Annual Report 2025

Connecting

the world since 1925

Annual Report 2025

Københavns Lufthavne A/S

Lufthavnsboulevarden 6, 2770 Kastrup, Denmark

Company reg. (CVR) no.: 14 70 72 04

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Welcome

to all our readers

Copenhagen Airports A/S

Lufthavnsboulevarden 6

2770 Kastrup Denmark

Tel. +45 3231 3231

Web https://www.cph.dk

Company reg. (CVR) no. 14 70 72 04

Established 19 Sep. 1990 Municipality of registered office Tårnby

Designations

Copenhagen Airports, CPH, the Group and the company are used synonymously to refer to Copenhagen Airports A/S consolidated with its subsidiaries and joint ventures.

Copenhagen Airport

The airport at Kastrup, Copenhagen, owned by Copenhagen Airports A/S.

Annual General Meeting

The Annual General Meeting will be held on 29 April 2026 at Vilhelm Lauritzens Alle 1, 2770 Kastrup, starting at 3:00 p.m. The meeting will also be accessible via webcast.

Information on corporate responsibility CPH has been a signatory to the UN Global Compact (UNGC) since 2011 and respects its ten guiding principles. Our Sustainability Statement

on pages 38-121 constitutes CPH's yearly Communication on Progress.

Forward-looking statements - risks and uncertainties

This Annual Report includes forward-looking statements as described in the US Private Securities Litigation Reform Act of 1995 and similar acts of other jurisdictions on forward-looking statements, including in particular statements concerning future revenues, operating profits, business expansion and investments.

Such statements are subject to risks and uncertainties, as various factors, many of which are

beyond CPH's control, may cause actual results to differ materially from the guidance expressed in the Annual Report. Such factors include general economic and business conditions, changes in exchange rates, the demand for CPH's services, competitive factors within the aviation industry, operational problems in one or more of the Group's businesses, and uncertainties relating

to acquisitions and divestments. See also Risk management on pages 28-30.

Roskilde Airport

The airport at Roskilde owned by Copenhagen Airports A/S.

Published by Copenhagen Airports A/S Design and layout

Noted

Photographers Mads Armgaard Morten Bengtsson

Translation and proofreading

Borella projects ISSN: 1904-25585

CPH Annual Report 2025 2

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Table of contents

Management's review Financial statements

The big picture

Highlights 2025 6

At a glance 7

Letter from the Chair and the CEO 8

Key figures & financial highlights 11

Strategy

Business model 14

Vision and strategy 15

Performance

Passengers & terminals 19

Aeronautical business 21

Non-aeronautical business 23

Investments 25

Outlook 2026 26

Corporate governance

Risk management 28

Data ethics 31

Sustainability statement

General 39

ESRS 2 General disclosures 39

Environment 49

E1 Climate change 50

E2 Pollution 62

E4 Biodiversity and ecosystems 71

E5 Resource use and circular economy 74 EU Taxonomy Report 78

Social 85

S1 Own workforce 86

S2 Workers in the value chain 96

S3 Affected communities 100

S4 Consumers and end-users 103

Governance 106

G1 - Business conduct 107

Appendices to the sustainability statement 109

Financial statements

Consolidated financial statements 123

Financial performance 124

Income statement and statement of

comprehensive income 125

Balance sheet highlights 126

Balance sheet 127

Equity & dividend 128

Statement of changes in equity 129

Cash flow activities 130

Cash flow statement 131

Notes 132

Financial statements of the Parent Company 162 Accounting policies 163

Income statement 164

Balance sheet 165

Statement of changes in equity 166

Notes 167

Other statements

See our other reports

Corporate Governance Report 2025 >

Remuneration Report 2025 >

Corporate Governance Report 2025

Remuneration Report

Responsible tax approach 31

Corporate governance 32

Board of Directors & Executive Management 34 Shareholder information 37

Management's statement 175

Independent auditor's report 176

Independent auditor's limited assurance report

on Sustainability statement 180

Københavns Lufthavne A/S

Lufthavnsboulevarden 6, 2770 Kastrup, Denmark

Company reg. (CVR) no.: 14 70 72 04

2025

Københavns Lufthavne A/S

Lufthavnsboulevarden 6, 2770 Kastrup, Denmark

Company reg. (CVR) no.: 14 70 72 04

CPH Annual Report 2025 3

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Time flies

when you travel

1960

1970s

The airport continued to expand with new routes

1999

The Vilhelm Lauritzen Terminal, closed in 1960, was spectacularly moved across the runways in one night in September 1999. Today, it serves as a venue for events and exhibitions, and is also used by the Royal Household for state visits.

2020s

The COVID-19 pandemic brought historic lows

in 2020, but traffic rebounded, and by 2024 passenger numbers were close to pre-pandemic levels. On 20 April 2025, Copenhagen Airport

1925

Copenhagen Airport was inaugurated on 20 April 1925 with a wooden terminal, the "Wooden Castle". The airport quickly became an attraction, popular for Sunday outings and sightseeing flights.

1939

On 12 April 1939, the Vilhelm Lauritzen Terminal was inaugurated, designed by Danish architect Vilhelm Lauritzen. It marked the first major expansion of the airport.

1940s

During the Second World War, the airport was used by the German military, and international routes were suspended. After the war, Copenhagen had a new terminal and three concrete runways, while many other European airports lay

in ruins.

