XCSE:KBHL ESEF Annual Report
KØBENHAVNS LUFTHAVNE A/S (XCSE:KBHL)
ESEF Annual Report
2025-09-17
For: 2025-06-30
View Original
Added on
September 22, 2026
Interim report – 1 January – 30 June 2010
Copenhagen Airports A/S Page 1 of 20
7w
Interim report of Copenhagen Airports A/S
1 January – 30 June 2025
Company Announcement
Kastrup, 27 August 2025
P.O. Box 74
Contact:
Rasmus Lund
CFO
Tel.: +45 3231 3231
E-mail: [email protected]
www.cph.dk
CVR no. 14 70 72 04
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 2 of 20
CONTENTS
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 JUNE 2025 ........................................................................................................................... 3
Highlights ....................................................................................................................................................... 3
Outlook for 2025 ............................................................................................................................................. 4
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS ................................................................................... 5
MANAGEMENT’S FINANCIAL REVIEW ........................................................................................................... 6
Performance – YTD 2025 .............................................................................................................................. 6
Other items in the income statement ............................................................................................................. 7
Cash flow statement....................................................................................................................................... 7
Reporting on business areas ......................................................................................................................... 8
Aeronautical business area ............................................................................................................................ 9
Non-aeronautical business area .................................................................................................................. 10
Risks and uncertainties ................................................................................................................................ 11
CONSOLIDATED FINANCIAL STATEMENTS ............................................................................................... 12
Income statement ......................................................................................................................................... 12
Statement of comprehensive income ........................................................................................................... 13
Balance sheet .............................................................................................................................................. 14
Cash flow statement..................................................................................................................................... 16
Statement of changes in equity .................................................................................................................... 17
Notes to the financial statements ................................................................................................................. 18
MANAGEMENT’S STATEMENT ON THE INTERIM REPORT ...................................................................... 20
The terms “CPH”, “the Group” and “the Company” are used synonymously for Copenhagen Airports A/S consolidated with its subsidiaries
and associates.
The term “Copenhagen Airport” is used to refer to the airport at Copenhagen, Kastrup, which is owned by Copenhagen Airports A/S.
The term “YTD” is used to refer to year-to-date figures, and the term “FY” is used to refer to full-year figures.
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 3 of 20
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 JUNE 2025
The Board of Directors has today approved the interim report for the period 1 January – 30 June 2025.
HIGHLIGHTS
The total number of passengers at Copenhagen Airport was 14.9 million in the first six months of 2025,
an increase of 1.1 million compared with the same period last year. The number of locally departing
passengers was 5.8 million (up 4% compared to last year), 7.5 million were arriving passengers (up
8% compared to last year), and 1.6 million were departing transfer passengers (up 23% compared to
last year).
Revenue amounted to DKK 2,541 million (2024: DKK 2,355 million), an increase of 8% compared with
the first six months of 2024, driven by the higher passenger numbers and the increase in charges,
which took effect on 1 April 2025.
EBITDA amounted to DKK 1,162 million (2024: DKK 1,122 million), an increase of DKK 40 million
compared with the same period last year. The increase in revenue was partly offset by higher costs
due to the higher activity level.
EBIT was DKK 710 million (2024: DKK 636 million), an increase of DKK 74 million compared with the
same period last year.
Net financing costs amounted to DKK 109 million (2024: DKK 139 million), which was DKK 30 million
lower than in the same period of 2024, primarily due to lower interest rate levels and lower total debt.
Profit before tax amounted to DKK 595 million (2024: DKK 491 million), an increase of DKK 104 million.
Capital investments including capitalised interest were DKK 838 million in the first six months of 2025
(2024: DKK 690 million). Investments included the expansion of Terminal 3, new security facilities and
new stands.
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 4 of 20
OUTLOOK FOR 2025
The outlook for 2025 remains unchanged compared with the announcement in the 2024 Annual Report. In
2025, CPH expects to continue its growth in passengers, leading to higher profitability. However, the economic
outlook is uncertain due to the geopolitical and macroeconomic environment. A deterioration in these factors
could negatively affect the appetite for travel and hence CPH’s financial expectations.
