Københavns Lufthavne (KBHL) Q3 2024 earnings summary

Executive summary

• Passenger numbers rose to 22.8 million in the first nine months of 2024, up 2.5 million year-over-year, with strong growth in both local and transfer passengers.

• Revenue increased by 25% to DKK 3,825 million, driven by higher passenger numbers and a new charges agreement effective from January 2024.

• EBITDA grew by DKK 626 million to DKK 1,995 million, and EBIT more than doubled to DKK 1,266 million compared to the same period last year.

• Profit before tax reached DKK 1,055 million, up DKK 647 million year-over-year.

• Capital investments totaled DKK 1,032 million, focused on Terminal 3 expansion and facility improvements.

Financial highlights

• Aeronautical revenue rose 40% to DKK 2,327 million, while non-aeronautical revenue increased 7% to DKK 1,498 million year-over-year.

• EBITDA margin improved to 52.2% YTD 2024 from 44.7% YTD 2023.

• Net profit for the period was DKK 825 million, up from DKK 317 million in the prior year.

• Cash flow from operating activities increased by DKK 405 million to DKK 1,416 million.

• Cash and cash equivalents stood at DKK 87 million at period end.

Outlook and guidance

• Revenue for 2024 is expected to grow by around 24%, with passenger numbers projected at approximately 29.8 million.

• Profit before tax is forecasted between DKK 1.25 billion and DKK 1.40 billion, assuming passenger targets are met.

• Capital investments for 2024 are expected to reach DKK 1.4 billion, with about half allocated to Terminal 3 expansion.

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

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