Københavns Lufthavne (KBHL) Q3 2025 earnings summary

Executive summary

• Passenger numbers rose to 24.5 million in the first nine months of 2025, up 1.7 million year-over-year, with notable growth in both local and transfer passengers.

• Revenue increased by 9% to DKK 4,153 million, driven by higher passenger volumes and indexation of charges from April 2025.

• EBITDA reached DKK 2,095 million, up DKK 100 million, while EBIT rose by DKK 159 million to DKK 1,425 million year-over-year.

• Profit before tax improved by DKK 205 million to DKK 1,260 million, supported by lower net financing costs.

• Capital investments totaled DKK 1,361 million, focusing on Terminal 3 expansion, security upgrades, and new stands.

Financial highlights

• Revenue for YTD 2025: DKK 4,153 million (up 9% year-over-year).

• EBITDA margin for YTD: 50.5%; EBIT margin: 34.3%.

• Net profit for YTD: DKK 981 million (up from DKK 825 million in 2024).

• Cash flow from operating activities: DKK 1,645 million (up DKK 229 million year-over-year).

• Interest-bearing debt decreased to DKK 8,987 million from DKK 9,288 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 guidance narrowed to DKK 1.60–1.65 billion.

• Capital investments for 2025 expected at DKK 2.1 billion, with half allocated to Terminal 3 and security projects.