Telenor Danmark Holding A/S  
Frederikskaj 8, DK-2450 Copenhagen SV, Denmark  
CVR no. 14 72 43 46  
Annual Report  
for the period 1 January - 31 December 2025  
35th financial year  
Adopted by the Company’s Annual General Meeting  
on 25 June 2026  
…………………………….  
chairman  
Sensitivity: Open  
 
CONTENTS  
Statement by the Board of Directors and Executive Board  
Independent auditors’ report  
Management’s review  
1
2
6
Income statement and statement of comprehensive income  
Balance sheet  
12  
13  
15  
16  
17  
Statement of changes in equity  
Cash flow statement  
Notes  
Sensitivity: Open  
 
STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE BOARD  
The Board of Directors and the Executive Board have today discussed and approved the annual re-  
port for Telenor Danmark Holding A/S for the period 1 January – 31 December 2025.  
The annual report is presented in accordance with IFRS Accounting Standards as adopted by the EU  
and additional requirements of the Danish Financial Statements Act. We consider the accounting  
policies applied appropriate, so that the annual report gives a true and fair view of the company’s  
assets and liabilities, its financial position as at 31 December 2025 and the results of the company’s  
activities and cash flows for the financial year 1 January – 31 December 2025.  
In our opinion, the management’s review gives a true and fair account of the matters addressed in  
the review.  
We recommend that the annual report be adopted by the General Meeting.
Copenhagen, 25 June 2026
Executive Board:  
…………………..………...  
Lars Thomsen
Board of Directors:  
…………………..………...  
Sigvart Voss Eriksen
…………………………….  
Inger Gløersen Folkeson
…………………………….  
Elisabeth Stene
Chairman
1
Sensitivity: Open  
 
INDEPENDENT AUDITORS’ REPORT  
To the shareholders of Telenor Danmark Holding A/S  
Opinion  
We have audited the financial statements of Telenor Danmark Holding A/S for the financial year 1  
January – 31 December 2025, which comprise income statement, statement of comprehensive in-  
come, balance sheet, statement of changes in equity, cash flow statement and notes, including mate-  
rial accounting policy information. The financial statements are prepared in accordance with IFRS  
Accounting Standards as adopted by the EU and additional requirements of the Danish Financial  
Statements Act.  
In our opinion, the financial statements give a true and fair view of the financial position of the  
Company at 31 December 2025 and of the results of the Company's operations and cash flows for  
the financial year 1 January – 31 December 2025 in accordance with IFRS Accounting Standards as  
adopted by the EU and additional requirements of the Danish Financial Statements Act.  
Basis for opinion  
We conducted our audit in accordance with International Standards on Auditing (ISAs) and addi-  
tional requirements applicable in Denmark. Our responsibilities under those standards and require-  
ments are further described in the "Auditor's responsibilities for the audit of the financial statements"  
section of our report. We believe that the audit evidence we have obtained is sufficient and appro-  
priate to provide a basis for our opinion.  
Independence  
We are independent of the Company in accordance with the International Ethics Standards Board for  
Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the addi-  
tional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsi-  
bilities in accordance with these requirements and the IESBA Code.  
2
Sensitivity: Open  
 
INDEPENDENT AUDITORS’ REPORT  
Statement on the Management's review  
Management is responsible for the Management's review.  
Our opinion on the financial statements does not cover the Management's review, and we do not ex-  
press any assurance conclusion thereon.  
In connection with our audit of the financial statements, our responsibility is to read the Manage-  
ment's review and, in doing so, consider whether the Management's review is materially inconsistent  
with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be  
materially misstated.  
Moreover, it is our responsibility to consider whether the Management's review provides the infor-  
mation required under the Danish Financial Statements Act.  
Based on our procedures, we conclude that the Management's review is in accordance with the fi-  
nancial statements and has been prepared in accordance with the requirements of the Danish Finan-  
cial Statements Act. We did not identify any material misstatement of the Management's review.  
Management's responsibilities for the financial statements  
Management is responsible for the preparation of financial statements that give a true and fair view  
in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of  
the Danish Financial Statements Act and for such internal control as Management determines is nec-  
essary to enable the preparation of financial statements that are free from material misstatement,  
whether due to fraud or error.  
In preparing the financial statements, Management is responsible for assessing the Company's abil-  
ity to continue as a going concern, disclosing, as applicable, matters related to going concern and  
using the going concern basis of accounting in preparing the financial statements unless Manage-  
ment either intends to liquidate the Company or to cease operations, or has no realistic alternative  
but to do so.  
3
Sensitivity: Open  
 