Expectations for growth in revenue
Based on current knowledge of passenger growth, management expects total passenger numbers to be
approximately 32 million for full-year 2025. Based on this, revenue growth expectation for full-year 2025 is
around 8%.
Expectations for profit before tax
Based on the expected passenger numbers of 32 million, profit before tax for full-year 2025 is expected to be
between DKK 1.45 and DKK 1.65 billion.
Expectations for capital investments
The expectation for capital investments is around DKK 2.3 billion, including capitalised interest. The expansion
of Terminal 3 and new security scanners are expected to account for approximately half of the investment level
for 2025, with the remaining covering projects relating to capacity, safety, security and compliance.
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 5 of 20
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS
Q2 2025 Q2 2024 YTD 2025 YTD 2024 FY 2024
Income statement (DKKm)
Revenue 1,466 1,320 2,541 2,355 5,070
Aeronautical revenue 916 817 1,548 1,426 3,068
Non-aeronautical revenue 550 503 993 929 2,002
EBITDA 779 710 1,162 1,122 2,576
Aeronautical EBITDA 379 323 464 421 1,114
Non-aeronautical EBITDA 400 387 698 701 1,462
EBIT 549 467 710 636 1,609
Aeronautical EBIT 210 148 133 71 405
Non-aeronautical EBIT 339 319 577 565 1,204
Net financing costs 56 71 109 139 257
Profit before tax 491 393 595 491 1,339
Net profit 383 309 463 385 1,040
Statement of comprehensive income (DKKm)
Other comprehensive income (7) 26 20 55 (15)
Comprehensive income 376 335 483 440 1,025
Balance sheet (DKKm)
Property, plant and equipment 15,387 14,766 15,387 14,766 15,056
Financial investments 122 114 122 114 107
Total assets 16,589 15,918 16,589 15,918 16,115
Equity 4,677 3,860 4,677 3,860 4,416
Non-controlling interests of equity 553 579 553 579 563
Interest-bearing debt 9,293 9,595 9,293 9,595 9,176
Investment in property, plant and equipment 451 405 757 666 1,414
Investment in intangible assets 38 - 81 24 73
Cash flow statement (DKKm)
Cash flow from operating activities 582 552 831 704 1,915
Cash flow from investing activities (431) (268) (729) (596) (1,372)
Cash flow from financing activities (178) (292) (105) (86) (537)
Cash at the end of the period 45 64
45 64 48
Key ratios
EBITDA margin 53.1% 53.8% 45.7% 47.6% 50.8%
EBIT margin 37.5% 35.4% 27.9% 27.0% 31.7%
Asset turnover rate 0.36 0.34 0.31 0.30 0.32
Return on assets 13.5% 11.9% 8.8% 8.2% 10.3%
Return on equity 33.3% 33.4% 20.3% 21.1% 26.5%
Equity ratio 28.2% 24.2% 28.2% 24.2% 27.4%
Earnings per DKK 100 share 48.7 39.4 58.9 49.1 132.5
Cash earnings per DKK 100 share 78.0 70.4 116.6 111.0 255.8
Net asset value per DKK 100 share 596.0 491.8 596.0 491.8 562.7
NOPAT margin 29.1% 27.7% 21.5% 21.0% 24.4%
Turnover rate of capital employed 0.10 0.09 0.09 0.08 0.09
ROCE* 11.4% 7.5% 11.4% 7.5% 11.2%
* ROCE is calculated based on reported EBIT for the last four quarters.
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 6 of 20
MANAGEMENT’S FINANCIAL REVIEW
PERFORMANCE – YTD 2025
Passenger numbers for the first six months of 2025
reached a total of 14.9 million, which was an
increase of 1.1 million on the same period of 2024.
Revenue for the first six months of 2025 amounted
to DKK 2,541 million, an 8% increase compared
with the same period of 2024.
Aeronautical revenue amounted to DKK 1,548
million, an increase of DKK 122 million or 9%
compared with the first six months of 2024. This
was mainly due to the increasing passenger
numbers and the increase in charges, which took
effect on 1 April 2025.
Non-aeronautical revenue increased by DKK 64
million to DKK 993 million, a 7% improvement on
the same period of 2024 driven by the increasing
passenger numbers.
