Nuuday A/S

Nuuday Annual

Report 2025

Nuuday A/S

Teglholmsgade 1

DK-2450 Copenhagen SV

CVR-no: 40075291

Approved at the annual general meeting: 7 April 2025

Chair at the meeting: Ditte Ross Pedersen

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 2

Contents

3 Introduction

4 Nuuday at a glance

5 Letter from CEO

7 Key highlights from 2025

8 Financial overview

9 Business and strategy

10 Our business model

12 Delivering on our strategy

13 Best choice

14 Best experience

15 Most digital

16 Performance

17 Nuuday’s performance

19 Corporate governance

20 Corporate governance statement

21 Risk management

24 Annual risk assessment

28 Management

29 Executive Management

30 Executive Committee

31 Board of Directors

32 Sustainability

33 Introduction

34 Sustainability priorities

35 ESG governance

36 Environment

42 Social

49 Governance

54 Accounting principles for ESG reporting

59 Financial statements

60 Consolidated financial statements

63 Notes to consolidated financial statements

93 Parent company financial statement

97 Notes to parent company financial

statements

Management review Financial statements Auditor statements

105 Statements and auditor’s reports

106 Management statement

107 Independent Auditor's Report

109 Independent auditor’s limited assurance

report on selected disclosures in the

sustainability report

Nuuday Annual Report 2025 3

Nuuday at a glance

Letter from CEO

Key highlights from 2025

Financial overview

Introduction

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 4

Nuuday at a glance

5.8m

Customer relations (RGUs) at Nuuday

Includes IoT

2.0m

Business

3.8m

Consumer

Our customer relations

3,008

Nuuday is Denmark’s leading telecommunications service provider consisting of six

consumer and business brands spanning connectivity, communication and enter-

tainment – all with the shared goal of helping customers make sense with technology.

Our brands

14.8

Revenue

(DKKbn)

1.51

EBITDA

(DKKbn)

1.3

CAPEX

(DKKbn)

Employees

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 5

Letter from CEO

Strengthening the core while

embracing the future

Introduction

2025 marked both a year of strong

financial performance for Nuuday and

my first year as CEO. Wherever I

engaged with the organisation, I felt

exceptionally welcomed, and I greatly

value the feedback and insights shared

by employees during my visits across

the country.

Nuuday has a distinctive culture

characterised by openness, curiosity,

and a strong drive to continuously

develop our business – qualities that are

visible in our daily work. The year was

shaped by significant change at both

macro and micro levels. We are well

underway in transforming Nuuday for

the future. Despite a constantly evolving

environment and substantial challenges,

we maintained a high employee engage-

ment score of 80, well above the bench-

mark of 75 – a result I am proud of and

deeply grateful for.

Key milestones

We have consolidated our position as

Denmark’s leading telecommunications

service provider while accelerating the

transformation initiated in 2021, which

is now delivering tangible results. We

remain Denmark’s largest provider of

mobile, broadband, and TV services – and

are now also the market leader in fibre.

Our subscription business grew for the

fourth consecutive year, particularly

in fibre, mobile, and B2B ICT solutions.

Despite the complexity of a system-wide

transformation, customer satisfaction has

improved significantly, and we remain

fully committed to strengthening itfurther.

For the tenth year in a row, Nuuday's

mobile customers enjoy access to Den-

mark’s best network from TDC NET, as

measured by the Danish Technological

Institute.

In 2025, Nuuday delivered solid financial

results driven by growth in future-proof

products. Service revenue increased 1.4%,

supported by 65,000 new fibre RGUs and

continued momentum in mobile. EBITDA

grew 4.3% as the customer mix shifted

toward high-value services. Simple cash

flow increased by DKK 52m to DKK 212m,

reflecting higher profitability and stabilis-

ing investments as transformation CAPEX

began to normalise after the 2024 peak.

Business

In the business market, we have further

strengthened our position as the leader

in connectivity, cybersecurity, and digital

infrastructure. Connectivity remains at

the heart of TDC Erhverv, and in 2025 we

saw the first customers adopt 5G private

and hybrid networks, taking advantage

of Denmark’s first 5G SA mobile core.

TDC Erhverv manages the digital traffic

of more than half of Danish businesses,

giving us unique insight into the threat

landscape. We use this knowledge to

strengthen our customers’ cybersecurity

through advisory services, new security

solutions, and our Security Operations

Centre. Cyberattacks and AI-driven

threats are increasingly frequent, sophis-

ticated, and costly, impacting both busi-

nesses and citizens. By combining exper-

tise and advanced solutions, we help

companies protect their connections,

trust, and the foundation of their business.

With over 30 years of experience in

IT security, we provide critical digital

infrastructure that Denmark depends on.

We are a trusted partner for the govern-

ment and most municipalities, and the

only provider able to deliver complete

end-to-end digital and network solutions.

In 2025, TDC Erhverv secured six out of

seven subcontracts under the SKI 50.48

framework agreement, ensuring conti-

nued telephony services and reinforcing

our role as a trusted provider of essential

infrastructure.

In 2025, we launched a groundbreaking

AI partnership with DCAI, giving Danish

companies access to Gefion’s supercom-

puting power while ensuring data sove-

reignty through CloudKey encryption.

We continue to drive innovation across

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 6

Letter from CEO

the digital landscape, including 5G SA and

other advanced technologies.

For the third consecutive year, we hosted

nationwide initiatives such as Hele Dan-

mark Øver and Cybersecurity Day in

collaboration with the Confederation of

Danish Industry, IT-Branchen, Cisco, and

others. We are sharing our knowledge

with customers, authorities, and part-

ners because cybersecurity is a shared

responsibility.

Consumer

In the consumer market, we sustained

strong growth and strengthened our

position as the preferred provider of

connectivity and entertainment services.

YouSee, our main brand, is Denmark’s

number one in mobile, broadband, and TV.

Our ambition is to simplify, secure, and

connect everyday life for families and

households. In 2025, we launched Samle-

rabat Internet, rewarding customers for

bundling broadband and mobile services,

further reinforcing our position as a pre-

mium provider.

With the best and most relevant enter-

tainment catalogue, and strong partner-

ships with domestic and international

content providers, we offer a superior

experience across streaming services and

broadcasters. In 2025, YouSee expanded

its portfolio with Prime Video.

Digital security remains a growing con-

cern. Today, 38% of Danes are sceptical

or concerned about AI. Among citizens

aged 75+, 20% worry about identifying

digital fraud, and 70% of Danish children

aged 9–17 have experienced online harass-

ment or uncomfortable situations in the

past year.

We take societal responsibility seriously,

protecting both children and adults on-

line. Our routers include builtin security

solutions that blocked 336 million attacks

against private customers in 2025. In the

autumn, we also launched MobilSikker,

warning users about unsafe websites,

and strengthened initiatives supporting

children’s digital wellbeing, including part-

nerships with Børns Vilkår and enhanced

data security through CloudKey.

We continuously strive to deliver ex-

cellent customer experiences. In 2025,

Telmore became the first Danish brand

to receive the Global Adobe Experience

Award in The Transformer category,

highlighting our world-class digital capa-

bilities. Learnings from challenger brands

like Hiper and eesy are actively applied

across Telmore and YouSee. Eesy’s fully

digital customer experience, automation,

and AI-powered chat handles nearly 70%

of enquiries, while AI-enabled email solu-

tions increase agent productivity. Mean-

while, our customer base has doubled

without increasing headcount.

IT transformation

Since 2021, we have been transforming

and modernising our IT architecture,

moving consumer systems to a new

cloud-based Netcracker platform while

simplifying B2B products and processes.

In 2025, we completed the consumer

systems migration, moving over 95% of

individual customers to the new platform.

Despite inevitable delays, we are already

seeing benefits, including the launch of

Samlerabat and new digital sales capabi-

lities. In 2026, we expect to complete the

migration of association customers and

wholesale partners, after which we will

fully leverage the platform to improve

products, customer experience, and

efficiency.

We have also shifted our approach in

the business segment, opting for gradual

modernisation over large-scale replace-

ment to reduce risk while creating conti-

nuous value.

Organisational change and

collaboration

In 2025, we consolidated our six brands

into two divisions – B2C and B2B – to

strengthen unity while preserving brand

identities. Shared direction allows better

synergy, knowledge sharing, and collabo-

ration.

Diversity is a strength, but we must

continue breaking down silos, learning

from each other, and optimising resour-

ces to maximise customer value.

ESG and responsibility

Sustainability is embedded in Nuuday’s

business model. We have been a UN Glo-

bal Compact signatory since 2009, and

in 2025 we accelerated our sustainability

efforts.

Our climate targets were validated by

the Science Based Targets initiative.

emissions across our value chain

were from 2024 to 2025 reduced by 7%,

and through TDC Erhverv, we helped

business customers lower their emissions

too. Circularity remained a priority:

Nearly 250,000 broadband, TV, and MBB

devices were refurbished, and more than

19,000 mobile terminals were taken back

for reuse or recycling.

Across climate, circularity, social respon-

sibility (including children’s digital wellbe-

ing) and cybersecurity, our ESG efforts

link sustainability with commercial

strength, resilience, and long-term value

creation. This integrated approach will

remain a priority in 2026.

Outlook

We are ready for the next phase of our

transformation. With market-leading

brands, solid financial foundation, invest-

ments in data and AI, and an organisation

that takes responsibility, I am confident in

our ability to continue creating value for

customers, society, and shareholders.

My sincere thanks to the entire Nuuday

team for an extraordinary effort during

a year defined by major milestones and

new demands. Together, we have demon-

strated our ability to deliver growth, in-

novation, and improved customer satis-

faction while executing a comprehensive

transformation with a shared purpose:

taking Denmark safely into the future.

Christian Thrane

CEO

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 7

Key highlights of 2025

Christian Thrane is appointed as

new CEO of Nuuday.

New CEO

As the first Danish brand to be

nominated, Telmore wins the

Global Adobe Experience Award

within the category ‘The Trans-

former’.

Telmore wins Global

Adobe Experience

Award

TDC Erhverv is awarded 6

out of 7 sub-agreements in the

SKI 50.48 tender, allowing TDC

Erhverv to continuously deliver

connectivity services to the

government and municipalities.

TDC Erhverv wins

SKI 50.48 agreement

TDC Erhverv and DCAI’s part-

nership gives Danish organisa-

tions secure, sovereign access

to the Gefion AI supercomputer.

This removes key barriers to

AI adoption and enables faster,

safer digital transformation at

scale.

TDC Erhverv

introduces new AI

partnership

With the addition of Prime

Video, YouSee continues to

expand its entertainment port-

folio, providing an unmatched

selection of streaming services

for Danish consumers.

Denmark's broadest

entertainment

portfolio

For the tenth year in a row,

Nuuday's mobile customers

enjoy access to Denmark’s best

network, as measured by the

Danish Technological Institute.

Best mobile network

for 10th consecutive

year

Our brands expand their work

on children’s digital well-being.

YouSee and Børns Vilkår run

a strong campaign on kids’

first phones, and TDC Erhverv

enhances BørneTelefonen’s

confidentiality and data security

with Cloudkey.

Launch of several

social responsibility

initiatives

Majority of YouSee customers

migrate to our new IT stack,

Dawn, at a record pace marking

a huge milestone in our IT trans-

formation.

Majority of YouSee

customers move to

Dawn

YouSee solidifies its position as

a premium household provider

through the launch of Samle-

rabat Internet, where customers

obtain a discount by combining

internet and mobile solutions.

Launch of

Samlerabat Internet

In partnership with IT Branchen,

Cisco and Danish Industry (DI).

The event aims to equip organi-

sations with the knowledge and

tools needed to navigate an in-

creasingly complex cyber threat

landscape.

TDC Erhverv hosts

Cyber Security Day

2025 2026

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Financial overview

Nuuday Annual Report 2025 8

Income statement (DKKm)

2025 2024 2023 2022 2021

Revenue

Hereof service revenue

Gross profit

EBITDA (before special items)

Operating profit/(loss) (EBIT)

Profit/(loss) before income taxes

Profit/(loss) for the year

14,769

13,644

4,818

1,506

(253)

(726)

(562)

14,560

13,451

4,779

1,444

(50)

(488)

(438)

14,478

13,342

4,805

1,571

(2)

(451)

(421)

14,674

13,275

4,847

1,709

(227)

(190)

14,657

13,213

4,993

1,823

(13)

(413)

(390)

Income statemnet, excluding special items (DKKm)

Operating profit (EBIT)

Profit/(loss) before income taxes

Profit/(loss) for the year

(154)

(627)

(484)

(431)

(395)

(399)

(381)

159

(161)

(138)

111

(338)

(342)

Balance sheet (DKKm)

Total assets

Net interest-bearing debt (NIBD)

Total equity

Capital expenditure

16,602

(3,713)

5,522

(1,294)

16,923

(3,523)

5,684

(1,284)

17,757

(2,808)

6,122

(1,238)

17,448

(2,827)

6,543

(1,314)

17,776

(8,530)

386

(1,149)

Statement of cash flow (DKKm)

Operating activities

Investing activities

Financing activities

Total cash flow

784

(1,243)

306

(153)

598

(976)

(70)

(448)

1,261

(1,449)

485

297

959

(1,316)

755

398

2,146

(970)

(1,174)

Key financial ratios

2025 2024 2023 2022 2021

Simple cash flow, DKKm¹

Service revenue growth %

Productivity ratio, DKKm²

Gross margin %

EBITDA margin %

EBIT margin %

Equity ratio %

212

1.4

4.5

32.6

10.2

(1.7)

33.3

160

0.8

4.3

32.8

9.9

(0.3)

33.6

333

0.5

3.9

33.2

10.9

0.0

34.5

395

0.5

3.6

33.0

11.6

0.6

37.5

674

(1.0)

3.4

34.1

12.4

(0.1)

2.2

Retail RGUs (’000)

Mobile services

Broadband

Landline voice

3,895

784

918

158

3,890

845

967

203

3,865

894

1,007

272

3,856

949

1,041

324

3,799

985

1,055

395

Employees

FTEs (end-of-year)

FTEs Consumer

FTEs Business

FTEs Other

3,008

1,556

962

495

3,051

1,622

944

485

3,193

1,723

957

513

3,615

1,939

964

712

Simple cash flow = EBITDA - capital expenditure

Productivity ratio = Service revenue / average number of employees.

Consist of mobile voice, mobile broadband and IoT. The numbers reflect recategorisation in 2023 and 2024 of certain business mobile

Comparative figures have been adjusted to include leased lines.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

3,686

2,033

971

682

Business and strategy

Nuuday Annual Report 2025 9

Our business model

Delivering on our strategy

Best choice

Best experience

Most digital

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 10

Our business model

TV, mobile, broadband

Denmark’s leading triple-play tele-

communications and entertainment

provider, and the preferred brand

for households across the country.

Nuuday is Denmark’s leading telecommunications service provider provider, boasting

a robust and varied portfolio of brands, products and services. With nearly six million

customer relationships across consumer and business segments, our brands deliver

high-speed broadband, best-in-class mobile connectivity, and flexible TV and streaming

options. We also deliver a comprehensive range of advanced business solutions, includ-

ing cybersecurity, unified communications, and digital collaboration. Danish consumers

and businesses depend on Nuuday to provide them with the most innovative, reliable,

and cutting edge telecommunications services available.

Market position in Denmark across

internet products (fixed & mobile

broadband), TV & streaming, mobile

voice, and B2B services.

5.8m

Customer relations (RGUs),

including IoT.

Consumer brands

Mobile and mobile broadband

Pure mobile consumer brand, offe-

ring a superior customer experience,

mobile broadband, and streaming

with Telmore Play.

Mobile

Digital and fast-growing mobile

challenger brand that provides easy,

value-for-money mobile connectivity

on Denmark’s best network.

Broadband

Pure-play internet challenger

delivering high-speed broadband

with excellent value-for-money.

Business brands

Mobile, broadband, security, colla-

boration, and network services

Denmark’s market leader in B2B

telecommunications with a broad

portfolio of end-to-end services

from basic connectivity to advanced

digital solutions, and cybersecurity.

Mobile, mobile broadband, and

innovative switch software

A mobile B2B brand focused on

providing SMBs with great products

and services at attractive prices.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 11

Selection of our network partners:

TDC NET

Norlys

Fibia

Nord Energi Fibernet

We have Denmark’s strongest range of partnerships to ensure our customers can

access Denmark’s best mobile and fixed networks, best-in-class entertainment

and leading-edge business offers.

Through our partnerships with leading

Danish fibre and cable networks, we

provide access to high-speed broadband

for the vast majority of Danish house-

holds and businesses.

Leading high-speed

broadband coverage

Denmark’s best

mobile network

Superior entertainment

portfolio

Best-in-class business

solutions

Our unique partnership with TDC NET

gives us access to Denmarks best 5G mo-

bile network, which has been judged the

best network for quality and coverage

for the tenth consecutive year.

With the best and most relevant

entertainment catalogue, and through

strong partnerships with both domestic

and international content providers,

we provide our customers with a superior

offering of entertainment from both

streaming services as well as broad-

casters.

Through well-established business

partnerships with industry leaders such

as Cisco and Microsoft, we offer our

business customers flexible best-in-class

solutions in areas such as cybersecurity,

digital collaboration, and Unified Commu-

nications.

Our network partner:

TDC NET

Selection of partners:

TV2

Netflix

Viaplay

HBO Max

Disney Plus

Prime Video

Selection of partners:

CISCO Partner

Microsoft Partner Gold

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 12

Nuuday’s ambition is to become a European best-in-class telecommunications

service provider, preferred by Danish households and businesses. Building on the

comprehensive transformation that began in 2021, Nuuday keeps delivering significant,

continued progress in technology, product innovation, and operational excellence. We

continue to execute one of the most comprehensive and impactful transformations

in the European telecommunications industry. Looking forward, this transformation

allows us to sharpen our strategy with enhanced focus on long-term value, in a fier-

cely competitive market. Our relentless focus on stellar, holistic customer experiences

ensures this momentum.

Delivering on our strategy

The best choice for Danish consumers and businesses

Across a strong brand portfolio with diverse value propositions, we offer our

customers the best choice through all-encompassing, flexible, and innovative

products, based on leading-edge technologies.

Best choice

Deliver the best customer experience

We are determined to provide Danish consumers and businesses with

seamless journeys, and meet them on their preferred channels.

Best experience

Digital transformation through radical simplification

By radically simplifying our business model and building a modern, scalable IT

foundation, we have unlocked new possibilities for innovation, allowing us to

continuously deliver the best products and services to our customers.

Most digital

Strategic focus areas

Deliver best-in-market

connectivity

Innovate entertainment

and business solutions

Provide excellent value

for converged house-

holds and businesses

Systematically

eliminate pain points

Create smooth and

seamless customer

journeys

Provide a great

experience in all

touchpoints

Simplify business

model

Transform IT

foundation

Digitalise our

customer interactions

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 13

2025: Advancing secure and scalable digital services

In 2025, Nuuday continued to deliver on our ambition to be the best choice for

Danish consumers and businesses. TDC Erhverv significantly strengthened its

security offering through a new partnership with DCAI, giving Danish organisations

secure and sovereign access to the Gefion AI supercomputer.

At the same time, Nuuday provides access to Denmark’s best mobile network as

confirmed by the Danish Technological Institute for the tenth consecutive year.

Meanwhile we also ensure broad access to high-speed broadband across Denmark

through partnerships with leading fibre and cable networks. For consumers, YouSee

expanded its entertainment portfolio through the addition of Prime Video, while Hiper

was once again recognised by Loyalty Group as “best value for money” for the sixth

consecutive year.

Best choice

Highlight initiatives

For the tenth consecutive year, the Danish Technological Institute confirms that

Nuuday provides access to Denmark’s best mobile network via exclusive deal with

TDC NET, providing unmatched customer experiences across 5G coverage and speed.

TDC Erhverv launches Managed Cloud, enabling organisations to run a secure and

efficient cloud platform with built in monitoring, automation and compliance, thereby

reducing complexity and freeing up time to strengthen cloud security.

TDC Erhverv and DCAI partner to provide Danish organisations with secure, sovereign

access to the Gefion AI super-computer, helping customers to remove key barriers to

AI adoption and enable faster, safer digital transformation at scale.

YouSee strenghtens its position as the preferred choice for households and families

by offering premium solutions. The introduction of “Samlerabat” makes it simpler

and more cost effective to combine broadband and mobile services in one integrated

solution. With the addition of Prime Video, YouSee became the only provider in

Denmark to offer Disney+, Max, Netflix, Viaplay, SkyShowtime and TV 2 Play within

a unified entertainment universe. With YouSee Play, customers gain access to a

uniquely flexible entertainment offering.

For the sixth consecutive year, Hiper, our high-speed broadband challenger, earned

the title of "best value for money” awarded by Loyalty Group.

At TDC Erhverv, we experienced strong momentum

across our security and managed services portfolio,

as more Danish organisations turned to us for secure,

scalable solutions. Our partnerships with DCAI and D-

mærket marked an important step forward, allowing us

to guide customers through rising compliance demands

and escalating cyber threats while giving them sovereign

access to cutting edge AI infrastructure. Together, these

efforts reinforce our commitment to enabling businesses

to thrive in a secure and connected world.

- John Henriksen

Chief Business Division Officer

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 14

2025: Scaling personalised and trusted customer experiences

In 2025, we continued to enhance customer experiences across Nuuday by combining

digital scale with personalised, seamless interactions. Expanded use of AI-driven

solutions, including conversational AI from Cognigy, enabled faster and more relevant

customer interactions. YouSee strengthened its mobile and device experience through

a sharper portfolio, enhanced security features, and award-winning product design.

Our experience efforts were also supported in TDC Erhverv, which received several

partner awards, for great customer experience in delivering high quality ICT solutions.

Best experience

Highlight initiatives

The conversational AI-team – working across YouSee, Telmore, and eesy – won the

“Multi-Agent Champion” award at Nexus 2025 in Düsseldorf for our groundbreaking

chatbot and voice bot solutions.

Reinforcing our ambition to be the natural choice for families, YouSee launched a

renewed and sharper mobile portfolio that combines flexibility, additional benefits, and

built-in online security. This was complemented by the launch of Samlerabat, further

strengthening our household offer by making it easier and more attractive to gather

mobile and internet solutions in one place.

YouSee’s Audio remote control was awarded the Red Dot Design Award 2025 in the

Product Design category, highlighting its innovative and usercentric design, ergonomic

functionality, and use of recycled materials.

TDC Erhverv received seven awards at the Cisco Partner Awards, including Network

Partner of the Year and Managed Service Partner of the Year. This is recognition of

our capabilities within advanced services and acknowledging our continued commit-

ment to deliver reliable, high quality solutions to customers.

In 2025, we advanced our strategy by increasing focus

on long-term customer value. We tackled important

frictions in the customer journey and raised the bar on

reliability and service. With sharper customer insight, we

are delivering more relevant, personalised experiences

and building trust where it matters most – strengthening

loyalty and protecting our customer base.

- Christian Philip Morgan

Chief Consumer Division Officer

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 15

2025: Scaling our digital foundation

2025 marked a shift from building digital capabilities to operating them at scale across

Nuuday. The migration to Dawn, Nuuday’s new IT stack, was completed for the majori-

ty of YouSee customers, enabling more scalable operations and consistently improved

digital customer experiences. Building on this foundation, YouSee is able to integrate

Netcracker, Genesys and Adobe to further build our digital and CVM capabilities.

Telmore also strengthened its data-driven marketing capabilities through a partner-

ship with Adobe, supporting more relevant and timely customer interactions across

digital channels.

At the same time, eesy completed its transition to a fully digital operating model

by closing its call centres, reinforcing our ambition to deliver simple, efficient, and

digital-first customer journeys. Together, these initiatives represent an important step

towards realising Nuuday’s ambition to be Denmark’s most digital telecommunications

service provider.

Most digital

Highlight initiatives

The migration to Dawn, Nuuday’s new IT stack, has now been completed for the

majority of YouSee customers. This milestone supports Nuuday’s strategy of becoming

a lean and digital telecommunications service provider, enabling scalable operations

and improved digital customer experiences.

Telmore continued to accelerate personalisation through Adobe AI. By unifying the

sales approach across digital channels, this partnership supports more relevant, timely,

and personalised marketing interactions for customers.

Our digital frontrunner brand, eesy, successfully transitioned to a fully digital model by

closing its inbound call centres.

Relatel continued to improve our digital presence to adhere to our customers’

preferences, by introducing new digital sales flows for all main products.

With most of YouSee’s customers migrated, 2025 marked

the shift from building the foundation to scale. We have

enabled a leaner operation, faster go-to-market and a

more consistent and digital experience across channels.

Our priority is now trust and security when using data and

AI to make every interaction simpler, more personal and

more relevant.

- Carlos Moreno Alonso

Chief Technology and Information Officer

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Performance

Nuuday Annual Report 2025 16

Nuuday's performance

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 17

Revenue

In 2025, Nuuday's service revenue in-

creased by 1.4% YoY, or DKK 193m, to DKK

13,644m. This development was driven

by healthy growth in Mobile, with price

increases in Consumer and MV net adds

in Business. Furthermore, both B2C and

B2B managed to increase MBB customer

bases significantly. Continuous growth

and an expanding market also led to in-

creasing revenue in Digital Solution & Ser-

vice, further contributing to the positive

Nuuday’s performance

• In 2025, Nuuday maintained a strong focus on strategic priorities, achieving

continued growth in fibre penetration with an addition of 65,000 Revenue

Generating Units (RGUs) across fibre networks. We also sustained momentum in

the mobile services, delivering 5.6% growth driven by both price adjustments and

an expanding customer base.

• Service revenue increased by 1.4% driven by increased Average Revenue Per

Unit (ARPU) across all products, along with higher RGU bases in fibre and

mobile services.

• EBITDA increased by 4.3%, driven by an increase in gross profit of 0.8%, as

price increases and increasing future proof customer bases outweighed our

declining legacy exposure.

• Capital expenditure increased by 0.8% in 2025, driven primarily by volume

investments related to the high customer intake of fibre technology and

mobile broadband (MBB). Fewer investments in the IT transformation partly

offset this as 2024 was the peak year of investments.

• Simple cash flow increased by DKK 52m YoY, to DKK 212m, driven by higher

EBITDA and stable capital expenditure levels.

revenue increase. On broadband revenue,

positive net adds in fibre, almost offset

the ongoing DSL decommissioning. TV

revenue was flat compared to last year,

as price increases offset the decline in

customer base, while landline revenue is

decreasing in line with the market trend.

The continued focus on service revenue

contributed to its growth of 1.4% in 2025,

matching the overall revenue increase

of 1.4% (DKK 209m), which brought total

revenue to DKK 14,769m.

14,769

Revenue

(DKKm)

13,644

Service revenue

(DKKm)

4,818

Gross profit

(DKKm)

3,312

Opex

(DKKm)

1,506

EBITDA

(DKKm)

In 2025, Nuuday continued to deliver on its strategic priorities with solid momentum

in fibre and mobile services, supported by disciplined pricing and a growing high-value

customer base. Service revenue and EBITDA grew despite declining legacy volumes,

while CAPEX increased in line with strong demand for fibre and mobile broadband.

