity analysis indi-
cates that a 10% increase/decrease in EBITDA during
the forecast period as well as the terminal period
would change the value in use by DKK 14.2bn (2024:
DKK 10.9bn). If the weighted average cost of capital
(WACC) applied as the discounting factor in the calcu-
lations increases/decreases by 1.0%, all other things
being equal, the value in use would decrease/increase
by DKK 23.8bn and 50.0bn, respectively (2024: DKK
15.3bn and 27.9bn, respectively). Under the same as-
sumptions, a 1.0% decrease/increase in the market-
based growth rate would cause the value in use to de-
crease/increase by DKK 21.5bn and 45.1bn, respec-
tively (2024: DKK 13.1bn and 23.8bn, respectively).
Nuuday is the most sensitive segment in the Group
and if EBITDA in Nuuday decrease more than 10%
there will be an impairment issue.
The impairment test has been prepared on the basis
that the company continues to operate with the cur-
rent set-up.
Nuuday
Sensitivity driven by reasonably possible changes in the
key assumptions are disclosed below.
Projections are based on the assumption of a moder-
ately increasing EBITDA throughout the projected pe-
riod. Furthermore, moderate reductions in capital ex-
penditure are expected towards the end of the pro-
jected period, with a stable development expected in
the beginning of the projected period. The following
main assumptions have been forecasted:
• Landline voice RGU will decline in line with market
trends, and it is expected to be decommissioned by
end of 2029. Slightly declining
ARPUs are expected throughout the projected pe-
riod.
• Marginal RGU intake on mobile is expected
throughout the projected period. It is expected
that RGU intake in MBB will increase at a similar
rate as recent years, and at a lower rate towards
the end of the projected period. MV prices are ex-
pected to increase at a rate close to inflation rates,
and MBB prices are expected to grow at a slightly
higher rate in the beginning of the projected pe-
riod, in line with the recent development.
• Fixed broadband gross profit is expected to decline
slightly throughout the projected period. This is
based on the on-going shift from DSL & coax to fi-
bre technologies. Although the overall RGU base
within fixed broadband is expected to be almost
stable, the gross margin on fibre is lower than leg-
acy products.
• TV gross profit is expected to decline towards
2030, as the RGU decline expected to continue.
Price increases are expected to partly offset the
RGU decline.
• Savings throughout the projected period are ex-
pected, driven primarily by lower staff costs, as ef-
ficiency optimizations and AI solutions reduce the
staffing needs.
• Capital expenditure is expected to remain flat in
the beginning of the projected period and expected
to decline slightly toward 2030. The development is
mainly related to volume investments in fixed and
MBB, with higher RGU intake in the beginning of
the period.
TDC NET
Any reasonably possible changes in the key
assumptions are not expected to cause the carrying
amount of assets to exceed the recoverable value.
Projections show a stable EBITDA development and a
stable EBITDA margin in the long-term based on the
following assumptions:
• Steady growth in gross profit from mobility ser-
vices.
• Increased gross profit from high-speed broadband
stemming from the Group’s growing fibre foot-
print, a continued large coax customer base and in-
creased ARPU from higher average speed on prod-
ucts.
• Customer base for legacy products such as landline,
TV and DSL assumed to continue the decrease at
current rates with effects mitigated by the ongoing
copper decommissioning programme.
• Cost savings driven by initiatives in our end-to-end
transformation programme with reductions of both
external and personnel expenses.
• Steady decrease in capex due to cost optimisation
and optimisation of ongoing investments to main-
tain capacity while keeping quality in the networks.
Ongoing investments in our end-to-end transfor-
mation to deliver long-term savings in both capital
expenditure and operational expenses.
3.1 | Impairment (continued)
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DKT Holdings ApS Annual Report 2025 56
Intangible assets comprise a significant portion of
DKTH Group's total assets. The measurement of the
recoverable amount of intangible assets is a complex
process that requires various assumptions to be used
in the calculation of cash-flow projections, discount
rates and terminal growth rates.
The sensitivity of changes in the assumptions used to
determine the recoverable amount may be signifi-
cant. Furthermore, the use of other estimates or as-
sumptions when determining the recoverable amount
of the assets may result in other values and could re-
sult in required impairment of intangible assets.
The assumptions used for the impairment testing of
goodwill are shown in the section Impairment testing
of goodwill and intangible assets with
indefinite useful lives.
The carrying amount of goodwill and assets with in-
definite useful lives is tested for impairment annually
and other assets are tested for impairment if events
or changes in circumstances indicate
impairment.
3.1 | Impairment (continued)
Significant accounting estimates and as-
sumptions
Accounting policies
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DKT Holdings ApS Annual Report 2025 57
3.2 | Intangible assets
2025
2024
(DKKm)
Goodwill
Customer rela-
tionships
Brands
Rights and soft-
ware, etc.
Total
Goodwill
Customer rela-
tionships
Brands
Rights and soft-
ware, etc.
Total
Cost at 1 January
22,201
10,466
2,535
14,932
50,134
22,201
10,467
2,535
13,518
48,721
Additions
-
-
-
1,424
1,424
-
-
-
1,442
1,442
Assets disposed of or fully amortised
-
-
-
(448)
(448)
-
(1)
-
(28)
(29)
Cost at 31 December
22,201
10,466
2,535
15,908
51,110
22,201
10,466
2,535
14,932
50,134
Amortisation and impairment losses at 1 January
-
(7,667)
(1,139)
(9,441)
(18,247)
-
(7,053)
(970)
(8,053)
(16,076)
Amortisation
-
(545)
(169)
(1,549)
(2,263)
-
(615)
(169)
(1,389)
(2,173)
Impairment losses for the year
-
-
-
(90)
(90)
-
-
-
(25)
(25)
Assets disposed of or fully amortised
-
-
-
448
448
-
1
-
26
27
Amortisation and impairment losses at 31 December
-
(8,212)
(1,308)
(10,632)
(20,152)
-
(7,667)
(1,139)
(9,441)
(18,247)
Carrying amount at 31 December
22,201
2,254
1,227
5,276
30,958
22,201
2,799
1,396
5,491
31,887
Worth noting
DKTH Group’s intangible assets relate largely
to goodwill, customer relations and brands
stemming from the acquisition of TDC A/S
(TDC Holding A/S) in May 2018, and the result-
ing purchase price allocation.
Cash flow (DKKm)
2025
2024
Additions, cf. table above
(1,424)
(1,442)
Instalments regarding mobile licences
(241)
(271)
Cash flow from investment in intangible assets
(1,665)
(1,713)
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DKT Holdings ApS Annual Report 2025 58
Impairment of intangible assets, etc. amounted to
DKK 90m (2024: DKK 25m), of which DKK 82m and
DKK 5m related to termination of various software
projects in Nuuday and in TDC NET respectively. Fur-
thermore impairment of licenses in Nuuday
amounted to DKK 3m.
Assets with indefinite useful lives other than goodwill
related to the TDC brand and were unchanged at DKK
833m compared with 2024.
The carrying amount of software amounted to a total
of DKK 2,932m (2024: DKK 2,934m). Of this amount,
DKK 418m related to software in progress. The addi-
tion of internally developed software amounted to
DKK 488m (2024: DKK 505m).
The carrying amount of individually material Danish
spectrum mobile licences included in rights, software,
etc., amounted to DKK 2,302m (2024: DKK 2,490m)
and is shown in the next table. Of this, DKK 131m re-
lates to licences not yet in use.
Useful lives
Management estimates useful lives for intangible as-
sets based on periodic studies of customer churn or
actual useful lives and the intended use of the assets.
Such studies are completed or updated when new
events occur that may have the potential to impact
the determination of the useful life of the asset, i.e.
when events or circumstances occur that indicate that
the carrying amount of the asset may not be recover-
able and should therefore be tested for impairment.
Any change in customer churn or the expected useful
lives of the assets is recognised in the financial state-
ments, as soon as any such change has been ascer-
tained, as a change of a critical
accounting estimate.
3.2 | Intangible assets (continued)
Comments
Spectrum licences
Spectrum (MHz)
Bandwidth (MHz)
Licence expiry
700
2 x 15 + 1 x 20
2040
800
2 x 20
2034
900
2 x 10
2034
1500
45
2042
1800
2 x 20
2032
2100
2 x 20
2042
2300
100
2041
2600
2 x 20
2030
3500
130
2042
26000
1250
2042
Significant accounting estimates
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 59
Goodwill and brands with indefinite useful lives are
recognised at cost less accumulated impairment
losses. Impairment of goodwill are not reversed. For
the purpose of impairment testing in the consolidated
financial statement, goodwill is allocated to the
Group’s cash-generating units. The determination of
cash-generating units is based on the operating seg-
ments in the Group’s internal management reporting.
Brands with finite useful lives, licences, proprietary
rights, etc. are measured at cost less accumulated
amortisation and impairment losses, and are amor-
tised on a straight-line basis over their estimated use-
ful lives.
Customer-related assets are measured at cost less ac-
cumulated amortisation and impairment losses, and
are amortised using the diminishing-balance method
based on the percentage of churn (18% to 24%) corre-
sponding to the expected pattern of consumption of
the expected future economic benefits.
Development projects, including costs of computer
software purchased or developed for internal use, are
recognised as intangible assets if the cost can be
measured reliably and if they are
expected to generate future economic benefits. Costs
of development projects include wages,
external charges, depreciation and amortisation that
are directly attributable to the development activities
as well as interest expenses in the production period.
Development projects that do not meet the criteria
for recognition in the balance sheet are e
xpensed as incurred in the income statement.
The main amortisation periods are as follows:
Brands
Mobile licences
Software
10 years
16-22 years
3-7 years
Goodwill, software in progress and intangible assets
of indefinite useful lives are tested for impairment an-
nually and written down to their recoverable amounts
in the income statement if the carrying amount is
greater.
Intangible assets are recorded at the lower of
recoverable amount and carrying amount.
3.2 | Intangible assets (continued)
Accounting policies
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DKT Holdings ApS Annual Report 2025 60
In 2025, impairment losses amounted to DKK 14m
(2024: DKK 10m) primarily related to assets
operated by TDC NET.
3.3 | Property, plant and equipment
2025
2024
(DKKm)
Land and build-
ings
Network
infra-
structure
Equipment
Assets under
construction
Total
Land and build-
ings
Network
infra-
structure
Equipment
Assets under
construction
Total
Cost at 1 January
417
31,773
1,809
460
34,459
413
29,256
1,661
427
31,757
Transfers (to)/from other items
1
517
25
(543)
-
-
593
38
(631)
-
Additions
5
1,823
106
452
2,386
4
2,094
113
677
2,888
Assets disposed of
(10)
(211)
(7)
-
(228)
-
(170)
(3)
(13)
(186)
Cost at 31 December
413
33,902
1,933
369
36,617
417
31,773
1,809
460
34,459
Depreciation and impairment losses at 1 January
(119)
(13,841)
(1,283)
(24)
(15,267)
(117)
(11,842)
(1,046)
(36)
(13,041)
Depreciation
(2)
(2,397)
(209)
-
(2,608)
(2)
(2,158)
(239)
-
(2,399)
Impairment losses for the year
-
(11)
-
(3)
(14)
-
(8)
(1)
(1)
(10)
Assets disposed of
-
211
7
-
218
-
167
3
13
183
Depreciation and impairment losses at 31 December
(121)
(16,038)
(1,485)
(27)
(17,671)
(119)
(13,841)
(1,283)
(24)
(15,267)
Carrying amount at 31 December
292
17,864
448
342
18,946
298
17,932
526
436
19,192
Comments
Cash flow (DKKm)
2025
2024
Additions, see table above
(2,386)
(2,888)
Non-cash deductions/additions regarding decommissioning obligations
3
(14)
(Decrease)/increase in additions not yet paid
(70)
(2)
Capitalised interest
4
12
Capitalised depreciations see note 2.6
24
30
Cash flow from investment in property, plant and equipment
(2,425)
(2,862)
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DKT Holdings ApS Annual Report 2025 61
Depreciation is based on management’s estimates of
residual value, depreciation method and the useful lives
of property, plant and equipment. Estimates may
change due to technological developments, changes in
market conditions and other factors and may result in
changes in the estimated useful lives and depreciation
charges. Technological developments are difficult to
predict and the Group’s views on the trends and pace
of development may change over time. The impact of
expected developments in technology and markets are
critical estimates in the evaluation of useful lives. The
useful lives are reviewed at least annually taking into
consideration the factors mentioned above and all
other important relevant factors. A change in estimated
useful life is a change in accounting estimate, and de-
preciation plans are adjusted prospectively.
Property, plant and equipment are measured at cost
less accumulated depreciation and impairment losses.
