Københavns Lufthavne (KBHL) Q4 2025 earnings summary
Event summary combining transcript, slides, and related documents.
Q4 2025 earnings summary
13 Mar, 2026Executive 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.
Latest events from Københavns Lufthavne
- Strong passenger and revenue growth drove higher profits and major infrastructure investment.KBHL
Q3 202512 Nov 2025 - Profit before tax rose 21% on strong passenger growth; Danish State to acquire controlling stake.KBHL
Q2 202527 Aug 2025 - Profit before tax surged 159% year-over-year on strong passenger and revenue growth.KBHL
Q3 202413 Jun 2025 - Profit and margins surged on higher passenger volumes and new charges, with robust 2024 outlook.KBHL
Q2 202413 Jun 2025 - Record passenger growth and strong financials in 2024; Danish State to take majority stake.KBHL
Q4 20249 Jun 2025 - Q1 2025 saw higher passenger numbers and revenue, but lower EBITDA amid rising costs.KBHL
Q1 20256 Jun 2025