Interim report
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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
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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 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. For information related to basis of preparation, see note 1.
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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 wa s 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 20 25: DKK 595 million), an increase of DKK 256 million. Capital investments including capitalised interest were D KK 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 20 26 profit before tax is ex pected to be between DKK 1.80 and DKK 1.95 billion (previously between DKK 1.75 and DKK 1.90 billion).
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PAGE 4 of 20 Outlook for 2026 Despite a revised passenger outlook, CPH increases its full-ye ar profit before tax guidance, supported by a favorable passenger mix and the positive contribution from divestments. However, the financia l outlook is subject to uncertainty resulting from the geopolitical and macr oeconomic 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 impac t from divestments, including the Smarter Airports transaction, full-year 2026 profit before tax is expecte d 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.
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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.
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PAGE 6 of 20 Management’s financial review Performance – H1 2026 Passenger numbers for the first six months of 2026 reac hed 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 DK K 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 am ounted 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 mill ion, an improvement of DKK 256 million co mpared 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
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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. Interest 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
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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
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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 dr iven 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. Passe nger-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
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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 dr iven 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
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PAGE 11 of 20 Risks and uncertainties Other than as stated elsewhere in this interim report, no ma terial 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-look ing statements as described in the US Pr ivate Securities Litigation Act of 1995 and similar acts of other jurisdictions. In particular, this includes statements concerning fu ture 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.
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PAGE 12 of 20 Consolidated financial statements Income statement DKKm 2026 2025 2026 2025 Traffic revenue 1,003 916 1,721 1,548 Concession revenue 266 258 471 441 Parking revenue 122 117 225 215 Rent 53 55 106 107 Sales of services, etc. 127 120 248 230 Revenue 1,571 1,466 2,771 2,541 Other income 117 0 117 2 External costs 217 199 428 383 Staff costs 554 488 1,087 998 Amortisation and depreciation 218 230 438 452 Operating profit (EBIT) 699 549 935 710 Share of profit/(loss) after tax in joint ventures (1) (2) 0 (6) Financial income 0 1 1 2 Financial expenses 41 57 85 111 Profit before tax 657 491 851 595 Tax on profit for the period 145 108 187 132 Net profit for the period 512 383 664 463 Net profit attributable to: Shareholders of Copenhagen Airports A/S 505 377 650 451 Non-controlling interests 7 6 14 12 Net profit 512 383 664 463 Earnings per DKK 100 share (basic and diluted) 65 49 85 59 EPS is stated in Danish kroner Q2 Year to date
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PAGE 13 of 20 Statement of comprehensive income DKKm 2026 2025 2026 2025 Net profit for the period 512 383 664 463 Items that are reclassified to the income statement Value adjustments of hedging instruments (37) (9) 31 26 Tax on other comprehensive income 8 2 (6) (6) Other comprehensive income for the period (29) (7) 25 20 Total comprehensive income for the period 483 376 689 483 Total comprehensive income attributable to: Shareholders of Copenhagen Airports A/S 476 370 675 471 Non-controlling interests 7 6 14 12 Total comprehensive income for the period 483 376 689 483 Year to dateQ2
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PAGE 14 of 20 Balance sheet Asse ts 30 Jun 31 Dec 30 Jun Note DKKm 2026 2025 2025 NON-CURRENT A SSETS Total intangible assets 422 375 331 2 Property, plant and equipment Land and buildings 5,669 5,751 5,795 Investment properties 1,227 1,247 1,254 Plant and machinery 4,176 4,226 4,077 Other fixtures and fittings, tools and equipment 955 819 569 Property, plant and equipment under construction 4,869 4,170 3,692 Total property, plant and equipment 16,896 16,213 15,387 Financial assets Investments in joint ventures 1 110 121 3 Other financial assets 187 0 1 Total financial assets 188 110 122 Total non-current assets 17,506 16,698 15,840 CURRENT A SSETS Trade receivables 654 517 541 Other receivables 36 71 13 Prepayments 147 127 150 Cash 42 54 45 Total current assets 879 769 749 Total assets 18,385 17,467 16,589
