Copenhagen Airports, the operator of Kastrup Airport in Copenhagen, reported increases in both revenue and operating profit for the full year 2025 compared to the previous year. The board is proposing no dividend.

Revenue rose 8.9 percent to DKK 5,521 million (5,070).

Passenger numbers reached 32.4 million, surpassing the previous record of 30.3 million set in 2018. The airline SAS accounts for approximately 38 percent of traffic, following its decision to establish the airport as its global flight hub.

EBITDA amounted to DKK 2,740 million (2,576), with an EBITDA margin of 49.6 percent (50.8).

Operating profit reached DKK 1,839 million (1,609), with an operating margin of 33.3 percent (31.7).

Profit before tax was DKK 1,625 million (1,339).

Net profit for the year was DKK 1,243 million (1,040).

No ordinary dividend is proposed (25.48). The decision was made in light of planned future investments in capacity expansion.

Cash flow from operating activities amounted to DKK 2,314 million (1,915).

Guidance for 2026 forecasts revenue growth of approximately 7 percent and handling roughly 35.5 million passengers. Furthermore, profit before tax is expected to range between DKK 1.75-1.90 billion.

Capital expenditures are expected to increase to approximately DKK 3 billion, up from DKK 2 billion last year, driven in part by the expansion of Terminal 3.

"The expansion of Terminal 3 is one of the largest projects in the airport's history... We are expanding the terminal area by 60,000 square meters and renovating 11,000 square meters. Construction is on track for completion in 2027," says CEO Christian Poulsen.

Copenhagen Airports, MDKK20252024Change
Net revenue5,5215,0708.9%
EBITDA2,7402,5766.4%
EBITDA margin49.6%50.8%
Operating profit1,8391,60914.3%
Operating margin33.3%31.7%
Profit before tax1,6251,33921.4%
Net profit1,2431,04019.5%
Cash flow from operating activities2,3141,91520.8%
Ordinary dividend per share, DKK0.025.48