Simple cash flow increased driven by higher EBITDA as IT transformation investments

began to normalise after the 2024 peak with increasing volume CAPEX from mobile

and fiber adds.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 18

(484)

Loss excl. special items

(DKKm)

784

Cash flow from

operating activities

(DKKm)

3,008

Employees

(EoY)

Gross profit

Nuuday increased gross profit by 0.8%

YoY, or DKK 39m, to DKK 4,818m, in 2025.

This was driven by both positive net

adds and ARPU increases in the mobile

and fibre segments. Furthermore, TV

contributed significantly to the gross

profit increase in 2025, as substantial

ARPU increases more than outweighed

the decline in RGUs. Overall, Nuuday

managed to absorb the gross profit

decline related to the reduction in legacy

exposure; DSL decommissioning progres-

sed according to the plan and landline

declined in line with the market trend.

The overall gross margin declined slightly

YoY to 32.6% in 2025, down from 32.8% in

2024.

Operating expenses

Nuuday’s operating expenses decreased

slightly by 0.7%, or DKK 23m, in 2025 YoY

to DKK 3,312m mainly driven by less costs

related to the IT transformation. Partly

offsetting this was higher IT costs, where

dual cost from migrating to the new IT

platform increase the cost YoY along

with higher cost related to subscriber

acquisition.

EBITDA

EBITDA increased by 4.3% YoY, or DKK

62m, to DKK 1,506m in 2025. This increase

was driven by the positive development

in gross profit, where the continued focus

on future proof products was driving

growth along with reductions in operating

expense.

Capital expenditure

Capital expenditure increased by 0.8%

YoY, or DKK 10m, to DKK 1,294m, in 2025.

The increase was primarily driven by

volume investments related to RGU

intake on fibre technology and MBB.

Partly offsetting the increase was

reduced investments YoY related to

the IT transformation.

Loss for the year

The loss for the year (excluding special

items) increased to DKK 484m from DKK

395m in 2024, mainly due to increased

depreciation, amortisation and impair-

ment. Including special items, the loss

amounted to DKK 562m vs. DKK 438m in

2024.

Cash flow

Total cash flow for 2025 increased by

DKK 295m from DKK -448m in 2024 to DKK

-153m. 2024 was positively impacted by

sale of short-term bonds of DKK 256m,

while 2025 was positively impacted by

capital contribution from TDC Holding of

DKK 400m.

Cash flow from operating activities in-

creased by DKK 186m to DKK 784m, driven

primarily by net working capital (DKK

215m). The development is due to the

reversal in 2024 of the temporry positive

impact in 2023 from VAT on intra-group

trade as well as enhanced payment

terms for VAT and employee taxes.

Furthermore, the increase is positively

impacted by income taxes (DKK 80m) as

well as impact from EBITDA (DKK 62m).

This is partly offset by higher net interest

paid (DKK 148m) driven by different pay-

ment patterns for the Term Loan.

Cash flow from investing activities was

overall on same level as last year with

2024 being positively impacted by sale of

short-term bonds of DKK 256m.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

1,294

CAPEX

(DKKm)

Cash flow from financing activities in-

creased by DKK 376m to DKK 306m main-

ly from a capital contribution from TDC

Holding (DKK 400m).

2025 guidance follow-up

EBITDA performance in 2025 was slightly

above our expectations communicated

last year. Strong service revenue and

stable operating expenses ensured EBIT-

DA slightly above expectations.

2026 guidance

In 2026, we expect service revenue to

increase in line with inflation, and we

expect a flat EBITDA development mainly

due to increases in content and network

costs.

(562)

Loss for the year

(DKKm)

Corporate governance

Nuuday Annual Report 2025 19

Corporate governance statement

Risk management

Annual risk assessment

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 20

Through transparent and

responsible governance, we

aim to strengthen stakeholder

trust and secure sustainable

long-term value.

Our governance model

In accordance with Danish law, Nuuday

has a two-tier management structure

consisting of a Board of Directors and

an Executive Committee. The Board

is responsible for overall strategy, risk

oversight, and appointing a competent

Executive Committee, which manages

day-to-day operations. Responsibilities

between the Board and Executive

Committee are clearly defined in their

respective Rules of Procedure.

Nuuday has established a comprehen-

sive governance framework across the

organisation to ensure clear delegation

of responsibility, accountability, and

effective decision-making. This frame-

work supports transparency and enables

Nuuday to respond quickly to changes in

the business environment.

The Board of Directors

The Board consists of three members

elected by the General Meeting and

two employee-elected members, for a

total of five. General Meeting-elected

members are elected annually and may

be re-elected, while employee-elected

members serve a four-year term and

have the same rights and responsibilities

as other members.

The Board places high importance on

diversity, experience, and competencies,

Corporate governance statement

and conducts an annual evaluation of its

composition and performance. The

Board also maintains a formal succession

plan to ensure continuity and the ongoing

development of required expertise.

In April 2025, the owner of Nuuday and

our sister company, TDC NET, decided

to change the governance structure of

both companies by complementing the

skills of the existing Board of Directors of

the parent company, TDC Holding, with

industrial expertise and to slim the boards

of Nuuday and TDC NET. The Board

of TDC Holding will focus on strategic

decision-making at parent company level

to assist Nuuday and TDC NET in achie-

ving their strategic aims. The operational

responsibilities remained unchanged for

the current management teams of both

Nuuday and TDC NET.

Board committees

The Board of Directors has established

three committees:

• A Compensation and Nomination Com-

mittee, which approves remuneration

and employment terms for Nuuday’s

leadership team, proposes the Board's

remuneration, and identifies candidates

for the Board and the Executive Com-

mittee.

• An Audit Committee, which oversees

the selection and nomination process

of Nuuday’s independent auditor and

monitors the effectiveness of Nuuday’s

internal control and risk management.

• A Health & Safety Committee, which

oversees workplace safety policies and

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

supports management in developing

annual health and safety plans.

Whistleblower portal

Since 2021, Nuuday has been covered by

a whistleblower portal provided by an in-

dependent, third-party top-tier law firm.

The portal provides our employees and

partners with access to swiftly and

confidentially – and if required, anony-

mously – submit reports of violations or

potential violations via a special indepen-

dent and autonomous channel to an inde-

pendent, autonomous whistleblower unit.

Nuuday Annual Report 2025 21

Building trust through transparency,

resilience, and accountability

At Nuuday, risk management is a core

part of how we protect critical infra-

structure, customer trust, and long-term

value creation. Operating at the

heart of Denmark’s digital connectivity

means that our ability to anticipate, ma-

nage, and respond to risk is fundamental

to both our business performance and

our responsibility to society.

Our enterprise risk management appro-

ach is designed to ensure strong over-

sight, clear accountability, and trans-

parent reporting across all levels of the

organisation.

Risk management in Nuuday

It is aligned with COSO Enterprise Risk

Management and ISO 31000 and supports

compliance with key regulations.

Risk management is fully embedded in

how we 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 responsible 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, we continuously strengthen

our resilience and operational maturity.

Three lines of defence

Clear ownership, independent oversight,

and external assurance

Nuuday applies a well-established Three

Lines of Defence model, ensuring balan-

ced accountability and strong assurance:

• First line of defence

– The business:

Business units and domains own and

manage risks in their day-to-day

operations.

• Second line of defence

– Risk management and compliance:

Defines the risk framework and

methodology, supports and advises

the business, consolidates risk reporting,

and escalates material risks.

• Third line of defence

– Independent assurance:

Independent external audits, certifi-

cations (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 mana-

ged where it arises — and independently

challenged where it matters most.

Board of Directors

Executive Leadership Team

Audit Committee

Nuuday Governance Board

1st line of defence

Management controls Internal control measures

2nd line of defence

Financial Control

Security

Risk Management

Compliance

Data Privacy Office

3rd line of defence

External certifications

External auditor

Regulators

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 22

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 onward 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 our reporting process in the model.

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 annually, and the Risk Management

Procedure is reviewed at least every two years, or upon significant organisational

changes, ensuring that governance remains current and effective.

Risk appetite

Guiding responsible decision-making

Nuuday’s risk appetite defines the level of risk we are willing to accept to deliver on

our 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 regulatory compliance

across the organisation.

Nuuday’s risk appetite is closely aligned with our strategic ambition to deliver great

customer experiences, be truly digital, and move fast and be competitive. This

requires a disciplined approach to taking calculated risks while maintaining a high

degree of prudence in areas critical to reliability, security, compliance, and financial

resilience.

The risk appetite is reviewed annually to ensure it remains aligned with the company’s

strategic direction, external risk environment, and regulatory expectations.

Board of Directors

• Emerging risk profile

• High-impact risks, e.g., ‘black swans’

• Key risks

• Total identified risks within risk threshold

and appetite for BoD

• Changes in risk score from previous report

• Number of closed and materialised risks in

the period

Executive Leadership Team

• Emerging risk profile

• Risk mitigation investment proposals from NGB

• Mitigation actions proposed by risk responsibles

• Total identified risks within threshold and appetite

for ELT

• Changes in risk rating from previous report

• Number of closed and materialised risks in

the period

Nuuday Governance Board

• Key risks based on risk thresholds

• Escalated risks from brands

• Mitigation actions and progress

• Total identified risks within scope

• Changes in risk rating from previous report

• Number of closed and materialised risks in the

period

Risk Management and Compliance Team

Second line

• Collects information

• Prepares reports

Risk responsibles and mitigation responsibles

First line

• Reports risk developments

• Reports mitigation progress

• Escalation of risk on brand level

Continuously

Semi-annual

Risk Report

Quarterly

Risk Report

Mitigation

Proposals

Quarterly

Risk Report

Nuuday risk reporting process

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 23

Risk management process

From identification to continuous oversight and improvement

Nuuday’s enterprise risk management process provi-

des a structured and proactive approach to managing

uncertainty across all areas of the business. It follows

four interconnected steps: identification, assessment,

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 capture

and clear ownership.

Assessment

Risks are assessed for likelihood and impact using a

fit-for-purpose risk scoring model to support prioritisati-

on, resource allocation, and alignment with risk appetite.

Mitigation

Material risks are addressed through targeted mitigati-

on plans embedded in operations, with progress tracked

and regularly reviewed.

Monitoring

Key risk indicators are continuously monitored, suppor-

ted by structured reporting and escalation. All risks and

mitigation actions are recorded in central systems to

ensure transparency and accountability.

Enterprise Risk Management in Nuuday

What: Identify, assess, and mitigate significant risks across all domains in the entire organisation

Purpose: Support and enable the achievement of Nuuday’s strategic goals by minimising poten-

tial disruptions and safeguarding critical business processes from key risks

How: Clear standards and frameworks for risk management and reporting ensuring leadership

stays well-informed and prioritises resources and investments

Bottom-up risk management

• Risks identified in business units on an operational level

• Risk management actively part of daily operations to ensure

timely escalation regarding decision-making and prioritisation

• Significant risks get escalated to ERM reporting

Top-down risk management

• Risks identified and delegated by executive leadership

• High level issues on the strategic and tactical level requiring

leadership attention

• Provides big picture of Nuuday’s risk exposure and highlights

interdependencies

ERM Reporting cycle

ELT: Quarterly

AC: Biannual

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Learning and continuous improvement

Building resilience is an ongoing journey. Nuuday ope-

rates a formal Learning & Feedback Loop that ensures

lessons from incidents, near misses, and monitoring

activities inform future risk identification and mitigation.

This loop strengthens risk maturity over time.

By actively learning from experience and adapting our

approach, we continuously enhance our ability to antici-

pate risks, respond effectively, and safeguard critical

infrastructure and customer trust.

Nuuday Annual Report 2025

As part of our Enterprise Risk Manage-

ment (ERM) framework, Nuuday con-

ducts an annual risk assessment to identi-

fy and evaluate the most significant risks

we are facing. By embedding proactive,

enterprise-wide risk identification and

management into day-to-day operations,

Nuuday ensures a resilient approach to

achieving our strategic objectives by

minimising potential disruptions, safe-

guarding critical business processes, and

supporting informed decision-making and

prioritisation of resources and invest-

ments.

The top risks are summarised in over-

arching risk themes, providing a struc-

tured overview of the key risk topics

Nuuday deems most material for our

strategic 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.

Annual risk assessment summary

The selection of top risks is evaluated

through a comprehensive analysis of the

current registered business risks, risk

reports, and information provided by

relevant regulatory authorities, as well

as risk trend analyses 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

initiatives and operations.

Nuuday proactively initiates mitigation

actions that alleviate the threat posed

by the top risks we are is facing. Pro-

active and structured management of

risks is integral to our transformation

into a leading digital telecommunications

service provider by identifying, assessing,

and managing potential downsides while

fostering innovation and competitiveness

through new ideas, products, and opera-

tional approaches.

The overall risk landscape has evolved

over the past year, influenced by

geopolitical tensions, technological ad-

vancements, commercial developments,

and changing regulatory frameworks.

These developments have impacted

our risk exposure, particularly in cyber-

security, compliance, and new commer-

cial 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. Our strategic investments are

complemented by governance to meet

emerging regulatory requirements.

Developments in the risk landscape

As our operations shift from transfor-

mation to benefit realisation, the com-

plexity of managing both new and legacy

systems may introduce operational or

cost-related complexities. Our business

segment focuses on gradual modernisa-

tion instead of large-scale replacement,

requiring us to sustain and secure legacy

systems while simultaneously scaling new

services. Additionally, our B2C ambitions

require successfully leveraging new IT

capabilities. These challenges are mana-

ged through strengthened governance

and continued investments in stability

and capacity.

Competition in B2C and B2B markets

and market changes require managing

risks to maintain brand relevance and

competitive positioning, while addressing

business, security, and compliance

challenges from new commercial

opportunities and geopolitical

uncertainties.

Top business risks

Technology &

innovation

– AI adoption, digital transfor-

mation, and talent challenges.

Operational &

execution

– Stability, capacity, perfor-

mance, and efficiency.

Commercial &

market

– Competition, brand relevance,

and market positioning.

Cybersecurity &

information security

– Threats to data, systems,

and critical infrastructure.

Regulatory &

compliance

– Evolving laws, sanctions, and

third-party obligations.

Our key risk exposure, in no particular order, includes:

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025

Rapid technological change and the adoption of emerging technologies

can create challenges, which we manage through strategic investments,

automation, governance, and talent development.

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.

Technology & innovation

Complex IT programmes and legacy systems can create challenges, which we

manage through governance, phased modernisation, and proactive capacity

and stability measures.

Description

As we transition from large-scale transformation programmes to realising the

full benefits of our IT and infrastructure investments, we continue to rely on

a complex mix of new platforms and remaining legacy systems. This creates

execution risks linked to delays, unforeseen costs, and integration challenges

that may hinder the achievement of expected efficiency gains and customer

experience improvements. Additionally, our 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.

Operational & execution

What is

the risk?

How does it

affect us?

How are we

managing it?

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Impact

An inability to adopt and scale new technologies may limit our 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

windows. At the same time, shortages of specialised talent and heightened

regulatory complexity could constrain execution, negatively impacting our

ability to maintain competitive differentiation and lead in next-generation

connectivity and digital solutions.

Mitigation

We make targeted, fit-for-purpose technology investments to support

modernisation, scalability, and resilience. This includes strengthening digital

architecture, investing in AI and automation capabilities, and implementing

governance frameworks for responsible and compliant use of technologies.

We work actively on talent development, strategic recruitment, and partner-

ships with technology providers to secure the required competencies.

Our digital capabilities and customer centric insights enable us to offer

innovative solutions. Initiatives include an AI partnership with DCAI, offering

Danish companies access to Gefion’s supercomputing power and ensuring

data sovereignty through CloudKey encryption.

Impact

Challenges in transforming legacy systems and securing stable operations may

impact our ability to deliver 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 our ability to

differentiate on quality.

Mitigation

We manage these risks through strengthened programme governance, struc-

tured benefit-realisation frameworks, and phased decommissioning of legacy

platforms. Together with our infrastructure provider(s), we continue to invest

in network capacity, stability, and monitoring capabilities to support premium

positioning and reduce the probability of outages. Enhancements to our ope-

rating model will support more predictable execution. Regular performance

reviews, scenario planning, and risk assessments ensure that programme risks

are identified early and addressed proactively.

Nuuday Annual Report 2025 26

What is

the risk?

How does it

affect us?

How are we

managing it?

Market uncertainty – from changing technology, shifting customer expecta-

tions, and geopolitics – can affect growth and brand relevance. As the market

leader, we address this through scalable and profitable modernisation of our

products, focusing on lifting customer and overall market value.

Description

We operate in competitive and rapidly evolving markets where customer

expectations, technological developments, and shifting commercial models

continuously reshape the competitive landscape. Risks include intensified

competition, price pressure, changing customer behaviour, and challenges in

maintaining brand relevance and market positioning. In addition, new growth

initiatives, made possible by geopolitical tensions and technological

advancement, carry a high degree of uncertainty due to the totality of

change and timing risks.

Impact

These market dynamics may affect revenue, profitability, customer retention,

and our ability to grow in both established and emerging segments. Market

shifts driven by new entrants, innovative technologies, or geopolitical conditi-

ons may require adjustments to pricing models, product offerings, and go-to-

market strategies.

Commercial & market

Rising cyber threats can affect services, data, and reputation. Risks are

managed through multilayered security, continuous monitoring, incident

preparedness, and strong governance.

Description

Cybersecurity threats continue to escalate, driven by geopolitical tensions,

increased digital interconnectedness, and the growing sophistication of cri-

minal and state-sponsored threat actors. During 2025, the Danish authorities

(SAMSIK) reiterated the high risk of cyberattacks towards the Danish telecom-

munication sector. As a provider of critical digital infrastructure, we are expo-

sed to risks such as targeted cyberattacks, ransomware, data breaches, and

attempts to disrupt essential services. Emerging technologies, including AI and

quantum computing, further increase uncertainty by enabling more advanced

attack methods and challenging traditional security models.

Impact

A successful cyberattack would threaten the availability, integrity, authentici-

ty, and confidentiality of our services and data. The exposure of sensitive data

and disruption of key critical services could severely impact our reputation in

the market, and result in contractual breaches of key contracts, and financial

damages.

Cybersecurity & information security

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Mitigation

We operate a multi-layered cybersecurity programme that is aligned with

national security requirements and international standards. This includes con-

tinuous monitoring of systems, advanced threat detection, incident response

readiness, and regular maturity assessments. As a consequence of the geo-

political tensions and increasing regulatory requirements we have invested

and will continue to invest significantly in security upgrades and vendor

security controls and collaborate closely with authorities and sec tor-specific

security forums. We strengthen our cybersecurity culture through employee

awareness programmes, including quarterly town hall discussions, regular

training, and targeted employee screenings. Governance is overseen at senior

management and board committee level. In addition, we actively contribute to

national cybersecurity discourse and programmes, including nationwide initia-

tives such as Hele Danmark Øver and Cybersecurity Day, reinforcing our role

as a trusted partner in safeguarding Denmark’s digital ecosystem.

Mitigation

As Denmark’s leading digital service provider, we continue to focus on delive-

ring high-quality solutions that provide premium value to our customers. By

modernising our product offerings and leveraging new IT capabilities from

our transformation, we aim to optimise our operations, enhance customer

experience, and deliver premium digital solutions. We continuously sharpen

the value proposition of our products and services to ensure differentiated

benefits across diverse customer segments that leverage our brand-specific

strengths. We utilise our 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. We are committed to

fostering lasting customer relationships and securing profitable growth in both

established and emerging markets. In addition, we actively engage 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.

Nuuday Annual Report 2025 27

What is

the risk?

How does it

affect us?

How are we

managing it?

Regulatory & compliance

Increasing regulatory complexity and evolving requirements require stronger

compliance. We maintain readiness through structured controls, training, and

engagement with

authorities.

Description

The regulatory landscape is evolving rapidly across areas such as data

protection, telecommunications, AI governance, sanctions and cybersecurity.

These developments introduce increased complexity, more stringent reporting

and documentation requirements, and higher expectations for transparency

and risk-based third-party management. The cumulative effect of these

regulatory obligations increases the risk of resource constraints and execution

delays.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Impact

Failure to comply with applicable regulation or contractual obligations may

result in fines, enforcement actions, delays to commercial activities, or

restrictions on service offerings. It can also damage our reputation with

customers, partners, and regulators and require costly remediation efforts.

Mitigation

We monitor regulatory developments and implement structured compliance

programmes, which are supported by clear policies, internal controls, training,

and periodic audits. Our approach includes risk-based due diligence of sup-

pliers and partners, sanctions screening, and cross-functional governance to

ensure timely implementation of new regulations. We engage proactively

with regulatory authorities and industry bodies to maintain alignment and

preparedness.

Nuuday Annual Report 2025 28

Management

Executive Leadership Team

Executive Committee

Board of Directors

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 29

Christian Morgan

Chief Consumer Division Officer

Executive Leadership Team

Maj Britt Andersen

Chief Human Resources Officer

Christian Thrane

Chief Executive Officer

Tanja Frederiksen

Chief Communication Officer, Corporate Affairs & ESG

John Henriksen

Chief Business Division Officer

Henrik Christiansen

Chief Financial Officer

Thomas Sørensen

Chief Strategy and Transformation Officer

Carlos Moreno Alonso

Chief Technology and Information Officer

Standing from left to right:

Executive Management

Nuuday’s Executive Leadership Team

comprises of eight members who set

the strategic direction of the company

and ensure the effective execution of

Nuuday’s strategy.

Christian Thrane, Chief Executive Officer,

and Henrik Christiansen, Chief Financial

Officer, together constitute Nuuday’s

Executive Committee, which is supported

by six additional executive leaders, collec-

tively forming the Executive Leadership

Team.

The Executive Leadership Team is respon-

sible for the day-to-day leadership of the

company and for translating the overall

strategy into concrete actions and me-

asurable results across the organisation

and its brands.

Through collaborative and forward-looking

decision-making, the Executive Leadership

Team sets strategic priorities, strengthens

cross-functional collaboration and secures

operational alignment, while engaging with

key stakeholders and building partners-

hips. In doing so, the team enables the

delivery of relevant and reliable technolo-

gical solutions that meet customer needs

in an increasingly digital world.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 30

Executive Committee

Christian Thrane

Chief Executive Officer

• Born in 1973

• Appointed in 2025

Education

MSc. in Economics and Business Administration,

Copenhagen Business School, Denmark

Career

Nuuday

CEO (2025 – present)

BT Group

Managing Director Consumer Marketing (2020-2024)

Telenor Sweden

Head of Consumer Division & CMO (2016-2020)

Digi Telecommunications

Chief Marketing Officer (2014-2016)

Chief Strategy & Corporate Affairs Officer (2012-2013)

Chief Strategy officer (2010-2012)

Telenor Denmark

Commercial leadership roles (2005-2010)

IBM

Strategy consulting (2000-2005)

Henrik Christiansen

Chief Financial Officer

• Born in 1967

• Appointed in 2022

Education

BSc in Management Accounting,

Copenhagen Business School, Denmark

Career

Nuuday

CFO, Executive Vice President (2022 – present)

Dagrofa ApS

CFO, Executive Vice President (2014 – 2022)

DT Group A/S

CFO, Executive Vice President (2011 – 2014)

Actavis A/S

Vice President Finance, Western Europe (2007 – 2011)

TDC Solutions A/S

Vice President Accounting & Tax (2004 – 2006)

Lundbeck

Director Financial Services and other roles (1999 – 2004)

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 31

Sofia Arhall Bergendorff

1969, female, Swedish

• Elected by the shareholders

• Not independent

• Joined in 2021

• Term to expire in 2026

Education

B.A. in Journalism, University of Oregon

MBA, INSEAD, France & Singapore

Other managerial duties

Chair of the Board of Directors of Norstat

Member of the Board of Directors of Last Mile

Member of the Board of Directors of Norwegian

Member of the Board of Directors of Parken Sport og Entertainment A/S

Member of the Board of Directors of Zegona Communications Plc / Vodaphone Spain

Member of the Board of Directors of Stena Line

Member of the Board of Directors of ZITON A/S

Catherine Bates

1987, female, Australian

• Elected by the shareholders

• Not independent

• Joined in 2024

• Re-elected in 2025

• Term to expire in 2026

Education

Juris Doctor, University of Melbourne

Bachelor of Commerce, University of Melbourne

Diploma of Modern Languages (Indonesian), University of Melbourne

Other managerial duties

Member of the Board of Directors of TDC Holding A/S

Member of the Board of Directors of TDC NET A/S

Member of the Board of Directors of DK Telekommunikation ApS,

DKT Finance ApS & DKT Holdings ApS

Member of the Southern Water (UK) Holding Company Boards

Managing Director, Macquarie Asset Management

Thomas Lech Pedersen

1976, male, Danish

• Elected by the employees

• Not independent

• Joined in 2021

• Re-elected in 2024

• Term to expire in 2028

• Senior Consultant in Nuuday A/S

Education

Human Resources, Business Academy Aarhus

Other managerial duties

Chairman of the Association of Managers and Employees in

Special Positions of Trust (Lederforeningen)

Tobias Tolstrup

1985, male, Danish

• Elected by the employees

• Not independent

• Joined in 2019

• Re-elected in 2020 and 2024

• Term to expire in 2028

• Senior Customer Advisor at Nuuday A/S

Education

Graduate in Marketing Management, Silkeborg Business College

Other managerial duties

Member of the Board of the Danish Metal Workers’ Union, telecoms unit west

Susanne Juhl

1971, female, Danish

• Elected by the shareholders

• Not independent

• Joined in 2025

• Term to expire in 2026

Education

MSc in Political Science, Aarhus University, Denmark

Master’s degree in Public Administration and Public Policy, London School

of Economics and Political Science, UK

Executive MBA, Imperial College Business School, London, UK

Other managerial duties

Chair of the Board of Directors of HOFOR A/S

Chair of the Board of Directors of BIOFOS

Chair of the Board of Directors of Divérs

Chair of the Board of Directors of Aarhus Havn

Deputy Chair of the Board of Directors of M.J Eriksson A/S

Board of Directors

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 32

Sustainability

Introduction

Sustainability priorities

ESG governance

Environment

Social

Governance

Accounting principles

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 33

At Nuuday, sustainability is not a

compliance or a checkbox exercise – it is

woven into the fabric of everything we

do. As Denmark’s leading telecommunica-

tions service provider, we deliver critical

digital infrastructure that a large part of

Danish society relies on every day.

Today, reliability alone is not enough.

Sustainability is no longer something that

only belongs in reports and strategies. It

has become part of everyday life.

Sustainability, security and reliability are

inseparable for us and our business cust-

omers. Technology partners must also

act and take responsibility for climate

impact, social wellbeing, security and

ethical use of technology, including AI –

while also transparently documenting

what they do.

We act because we care; we have the

ability, capacity and responsibility to

make a meaningful difference. Our

partners, customers and Danish society

rightly and naturally expect us to lead.

That role comes with a profound

obligation: to ensure that progress is not

only digital, but also sustainable, inclusive,

and secure.

