KØBENHAVNS LUFTHAVNE A/S
Transport & logistics·CPH · Nasdaq Copenhagen·Fiscal year to 31/12/2025
structure and services relating to air traffic. This includes everything from route development, baggage systems and security to the operation and development of technology, terminals, IT, shuttle buses, aircraft stands and runways. The non-aeronautical business covers activities such as parking, food outlets and shops in the terminals, hotel operations and leasing of prem - ises on the airport site.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Aviation and travel
End markets
DriverNegative impact: weakens
“Competition in the aviation industry is fierce. For an airline, establishing a new route requires major investment, and it is therefore vital that we offer an attractive product, efficient operations, close and transparent collaboration, and competitive charges.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In 2025, the number of transfer passengers increased by 27% to approximately 7.2 million. routes from Copenhagen destinations airline customers Air cargo Approximately 40% of the value of non-EU Danish exports is transported by air.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In order to accommodate the rising demand for air traffic, including SAS’s expansion of its route network out of Copenhagen, CPH is increasing its gate and stand capacity.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Based on a projected passenger volume, management expects total passenger numbers to be approximately 35.5 million for full-year 2026. Correspondingly, revenue is expected to grow by around 7%.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Capacity Information and cyber security Organisation and workforce Description of risk Rising traffic volumes, larger aircraft types and operational requirements can lead to capacity challenges in the airport terminals, on runways and at aircraft stands. This can cause delays, inefficient operations and dissatisfaction among passengers and business partners.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Delivering on our strategy In 2025, CPH continued delivering on the Responsible Growth strategy with record-high passenger numbers and strong progress on the five strategic priorities towards realising our vision of “Connecting the world and delighting passengers, with Net Zero as our destination”.”
Annual report 2025A · The company itself
Market
“structure and services relating to air traffic. This includes everything from route development, baggage systems and security to the operation and development of technology, terminals, IT, shuttle buses, aircraft stands and runways. The non-aeronautical business covers activities such as parking, food outlets and shops in the terminals, hotel operations and leasing of prem - ises on the airport site.”
Annual report 2025A · The company itself
Market
“Total aeronautical revenue increased by 10% to DKK 3,361 million, compared to 2024.”
Annual report 2025A · The company itself
Market
“Roskilde Airport (RKE) serves as CPH’s relief and general aviation airport. It is used by private aircraft, helicopters, flight schools, businesses, VIPs and the military, as well as hosting the Danish search and rescue services.”
Annual report 2025A · The company itself
Market
“Increased demand for the airport’s 12,500 passenger parking spaces was the main driver of a 9% increase in revenue to DKK 458 million for the airport’s parking business in 2025. The upward trend in online parking bookings continued, and CPH remained focused on offering as convenient and seamless a parking experience as possible.”
Annual report 2025A · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
Global trade volumes
Macro
DriverPositive impact: strengthens
“The growing number of passengers was supported by the opening of 47 new routes, taking the total to 367 direct routes serving 191 destinations across 62 airlines.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“There is high demand from airlines to open routes to new destinations. This trend may strengthen CPH’s role as a key hub in northern Europe and requires continuous expansion and strengthening of the collaboration with our partners.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“CPH remains committed to securing the connectivity Denmark needs by ensuring sufficient and sustainable air traffic to and from Copenhagen. In 2025, CPH exceeded 32.4 million passengers and continued working closely with part - ners and customers to deliver on our growth strategy.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“As part of Denmark’s critical infrastructure, CPH depends on stable and secure IT systems. Cyber attacks in particular are becoming increasingly sophisticated, which increases the risk of data, system integrity and accessibility being compromised.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“CPH played an important role during Denmark’s EU Presidency in the second half of 2025, and our security checkpoint was named the best in the world.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Attracting, developing and retaining qualified employees is crucial for CPH’s operations and long-term strategy. The labour market is dynamic, with increasing competition for talented people, which makes an attractive and inclusive workplace a key factor.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We remain committed to ensuring both the competitiveness of CPH as a business and our continued attractiveness as an employer. Living our core values of Passion, Collaboration, Hospitality and Respect, we focus our efforts on cultivating healthy performance.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“Advanced tech - nology, such as artificial intelligence and realtime data, helps us to optimise aircraft handling, baggage handling and our resources so that we can make the best possible use of capacity.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“An innovative and data-driven airport delivering an exceptional passenger experience and efficiency. In today’s dynamic landscape, digitalisation and innovation are key to staying ahead as a leading airport.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Digitalisation
Technology
StrategyPositive impact: strengthens
“Advanced tech - nology, such as artificial intelligence and realtime data, helps us to optimise aircraft handling, baggage handling and our resources so that we can make the best possible use of capacity.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“An innovative and data-driven airport delivering an exceptional passenger experience and efficiency. In today’s dynamic landscape, digitalisation and innovation are key to staying ahead as a leading airport.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Hospitality and leisure
End markets
Market
“Driven by higher sales of food, beverages and convenience store items, total non-aeronautical revenue rose by 8% to DKK 2,160 million in 2025.”
