Fraport Ag · XETR:FRA
Fraport — Q2 2024 Earnings Presentation
38 slides from Fraport's earnings presentation, August 2024
Slide 1: 2Q24 Presentation
2Q24 PRESENTATION Prof. Dr. Matthias Zieschang CFO
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% ~88% ~86% ~87% ~90% ~90% ~88% ▪ 6M24 passengers at ~28.8mn, which is ~1.9mn above PY Frankfurt 2024 Passengers in mil. ▪ 6M24 reported recovery rate at Reported Strike / Weather Impac
Slide 4: Significant Airports Above or at 2019 Level
BUSINESS REVIEW SIGNIFICANT AIRPORTS ABOVE OR AT 2019 LEVEL Passenger Recovery vs. 2019 2Q24 1H24 118%116% 109% 106% 101%103% 101%100% 95% 94% 76% 76% 67% 69% 61% 56% Greece Lima Brasil Ljubljana Twin Star Antalya Group ex. FRA Group Total 4 2Q24 Presentation Fraport AG
Slide 5: Business Update: Porto Alegre
BUSINESS UPDATE PORTO ALEGRE ▪ Due to severe floodings, airport closed since May 3rd, 2024 ▪ In October 1,700 meters of the 3,200-meter runway to be operational at limited capacity: 50 movements/day ▪ In December remaining part of runway to be restored; full capacity to be available ▪ Request for re
Slide 6: Group P+L: Very Good 1H24 Earnings Momentum
GROUP P+L VERY GOOD 1H24 EARNINGS MOMENTUM Revenues EBITDA EUR 2.04bn EUR 567mn Ex. IFRIC 12: EUR 1.77bn, +14% vs. 1H23 +18% vs. 1H23 EBIT Financial Result Group Result EUR 309mn EUR -97mn EUR 161mn +25% vs. 1H23 +37mn vs. 1H23 +89% vs. 1H23 6 2Q24 Presentation Fraport AG
Slide 7: Group P+L: 2Q24 With Strong Overall Results
GROUP P+L 2Q24 WITH STRONG OVERALL RESULTS Revenues EBITDA EUR 1.15bn EUR 355mn Ex. IFRIC 12: EUR 1.0bn, +12% vs. 2Q23 +10% vs. 2Q23 EBIT Financial Result Group Result EUR 226mn EUR -31mn EUR 148mn +11% vs. 2Q23 +18mn vs. 2Q23 +26% vs. 2Q23 7 2Q24 Presentation Fraport AG
Slide 8: Cash Flow: Solid OCF, FCF Reflects Progress at Construction Sites
CASH FLOW SOLID OCF, FCF REFLECTS GOOD PROGRESS AT CONSTRUCTION SITES EUR mn -32 8,198 -27 -53 -22 8 -189 -326 7,713 +359 -187 -8 -8 Free Cash Flow 1H24: € -453mn 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 Cape
Slide 9: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED REPAYMENT SCHEDULE & MODERATE COST OF DEBT 13,000 € mil. 11,983 12,000 11,000 €9.8 bn Fraport AG debt 10,000 9,000 €1.1 bn Greece debt Average debt condition 8,000 ~ 3.2% interest rate € 326 mn Brazil debt 7,000 6,000 € 794 mn Lima debt 1 5,000 4,669
Slide 10: Segment Aviation
SEGMENT AVIATION STRONG TRANSLATION ON INCREMENTAL REVENUES TO RESULTS EUR mn 2Q24 2Q23 ▪ Traffic recovery and higher fees led to c.13% Revenue 320 288 increase in 2Q24 aviation charges Charges 239 212 ▪ Passenger volume recovery and price effects Security 70 66 increased security services revenue a
Slide 11: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE HIGHER COST FOR MAINTENANCE OFFSET REVENUE INCREASE EUR mn 2Q24 2Q23 ▪ Retail revenues with good 2Q24 progress; +9% Revenue 133 127 ▪ Retail revenues per pax correspondingly up by Retail 48 44 c.3% to EUR 3.10 → see next slide Real Estate 50 51 ▪ Parking revenues with vo
Slide 12: Retail Revenues per Passenger
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER 2Q24 & 1H24 Retail Revenues per PAX above previous year, 2019 which outperformed 2019 on FY basis 2023 2024 5 4.08 3.76 EUR 4 3.46 3.30 3.35 3.10 3.02 3.10 3.26 3.14 3.21 3.28 3.30 2.95 2.89 3 2 1 0 1Q 2Q 6M 3Q 4Q FY Shopping & 2.76 2.84 2.8
Slide 13: Segment Ground Handling
SEGMENT GROUND HANDLING EBITDA CLOSE TO BREAK EVEN IN 2ND QUARTER EUR mn 2Q24 2Q23 ▪ Segment revenues 12% above PY due to Revenue 194 173 volume recovery and price increases Ground Hand. 96 86 ▪ Higher staff cost, among others, from collective Central Infra. 93 82 labor agreement Other Income 3 2 ▪
Slide 14: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES FLAT EARNINGS DESPITE DROP-OUT OF GREEK COMPENSATION EUR mn 2Q24 2Q23 ▪ Revenues clearly above PY and 2Q19, due to Revenue 502 450 Lima, Fraport Greece, and new US concessions IFRIC 12 146 144 ▪ New US concessions add EUR c.18mn revenues ex. IFRIC 12 356 3
Slide 15: 2024 FY Unchanged Outlook
2024 FY UNCHANGED OUTLOOK Frankfurt PAX Between c.61mn and c.65mn Passengers Lower half expected EBITDA Between EUR c.1.26bn and c.1.36bn About the mid point expected Group Result Between EUR c.435mn and c.530mn About the mid point expected Net Debt / EBITDA Comparable to YE ’23 Value of ~6.4 Divide
Slide 16: 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 17: Appendices
