29.9 million passengers passed through the terminals in 2024, and Copenhagen Airports, generating DKK 1,339 million in profit before tax. To accommodate the growth, Copenhagen Airport is investing to secure the necessary capacity and work towards higher sustainability.
2024 was a historic year for Copenhagen Airport, as July brought its greatest ever number of passengers in a single month with 3.2 million travelers.
"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 traveling 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 financial statements reflect this, 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 totaled DKK 5,070 million for 2024, a 25 percent 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 percent. The increase was mainly driven by the higher passenger numbers and the new charges which came into force on Jan. 1, 2024. The charges represent the price that airlines pay to use the airport's runways, terminals and services.
Non-aeronautical revenue amounted to DKK 2,002 million, a year-on-year increase of seven percent. The improvement was curtailed by shops and restaurants being closed due to a construction project at Terminal 3.
Heading for Net Zero
The increasing number of passengers entails a greater climate impact. Copenhagen Airport is working to reach Net Zero in the operation of the airport by 2030. This means that Copenhagen Airport will not emit more greenhouse gases 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. 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 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 percent, and their ongoing growth has a considerable impact.
In the autumn of 2024, SAS announced its expanding presence at Copenhagen Airport and designated 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 20 new routes during 2025 while increasing frequencies on a number of existing routes. It is expected that SAS' expansion 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.
Developing for the future
To accommodate the need for increased capacity for additional passengers, Copenhagen Airport allocated DKK 1,487 million to investments in its development 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 travelers, 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 as Copenhagen Airport is establishing 20 new security lanes with CT scanners.
"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 number of passengers to continue growing. The airport expects that the number of passengers will be approximately 32 million in 2025, which is expected to result in a growth in revenue of eight percent.
If the number of passengers reaches approximately 32 million, profit before tax for the full year of 2025 is expected to be between DKK 1.45 and 1.65 billion.
