Fraport Group‘s revenue for Q1, 2023 has risen by 41.9% compared to Q1, 2022 thanks to ongoing traffic recovery. The Group revenue totalled €765.6 million with an operating (EBITDA) of €158.3 million, a year-on-year increase of around 100%.
The Group result (net profit) rose to minus 32.6 million in the reporting period (from minus €118.2 million in the first quarter of 2022), with Q1 usually being the financial quarter with the lowest earnings. For the first time, the Group's Q1 revenue included proceeds from aviation security fees (€45.1 million) levied by Fraport after assuming responsibility for security screening at Frankfurt Airport from the beginning of 2023.
However, proceeds from security services provided by the “FraSec Aviation Security GmbH” subsidiary (totalling €33.1 million in Q1/2022) ceased being classed as Group revenue, after this subsidiary was deconsolidated from the Group's financial statements effective January 1. Adjusting for revenues resulting from construction and expansion measures at Fraport's international subsidiaries (in line with IFRIC 12), Group revenue increased by 37.9 percent to €654.2 million. Fraport's operating result or EBITDA (earnings before interest, taxes, depreciation, and amortization) more than doubled in the first quarter, soaring from €70.7 million in Q1/2022 to €158.3 million in the reporting period. Likewise, the Group result (net profit) markedly improved year-on-year, rising from minus €118.2 million in Q1/2022 to minus €32.6 million in Q1/2023.
Fraport anticipates passenger traffic at Frankfurt Airport to increase by a minimum 80% and up to about 90% compared to pre-crisis 2019, when some 70.6 million passengers travelled via Germany's largest aviation hub. Fraport's Group EBITDA is projected to reach between roughly €1,040 million and €1,200 million. The Group result is forecast to increase to a range of between around €300 million and €420 million in 2023. (£1.00 = €1.14 at time of publication).
