Swedavia (AIR) Q3 2024 earnings summary

Executive summary

• Net revenue rose 5.2% to SEK 1,698 M in Q3 and 8.4% to SEK 4,814 M for Jan–Sep, driven by higher international passenger volumes and fee adjustments.

• Operating income improved to SEK 229 M in Q3 (up SEK 72 M year-over-year) and SEK 179 M for Jan–Sep (from SEK -53 M), with positive profit before tax for the second consecutive quarter.

• Passenger numbers increased 1.8% in Q3 and 1.2% for Jan–Sep, with international traffic up 4.9% in Q3 and domestic down 9.9%.

• Key events included the announced abolition of the aviation tax from mid-2025 and a major restructuring of domestic traffic, impacting Bromma Airport.

• Sustainability initiatives advanced, with further progress toward fossil-free operations and top-level climate certification at several airports.

Financial highlights

• Q3 net revenue: SEK 1,698 M (1,613); Jan–Sep: SEK 4,814 M (4,442).

• Q3 operating income: SEK 229 M (157); Jan–Sep: SEK 179 M (-53).

• Q3 net income: SEK 137 M (70); Jan–Sep: SEK -11 M (-101).

• Cash flow from operating activities: SEK 425 M in Q3 (334); SEK 778 M for Jan–Sep (479).

• Investments: SEK 543 M in Q3 (542); SEK 1,335 M for Jan–Sep (1,522), mainly in Arlanda capacity and maintenance.

Outlook and guidance

• Abolition of the aviation tax expected to boost Swedish competitiveness and connectivity from mid-2025.

• Ongoing weak domestic market and consolidation of domestic flights at Arlanda will require operational adaptation, especially at Bromma.

• Continued focus on sustainability, with all permanent operators to be fossil-free by November 2025 and all airports targeting top climate certification.