Outlook, opportunities and risks report
Outlook
Economic and industry-specific conditions
Global economic developments are currently impacted by geopolitical tensions and the continuing restrictive monetary policy of numerous central banks. Inflation rates have now fallen considerably. Some central banks therefore already instituted a turnaround in key interest rates. As before, however, interest rate levels remain high. These are putting a brake on consumption and in particular on investment activity. The fall in inflation is now accompanied by a rise in real wages, which will support private demand in the forecast horizon. The start of the relaxation of monetary policy will further improve financing conditions in the advanced economies and reinforce macroeconomic demand around the world especially in 2025. The global economy is currently being propped up in particular by the services sector. However, global industrial production has also grown considerably again since the summer of 2023. Global trade, on the other hand, is more subdued, as the major economies (such as the USA and China) are increasingly producing intermediate goods in their country. Overall, the global economy is following a moderate expansion trajectory. The ifo Institute forecasts economic growth of 2.6 % in both 2025 and 2026. The introduction of American import tariffs that the US government is pursuing – together with any countermeasures that China and Europe may implement as part of their economic policies – and their effects on world trade cannot be estimated with sufficient accuracy at the moment20).
The economic output of industrialized nations is likely to expand in 2025 at a rate of 1.9 %. GDP growth of 2.5 % is expected for the USA. Inflation is declining, consumer confidence is high, and fiscal policy is geared toward expansion. A downturn in the US economy is therefore not evident at the moment. In the UK, the economy is expected to grow by 1.4 % in 2025. The relaxation of monetary policy is likely to have a positive impact in both countries in the forecast horizon on macroeconomic demand and thus support the economic development20).
According to the economic forecast, the group of emerging markets will achieve overall economic growth of 4.0 % in 2025. The Chinese economy is expected to grow at a rate of 4.3 %, as the situation in the real estate sector remains tense and thus putting a damper on domestic demand. The export business is supporting the economy, however. In Asia, it is primarily the Indian economy that is providing growth. A growth rate of 6.9 % overall is forecast for India for 202520).
In the euro zone, economic output is expected to increase by 1.2 %. Compared to 2024, a mild recovery is thus emerging. The labor markets remain robust, while consumer confidence improved in the majority of countries in the euro zone. Industrial production declined and corporate sentiment was pessimistic. Nevertheless, GDP growth is expected to reach 1.1 % in France in 2025. Growth rates of 0.9 % and 2.4 % are forecast for Italy and Spain respectively20).
The German economy will undergo only a slow recovery in 2025 and grow only slightly by 0.4 % (2024: -0.1 %). The economy is currently being impacted by a deterioration in competitiveness. The causes of this are a high level of economic uncertainty, restrictive financing conditions, and, by international standards, large cost increases. Industry and construction recently recorded considerable production losses and losses in value added. Private consumption is not picking up a great deal of momentum because people are still more inclined to save, despite gains in real income. Corporate investments are likely to turn out weak again in light of the high degree of uncertainty and the low level of capacity utilization in the manufacturing industries. Net exports are even expected to be markedly negative as a result of the decline in the international competitiveness of the manufacturing industries and another increase in imports in 2025. On the other hand, private and public consumption is likely to increase. Although the mood among consumers remains gloomy, positive real wage growth can again be assumed in the forecast horizon. The construction industry is likely to have bottomed out and to again make a positive contribution to macroeconomic performance in the course of 2025. At 2.3 %, the inflation rate will remain at a similar level as was the case in 2024 (2.2 %). The unemployment rate is expected to increase moderately by 0.3 percentage points to reach 6.3 %. Imports and exports are expected to grow at a rate of 1.8 % and 0.2% respectively20).
The oil price (Brent) was lower in 2024 than in the previous year. The average price in 2024 was USD 79.7 per barrel (2023: USD 82.0 per barrel). The ifo Institute expects the oil price to fall further to USD 71.4 per barrel on average in 202521).
The demographic and general economic conditions in Bavaria and especially in the airport catchment area mean that further strong growth in transportation demand can be expected at Munich Airport in the medium to long term. According to the results of the regionalized population projection by the Bavarian State Statistical Office, Bavaria’s population will grow by 4.6 % by 2042 compared to 2022. A strong to very strong population increase is expected in the Munich region in particular. In the City of Munich, the figure is expected to be 6.0 %; the district of Munich is likely to increase by 4.8 %. Four of the fastest-growing districts in Bavaria are also located in the nearby catchment area of Munich Airport. Growth of 11.0 % and 10.5 % is forecast for the districts of Ebersberg and Dachau respectively and 11.0 % and 12.3 % for the districts of Pfaffenhofen a.d.Ilm and Landshut respectively22).
In the course of the coronavirus pandemic, the global aviation market experienced a historic downturn. The end of the pandemic measures led to a recovery. With 9.5 billion passengers transported, global passenger traffic exceeded the pre-pandemic value from 2019 again for the first time in 2024 (104 %). This recovery will probably continue into 2025. The ACI anticipates that global passenger traffic will increase substantially again in 2025 to reach 10.1 billion passengers transported23).
Forecast course of business
The positive trend also continued in 2024 with a significant recovery in air traffic. The positive trend is expected to continue in 2025. Munich Airport anticipates an increase in traffic to over 42 million passengers. Expected passenger volume will thus be almost 90 % of the pre-crisis level of 2019. This assumption continues to be subject to a degree of uncertainty, however, and will essentially depend on how global political conditions develop. If the uncertainty factors escalate, this would have a negative effect on the results of operation, assets and financial position.
With regard to revenues from airport charges, the Executive Board assumes an increase in line with traffic developments and in accordance with the provisions of the framework agreement on charges.
Revenue from ground handling services will also rise disproportionately to traffic in 2025 on account of price increases.
It is expected that the revenues in the retail segment will grow slightly disproportionately to the recovery in traffic as wealthy customers increasingly return.
It is assumed that revenue from gastronomy and hotels will grow at a higher rate than the growth in air traffic. In addition to passenger growth, price effects and the opening of new gastronomy outlets will also have an impact here.
Revenue from parking is also developing at a rate that is slightly above average. The price increases will, however, be offset by capacity constraints, partly resulting from maintenance measures.
Munich Airport expects a slight increase in revenue from rentals and leases. The positive performance in 2025 results primarily from an increase in concession revenue in the USA as traffic rises. At the Munich site, appropriate price increases as permitted by the contracts will have an impact.