INDEPENDENT AUDITORS’ REPORT  
Auditor's responsibilities for the audit of the financial statements  
Our objectives are to obtain reasonable assurance as to whether the 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 additional requirements applicable in Denmark  
will always detect a material misstatement when it exists. Misstatements can arise from fraud or er-  
ror and are considered material if, individually or in the aggregate, they could reasonably be ex-  
pected to influence the economic decisions of users taken on the basis of the financial statements.  
As part of an audit conducted in accordance with ISAs and additional requirements applicable in  
Denmark, we exercise professional judgement and maintain professional scepticism throughout the  
audit. We also:  
• Identify and assess the risks of material misstatement of the financial statements, whether  
due to fraud or error, design and perform audit procedures responsive to those risks and ob-  
tain 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 re-  
sulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepre-  
sentations or the override of internal control.  
• Obtain an understanding of internal control relevant to the audit in order to design audit pro-  
cedures that are appropriate in the circumstances, but not for the purpose of expressing an  
opinion on the effectiveness of the Company's internal control.  
• Evaluate the appropriateness of accounting policies used and the reasonableness of account-  
ing estimates and related disclosures made by Management.  
4
Sensitivity: Open  
 
INDEPENDENT AUDITORS’ REPORT  
•
Conclude on the appropriateness of Management's use of the going concern basis of account-
ing in preparing the 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 Company's ability to continue as a going concern. If we conclude that a material uncer-  
tainty exists, we are required to draw attention in our auditor's report to the related disclo-  
sures in the 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 re-  
port. However, future events or conditions may cause the Company to cease to continue as a  
going concern.  
• Evaluate the overall presentation, structure and contents of the financial statements, includ-  
ing the note disclosures, and whether the financial statements represent the underlying trans-  
actions and events in a manner that gives a true and fair view.  
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.  
Copenhagen, 25 June 2026
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
Søren Skov Larsen
Allan Nørgaard
State Authorised Public Accountant
mne26797
State Authorised Public Accountant
mne35501
5
Sensitivity: Open  
 
MANAGEMENT’S REVIEW  
Company information  
Telenor Danmark Holding A/S  
Frederikskaj 8  
DK-2450 Copenhagen SV  
Denmark  
Municipality: Copenhagen  
Board of Directors  
Sigvart Voss Eriksen, Chairman  
Inger Gløersen Folkeson  
Elisabeth Stene  
Executive Board  
Lars Thomsen  
Parent  
Telenor Mobile Holding AS  
Snarøyveien 30  
N-1360 Fornebu  
Norway  
Audit  
EY Godkendt Revisionspartnerselskab  
Dirch Passers Allé 36  
DK-2000 Frederiksberg  
Denmark  
6
Sensitivity: Open  
 
MANAGEMENT’S REVIEW, continued  
Financial highlights  
The Company’s developments over the past five years can be described as follows:  
2025  
2024  
2023  
2022  
2021  
INCOME STATEMENT  
Operating profit before  
depreciation amortisation and  
impairment (EBITDA)  
mDKK  
mDKK  
mDKK  
mDKK  
mDKK  
0
0
0
0
0
0
0
0
-1  
-1  
Operating profit (EBIT)  
Financial income and expenses  
Profit/loss before tax  
1,258  
1,258  
1,227  
2,248  
2,248  
2,248  
2,208  
2,208  
2,208  
-1,895  
-1,895  
-1,894  
482  
481  
480  
Net income for the year  
BALANCE SHEET  
Balance sheet total  
Tangible assets  
mDKK  
mDKK  
mDKK  
mDKK  
11,075  
0
10,463  
0
8,828  
0
7,005  
0
9,868  
0
Other non-current assets  
Equity  
10,961  
11,010  
10,384  
10,433  
8,786  
8,760  
6,836  
6,951  
9,728  
9,495  
KEY FIGURES AND RATIOS  
Average number of employees  
0
0
0
0
0
Company presentation  
The activity of Telenor Danmark Holding A/S is to function as a holding company. The company  
holds equity interests in the following subsidiaries: Telenor A/S and MVNO Systems A/S, and the  
associated companies: Operators Clearing House A/S and 4T af 1. Oktober 2012 ApS.  
Financial review  
The company’s income statement for 2025 shows a profit of 1,227 mDKK (2024: profit of 2,248  
mDKK), and the company’s balance sheet on 31 December 2025 shows an equity of 11,010 mDKK  
(2024: 10,433 mDKK).  
The profit for the year is affected by dividend from Telenor A/S of 650 mDKK and reversal of im-  
pairment of the investment in Telenor A/S of 608 mDKK. Dividend received is in line with last  
year’s expectations (650 mDKK) and mainly improved cash flow in Telenor A/S has impacted the  
value of the investment.  
7
Sensitivity: Open  
 
