Fraport Ag · XETR:FRA
Fraport — Fraport Ag Frankfurt Akt — FY2024 Earnings Presentation
44 slides from Fraport's earnings presentation, Mar 18, 2025
Slide 1: 24FY Presentation
24FY PRESENTATION Dr. Stefan Schulte, CEO Prof. Dr. Matthias Zieschang, CFO March 2025
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: Group P+L: 24FY Guidance Fulfilled
GROUP P+L 24FY GUIDANCE FULFILLED Frankfurt Passengers expected between c.61 and c.65mn EBITDA expected between EUR c.1.26bn and c.1.36bn “Strong Execution despite Significant Group Result expected between EUR c.435mn and c.530mn Headwinds” Net Debt/EBITDA expected about stable at c.6.4x 3 24FY Pres
Slide 4: Strong International Performance, Germany Lagging
BUSINESS DEVELOPMENT STRONG INTERNATIONAL PERFORMANCE I GERMANY LAGGING Passenger Development FY 24 vs. 19 Growth vs. PY 120% 104% 107% 101% 96% 87% 84% 68% +15.2% 62% +13.3% +6.5% +6.4% +3.7% +3.7% +3.7% -27.1% -8.7% Frankfurt Greece Lima Brasil Ljubljana Twin Star Antalya Group ex. FRA Group Total
Slide 5: Frankfurt Summer Season with Momentum Turnaround
BUSINESS DEVELOPMENT FRANKFURT SUMMER SEASON WITH MOMENTUM TURNAROUND “Turnaround despite Significant Growth on Short haul Routes expected: +8-10% YoY Persisting Headwinds Overall Frankfurt Summer Capacities to Grow by: c.4-5% YoY from Location Cost & Availability of A/C” 5 24FY Presentation, March
Slide 6: Milestone Year 2025: Major Capex Programs to be Completed
BUSINESS DEVELOPMENT MILESTONE YEAR 2025 I MAJOR CAPEX PROGRAMS TO BE COMPLETED NEW LIMA TERMINAL NEW ANTALYA TERMINAL NEW FRANKFURT TERMINAL 6 24FY Presentation, March 2025 Fraport AG
Slide 7: Frankfurt Capex Programs Restructured
BUSINESS DEVELOPMENT FRANKFURT CAPEX PROGRAMS RESTRUCTURED Focus on Quick-Win Projects, such as, Roll-out of new CT-Scanners and Automated Check-In Counters, AI Initiatives for Enhanced Punctuality & Efficiency Security Relocation T1B Stopped Terminal 2 Planning Phase Extended, Reducing near-term Ca
Slide 8: Frankfurt Terminal 3 Areas Fully Awarded
BUSINESS DEVELOPMENT FRANKFURT TERMINAL 3 AREAS FULLY AWARDED State-of-the-Art Retail Offer with Focus on Non-Schengen Market Place Innovative Upmarket Dining & Shopping Opportunities in Vivid Atmosphere Central Security Checks Enable longer Dwell-time to Enjoy Retail Experience Retail areas +14% in
Slide 9: Frankfurt Commercial Outlook
BUSINESS DEVELOPMENT FRANKFURT COMMERCIAL OUTLOOK 2024 T2 Retail Revenues of EUR c.30mn Expected to Increase by c.50% in 2027 (first full year of T3) due to Improved Offering, Smoother Processes, and Passenger Volumes 3Q26 will be the first full Quarter with T3 Operating and T2 Carriers Shifted Mid
Slide 10: 25FY Outlook
GROUP OUTLOOK 25FY OUTLOOK EBITDA FRA Passengers moderate Increase up to 64mn 2024: c.61.6mn in single-digit % Area 2024: EUR c.1.3bn Net Debt/EBITDA Group Result Dividend for 25FY slight Flat to Down - 1 2024: EUR c.502mn Improvement unchanged vs. 2024 2024: 6.4x 1 Potential Reduction may be linked