Other revenue, which include throughput charges for aviation fuel supply, revenue for utility services and fuel, revenue from advertising, and revenue from management, consulting, and training services for the aviation industry, are developing unevenly, but overall at a slightly higher rate than traffic growth.
In total, the Executive Board expects high single-digit percentage growth in revenue compared to 2024.
Overall, the cost of materials will increase at almost the same rate as revenue. This can be attributed essentially to significantly higher expenses for services received in connection with the implementation of IT and digitalization projects that will lead to corresponding efficiency potential in subsequent years. Similarly, in the gastronomy and retail segment, the cost of sales is also increasing as a consequence of rising passenger volumes. The maintenance and remodeling measures included in the cost of materials will also rise as a result of the catch-up effects from the crisis years.
Munich Airport’s personnel expenses will increase at higher than average rate, mainly because of increases in pay rates and remuneration, as well as an increase in employees, particularly in the Group’s operating and traffic-related units.
Other expenses are expected to rise disproportionately as business recovers and various projects are implemented.
Depreciation and amortization will increase slightly compared to the previous year. This can primarily be attributed to new purchases of electric buses and the planned completion of construction projects.
The negative financial result will continue to be impacted by the remeasurement of financial liabilities from interests in partnerships. In addition, interest will rise as a result of the drawdown of new loans.
Based on higher revenue, and despite the increases described on the expense side, which cannot be easily addressed with countermeasures, Munich Airport also anticipates a low two-digit percentage increase in EBT in 2025.
All expenses and cash outflows and all potential for increasing revenue are constantly examined and possible optimizations are put into practice to reinforce and improve the results of operations and the operating cash flow.
The liquidity and financial planning undergoes a regular process. Possible financing and investment requirements are identified and covered as needed. Based on the current liquidity planning, the Executive Board assumes that loans maturing in the short term will be covered or refinanced. Planned investment and expense measures can be adapted flexibly where necessary in the forecasting window in view of any financing measures that are envisaged. This ensures that Munich Airport has the necessary liquidity at all times.
Projected major financial and non financial key performance indicators:
Projected major financial and non financial key performance indicators
2024 | 2025 | |||
|---|---|---|---|---|
Actual | Forecast | |||
from | to | |||
in % | in % | |||
EBT (in TEUR) | 103,099 | Increase | 10.0 | 30.0 |
Carbon reductions (in tonnes)1) | 3,047 | Decrease | −30.0 | −40.0 |
Passenger Experience Index (PEI)2) | 80.9 | Increase | 0.0 | 1.4 |
Lost Time Incident Frequency (LTIF)3) | 14.3 | Increase | 0.0 | 19.0 |
The average consumption values from 2017 are used to calculate the carbon reductions that are generated from the replacement of vehicle types.
The value refers to the question about overall satisfaction.
Applies to FMG and AE Munich.
Earnings before taxes (EBT)
Overall, Munich Airport expects a low double-digit percentage rise in EBT for 2025. The exact figure will depend in particular on how various political developments and the macroeconomic situation play out. Munich Airport thus expects EBT to remain below the pre-crisis level also in 2025 (2019: TEUR 256,822).
Carbon reductions
Energy savings of a comparable scale are forecast for 2025. The measures that are planned are aimed primarily at reducing the energy consumption of electrical equipment. The carbon reductions resulting from a drop in the emission factor for electricity, which is 371 g CO₂/kWh, will turn out to be lower, however. The air conditioning systems also make a contribution to the reductions, although their share is becoming increasingly smaller on account of the numerous conversions to high-efficiency fan technology.
Passenger Experience Index (PEI)
Munich Airport expects a further improvement in the PEI in 2025, as additional measures to optimize the passenger experience are being implemented. These include the installation of new CT scanners in all security checkpoint lanes in Terminal 2, the replacement of the flooring at the check-in area in Terminal 1, the modernization of selected baby care rooms, and the establishment of new areas and service points for passengers with reduced mobility.
Lost Time Incident Frequency (LTIF)
As air traffic volumes grow, forecasting the Lost Time Incident Frequency becomes more challenging. In addition to the expansion of its workforce and the related increase in working hours performed, Munich Airport plans to extend the LTIF to all subsidiaries. The LTIF forecast for 2025 takes into account not only these extensive changes, but also the empirically high volatility and the associated fluctuations in this value. The factors influencing this volatility include varying weather conditions, staff turnover, new hires, and, in particular, the proportion of hours spent working from home.
The project to strengthen the occupational safety culture at AE Munich will be continued in order to reduce the LTIF over the long term. The objective is to systematically develop and raise the awareness among all employees of the need for conduct that is always focused on safety in all relevant work situations, as the majority of occupational accidents are caused by unintentionally unsafe behavior.
Opportunities and risks report
Opportunities
As an international air traffic hub, Munich Airport competes with other major passenger airports. Functional and targeted opportunity management is of central importance for maintaining and expanding the airport’s market position. This is an integral part of the strategy and planning processes at Munich Airport. Opportunities are future developments and events that may lead to a positive deviation from planning or strategic targets. Both external (for example, changes in the market environment) and internal opportunities (for example, programs to increase efficiency) are considered.
All divisional heads of FMG and the CEOs of the subsidiaries and associated companies are responsible for developing and implementing measures to take advantage of opportunities. In this, they are supported by the corporate division Finance and Controlling. In addition, all employees of FMG in the business units and their subsidiaries are generally required to identify opportunities in the course of their daily work and report them to their supervisors.
As a basic principle, Munich Airport strives to strike a balance between opportunities and risks. If it was likely at the time of planning that an opportunity would arise, this was already included in the 2025 forecast or in the medium and long-term planning. The opportunities presented therefore focus on future developments or events that could lead to a positive deviation for Munich Airport from the forecast and the medium and long-term planning.
The evaluation of opportunities is based on the risk assessment system. The economic benefit resulting from the opportunities and the probability of occurrence are divided into the following categories analogous to the risks under consideration:
Economic advantage | Amount in € |
|---|---|
Low | 1 – 5 million |
Medium | 5 – 30 million |
High | 30 – 150 million |
Very high | >150 million |
Probability of occurrence | Percentage intervals |
|---|---|
Very low | 5 – 10 % |
Low | 10 – 25 % |
Medium | 25 – 50 % |
High | > 50 % |
In contrast to the risks, the probability of occurrence and financial impact, i.e. the economic advantage, are not shown separately, but are combined in the «high relevance» and «low relevance» opportunity categories.
