Fraport Ag · XETR:FRA
Fraport — Q3 2024 Earnings Presentation
44 slides from Fraport's earnings presentation, November 2024
Slide 1: 3Q24 Presentation
3Q24 PRESENTATION Dr. Stefan Schulte, CEO Dr. Matthias Zieschang, CFO November 2024
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Fraport solely for use in this presentation. The information contained in this document has not been independently verified. No representation or warranty – whether express or implied – is made as to, and no reliance should be placed on, the fairness, ac
Slide 3: Solid 3Q24 Results
GROUP P+L SOLID 3Q24 RESULTS Revenues EBITDA EUR 1.35bn EUR 484mn Ex. IFRIC 12: EUR 1.2bn, +11% vs. 3Q23 +1% vs. 3Q23 EBIT Group Result Net Debt/LTM EBITDA EUR 356mn EUR 273mn 6.2 +0% vs. 3Q23 +0% vs. 3Q23 -0.2 vs. 3Q23 3 3Q24 Presentation Fraport AG
Slide 4: 9M24 Results on Track
GROUP P+L 9M24 RESULTS ON TRACK Revenues EBITDA EUR 3.39bn EUR 1,051mn Ex. IFRIC 12: EUR 3.0bn, +13% vs. 9M23 +10% vs. 9M23 EBIT Financial Result Group Result EUR 665mn EUR -97mn EUR 434mn +11% vs. 9M23 +35mn vs. 9M23 +21% vs. 9M23 4 3Q24 Presentation Fraport AG
Slide 5: Business Review: Frankfurt Passenger Performance
BUSINESS REVIEW FRANKFURT PASSENGER PERFORMANCE Comments Passenger recovery vs. 2019 Delta vs. PY ▪ 9M24 passengers at ~46.7mn, ~2.1mn above PY ▪ ~600k passengers direclty % 88% 88% 86% 87% 86% 87% 87% impacted from strikes and weather 18% 84% % 82% 12.9% ▪ 9M24 recovery rate at ~86% % 11.0% 13% 7.8
Slide 6: Major Intl. Airports Above 2019 Level
BUSINESS REVIEW MAJOR INTL. AIRPORTS ABOVE 2019 LEVEL Passenger Recovery vs. 2019 3Q24 9M24 120%118% 106% 103%103% 103% 100%101% 95% 95% 82% 78% 64% 66% 60% 46% Greece Lima Brasil Ljubljana Twin Star Antalya Group ex. FRA Group Total 6 3Q24 Presentation Fraport AG
Slide 7: Large Parts of T3 Ready or to Be Finalized Soon
BUSINESS UPDATE LARGE PARTS OF T3 READY OR TO BE FINALIZED SOON ▪ Pier G approved 2Q22 ▪ Pier H approved 4Q24 ▪ People mover test runs started, to be completed 2Q25 ▪ Pier J to be approved 2Q25 ▪ Main Hall to be approved 3Q25 ▪ Trials to start 4Q25 ▪ On track for 2Q26 opening 7 3Q24 Presentation Fra
Slide 8: Masterplan Cargo Launched
BUSINESS UPDATE MASTERPLAN CARGO LAUNCHED ▪ c.60% additional Cargo areas in Southern Cargo City ▪ c.90% additional hall areas for cargo in Southern Cargo City ▪ From 2028on. Ticona area to be transformed into LogisticHub ▪ Comprehensive investment by Lufthansa Cargo into LCCevo ▪ Air cargo throughpu
Slide 9: Lima and Antalya Expansions on Final Stretch
BUSINESS UPDATE LIMA AND ANTALYA EXPANSIONS ON FINAL STRETCH 9 3Q24 Presentation Fraport AG
Slide 10: Porto Alegre Airport Re-opened
BUSINESS UPDATE PORTO ALEGRE AIRPORT RE-OPENED ▪ Due to severe flooding airport was closed from May 3rd on. ▪ Following intense runway re- furbishment and test flights airport re-opened for domestic flights on Oct. 21st ▪ Currently, 1.7k meters of the 3.2k meter runway operational at limited capacit
Slide 11: Intl. Portfolio Optimization
BUSINESS UPDATE INTL. PORTFOLIO OPTIMIZATION Reduce Minorities & Focus on key Markets 11 3Q24 Presentation Fraport AG
Slide 12: Unchanged FY Outlook