Terminal 2 was inaugurated by King Frederik IX on 30 April 1960. At the time,

it was Denmark's largest construction project.

and facilities. Liberalisation

of aviation opened routes to more airlines, creating competition and lower fares that made air travel accessible to a wider public. In 1973, metal detectors and baggage screening were introduced in response to global threats to civil aviation.

celebrated its 100th anniversary as Denmark's gateway to the world, and over the year the airport served a record 32.4 million passengers.

1925 2025

CPH Annual Report 2025 4

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The big picture

• Highlights 2025

• At a glance

• Letter from the Chair and the CEO

• Key figures and financial highlights

CPH Annual Report 2025 5

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Highlights 2025

100 years

Copenhagen Airport marked its centenary with a year-long celebration

- from surprises in the terminal on the anniversary date, 20 April, to a commemorative Gyldendal book and a gala for nearly 2,000 members of staff, while local schoolchildren were treated to complimentary guided tours of the airport.

11

new security lanes

The first steps were taken in a major upgrade: by summer 2026, Copenhagen Airport will offer 20 next-generation lanes for faster and more seamless security screening.

20,000+

official guests

The former domestic terminal was transformed into a new VIP terminal to welcome the many official guests during Denmark's EU Presidency in Q3 and Q4.

100%

renewable electricity

Solar panels cover around 4.5% of Copenhagen Airport's electricity consumption, while a power purchase agreement (PPA) supplies renewable energy certificates corresponding to the remaining 95.5%.

CPH Annual Report 2025 6

‌13%

increase in average daily

take-offs and landings in 2025 compared to 2023

21%

increase in average daily passengers in 2025 compared to 2023

658

703

2023 2024 2025 2023 2024 2025

119,127

passengers on 13 July 2025

- the busiest day ever

7

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At a glance

Copenhagen Airport opened in 1925 as one of the world's first civil airports and has grown from modest beginnings into Scandinavia's largest hub. Today, Copenhagen Airport is Denmark's main gateway, connecting millions of passengers worldwide with a strong focus on efficiency, sustainability and passenger experience.

18,500

airport employees work across security, ground handling, retail, operations, administration, etc.

32.4m

passengers were handled by Copenhagen Airport in 2025, breaking the previous record of 30.3 million set in 2018.

CPH Annual Report 2025

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Lars Nørby Johansen

Chair of the Board

Christian Poulsen

CEO

8

Letter from the Chair and the CEO

Centenary and passenger record

2025 was a year that will go down in history for CPH: we celebrated our centenary and set a new record for number of passengers.

Copenhagen Airports A/S ended 2025 with a

pre-tax profit of DKK 1,625 million, an increase of 21% compared to 2024. The solid result reflects continued growth among airlines and a significant increase in passenger numbers.

Our realised revenue growth of 9%, pre-tax profit of DKK 1,625 million and capital expenditure

of DKK 2,157 million were all in line with the guidance communicated to stakeholders on 12 November 2025. Further details on the financial performance are provided from page 122 onwards.

Passenger demand remained strong throughout the year. In total, 32.4 million passengers passed through the airport in 2025, the highest number in Copenhagen Airport's 100-year history.

A strong appetite for travel is apparent at the airport. Around half of the passengers are from Denmark and southern Sweden, travelling on holiday or for business. The other half are international travellers either visiting Copenhagen and Denmark or using the airport to transfer to one of the 367 worldwide routes operating from Copenhagen Airport.

CPH Annual Report 2025

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements Letter from the Chair and the CEO

The Danish state's acquisition of CPH

On 30 September, the Danish state acquired a controlling stake in Københavns Lufthavne A/S, and a new Board of Directors was appointed at an Extraordinary General Meeting on 23 October. Following a mandatory public takeover offer in late 2025, the Danish state now holds 99.6% of the company's shares.

aircraft stands and the extensive rebuilding and expansion of Terminal 3.

The expansion of Terminal 3 is one of the biggest projects in the airport's history. It will provide more space for passengers, with new shops and restaurants, larger and more efficient baggage-handling facilities, and a larger passport control area. We are expanding the terminal

We look forward to working closely with the new Board and our owner to develop CPH for the benefit of both passengers and society.

CPH is continuing its strategy for responsible growth under the new ownership. Going forward, this growth will ensure that Denmark retains a strong international airport with good connectivity to the rest of the world. The airport will continue to play a key role in Denmark's international connections and contribute significantly to the Danish economy.

We look forward to working closely with the new Board and our owner to develop CPH for the benefit of both passengers and society.

CPH is developing for the future - and the future is just around the corner

Demand for flights to and from CPH is growing, calling for both capacity and quality. We need to be able to handle more aircraft and, at the same time, ensure a positive passenger experience with a smooth and comfortable journey through the airport. This is why we have purposefully invested in developing CPH in recent years, including new

area by 60,000 square metres and rebuilding an existing 11,000 square metres. The building work is on track to be finished in 2027.

Europe's most efficient airport

With more than 800 businesses and 18,500 employees, Copenhagen Airport is one of Denmark's largest workplaces. We are also one of the most efficient airports in the world. In 2025 -for the 18th time - we were named Europe's most efficient airport in the 20-40 million passenger category. This is recognition of our ability to deliver smooth and efficient operations even as traffic volumes increase, which is naturally a cause for great pride.

