XCSE:KBHL ESEF Annual Report
KØBENHAVNS LUFTHAVNE A/S (XCSE:KBHL)
ESEF Annual Report
2025-05-20
For: 2025-03-31
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 (CPH) for the
period 1 January – 31 March 2025
Company Announcement
Kastrup, 13 May 2025
Contact:
Rasmus Lund
CFO
Tel.: +45 3231 3231
E-mail: [email protected]
CVR no. 14 7
Interim report for the period 1 January – 31 March 2025
Copenhagen Airports A/S Page 2 of 20
CONTENTS
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 31 MARCH 2025 ........................................................................................................................ 3
Highlights ....................................................................................................................................................... 3
Outlook for 2025 ............................................................................................................................................. 4
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS ................................................................................... 5
MANAGEMENT’S FINANCIAL REVIEW ........................................................................................................... 6
Performance – Q1 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 – 31 March 2025
Copenhagen Airports A/S Page 3 of 20
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 31 MARCH 2025
The Board of Directors has today approved the interim report for the period 1 January – 31 March 2025.
HIGHLIGHTS
The total number of passengers at Copenhagen Airport was 6.2 million in the first three months of
2025, an increase of 0.4 million on the first three months of 2024. The number of locally departing
passengers was 2.4 million (up 2% from last year), 3.1 million were arriving passengers (up 8% from
last year), and 0.7 million were departing transfer passengers (up 19% from last year).
Revenue amounted to DKK 1,075 million (2024: DKK 1,036 million), an increase of 4% compared with
the first three months of 2024 driven by the higher passenger numbers.
EBITDA amounted to DKK 383 million (2024: DKK 412 million), a decrease by DKK 29 million
compared with the same period last year. The decrease in EBITDA was mainly due to an increase in
full-time employees of 194 primarily as a result of the higher activity level and to prepare for the
summer programme.
EBIT was DKK 161 million (2024: DKK 169 million), a decrease of DKK 8 million compared with the
same period last year.
Net financing costs amounted to DKK 53 million, which was DKK 15 million lower than in the same
period of 2024 primarily due to lower interest rate levels, lower total debt and increased capitalised
interest on assets under construction.
Profit before tax amounted to DKK 104 million (2024: DKK 98 million), an increase of DKK 6 million.
Capital investments including capitalised interest were DKK 350 million in the first three months of
2025 (2024: DKK 293 million). Investments included the expansion of Terminal 3, new security
facilities and new stands.
Interim report for the period 1 January – 31 March 2025
Copenhagen Airports A/S Page 4 of 20
OUTLOOK FOR 2025
Outlook for the remainder of 2025 remains unchanged compared with our 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, the 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 extension
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 – 31 March 2025
Copenhagen Airports A/S Page 5 of 20
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS
Q1 2025 Q1 2024 FY 2024
Income statement (DKKm)
Revenue 1,075 1,036 5,070
Aeronautical revenue 632 608 3,068
Non-aeronautical revenue 443 428 2,002
EBITDA 383 412 2,576
Aeronautical EBITDA 86 98 1,114
Non-aeronautical EBITDA 297 314 1,462
EBIT 161 169 1,609
Aeronautical EBIT (77) (77) 405
Non-aeronautical EBIT 238 246 1,204
Net financing costs 53 68 257
Profit before tax 104 98 1,339
Net profit 80 76 1,040
Statement of comprehensive income (DKKm)
Other comprehensive income 27 29 (15)
Comprehensive income 107 105 1,025
Balance sheet (DKKm)
Property, plant and equipment 15,150 14,590 15,056
Financial investments 103 117 107
Total assets 16,210 15,734 16,115
Equity 4,523 3,543 4,416
Non-controlling interests of equity 569 592 563
Interest-bearing debt 9,251 9,867 9,176
Investment in property, plant and equipment 307 262 1,414
Investment in intangible assets 43 31 73
Cash flow statement (DKKm)
Cash flow from operating activities 249 153 1,915
Cash flow from investing activities (299) (328) (1,372)
Cash flow from financing activities 74 205 (537)
Cash at the end of the period 72 72 48
Key ratios
EBITDA margin 35.7% 39.7% 50.8%
EBIT margin 15.0% 16.3% 31.7%
Asset turnover rate 0.27 0.27 0.32
Return on assets 4.0% 4.4% 10.3%
Return on equity 7.2% 8.7% 26.5%
Equity ratio 27.9% 22.5% 27.4%
Earnings per DKK 100 share 10.2 9.7 132.5
Cash earnings per DKK 100 share 38.5 40.6 255.8
Net asset value per DKK 100 share 576.3 451.5
562.7
NOPAT margin 11.2% 12.4% 24.5%
Turnover rate of capital employed 0.07 0.07 0.09
ROCE* 11.0% 5.9% 11.2%
* ROCE is calculated based on reported EBIT for the last four quarters.
