Major investment plan of 6 billion to improve Schiphol

2024 Interim Results of Royal Schiphol Group

Schiphol announces the biggest investment plan in the airport's history, to improve its infrastructure, working conditions and service towards passengers and airlines. Schiphol plans to invest 6 billion in the next 5 years.
A continuously increasing number of passengers (+9%) have found their way back to Royal Schiphol Group's airports as their gateway to the world. In the first half year of 2024, the airports welcomed 36.1 million passengers. 31.8 million passengers (+11%) flew to, from or via Amsterdam Airport Schiphol. The number of flights to and from Schiphol was 230,417 (+12%).
The interim results of 2024 underline Schiphol's path towards financial recovery after several difficult years. In the first half year, Schiphol Group's underlying net result is 99 million euros. The operational cashflow after investments is negative 188 million.
Despite a smooth operational performance this May and summer holidays, overall passenger satisfaction is not at the required level.

“

In my first three months, I am impressed by the resilience and passion of our colleagues. We are proud to once again fulfill our crucial role in connecting the Netherlands to the rest of the world. Every day our colleagues do their utmost for the passengers. They make the difference, with a successful May and summer holiday as good examples. Unfortunately, they are not helped by the state of our infrastructure. Our infrastructure is the foundation of our service, but is currently far from what we want to offer our passengers as a quality airport in the Netherlands. We have a major investment plan of 6 billion because it is crucial to bring back passenger satisfaction and top service to our airlines. At the same time, we need to restore the balance between the benefits and burdens of Schiphol. We are and will remain committed to reducing our noise impact on our surroundings and to improving the working conditions of all employees at our airport.

CEO Pieter van Oord

„

Investment portfolio between 2024-2029
Schiphol and their contractors are working intensively on the investment portfolio, including maintenance and renovation of aviation infrastructure, renovations of passenger and employee facilities and implementing innovative ways to improve working conditions. In the past months, several new facilities such as new shops and restaurants in the Lounges opened their doors. As a lot of work is still to be done, the maintenance and renewal works will continue for the years to follow, extending the previously communicated investment plans. Between 2024 and 2029, Schiphol is investing 6 billion euros to improve the airport facilities. Important parts of the airport infrastructure – including Pier C, the baggage basement, climate-control systems, escalators, aircraft stands and taxiways – are due to undergo major maintenance or need renewing. Pier A will be completed and new construction projects, such as the new baggage basement, will start.

“

Although it is encouraging to see that our financial results are improving and that our balance sheet is strong, our overall financial performance is not yet satisfactory. Increasing operational costs and the investment portfolio put heavy pressure on our current and long-term cash flows. It is in everyone’s interest that Schiphol once again becomes a high-quality airport with robust infrastructure and excellent service to our passengers and airlines. Our investment plans of 6 billion euros in the next five years are larger than ever before and fundamental to achieve this. Realizing our ambitions require a significant step-up and acceleration of our operational cash flows, without losing focus on our competitiveness.

CFO Robert Carsouw

„

Traffic
The total number of passengers at Royal Schiphol Group airports in the Netherlands increased by 9% to 36.1 million (HY 2023: 33.0 million).

Passengers (in millions)

	Amsterdam Airport Schiphol	Eindhoven Airport	Rotterdam The Hague Airport	Total
HY 2024	31.8	3.3	1.0	36.1
HY 2023	28.7	3.3	1.0	33.0
HY 2022	23.8	2.7	0.8	27.3
HY 2021	5.6	0.3	0.1	6.0
HY 2020	13.1	1.1	0.3	14.5
HY 2019	34.5	3.2	1.0	38.7

There were 230,417 air traffic movements at Amsterdam Airport Schiphol. A 12% increase compared to the first half year of 2023 (206,198 air traffic movements) yet still 5% below 2019 pre-COVID-19 air traffic movements (242,107). Cargo volumes at Amsterdam Airport Schiphol increased by 9% to 0.7 million tonnes.

Air traffic movements

	Amsterdam Airport Schiphol	Eindhoven Airport	Rotterdam The Hague Airport	Total
HY 2024	230,417	20,130	7,512	258,059
HY 2023	206,198	20,042	7,582	233,822
HY 2022	189,506	18,314	6,413	214,233
HY 2021	86,037	3,745	690	90,472
HY 2020	115,952	8,338	2,514	126,804
HY 2019	242,107	19,864	7,902	269,873

Financials
Financials The underlying net result for the first half year of 2024 amounted to 99 million euros compared to 44 million euros for the first half year of 2023. The net result is 224 million euros in the first half year of 2024, containing a fair value gain of our real estate of 168 million euros due to external regulation. In the first half year of 2023, the net result was 15 million euros.

Key financials

EUR million	HY 2024	HY 2023	%
Revenue	1,048	854	22.7
Underlying EBITDA	309	218	41.7
Underlying operating result	139	59	>100
Underlying result	99	44	>100
Result	224	15	>100

Outlook for 2024
The monthly traffic numbers of 2024 are increasingly coming towards the pre-COVID levels. On peak days during the May and summer period, there were more departing passengers than in 2019. For the full year 2024, Schiphol expects total passenger numbers at Amsterdam Airport Schiphol to be between 65 and 68 million. The expected number of flights for the full year is between 470.000 and 473.000. A further increase in passenger numbers is expected as the average number of passengers per aircraft will continue to rise.

The full (press) release with all figures can be downloaded on the right side of this page.