Fraport released its Q3 results above market expectations, supported by a one-off compensation at the Greek airports for the losses made in H1 21. There was good traffic recovery, especially in Greece where it was above 2019’s level. Due to strong cost-cutting measures, Q3 22 EBITDA was at ~96% of Q3 19’s level, demonstrating the strong performance at international airports. Fraport’s Q3 22 FCF was clearly positive at €125m but the FY FCF is most likely to be positive territory after FY24.
