Tusass A/S Due Diligence

Run due diligence on Tusass A/S: check compliance and get alerts when suppliers or ownership change.

Greenland · owned by Government of Greenland (Naalakkersuisut) (Greenland) · tusass.gl · 15 vendors

Tusass is Greenland's national provider of telephony, internet, package delivery, and postal services, serving both private and business customers across the entire country. The company also operates coastal radio services and offers wholesale connectivity solutions. Formerly known as TELE Greenland, Tusass rebranded in 2021 and serves as a critical communications and logistics infrastructure provider for Greenlandic society.

Resilience scores

Technology vendors

Services catalogue

2 services in catalogue across 1 category; runs on 15 sub-vendors.

Insights

Last updated 2026-09-08 · revision 2

15 direct vendors, 187 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

8 in-scope frameworks identified; showing 3.

ISO 27001 (source) — No public evidence

Evidence: https://www.tusass.gl/inuit_pillugit_paasissutissanut_politikki/, https://www.tusass.gl/en/privacy_policy/, https://www.tusass.gl/en/infrastructure/

Greenlandic Telecommunications Regulation — No public evidence

Evidence: https://www.tusass.gl/en/coastal-radio/, https://www.tusass.gl/en/infrastructure/, https://www.tusass.gl/en/wholesale/, https://www.tusass.gl/en/letters-stamps/

ISAE 3000 (source) — No public evidence

Evidence: https://www.tusass.gl/en/sustainability/, https://www.tusass.gl/en/organization/

Financials

Three-year financials

Financial Resilience Score: 9/10

Tusass A/S demonstrates exceptional financial resilience, underpinned by a fortress balance sheet, monopoly-like market position, and full state ownership by the Government of Greenland. The company holds a solvency ratio of 75.7%, negative net interest-bearing debt of DKK -401m (i.e., substantial net cash), no bank debt at year-end 2025, and an unused DKK 200m committed credit facility with SEB, Nykredit, and GrønlandsBANKEN. Long-term debt is negligible at DKK 9.2m. Equity has grown consistently for five consecutive years to DKK 1.43B. Profitability has expanded dramatically despite flat top-line revenue: EBIT rose from DKK 114.3m (2021) to DKK 178.6m (2025), a 56% increase, with EBIT margin expanding from 14.5% to 22.2%. This was driven by disciplined cost control and a 15% workforce reduction. The company beat its own pre-tax profit guidance in 2025 and has maintained a consistent DKK 87.6m annual dividend to its state owner from 2021-2024. Key resilience supports include a regulatory moat (sole national telecom operator with statutory supply obligation and letter concession), implicit sovereign backing from Greenland's Self-Government, and secured external funding including a DKK 255m EU grant (Nov 2025) for a redundant submarine cable and access to up to DKK 3B in Danish defense settlement funds for a Denmark-Greenland cable. Risks include small addressable market (~57,000 residents), declining legacy postal volumes (-15% letters in 2025), a heavy 2025-2030 capex cycle that may require external financing from 2027, deteriorating NPS scores across all customer segments in 2025, and infrastructure vulnerability given only two international submarine cables.

Key strengths: Solvency ratio of 75.7% with negative net interest-bearing debt (DKK -401m net cash), 100% state ownership by Government of Greenland providing implicit sovereign backing, Monopoly-like position as sole national telecom operator with statutory supply obligation, EBIT margin expansion from 14.5% (2021) to 22.2% (2025) via cost discipline, Unused DKK 200m committed bank credit facility, DKK 255m EU grant secured in Nov 2025 for redundant submarine cable, Consistent dividend track record (DKK 87.6m/year 2021-2024), Five consecutive years of equity growth to DKK 1.43B, ISAE 3402 Type 2 cybersecurity certification achieved in 2025

Risk factors: Small, concentrated market of ~57,000 Greenland residents limiting organic growth, Declining legacy postal business (letter volume -15% in 2025), Heavy 2025-2030 capex cycle (DKK 261m in 2025 vs 104m in 2024) may require external financing from 2027, Deteriorating customer satisfaction (NPS declines across private, business, and postal segments in 2025), Infrastructure vulnerability with only two international submarine cables exposed to climate/icing risks, Cybersecurity threats to critical national infrastructure, Labor shortage and difficulty recruiting technical staff in shrinking, ageing population, Regulatory/political risk if concession framework changes to open market to competitors, 24% employee turnover in 2025, 2026 guidance signals EBITDA decline to ~DKK 292m from DKK 340m

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Revenue by product/service

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