We work continually to make our processes simpler and more intelligent. Advanced technology, such as artificial intelligence and realtime data, helps us to optimise aircraft handling, baggage handling and our resources so that we can make the best possible use of capacity.

We are developing digital solutions that make journeys easier and are more tailored to the passengers' needs, making their passage through the airport as smooth and pleasant as possible. New technology helps us to continue operating an airport that functions optimally for both airlines and passengers, and that contributes to sound business.

Despite the many efforts to improve the passenger experience at the airport, occasional delays and queues at security, passport control and the luggage carousel are unavoidable. We are aware of this and work continually to avoid bottlenecks.

Airlines on the rise in CPH

2025 was not only a historic year for CPH with our centenary and record number of passengers, but also the year where many airlines experienced growth in CPH. This also applied to SAS, Norwegian and Ryanair, the largest airlines in CPH. Together they accounted for 62% of all passengers in 2025.

SAS significantly strengthened its position at the airport and decided to make CPH its global hub. Today, SAS accounts for 38% of total traffic at CPH, and nine out of ten transfer passengers at the airport arrive at or depart from CPH on an SAS flight.

An increasing number of passengers are travelling via Copenhagen for onward travel worldwide, underlining CPH's role as a key transport hub for both Nordic and international air traffic. We are happy to see the airlines grow at CPH and look forward to welcoming even more passengers in the years to come.

Continued focus on safety and security Safety and security are at the heart of everything we do at CPH, and in 2025 we took another significant step towards the Checkpoint of the Future. Over the year, we opened 11 new lanes with advanced CT scanners, which make security checks both faster and simpler. Passengers can keep their watches and belts on, and no longer

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The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements Letter from the Chair and the CEO

need to remove electronic devices from their hand baggage. We expect shortly to receive approval for liquids, creams, etc. to remain in hand baggage too. When the entire new security checkpoint is ready in summer 2026, we will have 20 modern lanes that set new standards for efficiency and give passengers a smoother experience.

2025 also saw a number of special security tasks at the airport. Denmark's EU Presidency entailed a high level of security in our VIP service for visiting heads of state and their entourages. Cooperating closely with the authorities, CPH handled the

task with great care in our VIP terminal, which had been modernised for the occasion and melds Danish design and efficiency.

On 22 September, the airspace above the airport was closed for four hours because of unauthorised drones. Since then, similar incidents

have affected military areas and other airports in Denmark and Europe. We continue to work

closely with the relevant authorities to handle the challenge and maintain our strong focus on safety and security in and around the airport.

The industry's green transition

The green transition is a key element of CPH's strategy for responsible growth. We must ensure that the airport remains a strong international airport and, at the same time, make substantial reductions in our climate and environmental impact.

An efficient infrastructure with strong connections to the rest of the world is crucial to the Danish business community and to enable Danes to travel, as well as providing access to Copenhagen and Denmark for tourists. This creates significant value for society, but growing demand for air transport makes initiatives to adapt the industry

essential. Balancing the need for growth with the requirement to minimise our climate footprint is complex - but of vital importance.

We are focused on achieving our ambition of net zero CO2emissions by 2030 for scope 1 and 2, which cover the direct emissions from our own operations, such as vehicles, heating and electricity. Our goal is to reduce emissions by at least 90% relative to the 2019 baseline, and we will invest in recognised carbon credits to compensate for the remaining emissions.

Since the start of 2025, all the airport's electricity has come from renewable sources, and we have initiated a number of measures to reduce energy consumption and make operations more energy-efficient.

Although we are well on the way to achieving our 2030 ambition for our own operations, the biggest challenge is still emissions from aircraft. This calls for sustainable aviation fuels (SAF), and

Norwegian has been awarded the contract for the route, and the aircraft will have at least 40% SAF in the tank. This is an important step towards more sustainable flights and concrete proof that the transition is possible.

The green transition is a challenge for the aviation industry as a whole and will only be achieved by working together. This is why CPH plays an active role in a number of partnerships and alliances, both nationally and internationally, to push forward with development.

Thank you to employees and partners

The good results achieved in 2025 would not have been possible without our 3,000 committed employees. Their professional competence and dedication are the foundation of CPH's success.

In a year when we celebrated our centenary, set a new passenger record and carried out major development projects, the efforts of our employees have been crucial. We would like

We are focused on achieving our ambition of net zero by 2030 for scope 1 and 2, which cover the direct emissions from our own operations, such as vehicles, heating

progress has been made on this, but it is slow. The EU has introduced a requirement for all aircraft taking off from an EU airport to have at least 2% SAF in the tank, with the percentage increasing in future years. This will increase demand and push development in the right direction.

to extend a big thank you to all our colleagues and partners. Together, we will ensure that CPH remains northern Europe's most attractive airport - to the benefit of Denmark's business community, tourism and economy.

and electricity.

In March 2026, Denmark will have its first green

domestic route between Aalborg and CPH.

