Fraport (FRA) Q1 2025 earnings summary

Executive summary

• Passenger traffic showed mixed trends in Q1 2025, with strong April recovery at most airports, especially in Lima and Greece, while Frankfurt saw a 0.9% Q1 decline but rebounded 4.8% in April.

• Major infrastructure milestones included the completion of Antalya's terminal expansion and the imminent opening of Lima's new terminal; Frankfurt Terminal 3 also opened.

• Q1 2025 results were impacted by one-off items, seasonality, and higher personnel costs, but performance aligns with guidance.

• German public sector wage agreement settled, providing cost visibility through March 2027.

• Executive Board maintains stable outlook and full-year forecasts for 2025.

Financial highlights

• Revenue for Q1 2025 was €869 million, up 6% year-over-year when excluding IFRIC 12 effects; adjusted revenue was €811.3 million (+6.3%).

• EBITDA fell to €177.5 million (-16.5% year-over-year), impacted by one-offs and higher costs; EBIT was €52.1 million (-37.2%).

• Group net result was -€26 million, mainly due to lower traffic in Antalya and absence of prior-year gains; earnings per share at -€0.18.

• Free cash flow dropped to -€353 million, affected by concession fees, capex, and working capital changes.

• Net debt increased to €8.6 billion, with gearing ratio at 180.6%.

Outlook and guidance

• Guidance for 2025 remains unchanged: up to 64 million Frankfurt passengers, moderate single-digit % EBITDA growth, and group result flat to down due to absence of prior-year gains.

• Net debt/EBITDA expected to improve slightly from 6.4x in 2024.

• No dividend payment is planned for the 2025 financial year.