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Københavns Lufthavne (KBHL) investor relations material
Københavns Lufthavne Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Passenger numbers rose to 24.5 million in the first nine months of 2025, up 1.7 million year-over-year, with notable growth in both local and transfer passengers.
Revenue increased by 9% to DKK 4,153 million, driven by higher passenger volumes and indexation of charges from April 2025.
EBITDA reached DKK 2,095 million, up DKK 100 million, while EBIT rose by DKK 159 million to DKK 1,425 million year-over-year.
Profit before tax improved by DKK 205 million to DKK 1,260 million, supported by lower net financing costs.
Capital investments totaled DKK 1,361 million, focusing on Terminal 3 expansion, security upgrades, and new stands.
Financial highlights
Revenue for YTD 2025: DKK 4,153 million (up 9% year-over-year).
EBITDA margin for YTD: 50.5%; EBIT margin: 34.3%.
Net profit for YTD: DKK 981 million (up from DKK 825 million in 2024).
Cash flow from operating activities: DKK 1,645 million (up DKK 229 million year-over-year).
Interest-bearing debt decreased to DKK 8,987 million from DKK 9,288 million.
Outlook and guidance
Full-year 2025 passenger numbers expected at approximately 32 million.
Revenue growth for 2025 projected at around 8%.
Profit before tax guidance narrowed to DKK 1.60–1.65 billion.
Capital investments for 2025 expected at DKK 2.1 billion, with half allocated to Terminal 3 and security projects.
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