Fraport Group’s financial performance improves in the Q1 of 2023

Fraport started the new 2023 business year successfully, achieving a noticeable improvement in the Group’s key financial figures during the first quarter (ending March 31). The positive performance was driven by ongoing traffic recovery across Fraport’s global network of airports. As a result, Group revenue increased by 41.9 percent year-on-year to €765.6 million. The operating result (EBITDA) jumped over 100 percent year-on-year to €158.3 million. The Group result or net profit climbed to minus 32.6 million in the reporting period (from minus €118.2 million in the first quarter of 2022), with Q1 typically being the financial quarter with the lowest earnings.

Dr. Stefan Schulte, Fraport’s CEO, said: “We’re heading in the right direction. The recovery in passenger numbers has continued since the start of the new year, further boosting our business performance in the first quarter. For the summer, we expect passenger traffic in Frankfurt to grow between 15 percent and 25 percent. Frankfurt Airport is fully gearing up for the upcoming busy summer season. Therefore, we are cautiously optimistic that we can maintain operations as stable as during the recent Easter peak. Our leisure-dominated Group airports worldwide also continue to report ongoing recovery. Along with Greece, other Fraport Group airports are also projected to reach near pre-crisis levels during 2023. For the full year, we expect the positive business trend to continue in line with the given guidance.”

Robust Performance Improvement Achieved
Driven by passenger growth and the resulting higher earnings, Group revenue increased by 41.9 percent year-on-year to €765.6 million in the first quarter of 2023. For the first time, the Group’s Q1 revenue includes proceeds from aviation security fees (totaling €45.1 million) levied by Fraport after assuming responsibility for security screening at Frankfurt Airport with the start of 2023. On the other hand, proceeds from security services provided by the “FraSec Aviation Security GmbH” subsidiary (totaling €33.1 million in Q1/2022) were no longer recognized as Group revenue, after this subsidiary was deconsolidated from the Group’s financial statements effective January 1. Adjusting for revenues resulting from construction and expansion measures at Fraport’s international subsidiaries (in line with IFRIC 12), Group revenue increased by 37.9 percent to €654.2 million.

Fraport’s operating result or EBITDA (earnings before interest, taxes, depreciation, and amortization) more than doubled in the first quarter, soaring from €70.7 million in Q1/2022 to €158.3 million in the reporting period. Likewise, the Group result (net profit) markedly improved year-on-year, rising from minus €118.2 million in Q1/2022 to minus €32.6 million in Q1/2023.

Passenger Recovery Continues in the First Quarter
In the first three months of the current 2023 business year, passenger numbers at Fraport’s home-base airport in Frankfurt grew by 56.0 percent year-on-year. When adjusting for the special effects from two day-long strikes in February and March, FRA achieved underlying passenger growth of some 60 percent. Demand in Frankfurt was particularly high for intercontinental air travel and for flights to warm-weather destinations, such as the Canary Islands. Fraport’s actively managed Group airports worldwide also reported a strong rise in passenger numbers. The 14 Greek airports were leading the line with overall passenger growth of 44.0 percent

Media Contact:
Christian Engel
Corporate Communications
Media Relations
Phone+49 69 690-30713
c.engel2@fraport.de