Slide 11: 24FY Financials
24FY FINANCIALS Prof. Dr. Matthias Zieschang, CFO March 2025
Slide 12: Long Term Frankfurt Traffic and Group EBITDA Development
LONG TERM FRANKFURT TRAFFIC AND GROUP EBITDA DEVELOPMENT Group EBITDA in EUR mn – index base 2014 Frankfurt Passenger in mn – index base 2014 1,302 1.9 1,204 1,300 1,129 1,180 165% 1,054 1,003 1,030 1,100 1.4 849 70.6 790 900 757 61.6 100% 103% 700 59.6 0.9 500 0.4 300 100 -0.1 -100 2014 2015 2016 2
Slide 13: 25FY Outlook: Capex & Net Debt
25FY OUTLOOK CAPEX & NET DEBT Net Debt YE 2025: EUR c.8.3bn – c.8.5bn1 Frankfurt T3 Capex 2025: 2025 FCF & NET DEBT OUTLOOK up to €~400mn Other Capex 2025: 1,600 >1.3 bn up to €400mn ~1.1bn FCF: 1,300 negative 1,000 Lima Capex 2025: 700 €~250mn FCF: 400 negative 2 -400 Close to 100 Break Even ~50 Ot
Slide 14: Cash Flow: OCF Crosses EUR 1.1bn
CASH FLOW OCF CROSSES EUR 1.1BN, GOOD CONSTRUCTION PROGRESS EUR mn -43 +80 -1 8,389 -40 -121 -449 7,713 +1,179 -750 -485 -24 -22 Free Cash Flow FY24: € -675mn 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 Ca
Slide 15: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED REPAYMENT SCHEDULE & MODERATE COST OF DEBT 13,000 12,325 12,000 11,000 €10.0 bn Fraport AG debt 10,000 9,000 €1.0 bn Greece debt Average debt condition 8,000 ~ 3.2% interest rate € 326 mn Brazil debt 7,000 6,000 € 1.0 bn Lima debt 5,000 4,484 1 4,000
Slide 16: Segment Aviation: Strong Operational Results
SEGMENT AVIATION STRONG OPERATIONAL RESULTS EUR mn FY24 FY23 4Q24 4Q23 ▪ Moderate traffic increase and higher fees led to Revenue 1,235 1,099 305 278 c.14% increase in FY24 aviation charges Charges 926 814 227 206 ▪ Passenger volume and price effects increased Security 262 239 67 59 security service
Slide 17: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE EBITDA INCREASE DESPITE HIGHER COST BASE EUR mn FY24 FY23 4Q24 4Q23 ▪ Segment revenues increased by +8% Revenue 537 499 145 133 ▪ Real Estate with growth of +9% Retail 198 187 58 58 Real Estate 206 189 53 44 ▪ Retail revenues per pax up 5ct to EUR 3.35, driven by improvi
Slide 18: Retail Revenues per Passenger Progress
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER PROGRESS 24FY Retail per PAX Up on 2019 & 23FY 2019 2023 2024 4.08 4.02 EUR 3.76 3.46 3.30 3.35 3.28 3.30 3.35 3.10 3.02 3.10 3.02 2.95 2.89 1Q 2Q 3Q 4Q FY Shopping & 2.58 2.62 2.56 2.38 2.44 2.44 2.99 3.35 3.34 2.65 2.79 2.77 2.76 2.84 2.86
Slide 19: Segment Ground Handling
SEGMENT GROUND HANDLING CHALLENGING 4TH QUARTER DRIVES SEGMENT RESULTS EUR mn FY24 FY23 4Q24 4Q23 ▪ Segment revenues in Q4 up 6% due to price Revenue 746 677 186 175 increases Ground Hand. 369 343 92 89 ▪ Higher staff cost from collective labor Central Infra. 356 314 89 80 agreement for Ground Handl
Slide 20: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES STRONG FINANCIAL PERFORMANCE EUR mn FY24 FY23 4Q24 4Q23 ▪ Revenues show double-digit growth rates mainly Revenue 1,910 1,726 398 391 due to Lima, Fraport Greece, and new US concessions IFRIC 12 535 515 109 123 ex. IFRIC 12 1,375 1,211 289 268 ▪ New US conc
