Looking ahead for fiscal 2022, the company said it initially expects lower passenger traffic dynamics in the first few months, but sees higher results for fiscal 2022.

Fraport shares lost around 7% in morning trading in Germany. The traffic warning for the first few months of the year is due to the Omicron variant of the coronavirus.

The company expects a noticeable increase in traveller numbers to be apparent by Easter, growing to strong holiday traffic by the summer, a clear increase on last year’s.

Overall, the company expects 55% to 65% of 2019 passenger numbers in Frankfurt this year, depending on how the coronavirus pandemic and the war in Ukraine develop.

For the current business year, Fraport expects Group net profit to reach between €50 million ($54.9 million) and €150 million. Group earnings before interest and taxes (EBIT) are forecast to rise to between €320 million and €440 million, and group earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to range between €760 million and €880 million.

Group revenue is projected to reach about €3 billion. Traffic at Fraport’s home-base hub Frankfurt Airport would likely range between 39 million and 46 million travellers – equalling 55 to 65% of the pre-crisis 2019 passenger volume.

The company adding that its executive board would propose to the Supervisory Board and the AGM, as in fiscal 2021, not to distribute a dividend for the current 2022 financial year.