Passenger and profit growth at Copenhagen Airport
29.9 million passengers passed through the terminals in 2024, and Copenhagen Airports A/S generated a profit before tax of DKK 1,339 million. There is still a great appetite and need for travel, and Copenhagen Airport is investing for the future to secure the necessary capacity and work towards higher sustainability
2024 was a historic year for Copenhagen Airport. The summer and autumn were busy, and the 3.2 million travellers in July was the greatest number of passengers in a single month in the airport’s history.
A total of 29.9 million passengers passed through the airport on their way to or from one of the 175 different destinations served on 342 routes out of Copenhagen.
“Copenhagen Airport experienced increasing passenger numbers throughout the year, and we had 3.1 million more passengers in 2024 than in the year before. Behind this number are Danes and southern Swedes travelling to destinations around the world from Copenhagen – but also a great number of foreign tourists landing at Copenhagen Airport to visit Copenhagen and the rest of Denmark. The appetite and need for travel continue to grow, and we are naturally very pleased with that,” says Christian Poulsen, CEO of Copenhagen Airports.
The many passengers are reflected in the financial statements with the fourth quarter showing a profit before tax of DKK 284 million and the total profit for the year amounting to DKK 1,339 million before tax.
“I am pleased with our performance, which is a significant improvement over last year. The strong increase in the number of passengers is helping to boost earnings throughout the year,” says Poulsen.
Significant increase in revenue
Revenue totalled DKK 5,070 million for 2024, a massive 25 per cent increase on the year before.
Aeronautical revenue from air traffic came to DKK 3,068 million, a year-on-year increase of DKK 875 million, or 40 per cent. The increase was mainly driven by the higher passenger numbers and the new charges which came into force at 1 January 2024. The charges represent the price that airlines pay to use the airport’s runways, terminals and services.
Non-aeronautical revenue, which is revenue derived from the shopping centre, the parking business, leasing of buildings and premises and from hotel operations at the airport, amounted to DKK 2,002 million, a year-on-year increase of seven per cent. The improvement was curtailed by shops and restaurants being closed in connection with the ongoing construction project at Terminal 3.
Heading for Net Zero
The increasing number of passengers entails a greater climate impact, and the green transition is one of the industry’s most important tasks. Copenhagen Airport is working ambitiously to reach Net Zero in the operation of the airport by 2030. This means that Copenhagen Airport will not emit more greenhouse gases from for example vehicles and heat and power consumption than we remove from the atmosphere.
“We are well underway with initiatives to reduce our own emissions and expect to reach the target well in advance of 2030. However, the biggest challenge for the industry is aircraft emissions, which can only be reduced by using more sustainable fossil-free fuels. This is a challenge we in the aviation industry must overcome together. It requires strategic partnerships across the industry and political commitment to promote the development and production of fossil-free fuels,” concludes Poulsen.
Global hub for SAS
Copenhagen Airport is constantly evolving to continue being an attractive and efficient airport. The number of passengers is increasing, and more airlines are choosing to use the airport with new routes and more departures.
SAS, Norwegian, and Ryanair are experiencing significant growth in the number of passengers and have opened several new routes. These are the three largest airlines in Copenhagen Airport, with a passenger share of 58 per cent, and this has a considerable impact when they experience growth.
In the autumn of 2024, SAS announced that it is expanding its presence at Copenhagen Airport and designating the airport as its global hub. Accounting for about a third of total traffic, SAS is the largest airline at Copenhagen Airport, and it plans to launch at least 15 new routes from Copenhagen Airport during 2025 while at the same time increasing frequencies on a number of existing routes. It is expected that SAS’ expansion, with new routes and more departures, will generate growth and create jobs at and around Copenhagen Airport.
“We have a strong partnership with SAS, and we are very pleased with SAS’ decision and look forward to welcoming even more SAS flights and passengers. We stand ready to help implement the plans and will make the necessary investments to secure the expansion of capacity,” says Poulsen.
The expectation is that SAS's expansion, with new routes and more departures, will create growth and jobs in and around Copenhagen Airport, and this will benefit Denmark and the Danish economy.
Developing for the future
In order to accommodate the increasing passenger numbers and the need for increased capacity, Copenhagen Airport needs to make a number of investments, and an amount of DKK 1,487 million was allocated to investments in the development of the airport in 2024.
Copenhagen Airport is currently in the process of renovating and expanding the terminal area between Gates B and C. The construction project is progressing according to schedule and is the airport’s largest investment in recent years.
“We are adding 60,000 m2 to the terminal area and renovating 11,000 m2 of existing space. This will provide more space for baggage reclaim and passport control, which is greatly needed. In addition, there will be significantly more space in the terminals for travellers, who can enjoy a wider selection of shops, restaurants and lounges,” says Poulsen.
The exterior part of the new terminal area is nearing completion, and most of the work is now performed indoors. The entire terminal area expansion is expected to be completed in 2028.
New security area
A major renovation of the airport’s security area was launched in the autumn of 2024. Copenhagen Airport is establishing 20 new security lanes with CT scanners, which will give passengers a smoother and faster journey through security.
“The renovation is part of the digital development that will make the passenger journey through security as easy as possible. The new scanners use 3D technology, so when the security area is ready, passengers can leave the entire contents, including computers and liquids, in their hand luggage”, explains Poulsen.
The new security lanes will open as they become ready for use. The first five lanes are expected to open before the summer of this year, and all 20 new lanes will be ready by the summer of 2026.
Outlook for 2025
In 2025, Copenhagen Airport expects the growth in the number of passengers to continue, which will lead to higher profitability.
Copenhagen Airport expects that the number of passengers will be approximately 32 million in 2025, which is expected to result in an 8 percent growth in revenue.
If the number of passengers reaches approximately 32 million, profit before tax for the full year of 2025 is expected to be between 1.45 and 1.65 billion DKK.
However, the expectations for the financial results are uncertain due to geopolitical and macroeconomic influences. A deterioration of these factors may negatively impact travel desire and, consequently, the financial expectations.