Copenhagen Airports A/S (CPH) experienced a landmark year in 2025, marked by its 100th anniversary, a record-breaking 32.4 million passengers, and a fundamental shift in its ownership structure with the Danish state acquiring a controlling 99.6% stake. The annual report for 2025 paints a picture of a company balancing robust financial growth with significant strategic investments and an unwavering commitment to sustainability.
A Year of Historic Milestones
2025 was a year of celebration and new records. Copenhagen Airport, which opened its doors in 1925, marked its centenary with a year-long programme of events, including a gala for employees and a commemorative book. The festivities coincided with a surge in travel demand, propelling the airport past its previous passenger record from 2018. A total of 32.4 million passengers passed through the terminals, a 9% increase from 2024. This growth was fuelled by a strong appetite for travel and a significant increase in transfer passengers, solidifying CPH’s role as a key Scandinavian hub. The busiest day on record was 13 July 2025, when the airport handled 119,127 passengers.
This surge in traffic translated directly into strong financial results. The Group reported a pre-tax profit of DKK 1,625 million, a 21% increase from the previous year, on revenue of DKK 5,521 million. This performance was driven by increased aeronautical revenue from higher passenger numbers and indexation of charges, as well as growth in non-aeronautical revenue from the shopping centre, parking, and hotels.
New Ownership: The Danish State Takes Control
Perhaps the most significant strategic development of the year was the change in ownership. On 30 September 2025, the Danish state acquired a controlling stake in the company. Following a mandatory public takeover offer, the state now holds 99.6% of the shares. A new Board of Directors was subsequently appointed at an Extraordinary General Meeting in October.
The report’s letter from the Chair and CEO, Lars Nørby Johansen and Christian Poulsen, emphasizes that this transition will not alter CPH’s fundamental strategy of “Responsible Growth.” Instead, the new ownership is framed as an opportunity to ensure Denmark retains a strong, internationally connected airport that continues to play a vital role in the national economy. The management looks forward to collaborating with the new board to develop the airport for the benefit of passengers and society.
Investing in the Future: Efficiency and Passenger Experience
With passenger numbers at an all-time high, CPH is aggressively investing in its infrastructure to ensure a seamless and positive travel experience. Total investments surged by 45% to DKK 2,157 million. The key projects underway are transformative:
– Checkpoint of the Future: Eleven new, high-tech security lanes with advanced CT scanners were opened in 2025. These scanners allow passengers to keep electronic devices and liquids (pending final approval) in their bags, making the process faster and smoother. The project was already garnering international acclaim, with Skytrax naming CPH’s security checkpoint the best in the world for the fourth time. The remaining nine lanes are on track for completion by summer 2026.
– Terminal 3 Expansion: This massive project, scheduled for completion in 2027, will add 60,000 square metres of space, dramatically increasing baggage-handling capacity, passport control areas, and commercial space for shops and restaurants.
– Gate and Stand Capacity: To accommodate airline growth, particularly from its largest customer, SAS, CPH is building or rebuilding 15 aircraft stands and creating five new flexible gates equipped with automated passport control and digital solutions to optimize passenger flow.
Navigating Risks in a Complex World
The annual report acknowledges a challenging and unpredictable global risk landscape. Geopolitical tensions and hybrid threats, such as the four-hour airspace closure in September 2025 due to unauthorised drones, are now key considerations. Risk management is therefore a central strategic function, focusing on:
– Safety and Security: This remains the highest priority. The company is investing in advanced threat detection, including significantly upgraded drone detection capabilities, and conducting regular emergency response drills with external partners.
– Climate and Environment: Extreme weather events and the pressure to decarbonise are recognized as major risks. CPH is investing in climate adaptation, such as improving drainage to cope with heavy rain, and is actively pursuing its net-zero goals.
– Capacity: Rising traffic volumes create pressure on infrastructure. The major investments in Terminal 3 and aircraft stands are the primary mitigation strategies.
– Information and Cyber Security: As critical infrastructure, CPH is enhancing its defences against increasingly sophisticated cyber attacks, conforming to the new EU NIS2 Directive.
The Green Transition: Net Zero on the Horizon
Sustainability is deeply embedded in CPH’s strategy, with a stated vision of “Net Zero as our destination.” The company has made significant strides towards its goal of net zero CO2 emissions from its own operations (scope 1 and 2) by 2030.
In 2025, CPH achieved a major milestone by operating entirely on renewable electricity, secured through a power purchase agreement (PPA) with Vattenfall. It also introduced HVO100 biodiesel for all its diesel-powered vehicles and equipment, and 33% of its fleet is now electric. As a result, combined scope 1 and 2 emissions were reduced by an impressive 89.9% compared to the 2019 baseline.
However, the report candidly states that the biggest challenge remains scope 3 emissions, primarily from aircraft. To address this, CPH is actively collaborating with airlines to promote fuel-efficient air traffic management and the use of Sustainable Aviation Fuels (SAF). The upcoming green domestic route between Aalborg and CPH in March 2026, operated by Norwegian with at least 40% SAF, is highlighted as a concrete step in the right direction.
Outlook for 2026
Looking ahead, management expects the growth trajectory to continue. For 2026, CPH forecasts passenger numbers to reach approximately 35.5 million, driven by continued airline expansion. This is expected to lead to revenue growth of around 7% and a pre-tax profit between DKK 1.75 and 1.90 billion.
To support this continued growth, capital investments are projected to rise sharply to around DKK 3.0 billion, with nearly half dedicated to the ongoing Terminal 3 expansion and new aircraft stands. As CPH navigates its first full year under state ownership, the focus remains clear: managing record growth while investing heavily in a future that is both efficient and environmentally responsible.