MANAGEMENT’S REVIEW, continued  
Dividends  
The Board of Directors recommends that the general meeting adopts a resolution to distribute divi-  
dends of 320 mDKK (2024: 650 mDKK).  
Future outlook  
Telenor Danmark Holding A/S will continue the operation and ownership of the affiliated compa-  
nies. The company expects dividend of 320 mDKK from subsidiaries next year.  
Next year the company expects a net income around zero (excl. dividend and impairment) depend-  
ing on the development in interest rates.  
Financial risks  
As far as possible, the group attempts to counter and manage any risks that the group can influence  
through own actions. The company’s is primarily financed through its parent, Telenor ASA, Nor-  
way, which also hedges any financial exposures.  
Post balance sheet events  
No events have occurred after the balance sheet date which would affect the evaluation of this annu-  
al report.  
ESG report  
Telenor A/S as a subsidiary is exempt from the sustainability reporting requirements under the Cor-  
porate Sustainability Reporting Directive (CSRD) and the associated European Sustainability Re-  
porting Standards (ESRS), pursuant to Section 128(2) of the Danish Financial Statements Act, as the  
parent company, Telenor ASA, domiciled in Oslo, Norway, prepares consolidated sustainability re-  
porting in accordance with CSRD and ESRS. The consolidated sustainability report, including  
Telenor’s vision, goals, policies and efforts in the ESG area and the auditor’s assurance statement, is  
available in Telenor Group’s Annual report for 2025 where the Group’s sustainability report is in-  
cluded on page 71, which constitutes Telenor A/S’ statutory statement according to §99a. The annu-  
al report is available at the following link:  
https://www.telenor.com/binaries/investors/reports-and-information/annual/annual-report-  
2025/Annual-Report-2025-English.pdf#page=71  
8
Sensitivity: Open  
 
MANAGEMENT’S REVIEW, CONTINUED  
In 2025, Telenor Denmark continued to align with the Group’s sustainability framework under  
CSRD and ESRS, where the double materiality assessment (DMA) forms the foundation for identi-  
fying and prioritising material ESG topics across operations and the value chain.  
The updated DMA conducted in 2025 further strengthened the integration of sustainability into the  
Nordic ESG strategy and business planning, ensuring focus on key topics such as climate transition,  
circularity, digital inclusion and responsible business conduct.  
Climate and energy transition  
As part of Telenor Group’s ambition to reduce emissions and transition to renewable energy,  
Telenor Denmark has entered into a long-term Power Purchase Agreement (PPA) in Viuf. The PPA  
is expected to deliver approximately 125 GWh of renewable electricity annually, of which around  
50% is allocated to Telenor Denmark, supporting a significant reduction of Scope 2 emissions and  
enhancing price predictability in energy sourcing.  
Biodiversity and environmental impact  
Biodiversity has continued to gain importance as a material sustainability topic across Telenor Nor-  
dics. The company recognises that network infrastructure may impact natural habitats and ecosys-  
tems, and work is ongoing to strengthen understanding and mitigation of biodiversity-related im-  
pacts. In 2025, Telenor Denmark contributed to a biodiversity assessment conducted at Nordic level  
through Telenor Nordics (TNN), forming a baseline for future actions and integration into environ-  
mental management practices.  
9
Sensitivity: Open  
 
MANAGEMENT’S REVIEW, CONTINUED  
Local ESG initiatives  
In addition to Group-level priorities, Telenor Denmark continues to support local ESG initiatives  
aligned with the overall ambition to empower societies, including digital inclusion programs, energy  
optimization efforts and responsible operations across the value chain.  
Statement of data ethics policy  
The use of data for fact-based decisions is a prerequisite for being able to deliver attractive products  
to customers. Data thus has great business value for Telenor and is managed carefully in relation to  
its confidentiality, integrity and availability.  
Telenor's goal for data ethical behaviour is always to have a responsible and proper use of data and  
to create transparency in data collection and data management. Our data ethical behaviour must  
make a positive contribution to customers' security on the basis that data entrusted to us by custom-  
ers is processed in a secure manner and within the applicable legal framework.  
On this basis and to highlight Telenor’s values and reinforce our commitments, Telenor has articu-  
lated a set of research-backed guiding principles for Telenor. The principles are in line with the Data  
Ethics Compass from the Data Ethics Council:  
• Human Values, Fundamental Rights and Privacy  
• Fairness and Non-Discrimination  
• Data Governance  
• Safety and Security  
• Transparency and Explainability  
• Human Oversight and Control  
Telenor has implemented a governance setup to ensure that these six principles form the basis for  
Telenor’s use of AI going forward and hence that these principles are considered in all assessments  
of specific AI use cases. By embedding these principles for “Responsible AI” into our operations,  
Telenor aims to safeguard the interests of our customers, employees, and the broader community.  
10  
Sensitivity: Open  
 
MANAGEMENT’S REVIEW, CONTINUED  
Risk factors  
Telenor Denmark applies a structured and integrated approach to risk management, aligned with  
Telenor Group’s Enterprise Risk Management (ERM) framework and governance principles. Risk  
management is embedded in business planning and decision-making processes to support the  
achievement of strategic objectives and to ensure resilient and compliant operations.  
The Company identifies, assesses and manages risks on an ongoing basis across its operations and  
value chain, using a common risk taxonomy and methodology defined at Group level. Risks are  
evaluated based on likelihood and impact, and mitigating actions are defined and monitored to en-  
sure appropriate risk exposure in line with the Company’s risk appetite  
Telenor Denmark operates within a Governance, Risk and Compliance (GRC) framework, which  
ensures clear governance structures, accountability and adherence to internal policies as well as ex-  
ternal regulatory requirements. This framework supports transparent decision-making and strength-  
ens trust among customers, employees and stakeholders.  
Given the Company’s role as a provider of critical digital infrastructure, particular focus is placed on  
operational resilience, security risks and regulatory compliance. Risk management processes are  
closely linked to the Company’s security framework, including continuous monitoring, risk assess-  
ments and mitigation activities, to maintain service availability and protect customer data and net-  
work integrity.  
Overall, Telenor Denmark maintains a balanced approach to risk-taking, recognizing that risk is in-  
herent to value creation while ensuring that risks are understood, managed and aligned with strategic  
priorities.  
11  
Sensitivity: Open  
 
