Fraport AG Q3 2024 Financial Report

In the third quarter of 2024, Fraport AG, the operator of Frankfurt Airport, reported substantial financial growth:

• Revenue increased to €1.35 billion, a growth of over 10% from the previous year.
• EBITDA rose to €1.05 billion, marking a 10% increase.
• Group result improved significantly, exceeding 20% to €434 million.

This positive performance was driven by the recovery of passenger numbers reaching around 86-87% of pre-pandemic levels, along with strong operations at various international locations, including Fraport Antalya. However, challenges such as strikes, geopolitical issues, and increased taxes in Germany continue to pose risks.

Key Takeaways

• Fraport's Q3 revenue of €1.35 billion includes a 10% EBITDA increase to €1.05 billion.
• The company sees improvement in group results and passenger recovery despite ongoing challenges.
• Terminal 3 in Frankfurt is expected to be completed by summer 2026, with substantial investments planned.
• International operations remain optimistic, with new terminal openings in early 2025.

Company Outlook

Fraport anticipates continued growth in EBITDA but has adjusted its full-year outlook to below €400 million due to external factors. Capital expenditures for 2024 are expected to exceed €1.5 billion, focusing heavily on the Terminal 3 project.

Challenges and Opportunities

• Increased aviation taxes and geopolitical issues affect passenger recovery.
• Strategic international investments show promise for revenue growth.
• Retail and real estate segments experienced revenue growth, buoying overall performance.

Summary

Fraport AG's Q3 2024 performance reflects a resilient recovery trajectory amidst significant operational challenges. Continued emphasis on international growth and infrastructure development positions the company for future success.