Results of Operations for Segments
Revenue in the 2024 fiscal year in the Aviation segment increased by €135.7 million to €1,234.5 million (+12.3%). This revenue growth was mainly driven by higher revenue from airport charges, which recorded an increase of +€111.1 million to €925.5 million due to positive price and traffic volume effects. Due to traffic volumes, revenue from security fees also increased by €22.9 million to €262.1 million. Personnel expenses were €31.7 million higher than in the previous year, mainly due to staff number and price effects. Cost of materials increased year on year by €25.0 million to €280.9 million. This was particularly related to increased expenses for external services in the course of the management of aviation security checks. Due to the positive operating development, the segment’s EBITDA amounted to €373.6 million (+€65.3 million). With higher depreciation and amortization (+€14.1 million), EBIT amounted to €203.0 million (+€51.2 million).
| Aviation | ||||
|---|---|---|---|---|
| € million | 2024 | 2023 | Change | Change in % |
| Revenue | 1,234.5 | 1,098.8 | +135.7 | +12.3 |
| Personnel expenses | 275.7 | 244.0 | +31.7 | +13.0 |
| Cost of materials | 280.9 | 255.9 | +25.0 | +9.8 |
| EBITDA | 373.6 | 308.3 | +65.3 | +21.2 |
| Depreciation and amortization | 170.6 | 156.5 | +14.1 | +9.0 |
| EBIT | 203.0 | 151.8 | +51.2 | +33.7 |
| Number of employees as of December 31 | 3,727 | 3,496 | +231 | +6.6 |
| Average number of employees | 3,614 | 3,447 | +167 | +4.8 |
Revenue in the Retail & Real Estate segment increased to €536.7 million (+€37.9 million). The revenue growth was mainly due to higher retail and parking revenue (+€11.3 million and +€6.8 million, respectively). Net retail revenue per passenger was €3.35 (previous year: €3.30). Personnel expenses and cost of materials increased by €1.2 million and €8.0 million respectively compared to the same period of the previous year. Despite increased internal charges for maintenance measures, the segment’s EBITDA rose slightly to €374.6 million (+€4.7 million). With higher depreciation and amortization (+€5.4 million), segment EBIT was on a par with the previous year at €273.3 million (–€0.7 million).
| Retail & Real Estate | ||||
|---|---|---|---|---|
| € million | 2024 | 2023 | Change | Change in % |
| Revenue | 536.7 | 498.8 | +37.9 | +7.6 |
| Personnel expenses | 55.8 | 54.6 | +1.2 | +2.2 |
| Cost of materials | 166.6 | 158.6 | +8.0 | +5.0 |
| EBITDA | 374.6 | 369.9 | +4.7 | +1.3 |
| Depreciation and amortization | 101.3 | 95.9 | +5.4 | +5.6 |
| EBIT | 273.3 | 274.0 | –0.7 | –0.3 |
| Number of employees as of December 31 | 612 | 600 | +12 | +2.0 |
| Average number of employees | 603 | 594 | +9 | +1.5 |
In the 2024 reporting year, revenue of the Ground Handling segment increased by €68.7 million to €745.5 million. The increase in traffic at Frankfurt Airport as well as price increases led to higher revenue from infrastructure charges (+€41.9 million) and ground services (+€26.4 million). Personnel expenses in the segment increased by €61.6 million to €513.3 million. This was due to staff number and price effects, in particular at the Group company Fraport Ground Services. At €112.0 million, cost of materials was slightly higher than the previous year (+€3.1 million). Segment EBITDA was –€39.8 million (previous year: –€34.0 million), and segment EBIT was –€81.9 million (previous year: –€73.9 million).
| Ground Handling | ||||
|---|---|---|---|---|
| € million | 2024 | 2023 | Change | Change in % |
| Revenue | 745.5 | 676.8 | +68.7 | +10.2 |
| Personnel expenses | 513.3 | 451.7 | +61.6 | +13.6 |
| Cost of materials | 112.0 | 108.9 | +3.1 | +2.8 |
| EBITDA | –39.8 | –34.0 | –5.8 | –17.1 |
| Depreciation and amortization | 42.1 | 39.9 | +2.2 | +5.5 |
| EBIT | –81.9 | –73.9 | –8.0 | –10.8 |
| Number of employees as of December 31 | 8,517 | 8,010 | +507 | +6.3 |
| Average number of employees | 8,319 | 7,716 | +603 | +7.8 |
In the reporting period, revenue from the International Activities & Services segment amounted to €1,910.3 million (+€184.2 million). Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue grew to €1,375.4 million (+€164.7 million) due to the Group-wide positive traffic development. The increase was due to the positive traffic development at the international Group airports of Fraport Greece (+€49.9 million in adjusted revenue) and in Lima (+€46.2 million in adjusted revenue) and the takeover of center management operations at Dulles and Ronald Reagan Airports in Washington D.C. Adjusted revenue at Fraport Brasil decreased by €25.0 million in connection with the drop in passenger numbers caused by the flooding of Porto Alegre Airport.