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME  
1 January - 31 December  
2025  
2024  
Note  
mDKK  
mDKK  
Income  
0
0
0
0
Expenses  
Operating profit before depreciation,  
amortisation and impairment (EBITDA)  
Depreciation, amortisation and impairment of  
non-current assets  
0
0
0
0
Operating profit (EBIT)  
0
650
608
0
0
650
1,598
0
Dividends and adjustments from subsidiaries and associates  
Impairment losses and reversals from shares in subsidiaries  
Financial income  
5
3
Financial expenses  
0
0
Profit/loss before tax  
1,258
2,248
Tax on the profit for the year  
4
-31
0
NET LOSS/INCOME FOR THE YEAR  
1,227
2,248
STATEMENT OF COMPREHENSIVE INCOME  
1 January - 31 December  
2025  
2024  
mDKK  
mDKK  
Net loss/income for the year  
Other comprehensive income  
Total comprehensive income  
1,227
0
2,248
0
1,227
2,248
Proposed distribution of net profit:  
Proposed dividend  
320
907
650
1,598
2,248  
Retained earnings  
1,227  
12  
Sensitivity: Open  
 
BALANCE SHEET  
at 31 December  
2025  
2024  
Note  
mDKK  
mDKK  
ASSETS  
Investments in subsidiaries  
Investments in associates  
Deferred tax assets  
5
6
7
10,953
10,345
8
0
8
31
Financial assets  
10,961
10,384
NON-CURRENT ASSETS  
10,961
10,384
Receivables from group entities  
Corporation tax receivable  
8
92
0
21
33
Receivables  
92
22
54
25
Cash  
CURRENT ASSETS  
TOTAL ASSETS  
114
79
11,075
10,463
13  
Sensitivity: Open  
 
BALANCE SHEET  
at 31 December  
2025  
2024  
Note  
mDKK  
mDKK  
EQUITY AND LIABILITIES  
Share capital  
9
700
9,990
320
700
9,083
650
Retained earnings  
Proposed dividend distribution  
Equity  
11,010
10,433
Payables to group entities  
Corporation tax payable  
10  
8
8
57
22
Other current interest-bearing borrowings  
Current liabilities  
0
65
0
30
LIABILITIES  
65
30
TOTAL EQUITY AND LIABILITIES  
11,075
10,463
14  
Sensitivity: Open  
 
STATEMENT OF CHANGES IN EQUITY  
Share  
capital  
mDKK  
Retained  
earnings  
mDKK  
Dividend  
mDKK  
Total  
mDKK  
Equity at 01.01.2024  
700
7,485
575
8,760
Net loss/income for the year  
Dividend paid  
0
0
0
0
2,248
0
0
-575
650
75
2,248
-575
0
Dividend proposed  
-650
1,598
Equity movement of the year  
1,673
Equity at 31.12.2024  
Equity at 01.01.2025  
700
9,083
650
10,433
10,433
700
9,083
650
Net loss/income for the year  
Dividend paid  
0
0
0
0
1,227
0
0
-650
320
1,227
-650
0
Dividend proposed  
-320
907
Equity movement of the year  
-330
577
Equity at 31.12.2025  
700
9,990
320
11,010
15  
Sensitivity: Open  
 
CASH FLOW STATEMENT  
2025  
2024  
Note  
mDKK  
mDKK  
Profit/loss before tax  
1,258
-608
-650
-3
2,248
-1,598
-650
-6
Reversal of depreciation, amortisation and impairment losses  
Reversal of dividend income  
Working capital changes  
13  
Corporation tax paid  
0
0
Operating cash flows  
-3
-6
Investments in subsidiaries/associates  
Dividend received  
0
0
650
650
Investment cash flows  
650
650
Loans from group entities  
Dividends paid  
0
-650
0
0
-575
-44
Bank Loans  
14  
Finance cash flows  
-650
-619
25
Change in cash and cash equivalents  
-3
Cash at 01.01.  
25
0
Cash at 31.12.  
22
25
16  
Sensitivity: Open  
 
