Fraport Significantly Improves Operating Result in Second Quarter

Equivalent period in 2024 benefited from non-recurring effects – Adjusted revenue increase of 7.3 percent – Group result remains below last year’s level – Outlook confirmed

Fraport AG’s business performance picked up during the second quarter of 2025. Over the first six months of the year, around 77 million passengers traveled via Fraport’s Group airports worldwide – representing growth of 3.8 percent. Boosted by the increased traffic, after adjustments for revenues from construction and expansion measures (in line with IFRIC 12), revenue across the Group rose by 7.3 percent to €1.9 billion. The operating result (EBITDA) remained virtually stable, at €561.2 million (down 1.0 percent). The Group result (or net profit) was €98.6 million. This represented a reduction of 38.7 percent, attributable to non-recurring effects in the equivalent period in 2024 and during the reporting period.

Dr. Stefan Schulte, CEO of Fraport AG, said: “We’re on track to achieve our targets for the year. Following a lackluster first quarter – impacted by non-recurring effects from the previous year – we were able to improve our operating result significantly in the second quarter by a strong 8.2 percent. For the second half of 2025, we’re expecting growth across all of our airports, with our international portfolio performing more strongly than Frankfurt. As the German Federal Government is failing to implement its pledge under the coalition agreement to make urgent cuts to excessively high regulatory costs even in its 2026 budget, additional growth drivers for the German market are becoming an even more distant prospect. The Federal Government is passing up an opportunity to strengthen the competitiveness of our industry. The connectivity of German airports will reduce, to the detriment of leisure and business travelers. In contrast to Frankfurt, our international business will benefit particularly from the successful completion of expansions to our airports in Lima and Antalya.”

Key financial indicators in expected range for first half of 2025

Adjusting for revenues resulting from construction and expansion measures at Fraport’s international subsidiaries (in line with IFRIC 12), Group revenue increased by 7.3 percent to €1,896.3 million in the first half of 2025. At Frankfurt (FRA), the rise was driven by an increase in revenue from airport charges (up €31.9 million), ground services (up €32.2 million), and infrastructure fees (up €18.8 million). Outside Germany, traffic growth at Fraport’s Group airports in Greece (up €11.5 million) and Lima (up €10.6 million) made a major contribution to the overall result. The operating result (or EBITDA) reduced slightly, by 1.0 percent to €561.2 million. In 2024, the first half was impacted by non-recurring effects. In particular, these included a coronavirus compensatory payment for Fraport Greece (€28.0 million) and compensation of €9.1 million for damage caused by flooding at the airport in Porto Alegre (POA).

When considering the second quarter of 2025 on its own, EBITDA increased, rising by 8.2 percent to €383.7 million in the three months from April to June. There was also significantly improved performance for free cash flow in the second quarter. In the first half as a whole, free cash flow was -€324.8 million. However, in the second quarter of 2025, the figure reached positive territory, at €28.5 million (Q2/2024: -€226.9 million). The completion of major investment projects for the expansion of Fraport’s airports in Lima and Antalya demonstrated the first positive impacts.

The Group result for the first half of 2025 was €98.6 million, compared to €160.8 million in H1/2024. The decline was primarily attributable to previously mentioned non-recurring events that positively impacted the prior-year period, as well as adverse effects from currency exchange rates and the recognition of deferred taxes in the reporting period. Undiluted earnings per share fell during the first six months of the year, to €1.03 (H1/2024: €1.63).

Fraport’s Group airports outside Germany see stronger growth

Passenger growth figures across the Group’s airports were generally positive in the first half of 2025. With some 29.1 million passengers, Frankfurt Airport (FRA) saw an increase of 1.4 percent. In the second quarter, passenger numbers at Frankfurt rose by 3.1 percent. This enabled Germany's largest airport to make up the slight reduction in passenger numbers (-0.9 percent) that it experienced during the first three months of the year. When adding traffic figures for Fraport’s international subsidiary airports – which largely outperformed FRA – the Group as a whole recorded a 3.8 percent increase in passenger numbers for the first half of 2025, to around 77 million travelers. More details on Fraport’s traffic figures are available here.    

Outlook for the 2025 fiscal year

Fraport’s executive board views the trend in the first quarter of 2025 as positive and is confirming forecasts for the current fiscal year. The airport operator expects passenger numbers at FRA to reach up to 64 million. A moderate increase in the Group EBITDA is forecast. Expectations for the Group profit remain in a stable to slightly falling range.

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