Swedavia (AIR) Q1 2026 earnings summary

Executive summary

• Passenger numbers rose 6.6% year-over-year to 7.1 million in Q1 2026, driven by increased demand and new routes, including China Eastern's investment at Stockholm Arlanda Airport.

• Net revenue increased 10.9% to SEK 1,674 M, with operating income improving to SEK -101 M from SEK -136 M in Q1 2025.

• Customer satisfaction among passengers improved, with the index rising from 82 to 83.

• Commercial revenue per departing passenger increased to SEK 110.6 from SEK 107.1.

Financial highlights

• Net revenue: SEK 1,674 M (up from SEK 1,510 M year-over-year).

• Operating income: SEK -101 M (improved from SEK -136 M year-over-year).

• Net income: SEK -142 M (improved from SEK -168 M year-over-year).

• Operating margin: -6.0% (up from -9.0% year-over-year).

• Cash flow from operating activities: SEK 152 M (down from SEK 191 M year-over-year).

• Investments: SEK 344 M (up from SEK 336 M year-over-year).

Outlook and guidance

• Continued focus on expanding routes and destinations, with new connections to Asia.

• Ongoing commitment to sustainability, including procurement of sustainable aviation fuel and launch of a new green bond framework.

• Monitoring geopolitical risks, especially in the Middle East, and maintaining dialogue with stakeholders.