Fraport (FRA) Q2 2025 earnings summary

Executive summary

• Group passenger growth reached 3.8% in H1 2025, with Frankfurt up 1.4% to 29.1 million and strong gains in Greece, Brazil, and Lima (+7.1%).

• New terminals opened in Lima (June 2025) and Antalya (April 2025), with strong initial retail performance; Frankfurt Terminal 3 construction on track, Pier J approved ahead of schedule.

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

• Group EBITDA was €561.2 million, down 1% year-over-year, with group result down 38.7% to €98.6 million, mainly due to FX losses and special items in Antalya.

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

Financial highlights

• Q2 2025 revenue was €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 FX and special items.

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

• Free cash flow was €29 million in Q2, with net financial debt reduced by €100 million to €8.5 billion.

• Leverage ratio improved to 6.6x, gearing ratio to 177%, and shareholders' equity ratio to 24.3%.

• CapEx reduced to €265 million in Q2, with major investments in Frankfurt T3 and Lima.

Outlook and guidance

• FY25 outlook unchanged: Frankfurt passengers up to 64 million, moderate EBITDA increase (single-digit %), group result flat to down, slight improvement in net debt/EBITDA.

• CapEx for 2025 expected to decrease post-2024, with Frankfurt T3 and Lima as main projects.

• The Group anticipates continued macroeconomic and geopolitical headwinds but expects global and European air traffic to grow in 2025.