NOTES  
List of notes  
Note 1  
Note 2  
Summary of significant accounting policies  
Significant accounting estimates, assumptions and uncertainties  
18  
25  
Income statement  
Note 3  
Note 4  
Financial expenses  
Tax on the profit for the year  
25  
25  
Balance sheet  
Note 5  
Note 6  
Note 7  
Note 8  
Note 9  
Investments in subsidiaries  
26  
27  
28  
28  
29  
29  
30  
Investments in associates  
Deferred tax assets and liabilities  
Receivables from group entities  
Share capital  
Note 10 Payables to group entities  
Note 11 Contingent liabilities, provision of security and contractual obligations  
Cash flow notes  
Note 12 Financial risk management  
Note 13 Working capital changes  
Note 14 Reconciliation of interest-bearing liabilities  
Note 15 Shareholders  
30  
30  
30  
31  
31  
32  
32  
32  
Note 16 Related parties  
Note 17 Events after the balance sheet date  
Note 18 Audit fee  
Note 19 Approval of the annual report for publication  
Sensitivity: Open  
17  
 
N O T E S  
Note 1. Summary of significant accounting policies  
The 2025 annual report for Telenor Danmark Holding A/S is presented in accordance with the IFRS  
Accounting Standards as adopted by the EU and additional Danish disclosure requirements for an-  
nual reports for reporting class C (large), subject to the IFRS Executive Order issued in pursuance  
of the Danish Financial Statements Act.  
The accounting policies are unchanged compared to last year.  
Telenor Danmark Holding A/S has not early adopted any standards or interpretations in 2025.  
Telenor Danmark Holding A/S expects to implement all standards and interpretations when they  
become operative. Where the EU effective date differs from that of the IASB, advance implementa-  
tion of the amendments is planned in order that the EU effective date is observed. As at the annual  
report date, all operative standards and interpretations have been implemented.  
Pursuant to section 112(1) of the Danish Financial Statements Act, the company has not prepared  
consolidated financial statements. The financial statements of Telenor Danmark Holding A/S’ and  
its subsidiaries are included in the consolidated financial statements of Telenor ASA, Norway.  
The annual report is presented in Danish kroner (mDKK).  
Sensitivity: Open  
18  
 
N O T E S  
Recognition and measurement  
Assets are recognised in the balance sheet when a previous event renders it probable that future eco-  
nomic benefits will flow to the group and the value of the asset can be measured reliably. Liabilities  
are recognised in the balance sheet when the company, as a consequence of a prior event, has a legal  
or constructive liability which renders it probable that future economic benefits will flow from the  
bank and the value of the liability can be measured reliably. Financial assets and liabilities are rec-  
ognised when the company becomes a contractual party to the financial instrument. Assets and lia-  
bilities are measured at cost on initial recognition. Subsequently, assets and liabilities are measured  
as described for each individual item below.  
The recognition and measurement include gains, losses and risks occurring before the presentation  
of the annual report that confirm or rebut circumstances in existence at the balance sheet date.  
Income is recognised in the income statement as and when earned. Costs incurred to achieve the  
year’s earnings are recognised in the income statement. Value adjustments of financial assets, finan-  
cial liabilities and derivative financial instruments are recognised in the income statement.  
Translation of foreign currencies  
Functional currency and presentation currency  
Line items are presented in the currency of the primary economic environment in which the compa-  
ny operates (functional currency). The annual report is presented in DKK which is also the parent's  
functional currency and presentation currency.  
Translation of transactions and amounts  
Transactions denominated in foreign currencies are translated to the functional currency at the ex-  
change rate on the transaction date. Exchange rate gains and losses arising from the settlement of  
such transactions and from the translation of monetary assets and liabilities to the exchange rates at  
the balance sheet date are recognised in the income statement. Exchange differences arising out of  
the translation of non-monetary items, such as financial assets classified as available for sale, in-  
cluding investments, are recognised in other total comprehensive income.  
Sensitivity: Open  
19  
 
N O T E S  
Profit/loss on investments in associates and group entities  
Dividends from investments in subsidiaries are recognised in the parent’s income statement in the  
period in which the dividend is distributed. The carrying amount of subsidiaries is tested at trigger-  
ing events, including if the dividends received exceed the profit realised by the equity investment  
entity in the period.  
Financial income and expenses  
Financial income and expenses include interest income and costs, capital gains and losses as well as  
impairment losses on securities, payables and transactions in foreign currencies, amortisation of fi-  
nancial assets and liabilities as well as supplements and allowances under the Danish Tax Prepay-  
ment Scheme, etc.  
Tax  
The company and the other Danish Telenor entities are jointly taxed. The tax is allocated in accord-  
ance with the full allocation method. The company functions as Administration Company for all  
Danish consolidated companies.  
The tax for the year, consisting of the current tax for the year and the change in deferred tax for the  
year, is recognised in the income statement with the portion attributable to the profit for the year and  
directly in equity with the portion attributable to entries directly in equity.  
Danish corporation tax with any tax surcharge and tax relief is consequently allocated among Dan-  
ish companies, whether they realise profits or losses, proportionally to their taxable income.  
Sensitivity: Open  
20  
 
