Swedavia (AIR) Q2 2024 earnings summary

Executive summary

• Net revenue rose to SEK 1,674 M in Q2 2024, up 9% year-over-year, driven by more international passengers and higher commercial revenues.

• Operating income improved to SEK 167 M, an increase of SEK 162 M compared to the same quarter last year.

• Cash flow from operating activities strengthened to SEK 297 M, up SEK 133 M year-over-year.

• Profit before tax was positive at SEK 96 M for the quarter.

Financial highlights

• 8.8 million passengers traveled through Swedavia's airports in Q2, up nearly 1% from last year.

• For January–June 2024, total passengers reached 15.6 million, also up nearly 1% year-over-year.

• International travel, especially via Stockholm Arlanda and Göteborg Landvetter, drove growth, while domestic travel declined.

Outlook and guidance

• Airlines are investing in new traffic, with 25 new summer routes, including 17 from Arlanda and 8 from Landvetter.

• Air Canada's new routes to Montreal and Toronto via Arlanda expected to boost intercontinental traffic.