Fraport, the operator of Frankfurt Airport, released its Q3 financial report on Tuesday, revealing a notable 14% increase in core profit, surpassing market expectations. This growth was attributed to a resurgence in passenger traffic during the European summer season.
The company reported that its earnings before interest, taxation, depreciation, and amortization (EBITDA) for the quarter reached 478.1 million euros ($512.05 million), a significant improvement from the previous year’s figure of 420.3 million euros. This result exceeded the average forecast of 449.9 million euros as per data from the London Stock Exchange Group (LSEG).
Fraport’s positive results were primarily driven by the recovery of passenger numbers at its airports worldwide, with substantial growth observed at its Frankfurt home-base, where passenger traffic expanded by nearly 25% in the first nine months of the year. In the third quarter, traffic at the Frankfurt hub reached 86% of the levels seen in 2019.
The company noted that demand was particularly robust for traditional European holiday destinations and long-haul flights. Additionally, there was a steady increase in the number of passengers from China, contributing to the positive trend.
