Interim report of
Copenhagen Airports A/S (CPH)
for the period 1 January – 30 June 2026
Company Announcement
Kastrup, 21 August 2026
Contact:
Maria Hasselberg Pedersen,
Interim CFO
Tel.: +45 3231 3231
E-mail: cphpresse@cph.dk
CPH.DK
CONNECTING THE WOLD SINCE 1952
BOX 74
P. +45 32313231
cph@cph.dk
VAT 14707204
PAGE 2 of 20
Contents
Interim report
of Copenhagen Airports A/S (CPH) for the period 1 January – 30 June 2026 .......................... 3
Highlights ........................................................................................................................................................ 3
Outlook for 2026 ............................................................................................................................................. 4
Group financial highlights and key ratios ........................................................................................................... 5
Management’s financial review .......................................................................................................................... 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
Executive Management ................................................................................................................................ 20
T
he 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.
For information related to basis of preparati
on, see note 1.
PAGE 3 of 20
Interim report of Copenhagen Airports A/S (CPH) for the
period 1 January – 30 June 2026
The Board of Directors has today approved the interim report for the period 1 January – 30 June 2026, including an
adjusted outlook.
Highlights
The total number of passengers at Copenhagen Airport was 16.1 million in the first six months of 2026, an increase of
1.3 million on the same period last year. The number of locally departing passengers was 5.9 million (up 2% from last
year), 8.1 million were arriving passengers (up 9% from last year), and 2.1 million were departing transfer passengers
(up 31% from last year).
Revenue amounted to DKK 2,771 million (H1 2025: DKK 2,541 million), an increase of DKK 230 million or 9% compared
with the first six months of 2025 driven by the higher passenger numbers.
EBITDA amounted to DKK 1,373 million (H1 2025: DKK 1,162 million), an increase of DKK 211 million compared with
the same period last year. The increase in EBITDA was primarily due to the higher revenue and a gain on the divestment
of Smarter Airports. This was partly offset by increased operating costs driven by the higher activity level.
EBIT was DKK 935 million (H1 2025: DKK 710 million), an increase of DKK 225 million.
Net financing costs amounted to DKK 84 million, which was DKK 25 million lower than in the same period of 2025,
primarily attributable to higher capitalised interest on assets under construction and lower average borrowing costs.
Profit before tax amounted to DKK 851 million (H1 2025: DKK 595 million), an increase of DKK 256 million.
Capital investments including capitalised interest were DKK 1,167 million in the first six months of 2026 (H1 2025: DKK
838 million). Investments included the expansion of Terminal 3 and new security facilities.
Full-year outlook is adjusted:
Expectations for revenue growth: Based on a projected passenger volume, management expects total passenger
numbers to be approximately 34.5 million for full-year 2026 (previously approximately 35.5 million). Revenue growth is
expected to remain around 7%, supported by a favorable passenger mix.
Expectations for profit before tax: Following the revised passenger outlook and the positive impact from divestments,
including the Smarter Airports transaction, full-year 2026 profit before tax is expected to be between DKK 1.80 and
DKK 1.95 billion (previously between DKK 1.75 and DKK 1.90 billion).
PAGE 4 of 20
Outlook for 2026
Despite a revised passenger outlook, CPH increases its full-year profit before tax guidance, supported by a favorable
passenger mix and the positive contribution from divestments. 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 34.5 million
for full-year 2026 (previously approximately 35.5 million). Revenue growth is expected to remain around 7%, supported by
a favorable passenger mix.
Expectations for profit before tax
Following the revised passenger outlook and the positive impact from divestments, including the Smarter Airports
transaction, full-year 2026 profit before tax is expected to be between DKK 1.80 and DKK 1.95 billion (previously
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 expansion 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.
