Swedavia (AIR) Q4 2024 earnings summary

Executive summary

• Achieved first positive operating profit since the pandemic, with operating income of SEK 26 M for 2024, up from SEK -318 M year-over-year.

• Passenger volume grew 1.2% to 32.5 million, driven by a 5% increase in international travel, while domestic travel declined 9.5%.

• Net revenue increased 7.8% to SEK 6,393 M, and cash flow from operating activities improved to SEK 1,071 M.

• Passenger satisfaction reached multi-year highs, supported by new airline routes and commercial investments.

• Board proposes no dividend for 2024 due to ongoing recovery and major planned investments.

Financial highlights

• Q4 net revenue: SEK 1,579 M (+6.0% year-over-year); full-year net revenue: SEK 6,393 M (+7.8%).

• Q4 operating income: SEK -153 M (improved from -266 M); full-year operating income: SEK 26 M (up from -318 M).

• Net income for 2024: SEK -227 M (improved from -353 M); Q4 net income: SEK -216 M (from -252 M).

• Cash flow from operating activities: SEK 1,071 M (up from 766 M); investments: SEK 1,790 M (down from 2,010 M).

• Debt/equity ratio increased to 1.3 (from 1.0); return on operating capital at 0.3% (from -1.2%).

Outlook and guidance

• Long-term passenger growth expected at ~2% annually, mainly from international travel.

• Focus on expanding international connectivity, modernizing infrastructure, and sustainability initiatives.

• Abolition of aviation tax in mid-2025 anticipated to further boost competitiveness and route development.