Operating costs including depreciation and
amortisation charges amounted to DKK 1,833
million, an increase of DKK 112 million compared
with last year that was mainly due to higher activity
levels. Staff costs increased by DKK 114 million
primarily due to an increase of 232 full-time
employees. The increase in full-time employees
was mainly driven by the higher activity levels and
to prepare for the summer programme. External
costs were up by DKK 32 million compared with the
same period last year due to the increased activity
levels. Depreciation and amortisation charges
were down DKK 34 million mainly due to lower
write-offs on assets in 2025 compared with the
same period of 2024.
EBITDA amounted to DKK 1,162 million, an
increase of DKK 40 million compared with the first
six months of 2024.
Net financing costs amounted to DKK 109 million,
a decrease of DKK 30 million, which was primarily
due to lower interest rate levels and lower total debt
relative to last year.
Profit before tax amounted to DKK 595 million, an
improvement of DKK 104 million compared with the
first six months of 2024.
DKKm 2025 2024 Ch. Ch. % 2025 2024 Ch. Ch. %
Revenue 1,466 1,320 146 11% 2,541 2,355 186 8%
EBITDA 779 710 69 10% 1,162 1,122 40 4%
EBIT 549 467 82 18% 710 636 74 12%
Other financial items (2) (3) 1 (34%) (6) (6) (0) 4%
Net financing costs 56 71 (15) (21%) 109 139 (30) (22%)
Profit before tax 491 393 98 25% 595 491 104 21%
Q2 Year to date
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 7 of 20
OTHER ITEMS IN THE INCOME
STATEMENT
Net financing costs
Net financing costs were DKK 30 million lower than
in the same period of 2024.
The development was mainly attributable to lower
interest rate levels and lower total debt.
Tax on profit for the period
Tax on profit for the period is recognised based on
a current estimate of actual taxes for the period.
CASH FLOW STATEMENT
Cash flow from operating activities increased by
DKK 127 million relative to the same period last
year, primarily due to higher net cash inflows from
the increased revenue driven by higher passenger
numbers.
Cash flow from investing activities was primarily
related to investments in property, plant and
equipment and intangible assets.
Major investments made during the first six months
of 2025 included the expansion of Terminal 3, new
security facilities and new stands.
Cash flow from financing activities, relating to paid
dividends and amortisation of loans partly offset by
net proceeds on credit facilities, decreased by DKK
19 million compared with the same period last year.
As of 30 June 2025, CPH had cash and cash
equivalents of DKK 45 million (30 June 2024: DKK
64 million).
DKKm 2025 2024 Ch.
Interest 154 174 (20)
Capitalised interest on
assets under construction
(56) (44) (12)
Other financial costs
11 9 2
Total 109 139 (30)
Year to date
DKKm 2025 2024 Ch.
Cash flow from:
Operating activities 831 704 127
Investing activities (729) (596) (133)
Financing activities (105) (86) (19)
Net cash flow for the period (3) 22 (25)
Cash at the beginning
of the year
48 42 6
Cash at the end of
the period 45 64 (19)
Year to date
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 8 of 20
REPORTING ON BUSINESS AREAS
CPH presents its operating and financial
performance for the period based on business
areas.
CPH’s income statement, statement of
comprehensive income, balance sheet, cash flow
statement, statement of changes in equity and
notes to the financial statements for the period 1
January – 30 June 2025 are provided on pages 12-
19.
Revenue and EBIT split by business area (YTD)
DKKm 2025 2024 Ch. Ch. % 2025 2024 Ch. Ch. %
Aeronautical 1,548 1,426 122 9% 133 71 62 86%
Non-aeronautical 993 929 64 7% 577 565 12 2%
Total 2,541 2,355 186 8% 710 636 74 12%
Revenue EBIT
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 9 of 20
AERONAUTICAL BUSINESS AREA
Passengers (pax)
A total of 14.9 million passengers passed through
Copenhagen Airport during the first six months of
2025, equivalent to an increase of 1.1 million
passengers, or 8%, compared with the same period
of 2024. European destinations accounted for most
of the increase with 0.8 million passengers or 7%
growth compared with 2024. The rest of the increase
was driven by domestic and intercontinental routes.