N O T E S  
BALANCE SHEET  
Investments in subsidiaries and associates  
Investments in subsidiaries and associates are measured at cost. If the cost exceeds the recoverable  
amount, it is written down to this lower amount. The carrying amount of subsidiaries and associates  
is tested at triggering events, including if the dividends received exceed the profit realised by the  
equity investment entity in the period.  
Impairment of assets  
Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit,  
respectively, exceeds the recoverable amount of the asset or the cash-generating unit. Impairment  
losses are charged to the income statement under depreciation, amortisation and impairment losses.  
Impairment of assets is reversed to the extent of any changes in the estimates and assumptions caus-  
ing the impairment charge. Impairment losses are only reversed to the extent that the new carrying  
amount of the asset does not exceed the carrying amount of the asset if it had not been written down.  
Notwithstanding the above, any impairment of goodwill will not be reversed.  
Receivables  
Receivables primarily include short-term advances to group entities.  
Fixed-interest short-term advances to group entities are measured at amortised cost as they are held  
until maturity.  
Receivables are measured at amortised cost, in most cases equalling nominal value, less impairment  
losses.  
Sensitivity: Open  
21  
 
N O T E S  
Corporation tax and deferred tax  
Current tax liabilities and current tax receivables are recognised in the balance sheet as calculated  
tax of the year’s taxable income adjusted for tax of previous years’ taxable incomes and tax paid on  
account.  
Deferred tax is recognised and measured under the balance sheet liability method on all temporary  
differences between the carrying amount and tax-based value of assets and liabilities. However, de-  
ferred tax is not recognised for temporary differences relating to the tax base of non-amortisable  
goodwill and non-depreciable office properties as well as other items where temporary differences,  
apart from acquisitions, have arisen at the time of acquisition without influencing the profit or loss  
or the taxable income. In cases where the tax base can be calculated in accordance with alternative  
taxation rules, deferred income tax is measured on the basis of the management’s planned utilisation  
of the asset or settlement of the obligation, respectively.  
Deferred tax assets, including the tax base of a tax loss allowed for carry forward, are measured un-  
der other non-current asset investments at the expected use value of the asset, either by elimination  
in tax of future income or by offsetting against deferred tax liabilities within the same legal tax enti-  
ty and jurisdiction.  
Adjustments are made of deferred tax resulting from elimination of unrealised intra-group profits  
and losses.  
Deferred tax is measured based on the tax rules and rates which will be applicable in the respective  
countries under the legislation in force at the balance sheet date when the deferred tax is expected to  
be realised as current tax. Changes in deferred tax in consequence of changes in tax rates are recog-  
nised in the income statement.  
Sensitivity: Open  
22  
 
N O T E S  
Equity  
Proposed dividend:  
Proposed dividend is recognised as a liability at the date when it is adopted at the annual general  
meeting (declaration date). Dividend expected to be distributed for the year is presented as a sepa-  
rate line item in equity.  
Financial liabilities  
Payables to credit institutions, etc., are recognised at the time of borrowing and at the received pro-  
ceeds less transaction costs paid.  
In subsequent periods, the financial liabilities are measured at amortised cost by applying the effec-  
tive interest rate method so that the difference between the proceeds and the nominal value is recog-  
nised in the income statement over the borrowing period. Other liabilities are measured at net realis-  
able value.  
CASH FLOW STATEMENT  
Telenor presents the statement of cash flows using the indirect method.  
The cash flow statement shows the company’s cash flows for the year, divided into operating, in-  
vestment and financing activities, the year’s change in cash and cash equivalents and the company’s  
opening and closing cash balance.  
The cash flow effect from acquisition and divestment of companies is shown separately under cash  
flows from investment activities. Cash flows from companies acquired are recognised in the cash  
flow statement from the time of acquisition, and cash flows from divested companies are recognised  
until the time of sale.  
Cash flows from operating activities  
Cash flows from operating activities are calculated as income before tax, adjusted for non-cash op-  
erating items, working capital changes, interest and corporation tax paid.  
Cash flows from investment activities  
Cash flows from investment activities comprise payments related to purchasing and selling compa-  
nies and activities, purchasing and selling non-tangible, tangible and other non-current assets as well  
as purchasing and selling securities that are not recognised as cash and cash equivalents.  
Sensitivity: Open  
23  
 
N O T E S  
Cash flows from financing activities  
Cash flows from financing activities comprise changes to the amount or composition of share capi-  
tal and related costs as well as raising loans, servicing interest-bearing debt, purchasing and selling  
treasury shares and distributing dividends to owners.  
Cash and cash equivalents  
Comprises cash and cash equivalents as well as short-term bank loans.  
Sensitivity: Open  
24  
 
