XCSE:KBHL ESEF Annual Report
KØBENHAVNS LUFTHAVNE A/S (XCSE:KBHL)
ESEF Annual Report
2025-12-03
For: 2025-09-30
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 for the period
1 January – 30 September 2025
Company Announcement
Kastrup, 12 November 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 September 2025
Copenhagen Airports A/S Page 2 of 20
CONTENTS
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 SEPTEMBER 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
Other events ................................................................................................................................................. 11
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 September 2025
Copenhagen Airports A/S Page 3 of 20
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 SEPTEMBER 2025
The Board of Directors has today approved the interim report for the period 1 January – 30 September 2025.
HIGHLIGHTS
The total number of passengers at Copenhagen Airport was 24.5 million in the first nine months of
2025, an increase of 1.7 million compared with the same period last year. The number of locally
departing passengers was 9.5 million (up 4% compared with last year), 12.3 million were arriving
passengers (up 8% compared to last year), and 2.6 million were departing transfer passengers (up
23% compared to last year).
Revenue amounted to DKK 4,153 million (2024: DKK 3,825 million), an increase of 9% compared with
the first nine months of 2024, driven by the higher passenger numbers and the indexation of charges,
which took effect on 1 April 2025.
EBITDA amounted to DKK 2,095 million (2024: DKK 1,995 million), an increase of DKK 100 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 1,425 million (2024: DKK 1,266 million), an increase of DKK 159 million compared with
the same period last year.
Net financing costs amounted to DKK 156 million (2024: DKK 202 million), which was DKK 46 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 1,260 million (2024: DKK 1,055 million), an increase of DKK 205
million.
Capital investments including capitalised interest were DKK 1,361 million in the first nine months of
2025 (2024: DKK 1,032 million). Investments included the expansion of Terminal 3, new security
facilities and new stands.
Interim report for the period 1 January – 30 September 2025
Copenhagen Airports A/S Page 4 of 20
OUTLOOK FOR 2025
Approaching year-end, CPH is narrowing the guidance for profit before tax. The broader macroeconomic and
geopolitical environment remains uncertain and could still influence travel demand and hence the financial
performance for 2025.
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 approximately 32 million, profit before tax for full-year 2025 is
expected to be between DKK 1.60 and DKK 1.65 billion (previously between DKK 1.45 and DKK 1.65 billion).
Expectations for capital investments
The expectation for capital investments is around DKK 2.1 billion, including capitalised interest (previously
around DKK 2.3 billion). 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 September 2025
Copenhagen Airports A/S Page 5 of 20
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS
Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024
Income statement (DKKm)
Revenue 1,613 1,470 4,153 3,825 5,070
Aeronautical revenue 993 901 2,540 2,327 3,068
Non-aeronautical revenue 620 569 1,613 1,498 2,002
EBITDA 933 874 2,095 1,995 2,576
Aeronautical EBITDA 463 416 928 836 1,114
Non-aeronautical EBITDA 470 458 1,167 1,159 1,462
EBIT 715 631 1,425 1,266 1,609
Aeronautical EBIT 304 241 437 312 405
Non-aeronautical EBIT 411 390 988 954 1,204
Net financing costs 47 64 156 202 257
Profit before tax 666 564 1,260 1,055 1,339
Net profit 519 439 981 825 1,040
Statement of comprehensive income (DKKm)
Other comprehensive income 16 (74) 37 (20) (15)
Comprehensive income 535 365 1,018 805 1,025
Balance sheet (DKKm)
Property, plant and equipment 15,677 14,857 15,677 14,857 15,056
Financial investments 117 111 117 111 107
Total assets 16,932 15,978 16,932 15,978 16,115
Equity 5,212 4,225 5,212 4,225 4,416
Non-controlling interests of equity 559 585 559 585 563
Interest-bearing debt 8,987 9,288 8,987 9,288 9,176
Investment in property, plant and equipment 493 319 1,251 986 1,414
Investment in intangible assets 30 22 110 46 73
Cash flow statement (DKKm)
Cash flow from operating activities 814 712 1,645 1,416 1,915
Cash flow from investing activities (424) (381) (1,153) (976) (1,372)
Cash flow from financing activities (286) (308) (391) (395) (537)
Cash at the end of the period 149 87
149 87 48
Key ratios
EBITDA margin 57.9% 59.5% 50.5% 52.2% 50.8%
EBIT margin 44.4% 42.9% 34.3% 33.1% 31.7%
Asset turnover rate 0.39 0.37 0.34 0.33 0.32
Return on assets 17.3% 16.0% 11.6% 10.8% 10.3%
Return on equity 42.0% 43.5% 27.2% 28.7% 26.5%
Equity ratio 30.8% 26.4% 30.8% 26.4% 27.4%
Earnings per DKK 100 share 66.1 56.0 125.0 105.1 132.5
Cash earnings per DKK 100 share 93.8 87.0 210.4 198.1 255.8
Net asset value per DKK 100 share 664.2 538.3 664.2 538.3 562.7
NOPAT margin 34.5% 33.2% 26.5% 25.7% 24.4%
Turnover rate of capital employed 0.11 0.10 0.09 0.09 0.09
ROCE* 11.9% 9.3% 11.9% 9.3% 11.2%
* ROCE is calculated based on reported EBIT for the last four quarters.
