Prague Airport's owner pays for its runways almost entirely with its own money

Letiště Praha, a. s. operates Václav Havel Airport Prague. In 2025 its consolidated net profit (IFRS, CZK) rose to CZK 3.0bn from CZK 2.3bn, a gain of CZK 730m, or 32.0%. Cash moved the other way. It stood at CZK 3.3bn at the end of 2025, down from CZK 4.5bn, a drop of 27.6%. Profit and cash are different things: the first is an accounting result, the second is money in the account. The accounts here do not say where the cash went.

The balance sheet is the calm part of the story. Equity grew by CZK 1.0bn to CZK 37.6bn, which is 89.2% of total assets of CZK 42.2bn. A year earlier the share was 88.8%. An airport is a heavy owner of runways and terminals, and this one funds them almost entirely from its own money. Management calls its operating plan realistically ambitious, with some uncertainty remaining. I would watch the cash line next. Profit is pleasant, but it does not pay for runways.