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Fraport (FRA) investor relations material
Fraport Q3 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 (Q&A) earnings summary11 Nov, 2025
Executive summary
CapEx for 2025 is confirmed at EUR 1.1 billion, with reductions to EUR 900 million in 2026 and EUR 700 million in 2027, stabilizing at EUR 500 million for maintenance from 2028 onward.
Major capex programs, including Terminal 3, completed; record free cash flow and operational growth achieved.
Group revenue adjusted for IFRIC 12 rose 7.8% year-over-year to €3,198.5 million, driven by passenger growth at Frankfurt and international sites.
Group EBITDA increased 9.8% to €1,154.3 million, with Group result slightly higher at €441.5 million (+1.7%).
Free cash flow improved significantly to €48.2 million from -€318.1 million in the prior year period.
Financial highlights
Q3 2025 revenue: €1,350mn (+8% vs. Q3 2024); EBITDA: €593mn (+23%); EBIT: €451mn (+26%).
Group result: €343mn (+26% vs. Q3 2024), positively impacted by a €50mn one-off from supplementary pension plan.
Record Q3 free cash flow: €373mn (vs. €135mn in Q3 2024); net debt reduced by €350mn to €8.2bn.
Net debt/EBITDA improved to 5.8x from 6.2x year-over-year.
Basic EPS for 9M 2025 was €4.30, up 4.6% year-over-year.
Outlook and guidance
CapEx will ramp down over the next two years, with maintenance CapEx set at EUR 500 million as a sustainable long-term level.
Full-year 2025 passenger volume at Frankfurt expected at approximately 63 million, in line with previous guidance.
Positive segment EBITDA now expected for Ground Handling, an upgrade from prior guidance.
Main forecasts for earnings, asset, and financial position at Group level maintained.
Dividend payments are expected to restart in 2026 for the 2025 financial year, contingent on positive EBITDA and controlled CapEx, with an initial payout ratio below the historical 40%-60% range.
Impact of currency on international segment results?
Drivers of net financial debt reduction?
Impact of pension refund on Ground Handling outlook?
CapEx beyond 2027, excluding T2 ramp-up
Ground handling EBITDA margin recovery path
Lima connecting passenger fee implementation confidence
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Q4 202517 Mar, 2026
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Frequently asked questions
Fraport AG is a German airport company based in Frankfurt am Main. It operates the Frankfurt Airport, and also holds minority interests in the airports of Hanover, Istanbul-Sabiha Gökçen and Pulkovo. The name Fraport comes from the city of Frankfurt am Main and the German word for airport and port.
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