Fraport Airports in Greece Boost Group Business in Q1

Like last year, Greece’s 14 regional airports, some on popular destinations like Mykonos and  Santorini, together with recovering traffic at Fraport’s global airport network boosted the group’s Q1 revenues by 41.9 percent year-on-year to 765.6 million euros and the operating result (EBITDA) to 158.3 million euros.

More specifically, Greece’s 14 regional airports managed by Fraport Greece reported a 44.0 percent rise in total passenger growth.

In Q1, 1.89 million passengers went through the country’s regional airports, down by 1.8 percent over Q1 2019. International traffic flows grew by 5.2 percent in the January-March period, Fraport said, but domestic traffic fell by 5.6 percent over the same period in 2019.

The 14 Greek regional airports under the management of Fraport. Source: Fraport Greece.

“We’re heading in the right direction. The recovery in passenger numbers has continued since the start of the new year, further boosting our business performance in the first quarter. For the summer, we expect passenger traffic in Frankfurt to grow between 15 percent and 25 percent,” said Fraport CEO Stefan Schulte.

According to Schulte, Frankfurt Airport is ready for the summer season, and he expects airports in Greece and elsewhere to reach near pre-crisis levels this year.

“For the full year, we expect the positive business trend to continue in line with the given guidance,” he said, adding that Fraport’s leisure-dominated airports worldwide would continue to report ongoing recovery.

Fraport Group net profit reached -32.6 million in Q1 from -118.2 million in the same quarter in 2022.

Photo source: Fraport

Meanwhile, passenger numbers at Fraport’s home-base airport in Frankfurt grew by 56.0 percent year-on-year in the first three months of the year with strong demand for intercontinental air travel and for flights to warm-weather destinations.

Looking ahead, Fraport expects passenger traffic at Frankfurt Airport to grow by at least 80 percent and up to about 90 percent compared to pre-crisis 2019, when some 70.6 million passengers traveled via Germany’s largest aviation hub. The company’s result is forecast to increase by as much as 420 million euros in 2023.