Fraport (FRA) Q3 2026 earnings summary

Executive summary

• 3Q26 traffic reached 68.7m passengers, up 1.7m YoY; international operations contributed 1.6m of the increase and 54% of Q3 EBITDA, versus 47% a year earlier.

• 9M revenue rose 3.8% to €3,466.0m and EBITDA increased 2.0% to €1,177.7m; net income fell 28.8% to €314.5m.

• 9M passenger volumes across managed airports rose 1.7% to ~146m, exceeding 2019 levels for the first time; Frankfurt traffic was nearly flat at 47.5m.

• Higher depreciation and interest costs after Frankfurt and Lima project completions weighed on earnings; FY26 financial guidance was maintained.

Financial highlights

• 9M IFRIC 12-adjusted revenue rose 4.7% to €3,350.1m; reported revenue included €115.9m from construction and expansion measures.

• 3Q EBITDA was €595.4m; 9M EBITDA was €1,177.7m, up €23.4m YoY, including a €69m increase from international operations.

• 9M EBIT fell to €670.9m from €757.0m as depreciation and amortization rose 27.6% to €506.8m; net income was €314.5m versus €441.5m.

• 9M free cash flow improved to €93.2m from €48.2m, supported by €176m lower capex and partly offset by interest and working-capital outflows.

• Q3 free cash flow reached €461m versus €373m; operating cash flow was €633m versus €681m, including a prior-year one-off exceeding €50m.

Outlook and guidance

• FY26 forecasts were maintained: passenger growth across the portfolio, Frankfurt traffic near FY25’s 63.2m, and EBITDA up to ~€1.5bn versus ~€1.44bn in 2025.

• Net profit guidance remains €300–400m versus €468.1m in 2025; net debt/EBITDA is expected to improve from 5.7x.

• Segment EBITDA outlook: aviation mid- to high-single-digit percentage below 2025; retail and real estate at or slightly above 2025; ground handling around 2025; international growth in the mid- to high-single digits.

• Antalya passenger volumes are now expected below prior-year levels, versus the prior outlook for substantial growth, due primarily to Middle East tensions.