Interim report – 1 January – 30 June 2010
Copenhagen Airports A/S Page 1 of 20
7w
Interim report of Copenhagen Airports A/S
period 1 January – 31 March 2026
Company Announcement
Kastrup, 13 May 2026
P.O. Box 74
Contact:
Rasmus Lund
CFO
Tel.: +45 3231 3231
E-mail: cphpresse@cph.dk
www.cph.dk
CVR no. 14 70 72 04
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 2 of 20
CONTENTS
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 31 MARCH 2026 ........................................................................................................................ 3
Highlights ....................................................................................................................................................... 3
Outlook for 2026 ............................................................................................................................................. 4
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS ................................................................................... 5
MANAGEMENT’S FINANCIAL REVIEW ........................................................................................................... 6
Performance – Q1 2026 ................................................................................................................................. 6
Other items in the income statement ............................................................................................................. 7
Cash flow statement....................................................................................................................................... 7
Reporting on business areas ......................................................................................................................... 8
Aeronautical business area ............................................................................................................................ 9
Non-aeronautical business area .................................................................................................................. 10
Risks and uncertainties ................................................................................................................................ 11
CONSOLIDATED FINANCIAL STATEMENTS ............................................................................................... 12
Income statement ......................................................................................................................................... 12
Statement of comprehensive income ........................................................................................................... 13
Balance sheet .............................................................................................................................................. 14
Cash flow statement..................................................................................................................................... 16
Statement of changes in equity .................................................................................................................... 17
Notes to the financial statements ................................................................................................................. 18
MANAGEMENT’S STATEMENT ON THE INTERIM REPORT ...................................................................... 20
The terms “CPH”, “the Group” and “the Company” are used synonymously for Copenhagen Airports A/S consolidated with its subsidiaries
and joint ventures.
The term “Copenhagen Airport” is used to refer to the airport at Copenhagen, Kastrup, which is owned by Copenhagen Airports A/S.
The term “YTD” is used to refer to year-to-date figures, and the term “FY” is used to refer to full-year figures.
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 3 of 20
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 31 MARCH 2026
The Board of Directors has today approved the interim report for the period 1 January – 31 March 2026.
HIGHLIGHTS
The total number of passengers at Copenhagen Airport was 7.0 million in the first three months of
2026, an increase of 0.9 million on the same period last year. The number of locally departing
passengers was 2.5 million (up 6% from last year), 3.5 million were arriving passengers (up 13% from
last year), and 1.0 million were departing transfer passengers (up 50% from last year).
Revenue amounted to DKK 1,200 million (Q1 2025: DKK 1,075 million), an increase of DKK 125 million
or 12% compared with the first three months of 2025 driven by the higher passenger numbers.
EBITDA amounted to DKK 456 million (Q1 2025: DKK 383 million), an increase of DKK 73 million
compared with the same period last year. The increase in EBITDA was mainly due to the higher
revenue partly offset by higher operating costs resulting from the higher activity level, including an
increase in full-time employees of 194.
EBIT was DKK 237 million (Q1 2025: DKK 161 million), an increase of DKK 76 million.
Net financing costs amounted to DKK 43 million, which was DKK 10 million lower than in the same
period of 2025, primarily due to increased capitalised interest on assets under construction.
Profit before tax amounted to DKK 196 million (Q1 2025: DKK 104 million), an increase of DKK 92
million.
Capital investments including capitalised interest were DKK 554 million in the first three months of
2026 (Q1 2025: DKK 350 million). Investments included the expansion of Terminal 3 and new security
facilities.
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 4 of 20
OUTLOOK FOR 2026
Outlook for the remainder of 2026 remains unchanged compared with our announcement in the 2025 Annual
Report. In 2026, CPH expects continued growth in passenger numbers, leading to increased profit. 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.
Expectations for revenue growth
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%.
Expectations for profit before tax
With expected passenger numbers of around 35.5 million, profit before tax for full-year 2026 is expected to be
between DKK 1.75 and DKK 1.90 billion.
Expectations for capital investments
Capital investments for 2026 are expected to amount to around DKK 3.0 billion, including capitalised interest.
The Terminal 3 extension and stand capacity are expected to account for close to half of the investment level
for 2026, with the remainder relating to capacity enhancements and safety, security and compliance projects.
