Profit and strong growth
Copenhagen Airports A/S reported a profit of DKK 196 million before tax for the first quarter of 2026. As many as seven million passengers passed through the airport in the first three months of the year, and the number of transfer passengers flying via Copenhagen on their way to destinations around the world grew significantly.
The year was off to a good start at Copenhagen Airport as passenger numbers reached a record high. Seven million passengers travelled to and from the airport in the first quarter – 14 per cent more than in the same period last year.
“The first three-month period is part of the airlines’ winter programme, during which several airlines launched brand new routes and increased the number of departures on many existing routes. This makes for even better connectivity to and from Copenhagen, which benefits society at large,” says Christian Poulsen, CEO of Copenhagen Airports.
As a result of the growing number of passengers, Copenhagen Airport reported a profit of DKK 196 million before tax for the first quarter, a year-on-year improvement of DKK 92 million compared with DKK 104 million before tax in Q1 2025.
“The results for the first months of 2026 shows an even larger profit than last year. We are still seeing a great global appetite for travel, but we are very aware that the geopolitical situation could affect future international travel patterns, and we are monitoring the situation very closely,” says Poulsen.
More travellers mean higher revenue
First quarter revenue totalled DKK 1.2 billion, a 12 per cent increase on the year earlier period.
Aeronautical revenue from air traffic amounted to DKK 718 million, a year-on-year increase of 14 per cent. Non-aeronautical revenue, which includes income from the shopping centre, the parking business and leasing of buildings and premises, amounted to DKK 482 million in the first quarter, representing a 9 per cent increase.
The growth was curtailed by several shops and restaurants being temporarily closed in connection with the ongoing construction project to expand Terminal 3, which is scheduled to be completed next year.
Significant transfer traffic growth
A large proportion of the increase in passenger numbers was attributable to a growing number of transfer passengers. In the first quarter, the airport had just under 2 million transfer passengers making a stopover on their journey to other destinations around the world – an impressive 50 per cent year-on-year increase.
“We are really seeing the effects of SAS consolidating its operations at Copenhagen Airport, and today 28 per cent of our passengers use Copenhagen to transfer to their final destination,” says Poulsen.
The vast majority of transfer passengers are Norwegians, Swedes and Danes who land at Copenhagen to change flights and continue on to destinations in Europe, North America, the Middle East and Asia. However, a growing number of American and Asian travellers are using Copenhagen as a gateway to Europe.
“Copenhagen Airport is Northern Europe’s largest transport hub, and transfer traffic is important for Denmark. It allows us to attract and develop routes that would otherwise not be available from Copenhagen. The many flight connections boost the Danish economy by giving Danish businesses fast and easy access to the world and attracting international companies and skilled labour. This helps to create jobs across Denmark, and tourism is also boosted by the many routes to and from Copenhagen,” says Poulsen.
Geopolitical uncertainty
The crisis in the Middle East has affected traffic between Copenhagen Airport and destinations in the region. In the first quarter, there were 190,000 travellers to these destinations, a year-on-year decline of 63,000 passengers or 25 per cent.
“At the onset of the crisis, virtually all air traffic between Denmark and the countries in the region was suspended. Unfortunately, this affected several thousand travellers for a few weeks, but most airlines have now resumed their flights. Passengers travelling to and from the Middle East account for three per cent of the total number of passengers at Copenhagen Airport, and we are closely monitoring the situation in the Middle East with regard to the fuel situation and rising prices,” says Poulsen.
Outlook for 2026
For the rest of the year, Copenhagen Airport expects continued growth in passenger numbers and a resulting increase in revenue.
The forecast is for passenger numbers of around 35.5 million and a seven per cent increase in revenue. Provided passenger numbers reach the 35.5 million mark, a profit before tax in the DKK 1.75-1.90 billion range is expected.
However, these numbers are subject to uncertainty due to geopolitical and macroeconomic factors that could adversely affect fuel prices and travel opportunities, and consequently the financial guidance.