Interim report for the period 1 January – 30 September 2025
Copenhagen Airports A/S Page 6 of 20
MANAGEMENT’S FINANCIAL REVIEW
PERFORMANCE – YTD 2025
Passenger numbers for the first nine months of
2025 reached a total of 24.5 million, which was an
increase of 1.7 million on the same period of 2024.
Revenue for the first nine months of 2025
amounted to DKK 4,153 million, an increase of 9%
compared with the same period of 2024.
Aeronautical revenue amounted to DKK 2,540
million, an increase of DKK 213 million or 9%
compared with the first nine months of 2024. This
was mainly due to the increasing passenger
numbers and the indexation of charges, which took
effect on 1 April 2025.
Non-aeronautical revenue increased by DKK 115
million to DKK 1,613 million, an 8% improvement
on the same period of 2024 driven by the
increasing passenger numbers.
Operating costs including depreciation and
amortisation charges amounted to DKK 2,730
million, an increase of DKK 170 million
compared
with last year that was mainly due to higher activity
levels. Staff costs increased by DKK 162 million
primarily due to an increase of 245 full-time
employees mainly driven by the higher activity
levels. External costs were up by DKK 67 million
compared with the same period last year due to the
increased activity levels. Depreciation and
amortisation charges were down DKK 59 million
compared with the same period of 2024.
EBITDA amounted to DKK 2,095 million, an
increase of DKK 100 million compared with the first
nine months of 2024.
Net financing costs amounted to DKK 156 million,
a decrease of DKK 46 million, which was primarily
due to lower interest rate levels and lower total debt
relative to last year.
Profit before tax amounted to DKK 1,260 million, an
improvement of DKK 205 million compared with the
first nine months of 2024.
DKKm 2025 2024 Ch. Ch. % 2025 2024 Ch. Ch. %
Revenue 1,613 1,470 143 10% 4,153 3,825 328 9%
EBITDA 933 874 59 7% 2,095 1,995 100 5%
EBIT 715 631 84 13% 1,425 1,266 159 13%
Other financial items (2) (3) 1 (18%) (9) (9) 0 (2%)
Net financing costs 47 64 (17) (26%) 156 202 (46) (23%)
Profit before tax 666 564 102 18% 1,260 1,055 205 19%
Q3 Year to date
Interim report for the period 1 January – 30 September 2025
Copenhagen Airports A/S Page 7 of 20
OTHER ITEMS IN THE INCOME
STATEMENT
Net financing costs
Net financing costs were DKK 46 million lower than
in the same period of 2024.
The development was mainly attributable to lower
interest rate levels and lower total debt and a larger
proportion of capitalised interests.
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 229 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 nine
months of 2025 included the expansion of Terminal
3, new security facilities and new stands.
Cash flow from financing activities, relating to paid
dividends, net drawings on credit facilities and
amortisation of loans, decreased by DKK 4 million
compared with the same period last year.