Since Munich Airport is confronted in some cases with very long planning periods, the opportunities are also indicated as to when they will occur in the short, medium or long-term.
Maturity | Period | |
|---|---|---|
Short-term | <2 years | |
Medium-term | 2 – 5 years | |
Long-term | >5 years |
Compared to the previous year, the inclusion of the «Employer attractiveness» opportunity led to a change in the structuring of the identified opportunities as of December 31, 2024. The theme of employer attractiveness has gained in importance on account of the shortage of skilled labor and the capacity constraints that have emerged in the aviation industry. The content description and assessment of the remaining opportunities has been revised.
Overview of opportunities at Munich Airport
Opportunities | Rating | Time of occurrence | Summary of the measures |
|---|---|---|---|
Market development | high relevance | short-, medium-, and long-term |
|
Rail access | high relevance | long-term |
|
Interest and exchange rate trends | high relevance | short- and medium-term |
|
Regulation and legislation | high relevance | long-term |
|
Economic development | low relevance | short- and medium-term |
|
Implementation of climate protection measures (CO₂-strategy) | low relevance | long-term |
|
Internal process and efficiency improvements | low relevance | short-term |
|
International business | low relevance | medium- to long-term |
|
Real Estate | low relevance | medium- to long-term |
|
Employer attractiveness | low relevance | short- and medium-term |
|
Market development
Airline industry trends are of particular importance for traffic volumes at airports. Airlines and airports cut staff and aircraft fleets were downsized during the Covid-19 pandemic. Demand for air travel increased greatly after the pandemic restrictions were lifted. For this reason, the aircraft and seating capacity of the airlines remains inadequate, as before. The resulting imbalance between supply and demand led to higher ticket prices. If this situation eases and ticket prices fall again, it could lead to a higher-than-expected growth in passenger volumes. Deutsche Lufthansa has now reactivated all of its fleet. It also decided to station all of its Airbus A380s in Munich. If the Lufthansa Group stations more machines than planned at Munich Airport in the future, this would have an unexpectedly positive effect on passenger figures and thus on the company’s result.
Munich Airport implements intensive quality management and is one of only a few 5-star airports in the world. It has an extremely attractive catchment area both in terms of business and private travel, and it has operated a professional airline acquisition service for many years. The company operates a hub at the Munich location and intends to maintain it in the future. In addition, cooperation is based on joint investments and long-term cooperation agreements.
If the airline market grows more strongly than expected, it would result in higher-than-planned earnings in the short and medium term. Although a scenario of this kind appears uncertain on account of the current situation, the resulting opportunity must be rated as «high relevance» because of its impact on the further development of the company.
Rail access
There have been calls for some time now, in particular at the European but also at the international level for the various modes of transport to be interlinked as efficiently as possible, thus conserving resources. To this end, it makes sense to optimally connect the major European hub airports in particular to the rail infrastructure. In the context of the intensively conducted climate protection debate, this topic has gained in importance in recent years.
With regard to the rail access to Munich Airport, several projects, including the Erding ring closure, the Walpertskirchen Interchange, the second main line in Munich, and the Munich-Mühldorf-Freilassing/Salzburg Line 38 extension, are currently being planned or implemented. Should an adequate connection to the long-distance rail network also be established, Munich Airport could be efficiently integrated into a future multimodal transportation system. This would expand the passenger catchment area and consequently result in a higher-than-planned development of earnings. Regarding the long-distance rail connection, preparatory investigations for inclusion in the federal transport infrastructure planning process are currently underway in collaboration with Deutsche Bahn, Deutsche Lufthansa and the Bavarian Ministry of Housing, Building and Transport. In this context, the statements on the expansion of the rail network in the new German government’s Coalition Agreement 2025 represent an opportunity to implement the rail link to Munich Airport. According to the coalition agreement, the airports are to be expanded and modernized in order to increase capacity and improve efficiency.
Munich Airport has the necessary expertise on this subject and is in intensive contact with regional and national authorities as well as with Deutsche Bahn. The goal here is to realize an optimal connection of the airport to the long-distance rail network, which would bring a considerable economic advantage. The resulting opportunity must be rated as «high relevance» in the long term.
Interest and exchange rate trends
Favorable interest rate and exchange rate trends may have a positive impact on the Munich Airport’s financial result. Thus, currency effects from the translation of results not denominated in euros into the Group’s functional currency (euros) may have a positive impact on the financial results.
In the retail business at the Munich Airport, international customers (from outside the euro zone) play a particular role on account of their retail spending, some of which is significantly above average. Internal analyses have shown that fluctuations in exchange rates have a significant impact on retail revenues. If the euro exchange rate against the relevant foreign currencies remains low, this offers the potential for an above-average earnings development.
If interest rates fall more sharply than was assumed in the planning period, this would have a positive effect on Munich Airport’s EBT.
Overall, the opportunity arising from interest rate and exchange rate trends must be rated as «high relevance» in the short and medium term because of the current crisis situation.
Regulation and legislation
Air transport has historically been a highly regulated market. Accordingly, laws, ordinances and international agreements are still decisive factors influencing air traffic today. The introduction of new regulations and amendments to existing ones may entail risks, but also present opportunities for market actors.
Because of its national character, the German aviation surcharge has triggered effects that distort competition in the European aviation market. As a result, air travelers from areas close to borders are increasingly choosing to use airports abroad as their point of departure and airlines are deploying aircraft in other countries more frequently. If the German aviation tax were abolished or replaced by more effective international climate policy instruments, it could reduce the effects that are distorting competition. And this could lead to an increase in traffic at Munich Airport. However, because of the fiscal situation, the federal government again increased the aviation surcharge on May 1, 2024. Significant political and social resistance to this has now emerged, however. The probability that the outcome described above will materialize has consequently increased in comparison with the previous year. The new German government’s Coalition Agreement 2025 now states that the increase in air traffic tax will be reversed.
In recent years, the discussion on the creation of a Single European Sky has gained momentum. In addition to the introduction of uniformly high safety standards, the goal is to expand airspace capacity and achieve more economical supranational cooperation between the national air traffic control organizations. In concrete terms, the goal is, among other things, to enable airlines to operate more economical flight routes (direct air route). More efficient flight routes could produce significant kerosene savings and thus reduce carbon emissions by up to 10 %. While the latter could bring a positive image boost for air travel as a whole, the former would have a positive impact on demand for air travel due to lower costs. However, Single European Sky is an extremely complex issue, since it affects the national sovereignty of the individual European states. Accordingly, possible solutions must be developed by all national and European players in dialog with industry.
