Swedavia, the Swedish airport operator, reported a solid start to 2025 with improved operating profit and stronger cash flow in the first quarter.
Investments in Arlanda’s Marketplace, a key commercial hub, boosted net revenue. At the same time, international passenger numbers grew, though at a slower pace due to external challenges.
However, Swedish domestic travel has continued to face difficulties, reflecting the general broader market trends.
Swedavia Q1 Financial Performance
Swedavia’s financial results for January to March 2025 were impressive. Net revenue reached SEK 1,510 million, up SEK 67 million from SEK 1,443 million in the same period last year.
This growth came despite a slight dip in passenger numbers. Operating expenses also fell, partly due to a milder winter.
This contributed to an operating loss of SEK -136 million, a significant improvement from last year’s SEK -217 million. Cash flow from operating activities was positive at SEK 191 million, a SEK 134 million increase from 2024.
“Even with fewer passengers, we’ve increased revenue and reduced operating costs,” said Jonas Abrahamsson, Swedavia’s President and CEO. “Our operating profit improved by SEK 81 million compared to last year, showing resilience in a challenging environment.”
Passenger Trends and Market Challenges
In Q1 2025, 6.6 million passengers traveled through Swedavia’s ten airports, a 1.3% decrease from the same period in 2024. This marks the first quarterly decline in passenger numbers since the pandemic.
International travel continued to recover, but growth slowed due to economic and geopolitical uncertainties. Domestic travel, meanwhile, remained weak.
“The world is changing rapidly,” Abrahamsson noted. “Economic and geopolitical shifts, including the ongoing trade war, make it hard to predict the aviation industry’s recovery. We expect the economic upturn to be delayed, which will likely impact air travel demand.”
Stockholm Arlanda’s Growth
Swedavia continued to increase its offerings at Stockholm Arlanda Airport. In January, Japan’s largest airline, ANA, launched a new route to Tokyo Haneda.
Norwegian expanded its Arlanda network with four new destinations, while Ryanair added ten new routes from Arlanda and Göteborg Landvetter.
Ryanair also introduced two new aircraft to its Swedish fleet, moving their start date from July to June to improve summer connectivity across Europe. Norwegian further strengthened Arlanda’s role by reopening its pilot base in the spring.
Infrastructure and Sustainability Investments
Arlanda’s infrastructure upgrades progressed smoothly. In February, the final section of the new Marketplace opened, enhancing the airport’s commercial appeal.
Modernization work on air bridges, stands, and infrastructure near Sky City remains on track. Swedavia also welcomed the Arlanda Coordinator’s interim report in March, which emphasized improving road transport to and from the airport.
The company supports strengthening both road and rail connections to boost Arlanda’s competitiveness and Sweden’s global standing.
Sustainability remains a priority. In January, Swedavia issued a SEK 2 billion green bond to fund eco-friendly projects.
The company also invested SEK 40 million in sustainable aviation fuel for the third consecutive year, bringing its total investment since 2020 to SEK 135 million. These efforts underline Swedavia’s commitment to greener aviation.
Looking Ahead
Despite challenges, Swedavia is optimistic about 2025. The summer season, the busiest travel period, will see airlines expanding routes and capacity.
With ongoing investments in infrastructure and sustainability, Swedavia is well placed to navigate market uncertainties while strengthening Sweden’s aviation hub.
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