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 5 of 20
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS
Q1 2026 Q1 2025 FY 2025
Income statement (DKKm)
Revenue 1,200 1,075 5,521
Aeronautical revenue 718 632 3,361
Non-aeronautical revenue 482 443 2,160
EBITDA 456 383 2,740
Aeronautical EBITDA 134 86 1,182
Non-aeronautical EBITDA 322 297 1,558
EBIT 237 161 1,839
Aeronautical EBIT (26) (77) 522
Non-aeronautical EBIT 263 238 1,317
Net financing costs 43 53 199
Profit before tax 196 104 1,625
Net profit 153 80 1,243
Statement of comprehensive income (DKKm)
Other comprehensive income 53 27 92
Comprehensive income 206 107 1,335
Balance sheet (DKKm)
Property, plant and equipment 16,535 15,150 16,213
Financial investments 146 103 110
Total assets 17,700 16,210 17,467
Equity 5,714 4,523 5,508
Non-controlling interests of equity 555 569 548
Interest-bearing debt 9,340 9,251 9,058
Investment in property, plant and equipment 522 307 2,004
Investment in intangible assets 32 43 153
Cash flow statement (DKKm)
Cash flow from operating activities 188 249 2,314
Cash flow from investing activities (444) (299) (1,963)
Cash flow from financing activities 280 74 (345)
Cash at the end of the period 78 72 54
Key ratios
EBITDA margin 38.0% 35.7% 49.6%
EBIT margin 19.8% 15.0% 33.3%
Asset turnover rate 0.28 0.27 0.33
Return on assets 5.5% 4.0% 11.1%
Return on equity 10.9% 7.2% 25.1%
Equity ratio 32.3% 27.9% 31.5%
Earnings per DKK 100 share 19.5 10.2 158.4
Cash earnings per DKK 100 share 47.4 38.5 273.2
Net asset value per DKK 100 share 728.1 576.3
701.9
Payout ratio - - 16.1%
NOPAT margin 15.5% 11.2% 25.3%
Turnover rate of capital employed 0.37 0.35 0.36
ROCE* 12.4% 11.0% 12.1%
* ROCE is calculated based on reported EBIT for the last four quarters.
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 6 of 20
MANAGEMENT’S FINANCIAL REVIEW
PERFORMANCE – Q1 2026
Passenger numbers for the first three months of
2026 reached a total of 7.0 million, which was an
increase of 0.9 million on the same period of 2025.
Revenue amounted to DKK 1,200 million, a 12%
increase compared with the same period of 2025.
Aeronautical revenue amounted to DKK 718
million, an increase of DKK 86 million or 14%
compared with the first three months of 2025. This
was mainly due to the increasing passenger
numbers.
Non-aeronautical revenue increased by DKK 39
million to DKK 482 million, a 9% improvement on
the same period of 2025 driven by the increasing
passenger numbers.
Operating costs including depreciation and
amortisation amounted to DKK 963 million, an
increase of DKK 47 million compared with the
same period last year mainly due to higher activity
levels. External costs were up by DKK 28 million
compared with the same period last year. Staff
costs increased by DKK 23 million, primarily due to
an increase in full-time employees of 194.
Depreciation and amortisation was down by DKK 4
million, mainly due to lower write-offs of assets in
2026 compared with the same period of 2025.
EBITDA was a profit of DKK 456 million, an
increase of DKK 73 million compared with the first
three months of 2025.
Net financing costs amounted to DKK 43 million, a
reduction of DKK 10 million, which was primarily
due to increased capitalised interest on assets
under construction.
Profit before tax amounted to DKK 196 million, an
improvement of DKK 92 million compared with the
first three months of 2025.
DKKm 2026 2025 Ch. Ch. %
Revenue 1,200 1,075 125 12%
EBITDA 456 383 73 19%
EBIT 237 161 76 48%
Other financial items 2 (4) 6 (136%)
Net financing costs 43 53 (10) (18%)
Profit before tax 196 104 92 89%
Year to date
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 7 of 20
OTHER ITEMS IN THE INCOME
STATEMENT
Net financing costs
Net financing costs were DKK 10 million lower than
in the same period of 2025.
