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After losing almost DKK 1.5 billion over two years CPH turns a small profit in Q3

Copenhagen Airports has for the first time since 2020 posted a profit of DKK 234 million before tax for the third quarter and an overall profit for the first nine months of the year of DKK 221 million. The billion-kroner debt built up due to COVID-19 however remains a challenge to the ambition to invest in the future.

With 16 million travellers, 275 routes to choose from and a profit before tax of DKK 221 million for the first nine months of 2022, Copenhagen Airports is emerging from the worst crisis in recent memory.

“Despite renewed uncertainty fuelled by the energy crisis, war, inflation, and the risk of new COVID-19 variants, we expect a profit for the year in the DKK 125-225 million range. The aviation industry is emerging from the crisis despite several dark clouds looming on the horizon. Things are improving, but we are definitely not there yet,” says Thomas Woldbye, CEO of Copenhagen Airports.

CPH ended the third quarter of 2022 with a profit before tax of DKK 234 million, an improvement over the DKK 159 million profit for the second quarter and significantly better than the DKK 171 million loss reported for the first quarter.

“In the first two, extremely challenging, years of the pandemic, we accumulated a loss before tax just short of DKK 1.5 billion. Against that backdrop, our third-quarter performance and the DKK 221 million profit for the first nine months of 2022 is satisfactory,” says Thomas Woldbye.

Revenue for the third quarter landed at DKK 1,071 million, a 71% improvement on the same period of 2021. Total revenue for the nine-month period was DKK 2,621 million. This is still 21% below 2019, the last normal pre-pandemic year.

Terminals and runways teeming with activity

The terminals are once again busy as eight in ten travellers are back and new stores and restaurants have opened or reopened.

The route networks are also on the way to being restored.  At the end of the third quarter, passengers were flown to and from 144 destinations, corresponding to index 89 compared with 2019. The passenger number is expected to reach 22 million by the end of 2022, compared with 30.3 million in 2019.

“Airlines have regained a good foothold here at CPH, and many destinations are served by more than one carrier. We currently count 275 routes to 144 destinations – which is in fact a few more than before the pandemic. Also, the aircrafts are flying at close to full capacity again, with eight in ten seats being sold,” says Thomas Woldbye.

When the pandemic hit in March 2020, Copenhagen Airports employed just under 2,700 people. After 800 redundancies and significant cost cuts, passengers began to return this year, and with them the need for more hands and heads. Today, the headcount at CPH is about 2,350.

“We managed the rapid increase in flights and passengers this past spring and summer reasonably well and have hired more than 500 new employees,” says Thomas Woldbye.

The growing desire to travel has created lots of new jobs and lots of activity throughout the airport. From the low point in September 2021, the number of employees at the nearly 1,000 businesses operating in and around the airport has grown by 3,300 from 12,800 to about 16,100 today.

“The airport is the base of one of Denmark’s largest financial ecosystems, and its value creation goes far beyond our own organisation. It is important for the Danish economy that the business is back up to speed. More than 3,300 jobs have been created in and around the airport in the past year,” explains Thomas Woldbye.

The debt has to be repaid

In the first two years of the crisis, CPH borrowed a total of DKK 2.2 billion to keep the airports running and to make the necessary investments.

“We have to repay this debt and at the same time we need to be able to invest in the sustainable airport of the future and retain our position as an important northern European air traffic hub. That is a very big challenge,” says Thomas Woldbye.

He emphasises that Copenhagen Airport must continue to have competitive prices.

“It is difficult to see how we can avoid becoming more expensive, if we are to be able to invest and repay the debt” says Thomas Woldbye.

Investments for the future

Investments for the year are expected to be in the region of approximately DKK 950-1,000 million.

“We still have ambitions to invest in the airport in the coming years, however, that will depend on our ability to do so. Regardless of the crisis, we have so far been able to continue our ambitious project to extend the airside terminal area, for example to create extra space for the baggage reclaim area, airport travellers and passport control,” says Thomas Woldbye.

The future of the project depends on sufficient compensation for costs and investments in connection with the aeronautical infrastructure.

