General Inquiries and Comments:
*20 cents (€) per call within German landline network.
Aircraft Noise & Noise Abatement (in German only):
Medical Inquiries (for passengers and employees):
2025 Fiscal Year: Fraport Returns to Positive Free Cash Flow After Completion of Major Investments
Operating result up markedly – EBITDA rises to €1.44 billion – Free cash flow positive at €24.4 million – CEO Schulte: Broad diversification has paved the way for very positive business performance – Dividend of €1.00 per share proposed for fiscal 2025
The Fraport Group achieved significant improvements across many key financial indicators during the 2025 fiscal year (ending December 31). Boosted by growth across all four business segments, and after adjustments for revenues from construction and expansion measures (in line with IFRIC 12), revenue rose by 8.2 percent to €4.2 billion. The operating result or EBITDA also increased strongly. Free cash flow benefited from the strong business performance and the completion of major investment projects, rising by around €700 million, to €24.4 million.
“Our broad diversification has paved the way for a very positive business performance in the past fiscal year, as reflected in the growth both in revenue and operating result,” said Fraport CEO Dr. Stefan Schulte. He emphasized the Group’s major financial turnaround: “Free cash flow is positive again, for the first time since 2018. The completion of major investment projects will significantly boost our free cash flow even further. This will provide us with more leeway in the future to reduce debt and facilitate dividend payments to our shareholders.”
Key financial indicators advance in 2025
Increased passenger numbers across the Group, as well as price effects and higher demand for ground handling services boosted total annual revenue (adjusted for IFRIC 12) by 8.2 percent to €4.21 billion (2024: €3.89 billion). Group EBITDA rose by 10.4 percent to €1.44 billion (2024: €1.30 billion). In contrast, the Group result (net profit) dropped by 6.7 percent to €468.1 million (2024: €501.9 million). This decrease was primarily due to higher depreciation and amortization, as well as interest effects relating to the terminal opening in Lima. Additionally, the 2024 reference figure was positively impacted by a one-time gain of €45 million from the Russia divestiture.
Free cash flow benefited from solid operational performance and reduced investment spending in Frankfurt and across the international portfolio. For the first time since 2018, this financial indicator returned to positive territory, reaching €24.4 million (2024: -€674.7 million). The ratio of net financial liabilities to EBITDA also benefited from the gradual completion of comprehensive capacity expansions at the airports in Lima, Antalya, and soon in Frankfurt. This indicator improved from 6.4 in 2024 to 5.7 in the reporting period.
Group passenger numbers exceed 2019 levels for the first time
Fraport saw improved passenger numbers in 2025 both at Frankfurt and across all of its international markets. At 184 million passengers, overall Group traffic was slightly above pre-pandemic levels seen in 2019 (up 1 percent). The trend is most pronounced at the 14 Greek airports (up 23 percent vs. 2019), and the airports in Antalya (up 10 percent vs. 2019) and Lima (up 8 percent vs. 2019). Fraport’s home base in Frankfurt still significantly lags behind, with passenger numbers 10 percent lower than in 2019. Many of the airports in Fraport’s portfolio outside Germany have grown more strongly in 2025 than Frankfurt, which saw a 2.6 percent increase. As a result, the gap between Germany’s largest gateway and other Group airports continued to widen in 2025. CEO Schulte commented: “We would be significantly better placed in Frankfurt if we did not have the excessive regulatory costs that continue to limit passenger growth in the German market. A major step forward has come with the Government’s announcement to withdraw the latest increase in aviation tax. This step now needs to be implemented. If further cost reductions follow, a reversal of the trend is possible. Sweden’s example shows the kind of growth surges that are possible if aviation taxes are completely abolished.”
Cargo volumes at Frankfurt increased by 1.1 percent year-on-year, to around 2.1 million metric tons. With these figures, FRA outperformed European rivals and was once again the continent’s largest cargo hub.
Major milestones in Frankfurt for 2026
Frankfurt Airport’s new Terminal 3 (T3) is scheduled to begin operating on April 23. After a ten-year construction period and an investment of around €4 billion, the new terminal in the southern part of the airport will provide capacity for around 19 million passengers annually. T3 will offer travelers a high-quality passenger experience and rapid processes, supported by state-of-the-art technology throughout the terminal – from check-in and baggage drop-off to CT scanners at the security checkpoints.
Passengers can look forward to many comfortable spaces, whether in the central marketplace, gate areas, or lounges, as well as convenient transport options. Airlines currently operating from Terminal 2 will be the initial beneficiaries. These carriers will relocate to Terminal 3 in four phases before the start of the summer travel period. Germany’s second-largest airline, Condor, will move to the new terminal in summer 2027. The freeing-up of terminal and apron space in the airport’s north will create additional growth opportunities for airlines in Terminal 1, even before the planned refurbishment of Terminal 2.
Fraport is also demonstrating that the strategic goals of growth and sustainability are not mutually exclusive: from July, the supply of renewable energy from an offshore windfarm in the North Sea will begin. When this happens, 100 percent of Fraport’s electricity consumption at Frankfurt will come from green energy sources for the first time. For Fraport, this represents a major step towards achieving Net Zero status under Scope 1 and Scope 2 at all of its wholly-owned airports by 2045. Net Zero means greenhouse gas neutrality.
Outlook
For fiscal 2026, Fraport expects traffic for the whole Group to grow to around 188-195 million passengers. At FRA, growth to approximately 65-66 million passengers is forecast. Group EBITDA is projected to increase to around €1.5 billion. However, the Group result (net profit) is expected to decline. While the new Terminal 3 in Frankfurt will have a positive impact on Fraport’s earnings, assets, and financial position over the long term, rising depreciation and amortization, as well as higher interest expenses, will lead to a lower result of around €300 to €400 million in the short term. The ratio of net financial liabilities to EBITDA is expected to further improve, driven by decreasing investments and continued debt reduction. On this basis, Fraport is maintaining its proposed dividend of €1.00 per share this year. Once this indicator falls below five on an annual basis, an increase in the distribution amount will be possible.
Fraport’s Annual Report for the completed 2025 fiscal year can be found