33781903 2024-01-01 2024-12-31 33781903 2024-01-01 2024-12-31 0 33781903 2024-01-01 2024-12-31 1 33781903 2023-01-01 2023-12-31 33781903 2024-12-31 33781903 2023-12-31 33781903 2024-01-01 2024-12-31 0 33781903 2023-01-01 2023-12-31 1 33781903 2024-01-01 2024-12-31 2 33781903 2023-01-01 2023-12-31 3 33781903 2024-01-01 2024-12-31 4 33781903 2023-01-01 2023-12-31 5 33781903 2024-01-01 2024-12-31 6 33781903 2023-01-01 2023-12-31 7 33781903 2024-01-01 2024-12-31 0 33781903 2023-01-01 2023-12-31 1 33781903 2024-01-01 2024-12-31 0 33781903 2023-01-01 2023-12-31 1 33781903 2024-01-01 33781903 2023-01-01 33781903 2024-01-01 2024-12-31 8 33781903 2023-01-01 2023-12-31 9 33781903 2024-01-01 2024-12-31 2 33781903 2023-01-01 2023-12-31 3 33781903 2024-01-01 2024-12-31 2 33781903 2023-01-01 2023-12-31 3 33781903 2024-01-01 2024-12-31 0 33781903 2024-01-01 2024-12-31 1 iso4217:DKK 2024-01-01 2024-12-31 33781903 2025-06-26 Torben Christensen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Executive Board</td></tr><tr><td colspan="1">The Board of Directors and the Executive Board have today considered and adopted the Annual Report of</td></tr><tr><td colspan="1">Kastrup Airports Parent ApS for the financial year 1 January – 31 December 2024.</td></tr><tr><td colspan="1">The Consolidated Financial Statements are prepared in accordance with IFRS Accounting Standards as</td></tr><tr><td colspan="1">adopted by the EU, and further requirements in the Danish Financial Statements Act, and the Parent</td></tr><tr><td colspan="1">Company Financial Statements have prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Management’s Review has been prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a</td></tr><tr><td colspan="1">true and fair view of the financial position at 31 December 2024 of the Group and the Parent Company and</td></tr><tr><td colspan="1">of the results of the Group and Parent Company operations and consolidated cash flows for the financial</td></tr><tr><td colspan="1">year 1 January - 31 December 2024.</td></tr><tr><td colspan="1">In our opinion, the Management’s Review includes a true and fair account of the development in the</td></tr><tr><td colspan="1">operations and financial circumstances of the Group and the Parent Company, of the results for the year and</td></tr><tr><td colspan="1">of the financial position of the Group and the Parent Company as well as a description of the most significant</td></tr><tr><td colspan="1">risks and elements of uncertainty facing the Group and the Parent Company.</td></tr><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Copenhagen 2025-06-26 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Kastrup Airports Parent ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent financial statements of Kastrup Airports</td></tr><tr><td colspan="1">Parent ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, statement of</td></tr><tr><td colspan="1">comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including</td></tr><tr><td colspan="1">material accounting policy information, for the Group as well as the Parent. The consolidated financial statements</td></tr><tr><td colspan="1">are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of</td></tr><tr><td colspan="1">the Danish Financial Statements Act, and the parent financial statements are prepared in accordance with the</td></tr><tr><td colspan="1">Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements give a true and fair view of the Group’s financial position at</td></tr><tr><td colspan="1">31.12.2024, and of the results of its operations and cash flows for the financial year 01.01.2024 - 31.12.2024 in</td></tr><tr><td colspan="1">accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish</td></tr><tr><td colspan="1">Financial Statements Act.</td></tr><tr><td colspan="1">Furthermore, in our opinion, the parent financial statements give a true and fair view of the Parent’s financial</td></tr><tr><td colspan="1">position at 31.12.2024, and of the results of its operations for the financial year 01.01.2024 – 31.12.2024 in</td></tr><tr><td colspan="1">accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional</td></tr><tr><td colspan="1">requirements applicable in Denmark. Our responsibilities under those standards and requirements are further</td></tr><tr><td colspan="1">described in the “Auditor’s Responsibilities for the audit of the consolidated financial statements and the parent</td></tr><tr><td colspan="1">financial statements” section of this auditor’s report. We are independent of the Group in accordance with the</td></tr><tr><td colspan="1">International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants</td></tr><tr><td colspan="1">(IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other</td></tr><tr><td colspan="1">ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit</td></tr><tr><td colspan="1">evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Statement on management’s review</td></tr><tr><td colspan="2">Management is responsible for management’s review.