Cash flow Københavns Lufthavne A/S

Equities

KBHL

DK0010201102

Airport Services

Delayed Nasdaq Copenhagen Other stock markets 06:52:00 2026-03-17 am EDT			5-day change	1st Jan Change
6,440.00 ^DKK	+0.62%		+2.88%	-6.12%

Mar. 13	Copenhagen Airports hits passenger record - scraps dividend	FW
Mar. 13	Københavns Lufthavne A/S Reports Earnings Results for the Full Year Ended December 31, 2025	CI

4dc6928eb5cbb415c5a9fdac.1_KpHeNW2yuKfx5SF3olSu1yLA7VMWkI0pb1aXoXCX0.uJ7YT9QUmE-8LXkoOg9iLYgRa2flUCNQk6WfGxheSFCRiPNZ1WaIeeQNJg

Published financial data: KØBENHAVNS LUFTHAVNE A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	1.76B	3.53B	4.06B	5.07B	5.52B
Total Revenues	1.76B	3.53B	4.06B	5.07B	5.52B
Cost of Goods Sold, Total	1.1B	1.44B	1.66B	1.78B	1.98B
Gross Profit	664M	2.1B	2.4B	3.29B	3.54B
Selling General & Admin Expenses, Total	424M	710M	718M	718M	807M
Depreciation & Amortization - (IS)	1.01B	984M	1.01B	967M	901M
Other Operating Expenses	-	-	-2M	-2M	-3M
Other Operating Expenses, Total	1.44B	1.69B	1.72B	1.68B	1.7B
Operating Income	-772M	402M	676M	1.61B	1.84B
Interest Expense, Total	-141M	-150M	-263M	-246M	-188M
Interest And Investment Income	-	8M	5M	5M	4M
Net Interest Expenses	-141M	-142M	-258M	-241M	-184M
Income (Loss) On Equity Invest.	-4.1M	3M	-9M	-13M	-15M
Currency Exchange Gains (Loss)	2.9M	2M	4M	0	0
Other Non Operating Income (Expenses)	-18.5M	-20M	-18M	-16M	-15M
EBT, Excl. Unusual Items	-932M	245M	395M	1.34B	1.62B
Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	5.8M	12M	3M	-	-
Other Unusual Items	260M	-	-	-	-
EBT, Incl. Unusual Items	-666M	257M	398M	1.34B	1.62B
Income Tax Expense	-149M	50M	112M	299M	382M
Earnings From Continuing Operations	-517M	207M	286M	1.04B	1.24B
Net Income to Company	-517M	207M	286M	1.04B	1.24B
Minority Interest	-9.6M	-16M	-22M	-24M	-28M
Net Income - (IS)	-527M	191M	264M	1.02B	1.22B
Net Income to Common Incl Extra Items	-527M	191M	264M	1.02B	1.22B
Net Income to Common Excl. Extra Items	-527M	191M	264M	1.02B	1.22B
Per Share Items
Net EPS - Basic	-67.14	24.34	33.64	129.46	154.82
Basic EPS - Continuing Operations	-67.14	24.34	33.64	129.46	154.82
Basic Weighted Average Shares Outstanding	7.85M	7.85M	7.85M	7.85M	7.85M
Net EPS - Diluted	-67.14	24.34	33.64	129.46	154.82
Diluted EPS - Continuing Operations	-67.14	24.34	33.64	129.46	154.82
Diluted Weighted Average Shares Outstanding	7.85M	7.85M	7.85M	7.85M	7.85M
Normalized Basic EPS	-75.47	17.47	28.65	103.58	125.84
Normalized Diluted EPS	-75.47	17.47	28.65	103.58	125.84
Dividend Per Share	-	-	-	25.48	-
Payout Ratio	-	30.89	28.79	4.63	16.46
Supplemental Items
EBITDA	143M	1.32B	1.62B	2.52B	2.69B
EBITA	-772M	402M	676M	1.61B	1.84B
EBIT	-772M	402M	676M	1.61B	1.84B
Total Revenues (As Reported)	1.76B	3.53B	4.06B	5.07B	5.52B
