Updated outlook for Copenhagen Airports A/S July 2023

Management has updated the expectations for the remainder of 2023, due to the continued growth in passenger numbers. Additionally, the temporary agreement entered into by Naviair and air traffic controllers has reduced the uncertainty on passenger operations previously reported. 

Outlook for revenue growth
Based on these factors and current trajectories for passenger growth, management now expects the passenger level to exceed 26 million for the full year 2023 (previously 25 million).


Expectations for revenue growth has thus been updated to 13% (previously 10%) for the full year 2023.


The updated outlook continues to remain uncertain due to the geopolitical landscape as well as uncertainty on macroeconomic outlook due to volatility in energy prices, increasing interest rates etc. A worsening of these factors could affect travel sentiment and CPH’s financial outlook negatively.


Outlook for profit before tax
If passenger levels reach 26 million, profit before tax is expected to be between DKK 300 million to DKK 350 million (previously DKK 150-200 million) mainly supported by growth in passengers offset by increasing operating costs and interest levels compared with 2022.


The increasing cost levels are primarily due to the expected rise in passenger-related activities, regulatory requirements, salary increase expectations and inflation.


Outlook for capital investments
Investment level including capitalized interest is updated to be around DKK 1.6 billion (previously DKK 1.7 billion). The expansion of Terminal 3 is around half of the investment level for 2023 whilst the remaining half constitutes of 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