Swedavia (AIR) Q1 2025 earnings summary

Executive summary

• Net revenue rose 4.6% to SEK 1,510 M compared to the same quarter last year, despite a 1.3% decrease in total passengers to 6.6 million, mainly due to lower domestic travel.

• Operating income improved to SEK -136 M from SEK -217 M, driven by higher commercial revenues and lower operating costs, especially for winter maintenance.

• Net income for the period was SEK -168 M, an improvement from SEK -215 M year-over-year.

• Cash flow from operating activities increased to SEK 191 M from SEK 57 M, reflecting stronger operational performance.

• Swedavia continues to focus on sustainability, with a SEK 2 billion green bond issued and ongoing investments in fossil-free airport operations.

Financial highlights

• Net revenue: SEK 1,510 M (up from SEK 1,443 M year-over-year).

• Operating income: SEK -136 M (improved from SEK -217 M year-over-year); margin -9.0% (vs. -15.0%).

• Net income: SEK -168 M (vs. SEK -215 M year-over-year).

• Cash flow from operating activities: SEK 191 M (vs. SEK 57 M year-over-year).

• Investments: SEK 336 M (vs. SEK 346 M year-over-year), mainly in terminal infrastructure.

Outlook and guidance

• International travel is expected to continue growing long-term, though near-term demand may be subdued due to economic and geopolitical uncertainty.

• Airlines are expanding routes for the summer, with new destinations and increased capacity at Arlanda and Landvetter.

• Swedavia aims for all airport operations to be fossil-free by the end of 2025.