Fraport Ag · XETR:FRA
Fraport — Q1 2024 Earnings Presentation
35 slides from Fraport's earnings presentation, May 2024
Slide 1: 1Q24 Presentation
1Q24 PRESENTATION Dr. Matthias Zieschang, CFO May 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: Business Review: Frankfurt Passenger Performance
BUSINESS REVIEW FRANKFURT PASSENGER PERFORMANCE Reported / Underlying Recovery vs. 2019 Comments ~87% ~85% ~82% ~84% ▪ YTD Passengers at ~17.6mn, which is ~1.4mn ~90% ~90% ~88% above PY ▪ Recovery Rate at ~84.6% vs. 2019 Frankfurt 2024 Passengers in mil. ▪ ~600k impacted by Strikes and Weather Repor
Slide 4: Business Review: Significant Airports Above 2019
BUSINESS REVIEW SIGNIFICANT AIRPORTS ABOVE 2019 Passenger Recovery vs. 2019 1Q24 Apr '24 117% 114% 113% 112% 109% 104%102% 103% 100% 93% 92% 94% 78% 80% 75% 71% Greece Lima Brasil Ljubljana Twin Star Antalya Group ex. FRA Group Total 4 1Q24 Presentation, May 2024 Fraport AG
Slide 5: Group P+L: Strong Overall Start into 24FY
GROUP P+L STRONG OVERALL START INTO 24FY Revenues EBITDA EUR 890mn EUR 213mn Ex. IFRIC 12: EUR 764mn, +17% vs. 1Q23 +34% vs. 1Q23 EBIT Financial Result Group Result EUR 83mn EUR -66mn EUR 13mn +98% vs. 1Q23 +19mn vs. 1Q23 +45mn vs. 1Q23 5 1Q24 Presentation, May 2024 Fraport AG
Slide 6: Cash Flow: Solid OCF, FCF ex. Expansion Capex
CASH FLOW SOLID OCF, FCF EX. EXPANSION CAPEX BREAK EVEN IN OFF-SEASON EUR mn -82 8,021 -16 -24 -11 0 -93 7,713 +162 -164 -3 -2 -75 Free Cash Flow 1Q24: € -226mn 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 Capex
Slide 7: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED REPAYMENT SCHEDULE & MODERATE COST OF DEBT 13,000 € mil. 12,149 12,000 11,000 €9.9 bn Fraport AG debt 10,000 9,000 €1.1 bn Greece debt Average debt condition 8,000 ~ 3.1% interest rate € 355 mn Brazil debt 7,000 6,000 € 747 mn Lima debt 5,051 1 5,000
Slide 8: Segment Aviation
SEGMENT AVIATION CLEAR INCREASE IN RESULTS, DESPITE ABSENCE OF ONE-OFF ITEM EUR mn 1Q24 1Q23 ▪ Supported by Price Increases, Aviation Charges Revenue 266 220 above PY and 1Q19 Charges 195 161 ▪ Higher Passenger Volume and Price Effects Security 59 49 Increase Security Opex and Revenues (about Other
Slide 9: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE CONTINUED EARNINGS RECOVERY IN COMMERCIAL ACTIVITIES EUR mn 1Q24 1Q23 ▪ Real Estate Revenues above PY and 1Q19 Revenue 119 108 ▪ Parking Revenues above PY and close to 1Q19 Retail 40 35 at c.85% Passenger Recovery Real Estate 49 46 ▪ Spend per Pax at EUR 3.35 → see next
Slide 10: Segment Retail & Real Estate: Retail Revenues per Passenger
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER Shopping & Services Revenues per PAX above 1Q23 and 1Q19, 2019 Moderate Start of Advertising Revenues on per PAX Basis 2023 2024 5 4.08 3.76 EUR 4 3.46 3.30 3.35 3.10 3.02 3.14 3.04 3.28 3.30 2.95 2.89 3 2 1 0 1Q 2Q 3Q 9M 4Q FY Shopping & 2.
