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Fraport (FRA) investor relations material

Fraport Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • Group passenger traffic grew 3.8% in H1 2025, with Frankfurt up 1.4% and strong gains in Lima and Brazil; key terminals opened in Lima and Antalya, and Frankfurt Terminal 3 is on track.

  • Free cash flow turned positive in Q2 for the first time since 2018, driven by strong operational cash flow and reduced CapEx.

  • Group result declined due to negative financial result from Antalya, F/X volatility, and special items.

  • Group revenue adjusted for IFRIC 12 increased 7.3% to €1,896.3 million, though total reported revenue declined 2.4% due to lower construction-related revenue.

  • 2025 outlook confirmed, with stable forecasts despite macroeconomic and geopolitical uncertainties.

Financial highlights

  • Q2 2025 revenue at €1,122 million (+8% vs. Q2 2024), EBITDA €384 million (+8%), EBIT €254 million (+13%), but group result down 16% to €125 million due to F/X and special items in Antalya.

  • H1 2025 revenue €1,990 million (-2.4% year-over-year); adjusted revenue up 7.3%.

  • EBITDA for H1 2025 was €561.2 million (-1.0%); EBIT €306.4 million (-1.0%); group result €98.6 million (-38.7%).

  • Free cash flow improved to -€324.8 million for H1 2025 (vs. -€453.0 million H1 2024); Q2 free cash flow positive at €29 million.

  • Net financial debt at €8.5 billion; gearing ratio at 177%.

Outlook and guidance

  • 2025 outlook unchanged: Frankfurt passengers up to 64 million, moderate single-digit % EBITDA increase, group result flat to down, and slight improvement in net debt/EBITDA.

  • No dividend planned for 2025, pending review.

  • Macroeconomic and geopolitical headwinds expected, but global and European air traffic projected to grow.

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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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