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 expanded routes, including new China Eastern flights to Shanghai starting June.

• Net revenue increased 10.9% to 1,674 MSEK, with improved commercial income per departing passenger and higher aviation business revenues.

• Operating result improved to -101 MSEK from -136 MSEK year-over-year, reflecting higher revenues and cost control despite increased staffing and energy costs.

• Customer satisfaction index for travelers rose from 82 to 83, and commercial revenue per departing passenger increased from 107 to 110.6 SEK.

Financial highlights

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

• Operating result: -101 MSEK (improved from -136 MSEK year-over-year).

• Net result: -142 MSEK (improved from -168 MSEK year-over-year).

• Cash flow from operations: 152 MSEK (down from 191 MSEK year-over-year).

• Investments: 344 MSEK (up from 336 MSEK year-over-year), mainly in terminal infrastructure at Stockholm Arlanda.

Outlook and guidance

• Continued focus on expanding route network and commercial offerings to drive revenue growth.

• Ongoing monitoring of geopolitical risks, especially in the Middle East, and their potential impact on air traffic and costs.

• Commitment to sustainability, including annual procurement of sustainable aviation fuel and new green bond framework.