Effective Tax Rate - (Ratio)	22.39	19.46	28.14	22.33	23.51
Total Current Taxes	3.4M	25M	51M	295M	392M
Total Deferred Taxes	-152M	22M	31M	4M	-10M
Normalized Net Income	-592M	137M	225M	813M	988M
Interest Capitalized	32.3M	27M	60M	97M	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	78.1M	97M	42M	48M	54M
Total Cash And Short Term Investments	78.1M	97M	42M	48M	54M
Accounts Receivable, Total	449M	295M	389M	435M	517M
Other Receivables	32.2M	85M	107M	64M	71M
Total Receivables	481M	380M	496M	499M	588M
Prepaid Expenses	106M	46M	44M	129M	127M
Other Current Assets, Total	-	199M	-	-	-
Total Current Assets	665M	722M	582M	676M	769M
Gross Property Plant And Equipment	24.7B	25.14B	25.14B	25.9B	27.67B
Accumulated Depreciation	-10.48B	-10.94B	-10.58B	-10.85B	-11.46B
Net Property Plant And Equipment	14.21B	14.2B	14.56B	15.06B	16.21B
Long-term Investments	126M	129M	120M	107M	110M
Other Intangibles, Total	222M	220M	262M	276M	375M
Other Long-Term Assets, Total	143M	-	-	-	-
Total Assets	15.37B	15.27B	15.52B	16.12B	17.47B
Liabilities
Accounts Payable, Total	339M	485M	661M	693M	1.03B
Accrued Expenses, Total	218M	211M	229M	-	-
Short-term Borrowings	16M	38M	57M	188M	74M
Current Portion of Long-Term Debt	202M	5.64B	350M	1.64B	3.1B
Current Income Taxes Payable	500K	-	-	98M	236M
Unearned Revenue Current, Total	214M	297M	298M	216M	189M
Other Current Liabilities	65M	63M	72M	244M	240M
Total Current Liabilities	1.05B	6.73B	1.67B	3.08B	4.87B
Long-Term Debt	10.26B	4.24B	9.4B	7.35B	5.89B
Deferred Tax Liability Non Current	704M	808M	857M	950M	999M
Other Non Current Liabilities	155M	156M	158M	322M	204M
Total Liabilities	12.17B	11.93B	12.08B	11.7B	11.96B
Common Stock, Total	785M	785M	785M	785M	785M
Retained Earnings	1.73B	1.92B	2.18B	3.2B	4.21B
Comprehensive Income and Other	-800K	-8M	-114M	-129M	-35M
Total Common Equity	2.51B	2.7B	2.85B	3.85B	4.96B
Minority Interest	683M	640M	586M	563M	548M
Total Equity	3.2B	3.34B	3.44B	4.42B	5.51B
Total Liabilities And Equity	15.37B	15.27B	15.52B	16.12B	17.47B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	7.85M	7.85M	7.85M	7.85M	7.85M
ECS Total Common Shares Outstanding	7.85M	7.85M	7.85M	7.85M	7.85M
Book Value / Share	320.41	343.65	363.4	490.95	632
Tangible Book Value	2.29B	2.48B	2.59B	3.58B	4.58B
Tangible Book Value Per Share	292.12	315.62	330.02	455.78	584.22
Total Debt	10.48B	9.91B	9.81B	9.18B	9.06B
Net Debt	10.4B	9.82B	9.76B	9.13B	9B
Minority Interest, Total (Incl. Fin. Div)	683M	640M	586M	563M	548M
Equity Method Investments, Total	126M	129M	120M	107M	110M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	10.17B	10.4B	10.09B	10.08B	10.16B
Machinery, Total	12.29B	12.31B	10.99B	10.84B	11.53B
Full Time Employees	1.99K	2.45K	2.55K	2.67K	-
