Københavns Lufthavn A/S Due Diligence

Run due diligence on Københavns Lufthavn A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Independent (Denmark) · cph.dk · 43 vendors

Københavns Lufthavn (Copenhagen Airport) operates Denmark's main international airport, providing passenger services, baggage handling, security, and terminal facilities. The company is currently undertaking major expansion projects including a new terminal area opening in 2028.

Resilience scores

Technology vendors

Insights

Last updated 2026-10-05 · revision 63

43 direct vendors, 302 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

9 in-scope frameworks identified; showing 3.

EU Airport Charges Directive — Evidence found

As an airport in the EU with passenger traffic well over 5 million annually, the company is subject to the EU Airport Charges Directive (2009/12/EC), which regulates how it sets charges for airlines.

Evidence: https://www.cph.dk/en/cph-business/aviation/charges-and-slot/charges-regulations-for-copenhagen-airport, https://www.cph.dk/4afe79/globalassets/9.-cph-business/5.-aviation/charges-and-slot/charges%20cphrke%202022/charges%20regulations%20cph%20uk%202022.pdf, https://www.cph.dk/en/about-cph/press/news/2023/8/agreement%20with%20the%20airlines%20on%20future%20airport%20charges%20at%20copenhagen%20airport%20-%20cph, https://www.routesonline.com/airports/2392/copenhagen-airports-as-cph/about/, https://en.wikipedia.org/wiki/Copenhagen_Airport

EU Competition Law — No public evidence

As a major airport, potentially with a dominant market position and partial state ownership, the company's commercial agreements and any public funding are subject to EU competition laws to prevent market distortion.

Evidence: https://competition-policy.ec.europa.eu/sectors/transport/air-transport_en, https://uk.practicallaw.thomsonreuters.com/Cosi/SignOn?redirectTo=%2f2-102-5942%3ftransitionType%3dDefault%26contextData%3d(sc.Default)%26firstPage%3dtrue, https://www.globaldata.com/company-profile/copenhagen-airports-as/, https://en.wikipedia.org/wiki/K%C3%B8benhavns_Lufthavne, https://www.oxera.com/insights/agenda/articles/competition-between-airports-in-europe-soars-but-where-next-for-regulation/

EU Entry — Evidence found

As an external border of the Schengen Area, Copenhagen Airport is a mandatory implementation point for the EU's Entry/Exit System, which registers the entry and exit of third-country nationals.

Evidence: https://www.cph.dk/en/about-cph/press/news/2025/10/new%20eu%20rules%20change%20border%20control%20for%20non-schengen%20passengers, https://www.thelocal.com/20260410/ees-border-checks-now-fully-implemented-at-copenhagen-airport, https://um.dk/irland/en/news/news-page/, https://uim.dk/nyhedsarkiv/2025/oktober/new-entry-and-exit-system-from-12-october-eu-and-denmark-to-strengthen-external-border-control/, https://cphpost.dk/2025-10-10/life-in-denmark/denmark-to-introduce-new-eu-entry-and-exit-tracking-system/, https://www.aci-europe.org/downloads/publications/THE%20ENTRY-EXIT%20SYSTEM%20-%20A%20GUIDE%20FOR%20EUROPEAN%20AIRPORTS.pdf

Financials

Three-year financials

Financial Resilience Score: 8/10

Copenhagen Airports A/S demonstrates strong financial resilience, underpinned by its status as Scandinavia's largest and most critical aviation hub, a regulated revenue framework providing visibility through 2027, and a dramatic post-pandemic recovery. Revenue grew to a record DKK 5,521M in 2025 (+8.9% YoY), with EBIT margin expanding to 33.3% from just 16.7% in 2023, and return on equity reaching 25.1%. The equity ratio has steadily improved from 20.8% in 2021 to 31.5% in 2025, while leverage (net debt/EBITDA) has fallen from 20.5x in 2021 to 3.3x in 2025, reflecting significant deleveraging alongside earnings recovery. The company benefits from a Moody's A3 credit rating, successful 2025 refinancing (DKK 1,650M in new long-term mortgage loans), and strong liquidity with DKK 2,026M in committed undrawn credit facilities. The September 2025 acquisition by the Danish state (now 99.6% owner) further reinforces the airport's strategic status as national critical infrastructure. Diversification between aeronautical (61%) and non-aeronautical (39%) revenues, with the latter generating 72% of EBIT, provides earnings stability. Key risks tempering the score include high customer concentration (SAS alone drives 38% of passengers; top customer = 23% of revenue), rising capital intensity (DKK 2,157M capex in 2025, guided ~DKK 3B in 2026 for Terminal 3), regulatory risk at the next review period starting 2028, and emerging geopolitical/hybrid threats (September 2025 drone incursion closed airspace for four hours). Legacy PFAS remediation and climate adaptation obligations represent longer-term liabilities. Overall, the balance of strong recovery, state ownership backing, and improving balance sheet metrics supports a solid resilience profile.

Key strengths: Record revenue DKK 5,521M in 2025 (+8.9% YoY), highest in company history, EBIT margin expansion to 33.3% in 2025 from 16.7% in 2023, Equity ratio improved to 31.5% (2025) from 20.8% (2021), Leverage ratio reduced from 20.5x to 3.3x net debt/EBITDA (2021-2025), Moody's A3 credit rating with successful 2025 refinancing, DKK 2,026M committed undrawn credit facilities, 99.6% Danish state ownership reinforces critical infrastructure status, Regulated aeronautical charges framework in place through 2027, Record 32.4 million passengers in 2025, exceeding pre-pandemic peak, Diversified revenue mix with non-aeronautical generating 72% of EBIT

Risk factors: High customer concentration: SAS = 38% of passengers; largest customer = 23% of revenue, Rising capex intensity: DKK 2,157M in 2025, guided ~DKK 3B in 2026, Regulatory risk at next review period starting 2028, Geopolitical/hybrid threats (Sept 2025 drone incursion closed airspace), Legacy PFAS pollution remediation obligations, Climate adaptation risk (flooding, storm surge, heavy rainfall), Cybersecurity exposure as critical national infrastructure, Top 3 airlines (SAS, Norwegian, Ryanair) represent 62% of passengers

Revenue by geography

Revenue by product/service

Workforce by country

Signed-in users can see whether their own company is exposed to this vendor's disruption, plus the full sub-vendor list and country breakdowns, every in-scope compliance framework plus gaps and next steps, and alerts when any of it changes.

View the full interactive report