Københavns Lufthavne A/S : Read the Director's Report here

CPH AGM MANUS 2 / REPORT	30 March 2023

Thank you, Christian.

Things finally changed in 2022. For the first time since the pandemic precipitated aviation's worst crisis of recent times, we ended the year with a small profit.

That said, we are still in a vulnerable recovery phase and are NOT back at pre-crisis levels.

My report today will discuss:

• Results for the year & challenges
• CPH's framework conditions
• The reopening & passengers
• The aero & non-aero business
• Investments & the green transition
• Remuneration & the Board of Directors
• And the outlook for 2023

After my report, CEO Thomas Woldbye will take us through the financial statements.

On the screen behind me you can see the Annual Report, which is available on the company's website, cph.dk - under Investor. The title is: Navigating through turbulence to a better tomorrow - and this is exactly what we are doing.

The title expresses the situation very accurately. Admittedly, we emerged from the COVID-19 restrictions in the spring of 2022.

But scarcely was one crisis over than CPH, like the rest of Denmark and the world, was hit by new crises: the war in Ukraine, rising interest rates and inflation, soaring energy prices and global supply problems.

At this point, I would like to extend heartfelt sympathy, personally and on behalf of Copenhagen Airports, to the people of Ukraine and to the families of the thousands of war victims.

In 2022 we collected donations and bottle deposits totalling 600,000 kroner for UNICEF, which was able to provide thousands of children with items such as winter clothing, tents and teaching materials. Thank you to everyone who contributed.

(Pause)

Compared with the situation in Ukraine, it can seem wrong to talk about the challenges we're facing in Denmark - and here at the airport. But this is, after all, the purpose of today.

Passengers returned in 2022 but not in the numbers seen before the corona crisis. By the end of the year, the number of passengers had reached around 80 per cent of the level in 2019.

A total of 22.1 million passengers passed through the terminals - more than twice as many as the year before. Our airport started to look more like itself again with terminals and runways once more buzzing with life, activity and the joy of travel.

And thanks to tight control of finances and the growth in passenger numbers, several years of crisis with massive losses were turned into a busy year of reopening with a small pre-tax profit of 257 million kroner.

In the circumstances, this is satisfactory. But it is unfortunately NOT at a level capable of supporting our future investments - and repaying our debt.

The airport's finances have been severely tested by the pandemic. This resulted in a negative cash flow, with our debt growing from 8.4 to

10.5 billion kroner. This is a challenge for the future.

On top of this, as said, we're living in a period of heightened uncertainty and unpredictability. This means that CPH is not where we would like to be. It is therefore even more crucial that the airport's most important framework conditions fall into place here this year.

CPH's FRAMEWORK CONDITIONS

One crucial framework condition is the charges agreement with the airlines, which expires this year.

The revenues from the airlines' use of the airport provide the foundation for us to live up to our social responsibility and procure for Denmark the best possible connectivity to the world.

We must defend and strengthen our position as a northern European hub. This is crucial for an open economy dependent on trade like Denmark's, and it is a role we undertake with pride and joy.

But living up to our social responsibility and keeping the airport open 24/7 during the corona crisis - although there was virtually no commercial air traffic - was very expensive.

Revenues had largely fallen away, but our expenses had not. So to keep the airport running, we had to borrow 2.1 billion kroner. This money has to be repaid.

In the wake of the corona crisis, we find ourselves in a new situation, where running the airport has become significantly more expensive because of rising energy prices, higher wages and salaries, and a raft of legal requirements.

This is why a significant increase in airline charges is necessary this time.

If Denmark is to retain its position as a northern European hub, we must earn money to enable us to invest in CPH remaining attractive to airlines and passengers.

Otherwise Denmark will lose ground to neighbouring countries - and we will lose momentum in the green transition.

(Pause)

Another aspect of the framework conditions is the revised planning act, which has just been out for consultation and will go through the legislative process later in the year.

You can see on the screen here how the new act will enable us to move the third runway towards Øresund.

(Pause)

This will make it possible to use an area of the airport site to develop CPH for passengers and to accommodate the newer, modern types of aircraft. These carry more passengers but make less noise and emit less CO2.