In order to properly utilize opportunities arising from regulation and legislation, Munich Airport uses the expertise of the Communications & Politics corporate division and is also involved in various aviation associations, such as the BDL. The central objective here is to help shape important regulations for the aviation sector and counteract competition-distorting effects.
In summary, the opportunities arising from regulation and legislation are currently rated as «high relevance».
Economic development
There is a close correlation between national and global economic growth and the growth in air traffic. Inflation rates in many parts of the world have risen as a result of the pandemic and the Russian attack on Ukraine. Central banks resorted to restrictive monetary policies. Higher interest rates hamper private consumption and investments and thus have a negative effect on economic activity. The ongoing geopolitical conflicts and the associated uncertainty among market participants are additionally exacerbating the situation. In Germany, the industrial and construction sectors in particular are in crisis. The difficult situation that companies find themselves in is also hampering the development of business travel. At the same time, there has been a significant drop in inflation rates recently. For this reason, both the US Federal Reserve and the European Central Bank initiated the turnaround in interest rates in the course of 2024. Moreover, higher wage contracts also ensure that real wages and hence the purchasing power of private households are increasing again.
At the moment, consumer sentiment in Germany is still at a low level. The numerous global and domestic crises are creating persistent uncertainty among consumers. If this situation stabilizes and the uncertainty abates, there is a chance that the economy will recover more quickly and that air traffic will also increase as a result.
Protectionist trade policy tendencies have been observed in various countries in recent years. Since air traffic volumes are strongly dependent on the degree of globalization of the world economy, protectionist measures generally have a slowing effect on global air traffic. If these trends reverse in the years to come and there is a renewed political focus on the global distribution of labor, this could boost economic and air traffic growth. The tariffs announced by the newly elected US government run counter to a development of this kind, however. Apart from that, however, it cannot be assumed that the outcome of the election in the USA will have the effect of generally reducing traffic volume. Internal analyses show that a significant revival in North American traffic began following the change of government in 2016.
Different divisions of Munich Airport intensively monitor all relevant economies worldwide. In this way, potential for Munich Airport’s various business units can be identified and appropriate measures can be initiated to exploit any opportunities.
Even though economic development is one of the main factors influencing air traffic, economic growth that is significantly higher than the current forecasts is not expected in the short term, particularly in Germany. The currently difficult geopolitical situation is also an obstacle for dismantling protectionist tendencies. The resulting opportunity therefore has to be rated as «low relevance».
Implementation of climate protection measures (CO₂ strategy)
Munich Airport is pursuing the climate objective of net zero emissions by 2035, which was updated in 2023. It is aiming to reduce the carbon footprint it can control to net zero emissions through a combination of reduction and removal measures at a ratio of 90:10. To this end, measures are implemented in the area of energy supplies, technical airport equipment, buildings and the vehicle pool. Achieving these targets is associated with costs. A progressive increase in efficiency can generally be observed in the area of renewable energy generation and energy-saving measures, however. If this development accelerates, the costs for the climate target of Munich Airport could be lower than expected. The environment department and the technology corporate division, as well as strategic sustainability management at the airport, monitor trends in this direction.
In the long-term, this could lead to higher than expected earnings. Despite changing political incentive and/or sanction mechanisms, the resulting opportunity has to be rated as «low relevance» because of the comparatively low earnings effect.
Internal process and efficiency improvements
Munich Airport continually makes use of new opportunities and measures to position itself as sustainable and efficient. In addition to improvements to its organization, Munich Airport assumes increases in efficiency, for example through digitalization projects and the IT transformation, in its medium and long-term planning. Ambitious targets are defined here – despite the currently challenging macroeconomic environment. The use of artificial intelligence offers further potential for increasing efficiency. The probability of a significantly higher-than-planned performance has to be assessed as low. The resulting opportunity is consequently rated as «low relevance».
International business
Despite the existing challenges in the aviation industry, the international business of Munich Airport operates in a growth market: despite the slump during the Covid-19 pandemic, passenger volume is set to double from 2018 to 2040 at an average annual global growth rate of 3.4 %, according to IATA. The importance of international diversification for ensuring the sustainable value growth of Munich Airport continues to be highly relevant precisely because of the increasing challenges in the German and European home market.
As a result, the international business of Munich Airport enjoys long-term growth opportunities with regard to its management, consulting and training services for the aviation industry.
At the international level, the trend towards involving private companies in the management and operation of previously government-run airports continues. In the business units concession and management contracts, Munich Airport has established itself in the market through a number of initial projects. New strategic partnerships can strengthen the local market position in important target markets and ensure positive business developments.
To this end, Munich Airport closely monitors all relevant markets and developments, conducts professional customer acquisition and continuously adapts its product and service portfolio to market requirements. In this way, opportunities that arise can be optimally exploited.
In the medium and long-term, this could lead to higher than expected earnings. The resulting opportunity must be rated as «low relevance», however, on account of the comparatively immaterial earnings effect.
Real Estate
The current large-scale economic and ecological challenges are putting companies in Germany under a great deal of pressure to innovate and collaborate. Moreover, major changes are also occurring in the labor market, which will require a rethinking with regard to the future configuration of workplaces. This could lead to an expanded need for cooperative sites and test sites.
With its «LabCampus» project, Munich Airport is creating a new type of innovation center that provides appropriate lease premises and that is geared in its design toward cross-sector collaboration, joint development, testing, presentation, and realization. New possibilities for attracting customers will result in particular from the signing of the lease agreement with TUM and the establishment of the TUM Convergence Center and the TUM Sustainable and Future Aviation Center. Other opportunities will result in the long run from the opening of an event arena directly next door to the LabCampus at Munich Airport. The arena will enhance the attractiveness of the area for new customer groups from the entertainment sector, which could lead to higher-than-expected earnings over the long term.
Munich Airport keeps a close eye on all relevant markets and conducts professional customer acquisition activities in order to make the best possible use of opportunities that arise in the market. The resulting opportunity currently has to be rated as «low relevance» on account of the long-term impact horizon.
Employer attractiveness
A positive image as an employer is an important factor for the economic development of Munich Airport. Despite the current difficult economic situation, there is a shortage of skilled labor in Germany. High turnover rates, difficulties filling vacancies, and some high levels of absenteeism due to illness are causing capacity constraints at many companies. Munich Airport enjoys a strong employer image in public perception and offers long-term prospects in an attractive working environment. In the majority of companies within the corporate group, employees benefit from collectively negotiated salary adjustments. Numerous programs, including for personal development, health promotion, and work-life balance (e.g. company kindergartens), help Munich Airport stand out as an employer.
