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DKT Holdings ApS: Interim Financial Report Q1 2022

  • TDC Holding group’s revenue increased by 1.0% in Q1 2022 as compared to Q1 2021 (Q1 YoY). Revenue development was positively impacted by a high growth in revenue from mobility services.​
  • Gross profit decreased by 1.3% Q1 YoY, related to landline voice and 3rd party costs.​
  • Operating expenses decreased by 0.6% Q1 YoY, which reflects cost savings across TDC Holding, TDC NET and Nuuday in e.g. support functions.​
  • EBITDA decreased by 1.8% Q1 YoY and totalled DKK 1.604m in the first quarter. The development was triggered by declines in gross profit in other services, internet & network and landline voice that were somewhat offset by cost savings.​
  • Capital expenditure totalled DKK 935m in Q1, which is a decrease of 7.6% compared to Q1 2021. The decrease partially reflects lower expenditure on coax following the end of the DOCSIS 3.1-upgrade. TDC Holding group’s high investment level reflects the ambition to roll-out fiber to connect Denmark and support Nuuday’s digitalisation. ​
  • The net proceeds from TDC NET’s term facilities have been upstreamed to TDC Holding to prepay its EUR 1.9bn term loan B and amounts drawn under its EUR 845m RCFs. The EUR 500m ETMN ’22 was redeemed at maturity in March 2022.

TDC NET highlights for 2022 Q1

  • Revenue stabilisation (-0.2% Q1 YoY) as lower revenue from legacy products was offset by increase in revenue from high-speed broadband and mobility services​.
  • TDC NET’s EBITDA totalled DKK 1,162m, up by 0.7% Q1 YoY, mainly due to improvement in operating expenses by 3.2% Q1 YoY despite higher electricity prices.​
  • Capital expenses of DKK 781m in Q1 (11.3% Q1 YoY) as a result of continued investment in IT and fibre​
      • TDC NET rolled out 20k fibre homes passed in Q1, which is more than last year (17k) due to a mild winter​​
  • Danish Technological Institute has awarded TDC NET again as the best mobile network in Denmark 7th time in a row and remains the only company in the country with a nationwide and fully operational 5G network​.
  • TDC NET has entered a new secured infrastructure financing of DKK ~25bn to stand-alone finance TDC NET as part of the separation of TDC Group​.
  • In Q1, TDC NET connected to the first solar park as part of the power purchasing agreement. During 2022 more solar parks will be activated so more than 60% of TDC NETs annual electricity consumption will be covered by solar energy.

Nuuday highlights for 2022 Q1

  • Nuuday service revenue grew by 2% Q1 YoY driven by a 6% increase in mobility service revenue across business and consumer segments, offsetting declining revenue from mature services.
  • Gross profit decreased by 4% Q1 YoY partly driven by increasing 3rd party costs and the ongoing migration from DSL to fibre.
  • Nuuday decreased operating expenses in Q1 YoY by 2%.
  • EBITDA decreased by 6% Q1 YoY driven by the gross profit margin pressure as well as investments in customer experience and early stages of our business transformation.
  • Capex increase by 1% Q1 YoY as Nuuday started to invest in its business transformation programme, which will intensify throughout 2022.
  • Nuuday continued to deliver on its strategy with stable customer performances in key strategic products of mobile and high-speed broadband.
  • The consumer mobile subscriber base grew by 2.000 RGUs, while seeing a modest customer loss in fixed broadband of 1.000 RGUs. This marks a significant improvement over recent quarters in core consumer market segments.
  • The overall B2B RGUs base continued to grow, led by mobile voice.
  • Nuuday enjoyed strong sales on third party fibre networks across all brands, thanks to our market-leading range of deals with utility providers. This was fuelled by further market opening with YouSee and TDC Erhverv gaining access to Thy-Mors Energi network.
  • Nuuday strengthened the market-leading entertainment position by making Disney+ available to YouSee Bland Selv and Telmore Play customers, while we launched widely appraised new content within the YouSee Originals framework.
  • Nuuday also strengthened the market-leading 5G offering by including 5G in all One+ business mobile subscriptions while doubling the amount of data included in all business subscriptions.  

Conference call details

A conference call will be held on 06 May 2022 at 13:30 CET.

Presentation material will be available prior to the conference call on

Dial-in details: +45 32 72 51 67 - Meeting ID: 866 999 305#


For investor enquiries: +45 66 63 76 80

TDC tickers

Reuters TDC.CO.
Bloomberg TDC DC.


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