Fraport (FRA) Q3 2026 (Q&A) earnings summary

Executive summary

• 9M26 revenue rose 3.8% to €3,466.0 million and EBITDA rose 2.0% to €1,177.7 million, led by international operations; free cash flow increased to €93.2 million while group result declined to €314.5 million.

• Total portfolio passenger traffic rose 1.7% to ~146 million, surpassing 2019 levels for the first time; Frankfurt traffic remained nearly flat.

Financial highlights

• 9M26 revenue excluding IFRIC 12 increased 4.7% to €3,350.1 million; international activities contributed €106 million of the increase.

• 9M26 EBITDA was €1,177.7 million, up 2.0%; 3Q26 EBITDA was €595.4 million, up 0.4% reported and €36 million higher on an underlying basis.

• 9M26 group result was €314.5 million versus €441.5 million; EPS fell to €2.95 from €4.30, mainly reflecting higher depreciation, amortization and interest costs.

• 9M26 free cash flow rose to €93.2 million from €48.2 million; lower capex added €176 million while interest and working capital reduced cash flow by €114 million.

Outlook and guidance

• FY26 guidance was maintained: EBITDA up YoY to up to €1.5 billion and net profit at €300 million–€400 million; 2026 year-end net debt forecast below ~€8.2 billion.

• FY26 free cash flow is expected near €100 million, potentially slightly higher, with working-capital movements the main uncertainty; 9M free cash flow was €93.2 million.

• FY26 brick-and-mortar capex guidance remains €900 million; €651 million was spent in 9M, with €250 million expected in Q4.

• FY27 EBITDA is expected clearly above FY26, with lower capex and clearly higher free cash flow; detailed guidance is due with FY results.

• Portfolio passenger growth is expected to continue; Frankfurt is forecast near 2025 levels, with a slight increase expected in 2027.