We acknowledge that even as a non-pro-

duction company, we leave a sizeable

climate footprint. Most of our emissions

come from our value chain and the ener-

gy consumed by the network and the

equipment we and our customers use by

our networks and equipment. That is why

we have set ambitious, science based

climate targets: Net Zero for Scope 1

and 2 by 2028 with a 2020 baseline and

Introduction

Net Zero for Scope 3 by 2040, with an

interim goal of 70% reduction by 2030

with a 2022 baseline. These targets are

validated by the Science Based Targets

initiative (SBTi), ensuring that our efforts

align with the global ambition to limit

temperature rise to 1.5°C.

But sustainability is not just about clima-

te. A phone being returned instead of

being discarded, a child and family lear-

ning good digital habits, a secure connec-

tion that protects a family’s or business’s

data and privacy. These are not isolated

actions; they are milestones on a shared

journey towards a Denmark that thrives

digitally and responsibly.

Nuuday has proudly been a signatory

to the UN Global Compact since 2009,

adhering to its ten fundamental prin-

ciples covering human rights, labour,

environment, and anti-corruption. These

commitments form the backbone of our

approach to responsible business. By

embedding these values deeply within our

organisation, we ensure that our opera-

tions consistently align with the highest

standards of ethical conduct and social

responsibility.

For Nuuday, ESG is a value; but it is also a

decisive factor for trust, competitiveness

and long-term relevance. It is about

measurable results and shared respon-

sibility. When we act, we make it easier

for our customers and partners to do the

same – enabling and supporting them in

meeting their own sustainability, compli-

ance and trust ambitions. And when we

lead, we inspire change.

We believe progress happens when we

act together. Together, we are building

a digital Denmark that is trustworthy,

responsible, secure, and inclusive. Not

because we have to, but because it

makes sense for everyone; a Denmark

where trust remains the strongest

connection of all.

UN Global Compact Partner

Nuuday has been a proud participant in

the UN Global Compact since 2009, the

world’s largest initiative for responsible

business practices. We are committed to

the ten principles covering human rights,

labor, environment, and anti-corruption.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 34

Climate action is a central part of our

sustainability agenda: we are committed

to reaching Net Zero in our own opera-

tions 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 partnerships,

solutions, and knowledge-sharing, we

support families and children in naviga-

ting an increasingly 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 protect

data, ensure resilient and secure digital

infrastructure, and strengthen trust in

the digital services that individuals, busi-

nesses, 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

Sustainability priorities

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 compliance 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

integrity and accountability in everything

we do.

Sustainability priorities

Environment

• Net Zero in our

operations by 2028

• 70% reduction in

Scope 3 by 2030

• Net Zero across

the value chain by

2040

• Contribute to B2B

customers’ CO

reduction

Social Governance

Combatting climate

change

Reduce our CO

footprint in line with

ambitious SBTi-ap-

proved targets,

while helping B2B

customers with their

reductions

Scaling circular

initiatives

Ensure that all

equipment is

returned, reset,

recycled or

otherwise handled

responsibly

Strengthening

children’s wellbeing

in a digital world

Support parents

and children in

navigating the digital

world safely, enabled

by strong, strategic

partnerships

Protecting a digital

Danish society

Establish robust

cybersecurity

solutions for

businesses and

ensure safe online

experiences for

consumers

• Device

as-a-Service as

standard

• Equipment in

circulation and

not left in the

drawer

• Circularity as key

design component

from the outset

• Enter and maintain

strategic

partnerships

• Develop tailored

offerings for

households and

families

• Help parents and

children make

informed decisions

about the digital

world

• Strengthen Danish

national cyber

resilience

• Enable secure

digitalisation

through trusted

solutions

• Stay at the

forefront of

technology

DEIB and wellbeing, health and safety at heart

Promote equal opportunities and foster a diverse, inclusive, and

wellbeing-centered culture where people feel valued

Trust across the value chain

Ensure strong governance and management, compliance, and responsible

business conduct throughout our operations and across the value chain

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Our governance model

ESG

Corporate

Affairs

Nuuday Annual Report 2025 35

Our ESG governance model ensures that

sustainability is anchored at the approp-

riate levels. It is designed to ensure clear

accountability, strategic alignment, and

transparent oversight across all sustaina-

bility matters. It integrates decision-ma-

king at every level of the organisation,

from operational execution to Board

supervision.

The Board of Directors holds ultimate

responsibility for approving ESG stra-

tegy, risks and performance. It approves

long-term targets and monitors progress

biannually.

The Executive Leadership Team (ELT),

where there is representation from all

customer-facing areas as well as support

functions, is responsible for ensuring that

our targets are achieved, and that our

sustainability priorities are aligned to the

board’s strategic ambitions.

In addition to this, the ELT plays a crucial

role in translating these strategic ambi-

tions into concrete operational initiatives

across the organisation. This involves

overseeing the integration of ESG initiati-

ves within daily operations and fostering

collaboration between teams to drive

meaningful progress. By regularly revie-

wing performance against established

targets and adapting initiatives as neces-

sary, the ELT embeds sustainability into

the fabric of Nuuday’s business activities.

Group ESG consisting of the ESG team in

Corporate Affairs and the ESG team in

Finance both report to ELT, and coordi-

ESG governance

Board of Directors

Executive Leadership Team

Group ESG

ESG

Finance

Consumer

Leadership

Team

Business

Leadership

Team

nate with multiple external and internal

stakeholders across Nuuday.

ESG Corporate Affairs sets the sustai-

nability priorities and is responsible for

biannual strategic ESG discussions with

the business and consumer leadership

teams. Further, they are responsible for

the day-to-day implementation of the

sustainability priorities, providing experti-

se, coordinating cross-functional initia-

tives, and monitoring progress and KPIs

against targets. The team reports to the

consumer, business, and ELT.

ESG Finance is responsible for preparing

ESG data disclosures in line with relevant

standards and to the owners, ensuring

transparency and comparability. More-

over, ESG Finance ensures overall legal

compliance with relevant standards. This

team also facilitates external assurance

processes.

In 2025, we set up the ESG Community,

which includes members from across

Nuuday and our brands. This group

meets every quarter to discuss the

latest in ESG both globally and within

Nuuday. These meetups dive into im-

portant topics, aiming to raise awareness,

upskill, and foster employee pride. We are

excited to continue and grow

these initiatives in 2026.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 36

Environment

Combatting climate change

Scaling circular initiatives

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 37

Why this is important for Nuuday

For Nuuday, climate action is integral to

our role as Denmark’s leading provider of

digital connectivity. Our service supports

millions of daily interactions, and with

that comes a responsibility to ensure

progress does not come at the expense

of the planet. Although our operations

are based in Denmark, our value chain

spans multiple regions worldwide, which

means our responsibility extends far

beyond national borders. Rising global

temperatures and resource pressures

demand decisive action.

We recognise that our operations con-

tribute negatively to climate change and

environmental degradation, with much

of our carbon emissions coming from the

energy used to power our networks and

supply chain, including the manufacturing

of our physical products. The growing

demand for digital services further in-

creases our energy use and reliance on

limited resources, including rare earth

minerals. These challenges highlight

the need for urgent action to meet our

climate targets and reduce our environ-

mental impact, ensuring our progress

does not harm the planet.

There may be commercial implications

should we fail to decarbonise as intended.

It could limit access to tenders and B2B

customers’ contract negotiations as B2B

customers increasingly prioritise verified

climate progress.

At the same time, the global market for

carbon offsets is becoming more con-

strained, driving up prices for verified and

Combatting climate change

technologically mature offsets. This rein-

forces why our strategy focuses on ac-

celerating real emissions reductions and

securing affordable renewable energy.

By acting now, we strengthen competiti-

veness, reduce long-term cost exposure,

and position Nuuday as a trusted partner

in the green transition – creating value

for customers and society while meeting

our science-based targets.

We have updated our environmental

policy in 2025, now covering both clima-

te change and circularity. This policy is

maintained and reviewed annually by

Nuuday’s Sustainability team and Head

of Sustainability and is approved by our

Board of Directors. Responsibility for im-

plementing and ensuring compliance lies

with the ELT and the employees involved.

Our ambitions and actions

In 2025, we achieved a major milestone:

our decarbonisation plan, which we fina-

lised 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 mile-

stone ensures our business plans and

operations align with the 1.5° degrees

pathway.

We have set a clear trajectory with our

validated targets: 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. The full transition pathway is shown

on page 38.

We also engage with our business cus-

tomers to support reductions in their

energy use and related emissions through

more efficient network operations.

Within TDC Erhverv, we offer solutions

for network optimisation, including

insights into energy consumption from

Cisco Meraki and Catalyst access points.

This enables customers to identify de-

vices that can be powered down outside

working hours and where there is poten-

tial for energy savings.

As such, TDC Erhverv supports business

customers in identifying reduction op-

portunities, optimising operations and

strengthening documentation for their

own climate reporting – making TDC

Erhverv a partner in their customers’

decarbonisation journey.

For scope 1, our car policy means that

the electrification of our car fleet

continues as planned. For scope 2, our

renewable energy comes from four solar

parks throughout Denmark through

our PPA agreement. We will expand our

renewable energy portfolio in the coming

years, a key step towards achieving our

2028 100% renewable energy target.

99% of our emissions lie in scope 3, inclu-

ding 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

engagement, 2) reduce equipment, 3)

push sustainable products and 4) other

categories.

This year, for the first time, we have in-

cluded gross greenhouse gas (GHG) emis-

sions per net revenue for both location

and market-based emissions. This enables

showcasing of our climate impact per unit

of net revenue.

Science Based Targets initiative

Our climate targets have been validated by the

Science Based Targets initiative. This means that

Nuudays' targets and business strategy comply

with climate science standards, the Paris Agree-

ment and the goal of limiting global temperature

rise to 1.5 degrees.

ISO 14001-certification

Nuuday has obtained ISO 14001 certification in en-

vironmental management, offering a clearer over-

view of our energy- and environmental footprint,

as well as a structure for continual improvement.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 38

Renewing our ISO 14001 certification

reaffirms our commitment to high en-

vironmental management standards,

ensuring continuous improvement and

regulatory compliance.

2025 performance and 2026 outlook

In 2025, we continued to make progress

on our decarbonisation journey, reducing

emissions across our operations and value

chain. Our Scope 1 emissions fell from

2024 to 2025 by 35%, driven primarily by

the ongoing electrification of our car fle-

et, a key lever in our Net Zero roadmap.

Scope 2 emissions increased from 2024

to 2025 by 17%, reflecting a slightly higher

electricity consumption. Our share of re-

newable energy, as a percentage of our

total electricity consumption, decreased

to 72%, due to the rise in total electricity

consumption whilst the PPA remained

constant. Scope 3 emissions decreased

by 7%, with reductions mainly attribu-

table to improvements among upstream

suppliers, especially our primary network

partner, TDC NET. This progress under-

lines the importance of collaboration

across the value chain. As such, 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 baseline

year². This shows solid progress towards

our ambitious climate targets.

This year, our gross GHG emissions per

net revenue was 12.66, which is a reduc-

tion from 13.85 in 2024 (metric tonnes of

e/mDKK).

In 2026, we will focus on further integra-

ting our decarbonisation roadmap into

our operations. We aim to make climate

action a natural part of decision-making

on all levels throughout the business,

thereby progressing towards our decar-

bonisation and science-based targets as

planned.

We expect to see decreases in emissions

across scope 1, 2, and 3 in 2026, as our

electricity consumption decreases again

and our supplier engagement scales –

and works towards our decarbonisation

plan and our SBTi-aligned climate targets.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Pathway to Net Zero

tCO

293,415

245,110

199,617

185,119

2022 2023 2024 2025 2026 2027 2028 2029 2030 2040

SBTi-validated Climate goals

Net Zero in own operation in 2028

70% reduction in value chain by 2030

Net Zero in value chain by 2040

5,346

2,676

2,110

1,925

2022 2023 2024 2025 2026 2027 2028 2029 2030 2040

Supplier engagement

Working closely with our suppliers

to monitor, encourage and support

their efforts in reducing emissions

Reduce equipment

By optimizing the use and life-

cycle of our equipment, we aim to

minimize its environmental impact

Push sustainable products

Commitment to promote and

integrate sustainable products

within our offerings

Other categories

Reduce emisisons from remaining

scope 3 categories from various

initiatives

Scope 1 & 2Scope 3

Scope 3 levers

Achieved - Scope 1 & 2 In SBTi-approved transition planAchieved - Scope 3

Electrification and renewable energy

Reduce emissions through electrifi-

cation of the car fleet and increase

renewable energy sources

Scope 1 & 2 levers

2020 scope 1 base line value was 1,643 and scope 2 was 3,929.

2022 scope 3 base year value was 293,415

Nuuday Annual Report 2025 39

Energy consumption and mix**

2025

Total fossil energy consumption (MWh)

Share of fossil sources in total energy consumption (%)

Consumption from nuclear sources (MWh)

Share of consumption from nuclear sources in total energy consumption (%)

Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources (MWh)

Total renewable energy consumption (MWh)

Share of renewable sources in total energy consumption (%)

Total energy consumption (MWh)

5,148

280

10,989

16,417

Other metrics**

2025

Gross GHG intensity per net revenue – location-based (tCO

e/DKKm)

Gross GHG intensity per net revenue – market-based (tCO

e/DKKm)

Share of renewable electricity (%)

12.63

12.66

72%

2024

13.83

13.85

74%

GHG Emissions**

2025

Scope 1 GHG emissions

Gross Scope 1 GHG emissions (tCO

Scope 2 GHG emissions

Gross location-based Scope 2 GHG emissions (tCO

Gross market-based Scope 2 GHG emissions (tCO

Scope 3 GHG emissions

Total Gross Scope 3 GHG emissions (tCO

1: Purchased goods and services & 2: Capital goods (tCO

3: Fuel and energy-related activities (tCO

4: Upstream transportation and distribution (tCO

5: Waste generated by operations (tCO

6: Business travel (tCO

7: Employee commuting (tCO

11: Use of sold products (Direct) (tCO

12: End-of-life treatment of sold products (tCO

Total GHG emissions

Total market-based GHG emissions (tCO

Total location-based GHG emissions (tCO

688

679

1,237

185,119

165,936

376

637

3,561

14,565

187,044

186,486

2024 % change from 2024 Total reduction vs base year % total reduction vs base year

1,057

693*

1,053*

199,617199,617

177,490177,490

484484

6464

795795

3,7073,707

17,06917,069

201,727* 201,727*

201,367*201,367*

-35%

-2%

17%

-7%

-22%

-37%

-62%

-20%

-4%

-15%

-19%

-7%

955

956

2,692

108,296

77,330

750

-36

218

1,045

28,968

111,943

N/A

-58%

-69%

-37%

-32%

-67%

900%

-82%

-25%

-23%

-67%

-75%

-36%

N/A

*Corrections have been made for 2024 Scope 2 GHG emissions figures from respectively 726 tCO

e and 1,112 tCO

e due to an adjustment of district heating split between companies.

**KPIs under limited assurance by independent third party.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 40

Why this is important for Nuuday

Telecommunications and network equip-

ment are resource-intensive to produce,

while demand continues to grow across

both business and consumer markets. For

Nuuday, a key responsibility is to ensure

that this growth is increasingly decoupled

from the consumption of virgin resources.

By transitioning from ownership-based

models to service-based solutions, in-

creasing the circulation of devices, and

applying circular design principles, we can

reduce electronic waste and lower em-

bedded CO

emissions across our value

chain. Circular initiatives are therefore

a central enabler of our decarbonisati-

on efforts and a key component of our

pathway towards Net Zero. They are

also a key lever to reducing embedded

emissions in customer solutions and for

supporting business customers’ own ESG

targets.

Over the past year, we have seen

growing interest from both business

customers and consumers in take-back

solutions for phones and hardware, as

well as increased demand for refurbished

products as an alternative to purchasing

new equipment. This development is

supported by a maturing global market

for circular solutions, making it easier to

scale initiatives and integrate them into

our core offerings.

As a result, circular solutions increasingly

create tangible value for customers. For

businesses, they enable more predictable

lifecycle management of equipment and

support the achievement of sustainability

commitments. For consumers, they provi-

de access to reliable technology through

more resource-efficient alternatives.

Circularity is therefore both an environ-

mental priority and a key driver of long-

term resilience and customer value for

Nuuday.

Our actions and ambitions

Nuuday’s circularity efforts are guided

by three key ambitions.

First, we aim to make Device-as-a-Ser-

vice the standard offering where pos-

sible. This improves lifecycle control of

equipment and increases the share of

devices returned for refurbishment and

reuse, thereby reducing the need for

new production.

Today, Device-as-a-Service is the stan-

dard delivery model for the majority of

customer equipment across our core

telecommunications products, including

fibre, BTO, coax, mobile broadband, and

TV, across brands. Lifecycle responsibi-

lity ensures high asset utilisation while

safeguarding performance, security, data

security, and reliability throughout the

entire product lifecycle.

Secondly, we seek to increase the captu-

re and recirculation of customer hard-

ware by reducing the amount of IT equip-

ment and devices that remain unused

in drawers, storage rooms, and business

basements, while increasing the share of

reused hardware and phones sold. We

offer take-back solutions for all hardware

not covered by Device-as-a-Service and

collect used phones and other equipment

from customers. Through the Cisco En-

vironmental Sustainability Certification,

selected equipment can also be returned

directly to manufacturers for certified

circular processing. Our ambition is to

further expand take-back services to

capture a greater share of customer

hardware into circular flows.

Thirdly, we work with partners to apply

circular design principles across our pro-

duct portfolio and connectivity solutions,

focusing on durability, repairability, reuse,

and the use of more sustainable materials

from the outset.

In addition, we are working to reduce

waste from our offices and operations.

While this area is not included among

our three core circularity ambitions

– reflecting Nuuday’s role as a service

provider rather than a manufacturing

company, and the limited material impact

of operational waste – it remains an im-

portant focus for responsible resource

use and continuous improvement across

our own activities.

2025 performance and 2026 outlook

In 2025, we expanded our take-back and

refurbishment programmes – and the re-

sulting impact – across devices for mobile,

broadband, and network solutions. 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.

The refurbishment rate for broadband

and TV rose from 2024, going from 49%

to 57%. Conversely, for mobile broadband,

Scaling circular initiatives

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 41

the refurbishment rate decreased, from

47% to 34%, as there has been a rise in

brands that offer MBB, which has resul-

ted in a rise in the number of new units.

Our focus will be on refurbishing these

units, alongside the existing product port-

folio, over the coming years.

In total, we managed to prevent 95.9

metric tonnes of e-waste in 2025, a sub-

stantial increase from 79.2 metric tonnes

in 2024.

We further strengthened circular flows

across the business, with YouSee continu-

ing to act as a frontrunner in mobile tra-

de-in programmes. During 2025, we took

back 19,131 mobile terminals from custo-

mers in TDC Erhverv and YouSee, which

is on par with last year, and launched the

sales of refurbished phones online and in

selected YouSee stores. In 2026, we plan

to expand the sale of refurbished phones

to additional brands.

Within our business division, TDC Erhverv

and Relatel, we introduced physical SIM

cards produced primarily from recycled

cardboard for mobile phones, mobile

broadband routers, and IoT devices. At

the same time, the adoption of eSIM

solutions continued to grow significantly

across all brands, reducing material con-

sumption and supporting a digital-first,

lower-impact connectivity experience.

Through the Cisco Environmental Sustai-

nability Certification, we have returned

equipment directly to Cisco, where it is

processed through the manufacturer’s

circular programmes.

During 2025, Nuuday's total waste

amounted to 305.7 tonnes, on par with

294.9 tonnes in 2024. We had a recycling

rate of 63% (193.9 tonnes), with the vast

majority of the remaining amount direc-

ted to disposal through incineration.

Looking ahead, in 2026 Nuuday will for-

malise a company-wide circular strategy

covering all brands. The strategy will be

supported by clear KPIs to strengthen

governance, define priorities and targets,

and further integrate circularity across

procurement, product development, and

customer offerings. This will help embed

circular criteria and considerations more

systematically in day-to-day decisions

and create a clearer framework for

future progress. Nuuday will also work on

further scaling and reinforcing existing

initiatives to benefit both our B2B and

B2C customers.

Customer product refurbishment and take back**

2025

Refurbished CPEs – TV and broadband (number)

Percentage refurbished of total units – TV and broadband (%)

Avoided e-waste – TV and broadband (metric tonnes)

Refurbished CPEs – MBB (number)

Percentage refurbished of total units – MBB (%)

Avoided e-waste – MBB (metric tonnes)

Used phones bought back from customer

192,468

66.4

56,891

29.5

19,131

2024

146,832

59.3

47,098

19.9

19,271

Waste diverted from disposal**

2025

Non-hazardous waste

Preparation for reuse

Recycling

Other recovery methods

Total non-hazardous waste (metric tonnes)

Hazardous waste

Preparation for reuse

Recycling

Other recovery methods

Total hazardous waste

Total waste diverted from disposal

184.5

9.4

193.9

Waste directed to disposal**

2025

Non-hazardous waste

Incineration

Landfill

Other disposal operations

Total non-hazardous waste (metric tonnes)

Hazardous waste

Incineration

Landfill

Other disposal operations

Total hazardous waste

Total waste directed to disposal

Total waste (metric tonnes)

Total amount of non-hazardous waste

Total amount of hazardous waste

Total amount of recycled waste

Recycling percentage

Total amount of non-recycled waste

Non-recycling percentage (%)

110.0

1.4

111.5

0.3

111.7

305.7

296.0

9.6

193.9

111.7

2024

189.2

8.2

197.4

2024

95.3

1.9

97.3

0.2

97.5

294.9

286.5

8.4

197.4

97.5

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

**KPIs under limited assurance by independent third party.

Nuuday Annual Report 2025 42

Social

Strengthening children’s wellbeing in a digital world

Our workforce: DEIB and wellbeing, health and safety at heart

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 43

Why this is important for Nuuday

Children and young people are growing

up in a world where digital technology is

present from the earliest stages of life.

Indeed, they are entering the digital

world earlier than ever, with their first

mobile phone opening up a world of end-

less possibilities. Digital tools offer oppor-

tunities for learning, creativity, and social

interaction, At the same time, awareness

of the risks, such as mental health chal-

lenges and harmful content, is growing.

Governments, NGOs, and parents are

calling for stronger safeguards.

As Denmark’s leading telecommunica-

tions service provider of connectivity and

entertainment for households, we are

in a unique position to support families

navigate this newfound reality. We see

great potential and possibilities in techno-

logy, but we believe that access should go

hand in hand with safety, responsibility,

and education.

Nuuday’s code of conduct, which is

maintained and reviewed annually by the

Legal, Risk and Compliance team and ap-

proved by the Board of Directors, covers

strengthening children’s wellbeing in a di-

gital world. The responsibility lies with ELT

and implementing relevant initiatives lies

with the business and consumer divisions.

Our ambitions and actions

Supporting better digital habits is not

only a societal obligation – it is part of

our ambition to create a secure and

sustainable digital future for all. Nuuday

is committed to helping children have an

age-appropriate and positive start to

Strengthening children’s

wellbeing in a digital world

their digital lives. Through YouSee’s

national initiative, we sparked a nation-

wide conversation on the selection of

the child’s first mobile phone, shifting the

conversation from passive acceptace 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.

Moreover, YouSee and Telmore, together

with other Danish telecommunication

companies, entered into an agreement

with the government and leading charities

including Børns Vilkår and Red Barnet, to

promote responsible digital habits for

children and young adults. We are com-

mitted to guiding parents on age-appro-

priate phone subscriptions and devices,

implementing parental controls, and

fostering better digital routines. This

public-private effort reflects the broader

responsibility to create a positive digital

environment for children, households, and

families.

For YouSee, collaboration extends beyond

public-private efforts. Other collabora-

tions 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) cam-

paign, which creates awareness about

screen time and better digital habits. The

campaign encourages Danes to switch

off their phones for an entire day. In

2025, the campaign was held on the 21st

of September.

The initiative, led by headspace founder

and former Prime Minister Poul Nyrup

Rasmussen, reached 1.7 million Danes

across multiple touchpoints, according to

a follow-up report by Analyse Danmark

on behalf of headspace. YouSee contri-

buted by delivering the creative material

for the nationwide outdoor campaign,

complemented by digital activations

across our own channels and in-store

visibility.

Our partnerships ensure initiatives are

grounded in expert knowledge and socie-

tal needs and challenges such as early

smartphone adoption and screen-time

balance. Through joint campaigns, guide-

lines, and educational resources, our

partnerships aim to empower parents to

make informed choices for the household

and family.

2025 performance and 2026 outlook

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 institute Wilke, YouSee explored

parents’ thoughts and beliefs when choo-

sing their child’s first phone.

These insights sparked a nationwide

conversation about responsible techno-

logy use, generating significant coverage

across major media channels. To further

support parents, YouSee launched a

dedicated digital campaign and a com-

prehensive landing page on its website.

This resource offers practical guidance,

Børns Vilkår

In collaboration with Børns Vilkår, Nuuday

works to support children, young people

and parents in Denmark in understanding

and navigating everyday digital life. This

includes guidance on choosing a child's

first mobile phone. TDC Erhverv has been

a partner of Børns Vilkår for over 30 years

and played a central role in the creation of

Børnetelefonen. They ensure that all enqui-

ries remain free of charge.

Headspace #Sluksammen

The #SlukSammen initiative by headspace.

dk aims to promote healthier digital habits

by encouraging Danes to switch off their

phones for a full day.

Through our collaboration with headspace.

dk, Nuuday helps raise awareness about

screen time and digital well-being by con-

tributing creative materials and supporting

the campaign across YouSee’s channels.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 44

including a user test, expert tips, and

advice from our partners, not only for

selecting a child’s first phone but also for

creating a positive digital foundation for

children and the entire family.

TDC Erhverv’s long-standing partnership

with Børns Vilkår and its BørneTelefo-

nen service is a cornerstone of its social

responsibility efforts. For more than 30

years, TDC Erhverv has provided techno-

logy and services that ensure the hotline

remains stable, secure, and accessible

and reliable for children and young peop-

le in need.

In 2025, TDC Erhverv further strengthe-

ned the security of BørneTelefonen by

implementing the CloudKey encryption

solution. This ensures that all conversati-

ons are fully encrypted, providing maxi-

mum confidentiality and data protection

for both Børns Vilkår and the children and

young people who reach out for support.

By combining secure infrastructure with

advanced encryption, TDC Erhverv helps

create a trusted digital space where

vulnerable users can speak freely and sa-

fely – reinforcing trust as a fundamental

element of digital responsibility.

During Christmas 2025, Børns Vilkår, You-

See and TDC Erhverv launched gift tags

that could be bought in YouSee’s retail

stores and throughout our offices.

All funds from the gift tags were donated

directly to Børns Vilkår, to ensure that

there is an adult to talk to when a child

calls BørneTelefonen.

Moreover, for the tenth time, we hosted

Copenhagen schoolchildren at our offices

for Coding Class, helping them build digi-

tal skills – including programming-based

solutions for YouSee – and discover how

technology can create new opportunities.

The ambition for 2026 is to strengthen

these awareness campaigns and expand

both the reach and potentially the num-

ber of partnerships that promote safe

digital lives for children, thereby ensuring

that more children and households are

supported when it comes to the digital

world and the possibilities and risks that

are associated with it. Moreover, we will

develop commercial offerings to further

this agenda.

