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Swedavia (AIR) investor relations material
Swedavia Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Second quarter saw 8.9 million passengers, up 0.8% year-over-year, with international travel rising and domestic travel showing regional differences.
Net revenue increased 6.9% to SEK 1,789 M in Q2, driven by higher international demand, adjusted airport charges, and improved commercial offerings.
Operating income improved to SEK 178 M in Q2, up SEK 11 M from last year; adjusted operating income rose SEK 58 M.
Passenger satisfaction and punctuality improved, with 97.6% clearing security in under 10 minutes and on-time departures at 84%.
Investments in infrastructure and sustainability continued, with new routes and commercial spaces enhancing competitiveness.
Financial highlights
Q2 net revenue: SEK 1,789 M (Q2 2024: SEK 1,674 M); H1 net revenue: SEK 3,299 M (H1 2024: SEK 3,117 M).
Q2 operating income: SEK 178 M (Q2 2024: SEK 167 M); H1 operating income: SEK 43 M (H1 2024: SEK -50 M).
Q2 net income: SEK 87 M (Q2 2024: SEK 67 M); H1 net income: SEK -81 M (H1 2024: SEK -148 M).
Cash flow from operating activities in Q2: SEK -62 M (Q2 2024: SEK 297 M), impacted by SEK 494 M restructuring aid repayment.
H1 investments: SEK 1,011 M (H1 2024: SEK 792 M), mainly in terminal infrastructure at Arlanda.
Outlook and guidance
Long-term air travel forecast updated to 2.9% annual growth, slightly higher than previous estimates due to improved GDP expectations and lower green transition costs.
Abolition of aviation tax expected to support future traffic growth.
Management remains cautious due to global economic slowdown, geopolitical risks, and potential trade disruptions.
Next Swedavia earnings date

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