Fraport’s 14 Greek airports drive strong holiday demand

Frankfurt Airpor operator Fraport on Tuesday said its 2023 core profit would hit the upper half of its forecast range after second-quarter earnings were boosted by strong travel demand. Among Fraport’s international portfolio, its 14 regional airports in Greece benefited the most from holiday demand.

Fraport’s second-quarter revenue was 1.04 billion euros, 6% above consensus cited by J.P. Morgan, while quarterly EBITDA fell to 323 million euros, 4% below consensus.

European traffic benefited from strong demand for warm-weather destinations and improving business travel in the first half, Fraport said, predicting passenger numbers at its group airports close to 2019 levels this year.

Intercontinental routes saw high growth rates for holiday destinations in North and Central Africa and the Caribbean, while traffic to and from North America almost reached pre-pandemic levels.

Finance chief Matthias Zieschang forecast a “huge and significant” increase in Chinese passengers traveling to and from Frankfurt next year, with capacity set to reach up to 90% of pre-pandemic levels by December from under 40% in the second quarter.