Coding Class

We take responsibility for providing children

with digital skills of the future. By giving

school pupils the opportunity to challenge

themselves with exercises involving coding

and programming, we are helping future

generations to gain a basic understanding

of the digital foundation on which our

society is built.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 45

support so every employee can thrive

and contribute to our shared success.

We also have multiple channels in place

for our employees to raise concerns dire-

ctly with Nuuday. These include internal

grievance mechanisms such as union

representatives, our People & Culture

department and the Wellbeing, Health

and Safety (WHS) organisation, as well as

employee engagement surveys.

Our Chief Human Resources Officer

(CHRO) oversees our People Agenda prio-

rities and ensures that the insights gained

from our employees informs our strategic

decisions and activities.

Our Board of Directors is dedicated to

prioritising both DEIB and WHS, ensuring

that regular oversight, training, and

modelling healthy behaviours is done on a

regular basis.

Diversity, equity, inclusion, and belonging

At Nuuday, our DEIB aspirations are

anchored in four pillars: we want to do

better for our society, our customers,

our workplace and our people. These

pillars guide our approach, and support

how we integrate DEIB in our culture,

leadership practices and approach to

people development.

With our strategic focus on DEIB we

ensure equal opportunities, build an

inclusive workplace where our colleagues

feel they belong and positively contribute

to the society in which we operate.

Nuuday’s overall DEIB policy, approved by

the Board of Directors, reflects our com-

mitment and ambitions. This is further

reinforced by supporting policies covering

important areas such as equal pay, zero

tolerance for bullying and harassment,

inclusive marketing and communication,

and progressive parental leave policies,

providing 24 weeks of paid parental leave.

Within Sales & Service encompassing

both retail and customer service staff in

YouSee — a significant proportion of tho-

se employees are among the youngest

in the company, with many beginning

their professional careers here. As such,

this places a special responsibility on us

to ensure a safe, inclusive and respect-

ful environment where everyone feels

welcomed, included and supported from

day one.

Wellbeing, health, and safety

At Nuuday, our commitment to WHS is

crucial to our success. While physical

health and safety remain vital, our

primary focus is on addressing psycho-

social risks, as these pose the greatest

risks in our workplace.

WHS is a cornerstone of our business

philosophy. A thriving workplace is one

where employees feel safe, valued, and

engaged. Mental wellbeing is especially

important, as it affects all aspects of our

lives – both personally and professionally.

It forms the basis of psychological safety,

fosters positive social relations, and en-

hances overall wellbeing and health.

Nuuday’s WHS policy defines the over-

all framework for WHS to ensure that

Nuuday – as a minimum – complies with

The Sunflower Network

The Sunflower Network ensures support for cust-

omers with hidden disabilities through YouSee’s

dedicated assistance line, available both in-store

and via customer service. To further strengthen

inclusion, Nuuday has also established an internal

Sunflower Network to promote awareness, acces-

sibility and understanding across the organisation.

Our workforce: DEIB and wellbeing,

health and safety at heart

Why this is important for Nuuday

At Nuuday, we pride ourselves on our

diversity – and we see inclusion as a pow-

erful multiplier of innovation and growth

that drives creativity and inspiration in

support of our strategic aspirations.

We employ approximately 3,300 highly

engaged employees, reflecting diversity

across multiple parameters, including, but

not limited to, nationality and age.

Our success goes hand in hand with the

personal and professional growth and

development of our people. We belie-

ve that growth and development is for

all and aspire to provide everyone with

equal opportunities to grow, develop, and

succeed, both vertically and horizontally.

We are focused on creating equitable

and unbiased structures and processes

so that everyone, regardless of social

identity, experience equal opportunities

for growth and development.

This, supported by an inclusive culture,

ensures that our people thrive and ulti-

mately can perform at their best.

Just as diversity, equity, inclusion, and

belonging (DEIB) ensure that every indi-

vidual feels respected and empowered,

our focus on wellbeing, health, and safety

reinforces that commitment by safe-

guarding both the physical and mental

aspects of our employees’ experience.

Together, these priorities form the foun-

dation of a workplace where our people

can truly thrive.

Our policies are the backbone of a strong

workplace, ensuring fairness, safety, and

WHS legislation and all relevant WHS re-

gulatory requirements. The WHS policy is

approved by the Board of Directors.

Our health and safety system aligns

with international standards, such as ISO

45001, and aims for the establishment of

a preventive culture, including collection

of lessons learned from all incidents and

accidents, and prevention awareness.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Our ambitions and actions

Diversity, equity, inclusion, and belonging

We anchor DEIB in three focus areas –

getting the basics right, embedding DEIB

in all we do, and culture and leadership.

We address our strategic ambitions

through a systematic and leaderled

approach. Our initiatives are therefore

categorised within these three areas,

continuing and building on existing activi-

ties while introducing new ones to drive

progress and impact across each theme.

Among our ongoing initiatives, we con-

tinue to ensure that our recruitment

approach is guided by inclusivity. We

support leaders in using inclusive langua-

ge in job advertisements and emphasize

the importance of diverse shortlists from

external search partners.

In 2025, we signed up to the Gender

Diversity Pledge initiated by the Con-

federation of Danish Industry, which is

committed to working actively towards a

more inclusive workplace. We will conti-

nue to strengthen DEIB in the three focus

areas: getting the basics right, embed-

ding DEIB in all we do, and culture and

leadership.

In 2025, YouSee launched a dedicated

Sunflower Network support line for our

YouSee customers in-store and on the

phone, to support hidden disabilities and

ensuring inclusivity for our diverse cust-

omers. Moreover, internally, 2025 mar-

ked the launch of the Nuuday Sunflower

Network to support hidden disabilities in

Nuuday.

Moreover, in 2025, we relaunched NuuP,

our New Young Professionals Network

for everyone new (“nuu”) in their care-

er. Both networks will continue in 2026,

further strengthening inclusion and com-

munity across Nuuday.

Our ELT is committed to annual gender

targets within their business units, rein-

forcing accountability at the highest level.

Succession planning for top management

positions – ELT and Senior Leadership

Team (SLT) – is reviewed twice a year

with the Board, ensuring a strong pipeline

and focus on gender representation.

At the same time, we continue the Inclu-

sive Leadership Programme for leaders

across Nuuday, embedding inclusion and

cognitive diversity as core leadership

capabilities.

We also upskill leaders at all levels th-

rough programmes such as Leadership

Fundamentals and Grow to Accelerate,

our flagship talent programme, ensuring

diverse representation across business

units, roles, experiences, and gender.

Wellbeing, health, and safety

By prioritising WHS, we aim to enhance

employee satisfaction, reduce turnover,

and improve productivity. Our holistic ap-

proach integrates mental and emotional

wellbeing with physical safety to create a

resilient organisation.

We aim to build a strong health and sa-

fety culture, where we “Look after You &

Me” in terms of both the physical as well

as psychosocial aspects in our Nuuday

working environment.

We aim to ensure high standards in

health and safety at Nuuday that are

above compliance-standards set by the

Danish health and safety authorities and

compliant with occupational health and

safety regulations. Furthermore, we aim

to ensure that timely action is taken

to address areas of concern that may

otherwise represent a risk to our working

environment.

To understand the complexities of mo-

dern work life, we have implemented

initiatives aimed at enhancing psychoso-

cial wellbeing.

In 2025, we introduced Mental Health

Awareness Training, which equips the

WHS organisation and leaders across

Nuuday with knowledge in how to pre-

vent negative impacts and to recognize

and support mental health needs. By

safeguarding our employees' mental

health, we are supporting not only their

individual wellbeing but also the collective

success of our organisation. Together,

we will maintain an environment where

everyone feels supported, valued, and

empowered.

Furthermore, we continued our "Looking

after You & Me" initiative, which empha-

sizes collaboration between management

and employees, as we believe effective

WHS strategies require input from all

levels.

2025 performance and 2026 outlook

Diversity, equity, inclusion, and belonging

Progress is monitored quarterly and

our Q4 engagement survey revea-

led outstanding inclusion scores on a

100-point scale. Perceived inclusion

scored 89, psychological safety 88, and

equal opportunities (across gender,

age, ethnicity, sexual orientation, family

status, disabilities, religion, and language)

held steady at 89.

Gender balance remains a key ambition

at Nuuday. We achieved 29% in manage-

rial positions and 42% in top management.

ISO 45001-certification

ISO 45001 is an international standard for occupa-

tional health and safety management systems

designed to help organisations create safe, healthy

and compliant workplaces. It provides a structured

framework for preventing work-related injuries and

ill-health while promoting continuous improvement

in safety performance.

Nuuday Annual Report 2025 46

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 47

Diversity is further reflected among

other parameters. Approximately 16% of

the workforce are of non-Danish natio-

nalities, and the age range spans across

55 years, from 17 to 72.

Moving forward, we will showcase diverse

career stories through awareness cam-

paigns and introduce allyship training as

the next step in inclusive leadership and

overall inclusion journey. This will equip

leaders and employees with practical

tools, everyday actions, and stronger

communication skills to drive inclusion

across Nuuday.

As part of our planned initiatives for

2026, we intend to launch a Women in

Telco Network aimed at strengthening

allyship, inclusion, and a sense of belong-

ing for women at Nuuday, and to support

our broader ambitions regarding gender

diversity and representation.

In addition to our existing DEIB activiti-

es, initial work on a DEIB dashboard was

initiated in 2025. In 2026, the plan is to roll

out the DEIB dashboard to leaders across

Nuuday to support access to relevant

DEIB data and enable timely follow-ups

on DEIB priorities.

We will review compensation and bene-

fits to ensure fairness and equity across

Nuuday, annually and when roles change,

using the Nuuday Job Architecture and

People Review Process to set the right

pay levels.

Finally, in 2026, we will align titles to

support transparent career paths, clear

development, and ensure equal opportu-

nities for all employees.

Wellbeing, health, and safety

We actively seek employee feedback

through surveys and forums, fostering a

sense of ownership and accountability in

our WHS initiatives. This is also reflected

in our Q4 engagement survey, where we

are pleased to see a high assessment of

working conditions on par – and in some

cases better – than the top-in-class

international company benchmark., e.g.

high scores on questions such as “I can

be myself at work”, “I feel valued when I

am at work”, “Everyone have the same

opportunities in Nuuday”, and “I never

feel stressed”.

We have maintained low levels of physi-

cal and psychological injuries, although

the trend increased in 2025. This was

mainly due to a strengthened awareness

among employees to report injuries. Also,

ensuring our compliance in 2025, our ISO

45001 (international health and safety

certification) was renewed.

Additionally, we operate with internal

commitments and KPIs (Key Performance

Indicators) for all of Nuuday and underly-

ing brands, to maintain a safe and healthy

working environment for all. These com-

mitments will help guide our decisions,

raise awareness and maintain focus. They

will be regularly evaluated to monitor

progress and ensure they are having the

desired impact.

In 2026, we will continue the “Looking

after You & Me” initiative.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 48

Employees by age group**

2025

Employees aged under 30 (number)

Employees aged 30–50 (number)

Employees aged over 50 (number)

1,076

1,420

746

2024

1,161

1,398

741

Employees by employment type**

2025

Employees in full-time employment - male (number)

Employees in full-time employment - female (number)

Employees in part-time employment - male (number)

Employees in part-time employment - female (number)

2,143

882

132

2024

2,155

915

137

2025 2024

Employees by employment category**

Top manager – male (%)

Top manager – female (%)

Managers – male (%)

Managers – female (%)

Non-managers – male (%)

Non-managers – female (%)

Employees by contract type**

2025

Employees on permanent contracts - male (number)

Employees on permanent contracts - female (number)

Employees on temporary contracts - male (number)

Employees on temporary contracts - female (number)

2,259

954

2024

2,283

999

Employees by employment category**

2025

Top manager – male (number)

Top manager – female (number)

Managers – male (number)

Managers – female (number)

Non-managers – male (number)

Non-managers – female (number)

257

107

2,018

860

2024

255

2,037

914

Employees by gender**

2025

Men (number)

Women (number)

Men (%)

Women (%)

2,275

967

2024

2,292

1,008

Employee statistics – other**

2025

Different nationalities (number)

Age of oldest employee (years)

Age of youngest employee (years)

2024

Occupational health & safety**

2025

Fatalities (number)

Injuries with lost working time (number)

Injuries without lost working time (number)

Total

Days of absence (number)

Injury incidence (lost working time injuries

per 10,000 employees)

Rate of fatalities (per 1,000,000 hours)

Rate of high consequence work-related injuries

(per 1,000,000 hours)

Rate of work-related injuries (per 1,000,000 hours)

Rate of near-miss accidents (per 1,000,000 hours)

1.69

5.62

14.43

2024

1.50*

5.45*

8.83*

*Comparative figures for Occupational health and safety rates have been restated from

respectively 1.52, 5.50 and 8.91 to reflect adjustment in the calculation method

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Employees by age group**

2025

Employees aged under 30 (%)

Employees aged 30–50 (%)

Employees aged over 50 (%)

2024

Employee turnover**

2025

Percentage of employee turnover Nuuday (%)

Percentage of employee turnover Nuuday excluding

customer angels (%)

2024

N/A

**KPIs under limited assurance by independent third party.

Nuuday Annual Report 2025 49

Governance

Protecting a digital Danish society

Trust across the value chain

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 50

Why this is important for Nuuday

Denmark is one of the world’s most

digitalised countries, which brings both

great opportunities and new risks. For

Nuuday, protecting our customers from

cyberattacks and data breaches is not

just a technical task – it is a core respon-

sibility. Households, businesses, and the

public sector rely on us for secure and

reliable networks, and maintaining this

trust is essential to our role as Denmark’s

most trusted technology partner.

Because Denmark’s digital infrastruc-

ture supports everything from health-

care to finance, even a single failure can

have wide-reaching effects. That’s why

Nuuday sees cybersecurity as essential

for national resilience and for supporting

Denmark’s continued digitalisation. As

such, it is not only a technical discipline,

but a core element of governance, risk

management, and societal resilience

– a prerequisite for a secure Denmark.

Nuuday’s code of conduct, which is

maintained and reviewed annually by the

Legal, Risk and Compliance team and ap-

proved by the Board of Directors, covers

our commitment for secure and reliable

networks and services. The responsibility

lies with ELT and the responsibility for

implementing relevant initiatives lies with

the business, consumer, and technology

divisions.

Our ambitions and actions

Our ambition is clear: to make security

an enabler of innovation – not a barrier

– and to ensure that digitalisation and

trust go hand in hand in Danish society.

Protecting a digital Danish society

We take a proactive approach to cyber-

security, embedding resilience into every

layer of our digital infrastructure.

Through TDC Erhverv’s Security Opera-

tions Centre – one of Denmark’s largest

– we monitor and handle cyberattacks

in real time 24/7 and protect critical

infrastructure across public and private

customers. We also provide important

insights into the current threat landscape

and the types of cyber threats that hit

Danish businesses every day.

Through our TDC Erhverv CloudKey en-

cryption solution, we ensure data sove-

reignty by enabling Danish businesses to

use cloud services without compromising

control over their data. By embedding

security and encryption across infra-

structure, cloud and connectivity, we

support customers in meeting regulato-

ry requirements, safeguarding sensitive

data and ensuring business continuity.

This year, TDC Erhverv launched an

important partnership with the Danish

Centre for AI Innovation and its Gefion

AI-supercomputer, ensuring full data

sovereignty for all users and making

AI-projects more accessible for busines-

ses and organisations. Looking ahead,

this partnership and use of AI will play a

pivotal role in detecting and responding

to cyberattacks faster than ever before,

making TDC Erhverv a frontrunner in the

threat intelligence space.

TDC Erhverv has once again brought

together industry, government, and part-

ners through strong initiatives like

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 51

Cyber Security Day and Hele Danmark

Øver, to strengthen national cyber resi-

lience. These platforms unite prominent

speakers and stakeholders from both the

public and private sector to raise aware-

ness and share knowledge. Such initiati-

ves and platforms reflect TDC Erhverv’s

role in strengthening societal resilience

through public-private collaboration,

ensuring preparedness and trust in

Denmark’s critical digital infrastructure.

TDC Erhverv’s DNS InternetFilter solution

blocks millions of cyberattack attempts

every quarter, protecting and alerting

our business customers from entering

malicious domains – whether through

links in emails, SMSs, or other sources

– and blocks typical hacker attacks like

malware, phishing, and botnets.

2025 performance and 2026 outlook

This year, YouSee has integrated and

added MobilSikker, its own mobile DNS

security filter, to all consumer 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 household.

Both YouSee’s MobilSikker and TDC

Erhverv‘s InternetFilter reflect Nuuday’s

commitment to providing peace of mind

for customers in an era where IT crime is

at an all-time high.

Through reports, such as “Are organisa-

tions ready for tomorrow?” and quar-

terly security reports, TDC Erhverv has

brought important data and insights about

the current threat landscape to market,

cementing its position as an important

actor within the cybersecurity agenda.

Overall, we have further strengthe-

ned our cybersecurity position in TDC

Erhverv, adding to our existing strong po-

sition 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 part-

ners, other industries, and the govern-

ment, e.g. TDC Erhverv’s participation in

the national safety forum Ehvervs-

Forum. At YouSee, we launched strong

initiatives enhancing the protection of

the average consumer when online.

Our ambition for 2026 is to continue

strengthening our cybersecurity position,

especially within our consumer brands

and offerings for our consumer and busi-

ness divisions, while further enhancing

synergies between them. This will be

achieved through expanding the reach

and number of partnerships, events, and

collaborations, and cementing cyber-

security as a key enabler for a secure,

connected digital future for Danish

society.

Looking ahead, TDC Erhverv is already

preparing for the next digital era by

testing quantum-secure encryption solu-

tions to protect against future emerging

threats, since in a few years quantum

computers might be able to break the

encryption, we know today.

Why this is important for Nuuday

In the telecommunications industry, main-

taining strong and compliant operations

and the value chain is vital for delivering

reliable services, protecting customer

data, and ensuring adherence to regula-

tory obligations. For Nuuday, compliance

is not just about meeting legal require-

ments; it is a core enabler for ethical, ef-

ficient, 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 principles.

We follow a suite of policies and proce-

dures that are overseen by the Board

of Directors and made publicly available.

These cover our code of conduct policy,

which was launched in 2025 and sets a

clear value-based framework for be-

haviour across key topics, whistleblower

policy, anti-bribery and anti-corruption

policy, data ethics policy, and partner

code of conduct policy, including our ap-

proach to human and labour rights, The-

se policies are maintained and reviewed

annually by the relevant administrators

and approved by the Board of Directors.

The overall responsibility lies with ELT.

We aim to ensure the highest standards

in order to take care of our employees

while meeting stakeholder expectations.

We therefore have two ISO certifications

across our business, covering environ-

mental management (ISO 14001) and

occupational health and safety (ISO

45001), while TDC Erhverv holds an

information security certification (ISO

27001) for a part of its business.

Human rights, anti-bribery and

anti-corruption

Nuuday is a large employer in Denmark

with suppliers across the globe and has

responsibility for our direct employees,

the employees of partners and compani-

es in our supply chain. Human rights and

anti-corruption are important topics for

Nuuday and its operations, and we firmly

denounce bribery and do not tolerate or

accept corruption in any form. Also, we

believe that human rights are inalienable

and must be respected by Nuuday’s

suppliers.

Nuuday is a signatory to the UN Global

Compact, and we are guided by its Ten

Principles. We uphold high professional

standards in human rights, labour rights,

health and safety, anti-corruption, infor-

mation security, data protection and en-

vironmental management, and we expect

our suppliers and partners to share this

commitment and act accordingly throug-

hout their operations and support chains.

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

prevention, and respect for human rights,

that suppliers and partners must obey.

A culture of compliance strengthens trust

with regulators, customers, suppliers, and

Trust across the value chain

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 52

society at large, and forms a foundation

for sustainable growth and operational

resilience.

As part of our governance model, our

internal compliance team operates as

an independent second line of defence,

offering oversight and expert guidance

across key regulatory areas. This includes

our work on anti-bribery and anti-cor-

ruption, where we have strengthened

expectations related to gifts and hospi-

tality to ensure employees can represent

Nuuday without compromising integrity

or good business practice.

The whistleblower process is another

critical element of our compliance fra-

mework, providing a confidential channel

for raising concerns that may otherwise

be difficult to voice and reinforcing a

culture, where speaking up is both safe

and valued.

Digital trust & data ethics

As Denmark’s largest provider of digital

connectivity, Nuuday strives to be at the

forefront of working with digital trust and

data ethics.

Nuuday’s data ethics policy constitutes a

compass for our current and future work

with data.

Security

As a provider of critical infrastructure,

we have a responsibility that goes beyond

technology. Every day, we play a vital

role in safeguarding the digital environ-

ment that powers our work, our people,

our customers, and society at large.

We do this by following an established

security framework based on the inter-

national best-practice standard (ISO/IEC

27001).

Our ambitions and actions

Human rights, anti-bribery and

anti-corruption

Over the past year, Nuuday has inten-

sified our efforts to embed compliance

throughout all operational processes and

interactions across the value chain. This

includes integrating regulatory requi-

rements into day-to-day operations,

strengthening risk management, and

enhancing monitoring and reporting to

ensure transparency and accountability.

Employees are supported through

targeted training programmes focused

on regulatory standards, ethical decisi-

on-making, and operational safety, while

our escalation procedure guides a safe

way to raise concerns including secure

whistleblower channels.

In 2025, we also advanced key controls

within our compliance mandate. We clari-

fied and broadly communicated our gifts

and hospitality requirements, reinforcing

our anti-bribery and anti-corruption

commitments and policy. In addition,

we strengthened our trade restrictions

screening capabilities through a new pro-

cedure and system designed to ensure

that business counterparties are proper-

ly assessed, reducing the risk of engaging

with sanctioned individuals or entities.

Nuuday is a member of the Joint Alliance

for CSR (JAC), a global telecommunicati-

ons initiative from leading operators that

aims to promote safe and fair working

conditions as well as responsible, social

and environmental management. As part

of this commitment, we conduct regu-

lar assessments and annual audits of

selected suppliers to promote continuous

improvement and responsible conduct.

Nuuday will continue to be part of JAC

and conduct annual audits, including

managing and closing corrective action

plans with the supplier.

Digital trust & data ethics

In 2025, Nuuday continued to focus on

the governance and ethics of working

with data and AI with initiatives to drive

data quality, data communities and

the enterprise business glossary. In an

extension of Nuuday’s AI policy, we are

creating and implementing an operati-

onal handbook for the use of AI tools to

further ensure compliance with Network

and Information Systems Directive 2

(Tele-NIS2), EU AI Act and GDPR on top

of responsible AI use.

Security

In 2025, significant efforts were dedica-

ted to the implementation of Tele-NIS2

and the Digital Operational Resilience Act

(DORA). Our information security and

risk management policies were updated,

and key processes were strengthened to

ensure compliance with regulatory requi-

rements, including security in supplier and

customer relationships as well as incident

and crisis management.

A comprehensive security strategy was

developed to enhance our technical

security capabilities and to support our

ambition of sustaining strong operational

resilience and securely enabling Nuuday’s

digital transformation journey towards

becoming the leading Danish telecommu-

nications service provider.

2025 performance and 2026 outlook

Human rights, anti-bribery and

anti-corruption

In 2025, Nuuday received four whistle-

blower reports through our Whistleblower

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 53

Portal, but none involved violations of

human rights or our anti-bribery and

anti-corruption policy. We will continue

our work with human rights, anti-bribery

and anti-corruption in 2026.

In 2024, 150 JAC audits were conducted

by third parties across JAC. 661 correc-

tive actions were found of which 147 ac-

tions have been closed. The 2025 figures

will be updated, following the release

of JAC’s annual report. Nuuday audited

eight suppliers during 2025.

Looking ahead, Nuuday aims to further

embed compliance into our operations,

ensuring a value chain that is not only

efficient and reliable but also ethical,

transparent, and future-ready, thereby

safeguarding the interests of customers,

partners, and society.

Digital trust & data ethics

Nuuday has conducted specialised train-

ing sessions for employees working with

AI development and/or compliance, and

users of AI tools and systems.

In 2026, we will continue efforts to expand

and mature good data governance prac-

tices with a focus on driving decision

making through analytics and AI. In addi-

tion, all employees must complete e-lear-

ning created from the handbook to ensure

they understand the handbook’s content.

We will also continue efforts to expand

and mature our AI governance to ensure

compliant and ethical use of AI technolo-

gies by implementing a software module

related to the European AI Act.

This software module will enable Nuuday

to expand its current data compliance

and data ethics processes to also inclu-

de sections for AI. We will continue to

conduct general awareness campaigns to

further ensure compliant and ethical use

of AI technologies amongst all employees.

Looking ahead to 2026, we remain com-

mitted to further advancing our human-

in-the-loop processes, continuing the

important work of integrating human

oversight into our AI and data initiatives.

This approach ensures responsible and

ethical decision-making.

Moreover, we are implementing new me-

asures to further strengthen our respon-

sible data practices when it comes to AI.

Specifically, we will prohibit high-risk use

cases and rigorously enforce data limita-

tion principles when developing models.

Our efforts will include targeted strate-

gies to identify and reduce bias, ensuring

that our technology is both fair and

transparent. These actions are essential

for maintaining trust and accountability

as we continuously innovate.

Security

Policies, procedures and templates have

been updated to align with the new legal

and contractual security requirements.

Role-specific security awareness has

been rolled out to top management and

incident managers, along with general

security awareness training and phishing

tests for all employees. In 2026, Nuuday

will continue the implementation of the

security strategy from 2025 to further

improve and strengthen security resilien-

ce within the company.

Other metrics**

2025

Whistleblower reports to Nuuday A/S Board of Directors

Number of reports submitted to the whistleblower system (number)

Incidents of corruption or bribery

Number of convictions for violation of anti-corruption and anti-bribery laws

Amount of fines for violation of anti-corruption and anti-bribery laws

GDPR & security e-learning

Employees completing GDPR e-learning (%)

Employees completing security e-learning (%)

2024

N/A

Gender representation - Board of Directors (Nuuday)**

2025

Men (number)

Women (number)

Total (number)

Men (%)

Women (%)

2024

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

**KPIs under limited assurance by independent third party.

Nuuday Annual Report 2025 54

Overview

The Nuuday non-financial accounting

principles set out the criteria, assump-

tions and principles upon which we calcu-

late our non-financial environmental,

social & governance data, including our

energy consumption, greenhouse gas

emissions, waste, and employee data.

The ESG data is published in our Sustain-

ability Report. Where possible, the ESG

performance data includes all brands

within the Nuuday family.

The data reported covers the time

period from 1st of January 2025 to 31st

of December 2025.

Accuracy, completeness & estimations

We do our best to ensure that the activi-

ty data we collect is complete and based

on actual data, e.g., invoices, meters, fuel

cards.

If this is not possible, we rely on estima-

tions. Following the split of TDC Group

into Nuuday and the dissolvement of TDC

Group all the remaining emissions asso-

ciated from TDC Group are assigned to

Nuuday for completeness purposes.

For input data for the energy consump-

tion that is not split between TDC Group,

TDC NET and Nuuday, we use a distribu-

tion key to allocate the part of the con-

sumption from each of the different

companies. The distribution keys are

also corrected historically for compara-

bility and completeness purposes as the

updated numbers are considered more

accurate for the actual split of the com-

pany.