Slide 21: Summing Up
SUMMING UP “EXECUTION OF 24FY GUIDANCE” “VOLUME TURNAROUND EXPECTED FOR FRANKFURT, AS OF MARCH” “INTERNATIONAL PORTFOLIO WITH POSITIVE OVERALL DEVELOPMENT” “ALL MAJOR INVESTMENTS COMING TO AN END“ “FREE CASH FLOW BREAK EVEN TARGET“ “VISIBILITY ON FRANKFURT TARIFFS” 20 24FY Presentation, March 2025 F
Slide 22: 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 23: Appendices
APPENDICES 23 24FY Presentation, March 2025 Fraport AG
Slide 24: Group P+L
APPENDICES GROUP P+L EUR mn FY 2024 FY 2023 Revenue 4,427.0 4,000.5 Other internal work capitalized 62.3 50.5 Other operating income 86.6 59.0 Total revenue 4,575.9 4,110.0 Cost of materials –1,851.5 –1,637.3 Personnel expenses –1,202.4 –1,076.0 Depreciation and amortization –532.3 –501.2 Other oper
Slide 25: Group Cash Flow
APPENDICES GROUP CASH FLOW EUR mn FY 2024 FY 2023 EUR mn FY 2024 FY 2023 Result attributable to shareholders of Fraport AG 450.6 393.2 Cash flow from operating activities 1,179.1 863.2 Result attributable to non-controlling interests 51.3 37.3 Adjustments for Investments in airport operating project
Slide 26: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION EUR mn Dec. 31, 2024 Dec. 31, 2023 EUR mn Dec. 31, 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 4,547.5 4,146.8 Capital reserve 598.5 598.5 Other intangible asset
Slide 27: 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 4Q 2024 2Q 2023 Gr
Slide 28: Brick-and-Mortar Capex
APPENDICES BRICK-AND-MORTAR CAPEX Historic Investment & 2024 Outlook EUR mn 2018 2019 2020 2021 2022 2023 2024 Comments Terminal 155 369 536 603 542 593 750 ▪ T3: Reduction post 2024 3 Lima 48 94 101 197 329 460 485 ▪ Lima: Reduction post 2024 Greece 78 191 97 27 9 14 22 ▪ Greece, Brasil, and RoW jo
Slide 29: D+A and Interest Details
APPENDICES D+A AND INTEREST DETAILS EUR mn 24FY 23FY 22FY 21FY 20FY 19FY Depreciation & Amortization 532 501 465 443 458 475 of which IFRS16 related 1 36 37 41 38 45 45 of which IFRIC12 related 2 139 134 116 106 94 84 of which other D&A 357 330 308 299 319 346 Interest Expenses 349 318 314 269 193 1
Slide 30: D+A and Interest Details
APPENDICES D+A AND INTEREST DETAILS 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 147 127 129 130 143 123 119 116 115 124 114 112 9 9 9 9 9 9 9 10 11 11 10 10 34 34 35 36 37 34 33 29 30 30 29 27 104 84 85 85 97 80 77 77 74 83 75 75 82 88 89 90 85 73 81 78 63 67 108 75 1 2 2 2 2 2 2 2 2
Slide 31: Aviation Segment
APPENDICES AVIATION SEGMENT 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q19 3Q19 2Q19 1Q19 PAX mn 14.8 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 108k 121k 112k 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW 6.8 7.6 6.9 6.1 6.9 7
Slide 32: 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 14.8 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 108k 121k 112k 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW mn 6.8 7.
