Swedavia (AIR) Q3 2025 earnings summary

Executive summary

• Passenger numbers increased 3.3% in Q3 and 1.2% year-to-date, with 9.7 million in Q3 and 25.2 million for the first nine months.

• Net revenue rose 6.0% in Q3 to SEK 1,800 M and 5.9% year-to-date to SEK 5,099 M, driven by higher passenger volumes and fee adjustments.

• Operating income improved to SEK 249 M in Q3 and SEK 292 M year-to-date, reflecting strong operational delivery and increased commercial revenue.

• Net income for Q3 was SEK 134 M, with year-to-date net income at SEK 53 M, a turnaround from a loss last year.

• Operational highlights include Arlanda Airport being named Europe's most punctual major airport and the successful introduction of the Entry/Exit System.

Financial highlights

• Q3 net revenue: SEK 1,800 M (up from SEK 1,698 M); operating income: SEK 249 M (up from SEK 229 M); net income: SEK 134 M (down slightly from SEK 137 M).

• Year-to-date net revenue: SEK 5,099 M (up from SEK 4,814 M); operating income: SEK 292 M (up from SEK 179 M); net income: SEK 53 M (up from SEK -11 M).

• Cash flow from operating activities: SEK 573 M in Q3 (up from SEK 425 M); SEK 703 M year-to-date (down from SEK 778 M).

• Investments: SEK 542 M in Q3; SEK 1,553 M year-to-date, mainly in terminal infrastructure at Arlanda.

Outlook and guidance

• Continued improvement in profit expected as demand for air travel rises and operational delivery remains strong.

• Ongoing investments in airport infrastructure and commercial spaces to support future growth.

• The company is preparing for a CEO transition by February 2026.