Annual report 2025A · The company itself
Market
“In addition to the airlines, other important customer groups include passengers, shops and restaurants in the shopping centre, and tenants. These relationships are managed and regulated through daily collaboration, concession and lease agreements, and sales and marketing activities.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Retail
End markets
Market
“Driven by higher sales of food, beverages and convenience store items, total non-aeronautical revenue rose by 8% to DKK 2,160 million in 2025.”
Annual report 2025A · The company itself
Market
“In addition to the airlines, other important customer groups include passengers, shops and restaurants in the shopping centre, and tenants. These relationships are managed and regulated through daily collaboration, concession and lease agreements, and sales and marketing activities.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Air freight
Raw materials and inputs
Market
“In 2025, the majority of CPH’s air cargo capacity, around 75%, was carried primarily as belly cargo on passenger aircraft, with a smaller share on dedicated cargo flights. The remaining 25% was attributable to the integrator segment, including major logistics providers, declining in 2025 due to adjustments to a provider’s global network as of June.”
Annual report 2025A · The company itself
Electrification
Technology
StrategyPositive impact: strengthens
“CPH’s growth strategy goes hand in hand with the ambition to reduce its environmental footprint and the goal of net zero airport operations by 2030. Our investments include energy-efficient solutions, and we have intensified the electrification of our vehicle fleet with more charging points and new electric vehicles and equipment.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Energy efficiency
Technology
StrategyPositive impact: strengthens
“CPH’s growth strategy goes hand in hand with the ambition to reduce its environmental footprint and the goal of net zero airport operations by 2030. Our investments include energy-efficient solutions, and we have intensified the electrification of our vehicle fleet with more charging points and new electric vehicles and equipment.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Sea freight and freight rates
Raw materials and inputs
Market
“In 2025, the majority of CPH’s air cargo capacity, around 75%, was carried primarily as belly cargo on passenger aircraft, with a smaller share on dedicated cargo flights. The remaining 25% was attributable to the integrator segment, including major logistics providers, declining in 2025 due to adjustments to a provider’s global network as of June.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Tourism, hotels and experiences
End markets
Market
“The Clarion and Comfort hotels at the airport achieved high occupancy levels and record revenue, driven by a high number of overnight stays and an active conference market.”
Annual report 2025A · The company itself
Electricity
Raw materials and inputs
InputNegative impact: weakens
“From 2025, CPH operates entirely on renewable energy following the power purchase agreement (PPA) secured with Vattenfall in 2024.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Since the start of 2025, all the airport’s electricity has come from renewable sources, and we have initiated a number of measures to reduce energy consumption and make operations more energyefficient.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“However, the financial outlook is subject to uncertainty resulting from the geopolitical and macroeconomic environment. A deterioration in these factors could negatively affect travel activity and thereby CPH’s financial performance.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Construction
End markets
InputNegative impact: weakens
“In 2025, CPH therefore increased total investments by 45% to DKK 2,157 million. The primary areas of investment were the expansion of Terminal 3 to provide increased capacity and more commercial opportunities, the rebuild of the central security checkpoint to meet new standards, and the expansion and optimisation of our baggage facilities to ensure capacity and flow.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“However, the financial outlook is subject to uncertainty resulting from the geopolitical and macroeconomic environment. A deterioration in these factors could negatively affect travel activity and thereby CPH’s financial performance.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Denmark
Geography
DriverPositive impact: strengthens
“Furthermore, good transport infrastructure that makes it easy for passengers to travel to and from the airport is important, including efficient public transport options. Currently, around 66% of passengers arrive at the airport by metro, train or bus.”
Annual report 2025A · The company itself
Geography
“Following a mandatory public takeover offer in late 2025, the Danish state now holds 99.6% of the company’s shares. CPH is continuing its strategy for responsible growth under the new ownership.”
Annual report 2025A · The company itself
Currency exposure
Macro
DriverNegative impact: weakens
“Tax Free, the shopping centre’s largest business area, continued to be affected by changes in the passenger mix and currency exchange rates.”
Annual report 2025A · The company itself
Wind power
Technology
InputNegative impact: weakens
“We have entered into a long-term agreement on wind energy to ensure that all of our electricity consumption is covered by renew - able sources.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Europe
Geography
Geography
“CPH expanded its position as the most important airport hub in northern Europe through the strengthening of regional European routes and further growth in intercontinental destinations. The trend towards increased frequencies on existing European routes, as well as additional intercontinental routes, is expected to continue in 2026, with new routes to, among others, Mumbai and Halifax due to open during the summer.”
Annual report 2025A · The company itself
Fuel
Raw materials and inputs
InputNegative impact: weakens
“At year-end, 33% of our vehicles were electric, with the remainder of the fleet running on biofuel (HVO).”
Annual report 2025A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Solar power
Technology
InputNegative impact: weakens
“Solar panels cover around 4.5% of Copenhagen Airport's electricity consumption, while a power purchase agreement (PPA) supplies renewable energy certificates corresponding to the remaining 95.5%.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 5.52 bn DKK |
| Revenue growth vs. the year before, same method | 8.9 % |
| EBITDA reported by the company | 2.74 bn DKK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 158 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.