</td></tr><tr><td colspan="2">Our opinion on the consolidated financial statements and the parent financial statements, does not cover the</td></tr><tr><td colspan="2">management’s review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="2">In connection with our audit of the consolidated financial statements and the parent financial statements, our</td></tr><tr><td colspan="2">responsibility is to read the management’s review and, in doing so, consider whether management’s review is</td></tr><tr><td>materially inconsistent with the consolidated financial statements and the parent financial statements</td><td>or our</td></tr><tr><td colspan="2">knowledge obtained in the audit or otherwise appears to be materially misstated.</td></tr><tr><td colspan="2">Moreover, it is our responsibility to consider whether management’s review provides the information required</td></tr><tr><td colspan="2">relevant law and regulations.</td></tr><tr><td colspan="2">Based on the work we have performed, we conclude that the management’s review is in accordance with the</td></tr><tr><td colspan="2">consolidated financial statements and the parent financial statements and has been prepared in accordance with</td></tr><tr><td colspan="2">the requirements of the relevant law and regulations. We did not identify any material misstatement of the</td></tr><tr><td colspan="2">management’s review.</td></tr><tr><td colspan="2">Management’s responsibilities for the consolidated financial statements and the parent financial statements</td></tr><tr><td colspan="2">Management is responsible for the preparation of consolidated financial statements that give a true and fair view</td></tr><tr><td colspan="2">in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish</td></tr><tr><td colspan="2">Financial Statements Act as well as the preparation of parent financial statements that give a true and fair view in</td></tr><tr><td colspan="2">accordance with the Danish Financial Statements Act, and for such internal control as Management determines is</td></tr><tr><td colspan="2">necessary to enable the preparation of consolidated financial statements and parent financial statements that are</td></tr><tr><td colspan="2">free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="2">In preparing the consolidated financial statements and the parent financial statements, Management is</td></tr><tr><td colspan="2">responsible for assessing the Group’s and the Parent’s ability to continue as a going concern, for disclosing, as</td></tr><tr><td colspan="2">applicable, matters related to going concern, and using the going concern basis of accounting in preparing the</td></tr><tr><td colspan="2">consolidated financial statements and the parent financial statements unless Management either intends to</td></tr><tr><td colspan="2">liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so.</td></tr><tr><td colspan="2">Auditor’s Responsibilities for the audit of the Financial Statements and the parent financial statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the</td></tr><tr><td colspan="2">parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to</td></tr><tr><td colspan="2">issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a</td></tr><tr><td colspan="2">guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark</td></tr><tr><td colspan="2">will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are</td></tr><tr><td colspan="2">considered material if, individually or in the aggregate, they could reasonably be expected to influence the</td></tr><tr><td colspan="2">economic decisions of users taken on the basis of these consolidated financial statements and these parent</td></tr><tr><td colspan="2">financial statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we</td></tr><tr><td colspan="2">exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td>●</td><td>Identify and assess the risks of material misstatement of the consolidated financial statements and the parent</td></tr><tr><td /><td>financial statements, whether due to fraud or error, design and perform audit procedures responsive to those</td></tr><tr><td /><td>risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of</td></tr><tr><td /><td>not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as</td></tr><tr><td /><td>fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal</td></tr><tr><td /><td>control.