Nuuday accounting principles for ESG reporting 2025

Environmental Data Reporting

Boundaries

e emissions calculation methodology

To calculate our CO

e emissions, we

collect activity data, e.g., litres of gasoline

and diesel and electricity consumed by

technicians in their vans as well as elec-

tricity purchased across our operations

on an annual basis.

This data is sourced from:

• Electricity: Consumption is measured

directly from ~15,000 meters across

our sites.

• Oil, district heating: Taken directly from

supplier invoices as volume or cost.

• Transportation fuels: Diesel and gaso-

line data from company fuel cards, as

these cards should be used for 100%

of fossil fuel purchased. From 2023

onwards, electric vehicle electricity

consumption is sourced from external

electric vehicle partner, Homecharge.

We use fuel conversion factors to con-

vert our fuels into kWh. For petrol, diesel

and oil we use the official UK government

/ DEFRA fuel conversion factors. These

factors are updated on an annual basis,

according to the newest published fac-

tors from DEFRA.

Scopes 1

To calculate scope 1, we use the total

consumption for diesel, petrol and oil

and calculate CO

e emissions based on

DEFRA (Department for Environment,

Food & Rural Affairs – UK Government

GHG Emission Conversion Factors for

Company Reporting) conversion factors.

Scope 1 is always reported in metric ton-

nes CO

Scope 2

Scope 2 is calculated by using the total

electricity consumption subtracting the

PPA (Purchase Power Agreements).

We multiply the consumption with either

the location-based emission factor from

Energinet (for location-based scope 2) or

the market-based emission factor from

Mind Energy (previously known as Energi

Danmark) (for market-based scope 2.)

We use the annual CO

e emission factor

from Hofor multiplied with our district

heating consumption. This totals our

district heating emissions.

Electricity emissions + district heating

emissions = Scope 2 emissions Scope 2 is

always reported in metric tonnes CO

For some emission factors there is signi-

ficant time lag between our publication

and the issuance of the correct factor

for the given year. In our reporting we

use the latest available emission factors.

Once the actual emission factors are

made available, we will update our emis-

sions to reflect any possible change.

Absolute value

The absolute value of reductions refers

to the total quantity of GHG emissions

that have been reduced, compared to

our base year. We report on Scope 1,

Scope 2 and Scope 3. These data points

are always measured in metric tonnes of

Intensity value

We calculate all intensity ratios based on

Revenue following IFRS 15.

Total energy consumption

The sum in MWH of energy consumption

from fossil sources, nuclear sources and

renewable sources. In 2024, we calcula-

ted this based on energy sources and this

year and going forward we calculate this

based on energy types.

Energy consumption from fossil sources

The sum in MWH of energy consumption

from fossil sources.

Electricity

We subtract the PPA from our total

electricity consumption. We use the

residual mix from AIB (Association of

Issuing Bodies) for fossil sources to find

the share of fossils in the remaining sum

of electricity.

District heating

We use the fuel declaration for district

heating company Hofor in Copenhagen

where we have most of our district

heating consumption. The declaration

specifies which fuel types have been

used to generate heating. We sum our

consumption of fossil fuels in district

heating based on this declaration.

Other fossil fuels

Our fossil energy consumption contains

other fossil fuel consumption amounts.

These account for a minor share of the

total and consist of: Petrol, diesel and oil.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 55

Energy consumption from nuclear sources

The sum in MWH of energy consumption

from nuclear sources. We only have

nuclear sources in our residual mix for

electricity. We subtract the PPA from

our total electricity consumption. We

use the residual mix from AIB (Associa-

tion of Issuing Bodies) to find the share

of nuclear sources in the remaining sum

of electricity.

Energy consumption from renewable sources

The sum in MWH of energy consumption

from renewable sources.

Electricity

We subtract the PPA from our total

electricity consumption. We use the

residual mix from AIB (Association of

Issuing Bodies) for renewable sources

to find the share of renewables in the

remaining sum of electricity. We then

add the PPA consumption amount.

District heating

We use the fuel declaration for district

heating company Hofor in Copenhagen

where we have most of our district

heating consumption. The declaration

specifies which fuel types have been

used to generate heating. We sum our

consumption of renewable sources in

district heating based on this declaration.

Purchased electricity

Nuuday has a share of TDC NETs power

purchasing agreement (PPA) with Better

Energy generating 140 GWH annually.

Nuuday has a large electricity consump-

tion share of TDC NETs buildings and

therefore have a share of the PPA. We

calculate how much the PPA covers of

the total electricity consumption and

multiply that share by Nuuday’s electrici-

ty consumption total.

The PPA is also categorised as our only

use of contractual instruments used for

sale and purchase of energy bundled

with attributes about energy generation.

The PPA covers 100% of our contractual

instruments for buying and selling energy

bundled with generation related to Scope

2 GHG emissions.

Biogenic emissions

District heating:

Biogenic emissions are part of our district

heating fuel mix. Our district heating

supplier Hofor has a fuel mix declaration

where percentage of the mix comes from

biogenic sources. We use the DEFRA fuel

conversion factor to calculate biomass

. The emission factor is divided by

95% to account for not burning the bio-

mass.

Electricity:

Biogenic emissions is part of our electri-

city residual mix from AIB. We calculate

what amount of electricity comes from

biogenic sources. We then use the DEFRA

fuel conversion factor to calculate bio-

mass CO

. The emission factor is divided

by 95% to account for not burning the

biomass.

Petrol:

We calculate the amount of CO

coming

from Bioethanol by multiplying the total

petrol consumption with the DEFRA

Bioethanol – CO

emissions factor. We

have multiplied this emission factor by 4%

to account for the amount of biofuels in

petrol (documentation: EN228).

Diesel:

We calculate the amount of CO

coming

from Biodiesel by multiplying the total

diesel consumption with the DEFRA Bio-

diesel – CO

emissions factor. We have

multiplied this emission factor by 4% to

account for the amount of biofuels in

diesel (documentation: EN228).

Scope 3 Emissions Reporting

Nine of the fifteen Scope 3 categories

have been found to be relevant for our

business. In 2020, we performed our first

Scope 3 inventory and reported for 2019

and 2020. In 2022 we included emissions

from net distributors in our scope 3,

category 1. Since we cannot recalculate

previous years (TDC Group was one com-

pany with own net distribution), we have

now chosen 2022 as new base line year.

Category 1: Purchased Goods and Services &

Category 2: CAPEX

These two categories are reported

together. There are two different

methodologies to calculate emissions

depending on availability of data. They

range from most to least accurate:

a. Financial Allocation Method: If the

transparency of supplier data for

scopes 1, 2 and 3 is ‘sufficient’, then

we calculate our share of their

emission by calculating a supplier

emission factor with the formula

“Supplier total emissions / supplier

total revenue”. This emission factor is

then multiplied with Nuuday spend on

the supplier in the given year

There is a threshold for what is conside-

red ‘sufficient’, where the supplier must:

• Publish scope 1 emissions

• Publish preferably, market-based Scope

2 emissions but location based used

otherwise

• Have a full Scope 3 inventory for up-

stream emissions, with a minimum of

purchased goods and services reported

publicly

Average annual exchange rates are used

and most recent available 12-month data

from each supplier.

b. Environmentally Extended Input

Output Method: If suppliers’ scopes

1, 2 and 3 data is insufficient, then

we estimate the footprint using EEIO

modelling.

This year, we have had to estimate the

spend for the last two months based on

the other months.

Category 3: Fuel and Energy

Related Activities

To calculate these emissions, we use ac-

tivity data from scope 1 and location-ba-

sed scope 2.

Category 4: Upstream transportation

All transportation is accounted for in this

category as we source the transporta-

tion. We use actual activity data provided

by our transportation suppliers.

Category 5: Waste

We use supplier specific tonnage for all

waste for TDC Group for which Nuuday

accounts for a certain percentage of

waste based on number of employees.

We use emission factors to translate

this activity data into CO

equivalent

emissions.

Category 6: Business travel

• Air: Use supplier specific data on km

travelled on short, medium, longhaul,

business and economy, with emission

factors.

• Hotel: Use nights spent in each country

and emission factors.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025

• Rental cars: Use of spent data and

assumption on percentage of spend re-

lated to fuel. Fuel has been assumed to

be 50/50 split of petrol and diesel.

• Taxi: Use invoice data and DEFRA

emission factor for taxis.

• Public transport: Use invoice data and

supplier specific emission factor for

InterCity trains from DSB (spend/reve-

nue*CO

footprint of Danske Statsba-

ner (DSB).

• Sea travel: Use of supplier specific

emission factor from Molslinjen and

assumption of weight related to one

ferry crossing of a Nuuday employee.

• Driving compensation: Based on

Nuuday’s spend, kilometres driven has

been calculated followed by emissions

using DEFRA emission factors (2023).

Category 7: Employee commuting

In 2020, we conducted a survey of

employees where we got detailed

responses on the pre-corona commuting

habits from 262 Nuuday employees.

Based on this information, we have

modelled the relative distribution in

choice of transportation type for

commuting of our employees in three

regions (Sjælland, Fyn and Jylland) and

calculated average transportation

distances of the different transportation

types of our employees per region. We

use average office occupancy rates of

the reporting year from facility mana-

gement to address commuting days per

week and remote working days per week.

For commuting days, we use most recent

transportationspecific emission factors

from DSB, Movia, Metroselskabet and

DEFRA. For remote working days we use

an emission factor from a Carbon Trust

study for average daily remote-working

emissions.

Category 11: Use of Sold Products

This category includes direct emissions

from use of leased customer premise

equipment and equipment sold to cust-

omers. Indirect use emissions from sold

and leased products are not included.

We have calculated the lifetime power

consumption for use of most of our pro-

duct categories, including modems, WIFI

extenders, Set-Top Boxes, mobile phones,

tablets, laptops, business telephones

and networking equipment. We have

estimated the lifetime power consump-

tion of the individual product categories

based on the wattage usage of specific

products and taking into account sleep

function where relevant. To calculate

the lifetime of the device, we make type

specific assumptions.

Category 12: End of Life of Sold Products

We calculate the end-of-life emissions

of all sold products, including products

excluded in category 11 due to lack of

direct use emissions. We use average

productspecific weights and assumed

end of life treatment. We add 5% weight

to all products to account for packaging

and assume 90% paper and cardboard for

closed-loop recycling and 10% plastic for

incineration (in weight). For the product

we assume 90 % electronic waste for

open-loop recycling and 10% electronic

waste for incineration (in weight). Around

3% of total sold and leased products are

excluded due to lack of data.

Waste

We receive data from our suppliers

which is then split into three categories

based on the location and type of waste:

Nuuday, TDC NET and TDC Holding (later

divided between Nuuday, TDC NET and

external renters). This categorization

ensures that waste volumes are

accurately allocated according to their

point of origin. The data is based on

direct measurements made by suppliers

on the waste generated. We generate no

radioactive waste.

Customer product refurbishment

and take back

Three numbers are reported for the two

categories:

• The number of MBB and customer

premises equipment (CPE) units that

were refurbished in the reporting

year is a tally of all the CPE/MBB units

that were called back and refurbished

for reuse during the reporting year.

CPE units include routers and TV

set-top boxes that Nuuday deploys to

its customers

• The percentage of refurbished of total

CPE/MBB units is the number of all the

CPE/MBB units Nuuday purchased that

were refurbished in 2025 divided by

the total number of CPE/MBB units

Nuuday purchased in 2025, expressed

as a percentage.

• The avoided e-waste is the weight of

the refurbished units in metric tonnes

that were purchased by Nuuday in the

reporting year

• Used phones bought back from custo-

mers are phones that Nuuday bought

from customers and then ships to an

external partner. The device is then

either recycled or reused. The basis for

the calculation is reported data from

third party (our external partner) that

mediates the recycle and reuse.

Non-Environmental Data Reporting

Boundaries

HR data

Our HR data is calculated based on year

end, headcount data, and is taken from

internal HR systems. Other definitions

include:

• The number/percentage of employees

by gender is the tally/percentage of

employees who are men and women,

employed of the company at year end.

Male/female registration in internal HR

system based on CPR number.

• The number/percentage of employees

by contract type is the tally/percen-

tage of employees who are employed

at the company at year end, who had

either a permanent or a temporary

contract, divided across gender (male/

female).

• The number of employees by employ-

ment type is the tally of employees who

are employed at the company at year

end, who were either employed in a

fulltime or a part-time capacity, divided

across gender (male / female).

• The employee turnover is the rate of

employees who have left Nuuday volun-

tary or due to dismissal or retirement in

the reporting period, where the rate is

calculated as the number of employees

who left divided by average number of

employees in the reporting period.

Employee turnover is provided for

Nuuday and for Nuuday excl. Customer

Angels. Customer Angels are defined as

employees with direct customer con-

tact, i.e. call centers and stores across

all brands in Nuuday.

• The number/percentage of employees

by age group is a tally/percentage of

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025

employees who are employed at the

company at year end, divided across

three age brackets.

• The number/percentage of employees

by employment category is a tally/per-

centage of employees who are emplo-

yed at the company at year end, who

have managerial or non-managerial

responsibilities, divided across gender

(male / female). Managerial respon-

sibility is defined as having personnel

responsibilities (minimum 1. employee in

direct reference).

• The number/percentage of top mana-

gement by gender is the percentage

of top management who are men and

women. Top management are defined

as the upper management layer, i.e.

the executive leadership team and the

level below with direct reference to

the executive leadership team and with

personnel responsibilities (minimum 1.

employee in direct reference). Top

management is also included in the KPI

for managers.

• Number of nationalities is delivered from

Statistics Denmark and refers to the

number of different nationalities in

employees that are hired in the com-

pany per 31 December. The data is

provided by HR representatives to

Statistics Denmark and meets the re-

quirements of anonymity. Nuuday then

receives a status.

• The age of the oldest employee is the

age in years of the employee who is

employed at the company at year end,

that are oldest compared to all other

employees employed at the company at

the same time.

• The age of the youngest employee is

the age in years of the employee who is

employed at the company at year end,

that are youngest compared to all other

employees employed at the company at

the same time

Occupational Health & Safety (OH&S) data

Our OH&S is calculated based on a head-

count as per HR data. Other definitions

include:

• The number of fatalities is the tally of

incidents reported during the year.

• The number of accidents with lost time

is the tally of incidents reported during

the year where the employees did not

come to work the following day due to

the accident.

• The number of accidents without lost

time is the tally of incidents reported

during the year where the employees

came to work the day after the acci-

dent.

• The number of days of absence is the

total combined number of days where

employees were absent from work due

to work-related incidents.

• The rates (fatalities, high consequen-

ce work-related injuries, work-related

injuries, and nearmiss accidents) are

calculated in line with GRI reporting

standard 403-9, where the rate of X is

equal to the number of incidents of X in

the reporting year per 1 million of hours

worked. Hours worked is calculated

based on the average headcount, as per

HR data, over 46 weeks (average work

year minus 6 weeks of annual leave).

Other Metrics

• Gender representation – Board of

Directors: The number/percentage of

gender representation on the Board of

Directors is a tally/percentage of the

number of Directors on our Board of

Directors who are men and who are

women, at year end of the reporting

year.

• Whistleblower: The number of Whistle-

blower reports to the Nuuday A/S

Board of Directors is the tally of reports

that came to the Board through the

whistleblower program channels in the

reporting year, that were deemed to be

valid and appropriate. The whistleblower

reports are treated by third-party.

• Anti-bribery and anti-corruption: The

total number of convictions for viola-

tions of anti-corruption and anti-

bribery laws of any member of

management or employees having

acted on behalf of Nuuday A/S within

the reporting period. The total amount

of any fines for convictions for

violations of anti-corruption and

anti-bribery laws by any member of

management or employees having

acted on behalf of Nuuday A/S within

the reporting period. Management is

defined as in the Danish Company Act

§111, officially declared by the Company

to the company register.

• GDPR learning: The percentage of

employees who completed a GDPR

e-learning is the number of employees

who were employed at the company at

year end who completed a GDPR e-le-

arning during the reporting year divided

by the total number of employees who

were employed at the company at year

end and were assigned GDPR e-lear-

ning minus those on leave.

• Security learning: The percentage of

employees who completed a voluntary

security e-learning, is the number of

employees who were employed at the

company at year end, who completed a

security e-learning during the reporting

year, divided by the total number of

employees who were employed at the

company at year end and were eligible

to complete the training. Year end is

defined as 31 December, only e-lear-

nings completed before this date are

to be included in the calculation for the

reported figure.

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 58

This report may include statements about Nuuday’s expectations, beliefs, plans, objec-

tives, 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 Nuuday’s results include: the competitive environment and the industry in

which Nuuday operates; contractual obligations in Nuuday’s financing arrangements;

develop-ments in competition within the domestic and international communications

industry; in-formation technology and operational risks, including Nuuday’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 multi-

media services market; research regarding the impact of mobile phones on health;

changes in applicable legislation, including but not limited to tax and telecommunica-

tions 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 conditions; 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 Nuuday cannot predict. In addition, Nuuday

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.

Forward-looking statements

Introduction Financial statements Business and strategy Performance Corporate governance Sustainability

Nuuday Annual Report 2025 59

Financial statements

63 Section 1 - Basis of preparation

64 1.1. Material accounting policies

64 1.2. Climate-related matters

65 1.3. Significant accounting judgements,

estimates and assumptions

65 1.4. New accounting standards

66 Section 2 - Profit for the year

67 2.1. Revenue

68 2.2. Cost of sales

69 2.3. External expenses

69 2.4. Personnel expenses

70 2.5. Depreciation, amortisation and

impairment losses

70 2.6. Special items

70 2.7. Income taxes

73 Section 3 - Operating assets and liabilities

74 3.1. Impairment

76 3.2. Intangible assets

77 3.3. Property, plant and equipment

78 3.4. Lease assets and liabilities

80 3.5. Trade receivables

81 3.6. Contract assets and liabilities

81 3.7. Prepaid expenses and other receivables

82 3.8. Provisions

60 Consolidated statement of comprehensive income

61 Consolidated balance sheet

62 Consolidated statement of cash flows

62 Consolidated statement of changes in equity

63 Notes to consolidated financial statements

93 Parent company financial statements

106 Management statement

107 Independent Auditor's Report

109 Independent auditor’s limited assurance

report on selected disclosures in the

sustainability report

83 Section 4 - Capital structure and financing costs

84 4.1. Equity

84 4.2. Loans, Capital management etc.

85 4.3. Financial risks

86 4.4. Financial income and expenses

87 4.5. Maturity profiles of financial instruments,

categories of financial instruments, and the fair

value hierarchy

88 Section 5 - Cash flow

89 5.1. Change in working capital

89 5.2. Changes in liabilities arising from

financial activities

90 Section 6 - Other disclosures

91 6.1. Incentive programmes

91 6.2. Related parties

92 6.3. Fees to auditors

92 6.4. Other financial commitments

92 6.5. Pledges and contingencies

92 6.6. Events after the balance sheet date

92 6.7. Overview of group companies

at 31 December 2025

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Notes to the consolidated financial statements

Nuuday Annual Report 2025 60

(DKKm)

2025

Revenue

Cost of sales

Gross profit

External expenses

Personnel expenses

Other income

Operating profit before depreciation, amortisation and special items (EBITDA)

Depreciation, amortisation and impairment losses

Special items

Operating loss (EBIT)

Financial income and expenses

Loss before income taxes

Income taxes

Loss for the year

Attributable to:

Shareholders of Nuuday A/S

Loss for the year

14,769

(9,951)

4,818

(1,505)

(1,852)

1,506

(1,660)

(99)

(253)

(473)

(726)

164

(562)

2024

14,560

(9,781)

4,779

(1,543)

(1,839)

1,444

(1,437)

(57)

(50)

(438)

(488)

(438)

Consolidated income statement

Note

2.1

2.2

2.3

2.4

2.5

2.6

4.4

2.7

(DKKm)

2025

Loss for the year

Total comprehensive loss

(562)

2024

(438)

Consolidated statement of comprehensive income

Note

2.1

2.2

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 61

Assets (DKKm)

2025

Non-current assets

Intangible assets

Property, plant and equipment

Lease assets

Joint ventures, associates and other investments

Prepaid expenses and other receivables

Total non-current assets

Current assets

Inventories

Trade receivables

Contract assets

Amounts owed by group companies

Income tax receivable

Derivative financial instruments

Prepaid expenses and other receivables

Cash

Total current assets

Total assets

12,224

999

181

13,424

186

1,172

887

787

100

3,178

16,602

2024

12,547

1,007

215

13,786

175

1,106

870

597

254

3,137

16,923

Consolidated balance sheet

Note

3.1,3.2

3.3

3.4

3.7

3.5

3.6

3.7

Equity and liabilities (DKKm)

2025

Equity

Share capital

Retained earnings

Total equity

Non-current liabilities

Deferred tax liabilities

Provisions

Lease liabilities

Loans

Other long-term debt

Other payables

Total non-current liabilities

Current liabilities

Current maturities of long-term debt

Lease liabilities

Trade payables

Other payables

Contract liabilities

Amounts owed to group companies

Income tax payable

Derivative financial instruments

Provisions

Total current liabilities

Total liabilities

Total equity and liabilities

5,522

1,344

137

3,584

246

5,353

1,461

789

2,293

985

5,727

11,080

16,602

2024

5,684

1,558

172

3,518

239

5,525

1,359

1,140

2,158

934

5,714

11,239

16,923

Note

4.1

2.7

3.8

3.4

4.2,4.5

3.4

3.6

3.8

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

6,122

(438)

5,684

(562)

400

5,522

(DKKm)

Equity at 1 January 2024

Loss for the year

Total comprehensive income

Equity at 31 December 2024

Loss for the year

Total comprehensive income

Contributions of equity

Total transactions with shareholders

Equity at 31 December 2025

Consolidated statement of changes in equity

Share capital Retained earnings¹ Total

6,122

(438)

5,684

(562)

400

5,522

Nuuday Annual Report 2025 62

(DKKm)

2025

Financing activities

Proceeds from RCF extention

Settlement of derivatives related to long-term loans

Repayment of lease liabilities

Costs relating to RCF extention

Capital contribution

Total cash flow from financing activities

Total cash flow

Cash and cash equivalents at 1 January

Effect of exchange-rate changes on cash and cash equivalents

Cash and cash equivalents at end of year

(85)

(14)

400

306

(153)

254

(1)

100

2024

(79)

(70)

(448)

698

254

Note

5.2

(DKKm)

2025

Operating activities

Operating profit before depreciation, amortisation and special items (EBITDA)

Adjustment for non-cash items

Payments related to provisions

Payments related to special items

Change in working capital

Interest received

Interest paid

Income tax (paid)/received

Total cash flow from operating activities

Investing activities

Investment in property, plant and equipment

Investment in intangible assets

Investment in other non-current assets

Sale of property, plant and equipment

Sale of other non-current assets

Sale of short-term bonds

Total cash flow from investing activities

1,506

(14)

(90)

(216)

(534)

784

(349)

(893)

(3)

(1,243)

2024

1,444

(15)

(59)

(431)

113

(445)

(12)

598

(286)

(950)

(1)

256

(976)

Consolidated statement of cash flows

Note

2.6

5.1

4.4

3.3

3.2

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

1.1. Material accounting policies

1.2. Climate-related matters

1.3. Significant accounting judgements,

estimates and assumption

1.4. New accounting standards

Basis of preparation

Nuuday Annual Report 2025 63

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, significant sources

of estimation uncertainty are described in the notes to which they relate.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 64

1.1 | Material accounting policies

The Company’s Board of Directors

approved these consolidated financial

statements on 4 March 2026.

Nuuday’s consolidated financial state-

ments for 2025 have been prepared

in accordance with IFRS Accounting

Standards as issued by the International

Accounting Standards Board (IASB) 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 conven-

tion, except for financial assets and

liabilities that are initially measured at

fair value adjusted for transaction costs

if they are not subsequently measured at

fair value through the income statement.

The consolidated financial statements

are presented in Danish kroner (DKK),

and all values are rounded to the nearest

million, except when otherwise indicated.

The Group has prepared the financial

statements on the basis that it will

continue as a going concern.

When preparing the consolidated finan-

cial statements, Management makes

assumptions that affect the reported

amount of assets and liabilities at the

balance sheet date, and the reported

income and expenses for the accounting

period. Accounting estimates and judge-

ments considered significant to the

preparation of the consolidated financial

statements are shown in note 1.3.

The accounting policies are unchanged

compared with the policies applied in

the Annual Report 2024.

Consolidation policies

The consolidated financial statements

include the financial statements of the

parent company and subsidiaries of

which Nuuday A/S has direct or indirect

control. Joint ventures of which the

Group has joint control and associates of

which the Group has significant influence

are recognised using the equity method.

The consolidated financial statements

have been prepared on the basis of the

financial statements of Nuuday A/S and

its consolidated companies, which have

been restated reflect the Group

accounting policies, combining items of

a uniform nature.

On consolidation, intragroup income

and expenses; shareholdings, dividends,

internal balances; and realised and

unrealised profits and losses on

transactions between the consolidated

companies have been eliminated.

Alternative Performance Measures

(APM)

The Group presents financial measures

which are not defined according to the

IFRS. These alternative performance

measures (APM) are used to provide va-

luable information to the Group’s stake-

holders and Management. The financial

measures should not be considered as a

replacement for performance measures

as defined under the IFRS, but rather as

supplementary 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)

1.2 | Climate-related matters

The Group considers potential

significant climate-related matters in

estimates and assumptions, where appro-

priate. These assessments are reflected

in the long-term business plan, even

though the Group believes its business

model and products will still be viable

after the transition to a low-carbon

economy.

Climate-related matters increase the

uncertainty of estimates and assump-

tions underpinning several items in the

financial statements. Even though

climate-related risks might not currently

have any significant impact on measure-

ments, the Group closely monitors rele-

vant changes and developments, such as

new climate-related legislation.

In line with the Group’s ambition to Net

Zero emission efforts are continuously

being made to explore and transition to

renewable energy, so that the company

can stay ahead and address any new

climate regulations in advance.

Nuuday’s 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.

• Mainly using renewable electricity

powering our operations secured

through long-term contracts for deli-

very of electricity based on renewable

energy.

• Enabling the reuse of electronic devices

supporting a reduced use of resources.

The APMs are non-IFRS financial

measures defined and calculated by the

Group and thus may not be comparable

with measures provided by peers or

other companies.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 65

1.3 | Significant accounting judgements, estimates and assumptions

The preparation of the Group’s

annual report requires Management

to exercise judgement in applying the

Group’s accounting policies. It also

requires the use of estimates and

assumptions that affect the reported

amount of assets, liabilities, income and

expenses. Actual results may differ from

those estimates.

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 or complexity and

are outlined in more detail in the related

notes:

1.4 | New accounting standards

Impact from new IFRS Accounting

Standards

The Group has adopted the following

amendment to standards and interpreta-

tions that are effective for the financial

year 2025:

Amendments to IAS 21, ‘The effects of

changes in foreign exchange rates: Lack

of exchangeability’.

The new amendment has no impact on

the Group’s financial statements.