As of 30 September 2025, CPH had cash and cash
equivalents of DKK 149 million (30 September
2024: DKK 87 million).
DKKm 2025 2024 Ch.
Interest 226 258 (32)
Capitalised interest on
assets under
construction
(87) (70) (17)
Other financial
costs
17 14 3
Total 156 202 (46)
Year to date
DKKm 2025 2024 Ch.
Cash flow from:
Operating activities 1,645 1,416 229
Investing activities (1,153) (976) (177)
Financing activities (391) (395) 4
Net cash flow for the period 101 45 56
Cash at the beginning
of the year
48 42 6
Cash at the end of
the period 149 87 62
Year to date
Interim report for the period 1 January – 30 September 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 September 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 2,540 2,327 213 9% 437 312 125 40%
Non-aeronautical 1,613 1,498 115 8% 988 954 34 4%
Total 4,153 3,825 328 9% 1,425 1,266 159 13%
Revenue EBIT
Interim report for the period 1 January – 30 September 2025
Copenhagen Airports A/S Page 9 of 20
AERONAUTICAL BUSINESS AREA
Passengers (pax)
A total of 24.5 million passengers passed through
Copenhagen Airport during the first nine months of
2025, equivalent to an increase of 1.7 million
passengers, or 8%, compared with the same period
of 2024. European destinations accounted for most
of the increase with 1.3 million additional 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 12.2
million (up 7% compared with the same period last
year), of which 9.5 million were locally departing
passengers (4% up compared to last year), and 2.6
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
12.3 million (8% up compared to last year).
Compared with 2024, total seat capacity increased
by 7% in the first nine months of 2025, the number
of passenger-related operations increased by 6%,
and the average cabin factor (occupancy) increased
by 1% to 78%.
Revenue
In 2023, CPH negotiated a commercial charges
agreement for the period 2024 to 2027. The 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 during the first
nine months of 2025 resulted in total aeronautical
revenue increasing by DKK 213 million, or 9%, on
the same period last year to a total of DKK 2,540
million.
Passenger, security, and handling charges
increased by DKK 177 million on the same period of
last year to DKK 2,088 million, primarily driven by the
increase in passenger numbers and the indexation
of charges from 1 April 2025.
Take-off charges amounted to DKK 415 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 16%.
EBIT
Aeronautical EBIT for the first nine months of 2025
amounted to DKK 437 million, an increase of DKK
125 million compared with the same period of 2024.
The positive impact of higher revenue and lower
depreciation charges was partly offset by higher staff
costs.
FY
DKKm 2025 2024 Ch. Ch. % 2025 2024 Ch. Ch. % 2024
Revenue 993 901 92 10% 2,540 2,327 213 9% 3,068
EBIT
304 241 63 26% 437 312 125 40% 405
Segment assets 10,802 10,187 615 6% 10,344
Q3 Year to date
Pax (thousand) 2025 2024 Ch. Ch. %
Total pax 24,491 22,773 1,718 8%
Denmark 949 838 111 13%
Europe 20,673 19,341 1,332 7%
Intercontinental 2,869 2,594 275 11%
Total departing pax
12,166 11,327 839 7%
Local departing pax
9,520 9,183 337 4%
Transfer departing pax
2,646 2,144 502 23%
Year to date
DKKm 2025 2024 Ch. Ch. %
Passenger charges 1,181 1,049 132 13%
Security charges 662 631 31 5%
Handling charges 245 231 14 6%
Take-off charges 415 379 36 10%
Aircraft parking, etc. 37 37 (0) (1%)
Total 2,540 2,327 213 9%
Year to date
Interim report for the period 1 January – 30 September 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 686 million for the first nine
months of 2025, an increase of DKK 41 million
compared with the same period last year. The
improvement was primarily driven by the increase
in passenger numbers.
Other revenue amounted to DKK 62 million, an
increase of DKK 4 million compared with last year.
Parking revenue
Parking revenue for the first nine months of 2025
was up by DKK 31 million compared with last year.