</td></tr><tr><td>●</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are</td></tr><tr><td /><td>appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the</td></tr><tr><td /><td>Group’s and the Parent’s internal control.</td></tr><tr><td>●</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and</td></tr><tr><td /><td>related disclosures made by Management.</td></tr><tr><td>●</td><td>Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing</td></tr><tr><td /><td>the consolidated financial statements and the parent financial statements, and, based on the audit evidence</td></tr><tr><td /><td>obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt</td></tr><tr><td /><td>on the Group's and the Parent’s ability to continue as a going concern. If we conclude that a material</td></tr><tr><td /><td>uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the</td></tr><tr><td /><td>consolidated financial statements and the parent financial statements or, if such disclosures are inadequate,</td></tr><tr><td /><td>to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our</td></tr><tr><td /><td>auditor’s report. However, future events or conditions may cause the Group and the Entity to cease to</td></tr><tr><td /><td>continue as a going concern.</td></tr><tr><td>●</td><td>Evaluate the overall presentation, structure and content of the consolidated financial statements and the</td></tr><tr><td /><td>parent financial statements, including the disclosures in the notes, and whether the consolidated financial</td></tr><tr><td /><td>statements and the parent financial statements represent the underlying transactions and events in a manner</td></tr><tr><td /><td>that gives a true and fair view.</td></tr><tr><td>●</td><td>Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial</td></tr><tr><td /><td>information of the entities or business units within the group as a basis for forming an opinion on the</td></tr><tr><td /><td>consolidated financial statements and the parent financial statements. We are responsible for the direction,</td></tr><tr><td /><td>supervision and review of the audit work performed for purposes of the group audit. We remain solely</td></tr><tr><td /><td>responsible for our audit opinion.</td></tr><tr><td colspan="2">We communicate with those charged with governance regarding, among other matters, the planned scope and</td></tr><tr><td colspan="2">timing of the audit and significant audit findings, including any significant deficiencies in internal control that we</td></tr><tr><td colspan="2">identify during our audit.</td></tr></table> Copenhagen 2025-06-26 Kastrup Airports Parent ApS Hørmarken 2 3520 Farum 2011-07-07 5000000 13000000 749000000 1339000000 249000000 348000000 -423000000 -75000000 -1000000 -15000000 0 -16000000 332000000 0 13000000 -310000000 -12000000 1589000000 0 0 0 -1372000000 -1861000000 1922000000 -490000000 0 0 -967000000 -750000000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Report on Corporate Social Responsibility in Management Introduction</td></tr><tr><td colspan="2">The Parent Company is the parent company of the Group which includes the following companies</td></tr><tr><td>-</td><td>Copenhagen Airports Denmark Holdings ApS</td></tr><tr><td>-</td><td>Copenhagen Airports Denmark ApS</td></tr><tr><td>-</td><td>Københavns Lufthavne A/S</td></tr><tr><td colspan="2">Non-Financial Performance Indicators – Basis of Preparation</td></tr><tr><td colspan="2">The non-financial statements are prepared in accordance with the statutory statements on corporate</td></tr><tr><td colspan="2">responsibility ref.: The Danish Financial Statement Act. § 99a and 99d. The business framework is described on</td></tr><tr><td colspan="2">page 8-9.</td></tr><tr><td colspan="2">All CPH reporting sites and companies apply identical measurement and calculation methods. Data and disclosures</td></tr><tr><td colspan="2">are recorded continuously based on reporting from the individual areas and functions at the airports, and are</td></tr><tr><td colspan="2">essentially based on externally documented records, internal records, calculations and, to a lesser extent,</td></tr><tr><td colspan="2">estimates. It is clearly stated when estimations are used for reporting.