Fraport : 2023_05_17_Fraport AGM 2023_CEO Speech_EN

Fraport AG

Annual General Meeting

May 23, 2023

Speech text from Dr. Stefan Schulte,

CEO, Fraport AG

Published online in advance on May 17, 2023

The version spoken on the day of the AGM takes precedence

1. Introduction

Dear Shareholders, Ladies and Gentlemen,

I warmly welcome you to Fraport AG's Annual General Meeting.

Both in Frankfurt and internationally, an extremely dynamic year with strong demand for air travel lies behind us. Growth was clearly in the double-digit percentage range and we're pleased that this trend is continuing in the current business year. Following the rapid recovery at the airports in our international portfolio, we are now generating more than half of our operating income outside Frankfurt. This shows how we have transitioned over the past 20 years from being the operator of Germany's largest aviation hub to one of the leading global airport company. We are currently active at 28 airports on four continents.

Before I take a more detailed look ahead, please allow me to outline how we have steered your company through the third year of the coronavirus pandemic over the past financial year. We have put a particular emphasis on positioning ourselves for continued growth and on advancing major future-focused projects.

1. Review of the 2022 financial year

Dear Shareholders: The year 2022 marked the long-awaited end of the coronavirus pandemic. With travel restrictions being largely lifted, demand from leisure travelers, in particular, rose sharply from March last year. While monthly growth rates of up to 300 percent are pleasing from a mere business perspective, they also pushed us to our operational limits in Frankfurt. For the full year 2022, passenger numbers in Frankfurt surged by 97.2 percent year-on-year, corresponding to a total of 48.9 million passengers. Even if growth was still largely driven by the demand from leisure travelers, we did see a noticeable pick-up in business travel in the second half of the year. This trend is continuing into the new year. Another pleasing aspect: despite difficult conditions for airfreight, Frankfurt remained Europe's leading cargo hub in 2022.

Our mainly leisure-dominated Group airports worldwide continued to recover more rapidly than the Frankfurt hub with its more complex demand structure. The Greek

2

airports, in particular, performed well: in 2022, they welcomed around four percent more passengers than in pre-crisis 2019 - a new all-time high. Antalya Airport in Turkey and our gateways in South America also made a significant recovery.

At this point, please allow me to offer a big thank-you to all of our employees. Across the entire Fraport Group, our employees went all out every day to facilitate travel for our passengers, despite the overall challenging conditions. Their commitment to "pitch in" and work together makes me confident that we will soon be able to offer the quality again that you, our shareholders, expect from Frankfurt Airport, as do our customers, and of course we ourselves. We've already done a lot to make this happen. As a result, we were able to maintain operations noticeably more stable over the recent Easter travel peak and long weekends.

Dear Shareholders: last year's strong traffic growth also provided a major boost to our financial results. Group revenue rose by 49 percent year-on-year to €3.19 billion. The operating result increased at a slower pace, rising by 36 percent. Operating growth was dampened by the non-recurrence of positive special effects, including the pandemic compensation payments received in 2021, and by increased energy costs, as well as higher operational expenses. These were driven in particular by the hiring of new staff aimed at stabilizing operations at FRA. More than 57 percent of the operating result, i.e. earnings before interest, taxes, depreciation and amortization, was generated by Fraport's international business. That equates to impressive growth of 40 percent over the previous year, compared to around 31 percent growth from predominantly Frankfurt-related business segments. This underscores how economically significant our global operations now are to us as an airport company.

Our Group result or net profit surged by 81.5 percent year-on-year to €166.6 million in 2022. We even exceeded the forecast we set ourselves - despite the write-off of a shareholder loan in connection with our investment at Pulkovo Airport in St. Petersburg, Russia. We also greatly improved our net debt-to-EBITDA ratio. This key figure improved to a value of 6.9 from 8.4 in 202, supported by the growth in operational income.

We're also pleased that we have been able to reduce our carbon footprint under Scope 1 and Scope 2 by 6.5 percent across the Group. Against the backdrop of the

3

strong traffic growth last year, this reduction underlines how seriously we are taking climate protection and that we are making visible progress. Later I will go into more detail about our climate strategy, since this is a very important future issue for us.

1. Performance and potential of Fraport's international business

As I just mentioned, more than half of our Group EBITDA was generated outside Frankfurt in 2022. A closer look at this development reveals the strong position we have gained globally as a successful operator of airports.

We are active at 28 aviation gateways on four continents, covering various business segments. Of particular interest to us were and are projects in which we can best put our extensive know-how to work in the operations, management, and development of airports. Following this premise, to date we have successfully focused on investments in emerging and developing markets. Whenever we acquire a new airport concession, we focus on leveraging that airport's specific growth potential by undertaking needs-driven modernization and expansion measures.

The benefits of transforming Fraport into a globally active airport company became particularly evident in the wake of the Covid-19 pandemic. While our home-base airport in Frankfurt has been emerging more slowly from the crisis due to its complexity and greater reliance on business travel, our leisure-dominated Group airports worldwide are recovering significantly faster. Their greater contribution to Group EBITDA in 2022 (compared to 2019) underscores this fact in a particularly powerful way.

We are very satisfied that our international portfolio continues to see ongoing organic growth. Let me give you some examples to demonstrate this.

The performance of our 14 Greek airports has been impressive. In Greece, we concluded the 2022 business year with a four percent passenger increase - thus even surpassing the record from 2019. We are now reaping the benefits from the comprehensive modernization and expansion measures we undertook at all 14

4

airports. As a result, we received the first returns on from our Greek investment this year. We are also confident for the upcoming summer season. In the first four months of 2023 alone, the Greek airports achieved cumulative passenger growth of 29 percent, clearly exceeding the rate from the same period of 2022.

Our Brazilian airports in Fortaleza and Porto Alegre also continue to recover from the impacts of the pandemic. In Porto Alegre, we successfully completed the last major infrastructure measure with the opening of the extended runway in 2022. We are now focusing on reducing debt and are expecting to soon receive our first dividend payments from this investment.

At Lima Airport in Peru, expansion work is in full swing. The first expansion phase has been concluded as scheduled, comprising a second runway, upgraded taxiways, and the new air traffic control tower. The construction of the new passenger terminal is also progressing well, to be opened as scheduled in early 2025. We have also successfully concluded the project financing needed for the expansion. By taking these steps, we will be transforming Lima Airport into one of the most modern aviation hubs in South America. Along with the airport's expansion, the introduction of state-of-the-art technology and process optimizations will also contribute to achieve this goal. Recently, DFS Aviation Services took over apron management in Lima. We're working with this new partner deploying location-independent cameras for monitoring ground traffic in the future. This would make us pioneers in Latin America.

Our Turkish Group airport in Antalya recovered to 92 percent of 2019 passenger numbers in 2022. This year, the aim is to reach pre-crisis figures again. Everyone at our Turkish subsidiary continues to have this goal firmly in their sights. Over the past few months, attention in Antalya has been focused on relief efforts following the terrible earthquake that impacted the east of the country and Syria. The airport was and remains an important hub for humanitarian aid transports. In the weeks immediately after the massive earthquake, multiple aid flights operated daily to and from Antalya. The high level of commitment shown by our employees in Antalya filled

5