Part Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	37M	19M	27M	40M	42M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-527M	191M	264M	1.02B	1.22B
Depreciation & Amortization - CF	915M	913M	946M	909M	847M
Depreciation & Amortization, Total	915M	913M	946M	909M	847M
Amortization of Deferred Charges, Total - (CF)	97M	71M	60M	58M	54M
Other Operating Activities, Total	-615M	477M	91M	-68M	198M
Cash from Operations	-130M	1.65B	1.36B	1.92B	2.31B
Capital Expenditure	-571M	-881M	-1.24B	-1.3B	-1.81B
Sale of Property, Plant, and Equipment	2.8M	4M	3M	2M	3M
Sale (Purchase) of Intangible assets	-9.6M	-67M	-102M	-73M	-153M
Investment in Marketable and Equity Securities, Total	-55M	-	-	-	-3M
Cash from Investing	-633M	-944M	-1.34B	-1.37B	-1.96B
Short Term Debt Issued, Total	176M	346M	566M	1.2B	1.29B
Long-Term Debt Issued, Total	4.53B	2.02B	6.12B	-	1.65B
Total Debt Issued	4.71B	2.37B	6.69B	1.2B	2.94B
Short Term Debt Repaid, Total	-160M	-324M	-547M	-1.34B	-2.7B
Long-Term Debt Repaid, Total	-3.75B	-2.67B	-6.15B	-351M	-346M
Total Debt Repaid	-3.91B	-3B	-6.69B	-1.69B	-3.04B
Common Dividends Paid	-	-59M	-76M	-47M	-200M
Common & Preferred Stock Dividends Paid	-	-59M	-76M	-47M	-200M
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-	-	-	-	-43M
Cash from Financing	799M	-689M	-79M	-537M	-345M
Net Change in Cash	36.3M	19M	-55M	6M	6M
Supplemental Items
Cash Interest Paid	168M	169M	389M	342M	339M
Cash Income Tax Paid (Refund)	400K	1M	-	83M	221M
Levered Free Cash Flow	-679M	376M	213M	348M	330M
Unlevered Free Cash Flow	-591M	469M	378M	502M	447M
Change In Net Working Capital	540M	-182M	-289M	97M	-360M
Net Debt Issued / Repaid	799M	-630M	-3M	-490M	-102M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-3.25	1.64	2.74	6.36	6.85
Return on Total Capital	-3.72	1.87	3.19	7.54	8.16
Return On Equity %	-17.66	6.34	8.44	26.48	25.05
Return on Common Equity	-20.37	7.33	9.52	30.31	27.57
Margin Analysis
Gross Profit Margin %	37.7	59.34	59.05	64.93	64.19
SG&A Margin	24.06	20.1	17.68	14.16	14.62
EBITDA Margin %	8.14	37.23	39.94	49.66	48.65
EBITA Margin %	-43.82	11.38	16.65	31.74	33.31
EBIT Margin %	-43.82	11.38	16.65	31.74	33.31
Income From Continuing Operations Margin %	-29.38	5.86	7.04	20.51	22.51
Net Income Margin %	-29.92	5.41	6.5	20.04	22.01
Net Avail. For Common Margin %	-29.92	5.41	6.5	20.04	22.01
Normalized Net Income Margin	-33.64	3.88	5.54	16.03	17.89
Levered Free Cash Flow Margin	-38.57	10.63	5.25	6.86	5.97
Unlevered Free Cash Flow Margin	-33.57	13.29	9.3	9.89	8.1
Asset Turnover
Asset Turnover	0.12	0.23	0.26	0.32	0.33
Fixed Assets Turnover	0.13	0.25	0.28	0.34	0.35
Receivables Turnover (Average Receivables)	5.82	9.49	11.87	12.46	11.6
Short Term Liquidity
Current Ratio	0.63	0.11	0.35	0.22	0.16
Quick Ratio	0.53	0.07	0.32	0.18	0.13
Operating Cash Flow to Current Liabilities	-0.12	0.25	0.82	0.62	0.48
