Dear Shareholders, Welcome to our 2024 annual report. We faced some headwinds over the past year, but we stood our ground, persevered, and achieved solid progress. This is primarily due to our strong team here in Frankfurt and around the world, whom I would like to thank at this point.
The corporate strategy Fraport.2030 includes consistent directional decisions aimed at sustainable future security and profitable business growth. In addition to its forward-looking significance for long-term corporate development, the new corporate strategy Fraport.2030 also addresses the changing customer expectations for the products and services of a globally leading airport operator. We see it as our overarching and collective task to delight our customers.
This ambition is reflected in our three central strategic priorities: Growth & Sustainability, Innovation & Efficiency, and Employer of Choice. The cultural development of our company also plays an important role in achieving our strategic goals and underscores the strategic dimension of Cooperation within the mission.
mn €
EBITDA
Positive traffic development at the Group locations increases EBITDA.
mn €
Group result
Significant improvement in earnings driven by international business; Frankfurt Airport also makes a significant contribution.
mn €
Free Cash Flow
Further negative due to ongoing expansion measures.
Number of Employees as of December 31
Increased headcount due to positive traffic development.
m.t. CO2e
GHG emissions
First-time recording of total greenhouse gas emissions (Scope 1and 2) in the Group.
Passengers at FRA
Passenger volume 3,7 % above the previous year.
| Financial performance indicators | ||||
|---|---|---|---|---|
| 2024 | 2023 | Change | Change in % | |
| Revenue (€ million) | 4,427.0 | 4,000.5 | + 426.5 | + 10.7 |
| Revenue adjusted for IFRIC 12 (€ million) | 3,892.1 | 3,485.1 | + 407.0 | + 11.7 |
| EBITDA (€ million) | 1,301.8 | 1,204.0 | + 97.8 | + 8.1 |
| Group result (€ million) | 501.9 | 430.5 | + 71.4 | + 16.6 |
| Earnings per share (basic) (€) | 4.88 | 4.26 | + 0.6 | + 14.6 |
| Dividend per share (€) | 0.00 | 0.00 | 0.0 | – |
| Free cash flow (€ million) | – 674.7 | – 656.4 | – 18.3 | – 2.8 |
| Total assets (€ million) | 20,252.8 | 18,890.9 | + 1,361.9 | + 7.2 |
| Shareholders’ equity ratio (%) | 23.8 | 22.9 | + 0.9 | – |
| Group liquidity (€ million) | 3,936.6 | 4,041.3 | – 104.7 | – 2.6 |
| Net financial debt (€ million) | 8,388.5 | 7,712.6 | + 675.9 | + 8.8 |
| Net financial debt to EBITDA | 6.4 | 6.4 | 0.0 | – |
| EBITDA margin (%) | 29.4 | 30.1 | – 0.7 | – |
| ROFRA (%) | 6.3 | 6.6 | – 0.3 | – |
| Gearing Ratio (%) | 173.7 | 178.6 | – 4.9 | – |
| Other performance indicators | ||||
|---|---|---|---|---|
| 2024 | 2023 | Change | Change in % | |
|
Number of employees as at Dec, 31 |
19,211 | 18,057 | + 1,154 | + 6.4 |
| Average number of employees | 19,001 | 17,840 | + 1,161 | + 6.5 |
| Global satisfaction of passengers (Group) (%) | 77 | 74 | + 3.0 PP | – |
| Employee satisfaction (Group) | 5.00 | 4.761) | + 0.24 | + 5.0 |
| GHG emissions (Group) (Sum Scope 1 and 2) (t) | 159,496 | 184,734 | – 25,238 | – 13.7 |
1) 2022 values.
...was particularly eventful for the Fraport Group. In addition to celebrating the 100th anniversary of Frankfurt as an aviation hub, ongoing traffic growth led to a record EBITDA. Despite challenges, the group-wide traffic growth was driven especially by developments at the locations in Lima, Greece, Antalya, and also Frankfurt.
100 years like a flight
A century has passed since the founding of Südwestdeutsche Luftverkehrs AG marked the beginning of what is now Fraport AG and the development of Frankfurt am Main as an aviation hub. Fraport celebrates this anniversary with a year-long campaign centered around its home base, Frankfurt Airport – an airport with history and stories.
Expansion of photovoltaic system at Frankfurt Airport continues
Fraport continues the construction of the photovoltaic system along Runway West. When completed, the vertically installed solar fences will extend over a length of 2,800 meters along the runway. At peak, 37,000 solar modules will provide an output of 17,400 kilowatts.
CONNECTING THE WORLD WITH TOMORROW as one of the world's leading airport operators
With the realignment of the corporate strategy Fraport.2030, a new claim is also being introduced. "Connecting the world with tomorrow" is Fraport's future guiding principle. Fraport.2030 includes consistent directional decisions and aims for sustainable future security and profitable business growth. In addition to their forward-looking significance for the long-term corporate development, the new corporate strategy also addresses the changed customer expectations of the products and services of a globally leading airport operator.
Masterplan CargoHub: Fraport plans comprehensive investment package for the freight location Frankfurt
Airport operator Fraport is strategically aligning the Frankfurt site for the forecasted growth in the air cargo market. Driven by the increasing global trade, the cargo business will continue to grow worldwide and in Europe in the medium to long term. Assuming that the Frankfurt CargoHub develops proportionally with the needs of the market, Fraport expects an air cargo volume of over three million tons at the site by 2040.
Flooding at the Porto Alegre corporate site
Due to heavy rainfall and flooding, flight operations were suspended at the Porto Alegre corporate site starting on May 3, 2024, until further notice. In addition to supporting the employees, measures were initiated to resume flight operations as quickly as possible. Since the end of 2024, flight operations have been fully restored.
Final stretch at the construction site at the group airport in Lima
The expansion of the Jorge Chavez group airport in Lima is in its final stages. Following the completion of the second runway and the new air traffic control tower, the commissioning of the new terminal is anticipated for the first quarter in 2025. Trial operations and the final construction measures are in full swing, with up to 13,000 workers on the construction site per day.
Fraport wins operating concession at Kalamata Airport
The Fraport AG, as part of an operating consortium, has won the operating concession for Kalamata Airport (KLX) in Greece. The concession includes the operation of the terminal as well as other land and airside infrastructure, including retail and parking areas. The concession period is 40 years and is expected to begin at the end of 2025, subject to pending approvals. The signing of the concession contract is planned for mid-2025.