Cost comprises purchase price and costs directly at-
tributable to the acquisition until the date on which the
asset is ready for use. The cost of self-constructed as-
sets includes directly attributable payroll costs, materi-
als, parts purchased, and services rendered by sub-sup-
pliers or contractors as well as interest expenses in the
construction period. Cost also includes estimated de-
commissioning costs if the related obligation meets the
conditions for recognition as a provision.
Directly attributable costs comprise personnel ex-
penses together with other external expenses calcu-
lated in terms of time spent on self-constructed as-
sets.
The depreciation base is measured at cost less resid-
ual value and any impairment. Depreciation is pro-
vided on a straight-line basis over the estimated use-
ful lives of the assets. The main depreciation periods
are as shown in the next table.
The useful lives and residual values of the assets are
reviewed regularly. If the residual value
exceeds the carrying amount of an asset, depreciation
is discontinued.
Property, plant and equipment that have been dis-
posed of or scrapped are eliminated from
accumulated cost and accumulated depreciation.
Gains and losses arising from the sale of property,
plant and equipment are measured as the
difference between the sales price less selling
expenses and the carrying amount at the time of sale.
The resulting gain or loss is recognised in the income
statement under other income.
Software that is an integral part of telephone
exchange installations, for example, is presented to-
gether with the related assets. Useful lives are esti-
mated individually.
Installation materials to be used in construction of as-
sets are measured at the lower of weighted average
cost and recoverable amount.
Customer-placed equipment (e.g., set-top boxes) is
capitalised and depreciated over the estimated useful
life of the individual asset, not exceeding five years.
3.3 | Property, plant and equipment (continued)
Accounting policies
Significant accounting estimates
Buildings
20 years
Network infrastructure:
mobile networks
20 years
copper
1-20 years
coax
20 years
fibre
30 years
exchange equipment
8-10 years
other network equipment
3-15 years
Equipment (computers, tools and of-
fice equipment)
3-8 years
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DKT Holdings ApS Annual Report 2025 62
The Group leases various offices, exchanges,
mobile sites, retail stores, vehicles and equipment.
Rental contracts are typically made for fixed periods
of 2 to15 years but may have
extension options.
Lease terms are negotiated on an individual basis and
contain a wide range of different terms and condi-
tions. The lease agreements do not impose any cove-
nants other than the security interests in the leased
assets that are held by the lessor. Leased assets may
not be used as security for borrowing purposes.
The total cash outflow for leases in 2025 was DKK
564m (2024: DKK 557m). The amount is
excluding short-term leases and leases of low-value
assets.
At 31 December 2025, the future sublease
payment amounted to DKK 499m (2024:
DKK 547m).
3.4 | Lease assets and liabilities
2025
2024
Lease assets (DKKm)
Land and build-
ings
Network infra-
structure
Vehicles and
equipment
Total
Land and build-
ings
Network infra-
structure
Vehicles and
equipment
Total
Carrying amount at 1 January
2,603
4
142
2,749
2,916
5
191
3,112
Additions
155
-
89
244
55
-
65
120
Disposals
(1)
-
(15)
(16)
-
-
(38)
(38)
Impairment losses
-
-
-
-
(44)
-
-
(44)
Reversal of impairment losses
4
-
-
4
-
-
-
-
Depreciation
(335)
(1)
(79)
(415)
(324)
(1)
(76)
(401)
Carrying amount at 31 December
2,426
3
137
2,566
2,603
4
142
2,749
Lease liabilities (DKKm)
2025
2024
Carrying amount:
3,374
3,556
Of which presented as current
(541)
(507)
Total non-current
2,833
3,049
Maturing between 1 and 3 years
837
831
Maturing between 3 and 5 years
537
638
Maturing between 5 and 10 years
1,102
1,067
Maturing between 10 and 20 years
357
513
Total non-current
2,833
3,049
Amounts recognised in the income statement (DKKm)
2025
2024
Expense relating to short-term leases
(79)
(80)
Expense relating to leases of low-value assets
(1)
(1)
Income from sublease
172
153
Reversal of impairment losses
4
-
Depreciation charge of lease assets, cf. above
(415)
(401)
Impairment losses of lease assets, cf. above
-
(44)
Interest expense (included in financing costs)
(164)
(173)
Comments
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DKT Holdings ApS Annual Report 2025 63
Impairment tests of lease assets require management
to make significant estimates related to
vacant tenancies. Management has estimated the ex-
pected sublease income net of operating cost. For
each category of lease assets (offices,
exchanges, etc.) and in consideration of the geo-
graphical location, the probability of obtaining
income from sublease and expected sublet rent rates
is estimated. The most critical assumptions used in
determining the write-down relate to the probability
of sublease and expected sublet rent rates that will be
impacted by e.g., changed market conditions for sub-
letting.
The Group has 203,287 square metres of leased ten-
ancies no longer used by the Group (2024: 197,662).
Of this, 141,183 square metres were sublet (2024:
127,127). The leases terminate in 2041 at the latest.
The Group is expected to vacate and sublet additional
tenancies in the future, following further
reductions in the number of employees and upgrad-
ing to technical equipment that requires fewer square
metres.
Significant judgements are involved when assessing
the future capacity needs for leases and as such, the
use of extension options.
Assets and liabilities arising from a lease are initially
measured on a present value basis. Lease
liabilities include the net present value of the follow-
ing lease payments:
• fixed payments (including in-substance fixed pay-
ments), less any lease incentives receivable
• variable lease payments that are based on an index
or a rate, initially measured using the
index or rate as at the commencement date
• amounts expected to be payable by the Group un-
der residual value guarantees
• the exercise price of a purchase option if the Group
is reasonably certain to exercise that
option
• payments of penalties for terminating the lease, if
the lease term reflects the Group exercising that
option.
The lease payments to be made under reasonably
certain extension options are also included when
measuring of the liability.
The lease payments are discounted using the interest
rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in
the Group, the lessee’s incremental borrowing rate is
used, i.e. the rate that the lessee would have to pay
to borrow the funds necessary to obtain an asset of
similar value to the lease asset in a similar economic
environment with similar terms, security and condi-
tions.
The incremental borrowing rates are based on our ex-
isting credit facilities and observable market data.
The Group is exposed to potential future
increases in variable lease payments based on an in-
dex or rate, which are not included in the lease liabil-
ity until they take effect. When adjustments to lease
payments based on an index or rate take effect, the
lease liability is reassessed and adjusted against the
lease asset.
Lease payments are allocated between instalments
and financing costs. The financing costs are charged
to the income statement over the lease period to pro-
duce a constant periodic rate of interest for the re-
maining balance of the liability for each period.
Lease assets are measured at cost less accumulated
depreciation and write-downs for impairment. Cost
comprises the following:
• the amount of the initial measurement of lease lia-
bility
• any lease payments made at or before the com-
mencement date less any lease incentives received
• any initial direct costs
• decommissioning costs.
Lease assets are generally depreciated over the
shorter of the asset’s useful life and the lease term on
a straight-line basis. If the Group is reasonably certain
to exercise a purchase option, the lease asset is de-
preciated over the underlying
asset’s useful life, see note 3.3.
Impairment tests of lease assets are performed at
least annually and, if necessary, when circumstances
indicate that their carrying amounts may not be re-
coverable. Write-downs of lease assets
related to vacant tenancies are based on expectations
concerning timing and scope, future cost level, etc.
The calculation of the write-downs comprises rent
and operating costs for the contract period less the
expected rental income from subleases.
Payments associated with short-term leases of equip-
ment and vehicles and all leases of low-value assets
are expensed as incurred. Short-term leases are
leases with a lease term of 12 months or less. Low-
value assets comprise IT equipment and small items
of office furniture.
3.4 | Lease assets and liabilities (continued)
Significant accounting estimates
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 64
Comments
The carrying amount of the balance’s approximated
fair value is due to the short maturity of amounts re-
ceivable.
Expected credit losses are assessed for portfolios of
trade receivables based on customer segments, his-
torical credit loss experience combined with forward-
looking information on macroeconomic factors affect-
ing the credit risk. The expected loss rates are up-
dated at each reporting date.
Accounting policies
Trade receivables are amounts due from customers
for goods sold or services performed in the ordinary
course of business. DKTH operates with standard cus-
tomer payment terms where customer subscriptions
are billed and paid in advance of the subscription pe-
riod, while usage and one-off services are billed and
paid after the subscription period. The receivables are
generally due for settlement within 20-30 days and
are therefore all classified as current. Trade receiva-
bles are recognised initially at the amount of consid-
eration that is unconditional. The Group holds the
trade receivables with the objective of collecting the
contractual cash flows and therefore measures them
subsequently at amortised cost using the effective in-
terest method.
DKTH applies the simplified approach to measure ex-
pected credit losses, which uses a lifetime
expected loss allowance for all trade receivables, con-
tract assets and lease receivables. To measure the ex-
pected credit losses, receivables have been grouped
based on shared credit risk characteristics and the
days past due. The expected loss rates are based on
the payment profiles of sales and the corresponding
historical credit losses
experienced. The historical loss rates are adjusted to
reflect current and forward-looking
information on macroeconomic factors affecting the
ability of the customers to settle the receivables.
3.5 | Trade receivables
(DKKm)
2025
2024
Trade receivables
1,605
1,513
Expected credit losses
(145)
(126)
Trade receivables, net
1,460
1,387
Expected credit losses at 1 January
(126)
(117)
Expected credit losses
(66)
(54)
Realised credit losses
20
20
Reversed expected credit losses
27
25
Expected credit losses at 31 December
(145)
(126)
Trade receivables (DKKm)
Not yet due
Less than
1 month
past due
More than
1 month
past due
More than
3 months past
due
More than
6 months past
due
Total
2025
Expected loss rate
2%
1%
8%
36%
68%
9%
Gross carrying amount
1,129
197
89
44
146
1,605
Expected credit losses
(20)
(2)
(7)
(16)
(100)
(145)
2024
Expected loss rate
2%
1%
7%
42%
66%
8%
Gross carrying amount
903
348
90
38
134
1,513
Expected credit losses
(14)
(2)
(6)
(16)
(88)
(126)
Critical accounting estimates
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 65
Of the deferred subscription income, DKK 47m (2024:
DKK 50m) will be recognised as income after more
than one year.
Revenue recognised in 2025 that was included
in deferred subscription income at the beginning of
the period amounted to DKK 2,280m (2024: DKK
2,282m).
Costs recognised in 2025 that were included in assets
recognised from costs to obtain a contract (SAC) at
the beginning of the period amounted to DKK 215m
(2024: DKK 175m). Assets to fulfil a contract at the be-
ginning of the period DKK 72m (2024: DKK 64m) were
recognised as costs in 2025.
Of the assets recognised from costs to obtain a con-
tract (SAC), DKK 243m (2024: DKK 213m) and DKK
107m (2024: DKK 127m) of costs to fulfil a contract
will be recognised as costs after more than one year.
Subscriber acquisition costs and fulfilment costs
The most common subscriber acquisition costs are
dealer commissions. Subscriber acquisition costs and
fulfilment costs are capitalised and recognised as ex-
penses in external expenses and personnel expenses
over the expected term of the related customer rela-
tionship. The term is estimated using historical cus-
tomer churn rates. Change of management estimates
may have a significant impact on the amount and tim-
ing of the expenses for any period.
Deferred subscription income recognised as a liability
comprises payments received from customers cover-
ing income in subsequent years.
3.6 | Contract assets and liabilities
(DKKm)
2025
2024
Assets recognised from costs to obtain a contract (SAC)
495
430
Assets recognised from costs to fulfil a contract
178
197
Work in progress for the account of third parties
68
44
Total contract assets
741
671
Deferred subscription income
2,457
2,330
Other deferred income
86
96
Work in progress for the account of third parties, liabilities
6
5
Total contract liabilities
2,549
2,431
Comments
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 66
3.7 | Provisions
2025
2024
(DKKm)
Decom
missioning
obligations
Restructuring
obligations
Other
provisions
Total
Provisions at 1 January
259
94
149
502
490
Provisions made
5
218
-
223
168
Change in present value
10
-
-
10
(4)
Provisions used (payments)
(1)
(215)
(3)
(219)
(144)
Reversal of unused provisions
(1)
-
-
(1)
(3)
Currency translation adjustments
-
-
-
-
(5)
Provisions at 31 December
272
97
146
515
502
Of which recognised through special items in the income statement
-
90
89
179
176
Recognised as follows in the
balance sheet:
Non-current liabilities
272
14
57
343
330
Current liabilities
-
83
89
172
172
Total
272
97
146
515
502
Specification of how payments regarding provisions are recognised in the
statements of cash flows (DKKm)
2025
2024
Payments related to provisions
(23)
(29)
Payments related to provisions recognised through special items
in the income statement
(196)
(115)
Total
(219)
(144)
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DKT Holdings ApS Annual Report 2025 67
Provisions for decommissioning obligations relate to
the future dismantling of mobile stations and restora-
tion of property owned by third parties. The uncer-
tainties relate primarily to the timing of the related
cash outflows. The majority of these obligations are
not expected to result in cash outflows in the next
five years.
