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Fraport Group Interim Release – Nine-Month Result 2025: Free Cash Flow Reaches New High in Third Quarter
Total Group passenger numbers rebound to pre-pandemic levels for the first time – FRA records passenger growth of 1.8 percent – Group result rises 1.7 percent to €442 million – 2025 full-year outlook confirmed
The Fraport Group saw an improvement in all of its key financial indicators in the first nine months of the 2025 financial year, which in Germany is the same as the calendar year. Group revenue grew by 7.8 percent year-on-year to €3.2 billion in 9M/2025, after adjusting for revenues from construction and expansion measures in line with the IFRIC 12 reporting standard. Free cash flow rose by €366 million to €48 million, returning to positive territory in a nine-month period for the first time since 2018. The Group result (net profit) stood at €442 million, up 1.7 percent.
Commenting on the Group’s positive financial results, Fraport CEO Dr. Stefan Schulte said: “Our business performance remains well on track, supported by ongoing growth in traffic. However, passenger numbers at Frankfurt continue to be constrained by exceptionally high regulatory costs in Germany. This makes it all the more important that, outside Germany, we have successfully completed major capacity expansions in 2025 at two of our most promising Group airports – Antalya and Lima. The gradual completion of these investments has had an immediate positive impact on our free cash flow, which rose to a new high in the third quarter. As a result, we are now expecting free cash flow to approach the break-even point for the full year.”
Total Group passenger numbers now back to 2019 levels
Fraport’s global Group airports recorded overall positive passenger growth during the first nine months of 2025, with total traffic rising by 4.6 percent year-on-year to around 144 million travelers. As a result, passenger numbers for the Group as a whole rebounded to pre-pandemic 2019 levels for the first time. Some airports in Fraport’s international portfolio are already well above 2019 levels, including the Greek airports (up 21.3 percent), Lima Airport in Peru (up 8.1 percent), and Antalya Airport on the Turkish Riviera (up 6.8 percent). In contrast, Frankfurt Airport – Germany’s primary aviation gateway – remained significantly below pre-Covid levels, reaching only 87.8 percent of the passenger volumes seen in 9M/2019. Excessively high government-imposed air traffic taxes, aviation security charges and air traffic control charges continue to hamper more dynamic growth at Fraport’s German home base airport. Further details on traffic figures for the Group are available
Solid business performance boosted by one-off effect
Group revenue grew by 7.8 percent to €3.2 billion overall (in line with IFRIC 12). At Frankfurt (FRA), this was driven by volume and pricing-related revenue increases from airport charges (up €56.5 million), ground services (up €52.7 million), and infrastructure charges (up €27.8 million). Outside Germany, major contributions to adjusted revenue growth were made by the Group’s two member companies, Fraport Greece (up €26.0 million) and Fraport Brasil (up €18.7 million), which benefited from positive traffic performance. The Group’s operating result (or EBITDA) rose by 9.8 percent year-on-year to around €1.2 billion. This was supported by a one-off refund of contributions from Fraport’s company pension plan in the third quarter, resulting in a net reduction in personnel expenses of approximately €50 million.
The Group result (net profit) increased slightly by 1.7 percent to €442 million in the reporting period. This moderate profit growth in 9M/2025 was mainly due to higher interest expenses, as well as negative effects from currency exchange rate fluctuations and deferred taxes. Basic earnings per share amounted to €4.30, up from €4.11 in the same period last year.
Free cash flow clearly in positive territory
The Group’s free cash flow performed remarkably strongly during the first nine months of the year. Following the completion of expansion measures in Lima and Antalya, and the resulting reduction in investment expenses, this key financial figure increased significantly during the reporting period, particularly in the third quarter. In Q3, free cash flow jumped to over €373 million, a new record for a July-to-September period. For the full nine months, free cash flow was also positive, at €48.2 million.
Updated passenger outlook
Based on the business performance to date, Fraport’s Executive Board has refined the full-year passenger outlook for Frankfurt Airport and now expects around 63 million passengers to travel via FRA in 2025. At the same time, the Executive Board is confirming its outlook for all key figures relating to the Group’s earnings, assets, and financial position for the full year 2025. In line with previous projections, the Group’s operating result (EBITDA) is forecast to increase at a moderate pace during the year, while expectations for Group profit remain stable to slightly declining.