Should Munich Airport succeed in the next few years in maintaining its attractiveness as an employer at this high level, this may also have a more positive influence on the earnings performance than expected. Personnel costs can be reduced through high employee retention rates and low levels of absenteeism due to illness, while new sources of revenue can be tapped through the use of suitable staff.
Munich Airport has conducted professional employer marketing and intensive recruitment activities for a long time now, continuously develops measures to further strengthen its successful employer brand, and can consequently record a constantly increasing number of job applications. Opportunities can therefore be optimally exploited in this area.
Employee capacity in the airport’s personnel planning is already virtually fully utilized, however, which means there is only a small likelihood of a significantly stronger-than-anticipated development here. The resulting opportunity consequently has to be rated as «low relevance».
Risk management system
The Executive Board of FMG and all subsidiaries and affiliated companies is responsible for the early detection and prevention of risks that jeopardize the continuity of Munich Airport and the investments. Group management has overall responsibility for an effective risk management system and lays the essential foundation for this system by defining and communicating the corporate strategy and targets. It formulates specifications for the risk management process and the organizational structure of the risk management system.
The goal of the risk management system is to identify events and developments that could have a negative impact on the achievement of strategic and operational targets in good time and develop suitable countermeasures. All dimensions of the business activities are taken into account.
The general principles of risk management in the Group and the tasks and responsibilities of the employees that are involved here are set out in the risk management guideline on the basis of the internationally recognized framework model «COSO ERM» (Committee of Sponsoring Organisations of the Treadway Commission – Enterprise Risk Management).
The Risk Management Committee, which reports directly to the Executive Board, serves as an additional supportive management, control and supervisory body. It consists of the entire Executive Board, the heads of the Aviation, Commercial Activities, and Real Estate business units, the heads of the Legal, Corporate Bodies, Compliance and Environment, Finance and Controlling, Group Security, Human Resources, Corporate Development, Communication, and IT divisions, and the risk manager. The head of Compliance and the Business Continuity Management (BCM) officer also participate in the committee.
The task of the Risk Management Committee is to analyze the risks from a Group perspective and to monitor the effectiveness of countermeasures. It provides support for developing the risk management system and for risk identification, assessment, and control. The Risk Management Committee meets on a quarterly basis and issues the risk report for the shareholders.
The risk management process comprises the following steps. A digital coordination and communication platform has been established to support this process.
Identification and communication of risks
All divisional managers at FMG and the chief executive officers of the subsidiaries and affiliated companies are responsible for identifying and assessing risks. The risk officers undertake the task of coordinating, managing, documenting, and forwarding all risk-related information. The risk manager reviews that risk reports from the divisions to ensure they are plausible and comply with the Group-wide risk assessment standards and collates the individual reports in the system by aggregation, subsequently transfers this aggregation into a risk report that takes account of the materiality for Munich Airport, and reports to the Risk Management Committee and shareholders on a quarterly basis. Risks that jeopardize the Group’s existence that have been identified for the first time must also be reported to the Executive Board on an ad hoc basis.
As the basis for dealing with risks responsibly, all employees are involved in managing risks throughout the company. All employees have a responsibility to report risks in their department.
Assessment of risks
The risk assessment allows the company to determine the extent to which individual risks jeopardize the fulfillment of corporate goals and strategies, and which risks may possibly threaten its existence. For this purpose, the factors damage amount and probability of occurrence/frequency are presented in a risk matrix. The expected loss describes the impact on profits that can be expected if the risk occurs. The probability/frequency of occurrence indicates the degree of certainty with which the loss event is expected to materialize. The assessment first takes place without considering measures to limit the risk (gross risks, see the section «Risks»). The risks are subsequently assessed after countermeasures are implemented (net risks, see section «Risks»).
Dealing with risk
Starting from the risk analysis, appropriate countermeasures for dealing with risk are specified according to the corporate strategy and economic aspects. Risk management strategies include: control, insure against, minimize, eliminate and transfer. The risk officers have the task of specifying and implementing countermeasures to manage risks in the respective division that is affected.
Risk monitoring
The risk manager continuously monitors the effectiveness of risk management. Risks are also monitored separately by Internal Audit.
Compliance management system
Compliance covers compliance with all Munich Airport-related laws, specifications and regulations, national and international rules and standards, as well as in-house rules and guidelines. To this end, Munich Airport has established a Group-wide compliance management system.
The Compliance department submits reports on the current status of the compliance management system to the Executive Board on a regular basis, and to the Supervisory Board on an annual basis.
Compliance risks are also communicated as part of the risk reporting to the Executive Board and shareholders if internal thresholds are exceeded. Regular dialogue takes place between Risk Management and Compliance.
Since May 1, 2022, the Code of Conduct has defined uniform, Group-wide principles and guidelines to ensure we act in line with our values and in compliance with the law. It is the benchmark for everyone and applies both within the Group and third parties in the national and international context.
The Executive Board addresses the issue of compliance in an ongoing process at frequent intervals, and the Supervisory Board is informed at regularly scheduled intervals.
Identifying and minimizing compliance risks
Every year, the Compliance department prepares the compliance risk analysis with input from the FMG divisions and combines it with the compliance risk analyses of the subsidiaries and affiliates. The Executive Board and the Supervisory Board are informed of the results. Compliance risks are assessed in the same way as the risk management process.
If, despite all countermeasures taken, a risk has a high or very high potential for damage and at the same time a medium or high probability of occurrence, then it is examined in more detail.
After taking the countermeasures into consideration, no significant compliance risks remain for the year 2024.
Preventing corruption
The Code of Conduct and the Gift and Invitation Policy support the Executive Board, executives and employees in behaving lawfully and ethically in the workplace. In addition, the Code of Conduct refers to other internal company guidelines, such as compliance with public procurement law during procurement and contract award processes, data protection organization, and information security. These ensure that processes are transparent and traceable, both internally and externally. A declaration of commitment by the providers to prevent corruption is required during contract award and tender processes, and sanctions are imposed for violations.
The position of anti-corruption officer is exercised by the head of the Compliance department. There were no known confirmed cases of corruption in the Group for 2024.
