Updated outlook for Copenhagen Airports A/S September 2024

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September 3, 2024 4:44 AM EDT

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The busy summer in Copenhagen Airports A/S (CPH) with increased travel activity, along with revised expectations for the travel activity for the rest of year, results in higher expectations for CPH’s financial result in 2024.

Outlook for revenue growth

Revenue is expected to grow at around 24% in 2024 (up from 20%), primarily driven by an increase in passenger numbers. CPH now expects approximately 29.8 million (up from 29.0 million) passengers in 2024.

Outlook for profit before tax

If passenger levels reach around 29.8 million, profit before tax is now expected to be between DKK 1.25 billion and DKK 1.40 billion (up from 1.15 billion – 1.35 billion) mainly supported by growth in passengers, partly offset by an increasing share of transfer passengers.

However, the economic outlook remains uncertain because of the ongoing geopolitical and macroeconomic situation. Any deterioration in these factors could negatively impact travel sentiment and CPH’s financial outlook.

Outlook for capital investments

Investment level including capitalised interest is expected to be around DKK 1.4 billion (down from DKK 1.5 billion). The expansion of Terminal 3 is expected to account for approximately half of the estimated investment level for 2024 with the remainder spread across projects relating to capacity, safety, security, and compliance.

Dividend

There will be no dividend payment in 2024 because of restrictions relating to financing agreements.

COPENHAGEN AIRPORTS A/S

P.O. Box 74

Lufthavnsboulevarden 6

DK-2770 Kastrup

Contact:

Rasmus Lund

CFO

Telephone: +45 3231 3231

E-mail: [email protected]

www.cph.dk