</td></tr><tr><td colspan="2">Information about employees, such as age and gender, is generally based on CPH’s HR system records, in which an</td></tr><tr><td colspan="2">employee’s data is recorded from the date the employment contract comes into force until the employee is no</td></tr><tr><td colspan="2">longer on the payroll. Number of employees is divided into men and women and calculated as a percentage. The</td></tr><tr><td colspan="2">same procedure is used for leaders, that is, all with direct reports.</td></tr><tr><td colspan="2">The occupational injury frequency is determined as the number of occupational injuries per million working hours.</td></tr><tr><td colspan="2">The work-related accidents are stored in Safety-Net which is an external reporting and monitoring system.</td></tr><tr><td colspan="2">Absence due to illness is determined on the basis of CPH's HR system records.</td></tr><tr><td colspan="2">The amount of waste is calculated based on CPH’s collections system across the airport.</td></tr><tr><td colspan="2">Data ethics</td></tr><tr><td colspan="2">The Group wants to ensure due ethical considerations, so the Data Ethics Policy sets out the standards for</td></tr><tr><td colspan="2">accountability, transparency, equal treatment and more. The policy extends beyond legal compliance, setting a</td></tr><tr><td colspan="2">framework for safeguarding the development of digital and data-based services and procedures. As required, The</td></tr><tr><td colspan="2">Group report data protection issues to the Danish Data Protection Agency in accordance with GDPR and the</td></tr><tr><td colspan="2">internal data protection processes.</td></tr><tr><td colspan="2">Environmental</td></tr><tr><td colspan="2">As CPH are an operating airport, the environmental impacts are a key focus in the sustainability strategy. As CPH’s</td></tr><tr><td colspan="2">materiality assessment confirms, environmental sustainability matters comprise many of it impacts.</td></tr><tr><td colspan="2">Climate change</td></tr><tr><td colspan="2">The Group remain committed to achieving net zero emissions from own operations by 2030, supported by energy</td></tr><tr><td colspan="2">efficiency measures and the ongoing transition to renewable energy. The long-term target is to achieve net zero</td></tr><tr><td colspan="2">emissions across the value chain by 2050.</td></tr><tr><td colspan="2">To enable CPH to reach the 2030 goal of net zero airport operations the near-term scope 1 and 2 emission</td></tr><tr><td colspan="2">reduction target is aligned with the goals of the Paris Agreement, following a more ambitious decarbonisation</td></tr><tr><td colspan="2">trajectory than that required to limit global warming to 1.5°C. The long-term target of achieving net zero GHG</td></tr><tr><td colspan="2">emissions across the value chain by 2050 is also aligned with limiting warming to 1.5°C. However, CPH has not yet</td></tr><tr><td colspan="2">set a science-based, near-term scope 3 emission reduction target. Such a target is required in order to anchor our</td></tr><tr><td colspan="2">scope 3 decarbonisation trajectory to a pathway aligned with limiting global warming to 1.5°C.</td></tr><tr><td colspan="2">In 2024, CPH calculated their full scope 3 greenhouse gas inventory for the first time, establishing 2024 as its scope</td></tr><tr><td colspan="2">3 baseline year. In 2025, CPH will evaluate the scope 3 decarbonisation levers in greater detail and develop a</td></tr><tr><td colspan="2">comprehensive value chain decarbonisation strategy. This will allow CPH to set a near-term scope 3 emission</td></tr><tr><td colspan="2">reduction target and clarify the path to net zero scope 3 emissions by 2050.</td></tr><tr><td colspan="2">Pollution</td></tr><tr><td colspan="2">CPH recognises the environmental challenges posed by pollution across air, water and soil. The operations and</td></tr><tr><td colspan="2">infrastructure have an impact on ecosystems. CPH is committed to mitigating these effects through targeted</td></tr><tr><td colspan="2">actions and continuous improvement, and approach pollution reduction as an integral part of their responsibility</td></tr><tr><td colspan="2">to protect the environment.