Københavns Lufthavne (KBHL) Q2 2025 earnings summary

Executive summary

• Passenger numbers rose to 14.9 million in H1 2025, up 1.1 million year-over-year, with strong growth in both local and transfer passengers.

• Revenue increased 8% to DKK 2,541 million, driven by higher passenger volumes and increased charges effective April 2025.

• EBITDA grew to DKK 1,162 million, up DKK 40 million, while EBIT rose 12% to DKK 710 million.

• Profit before tax improved by DKK 104 million to DKK 595 million.

• Capital investments reached DKK 838 million, focused on Terminal 3 expansion, security, and new stands.

Financial highlights

• Aeronautical revenue up 9% to DKK 1,548 million; non-aeronautical revenue up 7% to DKK 993 million.

• Net financing costs decreased by DKK 30 million due to lower interest rates and reduced debt.

• Net profit for H1 2025 was DKK 463 million, up from DKK 385 million in H1 2024.

• Cash flow from operating activities increased by DKK 127 million to DKK 831 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 forecasted between DKK 1.45 and 1.65 billion.

• Capital investments for 2025 expected at DKK 2.3 billion, with major focus on Terminal 3 and security upgrades.