Nasdaq CopenhagenIFRS · DKK

KØBENHAVNS LUFTHAVNE A/S

KØBENHAVNS LUFTHAVNE A/S operates Copenhagen Airport, the main international airport serving the Danish capital region. The company provides airport infrastructure and related services for passenger airlines, cargo operators, travelers, and commercial tenants within the airport complex.

Ask about the company
Revenue5,521m DKK
+8.9 %y/y
Operating profit (EBIT)1,839m DKK
+14.3 %y/y
EBIT margin33.3%
+1.6 ppy/y
Net income1,243m DKK
+19.5 %y/y
Free cash flow504m DKK
−17.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-2,00002,0004,0006,000m DKK2021: 1,761 m DKK2021: EBIT -506 m DKK20212022: 3,532 m DKK2022: EBIT 414 m DKK20222023: 4,061 m DKK2023: EBIT 679 m DKK20232024: 5,070 m DKK2024: EBIT 1,609 m DKK20242025: 5,521 m DKK2025: EBIT 1,839 m DKK2025TTM 2026: 5,751 m DKKTTM 2026: EBIT 2,065 m DKKTTM5,7512,065
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
Ask Clarifo about KØBENHAVNS LUFTHAVNE A/S

Business

Share of revenue
Aeronautical services60 %

Charges and services linked to airline operations, aircraft movement, and airport use.

Non-aeronautical services30 %

Commercial revenues from retail, food and beverage, parking, and other airport activities.

Property and facility services10 %

Airport-related leasing, facilities, and support services provided within the airport area.

Customers

The company serves airlines that use Copenhagen Airport for passenger and cargo flights, as well as cargo operators and aviation service providers. It also generates revenue from travelers and commercial tenants through retail, food, parking, and other airport-related services. Because the airport is a transport hub, customer demand is tied to flight volumes, route networks, and passenger traffic.

Passenger airlines

Buy runway, terminal, and passenger-processing access to operate routes through Copenhagen Airport.

Cargo operators

Use air cargo facilities, aprons, and logistics support for freight handling.

Travelers and visitors

Generate non-aeronautical revenue through retail, food service, parking, and passenger amenities.

Commercial tenants

Lease space and services within the airport for shops, restaurants, and support operations.

Strategy

The company’s strategic priorities center on maintaining and expanding airport capacity, improving terminal infrastructure, and supporting future passenger growth. Major investments in Terminal 3, security facilities, and stand capacity indicate a focus on keeping the airport efficient, resilient, and competitive as a regional hub. These investments matter because airport infrastructure is capital intensive and long-lived, so capacity and service quality shape airline loyalty and route development.

Expand airport capacityMedium term

More terminal and stand capacity supports higher traffic and airline demand.

Upgrade passenger and security infrastructureMedium term

Better processing capacity improves throughput and airport service quality.

Strengthen hub competitivenessLong term

A strong hub position attracts airlines and supports route connectivity.

Geography

The business is centered on Copenhagen Airport in Denmark, which is the company’s core operating base and the main source of its traffic and revenue. Its exposure is therefore highly concentrated in Denmark and in international passenger flows through Copenhagen. This makes the company dependent on Nordic and broader European travel patterns, airline network decisions, and airport capacity in Copenhagen.

Risks

The company is exposed to cyclical aviation demand, airline network changes, and disruptions to passenger traffic because its revenue base depends on airport usage. It also faces execution risk on large capital projects, regulatory and safety requirements, and interest-rate or financing sensitivity linked to its capital-intensive asset base.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Air traffic volatility1Capital project execution2Regulatory and safety compliance3Financing and interest-rate sensitivity4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Air traffic volatilityImpact: HighLikelihood: High

    Airport revenue depends on passenger volumes, airline schedules, and cargo activity.

    Exposure: Passenger and aeronautical revenue

  2. Capital project executionImpact: HighLikelihood: Medium

    Terminal and stand expansions require large construction programs and coordination.

    Exposure: Terminal 3 and security investments

  3. Regulatory and safety complianceImpact: MediumLikelihood: High

    Airports must meet strict security, operational, and aviation requirements.

    Exposure: Airport operations

  4. Financing and interest-rate sensitivityImpact: MediumLikelihood: Medium

    Infrastructure owners typically rely on long-term funding and derivative hedges.

    Exposure: Debt and investment program

Ask Clarifo about KØBENHAVNS LUFTHAVNE A/S

Accounting

Judgemental items
Property, plant and equipment estimates

Long-lived airport assets require judgment on useful life and residual value assumptions.

Impact: Affects depreciation expense and carrying values

Capitalized interest

Interest on major construction projects may be added to asset cost during development.

Impact: Delays expense recognition and increases asset base

Interest-rate swaps

Derivative fair values can move with market rates and affect hedge reserves.

Impact: Affects equity and finance costs

Similar listed companies

Publicly listed companies with a comparable business focus.

American Airlines Group Inc.

AAL · Air Transportation, Scheduled

Copa Holdings, S.A.

CPA · Air Transportation, Scheduled

United Airlines Holdings, Inc.

UAL · Air Transportation, Scheduled

Republic Airways Holdings Inc

RJET · Air Transportation, Scheduled

Delta Air Lines, Inc

DAL · Air Transportation, Scheduled

The Boeing Company

BA · Aircraft

Last updated: 24/10/2026