Provisions for restructuring obligations relate primar-
ily to redundancy programmes. The majority of the
provisions for redundancy programmes are expected
to result in cash outflows in the next five years. The
uncertainties relate primarily to the estimated
amounts and the timing of the related cash outflows.
Other provisions relate mainly to onerous contracts
and jubilee benefits for employees as well as legal
claims. The majority of these provisions are expected
to result in cash outflows in the next five years. The
uncertainties regarding legal claims and onerous con-
tracts relate to both timing and estimated amounts.
The uncertainties
regarding jubilee benefits relate to both salary and
the number of employees included.
In pursuance of Section 32 of the Danish Civil Servants
Act, the Group has a termination benefit obligation to
former Danish civil servants and to employees with
civil-servant status hired before
1 April 1970 who are members of the related Danish
pension fund. In the event of termination, such em-
ployees have a right to special termination benefits in
the amount of three years’ salary (tied-over allow-
ance) or three months’ full salary and two-thirds of
their full monthly salary for four years and nine
months (stand-off pay).
The Group’s total termination benefits include wages
during the notice period, severance pay, stand-off
pay, payments pursuant to the Danish Salaried Em-
ployees Act, special termination benefits (in accord-
ance with IAS 19 Employee Benefits), social security
contributions and out-placement costs. The average
redundancy cost per full-time employee equivalent,
calculated as the total cost divided by the number of
full-time employee equivalents included in the redun-
dancy programmes during this period, is shown in the
table below.
Provisions are recognised when the Group has a
legal or constructive obligation arising from past events, it
is probable that economic benefits must be given up to
settle it, and the amount can be measured reliably.
Provisions for restructuring, etc. are recognised when a
final decision to that effect has been made before or on
the balance sheet date and has been announced to the
parties involved, provided that the amount can be
measured reliably. Provisions for restructuring are
based on a defined plan, which means that the restruc-
turing commences immediately after the decision has
been made.
When the Group is under an obligation to demolish an
asset or re-establish the site where the asset was used,
a liability corresponding to the present value of esti-
mated future costs is recognised and an equal amount
is capitalised as part of the initial carrying amount of
the asset. Subsequent changes to such a decommis-
sioning liability that results from a change in the current
best estimate of cash Provisions are recognised when
the Group has a
legal or constructive obligation arising from past events, it
is probable that economic benefits must be sacrificed to
settle it, and the amount can be estimated reliably.
Provisions are measured at management’s best esti-
mate of the amount at which the liability is
expected to be settled. Provisions are discounted if the
effect is material to the measurement of the liability.
3.7 | Provisions (continued)
Comments
Average redundancy cost per full-time employee equivalent¹ (DKK thou-
sands)
2025
2024
Non-civil servants
433
447
Former Danish civil servants
2,016
2,138
Employees with civil-servant status
615
680
Weighted average per full-time employee equivalent
499
491
Number of redundancies
439
289
1 Excluding corporate management.
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 68
Defined benefit plan
Under conditions similar to those provided by the
Danish Civil Servants’ Pension Plan, 315 of DKTH
Group’s employees (2024: 457) were entitled to pen-
sions from the pension fund related to the Group. Of
these, 15 (2024: 15) employees were seconded to ex-
ternal parties in connection with outsourcing tasks or
divesting operations. In addition, 7,097 (2024: 7,128)
members of the pension fund receive or are entitled
to receive pension benefits. The pension benefits
comprise lifelong old-age and disability pensions as
well as certain benefits for spouses and children. Fu-
ture pension benefits are based primarily on years of
credited service and on participants’ compensation at
the time of retirement. Since 1990, no new members
have joined the pension fund plans, and the pension
fund is prevented from admitting new members in
the future due to the articles of association.
The pension fund operates defined benefit plans via a
separate legal entity supervised by the
Danish Financial Supervisory Authority (FSA). In ac-
cordance with existing legislation, articles of associa-
tion and the pension regulations, the Group is re-
quired to make contributions to meet the capital ade-
quacy requirements. When all pension obligations
have been met, the remaining funds will be distrib-
uted from the pension fund to DKTH Group.
With effect from 2019, TDC Pension Fund can under
certain circumstances distribute excess capital to
DKTH Group triggering a payment to members of the
pension fund as well. The members of the pension
fund receive 7.5% of a potential future distribution
from TDC Pension Fund. Pensioners receive the distri-
bution as part of the current pension payments, while
employees in service receive a supplement to their fu-
ture pension benefits. The pension members’ shares
of distribution are expensed when incurred and rec-
ognised in special items. In 2025, TDC’s Pensions Fund
distributed DKK 850m (2024: DKK 850m), of which
DKTH Group received DKK 786m (2024: DKK 786m).
Ordinary monthly contributions to the pension fund
are made corresponding to a percentage of wages.
The ordinary contributions have been
reduced from 1 January 2018. This decision was made
due to the positive funding situation of the pension
fund. Extraordinary contributions are made in con-
nection with redundancy programmes and other re-
tirements. Overall, the risk of additional capital contri-
butions to the pension fund can be categorised as in-
vestment, longevity and regulatory risks.
Investment risk is managed within risk tolerance lim-
its to mitigate excessive risk that could lead to contri-
butions. The fund invests in a wide variety of market-
able securities (predominantly fixed-income securi-
ties) and the return on the investments has implica-
tions for DKTH Group’s financial results. Uncompen-
sated risk related to nominal interest rates and infla-
tion has been hedged.
In 2011, the Danish FSA introduced the longevity
benchmark for statutory purposes, and the fund’s ac-
tuary has since on a yearly basis conducted a detailed
longevity statistical analyses that have generally un-
derpinned the fund’s assumptions regarding observed
current longevity. In line with the sector, however,
the fund has increased its provisions for future
expected improvements to longevity corresponding
to the updated Danish FSA benchmark.
Other risks relating to capital contributions in excess
of the planned ordinary contributions and extraordi-
nary contributions in connection with redundancies
going forward, relate primarily to future changes to
pension regulation and benefits over which the Group
does not have full control.
The surplus under the Danish FSA pension regulation
amounted to approximately DKK 5.0bn (2024: DKK
4.6bn). The equity of the pension fund amounted to
approx. DKK 5.7bn (2024:
DKK 5.4bn). The equity differs from the pension as-
sets recognised in accordance with IFRS due to spe-
cific FSA pension regulation requirements resulting in
a higher pension obligation for regulatory purposes.
The method for determining the fair value of plan as-
sets is identical under the two requirements. The pen-
sion assets recognised in accordance with IFRS
amounted to approximately
DKK 9.1bn (2024: 9.9bn).
3.8 | Pension assets and pension obligations
Worth noting
In a defined contribution plan, DKTH Group pays
fixed contributions to a third party on behalf of
the employees and has no further obligations to-
wards the employees. The benefits for the em-
ployees ultimately depend on the third party’s
ability to generate returns.
In a defined benefit plan, members receive cash
payments on retirement, the values of which de-
pends on factors such as salary and length of ser-
vice. The Group underwrites investment, mortality
and inflation risks necessary to meet these obliga-
tions. In the event of returns not being sufficient to
honour obligations towards the employees, DKTH
Group needs to address this through increased
levels of contribution. The group has defined a ben-
efit plan in TDC Pension Fund. In total, 315 of TDCH
Group’s employees are covered by the defined
benefit plan, while all other employees are covered
by defined contribution plans.
DKTH Group makes contributions to TDC Pension
Fund, which is not consolidated in these financial
statements, but are reflected in the balance sheet
in pension assets. TDC Pension Fund can, under cer-
tain circumstances, distribute excess capital to
DKTH Group, triggering a payment to members of
the pension fund as well. DKTH Group’s pension as-
sets and pension obligations are outlined in more
detail in the following.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 69
3.8 | Pension assets and pension obligations (continued)
Assets and obligations (DKKm)
2025
2024
Specification of pension assets
Fair value of plan assets
24,328
26,226
Defined benefit obligation
(15,218)
(16,300)
Pension assets recognised in the balance sheet
9,110
9,926
Change in defined benefit obligation
Defined benefit obligation at 1 January
(16,300)
(17,585)
Service cost
(24)
(32)
Administrative expenses
(22)
(17)
Interest cost on the defined benefit obligation
(550)
(530)
Termination benefits
(30)
(9)
Past service cost - distribution of excess capital
(9)
(10)
Remeasurement effect:
Demographic experience
(56)
170
Financial assumptions
627
579
Benefit paid
1,146
1,134
Projected benefit obligations at 31 December
(15,218)
(16,300)
Change in fair value of plan assets
Fair value of plan assets at 1 January
26,226
27,459
Interest income on plan assets
896
899
Actual return on plan assets greater/(less) than discount rate
(838)
(173)
(remeasurement effect)
Distribution of excess capital
(841)
(839)
TDC’s contribution
31
14
Benefit paid
(1,146)
(1,134)
Fair value of plan assets at 31 December
24,328
26,226
Change in pension assets
Pension assets at 1 January
9,926
9,874
Pension (costs)/income
270
312
Remeasurement effects
(267)
576
Distribution of excess capital
(850)
(850)
TDC’s contribution
31
14
Pension assets recognised in the balance sheet
9,110
9,926
Asset allocation by asset categories at 31 December (DKKm)
2025
2024
Assets with quoted prices:
Danish Covered Bonds and Government Bonds
9,189
8,383
High Yield
3,518
1,721
Investment Grade
12
336
Emerging Markets Debt
-
1,817
Collateralized Loan Obligation (CLO)
3,099
4,856
Equity
1,621
934
Cash
212
437
Assets without quoted prices:
Danish Covered Bonds and Government Bonds
(631)
(38)
High Yield
2,594
2,789
Investment Grade
(38)
(49)
Emerging Markets Debt
-
157
Real Estate
3,921
3,889
Collateralized Loan Obligation (CLO)
(1)
(41)
Equity
85
89
Other
747
946
Fair value of plan assets
24,328
26,226
Assumptions used to determine defined benefit obligations (balance sheet)
(%)
2025
2024
Discount rate
3.87
3.49
General price/wage inflation (first year)
1.40
3.30
General price/wage inflation (following years)
1.96
1.97
Assumptions used to determine pension (costs)/income
(%)
Expected 2026
2025
2024
Discount rate
3.87
3.49
3.33
General price/wage inflation
1.96
1.97
2.19
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 70
The basis for determining the discount rate is the
yield of AA-rated euro-denominated corporate bonds
with an average maturity of 13 years, taking into ac-
count that the pension liability is in Danish kroner. For
purposes of determining DKTH Group’s pension costs,
the assumed discount rate was 3.49% (3.33% in 2024)
and inflation was 1.97% (2.19% in 2024). The assump-
tions for 2026 reflect a discount rate increase to
3.87% and a decrease in the assumed inflation rate to
1.96%.
In 2026, with these changed assumptions, pension
costs from the domestic defined benefit plan is ex-
pected to amount to DKK 317m (2025: cost of DKK
305m expected), assuming all other factors remain
unchanged. The Group’s contribution is expected to
amount to DKK 23m (2025: DKK 7m expected).
The negative remeasurement effects of DKK 267m in
2025 covered primarily a loss related to the plan as-
sets (DKK 838m) as the actual return was lower than
the expected return, which was partly offset by a gain
related to the benefit obligation (DKK 571m) resulting
from a higher discount rate (from 3.49% to 3.87%).
The positive remeasurement effects of DKK 576m in
2024 covered primarily a gain related to the financial
assumptions as a result from the increasing discount
rate (from 3.33% to 3.49%) and decreasing inflation
rate (from 2.19% to 1.97%).
The mortality assumptions are based on yearly mor-
tality studies. If TDC Pension Funds own observed
mortality deviates significantly from the Danish FSAs
benchmark mortality, TDC Pension Funds own ob-
served mortality is used. Otherwise, the Danish FSAs
benchmark mortality is used. The studies in 2025 and
2024 showed that the benchmark mortality should be
used for men and own observed mortality for women.
In addition, the allowance for future improvement is
in accordance with the Danish FSAs guidelines. The
mortality assumptions provide the best estimate for
the Group’s recent experience plus an allowance for
future improvement.
The table on the right side shows the estimated im-
pact of some of the risks to which DKTH Group is ex-
posed. The Group is also exposed to fluctuations in
the market value of assets. For some of these risks, if
the defined benefit obligation rises or falls, the mar-
ket value of assets may move in the opposite direc-
tion, thereby eliminating some part of the risk.
