Swedavia (AIR) Q2 2025 earnings summary

Executive summary

• Second quarter saw 8.9 million passengers, up 0.8% year-over-year, with international travel rising and domestic travel showing regional differences.

• Net revenue increased 6.9% to SEK 1,789 M in Q2, driven by higher international demand, adjusted airport charges, and improved commercial offerings.

• Operating income improved to SEK 178 M in Q2, up SEK 11 M from last year; adjusted operating income rose SEK 58 M.

• Passenger satisfaction and punctuality improved, with 97.6% clearing security in under 10 minutes and on-time departures at 84%.

• Investments in infrastructure and sustainability continued, with new routes and commercial spaces enhancing competitiveness.

Financial highlights

• Q2 net revenue: SEK 1,789 M (Q2 2024: SEK 1,674 M); H1 net revenue: SEK 3,299 M (H1 2024: SEK 3,117 M).

• Q2 operating income: SEK 178 M (Q2 2024: SEK 167 M); H1 operating income: SEK 43 M (H1 2024: SEK -50 M).

• Q2 net income: SEK 87 M (Q2 2024: SEK 67 M); H1 net income: SEK -81 M (H1 2024: SEK -148 M).

• Cash flow from operating activities in Q2: SEK -62 M (Q2 2024: SEK 297 M), impacted by SEK 494 M restructuring aid repayment.

• H1 investments: SEK 1,011 M (H1 2024: SEK 792 M), mainly in terminal infrastructure at Arlanda.

Outlook and guidance

• Long-term air travel forecast updated to 2.9% annual growth, slightly higher than previous estimates due to improved GDP expectations and lower green transition costs.

• Abolition of aviation tax expected to support future traffic growth.

• Management remains cautious due to global economic slowdown, geopolitical risks, and potential trade disruptions.