Fraport Ag · XETR:FRA
Fraport — Q1 2025 Earnings Presentation
36 slides from Fraport's earnings presentation, May 2025
Slide 1: Q1 2025 Presentation
Q125 PRESENTATION Prof. Dr. Matthias Zieschang, CFO May 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: Strong April Passenger Momentum
BUSINESS DEVELOPMENT April pre-released YTD figures in STRONG APRIL PASSENGER MOMENTUM appendix Passenger Volumes in mn YoY -0.9% +4.8% +2.8% +4.9% +8.1% +8.4% -3.7% +7.2% -3.7% +12,7% -0.9% +29.8% -7.3% +6.6% +1.2% +7.2% +0.2% +6.2% 27.2 Q1 25 Apr 25 14.8 12.4 13.0 7.6 6.2 5.3 3.0 3.0 2.6 2.2 1.8 2
Slide 4: On Track to Complete Capex Programs in Coming Months
BUSINESS DEVELOPMENT ON TRACK TO COMPLETE CAPEX PROGRAMS IN COMING MONTHS NEW AYT TERMINAL NEW LIMA TERMINAL First airlines will use new Terminal on May 15th, Transitioning of all airlines scheduled for June 1st, 2025 NEW FRANKFURT TERMINAL ✓ OPENED 3 years after groundbreaking Construction complete
Slide 5: German Public Sector Bargaining Agreement
BUSINESS DEVELOPMENT GERMAN PUBLIC SECTOR BARGAINING AGREEMENT Wage Agreement Settled until March 31st, 2027 • Wage increase of 3 % • Wage increase of 2.8 % • One additional day off as of April 1st as of May 1st • Minimum step up of • Increase in annual 110 EUR per month bonus* by up to 35 PP • Incr
Slide 6: Group P+L: Modest Start Due to 1Q24 One-Offs
GROUP P+L MODEST START DUE TO 1Q24 ONE-OFFS1, BUT IN LINE WITH GUIDANCE Revenues EBITDA EUR 869mn EUR 178mn Ex. IFRIC 12: EUR 811mn, +6% vs. 1Q24 -17% vs. 1Q24 EBIT Financial Result Group Result EUR 52mn EUR -88mn EUR -26mn -37% vs. 1Q24 -22mn vs. 1Q24 -39mn vs. 1Q24 1 1Q24 positively impacted by EU
Slide 7: Cash Flow Impacted by Q1 Concession Payments
CASH FLOW CF IMPACTED BY Q1 CONCESSION PAYMENTS EUR mn +111 8,631 0 8,389 -45 -39 -12 -94 +12 -11 -2 -46 -116 Free Cash Flow 1Q25: € -353mn Other Fixed IAS 23 IFRS Divs from Other Net Debt OCF Brazil Greece Lima FRA Net Debt Capex Concession Borrowing 16 at equity YE 2024 Capex Capex Capex T3 31.03.
Slide 8: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED REPAYMENT SCHEDULE & MODERATE COST OF DEBT 13,000 12,194 12,000 11,000 €9.8 bn Fraport AG debt 10,000 9,000 €1.0 bn Greece debt 8,000 Average debt condition ~ 3.2% interest rate 7,000 € 343 mn Brazil debt 6,000 5,000 € 1.0 bn Lima debt 4,241 1 4,000
Slide 9: Segment Aviation
SEGMENT AVIATION RESULTS IMPACTED BY OFF-SEASON LOWER SECURITY RESULT EUR mn 1Q25 1Q24 ▪ Slight revenue increase due to higher aviation Revenue 270 266 charges as of Jan 1st, 2025 despite declining passenger numbers Charges 202 195 Security 58 59 ▪ Low Passenger numbers in off-season lead to negativ
Slide 10: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE REVENUE INCREASE DESPITE LOWER PASSENGER NUMBERS EUR mn 1Q25 1Q24 ▪ Segment revenues increased slightly with retail Revenue 123 119 being flat despite lower passenger numbers Retail 40 40 ▪ Retail revenues per pax therefore up 6ct to Real Estate 50 49 EUR 3.41, driven by
Slide 11: Retail Revenues per Passenger Development
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER DEVELOPMENT 1Q25 Retail per PAX Up on 1Q24 driven by Advertising 2019 2024 2025 4.02 EUR 3.76 3.46 3.35 3.41 3.28 3.35 3.10 3.10 2.95 3.02 1Q 2Q 3Q 4Q FY Shopping & 2.58 2.56 2.38 2.44 2.99 3.34 2.65 2.77 2.76 2.86 2.82 Services € p. Pax Adv
Slide 12: Segment Ground Handling
SEGMENT GROUND HANDLING PRICE EFFECTS COMPENSATE FOR COST INFLATION EUR mn 1Q25 1Q24 ▪ Segment revenues in Q1 up 13% due to price Revenue 181 160 increases in both, services and central infrastructure, and increasing market share Ground Hand. 90 80 Central Infra. 84 75 ▪ Higher staff cost from colle
