Fraport (FRA) Q4 2025 earnings summary

Executive summary

• Terminal openings in Antalya and Lima increased capacity, with full approval for Frankfurt Terminal 3, set to open April 23, 2026.

• 2025 marked a milestone with record EBITDA, first positive free cash flow in seven years, and dividend reinstated at EUR 1 per share.

• Passenger growth and operational improvements drove Q4 Frankfurt traffic up 5%, with group-wide records in Greece, Lima, and Antalya.

• Positive expectations for 2026 include further traffic growth, operational improvements, and continued investment discipline.

• Passenger exposure to the Middle East is under 5% in Frankfurt; recent conflict led to a brief -5% dip in traffic, now moderated to about -1%.

Financial highlights

• EBITDA reached a record EUR 1.44 billion, up 10.4% year-over-year, supported by a EUR 50 million one-off in Q3.

• Revenue (ex. IFRIC 12) was EUR 4.21 billion, up 8.2% year-over-year.

• Group net result declined by over 6% to EUR 468 million due to higher D&A, interest, and absence of prior year’s extraordinary gain.

• Free cash flow turned positive at EUR 24 million, improving by EUR 699 million.

• Net debt/EBITDA improved to 5.7x, with gearing ratio at 158%.

Outlook and guidance

• Group passenger growth expected at 4% in 2026; Frankfurt Airport to reach 65–66 million passengers.

• Group EBITDA forecast to approach EUR 1.5 billion in 2026; group result expected between EUR 300–400 million.

• Free cash flow to remain positive; net debt to decrease slightly.

• Dividend to remain at EUR 1 per share until leverage falls below 5x, then payout ratio to rise to 60–80% of EPS.

• Continued focus on debt reduction and shareholder returns.