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PAGE 15 of 20 Balance sheet Equity and liabilities 30 Jun 31 Dec 30 Jun Note DKKm 2026 2025 2025 EQUITY Share capital 785 785 785 Reserve for hedging (10) (35) (109) Retained earnings 4,860 4,210 3,448 Shareholders of Copenhagen Airports A/S 5,635 4,960 4,124 Non-controlling interests 536 548 553 Total equity 6,171 5,508 4,677 NON-CURRENT LIA BILITIES Deferred tax 1,012 999 950 3 Financial institutions and other loans 5,673 5,888 7,125 Other payables 295 222 325 Total non-current liabilities 6,980 7,109 8,400 CURRENT LIA BILITIES 3 Financial institutions and other loans 3,629 3,170 2,168 Contract liabilities 294 171 220 Trade payables 733 1,033 630 Income tax payables 309 236 232 Other payables 269 240 261 Deferred income 0 0 1 Total current liabilities 5,234 4,850 3,512 Total liabilities 12,214 11,959 11,912 Total equity and liabilities 18,385 17,467 16,589 4 Related parties 5 Post-balance sheet events
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PAGE 16 of 20 Cash flow statement DKKm 2026 2025 2026 2025 CA SH FLOW FROM OPERA TING A CTIVITIES Received from customers 1,360 1,253 2,854 2,465 Paid to staff, suppliers, etc. (691) (591) (1,817) (1,466) Cash flow from operating activities before financial items and tax 669 662 1,037 999 Interest received, etc. 0 1 1 2 Interest paid, etc. (86) (81) (159) (165) Cash flow from operating activities before tax 583 582 879 836 Income taxes paid (0) (0) (108) (5) Cash flow from operating activities 583 582 771 831 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 1 0 1 3 Divestment of joint venture 50 - 50 - 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) (378) (2,846) (787) Proceeds from short-term loans 2,910 545 3,413 1,130 Transactions with non-controlling interests (26) (22) (26) (22) Dividend paid - (200) - (200) Cash flow from financing activities (66) (178) 214 (105) Net cash flow for the period (36) (27) (12) (3) Cash at the beginning of the period 78 72 54 48 Cash at the end of the period 42 45 42 45 Q2 Year to date
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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 - - 650 650 14 664 Other comprehensive income Value adjustments of hedging instruments - 25 - 25 - 25 Total other comprehensive income - 25 - 25 - 25 Total comprehensive income for the period - 25 650 675 14 689 Transactions with owners Transactions with non-controlling interests - - - - (26) (26) 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 - 20 - 20 - 20 Total other comprehensive income - 20 - 20 - 20 Total comprehensive income for the period - 20 451 471 12 483 Transactions with owners Transactions with non-controlling interests - - - - (22) (22) Dividend paid - - (200) (200) - (200) Total transactions with owners - - (200) (200) (22) (222) - Equity at 30 June 2025 785 (109) 3,448 4,124 553 4,677
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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 intern ational 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 am ounts 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, a ccounting 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 a ccordance with IFRS Accounting Standards as adopted by the European Union and further requiremen ts 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 am ounting 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).
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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 contra cts, 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.
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PAGE 20 of 20 Management’s statement on the interim report The Board of Directors and the Exec utive Management have today considered and approved the interim report of Copenhagen Airports A/S for the period 1 January – 30 June 2026. The interim report, which has not been audited or reviewed by the Company’s auditor, comprises the condensed consolidated financial statements of Copenhagen Airports A/S and is presented in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish discl osure requirements applying to interim reports of listed companies. In our opinion, the interim report gives a true and fair view of the Group’s assets, equity and liabilities and financial position at 30 June 2026 and of the results of the Group’s operations and the Grou p’s cash flows for the period 1 January – 30 June 2026. Moreover, in our opinion, the interim report gives a true and fair view of developments in the Group’s operations and financial position and describes the mo st significant risks and uncertainties that may affect the Group. Other than as disclosed in the interim report, no material c hanges in the Group’s significant risks and uncertainties have occurred compared with what was disclosed in the 2025 Annual Report. Kastrup, 21 August 2026 Executive Management Christian Poulsen CEO Board of Directors Lars Sandahl Sørensen Anne Louise Eberhard Birgit Otto Chair Deputy Chair Deputy Chair Claus Jensen Anne Skovbro Andersen Henrik Dam Kristensen Michael Holm Michael Marott Bock Michae l Eriksen Brian Bjørnø