PAGE 5 of 20
Group financial highlights and key ratios
Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025
Income statement (DKKm)
Revenue 1,571 1,466 2,771 2,541 5,521
Aeronautical revenue 1,003 916 1,721 1,548 3,361
Non-aeronautical revenue 568 550 1,050 993 2,160
EBITDA 917 779 1,373 1,162 2,740
Aeronautical EBITDA 399 379 533 464 1,182
Non-aeronautical EBITDA 518 400 840 698 1,558
EBIT 699 549 935 710 1,839
Aeronautical EBIT 239 210 213 133 522
Non-aeronautical EBIT 459 339 722 577 1,317
Net financing costs 41 56 84 109 199
Profit before tax 657 491 851 595 1,625
Net profit 512 383 664 463 1,243
Statement of comprehensive income (DKKm)
Other comprehensive income (29) (7) 25 20 92
Comprehensive income 483 376 689 483 1,335
Balance sheet (DKKm)
Property, plant and equipment 16,896 15,387 16,896 15,387 16,213
Financial investments 188 122 188 122 110
Total assets 18,385 16,589 18,385 16,589 17,467
Equity 6,171 4,677 6,171 4,677 5,508
Non-controlling interests of equity 536 553 536 553 548
Interest-bearing debt 9,302 9,293 9,302 9,293 9,058
Investment in property, plant and equipment 565 451 1,087 757 2,004
Investment in intangible assets 48 38 80 81 153
Cash flow statement (DKKm)
Cash flow from operating activities 583 582 771 831 2,314
Cash flow from investing activities (553) (431) (997) (729) (1,963)
Cash flow from financing activities (66) (178) 214 (105) (345)
Cash at the end of the period 42 45
42 45 54
Key ratios
EBITDA margin 58.3% 53.1% 49.5% 45.7% 49.6%
EBIT margin 44.5% 37.5% 33.8% 27.9% 33.3%
Asset turnover rate 0.35 0.36 0.31 0.31 0.33
Return on assets 15.7% 13.5% 10.6% 8.8% 11.1%
Return on equity 34.5% 33.3% 22.8% 20.3% 25.1%
Equity ratio 33.6% 28.2% 33.6% 28.2% 31.5%
Earnings per DKK 100 share 65.2 48.7 84.7 58.9 158.4
Cash earnings per DKK 100 share 93.0 78.0 140.4 116.6 273.2
Net asset value per DKK 100 share 786.3 596.0 786.3 596.0 701.9
NOPAT margin 34.6% 29.1% 26.3% 21.5% 25.3%
Turnover rate of capital employed 0.36 0.36 0.36 0.35 0.36
ROCE* 13.0% 11.4% 13.0% 11.4% 12.1%
* ROCE is calculated based on reported EBIT for the last four quarters.
PAGE 6 of 20
Management’s financial review
Performance – H1 2026
Passenger numbers for the first six months of 2026 reached a total of 16.1 million, which was an increase of
1.3 million on the same period of 2025.
Revenue amounted to DKK 2,771 million, a 9% increase compared with the same period of 2025.
Aeronautical revenue amounted to DKK 1,721 million, an increase of DKK 173 million or 11% compared with the first six
months of 2025. This was mainly due to the increasing passenger numbers and passenger-related operations.
Non-aeronautical revenue increased by DKK 57 million to DKK 1,050 million, a 6% improvement on the same period of
2025 driven by the increasing passenger numbers.
Operating costs including depreciation and amortisation amounted to DKK 1,953 million, an increase of DKK 120 million
compared with the same period last year mainly due to higher activity levels. Staff costs increased by DKK 89 million and
external costs were up by DKK 45 million. Depreciation and amortisation was down by DKK 14 million, mainly due to lower
write-offs of assets in 2026 compared with the same period of 2025.
EBITDA amounted to DKK 1,373 million, an increase of DKK 211 million compared with the first six months
of 2025. The increase in EBITDA was primarily due to the higher revenue and a gain on the divestment of Smarter Airports.
This was partly offset by the increase in operating costs.
Net financing costs amounted to DKK 84 million, a reduction of DKK 25 million, which was primarily attributable to higher
capitalised interest on assets under construction and lower average borrowing costs.
Profit before tax amounted to DKK 851 million, an improvement of DKK 256 million compared with the first six months of
2025.
DKKm 2026 2025 Ch. Ch. % 2026 2025 Ch. Ch. %
Revenue 1,571 1,466 105 7% 2,771 2,541 230 9%
EBITDA 917 779 138 18% 1,373 1,162 211 18%
EBIT 699 549 150 27% 935 710 225 32%
Other financial items (1) (2) 1 (46%) 0 (6) 6 (100%)
Net financing costs 41 56 (15) (27%) 84 109 (25) (23%)
Profit before tax 657 491 166 34% 851 595 256 43%
Q2 Year to date
PAGE 7 of 20
Other items in the
income statement
Net financing costs
Net financing costs decreased by DKK 25 million
compared with the same period of 2025.
The decrease was primarily attributable to higher
capitalised interest on assets under construction and
lower average borrowing costs.
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 60
million relative to the same period last year, primarily due
to a change in the timing of tax payments in 2026, partly
offset by higher cash inflows from the increased revenue
driven by higher passenger numbers.
