TDC NET Due Diligence

Run due diligence on TDC NET: check compliance and get alerts when suppliers change.

Denmark · tdcnet.dk · 40 vendors

TDC NET is a Danish connectivity provider that builds, owns, and operates digital infrastructure, including fiber and 5G networks, across Denmark. The company provides stable, high-capacity, and future-ready networks that are open to all service providers for internet, TV, and telephone services. It is the largest and most experienced provider of digital infrastructure in Denmark.

Resilience scores

Digital Sovereignty: 3
Digital Resilience: 7
Financial Resilience: 6

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Services catalogue

7 services in catalogue across 3 categories; runs on 40 sub-vendors.

DNS Hosting
Internet Service Provider
Fiber

Insights

Last updated 2026-09-13 · revision 11

40 direct vendors, 325 subvendors

Direct vendors by controlling owner country (sample)

Luxembourg: 1
China: 1
Denmark: 6

Subvendors by controlling owner country (sample)

Netherlands: 7
Israel: 1
Latvia: 1

Compliance

12 in-scope frameworks identified; showing 3.

Financials

Three-year financials

2025: revenue DKK 6.34B, EBIT DKK 1.42B, equity DKK 2.22B
2024: revenue DKK 6.46B, EBIT DKK 1.88B, equity DKK 2.28B
2023: revenue DKK 6.46B, EBIT DKK 1.69B, equity DKK 1.87B

Financial Resilience Score: 6/10

TDC NET exhibits a dual profile of operational strength and financial leverage risk. The company benefits from a dominant infrastructure position in Denmark, with 91% residential broadband coverage and 99.7% 5G population coverage, generating exceptionally high and stable EBITDA margins (~72.8%). This translates into strong, predictable cash generation supported by a long-term wholesale contract with sister company Nuuday A/S. The company holds investment-grade credit ratings (Fitch BBB- stable) and has demonstrated access to capital markets with EUR 3bn of sustainability-linked EMTN bonds outstanding plus undrawn RCF of EUR 350m. However, financial resilience is tempered by elevated leverage at 5.41x NIBD/EBITDA (adjusted 5.72x), close to a covenant trigger of 6.75x. Revenue has drifted downward ~5% cumulatively from 2021 to 2025 as legacy copper/landline/TV declines outpace fibre and mobile growth. The company reported a net loss of DKK 58m in 2025 versus a DKK 411m profit in 2024, with negative equity free cash flow of DKK -412m reflecting continued heavy CAPEX. Concentration risk is significant, with ~82% of revenue from related parties (primarily Nuuday). Cost discipline via a 19% FTE reduction in 2025 has preserved EBITDA margins, and the pending Macquarie 100% ownership transition provides a supportive infrastructure-focused capital sponsor.

Key strengths: Dominant Danish digital infrastructure position with 91% residential broadband coverage, Exceptional EBITDA margin of ~72.8%, stable across multiple years, Investment-grade credit rating (Fitch BBB- stable), Long-term wholesale contract with Nuuday (8-year initial + 7-year phase-out), EUR 3bn sustainability-linked EMTN bond platform plus undrawn EUR 350m RCF, Strong cost discipline: OPEX -3.0%, personnel -7.2%, FTE -19% in 2025, Fibre revenue growth of +23% YoY in 2025, Macquarie Asset Management moving to 100% indirect ownership

Risk factors: High leverage: NIBD/EBITDA at 5.41x (adjusted 5.72x), covenant trigger at 6.75x, Revenue declining -1.7% in 2025; ~5% cumulative decline since 2021, Net loss of DKK 58m in 2025 vs. DKK 411m profit in 2024, Negative equity free cash flow of DKK -412m in 2025, Concentration risk: ~82% of revenue from related parties, primarily Nuuday A/S, Regulatory exposure to Danish price regulation on fixed-line services, Sustainability-linked bond step-up risk if emissions targets missed, CFCS-mandated DWDM network supplier replacement by Jan 1, 2027 (potential expropriation), Legacy copper/landline/TV revenues eroding faster than fibre + mobile growth, Ownership transition to 100% MAM introduces governance uncertainty

Revenue by geography

Denmark: 100%

Revenue by product/service

Mobile services: 44%
Internet & network: 37%
TV and other services: 14%
Landline voice: 5%

Workforce by country

Denmark: 2193

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