Lars Nørby Johansen

Chair of the Board

Christian Poulsen

CEO

CPH Annual Report 2025 10

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Key figures & financial highlights

PAX

Passengers

Total passengers Transfer/transit

32,433,694

Revenue

Revenue/PAX (DKK/PAX) Revenue (DKKm)

OPEX

OPEX/PAX (DKK/PAX) OPEX (DKKm)

9,179,654

22,143,135

26,765,446

29,882,553

1,194,414

3,443,457

4,762,841 5,685,227

7,220,046

191.8

151.7

170.2

169.6

159.5

5,070

3,532

4,061

1,761

5,521

165.7

96.4 88.8

83.5

85.8

1,521

2,135 2,376

2,496 2,784

2021 2022

2023

2024

2025

2021 2022 2023 2024 2025

2021 2022 2023 2024 2025

EBITDA

EBITDA/PAX (DKK/PAX) EBITDA (DKKm)

86.2 84.5

CAPEX

Investments in non-current assets

CAPEX/PAX (DKK/PAX) CAPEX (DKKm)

FCF

Free cash flow

FCF/PAX (DKK/PAX) FCF (DKKm)

10.8

18.1

0.8

31.8

49.7

66.5

52.4

43.8

62.1

2,157

1,404

1,487

570

970

55.1

63.0

63.1

2,576

2,740

1,685

1,398

(77.5)

704

21

541 352

506

2021 2022 2023 2024 2025

2021 2022 2023 2024 2025

(711)

2021

2022

2023

2024

2025

CPH Annual Report 2025 11

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Key figures & financial highlights

DKKm 2025 2024 2023 2022 2021

DKKm 2025 2024 2023 2022 2021

1Ratios are defined and calculated in accordance with the Danish Finance Society's online version of "Recommendations & Financial Ratios" except for those marked 1, which are not defined in the recommendations. Definitions of ratios are given in note 5.9 to the consolidated financial statements.

2 Capital investments exclude the Comfort Hotel, which was contributed as part of the deal closed between Strawberry Group and CPH in May 2021.

CPH Annual Report 2025 12

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Strategy

• Business model

• Vision and strategy

CPH Annual Report 2025 13

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Business model

Strengthening Denmark's connectivity to the world

CPH is a regulated listed company that owns, operates and develops Copenhagen Airport and Roskilde Airport. The combined value created by the aeronautical and non-aeronautical business is crucial to our ability to invest in developing Copenhagen Airport and strengthening Denmark's connectivity to the world.

The commercial framework

The aeronautical business is a regulated industry. The framework for airport charges - payments made by the airlines for using the airport - is defined in BL 9-15, "Regulations on payment for using airports (airport charges)". The framework encourages CPH and the airlines to agree on the airport charges for a period of up to six years. If no agreement is reached, the Danish Civil Aviation and Railway Authority determines the total allowable charges that the airport can impose over a two-year period based on CPH's costs of running the airport.

Historically, the charges have been agreed upon

In addition to the airlines, other important customer groups include passengers, shops and restaurants in the shopping centre, and tenants. These relationships are managed and regulated through daily collaboration, concession and lease agreements, and sales and marketing activities.

Competitive business environment Competition in the aviation industry is fierce. For an airline, establishing a new route requires major investment, and it is therefore vital that we offer an attractive product, efficient operations, close and transparent collaboration, and competitive charges. In this respect, CPH is among the most attractive airports in Europe measured by service,

Copenhagen Airport remains one of Europe's best-functioning and most attractive airports. We strive to develop the airport of the future as an attractive, passenger-friendly and international transport hub and we recognise that this pursuit, alongside our intense efforts to reduce our environmental footprint, will present both opportunities and challenges.

More than 800 companies operate within the airport's economic ecosystem, such as our airline partners and the handling companies, which take care of a wide range of tasks from check-in and boarding to baggage and parked aircraft on behalf of the airlines.

CPH's aeronautical business encompasses infrastructure and services relating to air traffic. This

includes everything from route development, baggage systems and security to the operation and development of technology, terminals, IT, shuttle buses, aircraft stands and runways.

The non-aeronautical business covers activities such as parking, food outlets and shops in the terminals, hotel operations and leasing of premises on the airport site.

Core business and value creation

The combined value created by the aeronautical and non-aeronautical business at CPH is crucial to our ability to invest in developing the airport's capacity, supporting the green transition, strengthening Denmark's connectivity to the world and safeguarding reasonable returns for shareholders, including the Danish state.

with the airlines, with the Danish Civil Aviation and Railway Authority granting final approval for the charges and ensuring that the airport charges are cost-related, non-discriminatory and transparent.

The current commercial agreement became effective on 1 January 2024, covering the period up to 31 December 2027. This is supplemented by a service level agreement that sets requirements for service in several core areas important to

both passengers and airlines. These agreements provide the foundation for the airport's further development, including the ongoing major expansion of Terminal 3, which will enhance the passenger experience, increase baggage capacity and ensure the necessary terminal capacity for efficient operations.

quality and price.

For CPH to be competitive with other airports, it is important that we have airlines with a base in Copenhagen, including our largest airline partners - SAS, Norwegian and Ryanair.

Furthermore, good transport infrastructure that makes it easy for passengers to travel to and from the airport is important, including efficient public transport options. Currently, around 66% of passengers arrive at the airport by metro, train or bus.

CPH Annual Report 2025 14

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Vision and strategy

Delivering on our strategy

In 2025, CPH continued delivering on the Responsible Growth strategy with record-high passenger numbers and strong progress on the five strategic priorities towards realising our vision of "Connecting the world and delighting passengers, with Net Zero as our destination".