N O T E S  
Note 2. Significant accounting estimates, assumptions and uncertainties  
Many items in financial statements cannot be measured with precision but can only be estimated.  
The estimation process involves judgements based on the latest information available at time of pre-  
paring the financial statements. An estimate may have to be revised if changes occur regarding the  
circumstances on which the estimate was based or as a result of new information, more experience  
or subsequent developments.  
Valuation of investments in subsidiaries  
The carrying amounts of subsidiaries is tested at triggering events, including if the dividends re-  
ceived exceed the profit realised by the equity investment entity in the period. See note 5 for as-  
sumptions underlying this assessment.  
2025  
2024  
mDKK  
mDKK  
Note 3. Financial expenses  
Interest expenses for group entities  
Other financial expenses  
0
0
0
0
0
0
Note 4. Tax on the profit for the year  
Current corporation tax  
0
0
0
0
0
Tax from previous years  
Change in deferred tax  
-31  
-31  
0
The current corporation tax for the financial period is based on a tax rate of 22 %. (2024: 22 %).  
Profit/loss before tax  
1,258  
-277  
2,248  
-494  
Tax at a tax rate of 22%  
Tax on the profit for the year  
0
0
Effective tax rate for the year  
0%  
0%  
Effective tax rate impacted by the non-taxable impairment of investments in subsidiaries and divi-  
dends received from subsidiaries.  
The company is a party to compulsory national joint taxation with all Danish companies owned by  
the Telenor group. Calculated tax is accrued in the individual company in accordance with Danish  
taxation rules.  
Sensitivity: Open  
25  
 
N O T E S  
2025  
2024  
mDKK  
mDKK  
Note 5. Investments in subsidiaries  
Cost at 01.01  
12,823  
0
12,823  
0
Adjustment cost prior years  
Cost at 31.12  
12,823  
12,823  
Impairment losses at 01.01  
-2,478  
0
-4,076  
0
Adjustment impairment losses prior years  
Reversal of impairment for the year  
Impairment at 31.12  
608  
1,598  
-2,478  
-1,870  
Carrying amount at 31.12  
10,953  
10,345  
The subsidiaries of Telenor Danmark Holding A/S, and their respective subsidiaries, are:  
Share of  
Registered  
office  
Ownership  
share  
voting  
rights  
Activity  
Telenor A/S  
Denmark  
100 %  
100 %  
Landline, broadband and  
mobile telephony  
•TT-Netværket P/S  
Denmark  
Denmark  
Denmark  
50 %  
50 %  
Network service  
•Tn Finance A/S  
100 %  
100 %  
100 %  
100 %  
Other financial services  
Investment in digital services  
•Telenor Digital Holding Inc.  
MVNO Systems A/S  
Denmark  
100 %  
100 %  
Dormant company  
Net Income for  
the year  
Equity  
Telenor A/S  
301  
1,152  
MVNO Systems A/S  
0
8
Investments in subsidiaries are measured at cost. If the cost exceeds the recoverable amount, it is  
impaired to this lower amount. The recoverable amount is based on the value in use which is deter-  
mined by applying the expected cash flows on the basis of management-approved business plans  
covering a total period of three years. Beyond this period, a constant nominal growth rate applies.  
Key assumptions applied in the calculation of the recoverable amount are expected growth rates,  
EBITDA margins, investments and discount rate. The following assumptions have been used for  
calculating the recoverable amount:  
Sensitivity: Open  
26  
 
N O T E S  
Note 5. Investments in subsidiaries, continued  
Post-tax discount rate (WACC)  
Pre-tax discount rate  
Nominal growth rate terminal value  
2025  
2024  
6.2 %  
2025  
2024  
2025  
2024  
Telenor A/S  
6.0 %  
7.7 %  
8,0 %  
1.0 %  
1.0 %  
In 2025 impairment testing resulted in reversal of impairment of Telenor A/S of 608 mDKK, which  
is driven by improved cash flow when calculating terminal value.  
Sensitivity analyses have been prepared for the subsidiaries in connection with the impairment test-  
ing.  
Current  
impairment  
WACC  
+1 pp  
WACC  
-1 pp  
TV growth  
rate +1 pp  
TV growth  
rate -1 pp  
Carrying amount  
10,953  
8,952  
13,990  
13,916  
8,978  
2025  
2024  
mDKK  
mDKK  
Note 6. Investments in associates  
Cost at 01.01  
8
0
0
8
8
0
0
8
Additions  
Disposals  
Cost at 31.12  
Carrying amount at 31.12  
8
8
The associates of Telenor Danmark Holding A/S are:  
Share of  
voting  
rights  
Registered  
office  
Ownership  
share  
Activity  
Operators Clearing House A/S  
4T af 1. oktober 2012 ApS  
Denmark  
Denmark  
25%  
25%  
25%  
25%  
Number portability  
Content services  
Net Income for  
the year  
Equity  
Operators Clearing House A/S  
4T af 1. oktober 2012 ApS  
1
0
4
14  
Sensitivity: Open  
27  
 
N O T E S  
2025  
2024  
mDKK  
mDKK  
Note 7. Deferred tax assets and liabilities  
Deferred tax assets at 01.01  
31  
-31  
0
31  
0
Change in deferred tax for the year  
31  
All deferred tax liabilities and tax assets have been recognised.  
2024  
mDKK  
Non-current assets  
Non-current liabilities  
Current assets  
0
0
0
Tax losses carry forward  
31  
31  
2025  
mDKK  
Non-current assets  
Non-current liabilities  
Current assets  
0
0
0
0
Tax losses carry forward  
0
Note 8. Receivables from group entities  
The receivable carries floating-rate interest with monthly rate adjustments. At 31 December 2025,  
the interest was 1.82 % p.a. (2024: 2.85 %).  
Sensitivity: Open  
28  
 
