Københavns Lufthavne (KBHL) Q4 2025 earnings summary

Executive summary

• Achieved record passenger numbers in 2025, reaching 32.4 million, a 9% increase year-over-year, coinciding with the airport's centenary celebrations.

• Revenue grew 9% to DKK 5,521 million, with pre-tax profit up 21% to DKK 1,625 million compared to 2024.

• The Danish state acquired a 99.6% controlling stake in late 2025, appointing a new Board of Directors.

• Major investments focused on Terminal 3 expansion, security upgrades, and sustainability initiatives.

Financial highlights

• EBITDA increased 6% to DKK 2,740 million; EBIT rose 14% to DKK 1,839 million.

• Net profit for the year was DKK 1,243 million, up 20% from 2024.

• Aeronautical revenue grew 10% to DKK 3,361 million; non-aeronautical revenue rose 8% to DKK 2,160 million.

• Operating costs increased 6% due to higher activity and staff expansion.

• Free cash flow was DKK 1,487 million; capital investments reached DKK 2,157 million, up 45% year-over-year.

Outlook and guidance

• Passenger numbers expected to reach 35.5 million in 2026, with revenue projected to grow by 7%.

• Profit before tax forecasted between DKK 1.75 and 1.90 billion for 2026.

• Capital investments for 2026 anticipated at DKK 3.0 billion, mainly for Terminal 3 and capacity enhancements.