GROUP OUTLOOK UNCHANGED FY OUTLOOK Passengers EBITDA Net Debt/EBITDA 61-65mn EUR 1.26-1.36bn ~stable vs. 6.4x in 2023 2019: ~70.6mn 2019: EUR ~1.18bn Group Result Dividend for 24FY EUR 435-530mn - 2019: EUR c.454mn unchanged vs. 2023 12 3Q24 Presentation Fraport AG
Slide 13: 3Q24 Financials
3Q24 FINANCIALS Dr. Matthias Zieschang, CFO November 2024
Slide 14: Cash Flow: Solid OCF, FCF Reflects Construction Progress
CASH FLOW SOLID OCF, FCF REFLECTS GOOD PROGRESS AT CONSTRUCTION SITES EUR mn -35 -85 -33 +65 -15 8,046 -299 7,713 +896 -502 -301 -15 -9 Free Cash Flow 9M24: € -318mn Other Fixed IAS 23 IFRS Divs from Other Net Debt OCF Brazil Greece Lima FRA Net Debt Capex Concession Borrowing 16 at equity YE 2023 C
Slide 15: Cash Flow: 3Q24 Positive Despite Expansion Capex
CASH FLOW 3Q24 POSITIVE DESPITE EXPANSION CAPEX Operating Cash Flow +537 EUR mn Capex ex. T3 & Lima -118 Fixed Conc. Payments -7 IAS 23 -32 IFRS 16 -11 DIVs from Equity Invest. +57 FCF ex. T3 & Lima +426 T3 & Lima -291 Reported FCF +135 15 3Q24 Presentation Fraport AG
Slide 16: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED REPAYMENT SCHEDULE & MODERATE COST OF DEBT EUR mn 13,000 11,966 12,000 €9.7 bn Fraport AG debt 11,000 10,000 €1.0 bn Greece debt 9,000 Average debt condition ~ 3.2% interest rate 8,000 € 319 mn Brazil debt 7,000 € 867 mn Lima debt 6,000 1 4,699 5,000
Slide 17: Segment Aviation
SEGMENT AVIATION EBITDA PROGRESS DESPITE OPEX INCREASE EUR mn 3Q24 3Q23 ▪ Traffic recovery and higher fees led to c.12% Revenue 344 313 increase in 3Q24 aviation charges Charges 265 236 ▪ Passenger volume and price effects increased Security 66 65 security services revenue and opex (about Other Inco
Slide 18: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE REVENUE INCREASE OFFSETS HIGHER COST FOR MAINTENANCE EUR mn 3Q24 3Q23 ▪ Retail revenues with good progress: +7% Revenue 140 130 ▪ Retail revenues per pax up by 4+% to EUR 3.02 Retail 52 49 → see next slide Real Estate 53 49 ▪ Parking revenues with volume & price driven P
Slide 19: Retail Revenues per Passenger Progress
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER PROGRESS 3Q24 Retail per PAX Inflection Despite Temporary Landside Closures 2019 2023 2024 EUR 5 4.08 4 3.76 3.46 3.30 3.35 3.28 3.30 3.10 3.02 3.10 3.14 3.04 3.13 2.95 2.89 3.02 3 2 1 0 1Q 2Q 3Q 9M 4Q FY Shopping & 2.58 2.62 2.56 2.38 2.44
Slide 20: Segment Ground Handling
SEGMENT GROUND HANDLING POSITIVE EBITDA IN HIGH SEASON QUARTER EUR mn 3Q24 3Q23 ▪ Segment revenues 9% above PY due to volume Revenue 206 188 recovery and price increases Ground Hand. 102 96 ▪ Higher staff cost, among others, from collective Central Infra. 99 88 labor agreement for Ground Handling se
Slide 21: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES FLAT EARNINGS DUE TO POSITIVE ONE-OFFS IN PY EUR mn 3Q24 3Q23 ▪ Revenues with clear increase due to Lima, Revenue 664 588 Fraport Greece, and new US concessions IFRIC 12 153 137 ▪ New US concessions add EUR c.16mn revenues ex. IFRIC 12 511 451 and EUR c.15
Slide 22: Summing Up
SUMMING UP “GOOD FRANKFURT AND OVERSEAS EARNINGS MOMENTUM CONTINUES” “WHILE FRANKFURT IS HELPED BY PRICE EFFECTS TO OFFSET WEAKENING TRAFFIC, INTERNATIONAL AIRPORTS SHOW GOOD TRAFFIC MOMENTUM – IN GENERAL” “CAPEX PROGRAMS ON FINAL STRETCH WITH 3Q24 FREE CASH FLOW POSITIVE” “INTERNATIONAL AIRPORT POR
Slide 23: Thank You for Your Attention!
