Combined Management Report

General statement by the Executive Board

Despite increased geopolitical uncertainties, the Executive Board expects an overall positive development of the global economy and global trade in the 2023 fiscal year. Based on this assumption, the Executive Board expects a continued high desire to travel and consequently an evident demand for air travel. For Frankfurt Airport, the Executive Board therefore expects passenger numbers in the range of more than 80% to around 90% of the 2019 level.

Compared to the 2022 fiscal year, which was still affected by the coronavirus pandemic at the beginning of the year, this represents clear growth. The Executive Board also forecasts positive traffic development for the Group airports.

The Executive Board assumes that the positive business development will have an increasing effect on the Group's revenue and profit development. The Executive Board expects a further recovery of the Group EBITDA towards the pre-crisis level and forecasts a range between approximately €1,040 million and approximately €1,200 million. In 2019, the Group EBITDA was €1,180.3 million. A Group result of between around €300 million and about €420 million is expected. The ROFRA is forecasted to remain approximately at the same level as 2022. Due to ongoing expansion measures, the free cash flow will again be negative in the mid three-digit million euro range in 2023 and will have an increasing effect on the net financial debt. Due to the positive development of Group EBITDA that is expected, the net financial debt to EBITDA ratio is forecasted to be approximately at the level of 2022. Despite comprehensively planned financing measures, Group liquidity is expected to come in slightly below the level of 2022. This is against the background of negative free cash flow.

The Executive Board continues to project a stable financial situation for the Fraport Group over the forecast period.

For the significant non-financial performance indicators, the Executive Board expects at least stable to slightly better values compared to 2022.

According to the opinion of the Executive Board, the development of an existential threat due to the individual risks described in the “Risk and Opportunity Report” chapter or a combination of these seems to be highly unlikely, in view of projections for future developments in the Fraport Group. In the forecast period, the Executive Board does not foresee any acquisitions or disposals of companies, or increases or reductions in shareholdings.