Standards issued but not yet effective

Generally, the Group expects to imple-

ment all new or amended accounting

standards and interpretations when

they become mandatory and have been

endorsed 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 totals and

subtotals. Furthermore, entities are

required to classify all income and

expenses in the income statement

into one of five categories: operating,

investing, financing, income taxes and

discontinued operations, 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 reporting periods beginning on

or after 1 January 2027. IFRS 18 requires

retrospective application with specific

transition provisions.

Assessment of principal or agent

Assessment of contracts involving complex sale

of goods and services

Assessment of special events or transactions

Assumptions used for impairment testing

Assumptions for useful lives

Assessment of expected credit losses

Judgement

Judgement/estimates

Judgement

Estimate

Notes

2.1 Revenue

2.6 Special items

3.1 Impairment

3.2 Intangible assets

3.5 Trade receivables

Critical accounting estimates and judgements Estimates/judgements

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 Group’s

financial statements are, as follows:

• Foreign exchange differences will be

classified in the category where the

related income and expense from the

item giving rise to the foreign exchange

difference is classified.

• Interest received and interest paid

will be classified in the investing and

financing activities, respectively, in the

statement of cash flows.

Other new or amended standards not

yet effective

The following new or amended standards

not yet effective are not expected

to have an impact on the Group’s

consolidated financial statements:

• Amendments to the classification and

measurement of financial instruments

– Amendments to IFRS 9 and IFRS 7

• Annual improvements volume 11

• Contracts referencing nature-depen-

dent electricity – Amendments to IFRS

9 and IFRS 7

• IFRS 19 – Subsidiaries without Public

Accountability: Disclosures

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

2.1. Revenue

2.2. Cost of sales

2.3. External expenses

2.4. Personnel expenses

2.5. Depreciation, amortisation

and impairment losses

2.6. Special items

2.7. Income taxes

Profit for the year

This section focuses on disclosures of details of the Nuuday Group’s results for the

year, including segment reporting, special items and taxation. A detailed review

of revenue, EBITDA and profit for the year is provided in the section “Nuuday

performance” in the Management’s review.

Nuuday Annual Report 2025 66

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 67

2.1 | Revenue

Significant accounting estimates

and judgements

Revenue recognition for a telecom oper-

ator is a complex area of accounting that

requires management estimates 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 transaction depends on an analysis of

both the form and substance of the

customer agreement. When the Group

acts as the principal, revenue is to be

recognised at the agreed value for the

goods and services, whereas when the

Group acts as an agent, revenue is to be

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 revenue 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 primarily in trans-

actions covering content.

When the Group concludes contracts

involving complex sale of goods and

services, management judgements 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

recognised separately. For example,

business customer contracts can com-

prise several elements related to mobile

phones and subscriptions.

Accounting policies

Revenue is measured at the fair value

of the consideration to which Nuuday is

entitled to after deducting sales tax and

discounts relating directly to sales. Reve-

nue comprises goods and services provi-

ded during the year. Goods and services

may be sold separately or in bundled

packages. Services include traffic and

(DKKm)

2025

Revenue recognised at a point in time

Revenue recognised over time

Total

1,145

13,624

14,769

2024

1,138

13,422

14,560

Revenue specified by services (DKKm)

2025

Mobile services

Internet & network

Landline voice

Other services

Total

Hereof service revenue

5,602

3,533

3,300

582

1,752

14,769

13,644

2024

5,304

3,584

3,300

656

1,716

14,560

13,451

Service revenue is defined as revenue not originating from sale of devices/terminals.

subscription fees, interconnection and

roaming fees, network services, TV

distribution as well as connection and

installation fees. Goods include customer

premises equipment, telephony handsets,

PCs, settop boxes, etc.

Nuuday sells to households and the

contracts are primarily subscription-

based and perpetual, with the same ser-

vice provided until the customer termina-

tes the contract. Some of the contracts

include a non-cancellation period of 6

months. The company also has contra-

cts with antenna associations for longer

periods.

Nuuday sells digital solutions to enter-

prises and public segments. Nuuday of-

fers through business modular solutions

for small and medium-sized enterprises,

as well as customised solutions for public

and large enterprises. Modular self-ser-

vice contracts are perpetual, and con-

tracts with customised solutions are for

longer periods, i.e., 3-5 years.

The significant sources of revenue are

recognised in the income statements as

follows:

• Revenue from subscription fees and

flatrate services is recognised over

the subscription period.

• Revenue from telephony is recognised

at the time when the calls are made.

• Sales related to prepaid services are

deferred, and revenue is recognised at

the time of use.

• 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, independent of

any contingent element related to the

delivery of additional items or other

performance 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 subscriptions, 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 evaluated using a portfolio

approach due to the large number of

similar contracts.

In case of contracts for longer periods,

and if the payment exceeds the services

rendered, contract liabilities are recogni-

sed, see note 3.5.

Revenues are recognised gross when

Nuuday 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, revenues are recognised net of

direct costs.

The percentage-of-completion method is

used to recognise revenue from contract

work in progress based on an assessment

of the stage of completion. Contract

work in progress includes installation

of telephone and IT systems, systems

integration and other business solutions.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 68

2.1 | Revenue (continued)

(DKKm)

2025

Mobile services

Internet & network

Landline voice

Other services

Total

(3,789)

(2,156)

(2,238)

(247)

(1,521)

(9,951)

2024

(3,579)

(2,126)

(2,305)

(277)

(1,494)

(9,781)

2.2 | Cost of sales

Accounting policies

Cost of sales comprises transmission

costs, cost of goods sold and other direct

costs related to delivering our services

and products. Transmission costs include

network-related external expenses such

as operation of mobile and fixed net-

works, leased transmission capacity,

interconnection charges and roaming

costs.

Cost of goods sold primarily includes

terminal equipment, handsets and other

hardware supplied to customers.

Cost of sales also includes other directly

attributable costs incurred to fulfil cust-

omer contracts, including service delivery

and installation costs where applicable.

Comments

Nuuday derives the vast majority of its

cost of sales from contracts with TDC

NET A/S. In 2019 Nuuday entered into a

contract withTDC NET A/S under which

end-to-end mobile services are provided.

The contract has an initial term of eight

years, including an additional seven years

phaseout period if the contract is not

extended. Price adjustments are applied

at least once a year. See also note 6.2.

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 compared with the company’s

principal activities.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 69

(DKKm)

2025

Marketing and advertising

Subscriber acquisition and retention

Consultants

Facilities

Temps and personnel-related expenses

Other

Total

(188)

(272)

(111)

(101)

(578)

(75)

(180)

(1,505)

2024

(191)

(230)

(186)

(110)

(570)

(69)

(187)

(1,543)

2.3 | External expenses

Accounting policies

External expenses include expenses

related to marketing and advertising,

subscriber acquisition costs (over the

expected term of the related customer

relationship), IT, property, expenses

related to staff, capacity maintenance,

service contracts, etc.

Note

3.6

(DKKm)

2025

Wages and salaries, including short-term and long-term bonuses

Pensions - defined contribution plans

Social security

Total

Of which capitalised as non-current assets

Total personnel expenses recognised in the income statement

(1,987)

(203)

(33)

(2,223)

371

(1,852)

2024

(2,001)

(189)

(31)

(2,221)

382

(1,839)

2.4 | Personnel expenses

Comments

Wages, salaries, social security

contributions, paid leave and sick leave,

bonuses and other employee benefits

are recognised in the year in which the

employee renders the related services.

The average number of full-time emplo-

yee equivalents was 3,062 (2024: 3,068).

Cost regarding redundancies recognised

as special items in note 2.6 amounted to

DKK (57)m (2024: (47))

Remuneration for the Executive Committee¹ and the Board of Directors (DKKm) 2025

Base salary, including benefits

Cash bonus

Pensions

Long-term incentive programme

Key management in total

Fee to the Board of Directors

Total

12.2

3.9

1.5

6.9

24.5

1.5

26.0

2024

9.5

3.0

1.4

20.5

34.4

5.9

40.3

During 2025, the remuneration to the Executive Committee was paid to two members on average and are unchanged from last year.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 70

(DKKm)

2025

Amortisation of intangible assets

Depreciation of property, plant and equipment

Depreciation of lease assets

Impairment losses

Of which capitalised as tangible and intangible assets

Total

(1,101)

(361)

(87)

(120)

(1,660)

2024

(1,004)

(352)

(84)

(8)

(1,437)

2.5 | Depreciation, amortisation and impairment losses

Note

3.2

3.3

3.4

3.2, 3.3

(DKKm)

2025

Costs related to redundancy programmes

Other restructuring costs, etc.

Loss from rulings

Special items before income taxes

Income taxes related to special items

Total special items net of income tax

(57)

(42)

(99)

(78)

2024

(47)

(9)

(1)

(57)

(44)

2.6 | Special items

Critical accounting judgements

In the 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, nature or incidence. In determining

whether an event or transaction is

special, Management considers

quantitative as well as qualitative

factors such as the frequency or

predictability of occurrence of the

transaction or event, including whether

the event or transaction is recurring.

This is consistent with the way that

financial performance is measured by

Management and reported to the Board

of Directors, and assists in providing a

meaningful analysis of the operating

results of Nuuday.

Cash flow from special items (DKKm)

2025

Redundancy programmes

Other

Total

(57)

(33)

(90)

2024

(48)

- (11)

(59)

Accounting policies

Special items are significant amounts

that Management considers not to

be attributable to normal operations

such as restructuring costs and special

writedowns for impairment of intangible

assets and property, plant and equip-

ment.

Special items are disclosed on the face of

the income statement.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 71

2.7 | Income taxes

Effective tax rate

2025

Tax on profit for the year (applicable tax rate)

Tax on profit for the year (effective tax rate)

Difference between applicable tax and effective tax

Which can be specified as:

Adjustment of tax for previous years

Limitation on the tax deductibility of interest expenses

Non-deductible expenses related to special items

Other

Effective tax/tax rate for the year

160

164

(31)

(1)

(5)

22.0

10.2

(11.8)

(2.2)

(10.0)

0.4

(11.8)

DKKm %

22.0

22.6

0.6

5.6

(4.2)

(0.1)

(0.7)

0.6

107

(57.0)

(10)

(49)

(57.0)

2024

DKKm %

Comments

The effective tax rate was higher than

22% mainly due to adjustment of pre-

viously unrecognised carried-forward

losses offset by the effect of interest

deduction limitation.

Current income tax (DKKm)

Income taxes for the year

Adjustment of tax for previous years

Deferred tax relating to temporary differences

Adjustment of deferred tax for previous years

Total

Income taxes are specified as follows:

Income excluding special items

Special items

Total

(50)

173

164

143

164

110

(35)

(50)

The major components of income tax expense for the years ended 31 December 2025 and 2024 are:

2025 2024

Reconciliation of applicable tax rate and average effective tax rate for 2025 and 2024:

Deferred tax liabilities, net (DKKm)

At 1 January

Tax expense during the year recognised in profit or loss

Adjustment of tax for previous years

Carrying amount at 31 December

1,558

(173)

(41)

1,344

1,533

(25)

1,558

Deferred tax liabilities reconciliation

2025 2024

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

The value of the unrecognised tax loss amounts to DKK 0m (2024: DKK 26m)

Nuuday Annual Report 2025 72

2.7 | Income taxes (continued)

Accounting policies

Tax for the year comprises current

income tax, changes in deferred tax and

adjustments from prior years and is

recognised in the income statement,

except 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 income tax payable

or income tax receivable.

Deferred tax is measured using the

balance-sheet liability method on the

basis of all temporary differences

between the carrying amounts and the

tax bases of assets and liabilities at the

balance sheet date. However, deferred

tax is not recognised if the temporary

difference arises from the initial recogni-

tion of goodwill or if it arises from initial

recognition of an asset or liability in a

transaction other than a business com-

bination 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 tempo-

rary difference is controlled by Nuuday

Group and it is probable that the tem-

porary difference will not reverse in the

foreseeable future.

Deferred tax assets including the tax

value of tax-losses carried forward 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 Danish tax rules and tax rates

at the balance sheet date when the

deferred tax is expected 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 effect of items recog-

nised directly in other comprehensive

income.

Deferred tax assets and liabilities are

offset in the consolidated balance sheet.

Deferred tax (DKKm)

Consolidated statement of

financial position

Intangible assets

Property, plant and equipment

Lease assets and liabilities

Tax value of tax-loss carryforwards

Other

Deferred tax expense/(benefit)

Net deferred tax liabilities¹

1,285

(30)

(10)

(16)

115

1,344

(1)

(22)

2025 2024

1,495

(23)

(10)

1,558

(210)

(7)

(16)

(214)

Consolidated statement of

profit and loss

2025 2024

Deferred tax relates to the following:

¹ The total net deferred tax is recognised as a liability in the balance sheets.

Comments

Nuuday A/S and all its Danish subsidiari-

es participate in a joint taxation scheme

with DKT Holdings ApS, which is the

ultimate owner of the Nuuday Group

and the management company of 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 residual

tax (with additional payments).

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

3.1. Impairment

3.2. Intangible assets

3.3. Property, plant and equipment

3.4. Lease assets and liabilities

3.5. Trade receivables

3.6. Contract assets and liabilities

3.7. Prepaid expenses and other receivables

3.8. Provisions

Operating assets

and liabilities

This section deals with the assets used to generate Nuuday’s performance and

the resulting liabilities incurred. Assets and liabilities relating to Nuuday’s financing

activities are addressed in section 4. Deferred tax assets and liabilities are shown in

note 2.7.

Nuuday Annual Report 2025 73

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 74

Consumer

3.1 | Impairment

Impairment test of assets

The annual impairment test is an assess-

ment of whether the cash generating

units will be able to generate sufficient

positive net cash flow in the future to

support the carrying amount of the

assets related to the unit. The carrying

amount of goodwill and assets with

indefinite useful lives are tested for im-

pairment annually and if events or chan-

ges in circustances indicate impairment.

The annual tests were carried out at

1 October 2025 and at 1 October 2024,

respectively.

Cash-generating units for testing

of goodwill

Two cash-generating units are identi-

fied in Nuuday – Consumer and business.

Nuuday’s management structure reflects

this as they are responsible for opera-

ting performance, investment and future

activities in the respective units.

Key assumptions for calculating the value in use for the significant goodwill and brand amounts 2025

Carrying amount of goodwill at 31 December (DKKm)

Carrying amount of brand at 31 December (DKKm) (unallocated)

Market-based growth rate applied at 1 October to extrapolated projected future cash flows for the period following 2030

Applied pre-tax discount rate at 1 October

4,632

2.3%

9.0%

2024

4,632

2.3%

9.0%

Business

2025

895

2.3%

9.0%

2024

895

2.3%

9.0%

Total

2025

5,527

4,052

2.3%

9.0%

2024

5,527

4,052

2.3%

9.0%

Assets other than brand are allocated to

the cash-generating units at which the

assets primarily generate cash inflows.

Brand is related to the TDC brand and

tested as a corporate asset, since all

cash-generating units uses the brand or

offspring of the TDC brand.

Key assumptions

Impairment testing is an integral part of

Nuuday’s budget and planning process,

which is based on long-term business

plans with projection until 2030. 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 approved by Management.

Projections for the terminal period are

based on general expectations and risks,

taking into account the general growth

expectations for the telecommunications

industry in Denmark.

Our long-term business plans are based

on current trends. The budget period

includes cash flow effects from comple-

ted restructurings combined with effects

of strategic initiatives aimed at improving

or maintaining trend lines.

If weighted average cost of capital

(WACC) applied as the discounting factor

in the calculations increases/decreases

by 1.0% and all other things being equal,

the value in use would decrease/increase

by DKK 2.0bn (2024: DKK 2.1bn) and 3.1bn

(2024: 3.3bn).

Under the same assumptions, a 1.0%

decrease/increase in the market-based

growth rate during the forecast period

as well as the terminal period the value

in use would decrease/increase by DKK

1.7bn (2024: DKK 1.7bn) and 2.6bn (2024:

2.6bn).

A 10% increase/decrease in EBITDA during

the forecast period as well as the termi-

nal period would change the value in use

by DKK 2.9bn (2024: 2.4 bn).

All of the above-mentioned changes in

key assumptions would not cause the

carrying amount to exceed the recove-

rable amount.

Business is most sensitive and a change

of more than 1.0% in WACC or 3% lower

EBITDA will cause an impairment in the

Business CGU.

The assumptions for calculating the value

in use for the most significant assets

goodwill and brand are given below.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 75

3.1 | Impairment (continued)

Assumptions regarding recoverable

amounts and projected earnings

Consumer

Projections are based on the assumption

of a moderately increasing EBITDA

throughout the projected period.

Further-more, moderate reductions in

capital expenditure are expected tow-

ards the end of the projected 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 period.

• Marginal RGU intake on mobile is expe-

cted 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 expected 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

period, in line with the recent develop-

ment.

• Fixed broadband gross profit is expec-

ted to decline slightly throughout the

projected period. This is based on the

ongoing shift from DSL & coax to fibre

technologies. Although the overall RGU

base within fixed broadband is expected

to be almost stable, the gross margin on

fibre is lower than legacy products.

• TV gross profit is expected to decli-

ne towards 2030, as the RGU decline

expected to continue. Price increases

are expected to partly offset the RGU

decline.

• Savings throughout the projected pe-

riod are expected, driven primarily by

lower staff costs, as efficiency opti-

mizations and AI solutions reduce the

staffing needs.

• Capital expenditure is expected to re-

main flat in the beginning of the pro-

jected period and expected to decline

slightly toward 2030. The development

is mainly related to volume investments

in fixed and MBB, with higher RGU inta-

ke in the beginning of the period.

Business

Projections are based on the assumptions

of a steadily increasing EBITDA through-

out the projected period. The following

main assumptions have been forecasted:

• Landline voice RGU decline in line with

market trend, partly offset by the abili-

ty to increase ARPU.

• Gross profit within mobile services is

expected to increase slightly above

inflation rate in the beginning of the

projected period and expected to sta-

bilize around the inflation rate towards

the end of the projected period. The

development is driven by an expected

increase in customer bases early in

the projected period, along with ARPU

increases on MBB.

• Fixed gross profit is expected to decline

throughout the projected period. This

is driven by the decommissioning of the

DSL network, along with lower gross

margins on fibre technologies compared

to legacy technologies.

• Gross profit from Digital solutions & ser-

vices/advanced services is expected to

drive growth in TDC Business through-

out the projected period. This is driven

by high growth in the advanced ser-

vices market in general, along with TDC

Business expected to increase market

share within especially security offering,

building on the market leading position

within traditional connectivity.

• OPEX is expected to increase slightly

throughout the period due primarily to

inflationary wage pressure, while con-

tinuous cost saving focus remains.

• Capital expenditure is expected to re-

main on 2025 level in 2026 and expected

to normalize at a slightly lower level for

the rest of the projected period.

Significant accounting estimates

and assumptions

Intangible assets comprise a significant

portion of Nuuday Group’s total assets.

The measurement of the recoverable

amount of intangible assets is a complex

process that requires various assump-

tions 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 significant.

Furthermore, the use of other estimates

or assumptions when determining the

recoverable amount of the assets may

result in other values and could result in

required impairment of assets.

Accounting policies

The carrying amount of goodwill and

assets with indefinite useful lives are

tested for impairment annually and

other assets are tested for impairment

if events or changes in circumstances

indicate impairment.

For the purpose of impairment testing

in the consolidated financial statement,

goodwill and other non-current assets

are allocated to the Group’s cash-

generating units. The determination of

cash-generating units is based on the

internal management reporting.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 76

3.2 | Intangible assets

(DKKm)

2025

Cost at 1 January

Additions

Assets disposed of or fully amortised

Cost at 31 December

Amortisation and impairment losses at 1 January

Amortisation

Impairment losses for the year

Assets disposed of or fully amortised

Amortisation and impairment losses at 31 December

Carrying amount at 31 December

10,382

893

(953)

10,322

(8,375)

(936)

(85)

953

(8,443)

1,879

Goodwill

37,840

893

(1,338)

37,395

(25,293)

(1,101)

(115)

1,338

(25,171)

12,224

9,255

(3,693)

5,562

14,028

(385)

13,643

(13,102)

(165)

(30)

385

(12,912)

731

4,175

(123)

4,052

Customer

relationships Brands

Other rights,

software, etc.

Total

9,713

950

(281)

10,382

(7,818)

(832)

(4)

279

(8,375)

2,007

Goodwill

37,405

950

(515)

37,840

(24,795)

(1,004)

(7)

513

(25,293)

12,547

9,255

(3,693)

5,562

14,262

(234)

14,028

(13,161)

(172)

(3)

234

(13,102)

926

4,175

(123)

4,052

Customer

relationships Brands

Other rights,

software, etc.

Total

2024

Comments

In 2025, impairment losses of intangible

assets, etc. totalled DKK 115m, (2024: DKK

7m) of which DKK 82m related to termi-

nation of various software projects and

DKK 30m related to various customer

relationships. Furthermore impairment of

licenses amounted to DKK 3m.

Assets with indefinite useful lives other

than goodwill related to the TDC brand

were unchanged at DKK 4,052m compa-

red with 2024. The carrying amount of

software amounted to DKK 1,837m (2024:

DKK 1,940m). Software in process amoun-

ted to DKK 17m. Of this amount DKK 1m

related to prepayments. The addition of

internally developed software totalled

DKK 349m (2024: DKK 358m).

Significant accounting estimates

and assumptions

Management estimates useful lives for

intangible assets based on periodic stud-

ies of customer churn or actual useful

lives and the intended use for those

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

these assets is recognised in the financial

statements, as soon as any such change

has been ascertained, as a change in a

critical accounting estimate.

Accounting policies

Goodwill and brands with indefinite

useful lives are recognised at cost less

accumulated impairment losses. Goodwill

and brands are only acquired in business

combinations and is measured in the pur-

chase price allocation.

Goodwill and brands with indefinite useful

lives are not amortised but is subject to

annual impairment test, cf. note 3.1

Brands with finite useful lives, proprie-

tary rights, etc. are measured at cost

less accumulated amortisation and im-

pairment losses and are amortised on a

straight-line basis over their estimated

useful lives.

Customer-related assets are measured

at cost less accumulated amortisation

and impairment losses and are amortised

using the diminishing-balance method

based on the percentage of churn (11% to

32%) corresponding to the expected pat-

tern of consumption of the expected

future economic benefits.

Development projects, including costs

of computer software purchased or de-

veloped for internal use, are recognised

as intangible assets if the cost can be

calculated reliably and if they are expec-

ted to generate future financial benefits.

Costs of development projects include

wages, external charges, depreciation

and amortisation that are directly

attributable to the development activi-

ties as well as interest expenses in the

production period.

Development projects that do not meet

the criteria for recognition in the balance

sheet are expensed as incurred in the

income statement.

The main amortisation periods are as

follows:

Software 3-7 years

Goodwill, development projects in process

and intangible assets of indefinite useful

lives are tested for impairment at least

annually and written down to recoverable

amounts in the income statement if

exceeded by the carrying amount.

Intangible assets are recorded at the

lower of recoverable amount and carry-

ing amount.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 77

3.3 | Property, plant and equipment

(DKKm)

2025

Cost at 1 January

Transfers (to)/from other items

Other adjustments

Additions

Assets disposed of

Cost at 31 December

Depreciation and impairment losses at 1 January

Other adjustments

Depreciation

Impairment losses for the year

Assets disposed of

Depreciation and impairment losses at 31 December

Carrying amount at 31 December

Network

infrastructure

2,960

346

(315)

3,025

(1,953)

(22)

(361)

(5)

315

(2,026)

999

2,207

102

219

(204)

2,324

(1,352)

(317)

(3)

204

(1,468)

856

687

(111)

653

(599)

(22)

(44)

(1)

111

(555)

(103)

(2)

(1)

(3)

Equipment

Assets under

construction

Total

2024

Network

infrastructure

3,213

297

(550)

2,960

(2,147)

(352)

(1)

547

(1,953)

1,007

2,298

115

182

(388)

2,207

(1,434)

(303)

385

(1,352)

855

809

(160)

687

(709)

(49)

(1)

160

(599)

106

(116)

(2)

(4)

(2)

Equipment

Assets under

construction

Total

Cash flow (DKKm)

2025

Additions, see table above

Other adjustments

Capitalised depreciations, see note 2.5

Cash flow from investment in property, plant and equipment

(346)

(12)

(349)

2024

(297)

(286)

Accounting policies

Property, plant and equipment are

measured at cost less accumulated

depreciation and impairment losses.

Cost comprises purchase price and costs

directly attributable to the acquisition

until the date on which the asset is ready

for use. The cost of self-constructed

assets includes directly attributable

payroll costs, materials, depreciation,

parts purchased and services rendered

by subsuppliers or contractors as well as

interest expenses in the construction

period. Cost also includes estimated

decommissioning costs if the related

obligation meets the conditions for

recognition as a provision.

Directly attributable costs comprise

personnel expenses together with other

external expenses calculated in terms of

time spent on self-constructed assets.

The depreciation base is measured at

cost less residual value and any impair-

ment losses. Depreciation is provided on

a straight-line basis over the estimated

useful lives of the assets. The main

depreciation periods are as shown in

the next table.

Network infrastructure:

Other network equipment 8-10 years

Equipment on customers' premises 3-5 years

Equipment (computers, tools and

office equipment) 3-5 years

The useful lives and residual values of the

assets are reviewed regularly. If the resi-

dual value exceeds the carrying amount

of an asset, depreciation is discontinued.

Property, plant and equipment that

have been disposed 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 or other

expenses.

Software that is an integral part of

telephone exchange installations, for

example, is presented together with the

related assets. Useful lives are estimated

individually.

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.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 78

3.4 | Lease assets and liabilities

Lease assets (DKKm)

2025

Carrying amount at 1 January

Additions

Disposals

Depreciation

Carrying amount at 31 December

Land and

buildings

177

(1)

(62)

148

(2)

(25)

215

(3)

(87)

181

Vehicles and

equipment Total

Lease liabilities (DKKm)

2025

Carrying amount:

External lease liabilities

Lease liabilities due to group companies

Total

Of which presented as current

Total non-current

Maturing between 1 and 3 years

Maturing between 3 and 5 years

Maturing between 5 and 10 years

Total non-current

186

227

(90)

137

2024

225

259

(87)

172

2024

Land and

buildings

237

(62)

177

(3)

(22)

264

(3)

(84)

215

Vehicles and

equipment Total

Amounts recognised in the income statement (DKKm)

2025

Expense relating to short-term leases

Depreciation charge of lease assets, cf. above

Interest expense (included in financing costs)

(23)

(87)

(9)

2024

(29)

(84)

(10)

Comments

Nuuday leases various offices, retail

stores, vehicles and equipment. Rental

contracts are typically made for fixed

periods of 1 to 15 years but may have

extension options.

Lease terms are negotiated on an

individual basis and contain a wide range

of different terms and conditions. The

lease agreements do not impose any

covenants 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.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Cash flow (DKKm)

2025

Lease repayments

Interest payment

Cash flow from leases

(85)

(9)

(94)

2024

(79)

(10)

(89)

Nuuday Annual Report 2025 79

3.4 | Lease assets and liabilities (continued)

Accounting policies

Assets and liabilities arising from leases

are initially measured on a present-value

basis. Lease liabilities include the net

present value of the following lease

payments:

• Fixed payments (including in-substance

fixed payments), 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 com-

mencement date.