The total number of departing passengers was 7.4
million (up 7% compared with the same period last
year), of which 5.8 million were locally departing
passengers (4% up compared to last year), and 1.6
million were departing transfer and transit
passengers (23% up on the same period last year).
Locally departing passengers accounted for 78% of
all departing passengers (2024: 81%), while transfer
and transit passengers accounted for 22% (2024:
19%). The total number of arriving passengers was
7.5 million (8% up compared to last year).
Compared with 2024, total seat capacity increased
by 7% in the first six months of 2025, the number of
passenger-related operations increased by 6%, and
the average cabin factor (occupancy) increased by
1% to 76%.
Revenue
In 2023, CPH negotiated a new commercial charges
agreement for the period 2024 to 2027. The new
charges agreement contained restructured take-off,
passenger and security charges with annual
indexation of prices and aeronautical revenue. The
2025 indexation for charges took effect on 1 April
2025.
An increase in passenger numbers and number of
flight operations during the first six months of 2025
resulted in total aeronautical revenue increasing by
DKK 122 million, or 9%, on the same period last year
to a total of DKK 1,548 million.
Passenger, security, and handling charges
increased by DKK 101 million on the same period of
last year to DKK 1,262 million, primarily driven by the
increase in passenger numbers and the indexation
of charges from 1 April 2025.
Take-off charges amounted to DKK 262 million, an
increase of 10% compared with the same period last
year, primarily driven by an increase in the number
of flight operations. Passenger-related operations
increased by 6%, while cargo operations decreased
by 7%.
EBIT
Aeronautical EBIT for the first six months of 2025
amounted to DKK 133 million, an increase of DKK 62
million compared with the same period of 2024. The
positive impact of higher revenue and lower
depreciation charges was offset by higher staff costs.
FY
DKKm 2025 2024 Ch. Ch. % 2025 2024 Ch. Ch. % 2024
Revenue 916 817 99 12% 1,548 1,426 122 9% 3,068
EBIT
210 148 62 42% 133 71 62 86% 405
Segment assets 10,641 10,154 487 5% 10,344
Q2 Year to date
Pax (thousand) 2025 2024 Ch. Ch. %
Total pax 14,857 13,805 1,052 8%
Denmark 607 568 39 7%
Europe 12,467 11,648 819 7%
Intercontinental 1,783 1,589 194 12%
Total departing pax
14,251 13,237 1,013 8%
Local
5,762 5,559 203 4%
Transfer/transit
1,634 1,325 309 23%
Year to date
DKKm 2025 2024 Ch. Ch. %
Passenger charges 714 637 77 12%
Security charges 400 383 17 4%
Handling 148 141 7 5%
Take-off charges 262 239 23 10%
Aircraft parking, etc. 24 26 (2) (6%)
Total 1,548 1,426 122 9%
Year to date
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 10 of 20
NON-AERONAUTICAL BUSINESS AREA
Revenue
Concession revenue
Concession revenue from the shopping centre
amounted to DKK 415 million for the first six
months of 2025, an increase of DKK 24 million
compared with the same period last year. The
improvement was primarily driven by the increase
in passenger numbers.
Other revenue amounted to DKK 26 million, a
decrease of DKK 3 million compared with last year.
Parking revenue
Parking revenue for the first six months of 2025
was up by DKK 19 million compared with last year.
Rent
Total rent amounted to DKK 107 million, which was
an increase of DKK 3 million compared with the
same period last year.
Sales of services, etc.
Revenue from the hotel operation increased by
DKK 2 million compared with last year.
Revenue from the category Other was up by DKK
19 million compared with last year. Other includes
PRM (Persons with Reduced Mobility), TMS (Taxi
Management System) and CPH leaseholders’
share of energy costs, which are all non-profit
activities for CPH. The costs of these activities are
carried by CPH and re-invoiced to customers. The
increase was primarily driven by higher PRM
invoicing, resulting from both a rise in passenger
numbers and a greater proportion of passengers
using the services, along with increased charges
from Falck, the service provider.