CPH Annual Report 2025 15

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A safe and secure airport is the foundation for everything we do, and we are dedicated to fostering a collaborative environment where, together with our partners, we play an active role in ensuring a resilient airport. This means not only upholding the highest safety standards, but also continuously enhancing our systems, processes and training to anticipate and respond to emerging risks.

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In 2025, CPH increased its resilience against hybrid threats by significantly upgrading its drone detection capabilities. Furthermore, the CPH Wind project was implemented to avoid capacity reduction and limit closing of multiple stands during strong winds. The new approach provides significantly improved data and insights to simulate local wind conditions, as well as building layouts allowing more open stands and safe operations during rough weather.

2

Responsible growth

An efficient European hub that delights passengers and creates value for society, partners and shareholders.

There is high demand from airlines to open routes to new destinations. This trend may strengthen CPH's role as a key hub in northern Europe and requires continuous expansion and strengthening of the collaboration with our partners. In addition, CPH strives to deliver

a seamless, convenient and personalised end-to-end journey with innovative digital solutions as well as unique shopping and dining experiences for all passengers.

In 2025, airlines opened many new routes, taking the total to 367 unique routes serving 191 destinations. New shops and restaurants have been welcomed in the shopping centre, and many new and exciting brands are in the pipeline for the Terminal 3 expansion, which is scheduled to open in 2027. By the end of 2025, 11 new security lanes had been opened, providing a more efficient and smoother security check experience for our passengers. The remaining nine security lanes will be completed in 2026.

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CPH Annual Report 2025 16

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements Vision and strategy

Our strategic priorities

3

People

A healthy performing airport, living our values and winning together.

We remain committed to ensuring both the competitiveness of CPH as a business and our continued attractiveness as an employer. Living our core values of Passion, Collaboration, Hospitality and Respect, we focus our efforts on cultivating healthy performance. Through the continued professional and personal growth of our people, teams, leadership and the organisation as a whole, by ensuring

that we can sustain high levels of physical and psychological safety, and by retaining our ability to attract, recruit, onboard and continuously engage diverse talent, we believe that we will succeed in fostering an inclusive and dedicated workplace that enables us to win together.

In 2025, CPH significantly strengthened its People function, especially at management level, to ensure that we have the right competences in place to deliver on our strategic people ambitions. In addition, we introduced new leadership commitments to set a clear leadership direction, combined with the implementation of a new HR platform to digitise our people processes, enabling better data analytics as well as improved efficiency in those processes.

4

Sustainability

A net zero emissions airport with sustainability guiding us in everything we do.

Balancing growth with environmental and social responsibility is essential in our strategy. We are committed to becoming a net zero CO2emissions airport as well as reducing our environmental impact on nature. Our ambitions cover not only emission reduction targets, but also the creation of a lasting positive impact for our passengers, partners and community.

From 2025, CPH operates entirely on renewable energy following the power purchase agreement (PPA) secured with Vattenfall in 2024. At year-end, 33% of our vehicles were electric, with the remainder of the fleet running on biofuel (HVO). Additionally, efforts to improve air quality and reduce noise were intensified, and we continued our assessment of key social impacts while further refining and maturing the strategic structures for addressing these.

5

Digital

An innovative and data-driven airport delivering an exceptional passenger experience and efficiency.

In today's dynamic landscape, digitalisation and innovation are key to staying ahead as a leading airport. We are dedicated to becoming even more data-driven, leveraging technology, such as AI, to elevate the passenger experience and improve our operational efficiency, while staying ahead of cyber risks remains a top priority in protecting our systems and data.

In 2025, we intensified our efforts to simplify our application landscape in order to reduce complexity and cost. At the same time, we intensified the focus on digitalisation and innovation to improve operational stability and obtain reliable data for decision-making. Furthermore, AI efforts were scaled by increasing AI literacy across the organisation and by fast-tracking several specific use cases.

CPH Annual Report 2025 17

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Performance

• Passengers & terminals

• Aeronautical business

• Non-aeronautical business

• Investments

• Outlook 2026

CPH Annual Report 2025 18

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Passengers & terminals

More passengers and the world's best security checkpoint

Digitalisation, quality improvements and new experiences for a rising number of passengers contributed to high passenger satisfaction. CPH played an important role during Denmark's EU Presidency in the second half of 2025, and our security checkpoint was named the best in the world.

Award-winning passenger satisfaction Despite extensive rebuilding work in Terminal 3 and the central security checkpoint, passenger satisfaction remained at 80%, maintaining the level seen in 2024. CPH was also added to the ACI World Director General's Roll of Excellence, an honour reserved for airports that have won several awards for passenger satisfaction over a ten-year period.

80%

passenger satisfaction

35/65%

CPH works purposefully to create as easy and comfortable a travel experience as possible. The passenger journey became more digital and flexible in 2025, with a growing number of airlines offering self-service bag drop, and the airport's cafés and restaurants increasing the share of

sales via self-service kiosks. Improvements were also made in a number of areas that are very important to the passenger experience, including cleaning, toilets and gate areas.

Another element of the overall passenger experience is being positively surprised and engaged. In 2025, new experiences for passengers in the terminals therefore included "Take-off to the future?", an exhibition on the development of more climate-friendly fuels. This was a collaboration with Experimentarium, Denmark's hands-on science and technology museum.