• Amounts expected to be payable by the

Group under 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.

Lease payments to be made under

reasonably certain extension options are

also included when measuring 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 conditions.

The incremental borrowing rates are

based on our existing credit facilities and

observable market data.

The Group is exposed to potential future

increases in variable lease payments

based on an index or rate, which are not

included in the lease liability 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

principal and financing costs. The financ-

ing costs are charged to the income

statement over the lease period so as

to produce a constant periodic rate of

interest for the remaining 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 liability.

• Any lease payments made at or before

the commencement 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 straightline

basis. If the Group is reasonably certain

to exercise a purchase option, the lease

asset is depreciated over the underlying

asset’s useful life see note 3.3.

Impairment tests on lease assets are

performed when circumstances indicate

their carrying amounts may not be

recoverable. Write-downs of lease

assets related to vacant tenancies are

based on expectations concerning timing

and scope, future cost levels etc. The

calculation of the write-downs comprises

rent and operating costs for the contract

period reduced by the expected rental

income from subleases.

Payments associated with short-term

leases of equipment and vehicles and all

leases of low-value assets are expensed

as incurred. Short-term leases are leases

with a lease term of less than 12 months.

Low-value assets comprise IT equipment

and small items of office furniture.

Comments

The total cash outflow for leases in 2025

totalled DKK 94m (2024: DKK 89m). The

amount is excl. short-term leases and

leases of low-value assets.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 80

3.5 | Trade receivables

(DKKm)

2025

Trade receivables

Expected credit losses

Trade receivables, net

Expected credit losses at 1 January

Expected credit loss recognised

Realised credit losses

Reversed expected credit losses

Expected credit losses at 31 December

1,277

(105)

1,172

(94)

(35)

(105)

2024

1,200

(94)

1,106

(96)

(25)

(94)

Comments

The carrying amount is considered to

approximate fair value due to the short

maturity of the receivables. In 2025,

trade receivables not past due amounted

to 70% (2024: 56%) of total gross recei-

vables.

Trade receivables (DKKm)

2025

Expected loss rate

Gross carrying amount

Expected credit losses

2024

Expected loss rate

Gross carrying amount

Expected credit losses

Not yet due

891

(20)

675

(14)

170

(2)

331

(2)

(6)

Less than

1 month

past due

More than

1 month

past due

More than

3 months

past due

32%

(12)

41%

(11)

66%

(65)

66%

(61)

1,277

(105)

1,200

(94)

More than

6 months

past due Total

Critical accounting estimates

Expected credit losses are assessed for

portfolios of trade receivables based

on customer segments, historical credit

loss experience combined with forward-

looking information on macroeconomic

factors affecting the credit risk. By na-

ture, the expected credit loss is relatively

low as industry receivables typically have

short maturities and customer default is

identified quickly. The expected loss rates

are updated 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. Nuuday operates with standard

customer payment terms where custo-

mer subscriptions are billed and paid in

advance of the subscription period, while

usage and one-off services are billed and

paid after the service has been provided.

The receivables are generally due for

settlement within 20-30 days and are

therefore all classified as current. Trade

receivables are recognised initially at

the amount of consideration that is

unconditional. The Group holds the trade

receivables with the objective of collec-

ting the contractual cash flows and

therefore measures them subsequently

at amotised cost using the effective inte-

rest method.

Nuuday applies the simplified approach

to measure expected credit losses, which

uses a lifetime expected loss allowance

for all trade receivables, contract assets

and lease receivables. To measure the

expected 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 corres-

ponding historical credit losses experien-

ced. 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.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 81

3.6 | Contract assets and liabilities

(DKKm)

2025

Assets recognised from costs to obtain a contract (SAC)

Assets recognised from costs to fulfil a contract

Assets recognised from costs to fulfil a contract (Group companies)

Total contract assets

Deferred subscription income

Work in progress for the account of third parties, liabilities

Total contract liabilities

495

300

887

2,287

2,293

2024

430

347

870

2,153

2,158

Comments

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 2,101m (2024: DKK

2,100m).

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 beginning of

the period DKK 146m (2024 DKK 132m)

were recognised as costs in 2025.

Of the assets recognised from costs

to obtain a contract (SAC), DKK 243m

(2024 DKK 213m) and DKK 249m (2024:

DKK 294m) of costs to fulfil a contract

will be recognised as costs after more

than one year.

Accounting policies

Subscriber acquisition costs

and fulfilment costs

The most common subscriber acquisition

costs are dealer and own workforce

commissions. Subscriber acquisition

costs and fulfilment costs are capitalised

and recognised as expenses in external

expenses and personnel expenses over

the expected term of the related custo-

mer relationship. The term is estimated

using historical customer churn rates.

Deferred subscription income recognised

as a liability comprises payments recei-

ved from customers covering income in

subsequent years.

3.7 | Prepaid expenses and other receivables

Comments

Total prepaid expenses and other

receivables amounted to DKK 804m

(2024: DKK 611m). The balance primarily

comprises prepayments for service

contracts incurred to fulfill future

customer deliveries.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 82

3.8 | Provisions

Accounting policies

Provisions are recognised when the

Group has a legal or constructive obliga-

tion arising from past events, it is proba-

ble that economic benefits must be

sacrificed to settle it, and the amount

can be estimated reliably.

Provisions for restructuring, etc. are

recognised when a final decision thereon

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

restructuring commences immediately

after the decision has been made.

Provisions are measured at Manage-

ment's best estimate 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.

Comments

Provisions for restructuring obligations

related primarily to redundancy pro-

grammes. The majority of the provisions

for redundancy programmes are expec-

ted to result in cash outflows in the next

five years. The uncertainties related pri-

marily to the estimated amounts and the

timing of therelated cash outflows.

Other provisions related mainly to

jubilee benefits for employees as well as

decommissioning obligations. The majority

of these provisions are not expected to

result in cash outflows in the next five

years. The uncertainties regarding jubilee

benefits related to both salary and the

number of employees included.

Nuuday’s total redundancy costs in-

cluded wages during the notice period,

severance pay, stand-off pay, payments

pursuant to the Danish Salaried Employ-

ees Act, social security contributions and

outplacement costs.

(DKKm)

2025

Provisions at 1 January

Provisions made

Provisions used (payments)

Reversal of unused provision

Provisions at 31 December

Of which recognised through special items in the income statement

Recognised as follows in the balance sheet:

Non-current liabilities

Current liabilities

Total

(68)

2024

(62)

(4)

Restructuring

obligations

Other

provisions Total

(1)

(68)

(1)

Specification of how payments regarding provisions are recognised in the

statements of cash flow (DKKm)

2025

Payments related to provisions

Cash flow related to special items

Total

(14)

(54)

(68)

2024

(14)

(48)

(62)

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

4.1. Equity

4.2. Loans, Capital management etc.

4.3. Financial risks

4.4. Financial income and expenses

4.5. Maturity profiles of financial instruments,

categories of financial instruments, and

the fair value hierarchy

Capital structure

and financing costs

This section includes disclosures related to Nuuday’s capital structure and the

related financing costs as well as financerelated risks and how these are managed.

Nuuday Annual Report 2025 83

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 84

4.1 | Equity

The total authorised number of shares

is 400,200 with a par value of DKK 1 per

share (unchanged compared to 2024). All

issued shares are fully paid up.

In 2025, the equity decreased by DKK

562m due to loss for the year partly

offset by capital contribution of DKK

400m to a total equity DKK 5,522m.

In 2024, total equity decreased by

DKK 438m to DKK 5,684m due to loss for

the year.

The parent company statement of chan-

ges in equity specifies which reserves are

available for distribution. The distribu-

table reserves amounted to DKK (4,110m)

at 31 December 2025 (2024: DKK (4,190m).

At the Annual General Meeting, the

Board of Directors will not propose any

dividend for the financial year 2025.

4.2 | Loans, Capital management etc.

Capital management

The objective of Nuuday’s capital

management is to ensure sufficient

funding is available to run the business

and ability to invest in growth. As part of

our risk management we continuously

consider refinancing options including

in the public capital markets. Nuuday is

financed 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.

The carrying amount of the liabilities

related to the financial covenants

amounted to DKK 3,584m as per 31

December 2025.

Financial covenants

The financial covenant is defined as

Loan

Maturity

Fixed/floating rate

Coupon¹

Currency

Type

Nominal value (DKKm)

Nominal value (Currency)

– Of which nominal value with floating interest rate (currency)

– Of which nominal value swapped to fixed interest rate (currency)

Feb 2028

Floating

Margin+floored

Euribor

EUR

STF Loan

3,733

500

100

400

Net interest-bearing debt (DKKm)

2025

Senior Term Facility

Lease liabilities incl. short-term part

Other long-term debt

Interest-bearing investments

Cash

Total

3,584

227

(3)

(100)

3,713

2024

3,518

259

(254)

3,523

1 STF facilities have a 0% Euribor floor.

General notes:

a) EUR exposures are not considered a significant risk due to the fixed EUR/DKK exchange rate policy.

b) As of 31 December 2025 there were no drawings on RCFs. That is, undrawn RCFs amount to EUR 140m, maturing August 2027.

leverage ratio, which is net debt divided

by EBITDA as specified 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,

at 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 difficulties complying with the

covenants in the next twelve month.

Accounting policies

Loans

Loans are recognised initially at the

proceeds received net of transaction

expenses incurred. In subsequent periods,

loans are measured at amortised cost

so that the difference between the

proceeds and the nominal value is

recognised in the income statement

over the term of the loan.

Other financial liabilities are measured

at amortised cost.

Financial instruments

On initial recognition, financial derivatives

are recognised in the balance sheet at

cost price and subsequently remeasured

at fair value in the balance sheet and in

the income statement. Valuation is based

on observable market inputs for the

instrument, such as interest rates and

credit spreads, which is used to calculate

net present value (discounted expected

future cash flow).

Nuuday does not apply hedge accoun-

ting.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 85

4.3 | Financial risks

Interest-rate risks

Nuuday is exposed to interest-rate risks

mainly in the euro area. Both the term

loan and the Revolving Credit Facility

(RCF) are linked to the development in

the European reference rate, Euribor.

The term loan facility is 80% hedged at

a fixed rate of 2,22% calculated as a

weighted average. The hedges expire

gradually in the last year of the term

loan. Therefore, Nuuday has mitigated

the main interest rate risk in the funding

structure.

A 1 percentage point increase in interest

rates would result in an extra cost of DKK

6m and an unrealised market value gain

of DKK 50m.

Currency risks

Nuuday has limited exchange-rate risks,

primarily from USD related to payables

from equipment and handset suppliers as

well as content providers. This exposure is

hedged by Nuuday Treasury.

Nuuday has no material exchange-rate

risk from its loan facilities as they are

issued in EUR.

Credit risks

Nuuday is exposed to credit risks as a

provider of digital customer experiences

and entertainment in Denmark and as

counterparty to financial contracts. The

individual brands handle the credit risk

emanating from providing services for

customers, while the credit risks in

relation to financial contracts are hand-

led centrally by Nuuday Treasury.

For credit risk relating to customers,

please refer to note 3.5.

Liquidity risks

The objective of the cash management is

to ensure that adequate and flexible cash

resources are being maintained. As of

31st December 2025 Nuuday has a cash

balance of DKK 100m and an undrawn

RCF of EUR 140m to service daily

operations. The RCF expires in August

2027 and the term loan in Feb 2028

leaving Nuuday with no short-term

refinancing risk.

The maturity profile of Nuuday’s finan-

cial liabilities is disclosed in note 4.5.

Credit rating

Nuuday is rated by the three global rat-

ing agencies Moody’s, Fitch and S&P. The

current ratings are listed in the table

below.

Comments

Nuuday is exposed to financial market

and credit risks when buying and sel-

ling goods and services denominated in

foreign currencies as well as due to the

cash flow from investing in the business

and financing activities. These risks are

identified, monitored and managed by

Nuuday Treasury.

Nuuday does not undertake any active

speculation in financial risks.

Moody’s

Nuuday ratings at 31 December 2025

Company

Nuuday

B2 (Negative)

Instrument

Fitch

Company

B (Stable)

Instrument

BB-

S&P

Company

B- (Stable)

Instrument

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 86

4.4 | Financial income and expenses

In Nuuday´s internal reporting, currency

translation adjustments and interest from

derivatives are reported as such, as spe-

cified in the table below:

During 2025, Nuuday incurred expen-

ses totaling DKK 473 million related to

interest, currency translation adjust-

ments, and fair value adjustments. This

(DKKm)

2025

Interest income

Interest expenses

Net interest

Currency translation adjustments

- Fair value adjustments from derivatives

- Net interest income from derivatives

- Currency translation adjustments from derivatives

Net fair value adjustments

Total

(465)

(453)

(1)

(28)

(19)

(473)

2024

(499)

(473)

(43)

(438)

The net interest paid in 2025 is higher

than in 2024. This is primarily due to the

timing of payment of interest rates on

the STF, the payment in 2025 covers a

period of 16 months, whereas payments

in 2024 only cover a period of 12 months.

(DKKm)

2025

Senior term facility loan (STF)

Hedge of senior term facility loan

Lease liabilities

Other

Subtotal

Impact from derivatives, net

Total

(395)

(8)

(51)

(444)

(9)

(453)

Interest

Currency

translation

adjustment

Fair value

adjustment

(4)

(25)

(29)

(1)

(19)

(399)

(8)

(76)

(473)

Total

2024

(443)

(10)

(18)

(422)

(51)

(473)

Interest

Currency

translation

adjustment

Fair value

adjustment

(2)

(26)

(43)

(445)

(10)

(438)

Total

During the fiscal year, net interest

income from derivatives totalled DKK 9m

(compared to DKK 51m in 2024). Out of

this, DKK 31m (2024: DKK 86m) impacted

the cash flow. Within the DKK 31m,

receipts amounted to DKK 42m (2024:

DKK 86m), and payments amounted to

DKK 11m (2024: DKK 0m), after netting

adjustments.

Cash flow from net interest (DKKm)

2025

Interest received

Interest paid

Net interest paid

Specified as follows:

Senior Term Facility (STF)

Derivatives (hedging of laons)

Lease liabilities

Other

Net interest paid

(534)

(480)

(465)

(9)

(37)

(480)

2024

113

(445)

(332)

(398)

(10)

(332)

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

represents an increase of DKK 35 million

compared to the same period in 2024.

Fair value adjustment: Nuuday has

mitigated the risk associated with

fluctuating interest rates by hedging

its Senior Term Facility, with a nominal

amount of EUR 0.4 billion, thereby con-

verting floating interest rates to fixed

interest rates. As a result of fluctuating

market interest rates, 2024 saw an un-

realized loss, whereas the same period of

2025 experienced no material gain or loss.

Currency translation adjustment: Nuuday

hedges its future payables in USD. During

2025, the decline in the USD exchange

rate impacted the period negatively.

Nuuday Annual Report 2025 87

(10)

(2)

(61)

(29)

(31)

(727)

(98)

(825)

(856)

(5)

(10)

(3,729)

(173)

(66)

(3,968)

(3,978)

(25)

374

(354)

(80)

(16)

(3,729)

(1,279)

(281)

(934)

(669)

(6,892)

(6,888)

(14)

(3,729)

(150)

(259)

(934)

(669)

(5,741)

(5,736)

(14)

(3,518)

(150)

(259)

(934)

(669)

(5,530)

(5,525)

4.5 | Maturity profiles of financial instruments, categories of financial instruments, and the fair value hierarchy

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.

Interest payments on floating-rate

instruments are determined using

forward rates.

Maturity profiles of expected cash flows

(DKKm)

2025

Financial assets and liabilities measured at fair value

through profit or loss

Assets

Derivatives

Inflow

Outflow

Total derivatives assets

Liabilities

Derivatives

Inflow

Outflow

Total derivatives liabilities

Total derivatives

Financial liabilities measured at amortised cost

Senior Term Facilities (STF)

Senior Term Facilities (STF), interest

Lease liability

Amounts owed to group companies

Trade and other payables

Total

571

(568)

178

(188)

(10)

(7)

(320)

(92)

(985)

(768)

(2,165)

(2,172)

< 1

year

1-3

years

3-5

years

(42)

(33)

(3,733)

(386)

(95)

(1)

(4,215)

(4,248)

(55)

(2)

(57)

(1)

> 5

years

Financial assets and liabilities measured

at fair value relate to derivatives and

are categorised as level 2 in the IFRS fair

value hierarchy. All other financial assets

and financial liabilties are measured at

amortised cost.

Total

Fair

value

571

(568)

187

(230)

(43)

(40)

(3,733)

(706)

(242)

(985)

(772)

(6,438)

(6,478)

(42)

(38)

(3,733)

(19)

(227)

(985)

(767)

(5,731)

(5,769)

(42)

(38)

(3,584)

(19)

(227)

(985)

(767)

(5,582)

(5,620)

Carrying

amount

2024

366

(339)

(14)

(379)

(92)

(934)

(669)

(2,074)

(2,029)

3-5

years

> 5

years Total

Fair

value

Carrying

amount

< 1

year

1-3

years

All cash flows are undiscounted. The table reflects only the cash flow from financial liabilities.

Derivatives are disclosed in the above table because some of the derivatives are used for hedging financial liabilities measured at amortised cost.

Fair value and carrying amount value consist of accrued interest on STF at 31 December.

As not all trade and other payables recognised in the balance sheet are financial instruments, the amount differs from the amount disclosed in the balance sheet.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

5.1. Change in working capital

5.2. Changes in liabilities arising from financial activities

Cash flow

This section provides information on Nuuday’s cash flow. More information on

developments in the cash flow items is included in note 2.6 Special items, note 3.2

Intangible assets, note 3.3 Property, plant and equipment, note 3.4 Lease

assets and liabilities, note 3.8 Provisions as well as note 4.4 Financial income and

expenses. A review of cash flow is provided in the section Nuuday performance

in the Management’s review.

Nuuday Annual Report 2025 88

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 89

5.1 | Change in working capital

(DKKm) 2025

Change in inventories

Change in receivables

Change in contract assets

Change in trade payables

Change in contract liabilities

Change in prepaid expenses

Change in other items, net

Total

(12)

(91)

(18)

145

135

(157)

(218)

(216)

2024

(57)

(92)

(437)

109

(431)

Reconciliation of loans and lease liabilities (DKKm)

2025

Carrying amount at 1 January

Cash flow from financing activities

Non-cash changes:

New leases

Currency translation adjustments

Other

Carrying amount at 31 December

3,518

3,589

Loans

Lease

liabilities

259

(85)

(3)

227

2024

Loans

3,458

3,518

304

(79)

(4)

259

Lease

liabilities

The table below shows changes in the

Group’s liabilities arising from financing

activities, including both cash and non-

cash changes. Liabilities arising from

financing 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.

Accounting policies

Cash flow from investing activities

comprises acquisitions and divestments

of enterprises, purchases and sales of

intangible assets, property, plant and

equipment as well as other non-current

assets. Cash flow from acquired enter-

prises are recognised from the time of

acquisition, while cash flows from enter-

5.2 | Changes in liabilities arising from financial activities

¹ Includes amortisation of borrowing costs and fair value adjustments

prises divested are recognised up to the

time of divestment.

Cash flow from financing activities

comprises changes in interest-bearing

debt, lease instalments 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 deri-

ved solely from information

presented in the financial statements.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

6.1 Incentive programmes

6.2. Related parties

6.3. Fees to auditors

6.4. Other financial commitments

6.5. Pledges and contingencies

6.6. Events after the balance sheet date

6.7. Overview of group companies at 31 December 2025

Other disclosures

This section contains the statutory notes or notes that are presumed to be less

important for understanding the Group’s financial performance.

Nuuday Annual Report 2025 90

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 91

6.1 | Incentive programmes

In order to support the delivery of short-

and long-term financial results, the

Group has both short- and long-term

incentive programmes for executives and

senior managers.

Short-Term Incentive programmes (STI)

The short-term incentive programmes

are closely linked to our strategy. The

performance measures in 2025 were

simple cash flow (SCF), EBITDA and Net

Promoter Score.

Bonus payments are calculated as the

individual employee’s basic salary

multiplied by the bonus percentage,

the degree of target fulfilment and a

Personal Performance Modifier.

The STI bonus percentage for members

of the Executive Leadership Team inclu-

ding the Executive Committee ranges

from 35-40%. For other senior managers,

the bonus percentage is between 20%-

25%. The target fulfilment can be maxi-

mum 200%.

Long-Term Incentive programme (LTI)

The LTI programme is cash based and

its objectives are linked to the long-term

strategy. The programme is revolving

with grants given each year but with a 1,

2 or 3-year vesting period, as the goals

are principally set for a 1, 2 or 3-year

vesting period. The objectives are SCF,

EBITDA, Fiber Net Adds, Transformation

as well as a health and safety multiplier.

The expenses are recognised over the

vesting period.

Bonus payments are calculated as

the individual employee’s basic salary

multiplied by a LTI percentage multiplied

by the degree of target fulfilment.

The LTI percentage usually varies within

a range of 12%-40%. The target fulfilment

can be maximum 200%.

6.2 | Related parties

Name of related party

DKT Holdings ApS

DKT Finance ApS

DK Telekommunikation ApS

TDC Holding A/S

TDC NET A/S

TDC Pensionskasse

Nature of relationship

Indirect ownership – ultimate parent

Indirect ownership

Ownership - parent

Subsidiary of TDC Holding A/S

Pension fund

Related parties also include Nuuday’s

joint ventures and associates shown in

note 6.7.

Remuneration for the Board of Directors

and the Executive Committee is specified

in note 2.4.

Purchase commitments concerning group

companies are shown in note 6.4.

Domicile

Copenhagen, Denmark

Related parties (DKKm) 2025

TDC Holding A/S

Income

Expenses, lease payments and capital expenditures

Payables

Joint ventures and associates

Income

Other related parties

Income

Expenses and capital expenditures

Receivables

Payables

(140)

(267)

103

(5,203)

344

(943)

2024

(159)

(231)

123

(5,326)

331

(928)

The most significant related party is the

TDC NET group, see also note 2.2.

Nuuday has the following transactions

and outstanding balances with related

parties:

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 92

6.3 | Fees to auditors

Fees to auditors elected by the Annual General Meeting (DKKm) 2025

Statutory audit

Other assurance engagements

Other services

Total non-statutory audit services

Total

2024

Comments

The commitments related to infrastruc-

ture are primarily contracts with TDC

NET A/S.

Except for short-term leases and leases

of low-value assets, leases are recogni-

sed as lease assets with corresponding

liabilities at the date at which the leased

assets are available for use by the Group,

see note 3.4.

(DKKm) 2025

Lease commitments for short-term and low-value leases

Short-term leases

Leases of low-value assets

Total

Capital and purchase commitments

Commitments related to infrastructure, IT and administrative services from group companies

Commitments related to outsourcing agreements

Investments in intangible assets

Other purchase commitments

Total

Which is:

Maturing within 1 year

Maturing between 1 and 5 years

Maturing after 5 years

Total

4,466

198

774

5,512

3,477

2,035

5,512

2024

7,196

208

168

369

7,941

3,639

4,302

7,941

6.4 | Other financial commitments

6.5 | Pledges and contingencies

Pledges

Cash with a carrying amount of DKK 81m

(2024: DKK 120m) are pledged as security

for long-term loans.

Contingent liabilities

Nuuday is a party to certain pending

lawsuits. Based on a legal assessment of

the possible outcome of each of these

lawsuits and cases, Management is of

the opinion that these will not have any

significant adverse impact on the Group’s

financial position.

6.6 | Events after the balance sheet date

There have been no events that materi-

ally affect the assessment of this Annual

Report 2025 after the balance sheet

date and up to the approval of these

financial statements.

Company name

Hiper A/S

TDC Telco ApS

4T af 1. oktober 2012 ApS

Domicile

Copenhagen, Denmark

Taastrup, Denmark

Copenhagen, Denmark

Currency

DKK

6.7 | Overview of group companies at 31 December 2025

Ownership share (%)

100

The enterprise is included under the equity method.

Nuuday A/S is liable for obligations

attributable to the activities, assets and

liabilities of TDC Holding A/S that existed

at the time of the demerger on 11 June

2019. The joint and several liabilities of

Nuuday A/S and TDC Holding A/S may

not exceed an amount corresponding to

the net value of the assets and liabilities.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Parent company

financial statements

Nuuday Annual Report 2025 93

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 94

Parent company income statement

(DKKm) 2025

Revenue

Cost of goods sold

External expenses

Personnel expenses

Other income

Operating profit before depreciation, amortisation and special items (EBITDA)

Depreciation, amortisation and impairment losses

Special items

Operating profit/(loss) (EBIT)

Loss from subsidiaries

Financial income and expenses

Loss before income taxes

Income taxes

Loss for the year

14,335

(9,609)

(1,569)

(1,717)

1,491

(1,629)

(97)

(235)

(4)

(471)

(710)

148

(562)

2024

14,184

(9,475)

(1,614)

(1,703)

1,444

(1,410)

(57)

(23)

(21)

(438)

(482)

(438)

Parent company statement of comprehensive income

Note

2.1

2.2

2.3

3.4

4.3

2.4

Equity and liabilities (DKKm) 2025

Loss for the year

Total comprehensive Loss

(562)

Note 2024

(438)

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 95

Parent company balance sheet

Assets (DKKm) 2025

Non-current assets

Intangible assets

Property, plant and equipment

Lease assets

Investments in subsidiaries

Investments in associates and joint ventures

Other receivables and prepaid expenses

Total non-current assets

Current assets

Inventories

Trade receivables

Contract assets

Receivables from group companies

Tax receivables

Derivatives financial instruments

Other receivables and prepaid expenses

Cash

Total current assets

Total assets

11,740

946

181

483

13,370

186

1,166

784

143

786

3,150

16,520

2024

12,062

978

213

487

13,756

174

1,103

780

193

597

120

3,056

16,812

Note

3.1

3.2

3.3

3.4

3.5

3.6

Equity and liabilities (DKKm) 2025

Equity

Share capital

Other reserves

Retained earnings

Total equity

Non-current liabilities

Deferred tax liabilities

Provisions

Loans

Other long-term debt

Lease liabilities

Other payables

Total non-current liabilities

Current liabilities

Other long-term debt

Lease liabilities

Trade payables

Contract liabilities

Payables to group companies

Income tax payable

Other payables

Derivatives financial instruments

Provisions

Total current liabilities

Total liabilities

Total equity and liabilities

1,412

4,110

5,522

1,333

3,584

137

230

5,326

1,431

2,253

1,015

769

5,672

10,998

16,520

2024

1,494

4,190

5,684

1,536

3,518

170

224

5,486

1,336

2,125

951

1,107

5,642

11,128

16,812

Note

4.1

2.4

4.2

3.3

3.6

2.4

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 96

Parent company statement of cash flows

(DKKm) 2025

Operating activities

Operating profit before depreciation, amortisation and special items (EBITDA)

Adjustment for non-cash items

Payments related to provisions

Special items

Change in working capital

Interest received

Interest paid

Income tax paid

Total cash flow from operating activities

Investing activities

Investment in activities

Investment in property, plant and equipment

Investment in intangible assets

Investment in other non-current assets

Sale of other non-current assets

Sale of short-term bonds

Total cash flow from investing activities

1,491

(14)

(90)

(139)

(530)

844

(307)

(881)

(3)

(1,190)

2024

1,444

(15)

(59)

(416)

110

(441)

(28)

597

(273)

(938)

(1)

256

(951)

Note

5.1

2.4

(DKKm) 2025

Financing activities

Proceeds from long-term loans

Lease payments

Settlement of derivatives and costs related to long term loans

Capital injection

Total cash flow from financing activities

Total cash flow

Cash and cash equivalents at 1 January

Effect of exchange-rate changes on cash and cash equivalents

Cash and cash equivalents at 31 December

(83)

(14)

400

308

(38)

120

(1)

2024

(77)

(68)

(422)

538

120

Note

Parent company statement of changes in equity

(DKKm)

Equity at 1 January 2024

Loss for the year

Total comprehensive income/(loss)

Equity at 31 December 2024

Loss for the year

Total comprehensive income/(loss)

Contributions of equity

Total transactions with owners

Equity at 31 December 2025

Share capital

Reserve for

capitalised

development

projects

Retained

earnings

Total

1,389

105

1,494

(82)

1,412

4,733

(543)

4,190

(480)

400

4,110

6,122

(438)

5,684

(562)

400

5,522

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Notes to the parent

company financial

statements

Nuuday Annual Report 2025 97

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 98

1.1 | Accounting policies

The Financial statements 2025 of the

parent company have been prepared

in accordance with IFRS Accounting

Standards as issued by the International

Accounting Standards Board (IASB) as

adopted by the European Union (EU)

and further disclosure requirements in

the Danish Financial Statements Act

(reporting class “C stor”).