Interim report for the period 1 January – 31 March 2025
Copenhagen Airports A/S Page 6 of 20
MANAGEMENT’S FINANCIAL REVIEW
PERFORMANCE – Q1 2025
Passenger numbers for the first three months of
2025 reached a total of 6.2 million, which was an
increase of 0.4 million on the same period of 2024.
Revenue for the first three months of 2025
amounted to DKK 1,075 million, a 4% increase
compared with the same period of 2024.
Aeronautical revenue amounted to DKK 632
million, an increase of DKK 24 million or 4%
compared with the first three months of 2024. This
was mainly due to the increasing passenger
numbers.
Non-aeronautical revenue increased by DKK 15
million to DKK 443 million, a 4% improvement on
the same period of 2024 driven by the increasing
passenger numbers.
Operating costs including depreciation and
amortisation amounted to DKK 916 million, an
increase of DKK 49 million compared with last year
mainly due to higher activity levels. Staff costs
increased by DKK 52 million due to an increase in
full-time employees of 194 primarily as a result of
the higher activity level and to prepare for the
summer programme. External costs were up by
DKK 17 million compared with the same period last
year due to the increased activity levels.
Depreciation and amortisation charges were down
by DKK 20 million mainly due to lower write-offs of
assets in 2025 compared with the same period of
2024.
EBITDA was a profit of DKK 383 million, a
decrease of DKK 29 million compared with the first
three months of 2024.
Net financing costs amounted to DKK 53 million, a
decrease of DKK 15 million, which was primarily
due to lower interest rate levels, lower total debt
and increased capitalised interest on assets under
construction relative to last year.
Profit before tax amounted to DKK 104 million, an
improvement of DKK 6 million compared with the
first three months of 2024.
DKKm 2025 2024 Ch. Ch. %
Revenue 1,075 1,036 39 4%
EBITDA 383 412 (29) (7%)
EBIT 161 169 (8) (5%)
Other financial items (4) (3) (1) 46%
Net financing costs 53 68 (15) (22%)
Profit before tax 104 98 6 6%
Year to date
Interim report for the period 1 January – 31 March 2025
Copenhagen Airports A/S Page 7 of 20
OTHER ITEMS IN THE INCOME
STATEMENT
Net financing costs
Net financing costs were DKK 15 million lower than
in the same period of 2024.
The development was mainly attributable to lower
interest rate levels, lower total debt and increased
capitalised interest on assets under construction.
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 96 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 three
months of 2025 included the expansion of Terminal
3, new security facilities and new stands.
Cash flow from financing activities related to net
drawings on credit facilities and amortisation of
loans and decreased by DKK 131 million compared
with the same period last year.
At 31 March 2025, CPH had cash and cash
equivalents of DKK 72 million (31 March 2024:
DKK 72 million).
DKKm 2025 2024 Ch.
Interes t 75 85 (10)
Capitalised interest on
assets under
construction
(27) (21) (6)
Other financial
costs
5 4 1
Total 53 68 (15)
Year to date
DKKm 2025 2024 Ch.