Slide 33: 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 14.8 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 108k 121k 112k 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW mn 6.8 7.6 6.9
Slide 34: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies EUR mn Share in % Revenue1) EBITDA EBIT Result FY24 FY23 Δ% FY24 FY23 Δ% FY24 FY23 Δ% FY24 FY23 Δ% Fraport USA 100 185.3 115.7 +60.2 61.9 61.6 +0.5 27.5 29.0 –5.2 16.7 16.4 +1.8 Fraport Slovenija 100 50.5 43.4 +16.4 19.7 12.8
Slide 35: Major International Holdings: Greece, Antalya
APPENDICES MAJOR INTERNATIONAL HOLDINGS Greece EUR mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 102 99 80 307 255 177 161 159 128 40 32 78 Revenue w/o IFRIC 12 85 88 49 283 252 144 155 138 81 35 30 23 - Airport Charges 63 56 34 222 208 127 121 112 69 25 21 15 - Retail 14 25
Slide 36: Major International Holdings: Lima
APPENDICES MAJOR INTERNATIONAL HOLDINGS Lima EUR mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 183 195 112 221 217 108 225 198 127 207 182 89 Revenue w/o IFRIC 12 99 90 92 98 86 86 90 76 87 86 74 82 - Airport Charges 55 50 52 55 50 46 51 44 49 49 43 46 - Retail 19 17 17 17 1
Slide 37: Major International Holdings: Brasil
APPENDICES MAJOR INTERNATIONAL HOLDINGS Brasil EUR mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 26 33 55 19 27 65 20 23 77 26 25 86 Revenue w/o IFRIC 12 17 26 26 12 25 24 16 22 21 24 23 23 - Airport Charges 10 14 15 7 14 15 8 13 13 13 13 15 - Retail 3 5 4 2 4 4 3 4 3 5 4 4
Slide 38: Major International Holdings: Twin Star, Ljubljana
APPENDICES MAJOR INTERNATIONAL HOLDINGS Twin Star EUR mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 6 6 5 35 29 41 13 11 15 4 5 3 Revenue w/o IFRIC 12 6 6 5 35 29 41 13 11 15 4 5 3 - Airport Charges 3 3 2 23 18 27 8 6 9 2 3 2 - Retail 1 1 1 6 5 5 2 2 2 1 1 0 - Other 2 2 2 6
Slide 39: Multi Annual Frankfurt Aviation Charge Agreement
BUSINESS UPDATE MULTI ANNUAL FRANKFURT AVIATION CHARGE AGREEMENT 2025 PASSENGERS O&D +6.8% 2025 PASSENGERS CONNECTING +5.0% 2025 OTHER PRICES +5.7% 2026 PASSENGERS O&D +4.5% 2026 PASSENGERS CONNECTING +3.5% 2026 OTHER PRICES +3.9% 2027 PASSENGERS O&D +4.0% 2027 PASSENGERS CONNECTING +3.0% 2027 OTHER
Slide 40: Frankfurt Intercontinental Incentive Scheme for Departing Pax
FRANKFURT INTERCONT. INCENTIVE SCHEME FOR DEPARTING PAX EUR 15 KICK-BACK PER O&D & EUR 7.5 PER CONNECTING 2024 EXP. O&D DEP. PASSENGERS 6.3MN 2024 EXP. CONNECTING DEP. PAX 5.4MN Threshold vs. 2024e PAX 2025 O&D THRESHOLD +3.8%1 1 Equivalent to: c.0.2MN PAX 1 Equivalent to: c.0.1MN PAX 2025 CONNECTIN
Slide 41: Greece Financials
APPENDICES GREECE FINANCIALS Revenue EBITDA Greece Cash Return Structure EUR mn EUR mn Fraport Greece 610 545 52 463 444 37 10 272 271 288 Repayment of 558 Dividends 166 508 28 Shareholder Loans 206 34 255 77 434 170 297 260 29 237 226 124 195 o/w 35% to co- o/w 35% to co- shareholders → neutral 82
Slide 42: Frankfurt Staffing
APPENDICES FRANKFURT STAFFING Frankfurt Consolidated Staff Number Ground Handling Other FRA Positions FraSec as of Dec 31, 2024: 17,010 Number of Employees (as per Reporting Date) down by c.3.8k 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: Financial and Traffic Calendar
APPENDICES DATES 2025 Financial Calendar Mar 18, 2025 May 13, 2025 May 27, 2025 Aug 5, 2025 Nov 11, 2025 FY 3M AGM 6M 9M 2025 Traffic Calendar Apr 11, 2025 May 14, 2025 Jun 13, 2025 Jul 11, 2025 Aug 13, 2025 3M 4M 5M 6M 7M Sep 11, 2025 Oct 14, 2025 Nov 13, 2025 Dec 11, 2025 Jan 15, 2025 10 11 12 8M
Slide 44: Ay (Fraport
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Fraport Ag Frankfurt Akt — FY2024 Earnings Presentation on 6ix