03 APPENDICES 17 2Q24 Presentation Fraport AG
Slide 18: Group P+L
APPENDICES GROUP P+L in € million 6M 2024 6M 2023 Q2 2024 Q2 2023 Revenue 2,038.8 1,804.3 1,148.6 1,038.7 Other internal work capitalized 29.3 27.5 14.0 13.3 Other operating income 51.7 36.7 17.4 8.3 Total revenue 2,119.8 1,868.5 1,180.0 1,060.3 Cost of materials –870.7 –761.8 –474.2 –411.5 Personne
Slide 19: Group Cash Flow
APPENDICES GROUP CASH FLOW in € million 6M 2024 6M 2023 in € million 6M 2024 6M 2023 Result attributable to shareholders of Fraport AG Cash flow used in/from operating activities 359.0 293.8 150.2 80.7 Result attributable to non-controlling interests 10.6 4.3 Investments in airport operating project
Slide 20: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION June 30, December 31, Liabilities and equity June 30, 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 4,345.7
Slide 21: 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 22: 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 23: 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 24: D&A & Interest Expenses
APPENDICES D&A & INTEREST EXPENSES EUR mn 23FY 22FY 21FY 20FY 19FY 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Depreciation & Amortization 501 465 443 458 475 129 130 143 123 119 116 115 124 114 112 of which IFRS16 related 1 37 41 38 45 45 9 9 9 9 9 10 11 11 10 10 of which IFRIC12 related 2 13
Slide 25: Aviation Segment
APPENDICES AVIATION SEGMENT 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q19 3Q19 2Q19 1Q19 PAX mn 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 112k 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW mn 6.9 6.1 6.9 7.5 6.9 5.7 6.2 6.7 6.4 4.
Slide 26: 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 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 112k 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW mn 6.9 6.1 6.9 7.5 6.9 5.7 6.
Slide 27: 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 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 112k 95k 110k 120k 112k 89k 97k 105k 106k 74k 121k 140k 136k 117k MTOW mn 6.9 6.1 6.9 7.5 6.9 5.7 6.2 6.7
Slide 28: Major International Holdings (Q2)
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies € million Share in % Revenue1) EBITDA EBIT Result 2Q24 2Q23 Δ% 2Q24 2Q23 Δ% 2Q24 2Q23 Δ% 2Q24 2Q23 Δ% Fraport USA 100 49.5 29.5 +67.8 13.9 14.0 –0.7 5.3 6.5 –18.5 3.1 3.3 –6.1 Fraport Slovenija 100 13.5 11.0 +22.7 7.8 3.8 >10
Slide 29: Major International Holdings (6M)
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies € million Share in % Revenue1) EBITDA EBIT Result 6M24 6M23 Δ% 6M24 6M23 Δ% 6M24 6M23 Δ% 6M24 6M23 Δ% Fraport USA 100 90.5 57.5 +57.4 27.3 28.5 –4.2 10.2 12.2 –16.4 5.9 6.7 –11.9 Fraport Slovenija 100 23.2 19.6 +18.4 9.4 4.9
Slide 30: 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 80 255 177 161 159 128 40 32 78 Revenue w/o IFRIC 12 88 49 252 144 155 138 81 35 30 23 - Airport Charges 56 34 208 127 121 112 69 25 21 15 - Retail 25 10 31 7 22 17 5 4 3 4 - Other 7 5
Slide 31: Major Airport Holdings: Lima
APPENDICES MAJOR AIRPORT HOLDINGS Lima €mn 4Q24 4Q23 4Q19 3Q24 3Q23 3Q19 2Q24 2Q23 2Q19 1Q24 1Q23 1Q19 Revenue 195 112 217 108 225 198 127 207 182 89 Revenue w/o IFRIC 12 90 92 86 86 90 76 87 86 74 82 - Airport Charges 50 52 50 46 51 44 49 49 43 46 - Retail 17 17 14 18 15 11 17 14 11 15 - Other 23 2
Slide 32: 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 20 23 77 26 25 86 Revenue w/o IFRIC 12 26 26 25 24 16 22 21 24 23 23 - Airport Charges 14 15 14 15 8 13 13 13 13 15 - Retail 5 4 4 4 3 4 3 5 4 4 - Other 7 7 7 5 5 5 5 6 6 4 To
Slide 33: 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 13 11 15 4 5 3 Revenue w/o IFRIC 12 6 5 29 41 13 11 15 4 5 3 - Airport Charges 3 2 18 27 8 6 9 2 3 2 - Retail 1 1 5 5 2 2 2 1 1 0 - Other 2 2 6 9 3 3 4 1 1 1 Total Revenue 6
Slide 34: 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 35: Frankfurt Staffing
APPENDICES FRANKFURT STAFFING Frankfurt Consolidated Staff Number Ground Handling Other FRA Positions FraSec as of June 30, 2024: 16,599 Number of Employees (as per Reporting Date) down by c.4.2k vs. YE’19 20,468 20,792 LFL: 4,277 4,308 16,831 - Slight increase in FraSec Security Business staff numb
Slide 36: 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 37: 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 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 38: Ay (Fraport
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