First impression of Denmark during the EU Presidency

During Denmark's EU Presidency in the second half of 2025, CPH provided the first impression of the country for the many international visitors arriving here. The old domestic terminal was upgraded to ensure fast, professional and safe handling of aircraft and VIP passengers.

business vs leisure travellers

48%

of all passengers are from Denmark or Sweden

CPH Annual Report 2025 19

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements Passengers & terminals

Transfer traffic driving overall passenger growth

Passenger numbers rose by 9% to 32.4 million in 2025, compared to 2024. The growth was driven in particular by an increase in transfer passengers, as well as more passengers travelling directly to and from Copenhagen. There was continued growth in the number of passengers from Denmark and Sweden, as well as from the USA, Norway and Poland.

Checkpoint of the Future taking shape

The Checkpoint of the Future project will lead to a faster, smoother and more passenger-focused travel experience, even in the face of increasing passenger numbers and security requirements. 11 new high-tech lanes were opened at the security checkpoint in 2025. These are equipped with the latest technology, so passengers can leave electronic devices in their bags and keep their belts, watches and shoes on for security scanning.

The first five lanes came online in time for the high season, when more than 1.3 million passengers - equivalent to around 40% of all passengers in the period - used the new technology. Six more lanes were opened in October, and a further nine new lanes will come into use in time for summer 2026.

Despite rebuilding work at the security checkpoint, training staff to use the new lanes and several days when new records were set for passenger numbers, CPH maintained satisfactory waiting times throughout the year.

The world's best security checkpoint

In April 2025, CPH received one of the aviation industry's most prestigious awards when Skytrax named CPH's security checkpoint the best in the world among a field of 565 airports worldwide.

The accolade recognises the cross-functional collaboration at the airport as well as the professionalism, accountability and service level at

the security checkpoint - and at a time when extensive rebuilding work was under way and new technology was being implemented. CPH had received the award three times previously between 2013 and 2017.

CPH Annual Report 2025

Top 10 nationality of departing passengers

(million)

2024

2025

5.2

Denmark

5.5

1.9

Sweden

2.3

United States

1.0

1.3

Great Britain

1.3

1.3

Norway

0.6

0.8

Germany

0.8

0.8

Italy

0.5

0.5

Poland 0.4

0.5

France 0.4

0.4

Spain 0.3

0.3

Other

2.5

2.5

20

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Aeronautical business

Increased travel demand and expansion of the CPH hub

CPH enjoyed a record year in 2025, with a total of 32.4 million passengers, up 9% on 2024. On the busiest day of the year, more than 119,000 passengers passed through the airport. The growing number of passengers was supported by the opening of 47 new routes, taking the total to 367 direct routes serving 191

destinations across 62 airlines. The number of transfer passengers increased by 27%.

strengthening of regional European routes and further growth in intercontinental destinations. The trend towards increased frequencies on existing European routes, as well as additional intercontinental routes, is expected to continue in 2026, with new routes to, among others, Mumbai and Halifax due to open during the summer.

367

routes from Copenhagen

In 2025, 32.4 million passengers passed through Copenhagen Airport, representing a 9% increase compared to 2024.

In line with previous years, Easter marked the starting point for growing travel demand, which peaked in the months of June, July and August at around 9.7 million passengers, a 7% increase on 2024. There were 68 single days with more than 100,000 passengers.

Total aeronautical revenue increased by 10% to DKK 3,361 million, compared to 2024.

CPH worked continuously to ensure connectivity in and out of Denmark for the benefit of the

country's business, labour market and tourism by executing on key strategic workstreams:

• Sustain the hub: grow long-haul routes and increase transfer traffic

• Grow point-to-point connectivity: grow regional European routes

• Be the preferred cargo hub in northern Europe: create growth and opportunities for air cargo to and from Denmark.

Continued expansion of the route network CPH expanded its position as the most important airport hub in northern Europe through the

The three airlines with the highest activity at Copenhagen Airport in 2025 remained SAS, which increased its share of total passengers to 38%, followed by Norwegian at around 15% and Ryanair at around 9%. SAS continued to expand its activities in Copenhagen as its primary hub, offering connectivity to other SkyTeam partner airlines. CPH remained Norwegian's second-largest airport base, offering a large number of routes in Europe and to North Africa.

CPH as an international transport hub Transfer traffic remains vital if CPH is to expand its position as the preferred northern European hub. In 2025, the number of transfer passengers increased by 27% to approximately 7.2 million.

191

destinations

62

airline customers

CPH Annual Report 2025 21

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements Aeronautical business

Air cargo

Approximately 40% of the value of non-EU Danish exports is transported by air. In 2025, the majority of CPH's air cargo capacity, around 75%, was carried primarily as belly cargo on passenger aircraft, with a smaller share on dedicated cargo flights. The remaining 25% was attributable to the integrator segment, including major logistics providers, declining in 2025 due to adjustments to a provider's global network as of June. CPH's total cargo volume fell by 6% relative to 2024 due to changing cargo flows and reductions in the integrator segment.

Beijing Capital Airlines opened a new route from China, and in Q4 Turkish Cargo moved most of its Scandinavian network to CPH with the introduction of a new cargo route with five weekly flights.

