General Statement by the Executive Board

Despite geopolitical uncertainties, the Executive Board expects an overall positive business development in 2025. With the new Group strategy “Fraport.2030,” the Executive Board has laid the foundation for the Group to tackle the strategic challenges facing it both today and in the future.

For Frankfurt Airport, the Executive Board expects a moderate increase in passenger numbers in 2025 to a maximum of 64 million following passenger numbers of around 61.6 million in the 2024 fiscal year. The traffic development will be mainly driven by an increase in tourist traffic within Europe and associated feeder traffic. The Executive Board also forecasts positive traffic development for the international Group airports in 2025.

The increase in passenger numbers and adjustments to airport charges will have an increasing effect on Group revenue in 2025. By contrast, the gradual completion of construction activities in Lima will lead to a decline in revenue from IFRIC 12. Taking into account higher operating costs, including increases in personnel expenses, the Executive Board expects a moderate single-digit percentage increase in Group EBITDA. Due to the absence of proceeds from the disposal of the shareholding in VVSS Limited Liability Company in St. Petersburg, the Group result is expected to be below the level of 2024. Adjusted for this effect, the Group result will be approximately at the previous year’s level. The ROFRA is expected to be around the 2024 level. Free cash flow will improve considerably in 2025 due to a noticeable decline in the volume of capital expenditure and will be close to break-even.

The Executive Board projects a stable financial situation for the Fraport Group over the forecast period.

At Fraport AG level, the Executive Board expects an increase in net income in fiscal year 2025. Depending on traffic growth in Frankfurt and income from investments, net income is forecasted to reach up to €400 million. Although free cash flow is expected to remain negative at Fraport AG level, liquidity is expected to be at around the 2024 level as a result of extensive financing measures and therefore still considerably above the target of €1 billion.

According to the opinion of the Executive Board, the development of an existential threat by the individual risks described in the “Risk and Opportunities Report” chapter or a combination of these seems to be highly unlikely, in view of projections for future developments in the Fraport Group. Aside from the completion of the transaction to dispose of the shares in Delhi Airport and the award of the concession to operate Kalamata Airport in Greece, the forecasted figures do not envisage any further effects from inorganic increases or reductions.