Communication and training
A key task of the Compliance department is to train and advise the Executive Board, the executives, and the employees in order to raise the awareness of compliance and to stop breaches in this way. All managers and employees are regularly familiarized with information on the issue of compliance (on the intranet, internet and through other channels). The Group’s Compliance department can also be contacted in this connection.
The specialist departments appropriately document the compliance training that they are required to conduct every year.
In addition, it is mandatory for all managers and employees to complete web-based compliance training once a year and successfully pass a test at the end of the program. Managers receive additional training («Check-in Compliance» / «Recurrent») that is provided by an external law firm together with the Compliance department.
Internal reporting location in the Compliance department
Using the internal reporting location set up in the Compliance department, managers and employees of Munich Airport, business partners, and customers can report compliance breaches, including violations of the Supply Chain Due Diligence Act, through an electronic whistle-blower system (BKMS®); the option to submit these reports anonymously and also in English is available. Other communication channels can also be used (phone, e-mail, personal interview). Tender documents inform potential bidders of the possibility of using the BKMS® if they suspect compliance infringements.
Data protection
Munich Airport has instituted comprehensive measures to ensure compliance with the applicable provisions of data protection legislation. FMG and the subsidiaries and associated companies have appointed data protection officers to perform the advisory and oversight duties pursuant to the General Data Protection Regulation (GDPR). The issues and risks arising in the specialist departments are appropriately identified and mapped.
The Group-wide data protection guideline, which was extensively reviewed and revised in 2024, aims to ensure a uniform and high level of compliance with the legal requirements. Within FMG, responsibility for ensuring data protection compliance in detail is assigned on a local basis to the individual departments. The subsidiaries and affiliated companies are independently responsible for ensuring that they comply with the legal requirements.
The data protection team in the Compliance department provides the responsible specialist departments with support in complying with data protection regulations. This process is carried out in collaboration with the FMG Data Protection Officer, who is integrated in the Compliance department at the organizational level and who exercises their responsibilities in accordance with Article 39 GDPR. FMG’s Data Protection Officer is also appointed in the same role at some subsidiaries and affiliates. The data protection coordinators are trained, informed, and advised on an ongoing basis by the Compliance department in cooperation with the Data Protection Officer. In addition, all managers and employees are constantly made aware of data protection risks, for example through articles on the intranet or a web-based training course that has to be completed every year, supplemented by target group-specific information for managers.
Risks
Risks that could have a material influence on the business activity or on the results of operations, assets, financial position and reputation of Munich Airport are explained below. In each case, the risks are shown before (overview of gross risks) and after consideration of suitable countermeasures (overview of net risks).
The risk assessment relates to the economic impact in the period quoted. As of December 31 , 2024, the following material gross risks were identified for Munich Airport:
Overview of gross risks
Risks resulting from force majeure
Risk | Description and analysis | Countermeasure(s) |
|---|---|---|
Natural disasters | Persistent and intensive rainfall together with melting snow and ground saturation to the south of Munich as far as the Alps could cause flood run-off in the Isar. A resulting breach of the Isar dams and the flood protection dikes near Freising could lead to flooding in the airport vicinity. | Studies have shown that the existing flood protection dikes in the airport’s sphere of influence are adequate for intense precipitation and flash floods, which can occur during appropriate weather conditions. Countermeasures are constantly analyzed or developed so that the requirements for a «Hochwasser-TÜV» (flood protection assessment by the TÜV technical inspection agency) can be met at all times. On a permanent basis, Munich Airport monitors the wastewater discharge and carries out maintenance and repair measures. Countermeasures are being intensified at an operational level by means of crisis and risk management procedures at the Munich Airport. Insurance to cover earthquakes, storms, hail, and flooding has been arranged. |
Attack on air traffic/terror at the airport | Air traffic is subject to threats from terrorist attacks, unauthorized intrusion into the security area, and politically motivated disruptions. Aircraft and infrastructure facilities are relevant targets. In addition to physical injury and property damage, this could be expected to result, at least temporarily, in a decrease in the number of aircraft movements and passenger figures. | To avert possible disruptions, Group security is taking strategic, operative, as well as technical and organizational measures: provision of sufficient and well-trained personnel resources, construction measures to guarantee modern and approved security technology and infrastructure, monitoring of service quality through sustainable quality measures, and constant exchange with the responsible security authorities. Bodily injury and property damage as well as interruptions of operations are insured. |
Fulfillment of security tasks | The airline companies are responsible for security tasks in transferred areas. In these areas, airline companies fulfill the same task as airport operators, but are not subject to the same supervisory authority. For Munich Airport, there is a risk that inspections will reveal defects in transferred areas and the airport as a whole will lose its security status as a result. Defective controls could lead to property damage and bodily injury as well as reputational damage. | At present, a subsidiary of FMG is responsible for operational security tasks in the transferred areas; its services rendered are subject to regular monitoring by FMG. Furthermore, a mutual, intensive exchange takes place with the responsible government and supervisory authorities. |
Market slump from epidemics/illness | Munich Airport is an arrival, departure and transfer point for millions of travelers and thus a potential gateway for bacteria and viruses from all over the world. Epidemic/sickness outbreaks can result in market downturns with reduced aircraft movements and passenger figures. | Munich Airport is subject to the law governing the implementation of international health regulations. Similarly, the rules stipulated by European Union Aviation Safety Agency (EASA), which are regularly audited by the supervisory authority, are met. Examples of protective measures against infection include: touch-free access doors and faucets, regular hygiene inspection tests, safety distances, and «eGates» for touch-free identification using facial recognition technology. |
Large fire | In the event of damage to or destruction of terminals or infrastructure systems caused by a large fire, property damage and bodily injury as well as long-term interruptions of operations are to be expected. | To minimize the risk of a large fire, Munich Airport takes all necessary preventive and defensive fire protection measures. To this end, it operates its own Airport Rescue and Firefighting service. The risk of a major fire is additionally minimized by a fire insurance policy (property and interruption of operations insurance) and public liability insurance (liability claims of third parties). After taking the countermeasures into consideration, the net risk is below the risk tolerance limit. |
Aviation accidents | Aviation accidents or damage to aircraft can result in bodily injury and property damage, as well as interruptions of operations and secondary damage. | To minimize the risk, Munich Airport maintains an Airport Rescue and Firefighting service, a medical service, and a counseling team. The risk of aviation accidents is minimized through liability insurance and fully comprehensive insurance. After taking the countermeasures into consideration, the net risk is below the risk tolerance limit. |
Market risks
Risk | Description and analysis | Countermeasure(s) |
|---|---|---|
Loss/impairment hub, discontinuation/reduction airlines | The impacts of the Covid-19 pandemic have subsided. This is reflected in the rise in passenger demand and an increased range of offers from the airlines. The continued Ukraine conflict has little effect on traffic developments at the Munich location. What specific impacts the conflict in the Middle East will have in the future remains to be seen and will depend on how the situation develops. | Munich Airport’s collaboration with DLH is based on joint investments and long-term cooperation agreements. Munich Airport offers excellent connection quality and was ranked in seventh place for hub connectivity in the «Airport Industry Connectivity Report 2024» of the ACI international airport association in 2024. |
Economic cycle | The global economy continues to be weighed down by a variety of crises. Uncertainty among economic actors is high and global demand for industrial products is weakening. The global economy is expanding at a lower rate than before the Covid-19 pandemic. Moreover, protectionist and economic policies can also have a negative effect on the global economy, for example the introduction of new tariffs. Because of high location costs (essentially fees and charges) and the subdued economic performance, air traffic in Germany is recovering more slowly compared with the rest of the world. | The consequences of economic slowdowns have been mitigated by reducing expenditures through cost-cutting and staff measures and by postponing investments. To ensure solvency, revolving credit lines exist or loans can be taken out on the capital market. |
Operating risks
Risk | Description and analysis | Countermeasure(s) |
|---|---|---|
Cyber risks | Constant new technological developments and the increasing threat of cyber attacks worldwide lead to risks in relation to the security of IT systems and networks as well as data security. In the area of cybercrime, there is an increasing, abstract potential risk that requires constant monitoring and assessment. Failure of IT for traffic operations can lead to interruptions in operations. This would result in financial losses and reputational damage.