EBIT
Non-aeronautical EBIT increased by DKK 12
million to DKK 577 million compared with the same
period last year. The positive impact of higher
revenue and lower depreciation charges was partly
offset by higher external costs and staff costs.
FY
DKKm 2025 2024 Ch. Ch. % 2025 2024 Ch. Ch. % 2024
Revenue 550 503 47 9% 993 929 64 7% 2,002
EBIT
339 319 20 6% 577 565 12 2% 1,204
Segment assets 5,781 5,562 219 4% 5,616
Investments in associates 121 114 7 6% 107
Q2 Year to date
DKKm 2025 2024 Ch. Ch. %
Shopping centre 415 391 24 6%
Other revenue 26 29 (3) (9%)
Total 441 420 21 5%
Year to date
DKK million
2025 2024
Ch. Ch. %
Car parking
215 196 19 9%
Total
215 196 19 9%
Year to date
DKKm 2025 2024 Ch. Ch. %
Rent from premises 73 72 1 2%
Rent from land 29 28 1 3%
Other rent 5 4 1 21%
Total 107 104 3 3%
Year to date
DKKm 2025 2024 Ch. Ch. %
Hotel operation 59 57 2 3%
Other 171 152 19 12%
Total 230 209 21 10%
Year to date
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 11 of 20
RISKS AND UNCERTAINTIES
Other than as stated elsewhere in this interim
report, no material changes have occurred in the
short-term risks and uncertainties to which CPH is
subject, compared with the information provided in
the 2024 Annual Report.
Forward-looking statements – risks and
uncertainties
This interim report contains forward-looking
statements as described in the US Private
Securities Litigation Act of 1995 and similar acts of
other jurisdictions. In particular, this includes
statements concerning future revenue, operating
profit, business expansion and capital investments.
Such statements are subject to risks and
uncertainties, as various factors, many of which are
beyond CPH’s control, may cause actual results
and performance to differ materially from the
forecasts provided elsewhere in this interim report.
Such factors include general economic and
business conditions, demand for CPH’s services,
competitive factors within the aviation industry and
operational matters in one or more of the Group’s
businesses. See Risk Management on pages 26-
28 of the 2024 Annual Report.
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 12 of 20
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
DKKm 2025 2024 2025 2024
Traffic revenue
Concession revenue
Parking revenue
Rent
Sales of services, etc.
Revenue 1,466
Other income
External costs
Staff costs
Amortisation and depreciation
Operating profit (EBIT) 549
Profit/(loss) from investments in associates after tax
(2 )
(3 )
(6 )
(6 )
Financial income
Financial expenses
Profit before tax 491
Tax on profit for the period
Net profit for the period 383
Net profit attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Net profit 383
Earnings per DKK 100 share (basic and diluted)
EPS is stated in Danish kroner
Q2 Year to date
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 13 of 20
STATEMENT OF COMPREHENSIVE INCOME
DKKm 2025 2024 2025 2024
Net profit for the period 383
Items that are reclassified to the income statement
Value adjustments of hedging instruments
(9 )
Tax on other comprehensive income
(7 )
(6 )
(15 )
Other comprehensive income for the period (7 )
Total comprehensive income for the period 376
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total comprehensive income for the period 376
Year to dateQ2
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 14 of 20
BALANCE SHEET
Asse t s
30 Jun 31 Dec 30 Jun
Note
DKKm 2025 2024 2024
NON-CURRENT ASSETS
Total intangible assets 331
2
Property, plant and equipment
Land and buildings
Investment properties
Plant and machinery
Other fixtures and fittings, tools and equipment
Property, plant and equipment under construction
Total property, plant and equipment 15,387
Financial assets
Investments in associates
3
Other financial assets
Total financial assets 122
Total non-current assets 15,840
CURRENT ASSETS
Trade receivables
Other receivables
Tax receivables
Prepayments
Cash
Total current assets 749
Total assets 16,589
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 15 of 20
BALANCE SHEET
Equity and liabilities
30 Jun 31 Dec 30 Jun
Note
DKKm 2025 2024 2024
EQUITY
Share capital
Reserve for hedging
(109 )
(129 ) (59 )
Retained earnings
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total equity 4,677
NON-CURRENT LIABILITIES
Deferred tax
3
Financial institutions and other loans
Other payables
Total non-current liabilities 8,375
CURRENT LIABILITIES
3
Financial institutions and other loans
Prepayments from customers
Trade payables
Income tax
Other payables
Deferred income
Total current liabilities 3,537
Total liabilities 11,912
Total equity and liabilities 16,589
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 16 of 20
CASH FLOW STATEMENT
DKKm 2025 2024 2025 2024
CASH FLOW FROM OPERATING ACTIVITIES
Received from customers
Paid to staff, suppliers, etc.