</td></tr><tr><td colspan="2">CPH is guided by comprehensive external regulations, including those from local municipalities and the Danish</td></tr><tr><td colspan="2">Environmental Protection Agency. These regulatory frameworks provide clear and detailed guidance, reducing the</td></tr><tr><td colspan="2">need for additional internal policies. This enables CPH to focus the resources on mitigating material impacts while</td></tr><tr><td colspan="2">ensuring compliance with applicable standards.</td></tr><tr><td colspan="2">Biodiversity and ecosystems</td></tr><tr><td colspan="2">As CPH is an airport, ensuring flight safety remains its highest priority. This necessitates specific safety measures</td></tr><tr><td colspan="2">that, at times, require CPH to manage nature and biodiversity within the airports’ secure areas. CPH take</td></tr><tr><td colspan="2">comprehensive measures to deter wildlife from entering their sites and thus minimise wildlife-related incidents. In</td></tr><tr><td colspan="2">2024, CPH also continued its efforts to contain and reduce pollution and thereby minimise the effect on</td></tr><tr><td colspan="2">ecosystems.</td></tr><tr><td colspan="2">In 2024, CPH established the first area dedicated to a more diverse nature, spanning 2,400 m2. CPH’s efforts</td></tr><tr><td colspan="2">include planting different species of wildflowers to attract vital pollinators like bees and butterflies, as well as</td></tr><tr><td colspan="2">promoting natural flowering cycles throughout the season to support ecosystem health. A strategic plan for 2025</td></tr><tr><td colspan="2">includes widening the scope of these efforts around landside areas.</td></tr><tr><td colspan="2">Resource use and circular economy</td></tr><tr><td colspan="2">CPH aspires to operate and develop the organisation in line with the principles of circularity. In 2023, CPH</td></tr><tr><td colspan="2">launched the circularity strategy, that focuses on four workstreams: procurement, shopping centre, waste</td></tr><tr><td colspan="2">management and construction. CPH has adopted policies to ensure the identification, assessment and</td></tr><tr><td colspan="2">management of the material resource use-related impacts, risks and opportunities.</td></tr><tr><td colspan="2">In 2024, the main focus was on mitigating waste impacts. CPH has, however, also taken steps to identify levers to</td></tr><tr><td colspan="2">move towards improving the resource use and circular economy. In 2024, CPH investigated potential solutions that</td></tr><tr><td colspan="2">can be scaled sufficiently. This included pilot projects and recycling solutions with regard to the use of concrete</td></tr><tr><td colspan="2">and asphalt. One of the pilot projects tested the use of a CO2-reduced concrete mixture in specific site areas. This</td></tr><tr><td colspan="2">material reduces the carbon footprint of concrete production by 15% compared to traditional mixtures, thus</td></tr><tr><td colspan="2">signifying a potential action for future years. CPH is committed to advancing sustainable resource use and</td></tr><tr><td colspan="2">addressing the material impact associated with waste management. Recognising the importance of efficient waste</td></tr><tr><td colspan="2">management, CPH has implemented a range of key actions at its own sites while planning further improvements to</td></tr><tr><td colspan="2">align with the sustainability objectives and targets.</td></tr><tr><td colspan="2">Social</td></tr><tr><td colspan="2">Own workforce</td></tr><tr><td colspan="2">Equal treatment and opportunities for all</td></tr><tr><td colspan="2">In CPH the diversity of the workforce is celebrated. CPH has employees aged 18-78 with very different educational</td></tr><tr><td colspan="2">backgrounds and occupations, and, aside from Danish, more than 40 different languages are spoken there.</td></tr><tr><td colspan="2">CPH are committed to addressing these barriers so everyone has access to fair and equitable opportunities. CPH</td></tr><tr><td colspan="2">has therefore identified and launched a number of initiatives with the purpose of enhancing the diversity in the</td></tr><tr><td colspan="2">workforce. The Employee Code of Conduct ("the Code") outlines the behavioural standards that CPH expect of all</td></tr><tr><td colspan="2">members of it’s workforce. The Code details CPH’s commitments to respect, protect and promote international</td></tr><tr><td colspan="2">fundamental principles, conventions and laws concerning human and labour rights. The Code is aligned with the</td></tr><tr><td colspan="2">UN Guidelines on Business and Human Rights, the ECD Guidelines for Multinational Enterprises, the ILO</td></tr><tr><td colspan="2">conventions on workers’ rights, the UN Global Compact and the Universal Declaration of Human Rights.