Københavns Lufthavne (KBHL) Q1 2026 earnings summary

Executive summary

• Passenger numbers rose to 7.0 million in Q1 2026, up 0.9 million year-over-year, with strong growth in both local and transfer passengers.

• Revenue increased by 12% to DKK 1,200 million, driven by higher passenger volumes.

• EBITDA grew 19% to DKK 456 million, while EBIT rose 48% to DKK 237 million, reflecting improved operational performance.

• Profit before tax nearly doubled to DKK 196 million, supported by lower net financing costs.

• Capital investments reached DKK 554 million, focused on Terminal 3 expansion and new security facilities.

Financial highlights

• Revenue: DKK 1,200 million (up 12% year-over-year).

• EBITDA: DKK 456 million (up 19%).

• EBIT: DKK 237 million (up 48%).

• Net profit: DKK 153 million (up 91%).

• Cash flow from operating activities: DKK 188 million.

• Investments in property, plant, and equipment: DKK 522 million.

Outlook and guidance

• Full-year 2026 passenger numbers expected at 35.5 million, with revenue growth of around 7%.

• Profit before tax forecasted between DKK 1.75 and 1.90 billion.

• Capital investments for 2026 projected at DKK 3.0 billion, with major focus on Terminal 3 and capacity enhancements.

• Outlook subject to geopolitical and macroeconomic uncertainties.