THANK YOU FOR YOUR ATTENTION! IR Contact T: +49 69 690 - 74840 F: +49 69 690 - 74843 M: investor.relations@fraport.de www.meet-ir.com
Slide 24: Appendices
APPENDICES 24 3Q24 Presentation Fraport AG
Slide 25: Group P+L
APPENDICES GROUP P+L EUR mn 9M 2024 9M 2023 Q3 2024 Q3 2023 Revenue 3,393.1 3,024.0 1,354.3 1,219.7 Other internal work capitalized 46.0 39.0 16.8 11.5 Other operating income 54.3 53.3 2.5 16.6 Total revenue 3,493.4 3,116.3 1,373.6 1,247.8 Cost of materials –1,408.2 –1,217.6 –537.5 –455.8 Personnel
Slide 26: Group Cash Flow
APPENDICES GROUP CASH FLOW EUR mn 9M 2024 9M 2023 EUR mn 9M 2024 9M 2023 Result attributable to shareholders of Fraport AG 379.8 316.4 Cash flow from operating activities 896.3 731.9 Result attributable to non-controlling interests 54.2 40.6 Investments in airport operating projects –396.2 –424.4 Ad
Slide 27: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION EUR mn Sep. 30, 2024 Dec. 31, 2023 EUR mn Sep. 30, 2024 Dec. 31, 2023 Non-current assets Shareholders’ equity Goodwill 19.3 19.3 Issued capital 923.9 923.9 Investments in airport operating projects 4,351.6 4,146.8 Capital reserve 598.5 598.5 Revenue reserves 3,139
Slide 28: Major Special Items 2023/24
APPENDICES MAJOR SPECIAL ITEMS 2023/24 1Q 2023 1Q 2024 Aviation International Activities / Fraport Greece EUR +22.0mn Other Income: Initial fair value recognition and gain on EUR +28.0 mn Other Income: State Settlement for COVID-related impacts (2H21) disposal of Security Business 2Q 2023 Aviation E
Slide 29: 2024 FY Outlook
APPENDICES 2024 FY OUTLOOK T3 New: EUR ~700mn Net Debt YE 2024: EUR c.8.2bn – c.8.4bn2 Frankfurt T3 Capex 2024: 2024 FCF & NET DEBT OUTLOOK up to €~600mn Other Capex 2024: 1,800 -1,400 1,260 New: up to €350mn to to EUR 1.5+bn 1,500 1,360 -1,500 FCF: negative 1,200 Lima 900 New: Positive Capex 2024:
Slide 30: Brick-and-Mortar Capex
APPENDICES BRICK-AND-MORTAR CAPEX Historic Investment & 2024 Outlook EUR mn 2018 2019 2020 2021 2022 2023 2024e Comments Terminal 3 155 369 536 603 542 593 ~700 ▪ T3: Reduction post 2024 Lima 48 94 101 197 329 460 up to ~450 ▪ Lima: Reduction post 2024 Greece 78 191 97 27 9 14 n.a. ▪ Greece, Brasil,
Slide 31: Brick-and-Mortar Capex
APPENDICES BRICK-AND-MORTAR CAPEX EUR mn 23FY 22FY 21FY 20FY 19FY 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Depreciation & Amortization 501 465 443 458 475 127 129 130 143 123 119 116 115 124 114 112 of which IFRS16 related 1 37 41 38 45 45 9 9 9 9 9 9 10 11 11 10 10 of which IFRIC12 re
Slide 32: Aviation Segment
APPENDICES AVIATION SEGMENT 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q19 3Q19 2Q19 1Q19 PAX mn 18.0 15.5 12.5 14.8 17.7 15.5 11.3 13.0 15.1 13.5 7.3 16.4 20.5 18.8 14.8 MOV 121k 112k 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW mn 7.6 6.9 6.1 6.9 7.5 6.9 5.7
Slide 33: Retail & Real Estate Segment
APPENDICES RETAIL & REAL ESTATE SEGMENT 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q19 3Q19 2Q19 1Q19 PAX mn 18.0 15.5 12.5 14.8 17.7 15.5 11.3 13.0 15.1 13.5 7.3 16.4 20.5 18.8 14.8 MOV 121k 112k 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW mn 7.6 6.9 6.1 6.9
