Swedavia (AIR) Q4 2025 earnings summary

Executive summary

• Passenger numbers rose 2.4% year-over-year to 33.3 million, driven by 3.1% growth in international travel, while domestic travel remained flat.

• Net revenue increased 6.4% to SEK 6,801 M, and operating income improved to SEK 324 M from SEK 26 M year-over-year.

• For the first time since the pandemic, profit before tax was positive at SEK 20 M, a SEK 273 M improvement.

• Commercial initiatives and expanded route offerings, especially at Arlanda, contributed to revenue growth.

• The company maintained a focus on operational delivery, sustainability, and future-proofing aviation.

Financial highlights

• Q4 net revenue was SEK 1,703 M (up 7.9% year-over-year), with operating income of SEK 32 M (up from -153 M), and net income of SEK -58 M (improved from -216 M).

• Full-year net income was SEK -6 M (up from -227 M), with cash flow from operating activities at SEK 1,083 M.

• Investments totaled SEK 2,231 M, mainly in terminal infrastructure at Arlanda.

• Funds from operations (FFO)/Debt improved to 7.3% from 5.8%.

• Operating margin for the year was 4.8% (0.4% prior year).

Outlook and guidance

• Passenger growth is expected to continue, especially internationally, with strong summer demand anticipated.

• Major capacity investments at Arlanda are planned, including a new pier, with a final investment decision expected in 2028.

• No dividend proposed for 2025 due to ongoing recovery and upcoming investments.