In the first three quarters of the 2023 fiscal year, the Fraport Group outperformed pre-pandemic 2019 levels, achieving a net profit of €357.0 million, driven by increased airport passenger traffic.
The outstanding performance was notably powered by a remarkable third quarter, setting new records in terms of revenue, EBITDA (earnings before interest, taxes, depreciation, and amortisation) and net profit.
Given the positive trend, Fraport is reaffirming its full-year 2023 outlook, expecting to achieve results at the higher end of the projected range.
We had a strong third quarter. As an important milestone, our actively managed Group airports outside Germany saw combined passenger traffic fully recover to 2019 levels during this period. – Fraport CEO Dr. Stefan Schulte
Schulte explained that the surge in passenger numbers was driven by 14 Greek gateways and Antalya Airport, setting all-time high records.
Additionally, the Frankfurt Airport, the central hub, performed strongly, reaching 86 per cent of 2019 passenger levels in the third quarter of 2023.
FRA is thus overcoming the crisis faster than other major German airports. Backed by the ongoing traffic recovery, our financial performance also significantly improved. During the third quarter, Fraport’s revenue, EBITDA and net profit achieved new all-time highs. – Fraport CEO Dr. Stefan Schulte
Schulte added that, eventually, the development will aid their gradual debt reduction from the pandemic.
Financial Growth in First 9 Months of 2023 Surpasses Pre-Pandemic Levels
In the first nine months of 2023, the Fraport Group achieved substantial financial growth.
Following IFRIC 12 guidelines, group revenue rose by €494.5 million, reaching €2,631.9 million, a significant increase compared to €2,137.4 million in the first nine months of 2022.
This year, Fraport’s nine-month revenue includes €167.0 million from newly introduced aviation security fees, implemented when they took over passenger security screening at Frankfurt Airport in early 2023.
Group EBITDA rose impressively, reaching €959.5 million in the first nine months of 2023, a 15.8 per cent increase from €828.6 million in the same period in 2022 and €948.2 million in 2019.
The Group’s net profit showed significant growth, reaching €357.0 million.
Recovery of Passenger Volumes in Q3 2023
In the first nine months of 2023, Frankfurt Airport (FRA) saw a 23.9 per cent year-on-year increase in passenger traffic, with strong demand for European holiday destinations, long-haul flights, and a rebound in North American traffic compared to pre-pandemic levels.
FRA’s daily passenger numbers surpassed 200,000 on numerous days, and overall, in the first nine months of 2023, traffic reached approximately 82 per cent of pre-pandemic 2019 levels.
We have made considerable progress in operational processes. – Fraport CEO Dr. Stefan Schulte
Fraport’s CEO added that by spring 2024, 40 security lanes in the two terminals will have scanners at security checkpoints, and biometric options will be extended to all airlines, making the passenger journey through the airport faster.
In Q3 2023, they actively managed airports globally and reached pre-COVID levels for the first time since the pandemic began.
By the end of 2023, Frankfurt Airport anticipates passenger numbers to land within the 80 per cent to 90 per cent range of pre-COVID levels observed in 2019.