(591 )
(614 )
(1,466 )
(1,313 )
Cash flow from operating activities before financial items and tax 662
Interest received, etc.
Interest paid, etc.
(81 )
(93 )
(165 )
(185 )
Cash flow from operating activities before tax 582
Inc om e taxes paid
(0 )
(1 )
(5 )
(1 )
Cash flow from operating activities 582
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
(390 )
(269 )
(648 )
(573 )
Payments for intangible assets
(38 )
(81 )
(24 )
Sale of property, plant and equipment
Capital contributions in associates
(3 )
(3 )
Cash flow from investing activities (431 )
(268 )
(729 )
(596 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans
(123 )
(274 )
(226 )
(375 )
Repayments of short-term loans
(378 )
(497 )
(787 )
(965 )
Proceeds from short-term loans
Transactions with non-controlling interests
(22 )
(18 )
(22 )
(18 )
Dividend paid
(200 )
(200 )
Cash flow from financing activities (178 )
(292 )
(105 )
(86 )
Net cash flow for the period (27 )
(8 )
(3 )
Cash at the beginning of the period
Cash at the end of the period 45
Q2 Year to date
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 17 of 20
STATEMENT OF CHANGES IN EQUITY
DKKm
Share
capital
Reserve for
hedging
Retained
earnings Total
Non-
controlling
interests Total
Equity at 1 January 2025 785 (129 ) 3,197 3,853 563 4,416
Comprehensive income for the period
Net profit for the period - - 451 451 12 463
Other comprehensive income
Value adjustments of hedging instruments - 20 - 20 - 20
Total other comprehensive income - 20 - 20 - 20
Total comprehensive income for the period - 20 451 471 12 483
Transactions with owners
Transactions with non-controlling interests
Dividend paid
Total transactions with owners - - (200 ) (200 ) (22 ) (222 )
Equity at 30 June 2025 785 (109 ) 3,448 4,124 553 4,677
Equity at 1 January 2024 785 (114 ) 2,181 2,852
Comprehensive income for the period
Net profit for the period - - 374 374 11 385
Other comprehensive income
Value adjustments of hedging instruments - 55 - 55 - 55
Total other comprehensive income - 55 - 55 - 55
Total comprehensive income for the period - 55 374 429 11 440
Transactions with owners
Transactions with non-controlling interests
Total transactions with owners - - - - (18 ) (18 )
-
Equity at 30 June 2024 785 (59 ) 2,555 3,281 579 3,860
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 18 of 20
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1: Basis of preparation
CPH is a limited liability company domiciled in Denmark and listed on Nasdaq Copenhagen.
The interim report comprises the condensed consolidated financial statements of Copenhagen Airports A/S.
The interim report is presented in accordance with international accounting standard IAS 34 Interim Financial
Reporting and additional Danish disclosure requirements applying to interim reports of listed companies.
Significant accounting estimates
In preparing the consolidated financial statements, management makes various accounting estimates and
assumptions that form the basis of the presentation, recognition, and measurement of CPH’s assets and
liabilities.
The estimates made by CPH in determining the carrying amounts of assets and liabilities are based on
estimates and assumptions that are subject to future events. These include estimates of the useful lives of
property, plant and equipment, and their residual values. Estimates and underlying assumptions are based on
historical data and factors that management considers relevant under the given circumstances. These
assumptions may have to be revised, and unexpected events or circumstances may occur. For a description
of risks, accounting estimates and judgments, see pages 26-28 and 144 respectively of the 2024 Annual
Report.
