Københavns Lufthavne (KBHL) Q2 2026 earnings summary

Executive summary

• Passenger numbers rose to 16.1 million in H1 2026, up 1.3 million year-over-year, with notable growth in arriving and transfer passengers.

• Revenue increased 9% to DKK 2,771 million, driven by higher passenger volumes.

• EBITDA grew by DKK 211 million to DKK 1,373 million, aided by revenue growth and a gain from the Smarter Airports divestment.

• Profit before tax reached DKK 851 million, up DKK 256 million year-over-year.

Financial highlights

• Aeronautical revenue rose 11% to DKK 1,721 million; non-aeronautical revenue increased 6% to DKK 1,050 million.

• EBITDA margin improved to 49.5% (YTD), up from 45.7% last year.

• Net financing costs decreased by DKK 25 million due to higher capitalised interest and lower borrowing costs.

• Net profit for H1 2026 was DKK 664 million, up from DKK 463 million in H1 2025.

• Capital investments totaled DKK 1,167 million, mainly for Terminal 3 expansion and security upgrades.

Outlook and guidance

• Full-year passenger forecast revised to 34.5 million (previously 35.5 million).

• Revenue growth expected at around 7% for 2026, supported by a favorable passenger mix.

• Profit before tax guidance raised to DKK 1.80–1.95 billion (previously DKK 1.75–1.90 billion), reflecting divestment gains.

• Capital investments for 2026 projected at DKK 3.0 billion, with major focus on Terminal 3 and capacity enhancements.