Københavns Lufthavne (KBHL) Q2 2024 earnings summary

Executive summary

• Passenger numbers rose 12% year-over-year to 13.8 million in H1 2024, with strong growth in both local and transfer passengers.

• Revenue increased 24% to DKK 2,355 million, driven by a new charges agreement and higher passenger volumes.

• Profit before tax surged to DKK 491 million from DKK 108 million in H1 2023, reflecting improved operational performance.

• EBITDA grew 50% year-over-year to DKK 1,122 million, and EBIT rose 161% to DKK 636 million.

• Capital investments reached DKK 690 million, focused on Terminal 3 expansion and infrastructure upgrades.

Financial highlights

• Aeronautical revenue up 40% to DKK 1,426 million; non-aeronautical revenue up 6% to DKK 929 million year-over-year.

• Net profit for H1 2024 was DKK 385 million, up from DKK 83 million in H1 2023.

• Cash flow from operating activities increased by DKK 250 million to DKK 704 million.

• Interest-bearing debt stood at DKK 9,595 million at 30 June 2024.

• Equity increased to DKK 3,860 million from DKK 3,372 million a year earlier.

Outlook and guidance

• Revenue growth for 2024 expected at around 20%, with passenger numbers forecast at approximately 29 million.

• Profit before tax for 2024 projected between DKK 1.15 billion and DKK 1.35 billion, assuming passenger targets are met.

• Capital investments for 2024 expected to total around DKK 1.5 billion, with Terminal 3 expansion as the largest project.

• No dividend will be declared in 2024 due to financing agreement restrictions.