The development was mainly attributable to
increased capitalised interest on assets under
construction.
Tax on profit for the period
Tax on profit for the period is recognised based on
a current estimate of actual taxes for the period.
CASH FLOW STATEMENT
Cash flow from operating activities decreased by
DKK 61 million relative to the same period last
year, primarily due to tax payments in 2026, partly
offset by higher cash inflows from the increased
revenue driven by higher passenger numbers.
Cash flow from investing activities primarily related
to investments in property, plant and equipment
and intangible assets.
Major investments made during the first three
months of 2026 included the expansion of Terminal
3 and new security facilities.
Cash flow from financing activities related to net
drawings on credit facilities and amortisation of
loans increased by DKK 206 million compared with
the same period last year.
At 31 March 2026, CPH had cash and cash
equivalents of DKK 78 million (31 March 2025:
DKK 72 million).
DKKm 2026 2025 Ch.
Interes t 75 75 (0)
Capitalised interest on
assets under construction
(36) (27) (9)
Other financial costs
4 5 (1)
Total 43 53 (10)
Year to date
DKKm 2026 2025 Ch.
Cash flow from:
Operating activities 188 249 (61)
Investing activities (444) (299) (145)
Financing activities 280 74 206
Net cash flow for the period 24 24 (0)
Cash at the beginning
of the year
54 48 6
Cash at the end of
the period 78 72 6
Year to date
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 8 of 20
REPORTING ON BUSINESS AREAS
CPH presents its operating and financial
performance for the period based on business
areas.
CPH’s income statement, statement of
comprehensive income, balance sheet, cash flow
statement, statement of changes in equity and
notes to the financial statements for the period 1
January – 31 March 2026 are provided on pages
12-19.
Revenue and EBIT split by business area (YTD)
DKKm 2026 2025 Ch. Ch. % 2026 2025 Ch. Ch. %
Aeronautical 718 632 86 14% (26) (77) 51 (66%)
Non-aeronautical 482 443 39 9% 263 238 25 11%
Total 1,200 1,075 125 12% 237 161 76 48%
Revenue EBIT
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 9 of 20
AERONAUTICAL BUSINESS AREA
Passengers (pax)
A total of 7.0 million passengers passed through
Copenhagen Airport during the first three months of
2026, equivalent to an increase of 0.9 million
passengers, or 14%, compared with the same period
of 2025. European destinations accounted for most
of the increase with 0.7 million passengers or 15%
compared with 2025. Danish destinations
contributed an additional 0.1 million passengers,
while the remaining increase stemmed from
intercontinental routes. The increase in passenger
numbers was partly due to the timing of Easter,
which last year fell in April, whereas a significant
share of Easter-related travel occurred in March this
year.
The total number of departing passengers was 3.5
million (up 15% compared with the same period last
year), of which 2.5 million were locally departing
passengers (6% up on last year), and 1.0 million
were departing transfer and transit passengers (50%
up on the same period last year).
Locally departing passengers accounted for 72% of
all departing passengers, while transfer and transit
passengers accounted for 28%. The total number of
arriving passengers was 3.5 million (13% up on last
year).
In the first three months of 2026, total departing seat
capacity increased by 11%, the number of
passenger-related operations increased by 14%,
and the average cabin factor (occupancy) increased
by 4% to 75% compared with the same period in
2025.
Revenue
Aeronautical revenue amounted to DKK 718 million
in the first three months of 2026, an increase of DKK
86 million (14% up on the same period last year).
The increase in aeronautical revenue is mainly
driven by higher passenger numbers and
passenger-related operations. The increase in
charges for 2026 will be effective from 1 April 2026.
Passenger, security, and handling charges
increased by DKK 70 million on the same period of
last year to DKK 577 million, primarily driven by the
increase in passenger numbers and the indexation
of charges from 1 April 2025. There was a change in
passenger mix, with more transfer passengers and a
slightly reduced share of passengers traveling from
the low-cost pier, CPH Go, compared with the same
period last year.
Take-off charges amounted to DKK 124 million, an
increase of 11% compared with the same period last
year, primarily driven by a higher number of flight
operations. Passenger-related operations increased
by 14%, while cargo operations decreased by 27%.