Days Sales Outstanding (Average Receivables)	62.71	38.44	30.74	29.38	31.47
Average Days Payable Outstanding	124.17	104.72	125.76	139.36	159.33
Long Term Solvency
Total Debt/Equity	327.58	297.09	285.25	207.79	164.45
Total Debt / Total Capital	76.61	74.82	74.04	67.51	62.19
LT Debt/Equity	320.77	127	273.41	166.49	106.9
Long-Term Debt / Total Capital	75.02	31.98	70.97	54.09	40.42
Total Liabilities / Total Assets	79.19	78.15	77.85	72.6	68.47
EBIT / Interest Expense	-5.48	2.68	2.57	6.54	9.78
EBITDA / Interest Expense	1.02	8.77	6.17	10.24	14.29
(EBITDA - Capex) / Interest Expense	-3.04	2.89	1.46	4.95	4.66
Total Debt / EBITDA	73.1	7.54	6.05	3.64	3.37
Net Debt / EBITDA	72.56	7.47	6.02	3.63	3.35
Total Debt / (EBITDA - Capex)	-24.49	22.84	25.54	7.54	10.34
Net Debt / (EBITDA - Capex)	-24.31	22.62	25.43	7.5	10.28
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.75	100.57	14.98	24.85	8.9
Gross Profit, 1 Yr. Growth %	92.43	215.66	14.41	37.28	7.65
EBITDA, 1 Yr. Growth %	-38.5	819.58	22.51	54.95	6.67
EBITA, 1 Yr. Growth %	36.37	-152.07	64.48	136.97	14.29
EBIT, 1 Yr. Growth %	36.37	-152.07	64.48	136.97	14.29
Earnings From Cont. Operations, 1 Yr. Growth %	-18.93	-140.04	38.16	263.64	19.52
Net Income, 1 Yr. Growth %	-17.43	-136.24	38.22	284.85	19.59
Normalized Net Income, 1 Yr. Growth %	39.34	-123.14	57.53	258.49	21.5
Diluted EPS Before Extra, 1 Yr. Growth %	-17.43	-136.24	38.22	284.85	19.59
Accounts Receivable, 1 Yr. Growth %	186.65	-34.3	31.86	14.78	18.85
Net Property, Plant and Equip., 1 Yr. Growth %	4.85	-0.08	2.51	3.44	7.68
Total Assets, 1 Yr. Growth %	7.63	-0.63	1.63	3.9	8.39
Tangible Book Value, 1 Yr. Growth %	-2.43	8.02	4.56	38.11	28.18
Common Equity, 1 Yr. Growth %	-5.43	7.24	5.75	35.1	28.73
Cash From Operations, 1 Yr. Growth %	-170.84	-1.37K	-17.62	40.71	20.84
Capital Expenditures, 1 Yr. Growth %	-60.4	54.29	40.52	5.09	39.12
Levered Free Cash Flow, 1 Yr. Growth %	-33.98	-155.19	-44.08	61.8	-5.17
Unlevered Free Cash Flow, 1 Yr. Growth %	-38.66	-179.22	-20.51	32.22	-10.81
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-36.34	49.72	51.86	19.81	16.6
Gross Profit, 2 Yr. CAGR %	-52.27	146.48	90.04	25.32	21.57
EBITDA, 2 Yr. CAGR %	-74.65	137.57	236.79	37.91	28.57
EBITA, 2 Yr. CAGR %	-26.98	-15.72	-6.42	97.86	64.57
EBIT, 2 Yr. CAGR %	-26.98	-15.72	-6.42	97.86	64.57
Earnings From Cont. Operations, 2 Yr. CAGR %	-28.8	-43.04	-25.62	124.15	108.47
Net Income, 2 Yr. CAGR %	-28.14	-45.29	-29.22	130.64	114.53
Normalized Net Income, 2 Yr. CAGR %	-14.9	-43.2	-38.39	138.63	108.7
Diluted EPS Before Extra, 2 Yr. CAGR %	-28.14	-45.29	-29.22	130.64	114.53
Accounts Receivable, 2 Yr. CAGR %	2.41	37.29	-6.92	21.43	16.8
Net Property, Plant and Equip., 2 Yr. CAGR %	4.58	2.35	1.2	2.97	5.54