3.8 | Pension assets and pension obligations (continued)
Pension (costs)/income (DKKm)
Expected 2026
2025
2024
Service costs
(14)
(24)
(32)
Administrative expenses
(22)
(22)
(17)
Personnel expenses (included in EBITDA)
(36)
(46)
(49)
Interest on pension assets
353
346
369
Pension (costs)/income (excluding special items)
317
300
320
Domestic redundancy programmes recognised in special items
(29)
(9)
Members part of distribution of excess capital
(64)
(64)
Total pension (costs)/income recognised in the income state-
ment
207
247
Sensitivity analysis (DKKm)
2025
2024
Reported defined benefit obligation
15,218
16,300
Discount rate sensitivity
3.87%
3.49%
Assumption -0.5%
15,973
17,155
Assumption +0.5%
14,521
15,515
General price/wage inflation sensitivity
1.96%
1.97%
Assumption +0.25%
15,606
16,737
Assumption –0.25%
14,843
15,880
Mortality sensitivity
Assumption +1 year longevity
15,841
16,970
Assumption -1 year longevity
14,595
15,633
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 71
Other information
Ultimately, 425 members of the defined benefit plans
will have part of their pension payments
reimbursed by the Danish government. (2024: 436
members). The related benefit obligations of DKK
235m (2024: DKK 259m) have been deducted in the
projected benefit obligation.
Defined benefit plans
The pension liability regarding defined benefit plans is
estimated based on certain actuarial assumptions, the
most significant of which relate to discount rates,
wage inflation and mortality. The discount rate ap-
plied is based on the yield of corporate bonds and
may change over the years depending on interest rate
developments. Management estimates of actuarial
assumptions illustrate current market conditions. See
the separate section Sensitivity analysis for a state-
ment on the sensitivity of the defined benefit obliga-
tion to the discount rate, inflation and mortality.
In a defined benefit plan, DKTH Group is obliged to
pay a specific benefit at the time of retirement. A
pension asset or pension obligation corresponding to
the present value of the obligations less the defined
pension plans’ assets at fair value is recognised for
these benefit plans.
The obligations are determined annually by independ-
ent actuaries using the projected unit credit method
assuming that each year of service gives rise to an ad-
ditional unit of benefit entitlement, and each unit is
measured separately to build up the final obligations.
Estimation of future obligations is based on the
Group’s projected future developments in mortality,
early retirement, future wages, salaries and benefit
levels, interest rate, etc. The obligation does not take
into account potential distributions of "excess capital"
which is under DKTH's control. The defined pension
plan assets are estimated at fair value at the balance
sheet date.
Differences between the projected and realised de-
velopments in pension assets and pension obligations
are referred to as remeasurement effects and are rec-
ognised in other comprehensive income when gains
and losses occur.
Pension assets are recognised to the extent that they
represent future repayments from the pension plan.
Pension income/costs from defined benefit plans
comprise the items: service cost, administrative ex-
penses and interest on pension assets. Service cost
and administrative expenses are recognised in per-
sonnel expenses, whereas interest on pension assets
is presented as an item in financial income and ex-
penses.
Past service costs are recognised as an expense when
a plan amendment or curtailment occurs.
For the defined contribution plans, the Group will pay
in a fixed periodic contribution to separate legal enti-
ties and will have no further obligations after the pay-
ment has been made.
3.8 | Pension assets and pension obligations (continued)
Projected benefit payments
1
DKKm
1
The duration of the pension plan is approximately 10 years.
Significant accounting estimates
Accounting policies






Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 72
Section 4
Capital structure
and financing costs
This section includes disclosures related to the Group’s capital structure and the
related financing costs, net interest-bearing debt as well as finance related risks
and how these are managed.
4. In this section
4.1. Equity ................................................................................ 73
4.2. Loans and derivatives ....................................................... 74
4.3. Financial risks ................................................................... 78
4.4. Credit ratings and net interest-bearing debt .................... 79
4.5. Financial income and expenses ........................................ 80
4.6. Maturity profiles of financial instruments ........................ 82
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 73
The company’s share capital is DKK 287,478 divided
into shares of DKK 1 each or multiples thereof and un-
changed from last year. All issued shares have been
fully paid up. All shares rank equally.
In 2025, total equity decreased by DKK 4,335m as a
result of negative total comprehensive income.
In 2024, total equity decreased by DKK 2,916m as a
result of negative total comprehensive income.
The parent company statement of changes in equity
specifies which reserves are available for distribution.
The distributable reserves amounted to DKK 8,185m
at 31 December 2025 (2024: DKK 8,041m). At the An-
nual General Meeting, the Board of Directors will not
propose any dividend for the financial year 2025.
There were no dividend payments during 2025 and
2024.
Dividends
Dividends expected to be distributed for the year are
disclosed as a separate item under equity. Dividends
and interim dividends are recognised as a liability at
the time of adoption by the Annual General Meeting
and the meeting of the Board of Directors, respec-
tively.
4.1 | Equity
Comments
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 74
Capital management
DKTH Group consists of two ring-fenced groups (TDC
NET Group and Nuuday Group), insulating them from
the rest of the TDC Group with respect to financings.
Nuuday Group
The objective of Nuuday’s capital management is to
ensure sufficient funding is available to run the busi-
ness and ability to invest in growth. Nuuday is fi-
nanced through a EUR 500m term loan and a EUR
140m Revolving Credit Facility RCF), with a number of
banks and other investors. The financing is governed
by a common term agreement defining financial and
legal covenants.
TDC NET Group
TDC NET has established a long-term secured infra-
structure financing platform and under this platform,
TDC NET has issued Eurobonds, term loans, revolving
credit and additional liquidity facilities. As a general
principle, funding instruments rank pari passu and are
governed by a Common Terms Agreement defining fi-
nancial and legal covenants and Intercreditor Agree-
ment. TDC NET manages and monitors the capital
structure in light of financial performance of the busi-
ness, changes in economic conditions and require-
ments of the financial covenants.
In 2025, TDC NET has issued two fixed-rate Eurobond
in benchmark size of EUR 500m with maturity in 2032
and 2033.
No changes were made in the objectives, policies or
processes for managing capital during the years
ended 31 December 2025 and 2024.
The policy is to target a leverage ratio below 6.0x,
while monitoring interest cover ratio.
The term loan facilities have, apart from one of size
DKK 400m, all been issued in EUR mainly with floating
interest rates.
Loans with oang interest rates have been hedged
to xed interest rates following internal policy guide-
lines and hedge requirements set out by the Common
Terms Agreement.
Within the nancing plaorm, comprehensive cove-
nant packages and intercreditor arrangements pro-
vide enhanced credit protecons. The public notes is-
sued by TDC NET A/S under the secured nancing
plaorm are rated BBB- (stable outlook) by Fitch Rat-
ing Ireland Limited. See also note 4.4.
Derivaves are used for hedging interest and ex-
change-rate exposure only. TDC NET does not apply
hedge accounng.
4.2 | Loans and derivatives
Loans¹ (DKKm)
2025
2024
Senior Term Facility (STF) loans
6,549
13,864
Holdco loan
3,682
3,654
EMTN
22,265
14,828
Total excl. shareholder funding
32,496
32,346
Shareholder funding
30,902
28,383
Total
63,398
60,729
Recognised as follows in the balance sheet:
Non-current liabilities
62,626
60,729
Current liabilities
772
-
Total
63,398
60,729
1 For maturity profiles of expected cash outflows and fair value of debt, see note 4.6.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 75
4.2 | Loans and derivatives (continued)
2025
Loans
2026
2026
2027
2028
2028
2029
2029
2029
2030
2030
2031
2032
2033
2033
Total
excl. SH
funding
2029
2029
Total SH
funding
Total
Maturity
Jun
2026
Jun
2026²
Feb
2027
Feb
2028
May
2028
Jun
2029
Jul
2029
Aug
2029
Feb
2030
Oct
2030
Jun
2031
Aug
2032
Mar
2033
Oct
2033
Dec
2029
Dec
2029
Fixed/floating rate
Floating
Floating
Floating
Floating
Fixed
Floating
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Floating
Fixed
Fixed
Fixed
Coupon¹
Margin +
floored
Cibor
Margin +
floored Eu-
ribor
Margin +
floored Eu-
ribor
Margin +
floored Eu-
ribor
5.056%
Margin +
floored Eu-
ribor
9.500%
5.186%
5.618%
5.870%
6.500%
5.000%
Margin +
floored
Euribor
4.625%
8.810%
8.150%
Currency
DKK
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
DKK
DKK
Type
STF loan
STF loan
STF loan
STF loan
EMTN
bond
STF loan
Holdco
loan
EMTN
Bond
EMTN
Bond
EMTN
Bond
EMTN
bond
EMTN
bond
STF loan
EMTN
bond
SHL loan
SHL loan
Issuing company
TDC NET
TDC NET
TDC NET
Nuuday
TDC NET
TDC NET
DK Tele
TDC NET
TDC NET
TDC NET
TDC NET
TDC NET
TDC NET
TDC NET
DKTH
DKTH
Nominal value (DKKm)
400
373
560
3,733
3,733
373
3,733
3,733
3,733
821
3,733
3,733
465
3,733
32,856
28,243
2,659
30,902
63,758
Nominal value (Cur-
rency)
400
50
75
500
500
50
500
500
500
110
500
500
62
500
28,243
2,659
– Of which nominal
value swapped to or
with floating interest
rate (currency)
100
– Of which nominal
value swapped to or
with fixed interest rate
(currency)
400
50
75
400
500
50
500
500
500
110
500
500
62
500
28,243
2,659
1
EMTNs and STF loans are in EUR, apart from one STF loan nominated in DKK.
2
STF loans have a 0% Euribor or Cibor floor.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 76
EUR exposures are not considered a significant risk
due to the fixed EUR/DKK exchange rate
policy.
As of 31 December 2025, there were no drawings on
committed credit lines. Committed credit lines in TDC
NET totalling EUR 590m under the Senior Facilities
Agreement (SFA). Hereof, undrawn Revolving Credit
Facilities (RCFs) in TDC NET amounted to EUR 350m,
maturing October 2028 with extension options. Un-
drawn RCF in Nuuday amounting to EUR 140m and
maturing in August 2027.
Events after the balance sheet date:
In January 2026, the EUR 50m STF loan scheduled to
mature in June 2026 was repaid. Moreover, in Janu-
ary 2026, a new EUR 50m 7-year STF loan was en-
tered.
4.2 | Loans and derivatives (continued)
2024
Loans
2025
2026
2026
2027
2027
2027
2028
2028
2029
2029
2030
2030
2031
Total excl.
SH
funding
2029
2029
Total SH
funding
Total
Maturity
Feb
2025²
Jun
2026
Jun
2026
Feb
2027
Feb
2027
Feb
2027
Feb
2028
May
2028
Jun
2029
Aug
2029
Feb
2030
Oct
2030
Jun
2031
Dec
2029
Dec
2029
Fixed/floating rate¹
Floating
Floating
Floating
Floating
Floating
Fixed
Floating
Fixed
Floating
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Coupon
Margin +
floored Eu-
ribor
Margin +
floored
Cibor
Margin +
floored Eu-
ribor
Margin +
floored Eu-
ribor
Margin +
floored Eu-
ribor
11.750%
Margin +
floored Eu-
ribor
5.056%
Margin +
floored Eu-
ribor
5.186%
5.618%
5.870%
6.500%
8.810%
8.150%
Currency
EUR
DKK
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
DKK
DKK
Type
STF loan
STF loan
STF loan
STF loan
STF loan
Holdco
loan
STF loan
EMTN
bond
STF loan
EMTN
Bond
EMTN
Bond
EMTN
Bond
EMTN
bond
SHL loan
SHL loan
Issuing company
TDC NET
TDC NET
TDC NET
TDC NET
TDC NET
DK Tele
Nuuday
TDC NET
TDC NET
TDC NET
TDC NET
TDC NET
TDC NET
DKTH
DKTH
Nominal value (DKKm)
4,848
400
373
559
2,983
3,729
3,729
3,729
373
3,729
3,729
820
3,729
32,730
25,928
2,455
28,383
61,113
Nominal value (Cur-
rency)
650
400
50
75
400
500
500
500
50
500
500
110
500
25,928
2,455
– Of which nominal value
swapped to or with fixed
interest rate (currency)
650
-
50
75
400
500
400
500
50
500
500
110
500
25,928
2,455
1
EMTNs, Senior Notes and STF loans are in or swapped to nominal EUR and fixed EUR interest rates.
2
STF loans have a 0% Euribor floor.
Comments
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 77
Financial covenants
Loans in both TDC NET Group and Nuuday Group are
subject to financial covenants.
Nuuday
In Nuuday Group, the financial covenants are moni-
tored quarterly by using a leverage ratio, which is net
debt divided by EBITDA as defined in the facility
agreement.
If leverage ratio exceeds 4.25x it will be an event of
default. Breaches in meeting the financial covenants
would permit the lenders to immediately call loans
and borrowings.