EBIT
Aeronautical EBIT for the first three months of 2026
amounted to a loss of DKK 26 million, an
improvement of DKK 51 million compared with the
same period of 2025. The positive impact of higher
revenue and lower depreciation and amortisation
was partly offset by higher staff costs and external
costs.
FY
DKKm 2026 2025 Ch. Ch. % 2025
Revenue 718 632 86 14% 3,361
EBIT
(26) (77) 51 (66%) 522
Segment assets 11,892 10,395 1,497 14% 11,761
Year to date
Pax (thousand) 2026 2025 Ch. Ch. %
Total pax 7,026 6,166 860 14%
Denmark 344 248 96 39%
Europe 5,773 5,041 732 15%
Intercontinental 909 877 32 4%
Total departing pax
3,494 3,036 458 15%
Local departing pax
2,519 2,386 133 6%
Transfer departing pax
975 650 325 50%
Year to date
DKKm 2026 2025 Ch. Ch. %
Passenger charges 322 287 35 12%
Security charges 184 161 23 15%
Handling charges 71 59 12 19%
Take-off charges 124 112 12 11%
Aircraft parking, etc. 17 13 4 32%
Total 718 632 86 14%
Year to date
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 10 of 20
NON-AERONAUTICAL BUSINESS AREA
Revenue
Concession revenue
Concession revenue from the shopping centre
amounted to DKK 196 million for the first quarter of
2026, an increase of DKK 22 million compared with
the same period last year. The improvement was
primarily driven by the increase in passenger
numbers.
Other revenue amounted to DKK 9 million, which
was in line with the same period last year.
Parking revenue
Parking revenue for the first three months of 2026
was up by DKK 5 million compared with last year.
Rent
Total rent amounted to DKK 52 million, which was
in line with the same period last year.
Sales of services, etc.
Revenue from the hotel operation was in line with
last year.
Revenue from the category Other was up by DKK
10 million compared with the same period last year.
Other includes PRM (Persons with Reduced
Mobility), TMS (Taxi Management System) and
CPH leaseholders’ share of energy costs, which
are all non-profit activities for CPH. The costs of
these activities are carried by CPH and re-invoiced
to customers.
EBIT
Non-aeronautical EBIT increased by DKK 25
million to DKK 263 million compared with the same
period last year. The increase was primarily driven
by higher revenue resulting from increased activity
levels, partly offset by higher staff costs.
FY
DKKm 2026 2025 Ch. Ch. % 2025
Revenue 482 443 39 9% 2,160
EBIT
263 238 25 11% 1,317
Segment assets 5,584 5,640 (56) (1%) 5,541
Investments in joint ventures 112 103 9 8% 110
Year to date
DKKm 2026 2025 Ch. Ch. %
Shopping centre 196 174 22 12%
Other revenue 9 9 0 6%
Total 205 183 22 12%
Year to date
DKK million
2026 2025
Ch. Ch. %
Car parking
103 98 5 5%
Total
103 98 5 5%
Year to date
DKKm 2026 2025 Ch. Ch. %
Rent from premises 37 36 1 2%
Rent from land 14 15 (1) (3%)
Other rent 1 1 0 1%
Total 52 52 0 0%
Year to date
DKKm 2026 2025 Ch. Ch. %
Hotel operation 31 29 2 7%
Other 91 81 10 12%
Total 122 110 12 11%
Year to date
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 11 of 20
RISKS AND UNCERTAINTIES
Other than as stated elsewhere in this interim
report, no material changes have occurred in the
short-term risks and uncertainties to which CPH is
subject, compared with the information provided in
the 2025 Annual Report.
Forward-looking statements – risks and
uncertainties
This interim report contains forward-looking
statements as described in the US Private
Securities Litigation Act of 1995 and similar acts of
other jurisdictions. In particular, this includes
statements concerning future revenue, operating
profit, business expansion and capital investments.
Such statements are subject to risks and
uncertainties, as various factors, many of which are
beyond CPH’s control, may cause actual results
and performance to differ materially from the
forecasts provided elsewhere in this interim report.
Such factors include general economic and
business conditions, changes in exchange rates,
demand for CPH’s services, competitive factors
within the aviation industry and operational matters
in one or more of the Group’s businesses. See Risk
Management on pages 28-30 of the 2025 Annual
Report.
