Københavns Lufthavne (KBHL) Q1 2025 earnings summary

Executive summary

• Passenger numbers reached 6.2 million in Q1 2025, up 0.4 million year-over-year, with growth in both local and transfer passengers.

• Revenue increased 4% to DKK 1,075 million, driven by higher passenger volumes.

• EBITDA declined 7% to DKK 383 million due to increased staffing and preparation for summer operations.

• Profit before tax rose 6% to DKK 104 million, aided by lower net financing costs.

• Capital investments totaled DKK 350 million, focused on Terminal 3 expansion and security upgrades.

Financial highlights

• Revenue: DKK 1,075 million (+4% year-over-year); EBITDA: DKK 383 million (-7%); EBIT: DKK 161 million (-5%).

• Net profit: DKK 80 million (Q1 2024: DKK 76 million); comprehensive income: DKK 107 million.

• Cash flow from operating activities: DKK 249 million (+DKK 96 million year-over-year).

• Cash at period end: DKK 72 million, unchanged from Q1 2024.

Outlook and guidance

• Full-year 2025 passenger numbers expected at ~32 million; revenue growth forecast at ~8%.

• Profit before tax for 2025 projected between DKK 1.45 and 1.65 billion.

• Capital investments for 2025 expected at DKK 2.3 billion, with half allocated to Terminal 3 and security projects.

• Economic and geopolitical uncertainties could impact travel demand and financial results.