High activity level at Roskilde Airport Roskilde Airport (RKE) serves as CPH's relief and general aviation airport. It is used by private aircraft, helicopters, flight schools, businesses, VIPs and the military, as well as hosting the Danish search and rescue services. In 2025, activity levels remained high, reflecting the airport's strong position as a flexible and reliable aviation hub, with an increase in military operations.

RKE hosted the Roskilde Airshow 2025, the largest to date with over 21,000 visitors enjoying

displays from more than 90 aircraft and a record number of exhibitors, stands and volunteers.

The airport also played a key operational role during Denmark's EU Presidency, welcoming a large number of both civilian and military aircraft

- a successful effort due to close coordination across multiple authorities. RKE was formally commended by the Danish Armed Forces and received an official token of appreciation for its support, professionalism and flexibility throughout the period. Furthermore, Vestas resumed helicopter operations from RKE to offshore wind farms in the Baltic Sea.

RKE's high service standards were once again recognised internationally, with the airport ranked as the third-best executive airport in Europe, Middle East and Africa in the Business Air News annual survey. This was RKE's 14th consecutive year in the top 10 rankings.

In 2025, total traffic at RKE decreased by 1%, based on almost 60,000 operations, while passenger numbers fell by 10% to just over 21,000, primarily due to a reduction in helicopter operations to offshore wind farms compared to 2024. RKE's activity level is expected to remain stable in 2026, supported by continuous demand for services.

Aeronautical business (DKKm) 2025 2024 Change %

CPH Annual Report 2025 22

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Non-aeronautical business

Progress driven by digital tools

CPH launched several technological services in 2025 to meet passenger demand for digital solutions and to increase sales.

In 2025, existing partners brought in a number of new ways for passengers to order food and other goods online. As a result, sales of food and

beverages via digital solutions accounted for 28% of total sales (up from 21% in 2024), while 26% of Tax Free sales were digital (25% in 2024).

CPH also introduced digital Icoupons in all its food & beverage outlets, convenience stores and vending solutions, making it easier for passengers to redeem them in more places. Icoupons replace the physical coupon vouchers previously issued in connection with flight disruptions, etc.

Challenges to the shopping experience

Tax Free, the shopping centre's largest business area, continued to be affected by changes in the passenger mix and currency exchange rates. The

overall shopping experience was also affected by shop closures in retail and food & beverages, and by reduced space due to the expansion of Terminal 3.

Driven by higher sales of food, beverages and convenience store items, total non-aeronautical revenue rose by 8% to DKK 2,160 million in 2025.

CPH HOST: elevating service and community Since its launch, over 1,600 employees have joined CPH HOST, a platform that brings together all the employees at our shopping centre. CPH HOST offers airport-focused onboarding, service and upselling training, essential information, exclusive offers, competitions and events. The platform provides staff with the skills needed to deliver exceptional passenger service, and by the end of 2025 48% of members had completed basic training.

Parking, leasing and hotels

Increased demand for the airport's 12,500 passenger parking spaces was the main driver of a

9% increase in revenue to DKK 458 million for the airport's parking business in 2025.

The upward trend in online parking bookings continued, and CPH remained focused on offering as convenient and seamless a parking experience as possible. Total online revenue increased by 15% to DKK 324 million in 2025.

The number of jobs and businesses at the airport, and hence the demand for leased premises, continued to rise as a result of a greater appetite for travel and growth in passenger numbers. CPH has been successful in supporting its many partners with solutions that match their operational needs, and in 2025 entered into more than 80 new leases, taking the occupancy level above 94%. Rent from premises and land increased by 2% to DKK 204 million in 2025.

The Clarion and Comfort hotels at the airport achieved high occupancy levels and record revenue, driven by a high number of overnight stays and an active conference market.

21%

of shopping centre sales are via digital solutions

1,600+

shopping centre employees are part of the CPH HOST community

12,500

parking spaces are available for passengers

CPH Annual Report 2025 23

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements Non-aeronautical business

Non-aeronautical business (DKKm) 2025 2024 Change %

1 Other sales of services, etc. primarily include revenue from persons with reduced mobility (PRM), revenue from taxi management services (TMS) and energy. PRM, TMS and energy are non-profit sources of revenue for CPH.

CPH Annual Report 2025 24

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Investments

Investments in efficiency, capacity and the passenger experience

In order to create continued growth, it is paramount that CPH delivers efficient operations with capacity matched to the increase in air traffic. At the same time, CPH has to be an attractive and passenger-friendly transport hub that continuously improves its sustainability profile. In 2025, CPH therefore increased total investments by 45% to DKK 2,157 million. The primary areas of investment were the expansion of Terminal 3 to provide increased capacity and more commercial opportunities, the rebuild of the central security checkpoint to meet new standards, and the expansion and optimisation of our baggage facilities to ensure capacity and flow.

baggage capacity. CPH has therefore begun expanding its storage capacity so that more baggage can be stored for a longer time before sorting. At the same time, the facility is being adapted to handle more large aircraft, and digital tools are being developed to optimise use of the existing capacity. The digital tools are expected to be available for use in the first half of 2026.

Strengthened sustainability profile

CPH's growth strategy goes hand in hand with the ambition to reduce its environmental footprint and the goal of net zero airport operations by 2030.