Other income in the segment increased by €30.8 million to €74.4 million (previous year: €43.7 million), mainly due to the compensation for the negative economic effects of the coronavirus pandemic at Fraport Greece (€28.0 million), as well as compensation at the Porto Alegre and Fortaleza sites. In the previous year, other income was mainly positively impacted by the settlement of a legal dispute relating to the premature termination of the concession at Pittsburgh Airport (€11.0 million).
Personnel expenses increased by €31.9 million to €357.6 million, mainly due to higher demand for personnel in the context of traffic growth. Cost of materials in the segment increased by €178.1 million to €1,292.0 million compared to the previous year. Adjusted for the expenses relating to the application of IFRIC 12, the cost of materials increased by €158.6 million to €757.1 million. This was due in particular to higher variable concession charges, especially at the Group companies Lima and Fraport Greece. Segment EBITDA rose to €593.4 million (+€33.6 million) despite the lower contribution to earnings from Fraport Brasil. With higher depreciation and amortization (+€9.4 million), segment EBIT stood at €375.1 million (+€24.2 million).
| International Activities & Services | ||||
|---|---|---|---|---|
| € million | 2024 | 2023 | Change | Change in % |
| Revenue | 1,910.3 | 1,726.1 | +184.2 | +10.7 |
| Revenue adjusted for IFRIC 12 | 1,375.4 | 1,210.7 | +164.7 | +13.6 |
| Personnel expenses | 357.6 | 325.7 | +31.9 | +9.8 |
| Cost of materials | 1,292.0 | 1,113.9 | +178.1 | +16.0 |
| Cost of materials adjusted for IFRIC 12 | 757.1 | 598.5 | +158.6 | +26.5 |
| EBITDA | 593.4 | 559.8 | +33.6 | +6.0 |
| Depreciation and amortization | 218.3 | 208.9 | +9.4 | +4.5 |
| EBIT | 375.1 | 350.9 | +24.2 | +6.9 |
| Number of employees as of December 31 | 6,355 | 5,951 | +404 | +6.8 |
| Average number of employees | 6,465 | 6,083 | +382 | +6.3 |
| Development of the key Group companies outside of Frankfurt (IFRS values before consolidation) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| € million | Share in % | Revenue1) | EBITDA | EBIT | Result | ||||||||
| 2024 | 2023 | Δ % | 2024 | 2023 | Δ % | 2024 | 2023 | Δ % | 2024 | 2023 | Δ % | ||
| Fraport USA | 100 | 185.3 | 115.7 | +60.2 | 61.9 | 61.6 | +0.5 | 27.5 | 29.0 | –5.2 | 16.7 | 16.4 | +1.8 |
| Fraport Slovenija | 100 | 50.5 | 43.4 | +16.4 | 19.7 | 12.8 | +53.9 | 10.2 | 2.4 | > 100 | 8.3 | 1.8 | > 100 |
| Fortaleza + Porto Alegre2) | 100 | 91.5 | 108.3 | –15.5 | 50.2 | 66.4 | –24.4 | 18.2 | 31.0 | –41.3 | –5.7 | 2.4 | – |
| Lima | 80.01 | 835.0 | 792.0 | +5.4 | 122.7 | 109.2 | +12.4 | 84.2 | 80.3 | +4.9 | 37.6 | 32.1 | +17.1 |
| Fraport Greece3) | 65 | 609.6 | 545.2 | +11.8 | 288.1 | 271.3 | +6.2 | 223.8 | 206.3 | +8.5 | 111.1 | 79.1 | +40.5 |
| Twin Star | 60 | 58.2 | 51.2 | +13.7 | 22.8 | 20.6 | +10.7 | 13.3 | 10.9 | +22.0 | 8.4 | 5.8 | +44.8 |
| Antalya | 51/504) | 515.9 | 467.7 | +10.3 | 373.5 | 371.6 | +0.5 | 251.9 | 255.3 | –1.3 | 181.8 | 163.7 | +11.1 |
1) Revenue adjusted by IFRIC 12: Lima 2024: €372.6 million (2023: €326.4 million); Fraport Greece 2024: €558.2 million (2023: €508.3 million); Fortaleza + Porto Alegre: 2024: €70.4 million (2023: €95.4 million); Antalya 2024: €513.3 million (2023: €463.2 million). 2) Sum of the Group companies Fortaleza and Porto Alegre. 3) The Group companies Fraport Regional Airports of Greece A, Fraport Regional Airports of Greece B, and Fraport Regional Airports of Greece Management Company are collectively referred to as “Fraport Greece.” 4) Capital share: 51%, dividend share: 50%. | |||||||||||||
Primarily as a result of the takeover of center management operations at the Dulles and Ronald Reagan Airports in Washington, revenue at Fraport USA increased to €185.3 million in the 2024 fiscal year (+€69.6 million). Other income amounted to €5.1 million. In the previous year, other income was mainly driven by the settlement of a legal dispute relating to the premature termination of the retail concession agreement in Pittsburgh (€11.0 million). Operating expenses increased by €63.3 million to €128.5 million. Here, too, the main reason was the inclusion of the new concession in Washington, D.C. At €61.9 million, EBITDA was on a par with the previous year. With higher depreciation and amortization (+€2.0 million), EBIT amounted to €27.5 million (previous year: €29.0 million). The result was €16.7 million (previous year: €16.4).
