A First North company must publish a financial calendar on its website before the financial year begins. The calendar must show the dates of the annual report, the half-year report and the annual general meeting.
The financial calendar is one of the few things a First North company must have in place before its financial year even begins. With a calendar financial year, your 2027 calendar must be on your website by 31 December 2026.
It is a requirement in Nasdaq's rulebook, but it is also your most important planning tool. The dates drive the reporting work, the board meetings, the annual general meeting and when management can trade shares.
This guide covers Nasdaq First North Growth Market Denmark and Danish company law.
In short
- The financial calendar must be published on your website before the financial year begins.
- It must include the dates of your financial reports and the annual general meeting.
- Moving a date at short notice requires a company announcement.
- The dates also set management's closed periods under MAR.
What the rules require
Under the rulebook, the company must publish a calendar with the dates on which it expects to publish its financial reports, and the date of the annual general meeting. The calendar must be published before each financial year begins (Rulebook, 4.5).
The calendar must be on the website. If you move a date, update the calendar as soon as possible. If the change falls within two weeks of the original or the new date, the new date must also be published in a company announcement, ideally with the reason. All dates stay in the calendar for the rest of the year (Rulebook, 4.5).
Which dates to include
| Date | Required or optional | Deadline |
|---|---|---|
| Annual report | Required | No later than 4 months after the end of the financial year (Supplement D, 4.3.4) |
| Annual general meeting | Required | Early enough for the approved annual report to reach the Danish Business Authority within its deadline (Danish Companies Act § 88) |
| Half-year report | Required | No later than 3 months after the end of the period (Supplement D, 4.3.5) |
| Quarterly reports or updates | Optional | If you choose to publish them, the same deadline and disclosure rules apply (Supplement D, 4.3.2) |
Many companies also add dates that are not required, such as a capital markets day or the deadline for shareholder proposals to the general meeting. That makes the calendar more useful to investors. Just remember that every date you put in the calendar must be kept, or changed under the rules above.
How to work out the dates
Here is an example for a company with a calendar financial year. The dates are chosen for the example. Yours depend on your audit, board meetings and the rest of your calendar.
| Event | Example 2027 | How the date was set |
|---|---|---|
| Annual report 2026 | Tuesday 23 March | The deadline is 30 April. Easter falls on 25 to 29 March in 2027, so the report comes before it. |
| Deadline for shareholder proposals | Thursday 11 March | 6 weeks before the general meeting (Danish Companies Act § 90(2)) |
| Notice of the general meeting | Between 25 March and 8 April | No earlier than 4 and no later than 2 weeks before (§ 94), unless the articles of association require more |
| Annual general meeting | Thursday 22 April | After the annual report and well before the Danish Business Authority deadline of 30 June |
| Half-year report 2027 | Thursday 26 August | The deadline is 30 September |
Companies on the main market must publish the date of the general meeting and the deadline for shareholder proposals at least 8 weeks in advance (§ 90(3)). That does not apply to First North companies, but a financial calendar that already shows the date gives shareholders the same chance to submit proposals in time.
The calendar also governs management trading
Persons discharging managerial responsibilities may not trade in the company's shares during the 30 calendar days before the publication of a half-year or annual report (MAR Article 19(11)). With the dates in the example, that means closed periods from around 21 February until the annual report, and from around 27 July until the half-year report.
If you move a report date, the closed period moves with it. That is one more reason to fix the dates early.
Five practical tips
- Avoid public holidays. Nasdaq Copenhagen is closed on Danish public holidays, and a report nobody reads is a wasted day.
- Do not plan for the deadline. A date a few weeks before the deadline gives you room if the audit runs late.
- Work backwards. From the report date back to the board meeting, audit and proofreading. Our annual report guide has a month-by-month timeline.
- Use the same weekday. Fixed weekdays and times make it easier for investors and analysts to follow you.
- Keep the calendar visible. Give it a fixed place on your IR website so investors do not have to look for it.
Checklist
- Dates for the annual report, half-year report and general meeting set
- Any quarterly reports and capital markets days added, if you plan to hold them
- Dates agreed with your auditor, board and Certified Adviser
- Public holidays and vacations checked
- Calendar published on your website before the financial year begins
- Management informed about the closed periods
- A routine for changes: updated calendar, and a company announcement for changes within two weeks
We help First North companies plan their reporting year and deliver their reports on time. Read more about our investor relations work.
Sources
- Nasdaq: First North MTF Rules (opens in a new tab) (always lists the rulebook currently in force)
- Nasdaq First North Growth Market Rulebook for Issuers of Shares, 1 October 2026 (opens in a new tab), the version this article is based on (section 4.5 and Supplement D)
- Danish Companies Act, chapter 6 on general meetings (opens in a new tab) (in Danish; §§ 88, 90 and 94)
- Market Abuse Regulation (EU) No 596/2014 (opens in a new tab), Article 19(11)
About this article: The content is general information, not legal, accounting or other professional advice. It reflects the rules as they stood when it was published on 22 October 2026, and rules and practice may have changed since. Venari Digital cannot be held liable for decisions made on the basis of this content. Always consult your Certified Adviser, auditor or legal adviser before acting.