Københavns Lufthavne (KBHL) Q4 2024 earnings summary

Executive summary

• Achieved record passenger numbers in 2024, with 29.9 million travelers, up 12% year-over-year, surpassing forecasts and requiring upward adjustment of expectations during the year.

• Revenue rose 25% to DKK 5,070 million, driven by a new charges agreement and higher passenger volumes; pre-tax profit increased to DKK 1,339 million.

• Major investments continued, notably in Terminal 3 expansion and security upgrades, totaling DKK 1,487 million.

• The Danish State announced plans to acquire a 98.6% stake, citing the airport's critical infrastructure role; transaction expected to close in 2025.

• Sustainability remains central, with a target of net zero emissions (scope 1 and 2) by 2030 and full value chain net zero by 2050.

Financial highlights

• Revenue: DKK 5,070 million (+25% vs. 2023); EBITDA: DKK 2,576 million (+53%); EBIT: DKK 1,609 million (+137%).

• Net profit: DKK 1,040 million (up from DKK 286 million in 2023); EPS: DKK 132.5 per DKK 100 share.

• Investments: DKK 1,487 million, mainly in Terminal 3 and security; free cash flow: DKK 821 million.

• Equity ratio improved to 27.4% (from 22.2%); return on equity rose to 26.5%.

• No dividend paid in 2024 due to lender agreements; a DKK 200 million dividend proposed for 2025.

Outlook and guidance

• Passenger numbers expected to reach 32 million in 2025; revenue growth forecast at ~8%.

• Profit before tax projected between DKK 1.45–1.65 billion; capital investments expected at DKK 2.3 billion, with half allocated to Terminal 3 and security projects.