The increased demand for travel in 2024 and price effects led to higher revenue of €50.5 million (+€7.1 million) at the Group company Fraport Slovenija. Operating expenses increased by €2.2 million to €33.3 million, mainly due to the increased demand for personnel and price effects. Compared to the previous year, EBITDA improved by €6.9 million to €19.7 million. With lower depreciation and amortization, segment EBIT was €10.2 million (previous year: €2.4 million). The result increased to €8.3 million (previous year: €1.8 million).
The Brazilian Group companies were influenced considerably by the suspension of operations at Porto Alegre between May and October 2024. This was reflected in lower revenue of €91.5 million (–€16.8 million). Adjusted for the revenue relating to capital expenditure based on the application of IFRIC 12, revenue fell to €70.4 million (–€25.0 million).
Other income included an insurance benefit for damage caused by the flooding in Porto Alegre and compensation for operating expenses as well as compensation for the effects of the coronavirus pandemic on Fortaleza Airport in the amount of €24.3 million. At €15.1 million, personnel expenses remained at the same level as in the previous year (€15.3 million). The cost of materials increased slightly by €3.7 million to €42.9 million. Adjusted for the expenses in connection with capital expenditure based on the application of IFRIC 12, the cost of materials fell by €4.6 million to €21.8 million. EBITDA decreased to €50.2 million (–€16.2 million) and EBIT to €18.2 million (–€12.8 million). The result was –€5.7 million (previous year: €2.4 million).
At €835.0 million (+€43.0 million), revenue at the Group company Lima was positively impacted by the traffic development. Adjusted for the revenue relating to capacitive capital expenditure based on the application of IFRIC 12, revenue was €372.6 million (+€46.2 million). Personnel expenses increased to €21.9 million (+€2.8 million). The cost of materials also increased year on year by €26.4 million to €678.2 million. Adjusted for expenses resulting from the application of IFRIC 12, cost of materials increased by €29.6 million to €215.8 million. This was the result of higher concession charges due to traffic volumes. At €122.7 million, EBITDA was €13.5 million higher than the previous year. Despite higher depreciation and amortization (+€9.6 million), EBIT rose year on year to €84.2 million (+€3.9 million). With an improved financial result, the result amounted to €37.6 million (+€5.5 million).
In 2024, Fraport Greece recorded revenue of €609.6 million (+€64.4 million). Adjusted for contract revenue from capital expenditure relating to the application of IFRIC 12, revenue increased by €49.9 million to €558.2 million. This is primarily due to higher airport charges based on traffic volume, and retail revenue. Compensation for the negative economic effects of the coronavirus pandemic of €28.0 million had a positive impact on other income (previous year: €0.2 million). Personnel expenses increased by €2.9 million to €39.6 million due to volume and price effects. Cost of materials increased by €67.3 million to €274.0 million. Adjusted for expenses resulting from the application of IFRIC 12, cost of materials increased by €52.8 million to €222.6 million. At €288.1 million and €223.8 million respectively, EBITDA and EBIT were above the previous year’s level (+€16.8 million and +€17.5 million respectively). The financial result improved slightly, leading to a result of €111.1 million (+€32.0 million).
Despite lower traffic volumes, revenue of the Group company Twin Star rose to €58.2 million (+€7.0 million) due to price effects. Driven by staff number and price effects, operating expenses during the reporting period amounted to €35.8 million (+€4.3 million). Correspondingly, EBITDA increased slightly to €22.8 million (+€2.2 million). EBIT amounted to €13.3 million and the result was €8.4 million.
The Group company Antalya, which is accounted for using the equity method, generated revenue of €515.9 million in the reporting period, an increase of €48.2 million due to traffic volumes. EBITDA was €373.5 million. At €251.9 million, EBIT declined slightly (previous year: €255.3 million). The result amounted to €181.8 million (previous year: €163.7 million).
| Comparison with the forecasted development | |||||
|---|---|---|---|---|---|
| EBITDA in € million |
2024 | Forecast 2023 [Adjustments during the year 2024] |
2023 | Change | Change in % |
| Aviation | 373.6 | Increase compared to previous year, but still below € 400 million | 308.3 | +65.3 | +21.2 |
| Retail & Real Estate | 374.6 | Improvement to € 400 million to slightly above [Above previous year, but below € 400 million] |
369.9 | +4.7 | +1.3 |
| Ground Handling | –39.8 | Approximately balanced EBITDA [Improvement, but still negative] |
–34.0 | –5.8 | –17.1 |
| International Activities & Services | 593.4 | Constant to slightly above previous year [Improvement over previous year] |
559.8 | +33.6 | +6.0 |
The forecasted key figures developed largely in line with the forecasts provided in the 2023 Annual Report and adjusted in the Q3/9M Interim Report.