Accounting policies
The accounting policies applied in the interim report are unchanged from those applied in the 2024 Annual
Report except as set out below. The 2024 Annual Report was prepared in accordance with IFRS Accounting
Standards as adopted by the European Union and further requirements for listed companies in the Danish
Financial Statements Act. For further information, see pages 143-144 of the 2024 Annual Report, which
describe material accounting policies.
Change in accounting policies
As of 1 January 2025, CPH adopted all relevant new or revised International Financial Reporting Standards
and IFRIC Interpretations with effective date 1 January 2025 or earlier. The new or revised standards and
interpretations did not affect recognition and measurement materially, nor did they result in any material
changes to disclosures in the notes.
NOTE 2: Property, plant and equipment
Investment in and sale of property, plant and equipment
In the first six months of 2025, CPH invested DKK 838 million in intangible assets and property, plant and
equipment. Major investments made during the first six months of 2025 include the expansion of Terminal 3,
new security facilities and new stands.
Contracts and other commitments
As of 30 June 2025, CPH had entered contracts to build and maintain facilities at a total value of DKK 960
million (31 December 2024: DKK 1,039 million) and other commitments amounting to DKK 75 million (31
December 2024: DKK 67 million). Major commitments include contracts for the development of Terminal 3 and
new security facilities and new stands.
NOTE 3: Financial institutions and other loans
Change in drawn loan facilities
Utilisation of CPH´s credit facilities increased by DKK 470 million from DKK 230 million to DKK 700 million
since 31 December 2024.
As of 30 June 2025, CPH had undrawn committed long-term credit facilities of DKK 3,339 million (31 December
2024: DKK 3,682 million).
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 19 of 20
Value of the derivative financial instruments
NOTE 4: Related parties
On 30 June 2025, CPH’s related parties were the Danish Labour Market Supplementary Pension (ATP), given
its controlling ownership interests in CPH, the Board of Directors and Executive Management and associated
companies. See also notes 2.4, 3.4 and 5.4 of the 2024 Annual Report. OTPP is no longer considered a related
party following the sale of shares in Kastrup Airports Parent ApS (KAP) to ATP. After the sale, ATP holds the
majority of the shares.
In the first six months of 2025, CPH recognised costs from associated company Smarter Airports A/S relating
to service contracts of DKK 17.7 million, income relating to administration, management and project services
of DKK 1.3 million, and interest income of DKK 0.4 million. As of 30 June 2025, loans provided to Smarter
Airports A/S amounted to DKK 7.8 million. In April, CPH completed a capital increase of DKK 20 million in
Smarter Airports A/S, of which DKK 17 million was converted from debt and DKK 3 million was contributed in
cash.
NOTE 5: Subsequent events
The European Commission has approved the Danish State’s acquisition of controlling interest in Copenhagen
Airports A/S. ATP, the current majority shareholder of the airport, has announced that the conditions for
transferring the controlling interest in Copenhagen Airports A/S to the Danish State are met.
It is ATP’s expectation that the Danish state, during October 2025, will make a mandatory offer to the remaining
shareholders of Copenhagen Airports A/S in accordance with the rules in Chapter 8 of the Danish Capital
Markets Act. The offer price in the mandatory offer will be stated in the offer document, which the Danish state
is expected to publish in connection with the offer.
In August 2025, CPH refinanced a maturing USPP bond loan of DKK 1,055 million and a bank facility. In total
DKK 1,650 million was refinanced with mortgage loans.
No other material events have occurred since the balance sheet date.
DKKm
Derivative financial instruments
30 Jun
2025
31 Dec
2024
30 Jun
2025
31 Dec
2024
Recognised under other financial assets (non-current assets)
1
-
1
-
Recognised under other payables (non-current liabilities)
136
161
136
161
Carrying amount Fair value*
* The fair value of CPH's interest rate swaps are considered a level 2 fair value measurement as the fair value is
primarily determined, directly based on the published quoted swap rates on the balance sheet date.
Interim report for the period 1 January – 30 June 2025
Copenhagen Airports A/S Page 20 of 20
MANAGEMENT’S STATEMENT ON THE INTERIM REPORT
Executive Management
Board of Directors