Swedavia (AIR) Q2 2026 earnings summary

Executive summary

• Passenger volume increased 2.7% in Q2 and 4.4% for H1 2026 year-over-year, driven by higher international travel and expanded route offerings.

• Net revenue rose 8.6% in Q2 and 9.7% for H1 2026 compared to last year, supported by fee adjustments and increased commercial sales per passenger.

• Operating income improved to SEK 222 M in Q2 (up SEK 43 M) and SEK 121 M for H1 (up SEK 78 M), but sustainable profitability remains a focus.

• Net income for Q2 was SEK 106 M (up from SEK 87 M), while H1 net income was SEK -36 M (improved from SEK -81 M).

• Investments totaled SEK 1,052 M in H1, mainly in terminal infrastructure at Stockholm Arlanda Airport.

Financial highlights

• Q2 net revenue: SEK 1,943 M (Q2 2025: SEK 1,789 M); H1 net revenue: SEK 3,617 M (H1 2025: SEK 3,299 M).

• Q2 operating income: SEK 222 M (Q2 2025: SEK 178 M); H1 operating income: SEK 121 M (H1 2025: SEK 43 M).

• Q2 net income: SEK 106 M (Q2 2025: SEK 87 M); H1 net income: SEK -36 M (H1 2025: SEK -81 M).

• Cash flow from operating activities: SEK 570 M in H1 (H1 2025: SEK 129 M).

• Investments: SEK 1,052 M in H1 (H1 2025: SEK 1,011 M).

Outlook and guidance

• Demand for air travel remains strong despite global uncertainties, but the outlook for autumn is uncertain and will depend on geopolitical and economic developments.

• Focus remains on increasing revenue, improving cost-effectiveness, and achieving sustainable profitability.