Rent
Total rent amounted to DKK 159 million and was in
line 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
36 million compared with the same period 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 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 34
million to DKK 988 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 620 569 51 9% 1,613 1,498 115 8% 2,002
EBIT
411 390 21 6% 988 954 34 4% 1,204
Segment assets 5,864 5,569 295 5% 5,616
Investments in associates 116 111 5 5% 107
Q3 Year to date
DKKm 2025 2024 Ch. Ch. %
Shopping centre 686 645 41 6%
Other revenue 62 58 4 7%
Total 748 703 45 6%
Year to date
DKK million
2025 2024
Ch. Ch. %
Car parking
348 317 31 10%
Total
348 317 31 10%
Year to date
DKKm 2025 2024 Ch. Ch. %
Rent from premises 109 108 1 1%
Rent from land 44 43 1 2%
Other rent 6 7 (1) (19%)
Total 159 158 1 1%
Year to date
DKKm 2025 2024 Ch. Ch. %
Hotel operation 88 86 2 2%
Other 270 234 36 15%
Total 358 320 38 12%
Year to date
Interim report for the period 1 January – 30 September 2025
Copenhagen Airports A/S Page 11 of 20
OTHER EVENTS
As stated in the major shareholder notification, the
Danish Ministry of Finance, as of 30 September
2025, held 7,734,549 shares in Copenhagen
Airports A/S, corresponding to 98.55% of
Copenhagen Airport A/S’s total issued share
capital and total voting rights.
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 September 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 1,613
Other income
(0 )
External costs
Staff costs
Amortisation and depreciation
Operating profit (EBIT) 715
Profit/(loss) from investments in associates after tax
(2 )
(3 )
(9 )
(9 )
Financial income
Financial expenses
Profit before tax 666
Tax on profit for the period
Net profit for the period 519
Net profit attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Net profit 519
Earnings per DKK 100 share (basic and diluted)
EPS is stated in Danish kroner
Q3 Year to date
Interim report for the period 1 January – 30 September 2025
Copenhagen Airports A/S Page 13 of 20
STATEMENT OF COMPREHENSIVE INCOME
DKKm 2025 2024 2025 2024
Net profit for the period 519
Items that are reclassified to the income statement
Adjustments related to prior years
(2 )
(2 )
Value adjustments of hedging instruments
(95 )
(25 )
Tax on other comprehensive income
(5 )
(11 )
Other comprehensive income for the period 16
(74 )
(20 )
Total comprehensive income for the period 535
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total comprehensive income for the period 535
Year to date Q3
Interim report for the period 1 January – 30 September 2025
Copenhagen Airports A/S Page 14 of 20
BALANCE SHEET
Asse t s
30 Sep 31 Dec 30 Sep
Note
DKKm 2025 2024 2024
NON-CURRENT ASSETS
Total intangible assets 347
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 15,677
Financial assets
Investments in associates
3
Other financial assets
Total financial assets 117
Total non-current assets 16,141
CURRENT ASSETS
Trade receivables
Other receivables
Tax receivables
Prepayments
Cash
Total current assets 791
Total assets 16,932
Interim report for the period 1 January – 30 September 2025
Copenhagen Airports A/S Page 15 of 20
BALANCE SHEET
Equity and liabilities
30 Sep 31 Dec 30 Sep
Note
DKKm 2025 2024 2024
EQUITY
Share capital
Reserve for hedging
(90 )
(129 ) (134 )
Retained earnings
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total equity 5,212
NON-CURRENT LIABILITIES
Deferred tax
3
Financial institutions and other loans
Other payables
Total non-current liabilities 7,398
CURRENT LIABILITIES
3
Financial institutions and other loans
Contract liabilities
Trade payables
Income tax payables
Other payables
Deferred income
Total current liabilities 4,322
Total liabilities 11,720
Total equity and liabilities 16,932
Interim report for the period 1 January – 30 September 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.
(630 )
(675 )
(2,096 )
(1,988 )
Cash flow from operating activities before financial items and tax 928
Interest received, etc.
Interest paid, etc.
