Increase in traffic on both bridges and new road toll put into operation

Average daily traffic on the Storebælt Bridge increased by 1.6 per cent for passenger cars while HGV traffic increased by 2.4 per cent. Total road traffic increased by 1.6 per cent in Q1 compared to last year. Revenue from the road link amounted to DKK 677 million, which is a fall of 1.9 per cent compared to the same period last year. The fall in revenue was expected and is primarily due to the government’s decision to reduce the list price for passenger cars from 1 January 2025 by approximately 17 per cent as a result of the Eurovignette directive. 

On the Øresund Bridge, average daily traffic rose by 4.3 per cent in Q1 compared to 2024. Passenger traffic rose by 4.4 per cent while HGV traffic rose by 3.2 per cent. Revenue from road traffic amounted to DKK 351 million, a rise of 4.8 per cent.

"The first three months of the year saw a rise in traffic for both passenger cars and HGVs across both bridges. As regards the Storebælt Bridge, however, the new Eurovignette directive means that total revenue will fall due to a reduced price for payments made by card and cash.   The majority of customers continue to favour digital payment solutions, which are both cheaper and faster,” says Sund & Bælt’s CEO, Mikkel Hemmingsen.

The timeline for the Fehmarn Belt project continues to face challenge
The first two completed tunnel elements for the Fehmarnbelt Tunnel were pulled free from the dry dock and sailed into the large basis in front of the tunnel factory in Rødbyhavn during the first quarter of the year. The specially designed vessel IVY, which is to be used for the immersion of the tunnel elements, is still not ready for deployment, and an extended testing period is required. This gives the project yet another disappointing interim result.

The timeline for opening at the end of 2029 remains significantly challenged. All efforts are therefore being put into optimising the immersion and installation processes and the time line will be reassessed once the first tunnel elements have been immersed.

Overall result
The group’s net revenue totals DKK 824 million for the period January-March, corresponding to a rise of 4.4 per cent compared to the same period last year. The rise is due to the kilometre and CO₂-differentiated road tax for HGVs in Denmark weighing 12 tonnes or more, which came into effect on 1 January. Sund & Bælt provides the technical solution for the collection and monitoring of behalf of the state. The funding for operating the scheme is classified as net revenue. 

The income statement includes 50 per cent of Øresundsbro Konsortiet I/S’ profits, corresponding to an income of DKK 189 million, which includes positive fair value adjustments of DKK 24 million. The share of profits before fair value adjustments is positive at DKK 165 million and is DKK 16 million higher compared to the same period last year.

The Group’s net financial expenses, stated as financial items excluding fair value adjustments , is DKK 108 million and is DKK 33 million lower than the same period last year. This is primarily due to the impact from falling market interest rates and lower inflation indexation compared to the same period in 2024.

The result before value adjustment and tax for the period, including the share of profit from Øresundsbro Konsortiet I/S, was a profit of DKK 500 million against a profit of DKK 441 million in Q1 2024. 

Fair value adjustments of the Group’s debt, including the share from Øresundsbro Konsortiet I/S, represent an income of DKK 2,768 million. In the same period last year, value adjustments represented an income of DKK 612 million. The difference is primarily due to rising market interest rates on longer maturities in Q1 2025. Fair value adjustments are an accounting item with no impact on the company’s debt repayment as the debt is repaid at nominal value. 

The group’s result after tax was a profit of DKK 2,552 million against a profit of DKK 821 million for the same period last year.

The Group’s interest-bearing net debt totalled DKK 68.2 billion at the end of Q1. For A/S Storebælt, the interest-bearing net debt totals DKK 15.2 billion  and the repayment period is unchanged at 37 years, corresponding to 2035. 

Based on developments in Q1 and as announced in the Annual Report for 2024, the outlook remains for a profit before fair value adjustments and tax within the range of DKK 1.8-2.1 billion  

The outlook is based on an assumption of a fall in traffic revenue of 3.8 per cent (measured at constant prices) due to the Eurovignette directive and the introduction of kilometre-based road tolls for HGVs. The outlook in this regard is based on an assumption of inflation at 2.0 per cent which serves as the basis for the indexation of financial expenses to which the greatest remains uncertainty attached.  

The outlook for 2025 carries uncertainty and continues to depend on developments in the financial markets and macroeconomic factors. 

Profit for the Sund & Bælt Group adjusted for the effect of fair value adjustments*

*The Sund & Bælt group accounts include the results for the 100 per cent owned subsidiaries A/S Storebælt, A/S Øresund, A/S Femern Landanlæg, Femern A/S, Sund & Bælt Partner A/S, BroBizz A/S and BroBizz Operatør A/S as well as the Danish half of Øresundsbro Konsortiet, which is responsible for the operation of the Øresund Bridge. Value adjustment is an accounting principle whereby, at the time of financial reporting, changes in the value of financial assets and liabilities are measured at their market value, i.e. the value they have in the market at that given time were they to be traded.

Vehicle traffic across the bridges 1 January – 31 March