Cash flow from:
Operating activities 249 153 96
Investing activities (299) (328) 29
Financing activities 74 205 (131)
Net cash flow for the period 24 30 (6)
Cash at the beginning
of the year
48 42 6
Cash at the end of
the period 72 72 (0)
Year to date
Interim report for the period 1 January – 31 March 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 – 31 March 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 632 608 24 4% (77) (77) (0) 0%
Non-aeronautical 443 428 15 4% 238 246 (8) (3%)
Total 1,075 1,036 39 4% 161 169 (8) (5%)
Revenue EBIT
Interim report for the period 1 January – 31 March 2025
Copenhagen Airports A/S Page 9 of 20
AERONAUTICAL BUSINESS AREA
Passengers (pax)
A total of 6.2 million passengers passed through
Copenhagen Airport during the first three months of
2025, equivalent to an increase of 0.4 million
passengers, or 7%, compared with the same period
of 2024. European destinations accounted for most
of the increase with 0.3 million passengers or 6%
compared with 2024. The rest of the increase
stemmed from intercontinental routes.
The total number of departing passengers was 3.0
million (up 5% compared with the same period last
year), of which 2.4 million were locally departing
passengers (2% up on last year), and 0.7 million
were departing transfer and transit passengers (19%
up on the same period last year).
Locally departing passengers accounted for 79% of
all departing passengers, while transfer and transit
passengers accounted for 21%. The total number of
arriving passengers was 3.1 million (8% up on last
year).
Compared with 2024, total seat capacity increased
by 8% in the first three months of 2025, the number
of passenger-related operations increased by 5%,
and the average cabin factor (occupancy) decreased
by 2% to 72%.
Revenue
In 2023, CPH negotiated a new commercial charges
agreement for the period 2024 to 2027. The new
charges agreement contained restructured take-off,
security and passenger charges with increases in
prices and aeronautical revenue. The increase in
charges for 2025 will be effective from 1 April 2025.
An increase in passenger numbers and number of
flight operations resulted in total aeronautical
revenue increasing by DKK 24 million, or 4%, on the
same period last year to a total of DKK 632 million.
Passenger, security, and handling charges
increased by DKK 17 million on the same period of
last year to DKK 507 million. There was a change in
passenger mix, with more transfer passengers and
more passengers traveling from the low-cost pier
CPH go compared with the same period last year.
Take-off charges amounted to DKK 112 million, an
increase of 7% compared with the same period last
year, primarily driven by an increase in the number
of flight operations. Passenger-related operations
increased by 5%, while cargo operations decreased
by 1%.
EBIT
Aeronautical EBIT for the first three months of 2025
amounted to a loss of DKK 77 million and was in line
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. % 2024
Revenue 632 608 24 4% 3,068
EBIT
(77) (77) (0) - 405
Segment assets 10,395 10,031 364 4% 10,344
Year to date
Pax (thousand) 2025 2024 Ch. Ch. %
Denmark 248 253 (5) (2%)
Europe 5,041 4,763 278 6%
Intercontinental 877 772 105 14%
Total pax 6,166 5,788 378 7%
Local departing pax
2,386 2,339 47 2%
Transfer departing pax
650 545 105 19%
Total departing pax
3,036 2,884 152 5%
Year to date
DKKm 2025 2024 Ch. Ch. %
Passenger charges 287 269 18 7%
Security charges 161 162 (1) (1%)
Handling 59 59 0 1%
Take-off charges 112 104 8 7%
Aircraft parking, etc. 13 14 (1) (10%)
Total 632 608 24 4%
Year to date
Interim report for the period 1 January – 31 March 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 174 million in the first three
months of 2025, an increase of DKK 2 million
compared with the same period last year. The
improvement was primarily driven by the increase
in passenger numbers, offset by the effects of the
ongoing Terminal 3 expansion where a number of
concessionaires in the restaurant and speciality
shops segment were open for passengers during
the first quarter of last year and subsequently
closed.