The financial covenant is tested quarterly, on 31
March, 30 June, 30 September and 31 December.
There were no breaches of the financial covenants of
any interest-bearing loans and borrowing in the cur-
rent period.
There are no indications that Nuuday would have dif-
ficulties complying with the covenants in the next
twelve month.
The carrying amount of the liabilities related to the
above financial covenants amounted to DKK 3,584m
as per 31 December 2025.
TDC NET
In TDC NET Group, the financial covenants are moni-
tored by using a leverage ratio, which is net debt di-
vided by EBITDA and an interest cover ratio, which is
EBITDA divided by net finance charges; both as de-
fined in the loan documents.
If the leverage ratio exceeds 6.75x or the interest
cover ratio is lower than 3.0x this leads to a “Trigger
Event” limiting, among other things the distribution
outside the Security Group. If the leverage ratio is
8.25x or the interest cover ratio is lower than 2.0x, it
will be an Event of Default. In case of an Event of De-
fault, a 12-month standstill period will apply. Stand-
still Liquidity Facilities are in place to ensure that debt
can be serviced during the standstill period.
The carrying amount of the liabilities related to the fi-
nancial covenants amounted to DKK 25,393m as per
31 December 2025.
The financial covenants are tested half-yearly on 30
June and 31 December. There were no breaches of
the financial covenants in 2025. There are no indica-
tions that TDC NET will have difficulties complying
with the covenants in the next twelve months from
the balance sheet date.
Sustainability-linked bonds
Since the establishment of the financing platform, we
have issued six sustainability-linked Euro Medium
Term Notes (EMTNs) of a total of EUR 3bn. The Euro-
bonds are linked to our sustainability targets of be-
coming a net-zero carbon emission company across
the full value chain (Scopes 1, 2 and 3) by 2030.
The sustainability-linked bonds are tied to Key Perfor-
mance Indicators (KPIs) for TDC NET’s Scope 1, 2, and
3 emissions measured in metric tonnes of CO2, as
outlined in the Sustainability-Linked Finance Frame-
work. Sustainability Performance Target 1 aims to
achieve net-zero emissions for Scopes 1 and 2 by
2028, while Sustainability Performance Target 2 aims
at net-zero emissions for Scope 3 by 2030, both from
a 2020 baseline. Each of the currently outstanding
bonds is assigned a specific target observation date
on 31 December for either 2026, 2027 or 2028. Or
combined target observation dates in 2028 and 2029.
For any bond with a 2026 target observation date, the
reduction target is 70% for Scopes 1 and 2 emissions
and 30% for Scope 3 emissions. If the observation
date is in 2027, the targets are an 80% reduction for
Scopes 1 and 2 and a 35% reduction for Scope 3. For
bonds with a 2028 observation date, the targets are
to achieve net zero (100% reduction) for Scopes 1 and
2, and a 40% reduction for Scope 3. For bonds with
combined 2028 and 2029 observation dates, targets
are to achieve net zero (100% reduction) for Scopes 1
and 2 (observation date 2028), and a 55% reduction
for Scope 3 (observation date 2029).
Failure to meet these specific reductions by the re-
spective observation date will result in an increase in
the interest rate or a premium payment at maturity
for that bond. See sustainability results describing the
development for Scope 1, 2 and 3 total carbon emis-
sions.
Loans
Loans are recognised initially at the proceeds
received net of transaction expenses incurred. In sub-
sequent periods, loans are measured at amortised
cost so that the difference between the proceeds and
the nominal value is recognised in the income state-
ment over the term of the loan.
All accrued interests on shareholder funding are pre-
sented as part of non-current shareholder funding as
interest is accrued on a current basis.
Other financial liabilities are measured at amortised
cost.
Financial instruments
On initial recognition, financial derivatives are recog-
nised in the balance sheet at cost and subsequently
remeasured at fair value in the balance sheet and
through profit and loss. Valuation is based on observ-
able market inputs for the instrument, such as inter-
est rates and credit spreads, which is used to calcu-
late net present value (discounted expected future
cash flow).
The Group does not apply hedge accounting.
4.2 | Loans and derivatives (continued)
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 78
Interest-rate risks
We are exposed to interest-rate risks due to our inter-
est-bearing financial debt. We are mainly exposed to
interest-rate risks in the euro area, as the majority of
the nominal gross debt is denominated in EUR.
Throughout 2025, the Group monitored and managed
its interest-rate risks using financial instruments in
line with the Group’s financial policy targets.
The interest-rate risks are managed by hedging the in-
terest rate for the coming 2-5 years on average. This
secures more stable interest costs. Derivatives are
marked to market which implies a short term risk of
losses in valuation if interest rates in general de-
crease.
Derivatives are used for hedging interest and ex-
change-rate exposure only. The Group does not apply
hedge accounting.
The Group is exposed to potential widening of credit
spread in future years. This exposure is
unhedged.
A 1%-point increase in interest rates would result in
an extra interest cost of DKK 6m and an unrealised
market value gain of DKK 156m.
Exchange-rate risks
DKTH Group has limited exchange-rate risks in rela-
tion to its loan portfolio or RCF commitment, as all
are issued in or swapped to DKK or EUR, and the DKK
is pegged to EUR.
DKTH Group has limited operational exchange-rate
risks, primarily from USD related to payables from
equipment and handset suppliers as well as content
providers.
Credit risks
Credit risk is the risk that a counterparty will not meet
its obligations under a financial instrument or cus-
tomer contract, leading to a financial loss. Nuuday is
exposed to credit risks as a provider of digital cus-
tomer experience and entertainment in Denmark. The
individual brands handle the credit risk emanating
from providing services for customers. TDC NET has
limited credit risks as a provider of a mobile network
and landline connections in Denmark, where most of
the revenue stems from large, well-established ser-
vice providers.
Some exposure to counterparty risk emerges from
cash and deposits held with financial institutions and
from unrealised gains on financial contracts. This risk
is managed through diversification and by applying a
nominal limit to the allowed exposure to each coun-
terparty. Moreover, financial counterparties are pref-
erably Systemically Important Financial Institutions
(SIFI) and/or Investment Grade rated banks.
For credit risk relating to customers, please refer to
note 3.5.
Liquidity risks
The Group monitors the liquidity flow to ensure
sufficient liquidity to meet payment obligations.
Moreover, the Group is engaged in bank facilities to
secure liquidity for daily operations. As of 31 Decem-
ber 2025, the Group holds two Revolving Credit Facil-
ity (RCF) of EUR 350m and EUR 140m respectively. In
addition, the company also has a Debt Service Re-
serve (DSR) Liquidity Facility Agreement of EUR 175m
and an Operational and Capex Reserve (O&C) Liquid-
ity Facility Agreement of EUR 65m.
The maturity profile of the Group’s financial liabilities
is disclosed in note 4.6.
Undrawn credit lines
At year-end 2025, DKTH Group had undrawn commit-
ted credit lines totaling EUR 730m under the Senior
Facilities Agreement (SFA) including the RCF, DSR and
O&C facilities.
4.3 | Financial risks
Worth noting
We are exposed to financial market and credit
risks when buying and selling goods and ser-
vices denominated in foreign currencies as
well as due to the cash flow from investing in
the business and financing
activities. Because of our capital structure and
financing, the Group faces interest rate and ex-
change rate risks. Treasury identifies, monitors
and manages these risks through policies and
procedures that are revised and approved by
the individual Board of Directors in the opera-
tional subsidiaries and the holding companies
on an annual basis.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 79
Separate external financings have been established
for Nuuday and TDC NET, respectively. The senior se-
cured credit facilities borrowed by Nuuday contain
customary change-of-control provisions as well as
cross-default provisions in relation to other debt of
the Nuuday Group. The financing platform at TDC NET
contains customary cross-default provisions in rela-
tion to other debt of the TDC NET Group. In addition,
certain credit facilities borrowed by TDC NET under
the financing platform contain customary change of
control provisions.
4.4 | Credit ratings and net interest-bearing debt
DKTH Group’s company ratings at
31 December 2025
Moody’s
Fitch
S&P
Company
Instrument
Company
Instrument
Company
Instrument
Company
Nuuday
B2 (Negative)
B2
B (Stable)
BB-
B- (Stable)
B
TDC NET
BB
BBB-
DKTH Group’s company ratings at
31 December 2024
Moody’s
Fitch
S&P
Company
Instrument
Company
Instrument
Company
Instrument
Company
Nuuday
B2 (Stable)
B2
B (Stable)
BB-
B- (Stable)
B-
TDC NET
BB
BBB-
Net interest-bearing debt
excluding shareholder funding (DKKm)
2025
2024
Total loans excl. shareholder funding, cf note 4.2
32,496
32,346
Lease liabilities incl. short-term part
3,374
3,556
Spectrum licence liabilities incl. short-term part
1,258
1,460
Other long-term debt
4
-
Interest-bearing payables
-
2
Derivatives
(3)
-
Short-term bonds and interest-bearing receivables
-
(653)
Cash
(2,013)
(2,350)
Net interest-bearing debt excluding shareholder funding
35,116
34,361
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 80
During the fiscal year, net interest income from deriv-
atives totaled DKK 143m (compared to DKK 351m in
2024). Out of this, DKK 144m (2024: DKK 351m) im-
pacted the cash flow. Within the DKK 144m, receipts
amounted to DKK 654m
(2024: DKK 886m), and payments amounted to DKK
510m (2024: DKK 535m), after netting adjustments.
In DKTH´s internal reporting, currency translation ad-
justments and interest from derivatives are
reported on, as specified in the table below:
During 2025, the group incurred expenses totalling
DKK 5,083m related to interest, currency translation
adjustments, and fair value adjustments. This repre-
sents an increase of DKK 401m compared to 2024.
Interest: The higher level of shareholder loans, due to
accruing interests, led to an increased interest ex-
pense for 2025 compared to last year. Furthermore,
in TDC NET Holding the higher interest expense was
driven by a margin step-up on STF loans and the refi-
nancing from STF loans to EMTN bonds at a slightly
higher interest rate.
Fair value adjustments: The group has mitigated the
risk associated with fluctuating interest rates by
hedging its STF loans, effectively converting floating
interest rates to fixed interest rates. As a result of re-
financing STF loans to EMTNs, cf. above, the deriva-
tives portfolio has been reduced, and the negative de-
velopment in fair value adjustments for 2025 were
primarily driven by the unwinding of time value.
Currency adjustments: In 2025, the increase in the
EUR exchange rate impacted the loans and EMTNs
negatively. Furthermore, the group hedges its future
payables in USD. During 2025, the decline in the USD
exchange rate impacted the period negatively.
4.5 | Financial income and expenses
(DKKm)
2025
2024
Interest income
36
58
Interest expenses
(5,089)
(4,999)
Net interest
(5,053)
(4,941)
Currency translation adjustments
(31)
(5)
Net fair value adjustments:
- Fair value adjustments from derivatives
(103)
(155)
- Net interest income from derivatives
143
351
- Currency translation adjustments from derivatives
(34)
44
- Other
(5)
24
Net fair value adjustments
1
264
Interest, currency translation adjustments and fair value adjustments
(5,083)
(4,682)
Interest on pension assets
346
369
Total
(4,737)
(4,313)
2025
2024
(DKKm)
Net interest¹
Currency trans-
lation adjust-
ments
Fair value
adjustments
Total¹
Net interest¹
Currency trans-
lation adjust-
ments
Fair value
adjustments
Total¹
Shareholder funding²
(2,519)
-
-
(2,519)
(2,319)
-
-
(2,319)
Euro Medium Term Notes (EMTNs)
(1,015)
(20)
(8)
(1,043)
(789)
(6)
1
(794)
Senior Term Facility (STF) loans
(760)
(14)
(6)
(780)
(1,086)
(8)
(5)
(1,099)
Hedge of Senior Term Facility loans/future debt issuance
144
8
(94)
58
350
3
(157)
196
HoldCo loan
(429)
(4)
-
(433)
(476)
(1)
-
(477)
Lease liabilities
(164)
-
-
(164)
(173)
-
-
(173)
Other
(169)
(33)
-
(202)
(96)
50
30
(16)
Subtotal
(4,912)
(63)
(108)
(5,083)
(4,589)
38
(131)
(4,682)
IFRS adjustment to internal reporting
(141)
32
109
-
(352)
(43)
395
-
Total
(5,053)
(31)
1
(5,083)
(4,941)
(5)
264
(4,682)
¹ Excluding interest on pension assets.
² The interests are non-cash as they are continuously ascribed to the principal amount.
Comments
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 81
Comments
Net interest of DKK 2,265m paid in 2025 represented
a DKK 236m increase compared with 2024. This is pri-
marily due to the timing of interest payments from
the refinancing of STF loans to EMTN bonds.