Total Assets, 2 Yr. CAGR %	4.23	3.42	0.49	2.73	6.12
Tangible Book Value, 2 Yr. CAGR %	-10.58	2.68	6.28	20.17	33.05
Common Equity, 2 Yr. CAGR %	-12.15	0.71	6.49	19.53	31.88
Cash From Operations, 2 Yr. CAGR %	-72.96	200.37	223.56	7.67	30.39
Capital Expenditures, 2 Yr. CAGR %	-47.23	-21.83	47.25	21.52	20.91
Levered Free Cash Flow, 2 Yr. CAGR %	-0.92	-39.58	-44.03	-4.46	23.87
Unlevered Free Cash Flow, 2 Yr. CAGR %	-1.05	-30.22	-20.17	2.78	8.59
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-26.56	-6.68	37.1	42.26	16.06
Gross Profit, 3 Yr. CAGR %	-40.18	-10.4	90.84	70.52	19.13
EBITDA, 3 Yr. CAGR %	-60.98	-16.14	90.94	160.16	26.59
EBITA, 3 Yr. CAGR %	-21.84	-34.75	6.1	27.74	64.78
EBIT, 3 Yr. CAGR %	-21.84	-34.75	6.1	27.74	64.78
Earnings From Cont. Operations, 3 Yr. CAGR %	-22.36	-41.24	-23.47	26.24	81.76
Net Income, 3 Yr. CAGR %	-21.88	-42.79	-25.49	24.46	85.29
Normalized Net Income, 3 Yr. CAGR %	-13.2	-44.86	-19.12	11.12	90.55
Diluted EPS Before Extra, 3 Yr. CAGR %	-21.88	-42.79	-25.49	24.46	85.29
Accounts Receivable, 3 Yr. CAGR %	-1.78	-11.65	35.46	-1.05	20.57
Net Property, Plant and Equip., 3 Yr. CAGR %	6.62	3	2.4	1.94	4.52
Total Assets, 3 Yr. CAGR %	5.82	2.58	2.82	1.59	4.58
Tangible Book Value, 3 Yr. CAGR %	-4.48	-4.76	3.3	15.98	22.78
Common Equity, 3 Yr. CAGR %	-6.6	-6.11	2.36	15.28	22.52
Cash From Operations, 3 Yr. CAGR %	-59.69	-2.34	95.16	145.14	11.89
Capital Expenditures, 3 Yr. CAGR %	-29.36	-24.54	-4.95	31.59	27.13
Levered Free Cash Flow, 3 Yr. CAGR %	21.85	-18.43	-40.83	-20.04	-4.7
Unlevered Free Cash Flow, 3 Yr. CAGR %	7.21	-8.06	-26.83	-5.39	-1.97
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-16.82	-4.47	-1.79	3.13	28.5
Gross Profit, 5 Yr. CAGR %	-26.63	-7.63	-5.01	2.47	59.34
EBITDA, 5 Yr. CAGR %	-43.07	-12.09	-7.62	2.46	63.06
EBITA, 5 Yr. CAGR %	-15.66	-26.28	-16	2.14	26.58
EBIT, 5 Yr. CAGR %	-15.66	-26.28	-16	2.14	26.58
Earnings From Cont. Operations, 5 Yr. CAGR %	-16.3	-30.6	-23.69	0.38	14.27
Net Income, 5 Yr. CAGR %	-15.99	-31.7	-24.9	-0.08	13.75
Normalized Net Income, 5 Yr. CAGR %	-10.27	-33.28	-24.32	-0.12	18.37
Diluted EPS Before Extra, 5 Yr. CAGR %	-15.99	-31.7	-24.9	-0.08	13.75
Accounts Receivable, 5 Yr. CAGR %	3.85	-7.15	-3.85	0.34	27
Net Property, Plant and Equip., 5 Yr. CAGR %	7.72	6.06	4.42	2.99	3.64
Total Assets, 5 Yr. CAGR %	6.51	5.67	3.66	2.64	4.11
Tangible Book Value, 5 Yr. CAGR %	-1.99	-1.74	-0.31	4.52	14.31
Common Equity, 5 Yr. CAGR %	-3.71	-3.07	-1.57	3.41	13.28
Cash From Operations, 5 Yr. CAGR %	-41.94	-4.05	-7.22	1.55	66.09
Capital Expenditures, 5 Yr. CAGR %	-9.74	-8.88	-5.24	-8.7	4.65
Levered Free Cash Flow, 5 Yr. CAGR %	0.1	1.8	-10.71	-12.85	-20.35
Unlevered Free Cash Flow, 5 Yr. CAGR %	-5.57	0.44	-4.68	-3.64	-14.23
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-3.39	-