</td></tr><tr><td colspan="2">CPH aims to cultivate a diverse and inclusive workforce. In 2024, we introduced a new Diversity and Inclusion</td></tr><tr><td colspan="2">Policy that sets out CPH’s position on diversity, equity, inclusion, recruitment and talent, and defines key</td></tr><tr><td colspan="2">responsibilities for achieving our ambitions. The policy defines behavioural principles in relation to gender balance</td></tr><tr><td colspan="2">and equality, age and educational background, gender identity and sexual orientation, religion, ethnicity,</td></tr><tr><td colspan="2">neurodivergence and disabilities.</td></tr><tr><td colspan="2">CPH has set a new gender split goal: 40/40/20 by 2030. This means CPH aims to have a workforce comprising at</td></tr><tr><td colspan="2">least 40% men and 40% women by 2030, and with a 20% margin for the remaining binary gender distribution and</td></tr><tr><td colspan="2">to include non-binary representation.</td></tr><tr><td colspan="2">This relative target applies to all CPH employees and applies separately to the Executive Management level of CPH</td></tr><tr><td colspan="2">and all management levels below that.</td></tr><tr><td colspan="2">In 2024, the proportion of females in the workforce was 36%, which is a slight increase on 2023. CPH will continue</td></tr><tr><td colspan="2">their work to reach their targets by 2030.</td></tr><tr><td colspan="2">There are no employees in CAD, CADH and KAP and therefore no separate targets exist for these entities.</td></tr><tr><td colspan="2">Working conditions</td></tr><tr><td colspan="2">CPH is committed to providing an environment where everyone feels safe and has the optimal conditions to do</td></tr><tr><td colspan="2">their work and thrive optimally. Ensuring positive working conditions not only supports employee satisfaction and</td></tr><tr><td colspan="2">retention but also reinforces CPH’s commitment to uphold human rights and prevent workplace-related risks such</td></tr><tr><td colspan="2">as accidents, work-life imbalance and health concerns, thereby promoting a sustainable and safe working</td></tr><tr><td colspan="2">environment. The Working Environment Policy applies to all employees and temporary workers but excludes non-</td></tr><tr><td colspan="2">employees within CPH’s workforce. CPH’s management is ultimately responsible for its implementation, and its</td></tr><tr><td colspan="2">People Health and Safety (PHS) department monitors and reviews the policy as required based on input from</td></tr><tr><td colspan="2">annual surveys and feedback from employees and the authorities. The Working Environment Policy is available to</td></tr><tr><td colspan="2">employees on CPH’s intranet.</td></tr><tr><td colspan="2">Absence due to illness</td></tr><tr><td colspan="2">In 2024, the rate of absence due to illness was 5.8%, an increase from the 2023 level of 5.1. In 2024, CPH focused</td></tr><tr><td colspan="2">on mapping how absence due to illness is managed within the organisation.</td></tr><tr><td colspan="2">Occupational injuries</td></tr><tr><td colspan="2">Another key indicator for the working environment is the number of occupational injuries. The Group through CPH</td></tr><tr><td colspan="2">is committed to eliminating occupational injuries. CPH conducts regular monitoring, particularly of construction</td></tr><tr><td colspan="2">sites, to ensure policies are followed by employees and value chain workers.</td></tr><tr><td colspan="2">In 2024, CPH recorded 12,6 occupational injuries per million working hours for employees. CPH will continue to</td></tr><tr><td colspan="2">engage with employees and value chain workers to maintain focus on reducing occupational injuries.</td></tr><tr><td colspan="2">Workers in the value chain</td></tr><tr><td colspan="2">Ultimately, responsibility for the health and safety of contractors’ workers rests with their employers, in</td></tr><tr><td colspan="2">accordance with Danish law. Contractors are required to adhere to Danish working environment requirements in</td></tr><tr><td colspan="2">respect of their employees, and value chain workers at CPH’s sites are covered by their employers’ health and</td></tr><tr><td colspan="2">safety policies and procedures. However, as a construction client, CPH has a legal responsibility to coordinate</td></tr><tr><td colspan="2">health and safety at construction sites when more than one employer is present.