Københavns Lufthavne (KBHL) Q3 2026 earnings summary

Executive summary

• Passenger volume reached 26.1m in 9M 2026, up 1.6m YoY; revenue rose 9% to DKK 4,515m and profit before tax rose 27% to DKK 1,595m.

• Higher passenger activity and the Smarter Airports divestment supported EBITDA growth; full-year revenue and profit-before-tax guidance was maintained, while capex guidance was reduced.

Financial highlights

• 9M EBITDA was DKK 2,372m, up DKK 277m YoY; EBIT was DKK 1,711m, up DKK 286m, and net profit was DKK 1,244m versus DKK 981m.

• Q3 revenue was DKK 1,745m, EBITDA DKK 1,000m, EBIT DKK 776m and profit before tax DKK 744m; net profit was DKK 580m.

• Operating costs including D&A rose DKK 211m to DKK 2,941m, mainly from higher activity; staff costs increased DKK 154m and external costs DKK 66m, while D&A decreased DKK 9m.

• Net financing costs fell DKK 40m to DKK 116m, primarily from higher capitalised interest on construction assets and lower average borrowing costs.

Outlook and guidance

• FY 2026 passenger volume is projected at ~34.5m, with revenue growth guidance maintained at ~7%.

• FY profit before tax is expected at DKK 1.80–1.95bn, based on projected passenger volume of ~34.5m.

• FY capital investment guidance was reduced to ~DKK 2.8bn including capitalised interest, from ~DKK 3.0bn, reflecting postponements into 2027.

• Terminal 3 expansion and aircraft-stand capacity are expected to represent close to half of FY investment; the remainder is for capacity, safety, security and compliance projects.