Fraport, a leading global airport company, registered a 7.2% increase in passenger traffic, totaling 74.1 million travelers across its managed aviation gateways during the first half of 2024. Supported by growing demand for air travel, Group revenue rose by 13.0% year-on-year to €2,038.8 million. The company’s operating result (EBITDA) increased by 17.8% to €567.1 million, while the net profit surged nearly 90% to €160.8 million, up from €85.0 million in the same period in 2023.
Fraport CEO Dr. Stefan Schulte commented, “In the second quarter of 2024, we successfully continued our positive financial performance from the beginning of the year. Passenger numbers in Frankfurt grew by about 4.5 percent in the April-to-June period. However, compared with the 10.4 percent increase seen in the first quarter, the positive trend in Frankfurt has slowed down during the second quarter. Growth in Frankfurt is particularly constrained by high location-specific costs imposed by German regulators. Moreover, delivery delays for new Boeing aircraft affecting our main customer Lufthansa and additional maintenance intervals for the Airbus A320 aircraft family also cause growth rates to gradually level off in the low single-digits. Our international business continues to be the main growth driver for our company. Fraport’s 14 Greek airports achieved new passenger records in the first half – as did our Group airports in Antalya and Lima.”In the first half of 2024, Fraport’s Group revenue increased by 14.1% year-on-year to €1,766.6 million after adjusting for revenues from construction and expansion measures at international subsidiaries. Frankfurt’s revenue performance was driven by passenger growth and higher proceeds from airport charges, infrastructure charges, ground services, and aviation security charges. Significant contributions also came from Fraport USA, Lima, and Fraport Greece.
Regarding Lima, Fraport explained that «at €431.5 million (+€51.4 million), revenue at the Group company Lima was positively impacted by the recovery in traffic compared with the previous year. Adjusted for the revenue relating to capacitive capital expenditure based on the application of IFRIC 12, revenue was €175.7 million (+€25.5 million). The cost of materials rose by €41.9 million year-on-year to €356.1 million (+€13.0 million) due to the ongoing expansion measures, but also due to higher revenue-related concession charges. Adjusted for expenses resulting from the application of IFRIC 12, cost of materials increased by €16.0 million to €100.3 million. At €60.4 million, EBITDA was higher than in the same period the previous year (+€8.9 million). EBIT amounted to €40.8 million (+€1.5 million). A slightly improved financial result led to a result of €15.5 million (+€3.7 million)».
The Group’s operating result (EBITDA) rose by 17.8% year-on-year to €567.1 million, driven by strong performances in the Aviation and Ground Handling segments in Frankfurt, and robust international business, particularly in Greece and Lima. The net profit surged by 89.2% year-on-year to €160.8 million, resulting in basic earnings per share increasing to €1.63.
Passenger numbers at most of Fraport’s global airports continued to rise in the first half of 2024. Frankfurt Airport rebounded to about 86% of pre-pandemic levels, with 28.8 million passengers (up 7.0% year-on-year). However, growth decelerated from 10.4% in Q1 to 4.5% in Q2. Meanwhile, international airports like the 14 Greek airports, Antalya, and Lima achieved new passenger records, driven by growing demand.
Passenger traffic at Lima airport reached 11.59 million passengers between January and June 2024, 20% more than in the same period of the previous year. Compared to 2019, growth was 2.5%.
Fraport’s executive board remains optimistic about the Group’s performance in 2024, offering more precise projections for the full fiscal year. Due to aircraft supply delays, Frankfurt’s passenger numbers are now expected to reach the lower half of the previously projected range of 61 million to 65 million. Group EBITDA is forecasted between €1,260 million and €1,360 million, and net profit is expected to lie between €435 million and €530 million, aiming for the middle of the previously forecast range.