Slide 11: Segment Ground Handling
SEGMENT GROUND HANDLING SLIGHT IMPROVEMENT IN 1Q24 EBITDA EUR mn 1Q24 1Q23 ▪ Segment Revenues 14% above PY and at about Revenue 160 141 the Level of 1Q19 at c.85% PAX Ground Hand. 80 71 ▪ Higher Staff Cost from 9% Increase in Staff Central Infra. 75 64 Number vs. 1Q23 and Collective Labor Other Inco
Slide 12: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES UNDERLYING EBITDA IN LINE WITH PLANNED PERFORMANCE EUR mn 1Q24 1Q23 ▪ Revenues clearly above PY and 1Q19 Revenue 346 297 ▪ Higher Revenues mainly from Lima, Fraport IFRIC 12 127 111 Greece, and new US Concessions ex. IFRIC 12 219 185 ▪ New US Concessions i
Slide 13: 2024 FY Unchanged Outlook
2024 FY UNCHANGED OUTLOOK Frankfurt PAX Between c.61mn and c.65mn Passengers EBITDA Between EUR c.1.26bn and c.1.36bn Group Result Between EUR c.435mn and c.530mn Net Debt / EBITDA Comparable to YE ’23 Value of ~6.4 Dividend Financial Targets No Dividend For 24FY Expected 13 1Q24 Presentation, May 2
Slide 14: 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 15: Appendices
03 APPENDICES 15 1Q24 Presentation, May 2024 Fraport AG
Slide 16: Group P+L
APPENDICES GROUP P+L in € million Q1 2024 Q1 2023 Revenue 890.2 765.6 Other internal work capitalized 15.2 14.2 Other operating income 34.4 28.4 Total revenue 939.8 808.2 Cost of materials –396.5 –350.3 Personnel expenses –278.8 –263.3 Other operating expenses –51.9 –36.3 EBITDA 212.6 158.3 Deprecia
Slide 17: Group Cash Flow
APPENDICES GROUP CASH FLOW in € million Q1 2024 Q1 2023 in € million Q1 2024 Q1 2023 Result attributable to shareholders of Fraport AG Cash flow from operating activities 161.6 83.8 16.3 –21.6 Result attributable to non-controlling interests –3.6 –11.0 Investments in airport operating projects –107.
Slide 18: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION March 31, December 31, Liabilities and equity March 31, 2024 December 31, 2023 in € million 2024 2023 Shareholders’ equity Non-current assets Issued capital 923.9 923.9 Goodwill 19.3 19.3 Capital reserve 598.5 598.5 Investments in airport operating projects 4,280.
Slide 19: Cash Flow: 2024 FY Outlook
CASH FLOW 2024 FY OUTLOOK Frankfurt 2024 FCF & NET DEBT OUTLOOK T3 Capex 2024: up to €~600mn 1,800 1,260 -1,400 Other Capex 2024: to to up to €350mn 1,500 1,360 -1,500 FCF: negative 1,200 900 Lima Capex 2024: 600 up to €450mn 300 -490 FCF: to -150 -690 +/-0 negative 0 -250 -300 -50 Other Intl. Airpo
Slide 20: 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 21: Brick-and-Mortar Capex
APPENDIX BRICK-AND-MORTAR CAPEX Historic Investment & 2024 Outlook €mn 2018 2019 2020 2021 2022 2023 2024e Comments Terminal 3 155 369 536 603 542 593 ~600 ▪ 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, and
Slide 22: D&A & Interest Expenses
APPENDICES D&A & INTEREST EXPENSES EUR mn 23FY 22FY 21FY 20FY 19FY 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Depreciation & Amortization 501 465 443 458 475 130 143 123 119 116 115 124 114 112 of which IFRS16 related 1 37 41 38 45 45 9 9 9 9 10 11 11 10 10 of which IFRIC12 related 2 134 116 106 9
Slide 23: Aviation Segment
APPENDICES AVIATION SEGMENT 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q19 3Q19 2Q19 1Q19 PAX mn 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 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW mn 6.1 6.9 7.5 6.9 5.7 6.2 6.7 6.4 4.9 7.6 8.7 8.3
Slide 24: Retail & Real Estate Segment
