Fraport (FRA) Q3 2025 earnings summary

Executive summary

• Regulatory approval and construction milestones for Terminal 3 in Frankfurt and the new Lima terminal were achieved, with Terminal 3 opening set for April 2026 and all-renewable electricity supply in Frankfurt expected by mid-2026.

• Major capex programs, including Terminal 3, were completed, supporting record operational growth and all-time high EBITDA and free cash flow in Q3 2025.

• Group-wide passenger growth reached new records in international divisions, with Frankfurt impacted by high taxes but still growing.

• Group revenue adjusted for IFRIC 12 rose 7.8% year-over-year to €3,198.5 million, with EBITDA up 9.8% to €1,154.3 million and Group result up 1.7% to €441.5 million for the first nine months.

• Free cash flow turned positive at €48.2 million for the first nine months and reached a record €373 million in Q3, with net financial debt reduced to below €8.2 billion.

Financial highlights

• Q3 2025 revenue was €1,350 million (+8% year-over-year); EBITDA reached €593 million (+23%), and EBIT was €451 million (+26%).

• Group result for Q3 was €350 million, an all-time high, positively impacted by a €50 million one-off from a supplementary pension plan.

• Earnings per share (basic) improved to €4.30 from €4.11 (+4.6%).

• Net financial debt decreased by €208 million to €8,180.5 million, with a gearing ratio improved to 159%.

• Operating cash flow increased 27% year-over-year, and capex was down 27%.

Outlook and guidance

• Full-year 2025 financial guidance confirmed, with Frankfurt passenger forecast specified at up to 64 million.

• EBITDA is expected to increase moderately in the single-digit percentage range.

• Free cash flow is expected to be close to breakeven for the year, with a slightly positive impact on the net financial debt to EBITDA ratio.

• Dividend for 2024 remains at €0 per share, with a high likelihood of resumption in March.

• Group result is expected to be flat to down due to the absence of prior year one-off gains.