Fraport (FRA) Q1 2026 earnings summary

Executive summary

• Terminal 3 at Frankfurt Airport opened on time and within budget in April 2026, completing a major CapEx program and receiving positive feedback from airlines and over 100,000 passengers on opening day.

• Airline transfers to Terminal 3 are ongoing, with full transition expected by mid-June, temporarily operating three terminals.

• International airport expansions completed in Lima and Burgas, with new airports in Greece and Brazil joining the portfolio in 2026.

• Passenger numbers increased at all Group airports, with several sites achieving double-digit growth year-over-year.

• Frankfurt Airport saw a 2.3% increase in passenger traffic to 12.7 million, despite disruptions from the Iran war, weather, and strikes.

Financial highlights

• Q1 2026 revenues rose 2% to €882 million; adjusted revenues up 5.2% to €853.4 million.

• EBITDA increased by 10.4% to €196 million, driven by cost control and ground handling.

• Group result at €-33.1 million, down €7 million from prior year, mainly due to higher D&A and interest expenses.

• Free cash flow improved by €44 million to €-309 million, reflecting lower capex after project completions.

• Net debt increased to €8.55 billion, but leverage ratio improved to 5.9x net debt/EBITDA; gearing ratio at 164%.

Outlook and guidance

• Full-year 2026 guidance unchanged: group passenger target 188–195 million; Frankfurt 65–66 million.

• EBITDA expected to reach up to €1.5 billion; group result to decrease to €300–400 million due to higher D&A and interest.

• Dividend of €1 per share proposed for 2025 accounts.

• Outlook assumes no jet fuel shortages and is subject to geopolitical risks, including the Iran war.