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 consolidated

financial statements for the Group’s

accounting policies.

The accounting policies are unchanged

compared with the policies applied in the

Annual Report 2024.

Supplementary accounting policies

for the parent company

Investments in subsidiaries, joint ventures and

associates

The equity method is used for measuring

investments in subsidiaries, joint ventures

and associates. Under the equity method,

investments in a subsidiary, a joint ven-

ture or an associate are recognised on

initial recognition at cost, and the carry-

ing amount is increased or decreased to

recognise the parent company’s share

of the profit or loss of the investment

after the date of acquisition. The parent

company’s share of profit or loss is

recognised in the parent company’s

profit or loss. Dividends received from

investments in subsidiaries, joint ventures

and associates reduce the carrying

amount of the investment. The parent

company’s share of other comprehensive

income arising from theinvestment is

recognised in other comprehensive

income of the parent company.

Reserve for capitalised development projects

In accordance with the Danish Financial

Statements Act, the parent company has

established a non-distributable reserve in

equity regarding capitalised development

projects. This reserve will be reversed as

the development projects are amortised

or impaired.

1.2 | Significant accounting judgements, estimates and assumptions

For information on critical accounting

estimates and judgements, see note 1.2 to

the consolidated financial statements.

1.3 | New accounting standards

For information on new accounting stan-

dards for the Group, see note 1.3 to the

consolidated financial statements.

2.1 | Revenue

(DKKm) 2025

Sales of goods recognised at a point in time

Sales of services recognised over time

Total

1,148

13,187

14,335

2024

1,138

13,046

14,184

Revenue specified by services (DKKm) 2025

Mobile services

Internet & network

Landline voice

Other services

Total

5,588

3,111

3,300

582

1,754

14,335

2024

5,304

3,208

3,300

656

1,716

14,184

2.2 | Personnel expenses

(DKKm) 2025

Wages and salaries (including short-term and long-term bonus)

Pensions

Social security

Total

Of which capitalised as non-current assets

Total

Average number of full-time employee equivalents

(1,844)

(201)

(32)

(2,077)

360

(1,717)

2,743

2024

(1,856)

(188)

(30)

(2,074)

371

(1,703)

2,745

Denotes the average number of full-time employee equivalents including permanent employees and trainees.

Remuneration for the Board of Directors and the Executive Committee is described in

note 2.4 to the consolidated financial statements.

2.3 | Special items

(DKKm) 2025

Costs related to redundancy programmes

Other restructuring costs, etc.

Loss from rulings

Special items before income taxes

Income taxes related to special items

Total special items

(57)

(40)

(97)

(77)

2024

(47)

(9)

(1)

(57)

(44)

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 99

2.4 | Income taxes

Current income tax (DKKm)

2025

Income taxes for the year

Adjustment of tax for previous years

Deferred tax relating to temporary differences

Adjustment of deferred tax for previous years

Total

Income taxes are specified as follows:

Income excluding special items

Special items

Total

(52)

(3)

172

148

128

148

2024

106

(44)

(51)

Deferred tax (DKKm)

Consolidated

statement of financial

position

Intangible assets

Property, plant and equipment

Lease assets and liabilities

Tax value of tax-loss carryforwards

Other

Deferred tax expense/(benefit)

Net deferred tax liabilities¹

Consolidated

statement of profit

and loss

Reconciliation of effective tax rate (%) 2025

Tax on profit for the year (applicable tax rate)

Tax on profit for the year (effective tax rate)

Difference between applicable tax and effective tax

Which can be specified as:

Profit from subsidiaries, joint ventures and associates

Adjustment of tax for previous years

Non-deductible expenses/non-taxable income and other permanent differences:

Limitation on the tax deductibility of interest expenses

Expenses related to special items

Other

Total

22.0

20.9

(1.1)

(0.1)

4.0

(4.3)

(0.1)

(0.6)

(1.1)

2024

22.0

9.1

(12.9)

(1.0)

(2.3)

(10.1)

0.5

(12.9)

The major components of income tax expense for the years ended 31 December 2025 and 2024 are:

Deferred tax relates to the following:

2025

1,276

(34)

(10)

(4)

105

1,333

2024

1,485

(26)

(10)

1,536

2025

(209)

(8)

(4)

(203)

2024

(1)

(29)

Deferred tax liabilities, net (DKKm) 2025

At 1 January

Tax expense during the period recognised in profit or loss

Adjustment of tax for previous years

Carrying amount at 31 December

1.536

(172)

(31)

1.333

2024

1.518

(33)

1.536

Deferred tax liabilities reconciliation

¹ The total net deferred tax is recognised as a liability in the balance sheets.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 100

14,180

(234)

13,946

(13,104)

(167)

(4)

234

(13,041)

905

4,162

(110)

4,052

9,669

938

(282)

10,325

(7,795)

(824)

(4)

281

(8,342)

1,983

36,826

938

(516)

37,248

(24,702)

(991)

(8)

515

(25,186)

12,062

3.1 | Intangible assets

(DKKm)

2025

Cost at 1 January

Additions

Assets disposed of or fully amortised

Cost at 31 December

Amortisation and impairment losses at 1 January

Amortisation

Impairment losses for the year

Assets disposed of or fully amortised

Amortisation and impairment losses at 31 December

Carrying amount at 31 December

8,815

(3,693)

5,122

Goodwill Customer

relationships

Brands

13,946

(384)

13,562

(13,041)

(161)

(30)

384

(12,848)

714

4,162

(110)

4,052

10,325

881

(952)

10,254

(8,342)

(927)

(85)

952

(8,402)

1,852

Other rights,

software, etc. Total

37,248

881

(1,336)

36,793

(25,186)

(1,088)

(115)

1,336

(25,053)

11,740

2024

8,815

(3,693)

5,122

Brands

Other rights,

software, etc

Total

Goodwill

Customer

relationships

3.2 | Property, plant and equipment

(DKKm)

2025

Cost at 1 January

Transfers (to)/from other items

Other adjustments

Additions

Assets disposed of

Cost at 31 December

Depreciation and impairment losses at 1 January

Other adjustments

Depreciation

Impairment losses for the year

Assets disposed of

Depreciation and impairment losses at 31 December

Carrying amount at 31 December

2,137

208

(204)

2,219

(1,305)

(299)

(3)

204

(1,403)

816

Networkinfra-

structure Equipment

Assets under

construction

683

(111)

648

(596)

(22)

(44)

(1)

111

(552)

(79)

(2)

(1)

(3)

2,881

304

(315)

2,904

(1,903)

(22)

(343)

(5)

315

(1,958)

946

Total

2024

2,243

103

179

(388)

2,137

(1,399)

(291)

385

(1,305)

832

Networkinfra-

structure

Equipment

Assets under

construction

805

(160)

683

(707)

(48)

(1)

160

(596)

(104)

(2)

(4)

(2)

3,146

285

(550)

2,881

(2,110)

(339)

(1)

547

(1,903)

978

Total

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 101

3.3 | Lease assets and liabilities

Lease assets (DKKm)

2025

Carrying amount at 1 January

Additions

Disposals

Depreciation

Carrying amount at 31 December

175

(61)

148

Land and

buildings

Vehicles and

equipment

(2)

(25)

Lease liabilities (DKKm)

2025

Recognised in the balance sheet at present value:

Current

Non-current

Total

Maturing within 1 year

Maturing between 1 and 3 years

Maturing between 3 and 5 years

Maturing after 5 years

Total

137

227

2024

170

257

213

(2)

(86)

181

Total

2024

Amounts recognised in the statement of profit and loss (DKKm)

2025

Expense relating to short term leases

Depreciation charge of lease assets, cf. above

Interest expense (included in financing cost)

(23)

(86)

(9)

2024

(29)

(83)

(10)

235

(61)

175

Land and

buildings

Vehicles and

equipment

(3)

(22)

262

(3)

(83)

213

Total

Comments

The total cash outflow for leases in 2025

was DKK 83m (2024: DKK 87m), of which,

DKK 9m (2024: DKK 10m) related to

interest payments on lease liabilities.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 102

1,261

(95)

1,189

(86)

Total

3.4 | Investments in subsidiaries

(DKKm) 2025

Cost at 1 January

Cost at 31 December

Value adjustments at 1 January

Share of profit/(loss)

Value adjustments at 31 December

Carrying amount at 31 December

852

(365)

(4)

(369)

483

2024

852

(344)

(21)

(365)

487

Overview of subsidiaries at 31 December 2025

Company name

Subsidiaries:

Hiper A/S

TDC Telco ApS

Domicile

Copenhagen, Denmark

Taastrup, Denmark

Currency

DKK

Ownership share (%)

100

3.5 | Trade receivables

(DKKm) 2025

Trade receivables

Expected credit losses

Trade receivables, net

Expected credit losses at 1 January

Expected credit losses recognised

Realised credit losses

Reversed expected credit losses

Expected credit losses at 31 December

1,261

(95)

1,166

(86)

(33)

(95)

2024

1,189

(86)

1,103

(90)

(23)

(86)

3.6 | Contract assets and liabilities

(DKKm) 2025

Assets recognised from costs to obtain a contract (SAC)

Assets recognised from costs to fulfil a contract

Assets recognised from costs to fulfil an internal contract

Total contract assets

Deferred subscription income

Work in progress for the account of third parties, liabilities

Total contract liabilities

450

264

784

2,247

2,253

2024

393

316

780

2,118

2,125

Trade receivables (DKKm)

2025

Expected loss rate

Gross carrying amount

Expected credit losses

2024

Expected loss rate

Gross carrying amount

Expected credit losses

887

(20)

673

(14)

169

(2)

330

(2)

(5)

29%

(10)

35%

(9)

63%

(58)

64%

(56)

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

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 103

4.1 | Equity

(DKKm)

2025

Other interest income

Other Interest expenses

Net interest

Currency translation adjustments

Fair value adjustments

Total

(461)

(451)

(1)

(19)

(471)

2024

(496)

(472)

(438)

For information on share capital, see note 4.1 to the consolidated

financial statements.

4.2 | Loans

For a specification of loans and a reconciliation between loans and cash flows

from financing activities, see note 4.2 to the consolidated financial statements.

4.3 | Financial income and expenses

(DKKm) 2025

Change in inventories

Change in receivables

Change in contract assets

Change in trade payables

Change in contract liabilities

Change in prepaid expenses

Change in other items, net

Total

(12)

(17)

(4)

129

128

(157)

(206)

(139)

2024

(43)

(82)

(432)

109

(5)

(416)

5.1 | Change in working capital

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 104

6.1 | Related parties

Fees to auditors elected by the Annual General Meeting (DKKm) 2025

Statutory audit

Other assurance engagements

Other services

Total non-statutory audit services

Total

2024

For information about the related parties

of the Group, see note 6.2 to the conso-

lidated financial statements. The parent

company has the following transactions

and balances with its subsidiaries (cf. the

overview of subsidiaries in note 3.4):

Subsidiaries (DKKm) 2025 2024

Income 31 24

Expenses (111) (113)

Receivables 143 192

Debt (30) (18)

6.2 | Fees to auditors

Remuneration for the Board of Directors

and the Executive Committee is

described in note 2.4 and incentive

programmes are described in note 6.1 to

the consolidated financial statements.

All transactions with related parties are

made on market terms.

Nuuday A/S is included in the consolida-

ted financial statements of DKT

Holdings ApS.

6.3 | Other financial commitments

For information on other financial com-

mitments, see note 6.4 to the consolida-

ted financial statements.

6.4 | Pledges and contingencies

Cash with a carrying amount of

DKK 81m (2024: DKK 120m) are pledged as

security for long-term loans.

For information on pending lawsuits, see

note 6.5 to the consolidated financial

statements.

6.5 | Events after the balance sheet date

For information on events after the

balance sheet date, see note 6.6 to the

consolidated financial statements.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Statements

Nuuday Annual Report 2025 105

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 106

Today, the Board of Directors and

the Executive Committee considered and

approved the annual report of Nuuday

A/S for 2025.

The annual report has been prepared in

accordance with IFRS Accounting Stand-

ards as adopted by the EU and further

requirements in the Danish Financial

Statements Act.

In our opinion, the consolidated financial

statements and parent company finan-

cial statements give a true and fair view

of the financial position at 31 December

2025 of the Group and the parent com-

pany and of the results of the Group

and parent company operations and cash

flows for 2025.

In our opinion, the management's review

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 facing the Group and

the parent company.

Management statement

We recommend that the annual report be adopted at the Annual General Meeting.

Copenhagen, 4 March 2026

Executive Committee

Christian Barrou Thrane

Chief Executive Officer

Board of Directors

Susanne Juhl

Chair

Thomas Lech Pedersen

Henrik Christiansen

Chief Financial Officer

Anna Sofia Arhall Bergendorff

Tobias Tolstrup

Catherine Isabelle Harber

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 107

To the shareholder of Nuuday A/S

Opinion

We have audited the consolidated finan-

cial statements and the parent financial

statements of Nuuday A/S for the finan-

cial year 01.01.2025 - 31.12.2025, which

comprise the income statement, state-

ment of comprehensive income, balance

sheet, statement of changes in equity,

cash flow statement and notes, including

material accounting policy information,

for the Group as well as the Parent. The

consolidated financial statements and the

parent financial statements are prepared

in accordance with IFRS Accounting Stan-

dards as adopted by the EU and additio-

nal requirements of the Danish Financial

Statements Act.

In our opinion, the consolidated financi-

al statements and the parent financial

statements give a true and fair view of

the Group's and the Parent's financial

position at 31.12.2025 , and of the results

of their operations and cash flows for the

financial year 01.01.2024 - 31.12.2025 in

accordance with IFRS Accounting Stan-

dards as adopted by the EU and additio-

nal requirements of the Danish Financial

Statements Act.

Basis for opinion

We conducted our audit in accordance

with International Standards on Auditing

(ISAs) and the additional requirements

applicable in Denmark. Our responsibilities

under those standards and requirements

are further described in the "Auditor's

responsibilities for the audit of the con-

Independent Auditor's Report

solidated financial statements and the

parent financial statements" section of

this auditor's report. We are indepen-

dent of the Group in accordance with the

International Ethics Standards Board for

Accountants' International Code of Ethics

for Professional Accountants (IESBA

Code) and the additional ethical require-

ments applicable in Denmark, and we

have fulfilled our other ethical responsibi-

lities in accordance with these require-

ments and the IESBA Code. We believe

that the audit evidence we have obtained

is sufficient and appropriate to provide a

basis for our opinion.

Statement on the management

commentary

Management is responsible for the mana-

gement review.

Our opinion on the consolidated financial

statements and the parent financial sta-

tements does not cover the management

review, and we do not express any form

of assurance conclusion thereon.

In connection with our audit of the con-

solidated financial statements and the

parent financial statements, our respon-

sibility is to read the management review

and, in doing so, consider whether the

management review is materially incon-

sistent with the consolidated financial

statements and the parent financial

statements or our knowledge obtained

in the audit or otherwise appears to be

materially misstated.

Moreover, it is our responsibility to con-

sider whether the management review

provides the information required by

relevant law and regulations.

Based on the work we have performed,

we conclude that the management re-

view is in accordance with the consolida-

ted financial statements and the parent

financial statements and has been prepa-

red in accordance with the requirements

of the relevant law and regulations. We

did not identify any material misstate-

ment of the management review.

Management's responsibilities for the

consolidated financial statements and

the parent financial statements

Management is responsible for the pre-

paration of consolidated financial state-

ments and parent financial statements

that give a true and fair view in accor-

dance with IFRS Accounting Standards as

adopted by the EU and additional requi-

rements of the Danish Financial State-

ments Act, and for such internal control

as Management determines is necessary

to enable the preparation of consolidated

financial statements and parent financial

statements that are free from material

misstatement, whether due to fraud or

error.

In preparing the consolidated financial

statements and the parent financial sta-

tements, 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 preparing

the consolidated financial statements and

the parent financial statements unless

Management either intends to liquidate

the Group or the Entity or to cease ope-

rations, or has no realistic alternative but

to do so.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Nuuday Annual Report 2025 108Nuuday Annual Report 2025

Independent Auditor's Report

Copenhagen, 4 March 2026

Deloitte

Statsautoriseret Revisionspartnerselskab

CVR No 33963556

Lars Siggaard Hansen

State Authorised Public Accountant

Identification No (MNE) mne32208

Kåre Kansonen Valtersdorf

State Authorised Public Accountant

Identification No (MNE) mne34490

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 consolida-

ted financial statements and the parent

financial statements as a whole are free

from material misstatement, whether

due to fraud or error, and to issue an

auditor's report that includes our opinion.

Reasonable assurance is a high level of

assurance, but is not a guarantee that

an audit conducted in accordance with

ISAs and the additional requirements

applicable in Denmark will always detect

a material misstatement when it exists.

Misstatements can arise from fraud or

error and are considered material if, in-

dividually or in the aggregate, they could

reasonably be expected to influence the

economic decisions of users taken on

the basis of these consolidated financial

statements and these parent financial

statements.

As part of an audit conducted in ac-

cordance with ISAs and the additional

requirements applicable in Denmark,

we exercise professional judgement and

maintain professional scepticism throug-

hout the audit. We also:

• Identify and assess the risks of material

misstatement of the consolidated finan-

cial statements and the parent financial

statements, whether due to fraud or

error, design and perform audit pro-

cedures responsive to those risks, and

obtain audit evidence that is sufficient

and appropriate to provide a basis for

our opinion. The risk of not detecting a

material misstatement resulting from

fraud is higher than for one resul-

ting from error, as fraud may involve

collusion, forgery, intentional omissions,

misrepresentations, or the override of

internal control.

• Obtain an understanding of internal

control relevant to the audit in order to

design audit procedures that are ap-

propriate in the circumstances, 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 ac-

counting policies used and the reaso-

nableness of accounting estimates and

related disclosures made by Manage-

ment.

• Conclude on the appropriateness of

Management's use of the going concern

basis of accounting in preparing the

consolidated financial statements and

the parent financial statements, and,

based on the audit evidence obtained,

whether a material uncertainty exists

related to events or conditions that may

cast significant 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 audi-

tor's report to the related disclosures

in the consolidated financial statements

and the parent financial statements 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 conditions

may cause the Group and the Entity to

cease to continue as a going concern.

• Evaluate the overall presentation, struc-

ture and content of the consolidated

financial statements and the parent

financial statements, including the

disclosures in the notes, and whether

the consolidated financial statements

and the parent financial statements re-

present 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 financial infor-

mation of the entities or business units

within the group as a basis for forming

an opinion on the consolidated financial

statements and the parent financial

statements. We are responsible 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.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

We communicate with those charged

with governance regarding, among other

matters, the planned scope and timing of

the audit and significant audit findings,

including any significant deficiencies in

internal control that we identify during

our audit.

Nuuday Annual Report 2025 109

To the shareholder of Nuuday A/S

Limited assurance conclusion

We have conducted a limited assurance

engagement on the selected disclosu-

res identified in the tables presented on

pages 39,41, 48 and 53 in the sustainability

section of Nuuday A/S (the “Company”)

included in the Management review (the

“sustainability report”) for the financial

year January – 31 December 2025.

Based on the procedures we have per-

formed and the evidence we have obtai-

ned, nothing has come to our attention

that causes us to believe that the sele-

cted disclosures identified in the tables

presented on pages 39, 41, 48 and 53 in

the sustainability report are not prepa-

red, in all material respects, in accordan-

ce with the ESG accounting principles as

described on pages 54-57.

Basis for conclusion

We conducted our limited assurance en-

gagement in accordance with Internatio-

nal Standard on Assurance Engagements

(ISAE) 3000 (Revised), Assurance enga-

gements other than audits or reviews

of historical financial information (“ISAE

3000 (Revised)”) and the additional requi-

rements applicable in Denmark.

The procedures in a limited assurance

engagement vary in nature and timing

from, and are less in extent than for, a

reasonable assurance engagement. Con-

sequently, the level of assurance obtai-

ned in a limited assurance engagement

is substantially lower than the assurance

that would have been obtained had a

Independent auditor’s limited assurance report on

selected disclosures in the sustainability report

reasonable assurance engagement been

performed.

We believe that the evidence we have

obtained is sufficient and appropriate to

provide a basis for our conclusion. Our

responsibilities under this standard are

further described in the Auditor’s respon-

sibilities for the assurance engagement

section of our report.

Our independence and quality management

We are independent of the Company in

accordance with the International Ethics

Standards Board for Accountants’ Inter-

national Code of Ethics for Professional

Accountants (IESBA Code) and the addi-

tional ethical requirements applicable in

Denmark. We have also fulfilled our other

ethical responsibilities in accordance with

these requirements and the IESBA Code.

Deloitte Statsautoriseret Revisionspart-

nerselskab applies International Standard

on Quality Management 1, which requires

the firm to design, implement and ope-

rate a system of quality management

including policies or procedures regarding

compliance with ethical requirements,

professional standards and applicable

legal and regulatory requirements.

Management’s responsibilities for the

sustainability report

Management of the Company is respon-

sible for:

• Identifying the information to be

reported in the sustainability report

as described in the ESG accounting

principles applied on page 54-57

• The preparation of the sustainability re-

port in accordance with ESG accounting

principles applied;

• Designing, implementing and maintaining

such internal control that management

determines is necessary to enable the

preparation of the sustainability report,

in accordance with ESG accounting

principle applied that is free from mate-

rial misstatement, whether due to fraud

or error; and

• The selection and application of appro-

priate sustainability reporting methods

and making assumptions and estimates

that are reasonable in the circumstan-

ces.

Auditor’s responsibilities for the

assurance engagement

Our objectives are to plan and perform

the assurance engagement to obtain

limited assurance about whether the

selected disclosure in the sustainability

report is free from material misstate-

ment, whether due to fraud or error, and

to issue a limited assurance report that

includes our conclusion. Misstatements

can arise from fraud or error and are

considered material if, individually or in

the aggregate, they could reasonably

be expected to influence decisions of

users taken on the basis of the selected

disclosure in the sustainability report.

As part of a limited assurance engage-

ment in accordance with ISAE 3000 (Revi-

sed), we exercise professional judgement

and maintain professional scepticism

throughout the engagement.

Our responsibilities in respect of the sus-

tainability report include:

• Identification of disclosures where ma-

terial misstatements are likely to arise,

whether due to fraud or error; and

• Designing and performing procedures

responsive to assessed risks of material

misstatement at the disclosure level.

The risk of not detecting a material

misstatement resulting from fraud is

higher than for one resulting from error,

as fraud may involve collusion, forgery,

intentional omissions, misrepresentati-

ons, or the override of internal control.

Summary of the work performed

A limited assurance engagement involves

performing procedures to obtain eviden-

ce about the selected disclosure in the

sustainability report.

The nature, timing and extent of proce-

dures selected depend on professional

judgement, including the identification of

disclosures where material misstatements

are likely to arise, whether due to fraud

or error, in the sustainability report.

In conducting our limited assurance

engagement, we:

• Obtained an understanding of the

Company’s reporting processes rele-

vant to the preparation of the selected

disclosure in its sustainability report by

obtaining an understanding of the Com-

pany’s control environment, processes

and information systems relevant to the

preparation of the selected disclosure in

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Copenhagen, 4 March 2026

Deloitte

Statsautoriseret Revisionspartnerselskab

CVR No 33963556

Kåre Kansonen Valtersdorf

State Authorised Public Accountant

Identification No (MNE) mne34490

Mads Stærdahl Rosenfeldt

ESG Partner

Nuuday Annual Report 2025 110

Independent auditor’s limited assurance report on

selected disclosures in the sustainability report

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

the sustainability report but not

evaluating the design of particular

control activities, obtaining evidence

about their implementation or testing

their operating effectiveness;

• Performed inquiries of relevant per-

sonnel and analytical procedures on

selected disclosure in the sustainability

report; and

• Performed substantive assurance

procedures on selected disclosure

in the sustainability report.

Other information

Management is responsible for other

information. The other information com-

prises the remaining part of the informa-

tion, which is included in the sustainability

report, and which is not included in the

selected disclosures identified in the tab-

les presented on pages 39, 41, 48 and 53

in the sustainability report and our report

thereon.

Our conclusion on the selected disclosu-

res identified in the tables presented on

pages 39, 41, 48 and 53 in the sustainabi-

lity report does not cover other informa-

tion, and we do not express any form of

assurance conclusion thereon.

In connection with our assurance en-

gagement on the selected disclosures

identified in the tables presented on pa-

ges 39, 41, 48 and 53 in the sustainability

report, our responsibility is to read other

information and, in doing so, consider

whether other information is materially

inconsistent with the selected disclosures

identified tables presented on pages 39,

41, 48 and 53 in the sustainability report

or our knowledge obtained during the

assurance engagement, or otherwise

appears to be materially misstated. If, ba-

sed on the work we have performed, we

conclude that there is a material missta-

tement in this other information, we are

required to report that fact. We have

nothing to report in this regard.

Nuuday Annual Report 2025 111

Forward-looking statements

This report may include statements This

report may include statements about

Nuuday’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

Forward-looking statements

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 Nuuday’s results

include: the competitive environment and

the industry in which Nuuday operates;

contractual obligations in Nuuday’s

financing arrangements; developments

in competition within the domestic and

international communications industry;

information technology and operational

risks, including Nuuday’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 legilation 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;

exchangerate fluctuations; global and

local economic conditions; 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 state-

ments made in this Report, undue reli-

ance is not to be placed on any of these

forward-looking statements. New factors

will emerge in the future that Nuuday

cannot predict. In addition, Nuuday can-

not 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.

Financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Design and production: Reipurdt Design

Nuuday A/S

Teglholmsgade 1

DK-0900 Copenhagen

Denmark

www.nuuday.dk

CVR no. 40075291