Cash flow from investing activities resulted in a net cash
outflow of DKK 997 million, compared with DKK 729
million in the same period last year. The cash flow
primarily reflects investments in property, plant and
equipment and intangible assets. Major investments
during the first six months of 2026 included the
expansion of Terminal 3 and new security facilities. The
divestment of Smarter Airports had a positive impact on
the cash flow of DKK 50 million.
Cash flow from financing activities increased by DKK 319
million compared with the first six months of 2025. The
increase was primarily driven by higher net drawings on
credit facilities and lower loan amortisation (net DKK 119
million), as well as the absence of dividend payments in
the current period. Dividend payments in the first six
months of 2025 amounted to DKK 200 million.
At 30 June 2026, CPH had cash and cash equivalents of
DKK 42 million (30 June 2025: DKK 45 million).
DKKm 2026 2025 Ch.
Interes t 147 154 (7)
Capitalised interest on
assets under construction
(73) (56) (17)
Other financial costs
10 11 (1)
Total 84 109 (25)
Year to date
DKKm 2026 2025 Ch.
Cash flow from:
Operating activities 771 831 (60)
Investing activities (997) (729) (268)
Financing activities 214 (105) 319
Net cash flow for the period (12) (3) (9)
Cash at the beginning
of the year
54 48 6
Cash at the end of
the period 42 45 (3)
Year to date
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 – 30 June 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 1,721 1,548 173 11% 213 133 80 60%
Non-aeronautical 1,050 993 57 6% 722 577 145 25%
Total 2,771 2,541 230 9% 935 710 225 32%
Revenue EBIT
PAGE 9 of 20
Aeronautical business area
Passengers (pax)
A total of 16.1 million passengers passed through
Copenhagen Airport during the first six months of 2026,
equivalent to an increase of 1.3 million passengers, or
9%, compared with the same period of 2025. European
destinations accounted for most of the increase with 1.2
million passengers or 9% compared with 2025.
Intercontinental traffic remained broadly in line with last
year, despite routes to the Middle East being negatively
affected by the unrest situation in the region. In addition,
higher fuel costs led some airlines to reduce the number
of departures.
The total number of departing passengers was 8.0
million (up 9% compared with the same period last year),
of which 5.9 million were locally departing passengers
(2% up on last year), and 2.1 million were departing
transfer and transit passengers (31% up on the same
period last year).
Locally departing passengers accounted for 73% of all
departing passengers, while transfer and transit
passengers accounted for 27%. The total number of
arriving passengers was 8.1 million, equivalent to an
increase of 9% compared with last year.
In the first six months of 2026, total departing seat
capacity increased by 11% compared with the same
period of 2025, the number of passenger-related
operations increased by 9%, and the average cabin
factor (occupancy) increased by 1% to 76% compared
with the same period of 2025.
Revenue
Aeronautical revenue amounted to DKK 1,721 million in
the first six months of 2026, an increase of DKK 173
million or 11% compared with the same period last year.
The increase in aeronautical revenue was mainly driven
by higher passenger numbers and passenger-related
operations. The increase in charges for 2026 was
effective from 1 April 2026.
Passenger, security, and handling charges increased by
DKK 134 million on the same period of last year to DKK
1,396 million, primarily driven by the increase in
passenger numbers and the indexation of charges from
1 April 2026. There was a change in passenger mix, with
more transfer passengers and a slightly reduced share
of passengers travelling from the low-cost pier, CPH Go,
compared with the same period last year.
Take-off charges amounted to DKK 293 million, an
increase of 12% compared with the same period last
year, primarily driven by an increase in the number of
flight operations. Passenger-related operations
increased by 9%, while cargo operations decreased by
18%.
EBIT
Aeronautical EBIT for the first six months of 2026
amounted to DKK 213 million, an improvement of DKK
80 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. % 2026 2025 Ch. Ch. % 2025
Revenue 1,003 916 87 9% 1,721 1,548 173 11% 3,361
EBIT
239 210 29 14% 213 133 80 60% 522
Segment assets 12,334 10,641 1,693 16% 11,761
Q2 Year to date
Pax (thousand) 2026 2025 Ch. Ch. %
Total pax 16,139 14,857 1,282 9%
Denmark 716 607 109 18%
Europe 13,626 12,467 1,159 9%
Intercontinental 1,797 1,783 14 1%
Total departing pax 8,029 7,396 633 9%
Local departing pax 5,890 5,762 128 2%
Transfer departing pax 2,139 1,634 505 31%
Year to date
DKKm 2026 2025 Ch. Ch. %
Passenger charges 782 714 68 9%
Security charges 445 400 45 11%
Handling charges 169 148 21 14%
Take-off charges 293 262 31 12%
Aircraft parking, etc. 32 24 8 36%
Total 1,721 1,548 173 11%
Year to date
PAGE 10 of 20
Non-aeronautical business area
Revenue
Concession revenue
Concession revenue amounted to DKK 471 million for the
first six months of 2026, an increase of DKK 30 million
compared with the same period last year. The
improvement was primarily driven by the increase in
passenger numbers.