Slide 34: Ground Handling Segment
APPENDICES GROUND HANDLING SEGMENT 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q19 3Q19 2Q19 1Q19 PAX mn 18.0 15.5 12.5 14.8 17.7 15.5 11.3 13.0 15.1 13.5 7.3 16.4 20.5 18.8 14.8 MOV 121k 112k 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW mn 7.6 6.9 6.1 6.9 7.5 6
Slide 35: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies EUR mn Share in % Revenue1) EBITDA EBIT Result 3Q24 3Q23 Δ% 3Q24 3Q23 Δ% 3Q24 3Q23 Δ% 3Q24 3Q23 Δ% Fraport USA 100 48.3 29.8 +62.1 16.2 22.6 –28.3 7.8 15.1 –48.3 5.2 9.7 –46.4 Fraport Slovenija 100 15.4 13.2 +16.7 7.2 5.6 +28
Slide 36: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies EUR mn Share in % Revenue1) EBITDA EBIT Result 9M24 9M23 Δ% 9M24 9M23 Δ% 9M24 9M23 Δ% 9M24 9M23 Δ% Fraport USA 100 138.8 87.3 +59.0 43.5 51.1 –14.9 18.0 27.3 –34.1 11.1 16.4 –32.3 Fraport Slovenija 100 38.6 32.8 +17.7 16.6 10
Slide 37: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Greece EUR mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 99 80 307 255 177 161 159 128 40 32 78 Revenue w/o IFRIC 12 88 49 283 252 144 155 138 81 35 30 23 - Airport Charges 56 34 222 208 127 121 112 69 25 21 15 - Retail 25 10 47 31 7 2
Slide 38: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Lima EUR mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 195 112 221 217 108 225 198 127 207 182 89 Revenue w/o IFRIC 12 90 92 98 86 86 90 76 87 86 74 82 - Airport Charges 50 52 55 50 46 51 44 49 49 43 46 - Retail 17 17 17 14 18 15 11 17
Slide 39: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Brasil EUR mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 33 55 19 27 65 20 23 77 26 25 86 Revenue w/o IFRIC 12 26 26 12 25 24 16 22 21 24 23 23 - Airport Charges 14 15 7 14 15 8 13 13 13 13 15 - Retail 5 4 2 4 4 3 4 3 5 4 4 - Other 7 7
Slide 40: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Twin Star EUR mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 6 5 35 29 41 13 11 15 4 5 3 Revenue w/o IFRIC 12 6 5 35 29 41 13 11 15 4 5 3 - Airport Charges 3 2 23 18 27 8 6 9 2 3 2 - Retail 1 1 6 5 5 2 2 2 1 1 0 - Other 2 2 6 6 9 3 3 4
Slide 41: Greece Financials
APPENDICES GREECE FINANCIALS Revenue EBITDA Greece Cash Return Structure EUR mn EUR mn Fraport Greece 545 463 444 37 272 271 Repayment of 10 Dividends Shareholder Loans 166 206 34 508 77 255 170 297 434 29 237 124 195 o/w 35% to co- 226 o/w 35% to co- shareholders → neutral 82 shareholders → increas
Slide 42: Frankfurt Staffing
APPENDICES FRANKFURT STAFFING Frankfurt Consolidated Staff Number Ground Handling Other FRA Positions FraSec as of Sep 30, 2024: 16,921 Number of Employees (as per Reporting Date) down by c.3.9k vs. YE’19 20,468 20,792 LFL: 4,308 - Increase in FraSec Security Business due to traffic recovery 4,277 1
Slide 43: Dates
APPENDICES DATES 2024 Financial Calendar Mar 19, 2024 May 14, 2024 May 28, 2024 Aug 6, 2024 Nov 5, 2024 FY 3M AGM 6M 9M 2024 Traffic Calendar Apr 12, 2024 May 15, 2024 Jun 13, 2024 Jul 11, 2024 Aug 13, 2024 3M 4M 5M 6M 7M Sep 12, 2024 Oct 14, 2024 Nov 13, 2024 Dec 12, 2024 Jan 16, 2025 10 11 12 8M 9
Slide 44: Ay (Fraport
7 = Ay (Fraport