Fraport has announced FY21 results which were better than our expectations, the difference arising from higher cost savings and governmental compensations, but it has provided a conservative outlook for FY22. Due to the ongoing expansion projects that cannot be entirely delayed, capex is expected to remain at an elevated level of ~€1.1bn until 2024 (up to the termination of Frankfurt T3’s construction work). The group has not proposed any dividend for FY20.
