Fraport, the operator of Frankfurt airport, has reported a “noticeable improvement” in earnings for the first quarter of 2023, due to ongoing traffic recovery across the company’s global network, which includes regional airports in Greece and Turkey.
Frankfurt airport, which is Germany’s main hub, saw passenger numbers increase by 56 per cent year-on-year for the quarter, despite two 24-hour strikes that disrupted operations in February and March.
Demand in Frankfurt was particularly high for intercontinental air travel and for flights to warm-weather destinations, such as the Canary Islands, the company said.
Group revenue increased by 41.9 per cent year-on-year to €765.6 million for the quarter, while earnings before interest, taxes, depreciation and amortisation (EBITDA) more than doubled year-on-year to €158.3 million. Net profit improved to -€32.6 million (up from -€118.2 million in the first quarter of 2022) in the reporting period, which, according to the airport, is typically the quarter with the lowest earnings.
Fraport CEO Stefan Schulte said Frankfurt airport is “fully gearing up” for the upcoming summer season, when passenger traffic is expected to grow between 15 and 25 per cent.
“The recovery in passenger numbers has continued since the start of the new year, further boosting our business performance in the first quarter,” Schulte said.
He added the group is “cautiously optimistic” the airport can maintain stable operations during the summer peak.
Like many European airports last summer, the German hub imposed passenger restrictions in order to “stabilise” flight operations following a spike in demand and a shortage of staff.
Following the publication of its Q1 results, Fraport maintains its full-year outlook, with group EBITDA projected to reach between €1 billion and €1.2 billion. The group expects passenger traffic at Frankfurt Airport to reach at least 80 per cent (and up to 90 per cent) of 2019 levels for the full year.