4.5 | Financial income and expenses (continued)
Cash flow from net interest (DKKm)
2025
2024
Interest received
690
952
Interest paid
(2,955)
(2,981)
Net interest paid
(2,265)
(2,029)
Specified as follows:
Euro Medium Term Notes (EMTNs)
(881)
(705)
Senior Term Facility (STF) incl. Hedges
(706)
(690)
HoldCo loan
(439)
(447)
Lease liabilities
(164)
(161)
Other
(75)
(26)
Net interest paid
(2,265)
(2,029)
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DKT Holdings ApS Annual Report 2025 82
Maturity profiles
The maturity analyses of financial assets and liabilities
are disclosed by category and class and are allocated
according to maturity period. All
interest payments and repayments of financial
liabilities are based on contractual agreements. Inter-
est payments on floating-rate instruments are deter-
mined using forward rates.
Financial assets and liabilities measured at fair value
relate to derivatives and is categorised as level 2 in
the IFRS fair value hierarchy.
4.6 | Maturity profiles of financial instruments
2025
Maturity profiles of expected cash flows¹ (DKKm)
< 1 year
1-3 years
3-5 years
> 5 years
Total
Fair value
Carrying amount
Financial assets and liabilities measured at fair value
through profit or loss
Assets²:
Derivatives
Inflow
1,143
8,050
69
11
9,273
Outflow
(1,004)
(7,814)
(74)
-
(8,892)
Total derivatives assets
139
236
(5)
11
381
334
334
Liabilities:
Derivatives
Inflow
312
139
47
-
498
Outflow
(369)
(224)
(50)
-
(643)
Total derivatives liabilities
(57)
(85)
(3)
-
(145)
(142)
(142)
Total derivatives
82
151
(8)
11
236
192
192
Financial liabilities measured at amortised cost
Shareholder funding³
-
-
(43,431)
-
(43,431)
(30,902)
(30,902)
Euro Medium Term Notes (EMTNs)
-
(3,733)
(7,466)
(11,199)
(22,398)
(6,782)
(6,549)
Senior Term Facilities (STF) loan
(773)
(4,436)
(1,337)
(179)
(6,725)
(3,733)
(3,682)
HoldCo Loan
-
-
(3,733)
-
(3,733)
(23,647)
(22,265)
Total loans
(773)
(8,169)
(55,967)
(11,378)
(76,287)
(65,064)
(63,398)
Spectrum licence liabilities
(241)
(483)
(483)
(159)
(1,366)
(1,258)
(1,258)
Lease liability
(555)
(921)
(652)
(2,170)
(4,298)
(3,374)
(3,374)
EMTN, STF and HoldCo Loan, interest⁴
(1,992)
(3,655)
(2,268)
(1,144)
(9,059)
(810)
(810)
Trade and other payables⁵
(1,866)
(1)
(2)
(1)
(1,870)
(1,865)
(1,865)
Total financial liabilities measured at amortised cost
(5,427)
(13,229)
(59,372)
(14,852)
(92,880)
(72,371)
(70,705)
Total
(5,345)
(13,078)
(59,380)
(14,841)
(92,644)
(72,179)
(70,513)
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DKT Holdings ApS Annual Report 2025 83
4.6 | Maturity profiles of financial instruments (continued)
2024
Maturity profiles of expected cash flows¹ (DKKm)
< 1 year
1-3 years
3-5 years
> 5 years
Total
Fair value
Carrying amount
Financial assets and liabilities measured at fair value
through profit or loss
Assets²:
Derivatives
Inflow
6,688
459
178
26
7,351
Outflow
(6,490)
(266)
(105)
(21)
(6,882)
Total derivatives assets
198
193
73
5
469
438
438
Liabilities:
Derivatives
Inflow
2,022
103
43
-
2,168
Outflow
(2,013)
(194)
(80)
-
(2,287)
Total derivatives liabilities
9
(91)
(37)
-
(119)
(115)
(115)
Total derivatives
207
102
36
5
350
323
323
Financial liabilities measured at amortised cost
Shareholder funding³
-
-
(43,431)
-
(43,431)
(28,383)
(28,383)
Euro Medium Term Notes (EMTNs)
-
-
(7,458)
(7,458)
(14,916)
(15,918)
(14,828)
Senior Term Facilities (STF) loan
-
(9,163)
(4,102)
(820)
(14,085)
(14,139)
(13,864)
HoldCo Loan
-
(3,729)
-
-
(3,729)
(3,878)
(3,654)
Total loans
-
(12,892)
(54,991)
(8,278)
(76,161)
(62,318)
(60,729)
Spectrum licence liabilities
(241)
(483)
(483)
(400)
(1,607)
(1,460)
(1,460)
Lease liability
(514)
(913)
(765)
(2,412)
(4,604)
(3,556)
(3,556)
EMTN, STF and HoldCo Loan, interest⁴
(2,088)
(3,589)
(1,774)
(743)
(8,194)
(908)
(908)
Trade and other payables⁵
(1,986)
-
-
-
(1,986)
(1,986)
(1,986)
Total financial liabilities measured at amortised cost
(4,829)
(17,877)
(58,013)
(11,833)
(92,552)
(70,228)
(68,639)
Total
(4,622)
(17,775)
(57,977)
(11,828)
(92,202)
(69,905)
(68,316)
1
All cash flows are undiscounted. The table reflects only the cash flows from financial liabilities and derivatives recognised as financial assets. Other cash flows from financial assets are not disclosed.
2
Both assets and liabilities measured at fair value through profit or loss are disclosed in the above table because some of the derivatives are used for hedging financial liabilities measured at amortised cost, see the table.
3
The expected cashflow includes future interests as they are capitalized on the loan principal.
4
Fair value and carrying amount value consist of accrued interest on the STF loans, the HoldCo loan and the EMTNs at 31 December.
5
As not all trade and other payables recognised in the balance sheet are financial instruments (e.g., unbilled payables do not constitute a financial liability), the amount differs from the amount disclosed in the balance sheet.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 84
Section 5
Cash flow
This section provides information on the Group’s cash flow.
More information on developments in the cash flow items is included
in note 2.7 Special items, note 3.2 Intangible assets, note 3.3 Property, plant and
equipment, 3.4 Lease assets and liabilities, 3.7 Provisions,
note 3.8 Pension assets and pension obligations as well as
note 4.5 Financial income and expenses.
5. In this section
5.1. Adjustment for non-cash items ........................................ 85
5.2. Change in working capital ................................................ 85
5.3. Changes in liabilities arising from financing activities ...... 86
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DKT Holdings ApS Annual Report 2025 85
Cash flow from operating activities is presented using
the indirect method and is based on profit before in-
terest, taxes, depreciation, amortisation and special
items adjusted for non-cash operating items, cash
flow related to special items, changes in working capi-
tal, interest received
and paid as well as income taxes paid. Interest
received and paid includes settlement of interest-
hedging instruments.
Cash flow from investing activities comprises
acquisitions and divestments of enterprises, pur-
chases and sales of intangible assets, property, plant
and equipment as well as other non-current assets,
and purchases and sales of securities that are not rec-
ognised as cash and cash equivalents. Cash flows from
acquired enterprises are recognised from the time of
acquisition, while cash flows from enterprises di-
vested are recognised up to the time of divestment.
Cash flow from operating, investing and financing ac-
tivities of discontinued operations are presented with
comparative figures in separate lines of the statement
of cash flow.
Cash flow from financing activities comprises changes
in interest-bearing debt, lease instalments, purchase
of treasury shares and dividends to shareholders.
Cash and cash equivalents cover cash and
marketable securities with a remaining life not
exceeding three months at the time of acquisition,
and with an insignificant risk of changes in value.
The cash flow statement cannot be derived solely
from information presented in the financial state-
ments.
5.1 | Adjustment for non-cash items
(DKKm)
2025
2024
Pension costs regarding defined benefit plans
46
49
(Gain)/loss on disposal of property, plant and equipment, net
(15)
2
Other adjustments
(27)
11
Total
4
62
5.2 | Change in working capital
(DKKm)
2025
2024
Change in inventories
(5)
20
Change in receivables
(168)
76
Change in contract assets
(70)
(65)
Change in trade payables
(249)
(183)
Change in contract liabilities
118
14
Change in prepaid expenses
(82)
41
Change in other items, net
(85)
(398)
Total
(541)
(495)
Accounting policies
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DKT Holdings ApS Annual Report 2025 86
The table above shows changes in the Group’s liabili-
ties arising from financing activities, including both
cash and non-cash changes. Liabilities arising from fi-
nancing activities are those for which cash flows were
or will be, classified in the Group’s consolidated cash
flow statement as cash flows from financing activities.
5.3 | Changes in liabilities arising from financing activities
Non-cash changes
2025 (DKKm)
At
1 January
2025
Cash flow from fi-
nancing
activities
Acquisitions
and disposals
Debt from leases
Currency
translation
adjustment
Other²
At
31 December
2025
Loans incl. short-term part¹
32,346
(24)
-
-
40
134
32,496
Lease liabilities incl. short term part
3,556
(400)
(26)
244
-
-
3,374
Other long-term debt
-
5
-
-
-
-
5
Total
35,902
(419)
(26)
244
40
134
35,875
Non-cash changes
2024 (DKKm)
At
1 January
2024
Cash flow from fi-
nancing
activities
Acquisitions
and disposals
Debt from leases
Currency
translation
adjustment
Other²
At
31 December
2024
Loans incl. short-term part¹
32,484
(273)
-
-
16
119
32,346
Lease liabilities incl. short term part
3,856
(384)
(36)
120
-
-
3,556
Total
36,340
(657)
(36)
120
16
119
35,902
¹ Excluding shareholder funding.
² Includes amortisation of borrowing costs, lease reassessment and fair value adjustments.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 87
Section 6
Other disclosures
This section contains the statutory notes or notes that are
presumed to be less important for understanding the
Group’s financial performance.
6. In this section
6.1. Incentive programmes ...................................................... 88
6.2. Related parties ................................................................. 89
6.3. Fees to auditors ................................................................ 90
6.4. Other financial commitments ........................................... 90
6.5. Pledges and contingencies ............................................... 91
6.6. Events after the balance sheet date ................................. 91
6.7. Overview of Group companies at 31 December
2025 .................................................................................. 91
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DKT Holdings ApS Annual Report 2025 88
To drive both short-term performance and long-term
financial success, the Group offers comprehensive in-
centive programmes for executives and managers.
The remuneration of top management is designed to
align management incentives with shareholder value
creation, including a strong linkage to the long-term
business plan and the ambitious ESG leadership tar-
gets.
Short-term incentive programmes (STI)
The Short-Term Incentive programs are closely linked
to our core strategy and focus on key performance
measures, including SCF, EBITDA, capital expenditures
(capex), Fiber Net Adds, efficiency in fibre connec-
tions, Net Promotor Score and the ability to sustain
and grow dividend capacity.
Bonus payments are calculated by applying an individ-
ual bonus percentage to base salary and adjusting this
amount based on the degree of target achievement.
For Executive Committee members, the target bonus
percentage typically ranges from 25% to 50%. For
other management roles, the range is generally 10%
to 33%. The maximum payout is capped at 200% of
target.
Long-Term Incentive programmes (LTI)
The Long-Term Incentive (LTI) programme is a central
element of the remuneration framework and is de-
signed to align individual performance with long-term
company objectives. The programme supports strate-
gic priorities and incentivises sustained contributions
to the company’s growth and transformation.
Eligibility for participation in the LTI programme re-
quires a minimum job level of Vice President (VP). In
accordance with contractual terms, the programme
operates over a three-year performance period and
includes targets related to, among others, SCF,
EBITDA development, Fiber Net Adds, fibre connectiv-
ity expansion, health and safety improvements, and
dividend capacity. Programme costs are accrued over
the vesting period. Standard target levels range from
12% to 40% of base salary.
Long-Term Incentive programme
2024-2026
For the three-year period commencing in 2024 and
concluding in 2026, the LTI programme has been tem-
porarily enhanced to recognise the increased de-
mands on top management. These programmes are
designed to further support long-term value creation
and ensure strong alignment between leadership in-
centives and company performance
During this period, target levels have been temporar-
ily increased to 33%–40% for the Executive Leader-
ship Team and 60% for Executive Committee mem-
bers.
As part of the strategic design of the 2024–2026 LTI
programme, it has been important for us to include
ESG key performance indicators other than financial
targets, which are fundamental for driving perfor-
mance towards our sustainability commitments:
• Climate net-zero targets
• Health & Safety targets
• Diversity targets
Special payout adjustment after 2026
Participants with at least 25 months of active partici-
pation and employment as of December 2026 may be
eligible for a special payout adjustment factor ranging
from 0.9 to 1.75, subject to predefined key perfor-
mance indicators.
