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Københavns Lufthavne (KBHL) investor relations material
Københavns Lufthavne Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record passenger numbers in 2025, reaching 32.4 million, a 9% increase year-over-year, coinciding with the airport's centenary celebrations.
Revenue grew 9% to DKK 5,521 million, with pre-tax profit up 21% to DKK 1,625 million compared to 2024.
The Danish state acquired a 99.6% controlling stake in late 2025, appointing a new Board of Directors.
Major investments focused on Terminal 3 expansion, security upgrades, and sustainability initiatives.
Financial highlights
EBITDA increased 6% to DKK 2,740 million; EBIT rose 14% to DKK 1,839 million.
Net profit for the year was DKK 1,243 million, up 20% from 2024.
Aeronautical revenue grew 10% to DKK 3,361 million; non-aeronautical revenue rose 8% to DKK 2,160 million.
Operating costs increased 6% due to higher activity and staff expansion.
Free cash flow was DKK 1,487 million; capital investments reached DKK 2,157 million, up 45% year-over-year.
Outlook and guidance
Passenger numbers expected to reach 35.5 million in 2026, with revenue projected to grow by 7%.
Profit before tax forecasted between DKK 1.75 and 1.90 billion for 2026.
Capital investments for 2026 anticipated at DKK 3.0 billion, mainly for Terminal 3 and capacity enhancements.
- Strong passenger and revenue growth drove higher profits and major infrastructure investment.KBHL
Q3 202512 Nov 2025 - Profit before tax rose 21% on strong passenger growth; Danish State to acquire controlling stake.KBHL
Q2 202527 Aug 2025 - Profit before tax surged 159% year-over-year on strong passenger and revenue growth.KBHL
Q3 202413 Jun 2025 - Profit and margins surged on higher passenger volumes and new charges, with robust 2024 outlook.KBHL
Q2 202413 Jun 2025 - Record passenger growth and strong financials in 2024; Danish State to take majority stake.KBHL
Q4 20249 Jun 2025 - Q1 2025 saw higher passenger numbers and revenue, but lower EBITDA amid rising costs.KBHL
Q1 20256 Jun 2025
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