Slide 13: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES GOOD UNDERLYING PERFORMANCE IN THE OFF-SEASON EUR mn 1Q25 1Q24 ▪ 1Q25 underlying EBITDA and EBIT above Revenue 295 346 previous year IFRIC 12 57 127 ▪ Q1 comparison impacted by EUR 28mn ex. IFRIC 12 238 219 COVID-19 related compensation in previous year Ot
Slide 14: Group Outlook: 25FY Outlook Unchanged
GROUP OUTLOOK 25FY OUTLOOK UNCHANGED 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
Slide 15: 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 16: Appendices
APPENDICES 16 Q125 Presentation, May 2025 Fraport AG
Slide 17: Group P+L
APPENDICES GROUP P+L EUR mn Q1 2025 Q1 2024 Revenue 868.5 890.2 Other internal work capitalized 17.2 15.2 Other operating income 6.1 34.4 Total revenue 891.8 939.8 Cost of materials –344.3 –396.5 Personnel expenses –323.4 –278.8 Depreciation and amortization –125.4 –129.7 Other operating expenses –4
Slide 18: Group Cash Flow
APPENDICES GROUP CASH FLOW EUR mn Q1 2025 Q1 2024 EUR mn Q1 2025 Q1 2024 Result attributable to shareholders of Fraport AG –16.3 16.3 Cash flow from operating activities 12.1 161.6 Result attributable to non-controlling interests –10.1 –3.6 Adjustments for Investments in airport operating projects –
Slide 19: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION EUR mn March 31, 2025 March 31, 2024 EUR mn 31.3.2025 March 31, 2024 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 4,516.4 4,280.0 Revenue reserves 3.257,
Slide 20: Passenger Traffic
APPENDICES PASSENGER TRAFFIC Passenger Traffic April vs. PY YTD vs. PY Frankfurt (FRA) Total 5,343,526 4.8 17,758,565 0.7 Ljubljana (LJU) Total 125,567 12.7 373,893 1.3 Fraport Brasil Total 1,044,321 7.2 4,004,558 -1.2 Fortaleza 459,740 13.7 1,878,742 4.5 Porto Alegre 584,581 2.6 2,125,816 -5.8 Lima
Slide 21: Major Special Items 2024/25
APPENDICES MAJOR SPECIAL ITEMS 2024/25 1Q 2024 1Q 2025 International Activities / Fraport Greece EUR +28.0 mn Other Income: State Settlement for COVID-related impacts (2H21) 4Q 2024 Ground Handling EUR -8.0 mn Staff Cost: Provision for compensation payments International Activities / Fraport Brasil
Slide 22: Brick-and-Mortar Capex
APPENDICES BRICK-AND-MORTAR CAPEX Historic Investment & 2025 Outlook EUR mn 2018 2019 2020 2021 2022 2023 2024 2025e Comments Terminal 3 155 369 536 603 542 593 750 Up to ▪ T3: Reduction post ~400 2024 Lima 48 94 101 197 329 460 485 ~250 ▪ Lima: Reduction post Greece 78 191 97 27 9 14 22 -* 2024 Bra
Slide 23: Capex & Net Debt Outlook
APPENDICES CAPEX & NET DEBT OUTLOOK 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
Slide 24: 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 25: D+A and Interest Details
APPENDICES D+A AND INTEREST DETAILS 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 D&A 125 147 127 129 130 143 123 119 116 115 124 114 112 o/w IFRS 16 10 9 9 9 9 9 9 9 10 11 11 10 10 o/w IFRIC 12 34 34 34 35 36 37 34 33 29 30 30 29 27 o/w other 81 104 84 85 85 97 80 77 77 74 83 75
Slide 26: Aviation Segment
APPENDICES AVIATION SEGMENT 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q19 3Q19 2Q19 1Q19 PAX mn 12.4 14.8 18.0 15.5 12.5 14.8 17.7 15.5 11.3 16.4 20.5 18.8 14.8 MOV 96k 108k 121k 112k 95k 110k 120k 112k 89k 121k 140k 136k 117k MTOW 6.2 6.8 7.6 6.9 6.1 6.9 7.5 6.9 5.7 7.6 8.7 8.3 7
Slide 27: Retail & Real Estate Segment
APPENDICES RETAIL & REAL ESTATE SEGMENT 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q19 3Q19 2Q19 1Q19 PAX mn 12.4 14.8 18.0 15.5 12.5 14.8 17.7 15.5 11.3 16.4 20.5 18.8 14.8 MOV 96k 108k 121k 112k 95k 110k 120k 112k 89k 121k 140k 136k 117k MTOW mn 6.2 6.8 7.6 6.9 6.1 6.9 7.5 6.9 5.