| Critical corporate IT systems are fully redundant with systems located in physically separate locations. Property damage and business interruption are covered by all-risk insurance. To avert a cybercrime attack, strategic, technical, and organizational measures are specified and monitored by an information security management system, and managers and employees receive regular training. In the Group’s own anti-cybercrime competence center, IT specialists at Munich Airport work together with experienced IT security companies to develop new procedures for combating cybercrime. To reduce losses, FMG has taken out insurance against cyber risks. In addition, the new cyber security program has also been initiated. |
Water damage | Water damage caused by a break in the main drinking water or fire extinguishing water pipelines could lead to the failure of infrastructure systems important for flight operations. | Remotely controlled emergency shut-off equipment and additional protective devices in the pipeline connections limit the possible damage. Property damage and interruptions of operations are insured. After taking the countermeasures into consideration, the net risk is below the risk tolerance limit. |
Change in national and EU-wide security requirements | Munich Airport is subject to national and EU-wide aviation security requirements, encompassing the topics of airport security, air passenger and hand luggage checks, airfreight, airmail and goods control, among others. Security requirements are adjusted continuously to the current circumstances. This can give rise to procedural and also infrastructural changes for the Munich Airport. Corresponding financial burdens would then follow. | Munich Airport attempts to minimize these consequences through work in associations and on committees. Early information relating to ongoing legislative procedures ensures the timely implementation of security regulations. Additional expenses incurred as a result of infrastructural changes are considered in the framework agreement on charges. |
Failure to pass an EU safety inspection | The EU’s aviation authorities are conducting safety inspections at airports. If it does not comply with the safety standards and subsequently fails the follow-up audit, Munich Airport may lose its «Clean» status. The consequences would be a heightening of the safety regulations, considerable obstruction with operational processes, competitive disadvantages, and a loss of image. The last inspection in May 2022 was completed successfully. | Munich Airport conducts thorough and strict quality controls to manage the quality of all safety aspects at the airport. The quality controls have shown that the countermeasures that are taken and the consistent monitoring are effective and that – in theory and practice – very well-trained personnel are employed. |
Utilities and waste disposal facilities | Insufficient availability of utilities required for operations, such as electricity, heating, cooling, drinking and fire-fighting water, wastewater and waste, can lead to property damage and business interruptions. | The service and maintenance programs, network redundancies and storage, as well as suitable personnel, reduce the risk of gaps in supply. Property damage and interruptions of operations are insured against. After taking the countermeasures into consideration, the net risk is below the risk tolerance limit. |
Personnel situation | As traffic continues to improve, there is a risk of labor shortages, which could result in adverse impacts on operating processes. In view of the overall economic situation and the wage developments that can be observed in the market, personnel costs may rise more sharply. | Numerous measures that are designed to provide financial support to employees were undertaken (including allowances for critical areas, implementation of relief programs, premiums). New applicant markets have also been opened up through the increased use of recruiting measures (establishment of the special recruitment task force). |
Drones | After the German government adopted stricter rules on the operation of drones in airport control zones in 2017, the EU Commission added a regulation on the safe operation of drones in 2019. At the national level, legal responsibility was regulated on this basis. German Air Traffic Control (Deutsche Flugsicherung – DFS) is responsible for all German commercial airports. The detection of and defense against drones is classified as a sovereign task and is therefore not the responsibility of the airport operator. | Munich Airport has taken measures to minimize the impact on operations in terms of safety and security. This includes participation in the uniform regulation of drone traffic via associations (ADV, ACI, BDL) and participation in EASA initiatives, public education, and participation in a test project on «Technology for Future Drone Detection» with DFS. The systems demonstrated in the test project need to be further developed to ensure effective, reliable use at commercial airports. To this end, and with the support of Munich Airport, DFS is in close contact with system manufacturers. After taking the countermeasures into consideration, the net risk is below the risk tolerance limit. |
Legal risks
Risk | Description and analysis | Countermeasure(s) |
|---|---|---|
Construction price increases | Risks can arise in construction projects from increases in construction prices, supplier defaults, planning delays and external influences from the public, the environment, politics, changes in technology, rules of technology or other requirements, including the postponement of construction projects. | The investment projects are planned appropriately in terms of their commercial viability, their financial feasibility and the risks associated with the investments, and they are monitored continuously during implementation. The gross risk here is below the risk tolerance limit set by FMG and is therefore not represented in the risk matrix. |
98th amendment | Due to the political moratorium and the resulting postponement of the decision to realize the third runway, all planning and land acquisition costs incurred to date must be tested for impairment on an ongoing basis and written off if necessary. Without an increase in capacity brought about by the construction of the third runway, there could be capacity bottlenecks and a significant loss of company value in the medium and long term. It will be influenced primarily by stagnating or declining traffic volumes and the associated lower revenues in the Aviation and Non-Aviation divisions. The moratorium was extended until 2028 with the latest coalition agreement for the current legislative period in Bavaria.