Parking revenue
Parking revenue for the first six months of 2026 was up
by DKK 10 million compared with last year.
Rent
Total rent amounted to DKK 106 million, which was in
line with the same period last year.
Sales of services, etc.
Revenue from the hotel operation amounted to DKK 63
million, an increase of DKK 4 million compared with last
year.
Revenue from the category Other was up by DKK 14
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 145 million to
DKK 722 million compared with the same period last
year. The improvement was primarily driven by the sale
of Smarter Airports. Furthermore, increased revenue
from higher activity levels also contributed to the
improved performance. This was partly offset by higher
external and staff costs.
FY
DKKm 2026 2025 Ch. Ch. % 2026 2025 Ch. Ch. % 2025
Revenue 568 550 18 3% 1,050 993 57 6% 2,160
Other income 115 0 115 - 115 0 115 - -
EBIT
459 339 120 35% 722 577 145 25% 1,317
Segment assets 5,820 5,781 39 1% 5,541
Investments in joint ventures 1 121 (120) (99%) 110
Year to dateQ2
DKKm 2026 2025 Ch. Ch. %
Shopping centre 440 415 25 6%
Other revenue 31 26 5 19%
Total 471 441 30 7%
Year to date
DKKm
2026 2025 Ch. Ch. %
Car parking 225 215 10 5%
Total 225 215 10 5%
Year to date
DKKm 2026 2025 Ch. Ch. %
Rent from premises 74 73 1 1%
Rent from land 29 29 (0) (1%)
Other rent 3 5 (2) (34%)
Total 106 107 (1) (1%)
Year to date
DKKm 2026 2025 Ch. Ch. %
Hotel operation 63 59 4 8%
Other 185 171 14 8%
Total 248 230 18 8%
Year to date
PAGE 11 o f 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.
PAGE 12 of 20
Consolidated financial statements
Income statement
DKKm 2026 2025 2026 2025
Traffic revenue
Concession revenue
Parking revenue
Rent
Sales of services, etc.
Revenue
Operating profit (EBIT) 699
S
hare of profit/(loss) after tax in joint ventures
(1 )
(2 )
(6
)
Financial income
Financial expenses
Profit before tax 657
Tax on profit for the period
Net profit for the period 512
Net profit attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Net profit 512
Earnings per DKK 100 share (basic and diluted)
EPS is stated in Danish kroner
Q2 Year to date
Other income
External costs
Staff costs
Amortisation and depreciation
PAGE 13 of 20
Statement of comprehensive income
DKKm 2026 2025 2026 2025
Net profit for the period 512
Items that are reclassified to the income statement
Value adjustments of hedging instruments
(37 )
(9
)
Tax on other comprehensive income
(6
)
(6
)
O
ther comprehensive income for the period (29 )
(7
)
Total comprehensive income for the period 483
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total comprehensive income for the period 483
Year to dateQ2
PAGE 14 of 20
Balance sheet
Asse t s
30 Jun 31 Dec 30 Jun
Note
DKKm 2026 2025 2025
NON-CURRENT ASSETS
Total intangible assets 422
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 16,896
Financial assets
Investments in joint ventures
3
Other financial assets
Total financial assets 188
Total non-current assets 17,506
CURRENT ASSETS
Trade receivables
Other receivables
Prepayments
Cash
Total current assets 879
Total assets 18,385
PAGE 15 of 20
Balance sheet
Equity and liabilities
30 Jun 31 Dec 30 Jun
Note
DKKm 2026 2025 2025
EQUITY
Share capital
Reserve for hedging
(10 )
(109 )
Retained earnings
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total equity 6,171
NON-CURRENT LIABILITIES
Deferred tax
3
Financial institutions and other loans
Other payables
Total non-current liabilities 6,980
CURRENT LIABILITIES
3
Financial institutions and other loans
Contract liabilities
Trade payables
Income tax payables
Other payables
Deferred income
Total current liabilities 5,234
Total liabilities 12,214
Total equity and liabilities 18,385
4
Related parties
5
Post-balance sheet events
(35 )
PAGE 16 of 20
Cash flow statement
DKKm 2026 2025 2026 2025
CASH FLOW FROM OPERATING ACTIVITIES
Received from customers
Paid to staff, suppliers, etc.