Slide 28: Ground Handling Segment
APPENDICES GROUND HANDLING SEGMENT 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q19 3Q19 2Q19 1Q19 PAX mn 12.4 14.8 18.0 15.5 12.5 14.8 17.7 15.5 11.3 16.4 20.5 18.8 14.8 MOV 96k 108k 121k 112k 95k 110k 120k 112k 89k 121k 140k 136k 117k MTOW mn 6.2 6.8 7.6 6.9 6.1 6.9 7.5 6.9 5.7 7.6
Slide 29: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies EUR mn Share in % Revenue1) EBITDA EBIT Result 1Q25 1Q24 Δ% 1Q25 1Q24 Δ% 1Q25 1Q24 Δ% 1Q25 1Q24 Δ% Fraport USA 100 44.5 41.0 +8.5 14.0 13.4 +4.5 4.8 4.9 – 2.0 2.7 2.8 – 3.6 Fraport Slovenija 100 10.0 9.7 +3.1 1.6 1.6 – – 0.9
Slide 30: Major International Holdings: Greece and Antalya
APPENDICES MAJOR INTERNATIONAL HOLDINGS Greece EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 102 80 307 177 161 128 42 40 78 Revenue w/o IFRIC 12 85 49 283 144 155 81 39 35 23 - Airport Charges 63 34 222 127 121 69 26 25 15 - Retail 14 10 47 7 22 5 5 4 4 - Other 9 5 14 1
Slide 31: Major International Holdings: Lima
APPENDICES MAJOR INTERNATIONAL HOLDINGS Lima EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 183 112 221 108 225 127 140 207 89 Revenue w/o IFRIC 12 99 92 98 86 90 87 96 86 82 - Airport Charges 55 52 55 46 51 49 54 49 46 - Retail 19 17 17 18 15 17 16 14 15 - Other 25 23 26
Slide 32: Major International Holdings: Brasil
APPENDICES MAJOR INTERNATIONAL HOLDINGS Brasil EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 26 55 19 65 20 77 33 26 86 Revenue w/o IFRIC 12 17 26 12 24 16 21 22 24 23 - Airport Charges 10 15 7 15 8 13 12 13 15 - Retail 3 4 2 4 3 3 5 5 4 - Other 4 7 3 5 5 5 5 6 4 Total R
Slide 33: Major International Holdings: Twin Star and Ljubljana
APPENDICES MAJOR INTERNATIONAL HOLDINGS Twin Star EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 6 5 35 41 13 15 5 4 3 Revenue w/o IFRIC 12 6 5 35 41 13 15 5 4 3 - Airport Charges 3 2 23 27 8 9 2 2 2 - Retail 1 1 6 5 2 2 1 1 0 - Other 2 2 6 9 3 4 2 1 1 Total Revenue 6 5 3
Slide 34: Frankfurt Staffing
APPENDICES FRANKFURT STAFFING Frankfurt Consolidated Staff Number Ground Handling Other FRA Positions FraSec as of Mar 31, 2025: 17,108 Number of Employees (as per Reporting Date) down by c.3.7k vs. YE’19 20,468 20,792 LFL: 4,308 16,831 - Stable number of FraSec Security Personnel vs. YE 2024 4,277
Slide 35: Dates
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 36: Ay (Fraport
7 = Ay (Fraport