Other revenue amounted to DKK 9 million, a
decrease of DKK 3 million compared with last year.
Parking revenue
Parking revenue for the first three months of 2025
was up by DKK 8 million compared with last year.
Rent
Total rent amounted to DKK 52 million, which was
in line with the same period last year.
Sales of services, etc.
Revenue from the hotel operation was in line with
last year.
Revenue from the category Other was up by DKK
8 million compared with last year. Other includes
PRM (Persons with Reduced Mobility), TMS (Taxa
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 related to PRM invoicing
due to the increase in passenger numbers.
EBIT
Non-aeronautical EBIT decreased by DKK 8 million
to DKK 238 million compared with the same period
last year. The decrease was primarily due to the
higher operating costs due to higher activity levels.
FY
DKKm 2025 2024 Ch. Ch. % 2024
Revenue 443 428 15 4% 2,002
EBIT
238 246 (8) (3%) 1,204
Segment assets 5,640 5,489 151 3% 5,616
Investments in associates
103 117 (14) (12%) 107
Year to date
DKKm 2025 2024 Ch. Ch. %
Shopping centre 174 172 2 1%
Other revenue 9 12 (3) (28%)
Total 183 184 (1) (1%)
Year to date
DKK million
2025 2024
Ch. Ch. %
Car parking
98 90 8 9%
Total
98 90 8 9%
Year to date
DKKm 2025 2024 Ch. Ch. %
Rent from premises 36 36 0 1%
Rent from land 15 15 0 3%
Other rent 1 1 (0) (10%)
Total 52 52 0 1%
Year to date
DKKm 2025 2024 Ch. Ch. %
Hotel operation 29 29 0 2%
Other 81 73 8 10%
Total 110 102 8 8%
Year to date
Interim report for the period 1 January – 31 March 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, changes in exchange rates,
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 – 31 March 2025
Copenhagen Airports A/S Page 12 of 20
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
DKKm 2025 2024
Traffic revenue
Concession revenue
Parking revenue
Rent
Sale of services, etc.
Revenue 1,075
Other income
External costs
Staff costs
Amortisation and depreciation
Operating profit (EBIT) 161
Profit/(loss) from investments in associates after tax
(4 )
(3 )
Financial income
Financial expenses
Profit before tax 104
Tax on profit for the period
Net profit for the period 80
Net profit attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Net profit 80
Earnings per DKK 100 share (basic and diluted)
EPS is stated in Danish kroner
Year to date
Interim report for the period 1 January – 31 March 2025
Copenhagen Airports A/S Page 13 of 20
STATEMENT OF COMPREHENSIVE INCOME
DKKm 2025 2024
Net profit for the period 80
Items that are reclassified to the income statement
Value adjustments of hedging instruments
Value adjustments of hedging instruments transferred to
financial income and expenses in the income statement
Tax on other comprehensive income
(7 )
(8 )
Other comprehensive income for the period 27
Total comprehensive income for the period 107
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total comprehensive income for the period 107
Year to date
Interim report for the period 1 January – 31 March 2025
Copenhagen Airports A/S Page 14 of 20
BALANCE SHEET
Asse t s
31 Mar 31 Dec 31 Mar
Note
DKKm 2025 2024 2024
NON-CURRENT ASSETS
Total intangible assets 306
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 15,150
Financial assets
Investments in associates
Total financial assets 103
Total non-current assets 15,559
CURRENT ASSETS
Trade receivables
Other receivables
Tax receivables
Prepayments
Cash
Total current assets 651
Total assets 16,210
Interim report for the period 1 January – 31 March 2025
Copenhagen Airports A/S Page 15 of 20
BALANCE SHEET
Equity and liabilities
31 Mar 31 Dec 31 Mar
Note
DKKm 2025 2024 2024
EQUITY
Share capital
Reserve for hedging
(102 )
(129 ) (85 )
Retained earnings
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total equity 4,523
NON-CURRENT LIABILITIES
Deferred tax
3
Financial institutions and other loans
Other payables
Total non-current liabilities 8,489
CURRENT LIABILITIES
3
Financial institutions and other loans
Prepayments from customers
Trade payables
Income tax
Other payables
Deferred income
Total current liabilities 3,198
Total liabilities 11,687
Total equity and liabilities 16,210
Interim report for the period 1 January – 31 March 2025
Copenhagen Airports A/S Page 16 of 20
CASH FLOW STATEMENT
DKKm 2025 2024
CASH FLOW FROM OPERATING ACTIVITIES
Received from customers
Paid to staff, suppliers, etc.
