Group's Results of Operations

Revenue

At €4,427.0 million, revenue in the Fraport Group in the 2024 fiscal year was above the previous year’s figure by €426.5 million. Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased by €407.0 million to €3,892.1 million.

The increase at the Frankfurt site mainly resulted from higher revenue from airport charges (+€111.1 million) as well as higher revenue from infrastructure charges (+€41.9 million) and ground services (+€26.4 million) based on traffic volumes and prices.

Among the international Group airports, contributions to adjusted revenue growth came, in particular, from Fraport Greece (+€49.9 million) and the Group company Lima (+€46.2 million) based on the positive traffic development. Revenue at the Group company Fraport USA also increased (+€69.6 million), mainly due to the takeover of center management operations at Dulles and Ronald Reagan Airports in Washington D.C.

Other Operating Income

At €86.6 million, other operating income was above the previous year by €27.6 million. In the reporting period, this was impacted in particular by the compensation for the negative economic effects of the coronavirus pandemic paid to the Group company Fraport Greece by the Greek government (€28.0 million). In addition, the other operating income of the two Brazilian Group companies included positive one-off effects of €24.3 million (previous year: €18.6 million). These are the result of compensation claims for the effects of the coronavirus pandemic at the Group company in Fortaleza and payments received as compensation for the damage caused by the flooding in Porto Alegre. By contrast, the previous year’s other operating income included effects from the interim consolidation of FraSec Aviation Security GmbH (€11.1 million) and from the settlement of a legal dispute at the Group company Fraport USA (€11.0 million).

Expenses

Personnel expenses in the Group increased in the 2024 fiscal year by €126.4 million to €1,202.4 million. The increase is mainly due to increases in the collective bargaining agreement and a higher headcount at the Frankfurt site. Non-staff costs (cost of materials and other operating expenses) were €2,071.7 million (+€241.7 million). Adjusted for expenses related to the application of IFRIC 12, non-staff expenses were €1,536.8 million (+€222.2 million). The increase is mainly due to higher variable concession charges and revenue-dependent lease payments at the international Group companies (+€125.7 million) as well as higher expenses for external services (+€53.3 million).

EBITDA and EBIT

At €1,301.8 million, Group EBITDA was €97.8 million above the previous year. Depreciation and amortization increased by €31.1 million to €532.3 million in the fiscal year, in particular due to the unscheduled depreciation and amortization of airport infrastructure in Frankfurt that is no longer recoverable (€20.2 million). This led to a Group EBIT of €769.5 million (+€66.7 million).

Financial Result

The financial result in the reporting period amounted to –€87.8 million (previous year: –€148.9 million). The improvement compared to the previous year is primarily due to the increase in the other financial result (+€59.4 million). This was positively impacted in the fiscal year in particular by the fair value measurement of the shares in VVSS Limited Liability Company (VVSS) in the amount of €45.0 million. With the sale of the shares, Fraport ended its involvement in Pulkovo Airport.

In addition, the interest result improved by €12.2 million. Interest income increased by €43.7 million to €144.6 million in the 2024 fiscal year, primarily due to higher interest from call and time deposits. The interest expenses of €349.4 million in the reporting period were €31.5 million above the previous year (previous year: €317.9 million). This increase was, in particular, a result from higher financing costs at Fraport AG.

The result from companies accounted for using the equity method fell by €10.5 million, influenced considerably by the result of the company responsible for the expansion in Antalya, whose operational period commences at the beginning of 2027 (–€16.7 million; in the previous year: €5.1 million). By contrast, there was an increase in earnings of the operating company in Antalya (+€9.1 million).

EBT, Group Result, and EPS

EBT in the reporting period amounted to €681.7 million (previous year: €553.9 million). With a consolidated tax rate of 26.4%, the income tax expense amounted to €179.8 million (previous year: €123.4 million). The Group result was €501.9 million (previous year: €430.5 million). This resulted in basic earnings per share of €4.88 (previous year: €4.26).

The key figures EBITDA and Group result trended in the middle of the forecast range provided.