</td></tr><tr><td colspan="2">As a member of the UN Global Compact, CPH is committed to supporting and respecting internationally recognised</td></tr><tr><td colspan="2">human and labour rights. CPH strongly encourages suppliers to participate in the UN Global Compact, and to</td></tr><tr><td colspan="2">annually communicate their progress to stakeholders in general and to CPH in particular. To support these</td></tr><tr><td colspan="2">commitments, CPH has implemented a Supplier Code of Conduct, engages with contractors on safety and has</td></tr><tr><td colspan="2">established a whistleblower mechanism through which stakeholders can raise complaints. CPH’s Supplier Code of</td></tr><tr><td colspan="2">Conduct ("the Supplier Code") sets out ethical standards expected of suppliers. The Supplier Code is aligned with</td></tr><tr><td colspan="2">the principles of the UN Global Compact and the ILO’s Fundamental Principles, and includes provisions relating to</td></tr><tr><td colspan="2">the environment, health and safety for workers, human rights, and bribery and corruption.</td></tr><tr><td colspan="2">Affected communities</td></tr><tr><td colspan="2">CPH's operations have an impact on the immediate surroundings and the overall goal is to maintain and</td></tr><tr><td colspan="2">strengthen the good relationships with the neighbours.</td></tr><tr><td colspan="2">CPH regularly engages with communities in Roskilde and Copenhagen directly through neighbour meetings on key</td></tr><tr><td colspan="2">issues related to living close to airports, including noise, disturbances, air quality, actions to address pollution and</td></tr><tr><td colspan="2">local sponsorships. These meetings take place periodically, including annual townhall meetings.</td></tr><tr><td colspan="2">In 2025, CPH will launch a local Dialogue Council. This council will provide a regular forum for local residents,</td></tr><tr><td colspan="2">businesses and stakeholders to discuss topics related to CPH as a neighbour, establishing a more formalised access</td></tr><tr><td colspan="2">point for community feedback.</td></tr><tr><td colspan="2">CPH has established multiple channels for affected communities to raise concerns directly and have them</td></tr><tr><td colspan="2">addressed.</td></tr><tr><td colspan="2">CHP aim to engage constructively with communities about impacts and their concerns. While CPH do not have any</td></tr><tr><td colspan="2">explicit policies protecting communities against retaliation (beyond those relating to whistleblowing), any such</td></tr><tr><td colspan="2">behaviour would be in violation of their Code of Conduct.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business Ethics and Human Rights</td></tr><tr><td colspan="1">Anti-corruption</td></tr><tr><td colspan="1">The Groups position is that we, as an organisation and as individuals, must act with integrity and ensure</td></tr><tr><td colspan="1">compliance with applicable legislation and internal policies in order to conduct business ethically. CPH has very</td></tr><tr><td colspan="1">limited direct business outside Denmark and therefore considers the risks related to corruption and human rights</td></tr><tr><td colspan="1">issues as limited. CPH’s Employee Code of Conduct provides the foundation for the compliance culture and acts as</td></tr><tr><td colspan="1">a compass for good business conduct. The Code imparts the standards and principles and reflects expectations and</td></tr><tr><td colspan="1">commitments within areas such as anti-bribery, anti-money laundering, anti-fraud, fair competition, the protection</td></tr><tr><td colspan="1">of personal data and respect for human rights.</td></tr><tr><td colspan="1">The group hasn’t identified any risk towards anti-corruption or human rights.</td></tr><tr><td colspan="1">The materiality assessment identified a material business conduct and corporate culture risk related to our</td></tr><tr><td colspan="1">construction activities. This risk could materialise in the short term and is concentrated within construction</td></tr><tr><td colspan="1">activities in CPH upstream value chain. CPH have an established Employee Code of Conduct and a Supplier Code of</td></tr><tr><td colspan="1">Conduct to foster a culture of compliance and ensure that high standards of integrity are upheld within operations</td></tr><tr><td colspan="1">and across CPH value chain. CPH have also established a whistleblower mechanism to mitigate this risk. This is</td></tr><tr><td colspan="1">accessible to all stakeholders and available on CPH website.