| The confirmation of the planning approval decision by the Bavarian Administrative Court (BayVGH) on February 19, 2014 and in the following year by the German Federal Administrative Court limited the legal risks for the implementation of the project. By notice of September 30, 2024, the Southern Bavaria Aviation Office confirmed that FMG had begun to implement the «Planning approval decision for the expansion of the Munich passenger airport through the construction and operation of a third runway plus ancillary facilities, sub-projects, and follow-up measures» of July 5, 2011 (98th ÄPFB – Amended planning approval decision) within the meaning of section 9(3) of the Luftverkehrsgesetz (LuftVG – Air Traffic Act). This means that «the 98th ÄPFB pursuant to section 9(3) LuftVG will no longer cease to be valid upon the expiry of ten years after it becomes non-appealable.» Diversification of the product range and foreign business is planned or already being implemented as a countermeasure to the significant loss of company value. The appropriate expansion of the airside infrastructure remains a key strategic project for Munich Airport in the medium and long-term. |
EU General Data Protection Regulation | There are also risks in connection with the GDPR. The GDPR expands the existing obligations arising from the Federal Data Protection Act and increases the legal, operational and technical and organizational requirements for data protection. An infringement of these rights and obligations could incur high fines, claims for damages, reprimands and reputational damage.
| The following measures were implemented as countermeasures to address data protection risks from closed circuit television (CCTV) surveillance: concept for the use of and access to CCTV, new signage to indicate video surveillance, renegotiation of the company agreement on CCTV, consolidation of the legal basis, and implementation of a data protection impact assessment. The gross risk here is below the risk tolerance limit set by FMG and is therefore not represented in the risk matrix. |
Munich Airport is confronted with various legal disputes during the normal course of business. These can lead, in particular, to the payment of compensation claims or, in the case of construction projects, to changes in the remuneration of services. Moreover, other legal disputes can be initiated or existing legal disputes can be expanded. Apart from matters for which provisions have already been made in the balance sheet, Munich Airport is not currently anticipating any material negative impacts for the results of operations, assets and financial position from other known cases at the present time.
In the case of foreign subsidiaries, risks may arise in particular from the assumption of operational responsibility abroad in the context of consulting services for other airports and the operation of terminals. Airport operator projects run for long periods of time and are subject to the general economic and company-specific risks – ranging from future air traffic developments to changing consumer behavior on the part of airline passengers. To minimize risk, Munich Airport therefore works with local partners who have experience in the specific country regulations and conditions. To counter liability risks for Munich Airport in particular, local limited liability companies have been established outside Germany to act as independent entities and as local contractors. Risks may also arise from unforeseen regulatory intervention in the tariff, tax and levy structure of airports or from contractual breaches to the detriment of airport operators.
(Operational) audits by tax authorities are also considered a general risk.
Financial risks
The expected financial burden for the gross financial risks listed below were under the reporting limit as at December 31, 2024. Therefore they were not included in the risk reporting. The monitoring and management of these risks are the responsibility of central finance and cash management.
Financial risks
Risk | Description and analysis | Countermeasure(s) |
|---|---|---|
Currency risks | Currency risks arise insofar as planned revenue in foreign currencies is not balanced by any corresponding expenses in the same currency. | Munich Airport hedges currency risks using foreign exchange transactions. |
Credit and default risks | Credit and default risks primarily arise from short-term deposits as well as trade receivables. | Deposits are (generally) only made with (German) credit institutions with deposit protection. The management of risks of default includes credit checks for customers, continuous monitoring of outstanding items, and a stringent dunning system. Dependent on the credit rating, certain services are only performed against prepayment or provision of collateral in the form of guarantees. |
Interest rate risks | Interest rate risks largely result from floating-rate financial liabilities arising from loans and financial liabilities to shareholders if interest rates rise. | Munich Airport counters interest rate risks from floating-rate financial liabilities from loans by hedging with interest rate payer swaps. Strategies for limiting the medium-term interest risks are examined against the background of a changing environment. |
Liquidity risk | Liquidity risks may arise from banks’ lending practices and changes in the general conditions on the capital market with regard to the assets, financial position and results of operations. Munich Airport monitors the risk as part of its long-term business planning and short- and medium-term financial planning. | To secure liquidity, Munich Airport has established a liquidity management system. Liquidity planning takes into account the ongoing business, the investments and the financing aspects for the entire Group. It also focuses on ensuring access to credit and capital markets. In order to ensure solvency at all times, long-term credit lines and liquid funds are made available based on a rolling liquidity plan. |
After considering countermeasures, the following net risks remain:
Overview of net risks
Overall assessment of the opportunities and risk situation
It is important for Munich Airport to actively seize opportunities as they arise in order to secure and further improve its position in the market through steady growth. However, it is also a key objective of Munich Airport to recognize risks in good time and to counter them systematically.
Therefore, the actual expected impact of possible events and developments is already taken into account in the business planning every year. The reported opportunities and risks are defined as potential deviations going beyond the forecast corporate result. Munich Airport consolidates and aggregates the risks reported by the corporate divisions and Group companies and reports them to the Executive Board and shareholders on a quarterly basis. Opportunities are identified and managed in collaboration with the Finance and Controlling corporate division.
No risks were foreseeable from the Group-wide risk management system or in the assessment of the Executive Board during the current forecast period, which individually or in their entirety could jeopardize the continued existence of Munich Airport. The Executive Board is convinced that it will be possible to access liquidity in order to cover financing requirements, as was the case in the previous year. With its diversified business units, Munich Airport’s fundamental earnings power forms a solid basis for exploiting opportunities for future business development and for providing the necessary resources to accomplish this.
Munich Airport would like to point out that various known and unknown risks, uncertainties and other factors could lead to material differences between the actual events, the financial situation, the development or performance of the company and the estimates given here.
Munich, May 16, 2025
Jost Lammers Jan‑Henrik Andersson Thomas Hoff Andersson
ifo Institute, Economic Forecast Winter 2024, December 2024; German Council of Economic Experts, Annual Report 2024/25, November 2024
ifo Institute, Economic Forecast Winter 2024, December 2024
Bayerisches Landesamt für Statistik (Bavarian State Statistical Office), Regionalized Population Projection for Bavaria to 2042, February 2024
ACI World, the trusted source for air travel demand updates, September 18, 2024