(115 )
(101 )
(280 )
(287 )
Cash flow from operating activities before tax 814
Inc om e taxes paid
(0 )
(0 )
(5 )
(1 )
Cash flow from operating activities 814
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
(394 )
(359 )
(1,042 )
(932 )
Payments for intangible assets
(30 )
(22 )
(110 )
(46 )
Sale of property, plant and equipment
Capital contributions in associates
(3 )
Cash flow from investing activities (424 )
(381 )
(1,153 )
(976 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans
(121 )
(170 )
(347 )
(345 )
Proceeds from long-term loans
1,650
-
1,650
-
Repayments of short-term loans
(1,903 )
(655 )
(2,690 )
(1,820 )
Proceeds from short-term loans
Transactions with non-controlling interests
(22 )
(18 )
Dividend paid
(200 )
Cash flow from financing activities (286 )
(308 )
(391 )
(395 )
Net cash flow for the period 104
Cash at the beginning of the period
Cash at the end of the period 149
Q3 Year to date
Interim report for the period 1 January – 30 September 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 - - 963 963 18 981
Other comprehensive income
Adjustments related to prior years
Value adjustments of hedging instruments - 39 - 39 - 39
Total other comprehensive income - 39 (2 ) 37 - 37
Total comprehensive income for the period - 39 961 1,000 18 1,018
Transactions with owners
Transactions with non-controlling interests
Dividend paid
Total transactions with owners - - (200 ) (200 ) (22 ) (222 )
Equity at 30 September 2025 785 (90 ) 3,958 4,653 559 5,212
Equity at 1 January 2024 785 (114 ) 2,181 2,852
Comprehensive income for the period
Net profit for the period - - 808 808 17 825
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 ) 808 788 17 805
Transactions with owners
Transactions with non-controlling interests
Total transactions with owners - - - - (18 ) (18 )
-
Equity at 30 September 2024 785 (134 ) 2,989 3,640 585 4,225
Interim report for the period 1 January – 30 September 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 nine months of 2025, CPH invested DKK 1,361 million in intangible assets and property, plant and
equipment. Major investments made during the first nine months of 2025 include the expansion of Terminal 3,
new security facilities and new stands.
Contracts and other commitments
As of 30 September 2025, CPH had entered contracts to build and maintain facilities at a total value of DKK
854 million (31 December 2024: DKK 1,039 million) and other commitments amounting to DKK 67 million (31
December 2024: DKK 67 million). Major commitments include contracts for the development of Terminal 3,
new security facilities and new stands.
NOTE 3: Financial institutions and other loans
Change in drawn loan facilities
Utilisation of CPH´s credit facilities decreased by DKK 230 million from DKK 230 million to DKK 0 million since
31 December 2024.
As of 30 September 2025, CPH had undrawn committed long-term credit facilities of DKK 2,100 million (31
December 2024: DKK 3,682 million).
Interim report for the period 1 January – 30 September 2025
Copenhagen Airports A/S Page 19 of 20
Value of the derivative financial instruments
NOTE 4: Related parties
On 30 September 2025, CPH’s related parties were the Danish Ministry of Finance, given its controlling
ownership interests in CPH, the Board of Directors, Executive Management and associated companies. See
also notes 2.4, 3.4 and 5.4 of the 2024 Annual Report. ATP is no longer considered a related party following
the sale of shares in Kastrup Airports Parent ApS (KAP) to the Danish Ministry of Finance. After the sale, the
Danish Ministry of Finance holds the majority of the shares.
In the first nine months of 2025, CPH recognised costs from associated company Smarter Airports A/S relating
to service contracts of DKK 26.8 million, whereof DKK 6.3 million have been capitalised, income relating to
administration, management and project services of DKK 1.9 million, and interest income of DKK 0.6 million.
As of 30 September 2025, loans provided to Smarter Airports A/S amounted to DKK 7.9 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
No other material events have occurred since the balance sheet date.
DKKm
Derivative financial instruments
30 Sep
2025
31 Dec
2024
30 Sep
2025
31 Dec
2024
Recognised under other financial assets (non-current assets)
1
-
1
-
Recognised under other payables (non-current liabilities)
113
161
113
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 September 2025
Copenhagen Airports A/S Page 20 of 20
MANAGEMENT’S STATEMENT ON THE INTERIM REPORT
Executive Management
Board of Directors