Fraport (AO) | Buy | Key takeaways from a press interview with the CEO

Research evidence excerpt

Fraport (AO) | Buy | Key takeaways from a press interview with the CEO

agile economic backdrop, he remains

confident that the two parties will ultimately reach an agreement.

As a reminder, CFO Matthias Zieschang commented at our German Conference that the cargo contract signed in December

included a substantial price increase, and that Fraport was targeting a double-digit price increase in the passenger contract.

Frankfurt growth outlook remains intact

Schulte remains positive on Frankfurt’s outlook despite its slower post-pandemic recovery, with seat capacity expected to reach

93% of pre-COVID levels by October, compared with 88% for Munich.

Despite Condor’s planned move to Terminal 3 in summer 2027 and its ambitious growth plans through 2030, Schulte stressed

that Lufthansa and the Star Alliance will remain Frankfurt’s most important customers by a wide margin.

When questioned about Terminal 3 in the context of Frankfurt’s lower returns, he argued that the new terminal is needed to

support future growth and ease congestion in the northern part of the airport, which is key to improving punctuality and hub

quality.

German aviation costs remain a headwind

Schulte criticised Germany’s high aviation-related taxes and charges, arguing that the country has been unusually quick to

introduce or raise aviation taxes and fees.

While he welcomed the partial reversal of the latest ticket-tax increase, he said more relief is needed, particularly as the industry

faces additional kerosene-related costs.

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