Fraport (FRA) Q2 2026 (Q&A) earnings summary

Executive summary

• Terminal 3 at Frankfurt Airport was inaugurated in April 2026, with all airlines moving from Terminal 2 by June 2026, which is now under renovation.

• CapEx for the year is expected to reach €900 million, with H2 spending lower due to completion of major projects and runway refurbishments in H1.

• Group revenue rose 4.0% year-over-year to €2,069.1 million, with adjusted revenue up 4.5%.

• Group EBITDA increased 3.8% to €582.3 million, but Group result dropped 47.7% to €51.6 million due to higher depreciation and interest expenses.

• Free cash flow was negative at -€367.9 million, down from -€324.8 million a year earlier, impacted by working capital and higher tax and interest payments.

Financial highlights

• Revenue: €2,069.1 million (+4.0% year-over-year); adjusted revenue: €1,981.0 million (+4.5%).

• EBITDA: €582.3 million (+3.8%); EBIT: €263.5 million (-14.0%).

• Group result: €51.6 million (-47.7%); EPS: €0.55 (-46.6%).

• Net financial expense in Q2 (excluding JVs) was about €100 million, with a new balanced level expected for coming quarters due to cessation of interest capitalization on Terminal 3.

• Net financial debt: €8,691.8 million (+€501.3 million from Dec 2025); gearing ratio: 167.6%.

Outlook and guidance

• Passenger volumes at Frankfurt expected to remain at 2025 levels for full-year 2026 due to strikes, geopolitical tensions, and high jet fuel prices.

• International sites forecasted to continue positive trends; Group financial situation expected to remain stable.

• FY26 EBITDA guidance up to €1.5bn, group result expected between €300–400mn.

• Dividend payout of €100 million is confirmed for next year; dividend per share for FY25 set at €1.00.

• Net debt-to-EBITDA is projected to be around 5x by 2027, with the main variable being Frankfurt traffic recovery.