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 12 of 20
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
DKKm 2026 2025
Traffic revenue
Concession revenue
Parking revenue
Rent
Sales of services, etc.
Revenue 1,200
Other income
External costs
Staff costs
Amortisation and depreciation
Operating profit (EBIT) 237
Share of profit/(loss) after tax in joint ventures
(4 )
Financial income
Financial expenses
Profit before tax 196
Tax on profit for the period
Net profit for the period 153
Net profit attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Net profit 153
Earnings per DKK 100 share (basic and diluted)
EPS is stated in Danish kroner
Year to date
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 13 of 20
STATEMENT OF COMPREHENSIVE INCOME
DKKm 2026 2025
Net profit for the period 153
Items that are reclassified to the income statement
Value adjustments of hedging instruments
Tax on other comprehensive income
(15 )
(7 )
Other comprehensive income for the period 53
Total comprehensive income for the period 206
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total comprehensive income for the period 206
Year to date
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 14 of 20
BALANCE SHEET
Asse t s
31 Mar 31 Dec 31 Mar
Note
DKKm 2026 2025 2025
NON-CURRENT ASSETS
Total intangible assets 388
2
Property, plant and equipment
Land and buildings
Investment properties
Plant and machinery
Other fixtures and fittings, tools and equipment
Property, plant and equipment under construction
Total property, plant and equipment 16,535
Financial assets
Investments in joint ventures
3
Other financial assets
Total financial assets 146
Total non-current assets 17,069
CURRENT ASSETS
Trade receivables
Other receivables
Prepayments
Cash
Total current assets 631
Total assets 17,700
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 15 of 20
BALANCE SHEET
Equity and liabilities
31 Mar 31 Dec 31 Mar
Note
DKKm 2026 2025 2025
EQUITY
Share capital
Reserve for hedging
(35 ) (102 )
Retained earnings
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total equity 5,714
NON-CURRENT LIABILITIES
Deferred tax
3
Financial institutions and other loans
Other payables
Total non-current liabilities 7,081
CURRENT LIABILITIES
3
Financial institutions and other loans
Contract liabilities
Trade payables
Income tax payables
Other payables
Deferred income
Total current liabilities 4,905
Total liabilities 11,986
Total equity and liabilities 17,700
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 16 of 20
CASH FLOW STATEMENT
DKKm 2026 2025
CASH FLOW FROM OPERATING ACTIVITIES
Received from customers
Paid to staff, suppliers, etc.
(1,126 )
(876 )
Cash flow from operating activities before financial items and tax 368
Interest received, etc.
Interest paid, etc.
(73 )
(84 )
Cash flow from operating activities before tax 296
Income taxes paid
(108 )
(5 )
Cash flow from operating activities 188
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
(413 )
(258 )
Payments for intangible assets
(32 )
(43 )
Sale of property, plant and equipment
Cash flow from investing activities (444 )
(299 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans
(103 )
(102 )
Repayments of short-term loans
(120 )
(409 )
Proceeds from short-term loans
Cash flow from financing activities 280
Net cash flow for the period 24
Cash at the beginning of the period
Cash at the end of the period 78
Year to date
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 17 of 20
STATEMENT OF CHANGES IN EQUITY
DKKm
Share
capital
Reserve for
hedging
Retained
earnings Total
Non-
controlling
interests Total
Equity at 1 January 2026 785 (35 ) 4,210 4,960 548 5,508
Comprehensive income for the period
Net profit for the period - - 146 146 7 153
Other comprehensive income
Value adjustments of hedging instruments - 53 - 53 - 53
Total other comprehensive income - 53 - 53 - 53
Total comprehensive income for the period - 53 146 199 7 206
Equity at 31 March 2026 785 18 4,356 5,159 555 5,714
Equity at 1 January 2025 785 (129 ) 3,197 3,853 563 4,416
Comprehensive income for the period
Net profit for the period - - 74 74 6 80
Other comprehensive income
Value adjustments of hedging instruments - 27 - 27 - 27
Total other comprehensive income - 27 - 27 - 27
Total comprehensive income for the period - 27 74 101 6 106
-
Equity at 31 March 2025 785 (102 ) 3,271 3,954 569 4,523
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 18 of 20
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1: Basis of preparation
CPH is a limited liability company domiciled in Denmark and listed on Nasdaq Copenhagen.