This adjustment applies to participants who have
been eligible for the full suite of LTI programmes cov-
ering the periods 2024–2026, 2025–2026, and 2026.
The total payout, including any adjustment, is capped
at a maximum of 200% of target.
6.1 | Incentive programmes
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DKT Holdings ApS Annual Report 2025 89
The Group has annual contributions paid to the pen-
sion fund, TDC Pensionskasse, see note 3.8.
The Group has property lease contracts with
Arbejdsmarkedets Tillægspension (ATP) and PFA, who
are shareholders of the company. The lease payments
amounted to DKK 244m (2024: DKK 244m). The prop-
erty lease contracts are a significant part of the lease
liabilities.
Related parties also included the Group’s joint ven-
tures and associates shown in note 6.7.
The Group has the following additional transactions
and outstanding balances with related
parties:
The company’s shareholders have provided share-
holder funding to the company. See note 4.2 for fur-
ther information.
The members of the Board of Directors and the Exec-
utive Committee do not receive remuneration.
The DKT Holdings ApS Group's key management per-
sonnel comprise TDC Holding’s Board of Directors and
Executive Committee as well as the CEO and CFO of
Nuuday A/S and the CEO and CFO of TDC NET A/S. See
note 2.5 for further information.
6.2 | Related parties
Name of related party
Nature of
relationship
Domicile
DKTUK Limited, managed by Macquarie Infrastructure and
Real Assets Europe Limited
Ownership
London,
United Kingdom
Arbejdsmarkedets Tillægspension (ATP)
Ownership
Hillerød, Denmark
PFA Ophelia InvestCo I 2018 K/S, managed by PFA Asset
Management A/S
Ownership
Copenhagen, Denmark
PKA Ophelia Holding K/S, managed by AIP Management P/S
Ownership
Hellerup, Denmark
TDC Pensionskasse
Pension fund
Copenhagen, Denmark
Related parties (DKKm)
2025
2024
TDC Pensionskasse
Other income
3
3
Receivables
-
1
Payables
(4)
(1)
Joint ventures and associates
Income
5
5
Expenses
(3)
(3)
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DKT Holdings ApS Annual Report 2025 90
Non statutory audit services
In 2025, Deloitte Statsautoriseret Revi-
sionspartnerselskab provided other services than stat-
utory audit, in the amount of DKK 15m (2024: DKK
19m) which related to CSRD and other assurance
opinions, and other services.
Commitments represent amounts that DKTH Group
has contractually committed to pay to third parties in
the future. This gives an indication of future cash
flows.
Purchase commitments
As part of the Group’s commitment to reduce our
emissions, with a target of 100% renewable energy in
operations by 2028, the Group has entered into long-
term Power Purchase Agreements (PPA) delivering
electricity. During 2025, the Gorup received renewa-
ble electricity from four solar parks covering 72% of
the Group’s electricity consumption.
From 2026, the PPA setup will change as new agree-
ments have been entered with two different partners
– one for solar energy and one for wind energy. The
solar PPA covers 50 GWh, whereas the wind PPA co-
vers 110 GWh. These agreements are fixed-price
agreements. As the agreements are entered into and
will continue to be held for the purpose of receiving
energy for own usage in the Group’s operations, they
are recognised as power costs in cost of sales and ex-
ternal expenses and other purchase commitments.
6.3 | Fees to auditors
Fees to auditors elected by the Annual General Meeting (DKKm)
2025
2024
Statutory audit
7
7
Other assurance engagements
3
3
Tax advisory services
-
1
Other services
12
15
Total non-statutory audit services
15
19
Total
22
26
6.4 | Other financial commitments
(DKKm)
2025
2024
Lease commitments for short-term and low value leases
Short-term leases
40
38
Low value leases
1
-
Total
41
38
Capital and purchase commitments
Investments in intangible assets
199
174
Investments in property, plant and equipment
-
130
Commitments related to outsourcing agreements
165
291
Other purchase commitments
1,122
889
Total
1,486
1,484
Which are:
Maturing within 1 year
662
940
Maturing between 1 and 5 years
822
434
Maturing after 5 years
2
110
Total
1,486
1,484
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DKT Holdings ApS Annual Report 2025 91
Pledges
Cash with a carrying amount of DKK 1,181m (2024:
DKK 1,687), rights under spectrum licences DKK
2,302m (2024: DKK 2,490m) and trade receivables
DKK 204m (2024: DKK 202m) are pledged as security
for finance agreements in the Group.
See also note 12 to the Parent company financial
statements.
Contingent assets
In the spring of 2023, TDC NET received a decision
from the Center for Cyber Security (CFCS), now part of
Styrelsen for Samfundssikkerhed (SAMSIK), necessi-
tating the discontinuation of our current Central
Transport (DWDM) network supplier by 1 January
2027. TDC NET will comply with the security policy de-
cision of the authorities and adheres to CFCS's deci-
sion to replace the supplier for its DWDM network.
However, as TDC NET has assessed this action as an
expropriation, this has led TDC NET to initiate legal
proceedings. In the opinion of Management, the mat-
ter is fundamental to protecting the company's rights,
but the outcome of the legal proceedings is in no way
certain, and therefore no asset has been recognised
in the financial position as of December 2025.
Contingent liabilities
DKTH Group is party to certain pending lawsuits and
cases pending with public authorities and complaints
boards. Based on a legal assessment of the possible
outcome of each of these lawsuits and cases, Man-
agement is of the opinion that these will have no sig-
nificant adverse effect on DKTH Group’s financial po-
sition.
6.6 | Events after the balance
sheet date
In January 2026, the EUR 50m STF loan scheduled to
mature in June 2026 was repaid. Moreover, in Janu-
ary 2026, a new EUR 50m 7-year STF loan was en-
tered.
On 3 March 2026, TDC Pension has announced a divi-
dend payment to TDC Holding A/S in the amount of
DKK 900m.
There have been no other events that materially af-
fect the assessment of this annual report 2025 after
the balance sheet date and up to today.
6.5 | Pledges and contingences
6.7 | Overview of Group companies
at 31 December 2025
Company name
1
Domicile
Currency
Ownership share (%)
Nuuday
Nuuday A/S
Copenhagen, Denmark
DKK
100
Hiper A/S
Copenhagen, Denmark
DKK
100
TDC Telco ApS
Taastrup, Denmark
DKK
100
4T af 1. oktober 2012 ApS
3
Copenhagen, Denmark
DKK
25
TDC NET
TDC NET Holding A/S
Copenhagen, Denmark
DKK
100
TDC NET A/S
Copenhagen, Denmark
DKK
100
TDC NET Finance B.V.
2
Amsterdam, the Netherlands
EUR
100
DKTV A/S
Copenhagen, Denmark
DKK
100
OCH A/S
3
Copenhagen, Denmark
DKK
25
Other
TDC Holding A/S
Copenhagen, Denmark
DKK
100
DK Telekommunikation ApS
Copenhagen, Denmark
DKK
100
DKT Finance ApS
Copenhagen, Denmark
DKK
100
1
In order to give readers a clear presentation, minor companies without activities are not listed separately in the overview. In pursuance
of Section 6 of the Danish Financial Statements Act, the following subsidiaries have chosen not to prepare an annual
report: Kaisai A/S, 4WEB A/S and TDCH III ApS.
2
TDC Net Finance B.V. was established in connection with the refinancing of the TDC Net Group for the purpose of potentially issuing EUR denominated debt instru-
ments that are eligible for financing by the ECB. The company is however currently without activities and there are no immediate plans for the use of the com-
pany. The company will be taxable in Denmark under the rules of Place of Effective Management and as such part of the Danish joint taxation scheme.
3
The enterprise is included using the equity method.
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DKT Holdings ApS Annual Report 2025 92
Annual report 2019
Parent company
financial statements
Income statement ............................................... 93
Statement of comprehensive income ................. 93
Balance sheet ...................................................... 94
Statement of cash flows ...................................... 95
Statement of changes in equity .......................... 95
Notes to the parent company financial statements
............................................................................ 96
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DKT Holdings ApS Annual Report 2025 93
Income statement
Statement of comprehensive income
(DKKm)
Note
2025
2024
External expenses
(3)
(4)
Operating profit (EBIT)
(3)
(4)
Financial income
5
2,534
2,333
Financial expenses
6
(2,519)
(2,319)
Profit before income taxes
12
10
Income taxes
3
132
46
Profit for the year
144
56
Distribution of profit for the year:
Proposed distribution of profit for the year
Retained earnings
144
56
Profit for the year
144
56
(DKKm)
Note
2025
2024
Profit for the year
144
56
Total comprehensive income
144
56
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DKT Holdings ApS Annual Report 2025 94
Balance sheet
Assets (DKKm)
Note
2025
2024
Non-current assets
Investments in subsidiaries
4
7,784
7,646
Deferred tax assets
3
-
Receivables from group companies
31,035
28,505
Total non-current assets
38,822
36,151
Current assets
Receivables from group companies
1
-
Income tax receivable
178
79
Prepaid expenses
1
-
Cash
117
195
Total current assets
297
274
Total assets
39,119
36,425
Equity and liabilities (DKKm)
Note
2025
2024
Equity
Share capital
7
0
0
Retained earnings
8,185
8,041
Total equity
8,185
8,041
Non-current liabilities
Shareholder funding
8, 9
30,902
28,383
Total non-current liabilities
30,902
28,383
Current liabilities
Payables to group companies
31
-
Other payables
1
1
Total current liabilities
32
1
Total liabilities
30,934
28,384
Total equity and liabilities
39,119
36,425
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DKT Holdings ApS Annual Report 2025 95
Statement of cash flows
Statement of changes in equity
(DKKm)
Note
2025
2024
Operating profit (EBIT)
(3)
(4)
Adjustment for non-cash items
-
-
Change in working capital
30
1
Interest received
3
4
Tax received
30
54
Cash flow from operating activities
60
55
Investment in subsidiaries
(138)
-
Cash flow from investing activities
(138)
-
Total cash flow
(78)
55
Cash and cash equivalents at 1 January
195
140
Cash and cash equivalents at 31 December
117
195
(DKKm)
Share capital
Retained earnings
Total
Equity at 1 January 2024
-
7,985
7,985
Profit for the year
-
56
56
Total comprehensive income
-
56
56
Equity at 31 December 2024
-
8,041
8,041
Profit for the year
-
144
144
Total comprehensive income
-
144
144
Equity at 31 December 2025
-
8,185
8,185
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 96
Notes to the parent company
financial statements
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 97
The financial statements 2025 of the parent company
has been prepared in accordance with IFRS Account-
ing Standards as adopted by the European Union (EU)
and further disclosure requirements in the Danish Fi-
nancial Statements Act (reporting class C “medium”).
The accounting policies are unchanged from
last year.
The parent company accounting policies are the same
as those applied for the Group, with the
additions mentioned below. See note 1.1 to the con-
solidated financial statements for the Group’s ac-
counting policies.
Supplementary accounting policies for
the parent company
Investments in subsidiaries
Investments in subsidiaries are measured at cost.
Where cost exceeds the recoverable amount, the carry-
ing amount is written down to the recoverable amount.
Dividends received from investments in subsidiaries are
recognised as income in the financial year when the
dividends are distributed.
.
IFRS 18 - Presentation and Disclosure in Financial
Statements
As mentioned in note 1.4 to the consolidated financial
statements the company is currently working to iden-
tify all impacts the amendment will have on the
presentation of the income statement and note dis-
closures in the company's financial statements in fu-
ture periods. The initial expected material impacts on
the financial statements are, as follows:
• The company has one main activity shares in DKT
Finance. Shares in subsidiaries are accounted for at
cost and since it is the main activity it is presented
in the operating category. That means dividend and
write down for impairment will be operating activ-
ity.
For further information on new accounting standards
for the company, see note 1.4 to the consolidated fi-
nancial statements.
1 | Accounting policies
2 |New accounting standards
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 98
The company has no employees.
The effective tax rate of deviates significantly from
the Danish corporate income tax rate of 22% due to
the Danish tax rules regarding thin capitalisation and
interest limitation. Due to thin capitalisation, DKK
695m of the financial income of net DKK 12m are not
taxable for tax purposes, which leads to a net tax de-
duction of financial expenses after interest limitation.
DKT Holdings ApS participates in joint taxation
scheme with all its Danish subsidiaries. DKT Holdings
ApS is the management company of the joint taxation
scheme. The jointly taxed companies in the DKT Hold-
ings Group are jointly and severally liable for the total
income taxes, taxes paid on account and outstanding
residual tax (with additional payments and interest)
relating to the joint taxation scheme.