Our investments include energy-efficient solutions, and we have intensified the electrification of our vehicle fleet with more charging points and new electric vehicles and equipment.

Expansion of Terminal 3

The work on the Terminal 3 Airside (T3A) expansion proceeded to plan. The project, scheduled for completion in 2027, will result in a doubling of our arriving baggage-handling capacity, increased capacity at passport control in Pier C, wider aisles in the shopping area, and space for more shops and food & beverage outlets.

Checkpoint of the Future

The roll-out of the Checkpoint of the Future is on track. The project includes installation of new personal and baggage scanners with mandatory CT technology at the central security checkpoint

and redesign of the lanes that channel passengers through security. The aim is to enhance the passenger experience, increase capacity and

strengthen operational security. The first 11 lanes were installed in 2025, and the remaining nine lanes will follow before summer 2026.

Expansion of gate and stand capacity

In order to accommodate the rising demand for air traffic, including SAS's expansion of its route network out of Copenhagen, CPH is increasing its gate and stand capacity. The work involves 15 new or rebuilt stands for modern aircraft types,

with the first three upgraded stands taken into use at the end of the year.

At the same time, CPH has begun establishing five flexible gates in a new area of Pier E. These gates will deploy new digital solutions to optimise use of the area's capacity and improve passenger flow by means of automated passport control.

Increased flexibility and efficiency in the baggage system

Increased traffic, especially in the form of more large aircraft and growth in the number of transfer passengers, is putting pressure on

In 2025, we also introduced HVO biodiesel for our diesel-powered vehicles to further reduce emissions. We have entered into a long-term agreement on wind energy to ensure that all of our electricity consumption is covered by renewable sources. Furthermore, we have introduced water recycling and waste sorting initiatives that improve circularity in operations. These initiatives

ensure that capacity expansions and the passenger experience go hand in hand with a strong environmental profile.

CPH Annual Report 2025 25

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Outlook 2026

In 2026, CPH expects continued growth in passenger numbers, leading to increased profit. However, the financial outlook is subject to uncertainty resulting from the geopolitical and macroeconomic environment. A deterioration in

these factors could negatively affect travel activity and thereby CPH's financial performance.

Expectations for revenue growth

Based on a projected passenger volume, management expects total passenger numbers to be approximately 35.5 million for full-year 2026.

Correspondingly, revenue is expected to grow by around 7%.

Expectations for profit before tax

With expected passenger numbers of around

35.5 million, profit before tax for full-year 2026 is expected to be between DKK 1.75 and DKK 1.90 billion.

Expectations for capital investments Capital investments for 2026 are expected to amount to around DKK 3.0 billion, including

capitalised interest. The Terminal 3 expansion and stand capacity are expected to account for close to half of the investment level for 2026, with the remainder relating to capacity enhancements and safety, security and compliance projects.

CPH Annual Report 2025

26

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Corporate governance

• Risk management

• Data ethics

• Responsible tax approach

• Corporate governance

• Board of Directors & Executive Management

• Shareholder information

CPH Annual Report 2025 27

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements‌

Risk management

2025 saw a global risk scenario where geopolitical tensions, hybrid threats and climate-related incidents set new standards for what organisations need to be able to handle.

In a landscape pervaded by heightened complexity and uncertainty, risk management plays an increasingly strategic role in CPH's ability to navigate safely and responsibly. This involves preventing adverse incidents, understanding and preparing for the unforeseeable, and leveraging any opportunities that arise to add value in areas such as rationalisation, strategic initiatives and innovation.

Risk management at CPH is an integral part of decision-making across the organisation. At a time when threats are becoming more complex and cross-border in nature, e.g. in the form of cyber attacks, disinformation, supply chain disruptions and political insta-

bility, it is crucial that we take a systematic approach to risk management and are at the forefront of developments.

Method and approach

CPH's approach to risk management builds on the principles of enterprise risk management (ERM) and involves working closely with the business to identify, assess and manage risks on an ongoing basis. The Board of Directors has determined the overall risk appetite, which forms the basis for prioritisation and decision-making in relation to both strategic targets and day-to-day operations.

Risk management is embedded in the organisation as a whole and follows a structured process, bringing in relevant expertise. We work on prevention, preparedness and leveraging opportunities, and ensure that risks are handled consistently and documented. The ERM process is conducted twice a year and forms the basis for reporting to the Audit & Risk Management Committee and the Board of Directors.

Governance and organisation

Overall responsibility for risk management at CPH rests with the Board of Directors, which monitors risk management through the Audit & Risk Management Committee. The day-to-day implementation and development of risk management are delegated to the Executive Management, while the Group Risk Manager plays a key role in facilitating the process and quality-assuring the work.

Risk owners in the individual business areas are responsible for identifying, assessing and managing relevant risks. Ahead of the biannual ERM cycle, the Group Risk Manager ensures that individual meetings take place with risk owners and management groups to discuss, validate and prioritise risks.

CPH Annual Report 2025

28

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Key risks

Safety and security Climate and the environment

"At CPH, risk management is an integral part of decision-making."

CPH Annual Report 2025 29

The big picture Strategy Performance Corporate governance Sustainability statement Financial statements Other statements

Key risks

Capacity Information and cyber security Organisation and workforce

CPH Annual Report 2025 30