N O T E S  
2025  
2024  
mDKK  
mDKK  
Note 9. Share capital  
Share capital at 01.01.  
700  
0
700  
0
Capital increase  
Share capital at 31.12.  
700  
700  
The share capital consists of 700,000 shares of a nominal value of DKK 1,000. The shares are fully  
paid up. The shares are not divided into classes. No shares carry special rights.  
The share capital for the past five years:  
2025  
2024  
2023  
2022  
2021  
mDKK  
mDKK  
mDKK  
mDKK  
mDKK  
Share capital  
700  
700  
700  
700  
700  
Note 10. Payables to group entities  
The payables carry floating-rate interest with monthly rate adjustments. At 31 December 2025, the  
interest was 2.56 % p.a. (2024: 4.27 %).  
Payables to group entities maturity outline  
2024  
Total  
mDKK  
<1 year  
mDKK  
1-3 years  
mDKK  
>3 years  
mDKK  
Payables to group entities  
8
8
0
0
2025  
Total  
mDKK  
<1 year  
mDKK  
1-3 years  
mDKK  
>3 years  
mDKK  
Payables to group entities  
8
8
0
0
Sensitivity: Open  
29  
 
N O T E S  
Note 11. Contingent liabilities, provision of security and contractual obligations  
The company has furnished a guarantee of a total of DKK 600 million to a partner in the established  
joint venture, TN-Network P/S. The guarantee is related to the partnership agreement entered into  
and the network-rollout in the joint venture.  
Together with the other group companies comprised by the joint registration with respect to VAT,  
the company is jointly liable for the applicable VAT obligation at any time.  
The company is jointly and severally liable with the jointly taxed companies for the aggregate cor-  
poration tax.  
Note 12. Financial risk management  
Telenor’s treasury function is responsible for financial risk management including liquidity man-  
agement, interest rate risk, managing foreign exchange risk, credit risk and capital management. The  
activities in the treasury function are performed according to policies and procedures approved by  
the Board of Directors of Telenor Danmark Holding.  
2025  
2024  
mDKK  
mDKK  
Note 13. Working capital changes  
Changes in receivables  
-38  
35  
-12  
6
Changes in trade payables, payables to group entities, etc.  
-3  
-6  
Note 14. Reconciliation of interest-bearing liabilities  
Balance at 01.01.  
0
44  
Changes during the year:  
Interest payments  
0
0
1
5
Tax payments  
Payments from receivables  
Payments of borrowings  
Dividend payments received  
Dividend payments  
0
0
0
25  
-650  
650  
-650  
575  
Balance at 31.12.  
0
0
Sensitivity: Open  
30  
 
N O T E S  
Note 15. Shareholders  
The company is wholly owned by Telenor Mobile Holding AS, Norway.  
The company’s ultimate parent, which is also the only entity preparing consolidated financial state-  
ments in which the company is a subsidiary, is Telenor ASA, Snarøyveien 30, NO-1311 Fornebu,  
Norway.  
Link to Telenor Group’s consolidated financial statements for 2025:  
https://www.telenor.com/binaries/investors/reports-and-information/annual/annual-report-  
2025/Annual-Report-2025-English.pdf  
Note 16. Related parties  
The company’s related parties with control comprise the main shareholder, Telenor Mobile Holding  
A/S, Norway. Related parties are also considered to include all group enterprises and associates  
comprised by the company’s ultimate parent, Telenor ASA, Fornebu. Members of the Board of Di-  
rectors and the Executive Board are also considered to be related parties.  
In 2025, Telenor Danmark Holding A/S has had the following transactions and balances with relat-  
ed parties:  
Subsidiaries  
2025  
2024  
mDKK  
mDKK  
Dividend income  
Financial expenses  
650  
0
650  
1
Dividend distributed  
Receivables  
650  
92  
8
575  
21  
8
Liabilities other than provisions  
All transactions are made on an arm’s length basis.  
2025  
2024  
mDKK  
mDKK  
Salary and remuneration for members of management and key personnel.  
0
0
It has been proposed to distribute dividends to the parent, Telenor Mobile Holding AS, of 320  
mDKK (2024: 650 mDKK).  
Sensitivity: Open  
31  
 
N O T E S  
Note 17. Events after the balance sheet date  
No events have occurred after the balance sheet date which would affect the evaluation of this annu-  
al report.  
Note 18. Audit fee  
For information about the company’s expenses for audit fee and other services from the company  
auditor, please refer to the annual report of the company’s ultimate parent, Telenor ASA, Fornebu.  
Note 19. Approval of the annual report for publication  
At a board meeting held on 25 June 2026, the Board of Directors approved this annual report for  
publication. The annual report will be presented for approval of the shareholders of Telenor Dan-  
mark Holding A/S at the annual general meeting on 25 June 2026.  
Sensitivity: Open  
32