(691 )
(591 )
(1,817 )
(1,466 )
Cash flow from operating activities before financial items and tax 669
Interest received, etc.
Interest paid, etc.
(86 )
(81 )
(159 )
(165 )
Cash flow from operating activities before tax 583
Income taxes paid
(0 )
(0 )
(108 )
(5 )
Cash flow from operating activities 583
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
(556 )
(390 )
(968 )
(648 )
Payments for intangible assets
(48 )
(38 )
(80 )
(81 )
Sale of property, plant and equipment
Divestment of joint venture
Capital contributions in joint ventures
(3 )
(3 )
Cash flow from investing activities (553 )
(431 )
(997 )
(729 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans
(224 )
(123 )
(327 )
(226 )
Proceeds from long-term loans
Repayments of short-term loans
(2,726 )
(787 )
Proceeds from short-term loans
Transactions with non-controlling interests
(26 )
(22 )
(26 )
(22 )
Dividend paid
(200 )
(200 )
Cash flow from financing activities (66 )
(178 )
(105 )
Net cash flow for the period (36 )
(27 )
(12 )
(3 )
Cash at the beginning of the period
Cash at the end of the period 42
Q2 Year to date
(2,846 )
(378 )
PAGE 17 of 20
Statement of changes in equity
DKKm
Share
capital
Reserve for
hedging
Retained
earn
ings
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 - - 650 650 14 664
Other comprehensive income
Value adjustments of hedging instruments -
Total other comprehensive income -
Total comprehensive income for the period -
Transactions with owners
Transactions with non-controlling interests
Total transactions with owners - - - - (26 )
(26 )
Equity at 30 June 2026 785 (10 ) 4,860 5,635 536 6,171
Equity at 1 January 2025 785 (129 ) 3,197 3,853 563 4,416
Comprehensive income for the period
Net profit for the period - - 451 451 12 463
Other comprehensive income
Value adjustments of hedging instruments -
Total other comprehensive income -
Total comprehensive income for the period -
Transactions with owners
Transactions with non-controlling interests
D
ividend paid
Total transactions with owners - - (200 ) (200 ) (22 ) (222 )
-
Equity at 30 June 2025 785 (109 ) 3,448 4,124 553 4,677
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 2026 or earlier. The new or revised standards and interpretations did not
materially affect recognition and measurement, 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 six months of 2026, CPH invested DKK 1,167 million in intangible assets and property, plant and equipment.
Major investments made during the first six months of 2026 include the expansion of Terminal 3 and new security facilities.
Contracts and other commitments
As of 30 June 2026, CPH had entered into contracts to build and maintain facilities at a total value of DKK 909 million (31
December 2025: DKK 724 million) and other commitments amounting to DKK 89 million (31 December 2025: DKK 79
million). Major commitments include contracts for the expansion of Terminal 3, new stands and runways.
NOTE 3: Financial institutions and other loans
Change in drawn loan facilities
The utilisation of CPH´s credit facilities increased by DKK 540 million from DKK 0 million to DKK 540 million since 31
December 2025.
At 30 June 2026, CPH had undrawn committed long-term credit facilities of DKK 1,560 million (31 December 2025: DKK
2,026 million).
PAGE 19 of 20
Value of the derivative financial instruments
NOTE 4: Related parties
At 30 June 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 period from 1 January to 1 May 2026, CPH had transactions with joint venture company Smarter Airports A/S. These
comprised costs of DKK 15.1 million relating to service contracts, income of DKK 1.1 million relating to administration,
management and project services and interest income of DKK 0.3 million. All outstanding loans provided to Smarter Airports
A/S were settled as of 1 May 2026.
Following the sale of CPH’s shareholding at 1 May 2026, Smarter Airports A/S is no longer a related party.
NOTE 5: Post-balance sheet events
No other material events have occurred since the balance sheet date.
DKKm
Derivative financial instruments
30 Jun
2026
31 Dec
2025
30 Jun
2026
31 Dec
2025
Recognised under other financial assets (non-current assets)
187
0
187
0
Recognised under other payables (non-current liabilities)
14
41
14
41
Carrying amount Fair value*
* The fair value of CPH's interest rate swaps is 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.
PAGE 20 of 20
Management’s statement on the interim report
Executive Management
Boa
rd of Directors