</td></tr><tr><td colspan="1">Responsible procurement</td></tr><tr><td colspan="1">CPH has also established a whistleblower mechanism to mitigate this risk. The result of the Whistleblower</td></tr><tr><td colspan="1">mechanism has shown zero reporting on anti-corruption and human rights.</td></tr><tr><td colspan="1">CPH will continue to assess the risks and update the Codes of Conduct and Human Rights assessment as required</td></tr><tr><td colspan="1">to comply with applicable laws and regulations. The Group will for the coming year update the Codes of conduct</td></tr><tr><td colspan="1">and Human rights if applicable.</td></tr><tr><td colspan="1">Taxation</td></tr><tr><td colspan="1">The Group is an important contributor of taxes to the Danish State. This applies both to taxes expensed by the</td></tr><tr><td colspan="1">Group and taxes collected (in transit). The Group's total tax contribution amounted to DKK 1,502 million in 2024 in</td></tr><tr><td colspan="1">direct and indirect taxes to the Danish State.</td></tr><tr><td colspan="1">Group structure, ownership, tax strategy</td></tr><tr><td colspan="1">Together with its subsidiaries, Københavns Lufthavne A/S operates two airports and owns two hotels in Denmark,</td></tr><tr><td colspan="1">making CPH primarily liable to payroll and corporation tax. 59.35% of the shares are held by Copenhagen</td></tr><tr><td colspan="1">Airports Denmark ApS (CAD). CAD is indirectly controlled by Kastrup Airports Parent ApS (KAP), the highest-level</td></tr><tr><td colspan="1">Danish holding company, with which CPH is jointly taxed. As the administrative company in the joint taxation</td></tr><tr><td colspan="1">scheme, KAP is responsible for submitting tax returns and communicating with the Danish tax authorities</td></tr><tr><td colspan="1">regarding corporation tax. CPH reports to KAP for these purposes.</td></tr></table> Årsrapport 25296486 Apex Fund Service (Denmark) ApS Hørmarken 2 3520 Farum xWizard version 1.1.1380.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Torben Christensen Niels Konstantin Jensen 6000000 18000000 691000000 398000000 17000000 -298000000 -116000000 -415000000 -3000000 -207000000 34000000 -38000000 -139000000 -437000000 4007000000 29000000 -711000000 -565000000 971000000 -1238000000 -103000000 3000000 -1338000000 -6148000000 6810000000 -547000000 566000000 -75000000 606000000 239000000 0 0 0 0 0 0 0 0 0 0 16115000000 0 12000000 469000000 0 345000000 16941000000 0 -86000000 -10562000000 2140000000 -8507000000 941000000 7072000000 5752000000 15000000 13779000000 10749000000 212000000 546000000 0 1000000 154000000 7000000 0 11668000000 25448000000 16941000000 48000000 262000000 6007000000 1317000000 4328000000 622000000 2282000000 14556000000 120000000 1000000 14939000000 0 379000000 67000000 66000000 72000000 1143000000 16665000000 0 -77000000 -10487000000 1771000000 -8792000000 733000000 6699000000 15004000000 333000000 22768000000 0 41000000 907000000 284000000 662000000 5000000 786000000 4000000 2689000000 25457000000 16665000000 Paid to staff, suppliers, etc. -17000000 Paid to staff, suppliers, etc. -1790000000 Cash flow from operating activities before financial items and tax -17000000 Cash flow from operating activities before financial items and tax 2217000000 Cash flow from operating activities before tax -315000000 Cash flow from operating activities before tax 1535000000 Cashflow related to discontinued operating activities 1915000000 Cashflow related to discontinued operating activities 0 Cashflow related to discontinued investing activities -1372000000 Cashflow related to discontinued investing activities 0 Cashflow related to discontinued financing activities -537000000 Cashflow related to discontinued financing activities 0 1143000000 905000000 Cashflow related to discontinued operating activities 1915000000 Cashflow related to discontinued operating activities 1361000000 Cashflow related to discontinued investing activities -1372000000 Cashflow related to discontinued investing activities -1337000000 Cashflow related to discontinued financing activities -537000000 Cashflow related to discontinued financing activities -79000000 Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Nikolaj Thomsen State Authorised Public Accountant mne33276 Weidekampsgade 6 2300 København S Martin Pieper State Authorised Public Accountant mne44063 33963556 Deloitte Statsautoriseret Revisionspartnerselskab