APPENDICES RETAIL & REAL ESTATE SEGMENT 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q21 3Q21 2Q21 1Q21 4Q19 3Q19 2Q19 1Q19 PAX mn 12.5 14.8 17.7 15.5 11.3 9.0 9.3 4.0 2.5 16.4 20.5 18.8 14.8 MOV 95k 110k 120k 112k 89k 87k 85k 52k 38k 121k 140k 136k 117k MTOW mn 6.1 6.9 7.5 6.9 5.7 5.5 5.2 3.8 3.1 7.6 8
Slide 25: 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 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 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW mn 6.1 6.9 7.5 6.9 5.7 6.2 6.7 6.4 4.9 7.6 8
Slide 26: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies € million Share in % Revenue1) EBITDA EBIT Result Q124 Q123 Δ% Q124 Q123 Δ% Q124 Q123 Δ% Q124 Q123 Δ% Fraport USA 100 41.0 28.0 +46.4 13.4 14.5 – 7.6 4.9 5.7 – 14.0 2.8 3.4 – 17.6 Fraport Slovenija 100 9.7 8.6 +12.8 1.6 1.1 +
Slide 27: Major Airport Holdings: Greece, Antalya
APPENDICES MAJOR AIRPORT HOLDINGS Greece €mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 99 80 255 177 159 128 40 32 78 Revenue w/o IFRIC 12 88 49 252 144 138 81 35 30 23 - Airport Charges 56 34 208 127 112 69 25 21 15 - Retail 25 10 31 7 17 5 4 3 4 - Other 7 5 13 10 9 7 6 6
Slide 28: Major Airport Holdings: Lima
APPENDICES MAJOR AIRPORT HOLDINGS Lima €mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 195 112 217 108 198 127 207 182 89 Revenue w/o IFRIC 12 90 92 86 86 76 87 86 74 82 - Airport Charges 50 52 50 46 44 49 49 43 46 - Retail 17 17 14 18 11 17 14 11 15 - Other 23 23 22 22 21 21
Slide 29: Major Airport Holdings: Brasil
APPENDICES MAJOR AIRPORT HOLDINGS Brasil €mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 33 55 27 65 23 77 26 25 86 Revenue w/o IFRIC 12 26 26 25 24 22 21 24 23 23 - Airport Charges 14 15 14 15 13 13 13 13 15 - Retail 5 4 4 4 4 3 5 4 4 - Other 7 7 7 5 5 5 6 6 4 Total Revenue
Slide 30: Major Airport Holdings: Twin Star, Ljubljana
APPENDICES MAJOR AIRPORT HOLDINGS Twin Star €mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 6 5 29 41 11 15 4 5 3 Revenue w/o IFRIC 12 6 5 29 41 11 15 4 5 3 - Airport Charges 3 2 18 27 6 9 2 3 2 - Retail 1 1 5 5 2 2 1 1 0 - Other 2 2 6 9 3 4 1 1 1 Total Revenue 6 5 30 41 11 1
Slide 31: Greece Financials
APPENDICES GREECE FINANCIALS Revenue EBITDA Greece Cash Return Structure EUR mn EUR mn 545 463 444 37 272 271 10 166 206 34 508 77 255 170 Repayment of 297 434 Shareholder Loans 29 237 124 195 226 82 28 19FY 21FY 22FY 23FY 19FY 21FY 22FY 23FY 24FY Underlying EBITDA ex. State Compensation Effects IFR
Slide 32: Frankfurt Staffing
APPENDICES FRANKFURT STAFFING Frankfurt Consolidated Staff Number Ground Handling Other FRA Positions FraSec as of Mar. 31, 2024: 16,368 Number of Employees (as per Reporting Date) down by c.4.4k vs. YE’19 20,468 20,792 LFL: 4,277 4,308 16,831 - Slight increase in FraSec Security Business staff numb
Slide 33: German Public Sector Bargaining Agreement
APPENDICES GERMAN PUBLIC SECTOR BARGAINING AGREEMENT EUR c.30mn impact on Cost increase per employee ∑ 3 Frankfurt Segments ∑EUR c.5mn impact EUR c.70mn impact on 3 Frankfurt Segments in EUR 1,240 1,200 1,000 Non-permanent payments Permanent wage adjustments 800 EUR 200 step-up 600 + 5.5% 400 220 22
Slide 34: Dates: 2024 Financial Calendar
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 2020 Traffic Calendar 2024 Apr12, Apr 12,2019 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, 20
Slide 35: Ay (Fraport
oT = Ay (Fraport