3 | Average number of
employees
4 | Income taxes
5 | Investments in subsidiaries
(DKKm)
2025
2024
Accumulated cost at 1 January
7,646
7,646
Additions
138
-
Accumulated cost at 31 December
7,784
7,646
Carrying amount at 31 December
7,784
7,646
Overview of subsidiaries at 31 December 2025
Company name
Domicile
Currency
Ownership share (%)
Subsidiaries:
DKT Finance ApS
Copenhagen, Denmark
DKK
100
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 99
For information on share capital see note 4.1 to the
consolidated financial statements.
The Company does not have exposure to changes in
interest rates as terms on loans and receivables from
group companies largely matches each other. As the
Shareholder funding is denominated in DKK the Com-
pany does not have any currency exchange rate expo-
sure.
6 | Financial income
(DKKm)
2025
2024
Interest from group companies
2,531
2,330
Other interest income
3
3
Total
2,534
2,333
7 | Financial expenses
(DKKm)
2025
2024
Interest expenses on shareholder funding
(2,519)
(2,319)
Total
(2,519)
(2,319)
8 | Equity
9 | Shareholder funding
Shareholder funding
2029
2029
Total
Maturity
Dec 2029
Dec 2029
Fixed/floating rate
Fixed
Fixed
Coupon
8.81%
8.15%
Currency
DKK
DKK
Type
Shareholder Loans
Shareholder Loans
Nominal value (DKKm)
28,243
2,659
30,902
2024
2029
2029
Total
Maturity
Dec 2029
Dec 2029
Fixed/floating rate
Fixed
Fixed
Coupon
8.81%
8.15%
Currency
DKK
DKK
Type
Shareholder
funding
Shareholder
funding
Nominal value (DKKm)
25,928
2,455
28,383
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 100
Maturity profiles
The maturity analyses of financial assets and liabilities
are disclosed by category and class and are allocated
according to maturity period. All interest payments
and repayments of financial liabilities are based on
contractual agreements. The future cashflows will be
financed by received interests and settlement on
Shareholder funding provided to DKT Finance ApS.
10 | Maturity profiles of financial instruments
Maturity profiles of expected cash flows¹
(DKKm)
< 1 year
1-3 years
3-5 years
> 5 years
Total
Fair value
Carrying amount
Financial liabilities measured at amortised cost
Shareholder funding
-
-
(43,431)
-
(43,431)
(30,902)
(30,902)
Amounts owed to group companies
(31)
-
-
-
(31)
(31)
(31)
Total 2025
(31)
-
(43,431)
-
(43,462)
(30,933)
(30,933)
Maturity profiles of expected cash flows¹
(DKKm)
< 1 year
1-3 years
3-5 years
> 5 years
Total
Fair value
Carrying amount
Financial liabilities measured at amortised cost
Shareholder funding²
-
-
(43,431)
-
(43,431)
(28,383)
(28,383)
Total 2024
-
-
(43,431)
-
(43,431)
(28,383)
(28,383)
¹ All cash flows are undiscounted.
² The expected cashflow includes future interests as they are capitalized on the loan principal.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 101
For information about the related parties of the
Group, see note 6.2 to the consolidated financial
statements.
Receivables from group companies and payables to
group companies are shown in the balance sheet. In-
terest from/to group companies are shown in notes 6
and 7.
In 2025, a capital contribution of DKK 138m was made
to DKT Finance ApS.
All transactions were made on an arm’s length basis.
The members of the Board of Directors
and the Executive Committee do not receive
remuneration.
There are no pledges in 2025 and 2024.
For information on events after the balance sheet
date, see note 6.6 to the consolidated financial state-
ments.
11 | Related parties
12 | Pledges
13 | Events after the balance
sheet date
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 102
Today, the Board of Directors and the Executive Com-
mittee considered and approved the
Annual Report of DKT Holdings ApS for 2025.
The Annual Report has been prepared in accordance
with IFRS Accounting Standards as adopted by the EU
and further requirements in the Danish Financial
Statements Act.
In our opinion, the consolidated financial statements
and parent company financial statements give a true
and fair view of the financial position at 31 December
2025 of the Group and the
parent company and of the results of the Group and
parent company operations and cash flows for 2025.
In our opinion, the management's review is prepared
in accordance with relevant laws and regulations and
includes a true and fair account of the developments
in the operations and financial circumstances of the
Group and the parent company, of the results for the
year and of the financial position of the Group and
the parent company as well as a description of the
most significant risks and elements of uncertainty fac-
ing the Group and the parent company.
Management statement
We recommend that the Annual Report be adopted at the Annual General Meeting
Copenhagen, 7 April 2026
Executive Committee
Nathan Andrew Luckey
Board of Directors
Nathan Andrew Luckey
Chair
Henrik Sjøgren
Vice Chair
Peter Tind Larsen
Vice Chair
Frederik Kühl Jess Hejgaard
Vice Chair
Catherine Isabelle Harber
Susana Leith-Smith
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 103
To the shareholders of
DKT Holdings ApS
Opinion
We have audited the consolidated nancial state-
ments and the parent nancial statements of DKT
Holdings ApS for the nancial year 01.01.2025 -
31.12.2025, which comprise the income statement,
statement of comprehensive income, balance sheet,
statement of changes in equity, cash ow statement
and notes, including material accounting policy infor-
mation, for the Group as well as the Parent. The con-
solidated nancial statements and the parent nan-
cial statements are prepared in accordance with IFRS
Accounting Standards as adopted by the EU and addi-
tional requirements of the Danish Financial State-
ments Act.
In our opinion, the consolidated nancial statements
and the parent nancial statements give a true and
fair view of the Group’s and the Parent’s nancial po-
sition at 31.12.2025, and of the results of their opera-
tions and cash ows for the nancial year 01.01.2025
- 31.12.2025 in accordance with IFRS Accounting
Standards as adopted by the EU and additional re-
quirements of the Danish Financial Statements Act.
Basis for opinion
We conducted our audit in accordance with Interna-
tional Standards on Auditing (ISAs) and the additional
requirements applicable in Denmark. Our responsibili-
ties under those standards and requirements are fur-
ther described in the "Auditor’s responsibilities for
the audit of the consolidated nancial statements and
the parent nancial statements" section of this audi-
tor’s report. We are independent of the Group in ac-
cordance
with the International Ethics Standards Board for Ac-
countants’ International Code of Ethics for Profes-
sional Accountants (IESBA Code) and the additional
ethical requirements applicable in Denmark, and we
have fullled our other ethical responsibilities in ac-
cordance with these requirements and the IESBA
Code. We believe that the audit evidence we have ob-
tained is sufficient and appropriate to provide a basis
for our opinion.
Statement on management review
Management is responsible for the management re-
view.
Our opinion on the consolidated nancial statements
and the parent nancial statements does not cover
the management review, and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the consolidated
nancial statements and the parent nancial state-
ments, our responsibility is to read the management
review and, in doing so, consider whether the man-
agement review is materially inconsistent with the
consolidated nancial statements and the parent
nancial statements or our knowledge obtained in
the audit or otherwise appears to be materially mis-
stated.
Moreover, it is our responsibility to consider whether
the management review provides the information re-
quired by relevant law and regulations.
Based on the work we have performed, we conclude
that the management review is in accordance with
the consolidated nancial statements and the parent
nancial statements and has been prepared in ac-
cordance with the requirements of the relevant law
and regulations.
We did not identify any material misstatement of the
management review.
Management’s responsibilities for the consolidated
financial statements and the parent financial
statements
Management is responsible for the preparation of
consolidated nancial statements and parent nancial
statements that give a true and fair view in accord-
ance with IFRS Accounting Standards as adopted by
the EU and additional requirements of the Danish Fi-
nancial Statements Act, and for such internal control
as Management determines is necessary to enable
the preparation of consolidated nancial statements
and parent nancial statements that are free from
material misstatement, whether due to fraud or er-
ror.
In preparing the consolidated nancial statements
and the parent nancial statements, Management is
responsible for assessing the Group’s and the Parent’s
ability to continue as a going concern, for disclosing,
as applicable, matters related to going concern, and
for using the going concern basis of accounting in pre-
paring the consolidated nancial statements and the
parent nancial statements unless Management ei-
ther intends to liquidate the Group or the Entity or to
cease operations, or has no realistic alternative but to
do so.
Independent auditor’s report
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
DKT Holdings ApS Annual Report 2025 104
Auditor’s responsibilities for the audit of the
consolidated financial statements and the
parent financial statements
Our objectives are to obtain reasonable assurance
about whether the consolidated nancial statements
and the parent nancial statements as a whole are
free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that in-
cludes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an au-
dit conducted in accordance with ISAs and the addi-
tional requirements applicable in Denmark will always
detect a material misstatement when it exists. Mis-
statements can arise from fraud or error and are con-
sidered material if, individually or in the aggregate,
they could reasonably be expected to inuence the
economic decisions of users taken on the basis of
these consolidated nancial statements and these
parent nancial statements.
As part of an audit conducted in accordance with ISAs
and the additional requirements applicable in Den-
mark, we exercise professional judgement and main-
tain professional scepticism throughout the audit. We
also:
• Identify and assess the risks of material misstate-
ment of the consolidated nancial statements and
the parent nancial statements, whether due to
fraud or error, design and perform audit proce-
dures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to pro-
vide a basis for our opinion. The risk of not detect-
ing a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omis-
sions, misrepresentations, or the override of inter-
nal control.
• Obtain an understanding of internal control rele-
vant to the audit in order to design audit
procedures that are appropriate in the circum-
stances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s and the
Parent’s internal control.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting esti-
mates and related disclosures made by Manage-
ment.
• Conclude on the appropriateness of Management’s
use of the going concern basis of accounting in pre-
paring the consolidated nancial statements and
the parent nancial statements, and, based on the
audit evidence obtained, whether a material uncer-
tainty exists related to events or conditions that
may cast signicant doubt on the Group's and the
Parent’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s re-
port to the related disclosures in the consolidated
nancial statements and the parent nancial state-
ments or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our
auditor’s report. However, future events or condi-
tions may cause the Group and the Entity to cease
to continue as a going concern.
• Evaluate the overall presentation, structure and
content of the consolidated nancial statements
and the parent nancial statements, including the
disclosures in the notes, and whether the consoli-
dated nancial statements and the parent nancial
statements represent the underlying transactions
and events in a manner that gives a true and fair
view.
• Plan and perform the group audit to obtain
sufficient appropriate audit evidence regarding the
nancial information of the entities or business
units within the group as a basis for forming an
opinion on the consolidated nancial statements
and the parent nancial statements. We are re-
sponsible for the direction, supervision and review
of the audit work performed for purposes of the
group audit. We remain solely responsible for our
audit opinion.
We communicate with those charged with govern-
ance regarding, among other matters, the planned
scope and timing of the audit and signicant audit
ndings, including any signicant deciencies in inter-
nal control that we identify during our audit.
Copenhagen, 7 April 2026
Deloitte
Statsautoriseret Revisionspartnerselskab
CVR No 33963556
Lars Siggaard Hansen
Kåre Kansonen Valtersdorf
State Authorised Public Accountant
Identication No (MNE) mne32208
State Authorised Public Accountant
Identication No (MNE) mne34490
in brief Financial review ESG Consolidated Financial statements Disclaimer
DKT Holdings ApS Annual Report 2025 105
Forward-looking statements
Forward-looking statements
This report may include statements about DKTH Group’s expectations, beliefs, plans, objectives, assumptions or future events or performance that are not historical facts and may be forward-looking. These statements are often, but
not always, formulated using words or phrases such as “are likely to result”, “are expected to”, “will continue”, “believe”, “is anticipated”, “estimated”, “intends”, “expects”, “plans”, “seeks”, “projection” and “outlook” or similar
expressions or negatives thereof. These statements involve known and unknown risks, estimates, assumptions and uncertainties that could cause actual results, performance or achievements or industry results to differ materially
from those expressed or implied by such forward-looking statements.
Any forward-looking statements are qualified in their entirety by reference to the factors discussed throughout this financial report. Key factors that may have a direct bearing on DKTH Group’s results include: the competitive
environment and the industry in which DKTH Group operates; contractual obligations in DKTH Group’s financing arrangements; developments in competition within the domestic and international communications industry; infor-
mation technology and operational risks, including DKTH Group’s responses to change and new technologies; introduction of and demand for new services and products; developments in demand, product mix and prices in the
mobile and multimedia services market; research regarding the impact of mobile phones on health; changes in applicable legislation, including but not limited to tax and telecommunications legislation and anti-terror measures;
decisions made by the Danish Business Authority; the possibility of being awarded licences; increased interest rates; the status of important intellectual property rights; exchange-rate fluctuations; global and local economic condi-
tions; investments in and divestment of domestic and foreign companies; and supplier relationships.
As the risk factors referred to in this report could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made in this Report, undue reliance is not to be placed on any of these
forward-looking statements. New factors will emerge in the future that DKTH Group cannot predict. In addition, DKTH Group cannot assess the impact of each factor on its business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those described in any forward-looking statements.
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