(876 )
(698 )
Cash flow from operating activities before financial items and tax 337
Interest received, etc.
Interest paid, etc.
(84 )
(92 )
Cash flow from operating activities before tax 254
Income taxes paid
(5 )
Cash flow from operating activities 249
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
(258 )
(298 )
Payments for intangible assets
(43 )
(31 )
Sale of property, plant and equipment
Cash flow from investing activities (299 )
(328 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans
(102 )
(102 )
Proceeds from long-term loans
Repayments of short-term loans
(409 )
(468 )
Proceeds from short-term loans
Cash flow from financing activities 74
Net cash flow for the period 24
Cash at the beginning of the period
Cash at the end of the period 72
Year to date
Interim report for the period 1 January – 31 March 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 - - 74 74 6 80
Other comprehensive income
Value adjustments of hedging instruments - 27 - 27 - 27
Total other comprehensive income - 27 - 27 - 27
Total comprehensive income for the period - 27 74 101 6 107
Equity at 31 March 2025 785 (102 ) 3,271 3,954 569 4,523
Equity at 1 January 2024 785 (114 ) 2,181 2,852
Comprehensive income for the period
Net profit for the period - - 70 70 6 76
Other comprehensive income
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement
Total other comprehensive income - 29 - 29 - 29
Total comprehensive income for the period - 29 70 99 6 105
Equity at 31 March 2024 785 (85 ) 2,251 2,951 592 3,543
Interim report for the period 1 January – 31 March 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 2024 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 three months of 2025, CPH invested DKK 350 million in intangible assets and property, plant and
equipment. Major investments made during the first three months of 2025 include the expansion of Terminal
3, new security facilities and new stands.
Contracts and other commitments
As of 31 March 2025, CPH had entered contracts to build and maintain facilities at a total value of DKK 902
million (31 December 2024: DKK 1,039 million) and other commitments amounting to DKK 72 million (31
December 2024: DKK 67 million). Major commitments include contracts for the development of Terminal 3 and
improvement of other assets.
NOTE 3: Financial institutions and other loans
Change in drawn loan facilities
Utilisation of CPH´s credit facilities increased by DKK 300 million from DKK 230 million to DKK 530 million
since 31 December 2024.
As of end of March 2025, CPH had undrawn committed long-term credit facilities of DKK 3,507 million (31
December 2024: DKK 3,682 million).
Interim report for the period 1 January – 31 March 2025
Copenhagen Airports A/S Page 19 of 20
Value of the derivative financial instruments
NOTE 4: Related parties
At 31 March 2025, CPH’s related parties were the Danish Labour Market Supplementary Pension (ATP) and
the Ontario Teachers’ Pension Plan (OTPP), given their 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.
In the first three months of 2025, CPH realised costs from associated company Smarter Airports A/S relating
to service contracts of DKK 7.4 million, income relating to administration, management and project services of
DKK 0.6 million, and interest income of DKK 0.3 million. As of 31 March 2025, loans provided to Smarter
Airport A/S amounted to DKK 24.7 million.
NOTE 5: Subsequent events
After the balance sheet date, 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.
No other material events have occurred since the balance sheet date.
DKKm
Derivative financial instruments
31 Mar
2025
31 Dec
2024
31 Mar
2025
31 Dec
2024
Recognised under other payables
127
161
127
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 – 31 March 2025
Copenhagen Airports A/S Page 20 of 20
Executive Management
Board of Directors