Fraport’s Q1 results exceeded market expectations despite an increase in opex, thanks to an increase in airport charges, the traffic recovery and a one-time gain. However, excluding this one-time effect, EBITDA fell short of consensus. Note that the Q1 is typically the weakest quarter. This positive start is an encouraging sign for the rest of the year and Fraport expects the recovery in traffic from China to accelerate as the year unfolds, which should further boost growth.
