Updated outlook for Copenhagen Airports A/S November 2023

Management has updated its expectations for the remainder of 2023, as a result of the continued growth and expectation for passenger numbers for the remaining part of the year. 

Outlook for revenue growth
Based on current trajectories for passenger growth, management expects passenger levels at approximately 26.5 million for the full year 2023 (previous expectation: 26 million). Expectations for growth in traffic revenue has thus been updated to 16% (previously 13%) for the full year 2023.


The updated outlook remains uncertain in respect of the current geopolitical landscape and macroeconomic factors such as the higher interest rate levels, potential volatile energy prices, and effects from the period of high inflation. A worsening of these factors could affect travel sentiment and CPH’s financial outlook negatively.


Outlook for profit before tax
Based on passenger level expectations, a profit before tax of DKK 350 million to DKK 400 million is expected (previously DKK 300-350 million). The costs of passenger related activities and regulatory requirements are as expected in previous outlooks higher in 2023 than in 2022.


Outlook for capital investments
Investment level including capitalized interest is updated to be around DKK 1.3 billion (previously DKK 1.6 billion). The expansion of Terminal 3 is expected to account for about half of the investment level for 2023 whilst the remaining part constitutes projects in relation to capacity, safety, security, and compliance.


There will be no dividend payment in 2023 as a consequence of commitment towards lenders in waiver agreements.



P.O. Box 74

Lufthavnsboulevarden 6

DK-2770 Kastrup



Rasmus Lund



Telephone: +45 3231 3231

E-mail: cphpresse@cph.dk


CVR nr. 14 70 72 04