Together with the airlines and all relevant associations, we also support the use of sustainable fuels. Here, the industry is focusing primarily on the so-called power-to-liquid process. One particular challenge here is scaling up production, because so far there are only relatively small test plants. Together with the government, we want to contribute to developing solutions to make aviation more sustainable and as CO2-free as possible in the long term.
Let us take a look at our international portfolio. Here, we have reached important milestones in the expansion projects at our airports in Greece and Brazil. In Greece, we completed the construction work at the 14 regional airports in February – ahead of schedule. Since the start of our involvement in Greece five years ago, we have invested a total of 440 million euros – aimed at increasing capacities in the long term and enhancing the travel experience for our passengers. With the upgrade works now completed, our Greek airports are ideally prepared for the new start in the tourism industry.
The terminal expansions at our two Brazilian airports have also already been completed. In Fortaleza, the expanded terminal was opened in March 2020, and the airport’s runway extension has also been completed. By the end of the current year, we will also complete the extension of the runway in Porto Alegre. By then, all agreed expansion measures will have been implemented.
Last fall, we also started the expansion at Lima Airport in Peru. Here, among other things, we are building a second runway and a new passenger terminal, which in response to the coronavirus crisis we are now planning on a modular basis. Construction of the new runway is scheduled for completion by the end of 2022. According to current planning, the new terminal will be in operation by the beginning of 2025.
Dear Shareholders: With our international portfolio, we are ideally positioned to benefit from the restart of global tourist traffic. Already this year, we expect to generate more than half of our earnings from our international business. Over the next few years, we also expect to see significantly faster traffic growth at our Group airports with a large share in leisure travel than at those airports with a higher proportion of business customers, such as Frankfurt.
But we are also optimistic about our home-base Frankfurt Airport – both in the short and long term. Last year, Frankfurt Airport benefited from its size and high connectivity. Many airlines have bundled their long-haul flights from Frankfurt. As a result, we even gained market share during the crisis – albeit at a very low level. This is because airlines deploy their planes where they have a good load factor.
Our expectations are confirmed by a recent air traffic forecast conducted by Intraplan. We commissioned this company to evaluate future scenarios. The key result of their expert research is that long-term growth trends in air traffic will only be moderately slowed by the crisis. Frankfurt Airport is excellently positioned in the market. We have a large and economically flourishing catchment area in the Frankfurt Rhine-Main region. Thanks to our central location in the heart of Europe and excellent intermodal links by road and rail, we are still in an excellent starting position. Since our business is based on both passenger and freight traffic, we have two important pillars that complement each other very well.
Looking ahead, we are overall optimistic, even if the pandemic will continue to impact our business for a while. This optimism is based, above all, on the ongoing progress of the vaccination programs. Here, not only Germany but also many important key countries are making very good progress. At the same time, there are now established concepts for Covid-19 testing, so that a significant easing of entry restrictions in many EU countries is foreseeable. German politicians are also sending clear signals that summer vacations will once again be possible outside the country’s borders. In the best case, this will be supported by a standard digital EU vaccination certificate that also shows negative tests and recovered infections. We therefore expect tourist and other private travel to recover fastest, especially within Europe. Business travel also has a lot of catching up to do. However, we expect this sector to remain below previous highs in the longer term. Intercontinental traffic will also bounce back significantly, although it will be heavily dependent on vaccination progress and infection rates in the respective regions.
Even if looking to the future is still fraught with uncertainty, the industry association ACI Europe, for example, expects traffic at European airports to return to between nearly 50 percent and 80 percent of pre-crisis levels in 2022. For 2023, the forecast range is between 70 percent and around 90 percent. And in 2024 and 2025, the 2019 level could be exceeded again, at least in the optimistic scenario. The lower expected range is around 80 percent for 2024 and 90 percent for 2025. While our own expectations are more moderate than those of ACI – particularly for the next two years – we can still assume that things will pick up again, slowly but steadily.
In conclusion, let us turn to our outlook for the Fraport Group for the current year. As already announced at the press conference held for the presentation of the Annual Report, we are expecting passenger numbers at Frankfurt Airport to range from under 20 million up to 25 million passengers in 2021. At the Group airports in our international portfolio, we expect to achieve values between 40 and 70 percent of the 2019 level, depending on the development of the pandemic in the respective countries.
We expect Group revenue to be around two billion euros. For Group EBITDA we expect a range between around 300 and 450 million euros. We expect EBIT to be slightly negative and net profit to be negative as well. However, both figures will improve significantly compared with 2020.