The first summer month of the year witnessed excellent passenger figures: 2.2 million passengers passed through the airport terminals in June.

No less than 2,255,487 passengers travelled to and out of CPH in June. This is the highest number of travellers since the pandemic hit. Almost eight out of ten passengers are now back. Sunday 19 June was the busiest day of the year so far at Copenhagen Airport with 86,922 passengers.

Greece was the absolute favourite among the charter destinations. As many as 41,070 travellers went on charter trips from CPH to Greece in June. This represents an increase of 16.6 per cent compared to 2019 when the corresponding figure was 35,224 travellers.

The rapid growth in intra-European travel has created quite a few challenges for some airlines and several European airports. During some periods this spring, staff shortages caused longer-than-expected waiting times at security at Copenhagen Airport. This issue has now been resolved and Copenhagen Airport is ready for a busy summer.

However, even though the appetite for travel has reached new heights, the current SAS strike will affect some travellers at Copenhagen Airport this summer. The strike broke out on 4 July and is affecting a number of passengers who should have been flying with SAS to and out of CPH.

“We’re sorry that many SAS passengers are inconvenienced by the strike. We obviously hope that the dispute will be settled before long. SAS is the largest airline at Copenhagen Airport, but may I stress that we’re fully operational despite the strike. The vast majority of travellers are departing as planned,” says Chief Commercial Officer Peter Krogsgaard of Copenhagen Airports A/S.

More than 1.7 million passengers passed through Brussels Airport in June, the highest figures since the beginning of the Covid crisis

Almost 66,000 tonnes of goods were transported

Brussels Airport welcomed more than 1.7 million passengers in June, an increase of 168% compared to June 2021 and 72% of the number of passengers in 2019, before the Covid crisis. Brussels Airport continues its momentum as these are again the highest monthly figures since the crisis began in March 2020. On the cargo side, volumes are down on last year (-12%), but up 23% on 2019.

Passenger traffic: a 168% increase

In June, 1,733,933 passengers passed through Brussels Airport, an increase of 168% compared to June 2021, but also a decrease of 28% compared to June 2019, before the crisis. These are again the highest figures in absolute numbers since the beginning of the Covid crisis. However, passenger numbers could have been even higher if it hadn’t been for the industrial actions Brussels Airport was faced with in the week of 20 June. Several airlines also experienced occasional cancellations due to capacity problems at European airports.

The number of departing passengers is higher than the number of arriving passengers due to the start of the summer holidays, for some, during the last part of June. The share of departing transfer passengers is 14.5% and thus remains 3 percentage points lower than in 2019. This can be attributed to the stronger recovery of originating departures and a decrease in transfers within Europe in particular.

The top 10 most visited countries from Brussels Airport in June were Spain, Italy, Germany, Turkey, Greece, Portugal, USA, France, the UK and Morocco respectively. The top ten destinations in June were Madrid, Barcelona, Lisbon, Rome, Milan, London, Istanbul, Vienna, Malaga and Frankfurt.

Cargo: total volumes down by 12%

In June, cargo traffic at Brussels Airport fell by 12% compared to June 2021. Air cargo volumes also fell by 12%. The full cargo segment recorded a fall of 15%, while cargo on board passenger flights increased by 22%, due to the increase in the number of passenger flights.

Integrator services declined by 19% due to the slowdown in the growth of the e-commerce market in Western Europe and the temporary reallocation of some flights to other airports. In addition, trucked cargo volumes were also down by 15%.

As in previous months, Asia is the largest import and export region. Africa is the second largest import region and the third largest export region, showing year-on-year growth in segments. North America is the third largest import region and the second largest export region.


The total number of movements in June 2022 increased by 69% compared to 2021, reaching 16,111 flight movements (compared to 20,895 in 2019). The number of passenger flights increased by 105% compared to 2021 and accounted for 69% of the passenger flight movements in June 2019. The average occupancy rate per flight was 139 passengers, compared to 133 in 2019. Passenger load factors therefore continue to increase, as does the deployment of larger aircraft.

On the cargo side, the number of cargo flights has decreased by 9% compared to 2021.