The interim report comprises the condensed consolidated financial statements of Copenhagen Airports A/S.
The interim report is presented in accordance with international accounting standard IAS 34 Interim Financial
Reporting and additional Danish disclosure requirements applying to interim reports of listed companies.
Significant accounting estimates and judgements
In preparing the consolidated financial statements, management makes various accounting judgements and
estimates that form the basis of the presentation, recognition, and measurement of CPH’s assets and liabilities.
The estimates made by CPH in determining the carrying amounts of assets and liabilities are based on
judgements and estimates that are subject to future events. These include estimates of the useful lives of
property, plant and equipment and their residual values. Estimates and underlying assumptions are based on
historical data and factors that management considers relevant under the given circumstances. These
assumptions may have to be revised, and unexpected events or circumstances may occur. For a description
of risks, accounting estimates and judgements, see pages 28-30 and 134 respectively of the 2025 Annual
Report.
Accounting policies
The accounting policies applied in the interim report are unchanged from those applied in the 2025 Annual
Report except as set out below. The 2025 Annual Report was prepared in accordance with IFRS Accounting
Standards as adopted by the European Union and further requirements for listed companies in the Danish
Financial statements Act. For further information, see pages 133-134 of the 2025 Annual Report, which
describe material accounting policies.
Change in accounting policies
As of 1 January 2026, CPH adopted all relevant new or revised International Financial Reporting Standards
and IFRIC Interpretations with effective date 1 January 2025 or earlier. The new or revised standards and
interpretations did not affect recognition and measurement materially, nor did they result in any material
changes to disclosures in the notes.
NOTE 2: Property, plant and equipment
Investment in and sale of property, plant and equipment
In the first three months of 2026, CPH invested DKK 554 million in intangible assets and property, plant and
equipment. Major investments made during the first three months of 2026 include the expansion of Terminal
3 and new security facilities.
Contracts and other commitments
As of 31 March 2026, CPH had entered contracts to build and maintain facilities at a total value of DKK 622
million (31 December 2025: DKK 724 million) and other commitments amounting to DKK 104 million (31
December 2025: DKK 79 million). Major commitments include contracts for the expansion of Terminal 3, new
stands and renovation of office facilities.
NOTE 3: Financial institutions and other loans
Change in drawn loan facilities
Utilisation of CPH´s credit facilities increased by DKK 457 million from DKK 0 million to DKK 457 million since
31 December 2025.
At 31 March 2026, CPH had undrawn committed long-term credit facilities of DKK 1,643 million (31 December
2025: DKK 2,026 million).
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 19 of 20
Value of the derivative financial instruments
NOTE 4: Related parties
At 31 March 2026, CPH’s related parties were the Danish state, given its controlling ownership interest in CPH,
the Board of Directors and Executive Management, and associated companies. See also notes 2.4, 3.4 and
5.4 to the 2025 Annual Report.
In the first three months of 2026, CPH realised costs of DKK 9.1 million from associated company Smarter
Airports A/S relating to service contracts, income of DKK 0.8 million relating to administration, management
and project services and interest income of DKK 0.1 million. As of 31 March 2026, loans provided to Smarter
Airport A/S amounted to DKK 8.1 million.
NOTE 5: Subsequent events
On 1 May, Copenhagen Airports A/S sold its share in Smarter Airports A/S to its joint venture partner,
Netcompany, at a profit.
No other material events have occurred since the balance sheet date.
DKKm
Derivative financial instruments
31 Mar
2026
31 Dec
2025
31 Mar
2026
31 Dec
2025
Recognised under other financial assets (non-current assets)
34
0
34
0
Recognised under other payables (non-current liabilities)
7
41
7
41
Carrying amount Fair value*
* The fair value of CPH's interest rate swaps are considered a level 2 fair value measurement as the fair value is
primarily determined, directly based on the published quoted swap rates on the balance sheet date.
Interim report for the period 1 January – 31 March 2026
Copenhagen Airports A/S Page 20 of 20
MANAGEMENT’S STATEMENT ON THE INTERIM REPORT
Executive Management
Board of Directors